Management

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

/ gambusinoprospectormexico / Leave a comment

Normal Fault in the Upper Volcanic Supergroup of the Sierra Madre Occidental

By Miguel A Heredia

During the 47th week of the year (November 17th to November 23th 2025), at least 26 press releases were announced by companies working in Mexico, with eleven disclosing deals and corporate issues, five communicating production results, four announcing financial rounds, four reporting resources and developments of their properties, one informing on exploration results, and one commenting on Mexican issues. ON MEXICO ISSUES, Kootenay, Silverco, IMPACT, and GR Silver reported the best drilling intercepts in Mexico on the second week of November, 2025. ON EXPLORATION, In Zacatecas, Defiance Silver provided an update on the recently completed trench sampling program at its San Acacio project. ON MINING, DynaResource reported Q3, 2025 production and financial results from its San Jose de Gracia mine in Sinaloa. Starcore announced Q2 production results from its San Martin mine in Queretaro. Luca Mining reported Q2, 2025 consolidated production and financial results from campo Morado and Tahuehueto mines located in Guerrero and Durango respectively. Heliostar presented Q3, 2025 production and financial results from their Mexican operations.  ON FINANCING, Silver Viper announced a non-brokered private placement for gross proceeds of up to CAD $12M and later on it upsized to up to CAD $15M (La Virginia project, Sonora). Alamos Gold declared a quarterly dividend of USD $0.025 per common share and repurchased 928,729 shares under its Normal Course Issuer Bid (Mulatos mine, Sonora). Torex renewed its Normal Course Issuer Bid (NCIB), allowing the company to repurchase up to approximately 10% of its public float (about 8.13 million shares) (Media Luna project, Guerrero). Vizsla announced that it plans to raise USD $250M through the issuance of convertible senior notes due 2031 (Panuco project, Sinaloa). ON RESOURCES AND DEVELOPMENT, Silverco engaged SGS to validate and update Mineral Resource Estimate at Cusi mine, Chihuahua. GR Silver released results from drill hole SMS25-12 collared below the current San Marcial Resource Area at Plomosas project in Sinaloa. Kootenay published results from the first seven drill holes of the ongoing program at Columba project in Chihuahua. Silverco released drill results from its 15,000m 2025 drill program at Cusi mine in Chihuahua. IMPACT Silver presented results from its underground drilling program in the Juarez Zone at its Plomosas mine in Chihuahua.  ON DEALS AND CORPORATE ISSUES, Discovery Silver announced a number of management appointments (Cordero project, Chihuahua). GR Silver appointed Cástulo Molina Sotelo as Country Manager, Mexico (Plomosas project, Sinaloa). Mexican Gold informed that it will host its annual general meeting of shareholders on December 10, 2025 (Las Minas project, Veracruz).  Radius Gold appointed Alejandro Ly as Vice President Exploration (Amalia project, Chihuahua). Santacruz Silver announced the appointment of Bruce Wolfson to its Board of Directors and the retirement of Roland Löhner (Zimapan mine, Hidalgo). Vizsla Royalties congratulated Vizsla Silver on the positive results of the Feasibility Study on the Panuco project, Sinaloa. Garibaldi proposed extension of warrant expiry dates (Rodadero project, Sonora). Apollo granted Restricted Share Units to certain officers and directors (Cinco de Mayo project, Chihuahua). VVC Resources announced its strategic decision to exit the Gloria Copper Project in Chihuahua. Masivo Silver secured a 10 year land-use and access agreement for the private property where the Cerro Colorado project in Sonora is located. ON SOCIAL RESPONSIBILITY, No relevant news.

ON MEXICO ISSUES

  • Kootenay, Silverco, IMPACT, and GR Silver reported the best drilling intercepts in Mexico on the second week of November, 2025. Details are shown in the table below:

ON EXPLORATION

  • Defiance Silver Corp., provided an update on the recently completed trench sampling program at its San Acacio project in Zacatecas. A total of 76 trenches were dig and sampled in the area known as Almaden-Carolina pits, and 49 in the area known as Esperanza-Guadalupe pits, all of them along the 2.1km of strike length of the Veta Grande vein system, with approximately 1.1km of trenching being completed across the vein system. Highlights at Almaden-Carolina pits include trench CHSA-24-32 with 355 g/t Ag, 4.16 g/t Au, 4.2% Pb, and 0.5% Zn over 3.25m. Highlights at Esperanza-Guadalupe pits include trench CHSA-24-116 with 5,180 g/t Ag, 4.85 g/t Au, 0.7% Pb, and 0.1% Zn over 0.6m, and trench CHSA-24-110 with 1,155 g/t Ag, 4,12 g/t Au, 2.3% Pb, and 0.2% Zn over 0.85m. “The results from this trenching program will enhance the Company’s understanding of the surface geology and mineralization and will contribute valuable data to support the upcoming mineral resource estimate”.

ON MINING

  • DynaResource Inc., reported Q3, 2025 production and financial results from its San Jose de Gracia mine in Sinaloa (all currency is expressed in US dollars). The company mined 74,680 tonnes and milled 62,741 tonnes of 3.3 g/t Au with metallurgical recoveries of 70.5% to produce 4,830 Oz Au. It sold 4,780 Oz Au. The company also reported revenue of $14.1M; net income of $1.3M; operating cash flows before change in non-cash working capital items of $2.4M; and cash flow used in operating activities of $999.4K.
  • Starcore International Mines Ltd., announced Q2 production results from its San Martin mine in Queretaro. The company milled 51.960 tonnes of 1.33 g/t Au and 14 g/t Ag with metallurgical recoveries of 77.17% and 49.30% respectively to produce 1,860 Oz AuEq.
  • Luca Mining Corp., reported Q2, 2025 consolidated production and financial results from campo Morado and Tahuehueto mines located in Guerrero and Durango respectively (all amounts are expressed in US dollars). The company mined 241,153 tonnes and milled 250,807 tonnes to produce 5,457 Oz Au, 312.2K Oz Ag, 2M Lb Pb, 1,048M Lb Zn, and 2.61M Lb Cu. (At Campo Morado, Guerrero, Luca processed 173,260 tonnes to produce 30.2M Lb ZnEq at cash cost and AISC of $1.09 and 1.43 per Lb ZnEq respectively. At Tahuehueto, Durango, Luca processed 77,548 tonnes to produce 5,579 Oz AuEq).  The company sold 3,990 Oz Au, 233.9K Oz Ag, 762K Lb Pb, 7.6M Lb Zn, and 1.88M Lb Cu. Luca also reported net revenue of $35.04M; cost of sales of $31.1M; mine operating earnings of $3.9M; mine operating cash flow before taxes of $7.2M; loss earnings of $16.02M; adjusted net loss of $49K; net free cash flow before working capital of ($3.25M); EBITDA of (10.8M),; and adjusted EBITDA of $4.34M.
  • Heliostar Metals Ltd., presented Q3, 2025 production and financial results from their Mexican operations (currency is expressed in US dollars). At La Colorada, Sonora the company produced 5,311 Oz Au or 5,479 Oz AuEq and sold 4,122 Oz Au or 4,229 Oz AuEq at cash and AISC of USD $1,592 and $1,648 per Oz AuEq. At San Agustin, Durango, Heliostar produced 3,638 Oz Au or 3,686 Oz AuEq and sold 3,430 Oz Au or 3,480 Oz AuEq at cash and AISC of $1,389 and $1,587 per Oz AuEq. At Ana Paula, Guerrero, the company spent $3.9M in development and exploration, and announced that it progressed its ongoing 15,000m drilling program with the goal of delivering mineral reserves to support a 10-year life of mine in the Feasibility Study planned to be released in H1, 2027. At Cerro del Gallo, Guanajuato, it conducted advanced study works towards releasing a Pre Feasibility Study. Results of this study are planned to be released in the coming weeks. Consolidated operational and financial results are shown in the table below:

ON FINANCING

  • Silver Viper Minerals Corp., announced a non-brokered private placement for gross proceeds of up to CAD $12M from the sale of up to 15,000,000 of units at a price of CAD $0.8 per unit. Later on, the company upsized to up to 18,750,000 of units at a price of CAD $0.8 per unit for gross proceeds of up to $15M. Gross proceeds will be used for working capital requirements and other general corporate purposes (La Virginia project, Sonora).
  • Alamos Gold Inc., declared a quarterly dividend of USD $0.025 per common share. The dividend is payable on December 18, 2025 to shareholders of record as of the close of business on December 4, 2025. Alamos also informed that it repurchased 928,729 shares at a cost of USD $28.8M, or $30.96 per share, under its Normal Course Issuer Bid (NCIB) thus far in November (Mulatos mine, Sonora).
  • Torex Gold Resources Inc., renewed its Normal Course Issuer Bid (NCIB), allowing the company to repurchase up to approximately 10% of its public float (about 8.13 million shares) over the period from November 21, 2025, to November 20, 2026. Torex had a total of 96,176,134 Common Shares issued and outstanding and a public float of 81,334,308 Common Shares. The buyback program, which was previously active, is designed to return capital to shareholders and is flexible, enabling Torex management to purchase shares on the open market as market conditions allow, with a daily maximum purchase limit. The company has already executed some share repurchases under the current NCIB at an average price of around CAD $46.78 per share. Beyond the buyback, Torex’s strategic objectives include advancing the Media Luna project in Guerrero to full production, optimizing existing operations, expanding reserves and resources, and pursuing disciplined growth while maintaining responsible mining practices.
  • Vizsla Silver Corp., announced that it plans to raise USD $250M through the issuance of convertible senior notes due 2031. The proceeds will be used to support exploration and development of its Panuco silver-gold project in Sinaloa, fund potential acquisitions, and cover general corporate expenses. A portion of the funds will also be allocated to purchase capped call transactions, which are designed to offset potential dilution from the conversion of the notes. The company can redeem the notes and holders have repurchase rights under some events. The offering is subject to certain conditions, including regulatory approvals and the notes will be convertible into shares or cash, with specific terms to be determined based on market conditions.

ON RESOURCES AND DEVELOPMENT

  • Silverco Mining ltd., engaged SGS Canada Inc., to validate and update Mineral Resource Estimate (MRE) at Cusi mine, Chihuahua. The MRE will be prepared in accordance with NI43-101 Standards of Disclosure for Mineral Projects and will incorporate new data and expand the scope of the previous historical estimate. The updated MRE is expected later this quarter.
  • GR Silver Mining Ltd., released results from drill hole SMS25-12 collared at San Marcial Area in its Plomosas project in Sinaloa. It intersected two silver mineralized zones with multiple intervals of high grade, extending the mineralization approximately 75m below the current San Marcial Resource Area. This hole encountered 124 g/t Ag, 0.1% Pb, and 0.2% Zn over 9.6m, including 284 g/t Ag, 0.1% Pb, and 0.5% Zn over 2m, plus 232 g/t Ag, 0.02g/t Au, and 0.1% Zn over 5m, including 956 g/t Ag, 0.02 g/t Au and 0.1% Zn. Hole SMS25-12 confirms the continuity of the hydrothermal breccia for at least 400m below surface and suggest potential to expand resources. A step-out drilling program is being planned for the first half of 2026.
  • Kootenay Silver Inc., published results from the first seven drill holes of the ongoing program at Columba project in Chihuahua. This 50,000m drilling program aims to extend and expands known mineralization on the extensive Columba vein system. Drilling highlights (TW reported) include hole CDH-25-218 on I Vein Area with 303 g/t Ag, 0.08 g/t Au, 0.7% Pb, and 2-1% Zn over 2-34m, including 921 g/t Ag, 0.12 g/t Au, 2.6% Pb, and 6% Zn over 0.41m, plus 28 g/t Ag, 0.22 g/t Au, over 15-93m, including 847 g/t Ag, 0.18 g/t Au, 0.4% Pb, and 0.3% Zn over 0.32m, plus 32 g/t Ag and 0.21 g/t Au, over 7.08m, plus 255 g/t Ag, 0.4% Pb, and 1.7% Zn over 0.74m, plus 26 g/t Ag, 0.32 g/t Au, and 0.1% Zn over 9.44m; and hole CDH-25-214 on D Vein with 45 g/t Ag and 0.1% Zn over 2.42m, including 185 g/t Ag, 0.1% Pb, and 0.1% Zn over 0.23m, plus 57 g/t Ag and 0.1% Zn over 1.59m, plus 231 g/t Ag, 0.2% Pb and 0.8% Zn over 0.39m, plus 108 g/t Ag, 0.1% Pb, and 0.2% Zn over 4.83m, including 362 g/t Ag, 0.1% Pb, and 0.2% Zn over 0.69m, plus 90 g/t Ag, 0.1% Pb, and 0.2% Zn over 2.07m, ´plus 102 g/t Ag, 0.2% Pb, and 0.2% Zn over 2.07m, plus 104 g/t Ag, 0.1% Pb, and 0.2% Zn over 0.23m. The company also reported the discovery of porphyry style gold mineralization along I Vein hosted in breccias and feldspar porphyries in holes CDH-25-217 and 218, with the identification of classic B style veins plus or minus molybdenite along with disseminated pyrite and unidirectional solidification textures.
  • Silverco Mining Ltd., released drill results from its 15,000m 2025 drill program at Cusi mine in Chihuahua. Drilling highlights include hole CU-25-35 (San Miguel Zone) with 0.16 g/t Au, 180 g/t Ag, 0.3% Pb, 1% Zn (194 g/t AgEq) over 1.5m, plus 0.32 g/t Au, 334 g/t Ag, 2.7% Pb, and 3.1% Zn (425 g/t AgEq) over 3.4m, including 1.05 g/t Au, 1,075 g/t Ag, 9.9% Pb, and 10.6% Zn (1,409 g/t AgEq) over 0.8M; hole CU-25-33 (San Miguel Zone) with 0.45 g/t Au, 427 g/t Ag, 1.6% Pb, and 6.5% Zn (554 g/t AgEq) over 1.2m, plus 0.18 g/t Au, 241 g/t Ag, 0.7% Pb, and 1.9% Zn (272 g/t AgEq) over 0.6m; hole CU-25-34 (Eduwiges Zone) with 0.21 g/t Au, 67 g/t Ag, 2.4% Pb, and 7.6% Zn (259 g/t AgEq) over 1.1m; and hole CU-25 36a (Eduwiges Zone) with 3.17 g/t Au, 231 g/t Ag, 11.2% Pb, and 10.7% Zn (764 g/t AgEq) over 1.5m. These are the last drill results to be included in the upcoming Mineral Resource Estimate update, which is expected to publish in December 2025.
  • IMPACT Silver Corp., presented results from its underground drilling program in the Juarez Zone at its Plomosas mine in Chihuahua. Drill results lie outside of the JORC mineral resource blocks published by the previous operator. Juarez Zone remains open for exploration. The table below shows a summary of the drill results:

ON DEALS AND CORPORATE ISSUES

  • Discovery Silver Corp., announced a number of management appointments, including Raymond Yip as Chief Information Officer, Kara Byrnes as Vice President Exploration and Geology-Porcupine,  Gerry Stinson as Vice President, Environment, Porcupine Operations, and Amanda Kasner as Vice President, Business Optimization (Cordero project, Chihuahua).
  • GR Silver Mining Ltd., appointed Cástulo Molina Sotelo as Country Manager, Mexico (Plomosas project, Sinaloa).
  • Mexican Gold Mining Corp., informed that it will host its annual general meeting of shareholders on December 10, 2025 (Las Minas project, Veracruz).
  • Radius Gold Inc., appointed Alejandro Ly as Vice President Exploration (Amalia project, Chihuahua).
  • Santacruz Silver Mining Ltd., announced the appointment of Bruce Wolfson to its Board of Directors, effective November 17, 2025. The Company also announces that Mr. Roland Löhner has notified the Company that he intends to step down from the board of directors following the upcoming annual general and special meeting on November 25, 2025 (Zimapan mine, Hidalgo).
  • Vizsla Royalties Corp., congratulated Vizsla Silver Corp., on the positive results of the Feasibility Study on the Panuco project, Sinaloa.
  • Garibaldi Resources Corp., proposed extension of warrant expiry dates and announced that it has applied to the TSX Venture Exchange to extend the expiry dates of certain warrants issued in December 2022 from December 2025 to December 2027. The exercise prices of these warrants will remain unchanged at CAD $0.40 and CAD $0.45. The extension is subject to exchange approval. The company aims to give warrant holders additional time to exercise their warrants, potentially supporting continued investor interest and capital raising opportunities (Rodadero project, Sonora). 
  • Apollo Silver Corp., granted Restricted Share Units (RSUs) to certain officers and directors. The Company granted an aggregate of 750,000 RSUs. The RSUs vest in three equal tranches over 36-months. Upon vesting, each RSU entitles the holder to receive one common share of the Company. (Cinco de Mayo project, Chihuahua).
  • VVC Resources announced its strategic decision to exit the Gloria Copper Project in Chihuahua, due to high maintenance costs, political instability, and safety concerns, despite its geological potential. The company will instead focus its exploration efforts on the Cumeral Gold Project in Sonora, which offers better permitting prospects, strong local support, and significant upside potential.
  • Alamos Gold Inc., declared a quarterly dividend of USD $0.025 per common share. The dividend is payable on December 18, 2025 to shareholders of record as of the close of business on December 4, 2025. Alamos also informed that it repurchased 928,729 shares at a cost of USD $28.8M, or $30.96 per share, under its Normal Course Issuer Bid (NCIB) thus far in November (Mulatos mine, Sonora).
  • Masivo Silver Corp., secured a 10 year land-use and access agreement for the private property where the Cerro Colorado project in Sonora is located. The agreement grants the Company full rights to rehabilitate or construct access roads, establish drill pads and core storage facilities, set up temporary camps and offices, and conduct drilling, sampling, and mineral extraction activities—subject to the required environmental permits. The land-use agreement is a prerequisite to obtaining these permits and ensures compliance with local and federal environmental regulations.

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, a normal fault in an outcrop of the Upper Volcanic Supergroup of extensive silicic ignimbrites in Chihuahua, Mexico. Photo taken by Miguel A Heredia.

The Mining and Exploration News in Mexico; Highlights on the Fifth Week of October 2025

/ Gambusino Prospector / Leave a comment

By Jorge Cirett

During the 44th week of the year (October 27th to November 2nd, 2025), companies working in Mexico presented 32 press releases.  Two companies informed about exploration advances on early-stage properties. Four companies provided operational figures for the quarter. Ten companies presented news on financing rounds or share matters. Four companies presented updates on advanced properties/mines. Ten companies informed on deals and corporate issues. ON MEXICO ISSUES, no relevant news.  ON EXPLORATION, in Sonora, Minaurum Gold released results from definition drilling at Alamos Silver. In Durango, Pinnacle Silver and Gold updated on work at El Potrero. ON MINING, Alamos Gold, Coeur mining, Capstone Copper and Agnico Eagle presented third quarter 2025 reports. ON FINANCING, eight companies informed on financing rounds: Questcorp Mining (C$2.1 M), Silver Wolf (C$5.1 M), Colibri Resources (C$1.5 M), Starcore International Mines (C$5 M), Apollo Silver (C$26.8), Oroco Resource (US$3.6 M), Fortune Bay (C$8 M), Guanajuato Silver Company (C$0.52 M). Silver Spruce is consolidating shares. Santacruz Silver Mining intends to trade on a new stock exchange. Xali Gold granted stock options.  ON RESOURCES AND DEVELOPMENT, Avino Silver and Gold reported drilling results from La Preciosa, in Durango. Mithril Silver and Gold updated on activities at Copalquin in Durango. Silverco Mining presented results from the 2024 drilling campaign at Cusi, in Chihuahua. Minaurum Gold delivered results from resource definition drilling at Alamos Silver, in Sonora. Santacruz Silver Mining and Heliostar Metals  informed on its AGM. Silver Viper is to acquire the Coneto property from Fresnillo plc and Orex Minerals. Quetzal Copper is now Silverco Mining, and updated on the status of the Cusi property in Chihuahua. ON DEALS AND CORPORATE ISSUES, Sonoro Gold made the final payment on the Cerro Caliche property in Sonora. ON SOCIAL RESPONSIBILITY, Alamos Gold informed on community support in the Mulatos District of Sonora. 

ON MEXICO ISSUES

No Relevant News.

ON EXPLORATION

  • Pinnacle Silver and Gold Corp. announce positive results from the preliminary scoping metallurgical tests for the El Potrero project in Durango. Three samples from the Pinos Cuates underground mine were sent to the SGS lab in Durango, for grinding, bottle roll cyanide leach and gravity tests. Bottle roll cyanide leach tests averaged 95.1% Au and 54.7% Ag, while gravity tests returned 29% to 76% Au and 4% to 16% Ag. More studies are warranted to characterize the silver mineralization and increase the recovery rates.
  • Minaurum Gold Inc. announced further results of its 2025 resource-definition drill program at its Alamos Silver project in Sonora. The program is targeting the Promontorio, Travesia and Europa vein zones. Highlighted core length intervals comprise 4.8 m @ 0.17 gpt Au, 154 gpt Ag, 0.28% Cu, 1.1% Pb, 2.4% Zn; 0.55 m @ 0.50 gpt Au, 352 gpt Ag, 0.80% Cu, 3.1% Pb, 7.6% Zn; 1.10 m @ 0.08 gpt au, 606 gpt Ag, 0.64% Cu, 0.8% Pb,1.3% Zn; 4.53 m @ 0.08 gpt Au, 275 gpt Ag, 0.34% Cu, 0.9% Pb 2.1% Zn (including 0.5 m @ 0.15 gpt Au, 983 gpt Ag, 0.85% Cu, 2.0% Pb, 5.3% Zn); 0.7 m @ 0.07 gpt Au, 25 gpt Ag, 1.37% Cu, 1.2% Pb, 1.7% Zn.     .

ON MINING

  • Alamos Gold Inc. reported its financial results for the quarter ended September 30, 2025, including figures from its operations in Mexico. During the period the company produced 141,700 Oz Au, generating US$130.3 M of free cash flow. At the Mulatos District, in Sonora, Alamos mined 997.3 K tonnes of ore, 3.89 M tonnes of waste (3.91 waste-to-ore ratio), stacking 1 M tonnes averaging 1.4 gpt Au, containing 48,037 Oz Au with an average recovery rate of 61%, producing 37,000 Oz Au at cash cost $761 per Oz Au and an AISC of $831. Alamos had cash and cash equivalents of US$463.1 M at the end of the period.
  • Coeur Mining Inc. reported third quarter 2025 financial results, including revenue of US$555 M and cash flow from operating activities of $238 M. During the period the company produced 111,364 Oz Au, 4.8 M Oz Ag at cash cost $1,215 per Oz AuEq or $14.95 per Oz AgEq. At Las Chispas, in Sonora, 139.9 K tonnes were milled averaging 3.42 gpt Au, 321 gpt Ag, recovering 97.9% Au, 97.8% Ag, to produce 16,540 Oz Au, 1.7 M Oz Ag, at cash cost $934 per Oz Au, $10.75 per Oz Ag and free cash flow of US$66.1 M. At Palmarejo, in Chihuahua, 48.3 K tonnes were milled, averaging 1.55 gpt Au, 108 gpt Ag, recovering 95.0% Au, 89.9% Ag, to produce 24,802 Oz Au, 1.51 M Oz Ag at cash cost $887 per Oz Au, $16.44 per Oz Ag and free cash flow of US46.9 M.
  • Capstone Copper Corp. reported results for the quarter ended September 30, 2025, including figures from its Mexico operations. The company produced a total of 55,280 tonnes of copper at cash cost $2.42 per Lb Cu. At Cozamin, in Zacatecas, 6,145 tonnes of copper were produced during the period from ore grading 1.93% Cu and a recovery rate of 94.3%, at cash cost $1.51 per Lb Cu. 
  • Agnico Eagle Mines Ltd. reported financial and operating results for the third quarter of 2025, including information from its operations in Mexico. During the period the company produced 866,936 Oz Au at cash cost of $963 per Oz Au and all-in-sustaining costs (AISC) of 1,363 per Oz Au. The San Nicolas project in Zacatecas continues to advance on the feasibility study (FS), with engineering expected to be completed by year-end. During the quarter 21,380 Oz Au were produced at Pinos Altos-Creston Mascota, in Chihuahua, at cash cost $1,531 per Oz Au, and 4,529 Oz Au produced at La india, in Sonora, at cash cost $2,872 per Oz Au.

ON FINANCING

  • Questcorp Mining Inc. closed the first tranche of its non-brokered private placement for gross proceeds of C$2.1 M (Nueva Union, Sonora).
  • Silver Wolf Exploration Ltd. announced a non-brokered private placement for aggregate gross proceeds of C$1.5 M. The offering will be carried out utilizing the Listed Issuer Financing Exemption (Ana Maria, Durango).
  • Colibri Resource Corp. increased the size of its previously announced offering for gross proceeds of C$1.5 M (EP, Sonora).
  • Silver Spruce Resources Inc. is to implement the 1:15 consolidation of shares on October 31, 2025. (Jackie, Sonora).
  • Starcore International Mines Ltd. closed its non-brokered private placement, raising C$5 M in gross proceeds. Aggregate compensation of C$92 K was paid by the company to various eligible registrants as finders’ fees (San Martin, Queretaro).
  • Apollo Silver Corp. closed the final tranche of its previously announced upsized non-brokered private placement, raising gross proceeds of C$1.6 M and raising total proceeds of C$26.8 M. In connection with the subscription the company will pay aggregate finder’s fees totalling C$901 K  (Cinco de Mayo, Chihuahua).
  • Santacruz Silver Mining Ltd. has applied to list its common shares on the Nasdaq Capital Market (Zimapan, Hidalgo).
  • Oroco Resource Corp. updated on its non-brokered private placement for aggregate gross proceeds of up to US$3.6 M, with an anticipated minimum of US$2 M (Santo Tomás, Sinaloa).
  • Xali Gold Corp. announced the granting of 2.2 M incentive stock options to certain directors, officers, employees and consultants of the company (El Oro, Estado de Mexico).
  • Fortune Bay Corp. announced the closing of its previously announced “bought deal” private placement for aggregate gross proceeds of C$8 M. Pursuant to the offering the company sold “flow-through” shares for gross proceeds of $2 M (US or Can?) and common shares of the company for gross proceeds of $6 M (US or Can?) (Poma Rosa, Chiapas).
  • Guanajuato Silver Company Ltd. announced that following the offering of the company in which it obtained C$43.5 m in gross proceeds, Cannacord Genuity Corp. and Red Cloud Securities Inc. have purchased additional common share purchase warrants for additional C$522 K (El Cubo, Guanajuato).

ON RESOURCES AND DEVELOPMENT

  • Avino Silver and Gold Ltd. reported results from four twin holes drilled at La Preciosa, in Durango. The results exhibit variation in thickness and grade “expected due to the “pinch and swell” geometry of the La Preciosa veins and the high nugget effects”. Highlighted true width intercepts comprise 2.48 m @ 0.66 gpt Au, 425 gpt Ag; 0.78 m @ 1.21 gpt Au, 513 gpt Ag; 5.22 m @ 0.51 gpt Au, 787 gpt Ag (including 0.77 m @1.02 gpt Au, 3,206 gpt Ag). 1.47 m @ 0.86 gpt Au, 635 gpt Ag; 3.98 m @ 1.15 gpt Au, 306 gpt Ag; 4.00 m @ 0.61 gpt Au, 463 gpt Ag.
  • Mithril Silver and Gold Ltd. informed on activities during their September 2025 quarterly report. At the Copalquin project in Durango, drilling progressed at target 1, commenced at target 5, channel sampling defined a new target at the Santa Cruz mine and work continues on resource drilling and 3D modelling for the resource update planned for early 2026. Mithril common shares are now trading on the OTCQB Venture Market. Cash balance at the end of September was A$18.3 M.
  • Silverco Mining Corp. reported results from its 5,500 m 2024 drill program at Cusi, in Chihuahua. Highlighted core length intervals comprise 1.7 m @ 0.13 gpt Au, 2022 gpt Ag, 0.8% Pb, 4.5% Zn; 3.3 m @ 0.15 gpt Au, 450 gpt Ag, 0.3% Pb, 0.4% Zn; 2.6 m @ 0.26 gpt Au, 385 gpt Ag, 0.3% Pb, 0.1% Zn; 7.5 m @ 0.30 gpt Au, 291 gpt Ag, 2.2% Pb, 2.5% Zn; (including 0.7 m @ 0.96 gpt Au, 958 gpt Ag, 2.0% Pb, 5.0% Zn); 5.9 m @ 0.16 gpt Au, 315 gpt Ag, 0.4% Pb, 0.1% Zn; 3.2 m @ 0.23 gpt Au, 498 gpt Ag, 1.3% Pb, 1.8% Zn; 3.7 m 0.26 gpt Au, 304 gpt Ag, 1.3% Pb, 0.7% Zn. Currently the company is advancing a 15,000 m drill program with assays expected in Q4 2025.
  • Minaurum Gold Inc. announced results of its 2025 resource-definition drilling at its Alamos Silver project in Sonora. The program targeted the Promontorio, Travesia and Europa vein zones. Highlighted core length intervals comprise 4.80 m @ 0.17 gpt Au, 154 gpt Ag, 0.28% Cu, 1.1% Pb, 2.4% Zn; 0.50 m @ 0.50 gpt Au, 771 gpt Ag, 0.50% Cu, 2.1% Pb, 4.3% Zn; 0.55 m @ 0.50 gpt Au, 352 gpt Ag, 0.80% Cu, 3.1% Pb, 7.6% Zn; 1.10 m @ 0.08 gpt Au, 606 gpt Ag, 0.64% Cu, 0.8% Pb, 1.3% Zn; 4.53 m @0 .08 gpt Au, 275 gpt Ag, 0.34% Cu, 0.9% Pb, 2.2% Zn; 1.40 m@ 0.18 gpt Au, 300 gpt Ag, 0.44% Cu, 0.7% Pb, 1.3% Zn.    

ON DEALS AND CORPORATE ISSUES

  • Chesapeake Gold Corp. announced the second extension of its exploration agreement on the Metates property with the community of San Juan de Camarones, within the Santiago Papasquiaro Municipality in Durango. The company’s “proprietary sulphide leach testwork remains on schedule and is progressing well alongside environmental and related baseline studies in support of the upcoming PFS”.
  • Inomin Mines Inc. entered into a definitive agreement with Calu royalty S.A.P.I de C.V. for the La Gitana and Peña Blanca properties in Oaxaca. The sale of the 100% interest on the properties involves the payment of C$350 K, payable as follows: C$100 K within five days of the execution date, C$100 K on the closing of the transaction and $150 K when the concessions are registered in the Public Mining Registry, or six months after the signing date.
  • Santacruz Silver Mining Ltd. announced that its annual general and special meeting of shareholders will be held in-person in Vancouver on November 25, 2025 (Zimapán, Hidalgo).
  • Silver Viper Minerals Corp. entered into a binding agreement with Fresnillo plc and Orex Minerals Inc. to acquire 100% ownership of the Coneto project in Durango. Silver Viper will acquire the combined interests in Coneto (61.21% held by Fresnillo and 38.79 % held by Orex) through an all-share transaction. The transaction values the project at US$15 M and common shares are to be issued for the purchase price. After the transaction, Fresnillo is expected to own 17% and Orex 11% of the issued and outstanding shares of Silver Viper. “ The parties will work on closing the Acquisition expeditiously and no later than January 2026”.
  • Quetzal Copper Corp., doing business as Silverco Mining Ltd. provided an update following the completion of its listing  on the TSX Venture Exchange  via its reverse takeover by Silverco Mining Corp. on October 17, 2025. The Cusi property in Chihuahua includes a 1,200 tpd mill. The company has raised C$25 M privately over the previous 18 months. A 15,000 m drill program is currently underway with two rigs on site. The San Miguel and La Bamba claims were acquired. A new resource estimate and a preliminary economic assessment (PEA) are to be completed with a view to support planned production on H2 2026.
  • Masivo Silver Corp. signed a definitive option agreement with a private Mexican person, Minera Goldzone S.A. de C.V., and partners, to acquire the 2,649 ha Cerro Colorado project in Sonora. Masivo’s intends to commence in November 2025 a drill program to test “along-strike and down-dip extensions of mineralized zones identified in prior surface work”.
  • Orex Minerals Inc. entered into a binding term sheet with Silver Viper Minerals Corp. and Fresnillo plc to sell its interest in the Coneto project in Durango. Through an all-share transaction valued at US$15 M, Silver Viper will acquire 38.79% ownership from Orex and 61.21% ownership from Fresnillo. Post-closing, Fresnillo and Orex will hold 17% and 11% respectively of Silver Viper.
  • Silverco Mining Ltd. completed its name change from Quetzal Copper Corp. to Silverco Mining Ltd. “Due to a labour dispute between the British Columbia General Employees’ Union and the government of British Columbia, BC Registries, the government body responsible for registrations of businesses, was temporarily closed. As a result, the Company was unable to legally change its name at the time of completing its reverse takeover of Silverco Mining Corp., which closed on October 17, 2025” (Cusi, Chihuahua).
  • Heliostar Metals Ltd. announced its annual general and special meeting is to be held on November 26, 2025 (Ana Paula, Guerrero).
  • Sonoro Gold Corp. made the final concession payment on its Cerro Caliche property in Sonora. The Rosario mineral concessions were bought to an Arizona resident for total consideration of US1.79 M and a 2% NSR royalty, which can be bought at US$1 M for each 1%. These concessions represent 30% of the total surface area of the project.

ON SOCIAL RESPONSIBILITY

  • Alamos Gold Inc. informed on ongoing support within the Mulatos District in Sonora, including medical services, road maintenance, water distribution, and student scholarships.

On the image below: Specularite stockwork in volcanosedimentary rock, HQ core. Picture by Jorge Cirett.

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

/ Gambusino Prospector / Leave a comment

By Jorge Cirett

During the 36th week of the year (September 1st to September 7th, 2025), companies working in Mexico presented 23 press releases. No companies presented exploration advances on early-stage properties. One company presented financial results. Thirteen companies presented news on financing rounds and share-related issues. Three companies presented drilling results from their advanced properties. Six companies informed on deals and corporate issues. ON MEXICO ISSUES, no relevant news.  ON EXPLORATION, no relevant news. ON MINING, Heliostar Metals reported financial results to the end of June 2025. ON FINANCING, nine companies informed on financing rounds: Masivo Silver (C$505 K), Impact Silver (C$13 M), Regency Silver (C$4 M), Silver Storm (C$13 M), Gold Resource (C$11.4 M), Elemental Altus (US$100 M), Sonoro Gold (C$2 M), Tocvan Ventures (“significant”), and Vizsla Silver  (US$220 M). Apollo Silver is consolidating its shares. Mithril Silver and Gold issued shares to management, employees and consultants. Pacifica Silver is to commence trading on the OTCQB marketplace. ON RESOURCES AND DEVELOPMENT, Capitan Silver informed on drilling at Cruz de Piedra, in Durango. GR Silver Mining presented drilling results from step-out drilling at the San Marcial deposit, on the Plomosas project in Sinaloa. First Majestic Silver announced results from its 2024/2025 exploration campaign at Los Gatos, in Chihuahua. ON DEALS AND CORPORATE ISSUES, Minaurum Gold is exchanging interest on a property for an NSR. Pacifica Silver made appointments to the board. Elemental Altus Royalties is acquiring EMX Royalty. Pan American Silver completed the acquisition of Mag Silver. Orogen Royalties signed an exploration alliance with South32. Mithril Silver and Gold amended a press release. ON SOCIAL RESPONSIBILITY, no relevant news

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

  • No relevant news.

ON MINING

  • Heliostar Metals Ltd. reported unaudited financial results to the end of June 2025 (Heliostar’s first quarter of 2025). The company produced 7,396 Oz AuEq from mining the Junkyard Stockpile at La Colorada, and re-leaching previously stacked ore at La Colorada (Sonora) and San Agustin (Durango), at a total cash cost of $1,413 per Oz AuEq and an AISC of $1,541 per Oz AuEq. Mine operating earnings were US14.3 M, with net income of US$1.9 M and cash of US$29.7 M and working capital US$51.7 M. At La Colorada the company will feed new ore from historical stockpiles and after receiving regulatory approvals expand the Veta Madre pit to exploit 43 K Oz Au of gold reserves. The company completed the regulatory requirements to enable the approval to restart mining at San Agustin from the Corner area, with estimated reserves of 44.5 K Oz Au. At Ana Paula in Guerrero, commenced and expanded a US$9.5 M exploration and development program, including a 15,000 m drill campaign to upgrade inferred mineral resources in the upcoming feasibility study. At Cerro del Gallo, in Guanajuato, the process of advancing the additional development and engineering required is ongoing.

ON FINANCING

  • Apollo Silver Corp. intends to proceed with the consolidation of its issues and outstanding common shares on a five to one basis (Cinco de Mayo, Chihuahua).
  • Masivo Silver Corp. closed the first tranche of its previously announced non-brokered private placement, raising C$505 K (Cerro Colorado, Sonora).
  • Mithril Silver and Gold Ltd. issued 4.18 M options to key management, employees and consultants under its employee incentive securities plan (Copalquin, Durango).
  • Impact Silver Corp. entered into an agreement with Red Cloud Securities Inc. pursuant to which Red Cloud and Research Capital Corp. as co-lead underwriters and joint bookrunners, have agreed to purchase for resale 22.2 M units of the company for gross proceeds of C$8 M. The company will grant the underwriters an option, exercisable up to 48 hours prior to the closing date, to purchase up to C$2 M of additional units (Plomosas, Chihuahua).
  • Regency Silver Corp. closed its previously announced private placement for aggregate gross proceeds of C$4 M (Dios Padre, Sonora).
  • Silver Storm Mining Ltd. entered into an agreement with Red Cloud Securities Inc., as sole underwriter and bookrunner, under which Red Cloud agreed to purchase for resale 52 M units for gross proceeds of C$13 M. Silver Storm will grant to Red Cloud an option to purchase for resale up to an additional 8 M units for additional gross proceeds of up to C$2 M (La Parrilla, Durango).
  • Gold Resource Corp. is pursuing a registered direct offering with certain investors to sell shares of the company for up to C$11.4 M in gross proceeds. Gold Resource intends to use C$6.4 M of the net proceeds to prepay in full a loan to Francisco Javier Reyes de la Campa and Jaluca Ltd (Don David, Oaxaca).
  • Pacifica Silver Corp. announced its common shares will commence trading in the United States on the OTCQB marketplace, operated by OTC Markets Group Inc. on September 4, 2025 (Claudia, Durango).
  • Impact Silver Corp. increased the size of its previously announced “bought deal” private placement to gross proceeds of C$13 M. Red Cloud Securites Inc. and Research Capital Corp. have agreed to purchase for resale 36.1 M units of the company at C$0.36 per unit. Impact Silver granted to the underwriters an option to purchase for resale up to an additional 8.33 M units for additional gross proceeds of up to C$3 M. The company intends to use the nets proceeds to advance underground development at Zacualpan, Estado de México, and to expand mining operations at Plomosas, in Chihuahua.
  • Tocvan Ventures Corp. secured “significant new funding through the exercise of over 2.2 million warrants through the past five weeks with more anticipated over the coming weeks by long supportive shareholders” (Gran Pilar, Sonora).
  • Elemental Altus Royalties Corp. announced that Tether Investments S.A. de C.V. and Elemental Altus have entered into a subscription agreement on which Tether has agreed to purchase 75 M Elemental Altus shares for aggregate gross proceeds of US$100 M. The funds are to be used on the merger with EMX Royalty Corp. described below. (Mercedes, Sonora).
  • Sonoro Gold Corp. increased its fully-subscribed non-brokered private placement for gross proceeds of C$2 M (Cerro Caliche, Sonora).
  • Vizsla Silver Corp. executed a mandate letter with Macquire Bank Ltd. for a senior project finance facility of up to US$220 M to fund the construction and development of the Panuco project in Sinaloa. “The Facility will be arranged by a syndicate of banks, with Macquarie retaining a 70% interest and managing syndication of the remaining 30%. Macquarie will act as lead arranger, agent and sole underwriter…., Vizsla Silver may draw an initial US$25 million early-drawdown tranche down from the Facility, providing immediate funding for early development, construction preparation, and working capital ahead of the full project build-out at Panuco… Based on current SOFR levels, the Facility is expected to carry an interest cost of approximately 10% during construction and below 10% post-completion”.

ON RESOURCES AND DEVELOPMENT

  • Capitan Silver Corp. announced results from the first eleven holes of its 10,000 m phase one drill program at Cruz de Plata, Durango. The work has focused primarily on the Jesús María trend, with 6,700 m completed in 41 reverse-circulation (RC) holes. In parallel, the company is also testing new targets to the north, east, and west of the Jesús María zone. Highlighted drill-length intervals comprise 22.90 m @ 0.05 gpt Au, 32 gpt Ag, 0.1% Pb, 0.4% Zn; 16.80 m @ 0.05 gpt Au, 109 gpt Ag, 0.1% Pb, 0.3% Zn (including 1.50 m @ 0.09 gpt Au, 456 gpt Ag, 0.4% Pb, 0.7% Zn); 13.70 m @ 0.10 gpt Au, 79 gpt Ag, 0.2% Pb, 0.6% Zn; 19.80 m @ 0.25 gpt Au, 370 gpt Ag (including 4.60 m @ 0.62 gpt Au, 1,400 gpt Ag), 0.2% Pb, 0.2% Zn, and 1.12 gpt Au, 2,636 gpt Ag, 0.3% Pb, 0.3% Zn); 3.00 m @ 0.19 gpt Au, 316 gpt Ag.
  • GR Silver Mining Ltd. presented intercepts from the step-out drilling campaign on the SE Deep Extension Target of the San Marcial deposit at its Plomosas project in Sinaloa. “Drilling at the SE Extension target ……  has confirmed the continuation of wide, high-grade silver mineralization, extending 100 metres horizontally beyond the current Resource Area”. Highlighted core length intervals comprise 3.8 m @ 0.12 gpt Au, 44 gpt Ag, 0.2% Pb, 0.8% Zn; 75.2 m @ 0.1 gpt Au, 260 gpt Ag; 0.2% Pb, 0.5% Zn (including 6.4 m @ 0.04 gpt Au, 1,853 gpt Ag, 0.3% Pb, 1.0% Zn, and 1.8 m @ 1.10 gpt Au, 1,363 gpt Ag, 2.2% Pb, 5.4% Zn).
  • First Majestic Silver Corp. announced drilling results from its 2024/2025 exploration program at Los Gatos mine in Chihuahua. “The drilling programs were designed to expand silver, zinc, lead, copper and gold mineralization in the South-East Deeps, Central Deeps and North-West Deeps zones”. Highlighted true length intervals comprise 9.0 m @ 0.23 gpt Au, 196 gpt Ag, 1.7% Pb, 5.4% Zn (including 1.20 m @ 0.24 gpt Au, 353 gpt Ag, 3.0% Pb, 6.7% Zn; and 1.0 m @ 0.32 gpt Au, 365 gpt Ag, 5.5% Pb, 9.9% Zn); 2.60 m @ 0.44 gpt Au, 105 gpt Ag, 0.33% Cu, 0.8% Pb, 1.5% Zn; 2.60 m @ 0.59 gpt Au, 97 gpt Ag, 2.9% Pb, 11.6% Zn; 8.0 m @ 0.14 gpt Au, 130 gpt Ag, 0.22% Cu, 6.3% Pb, 18.2% Zn (including 1.60 m @ 0.09 gpt Au, 224 gpt Ag, 0.20% Cu, 12.3% Pb, 23.2% Zn); 3.70 m @ 0.07 gpt Au, 106 gpt Ag, 1.01% Cu, 2.8% Pb, 10.8% Zn; 6.90 m @ 0.33 gpt Au, 167 gpt Ag, 0.42% Cu, 5.0% Pb, 17.1% Zn (including 1.9 m @ 0.62 gpt Au, 154 gpt Ag, 0.27% Cu, 6.7% Pb, 30.1% Zn).

ON DEALS AND CORPORATE ISSUES

  • Minaurum Gold Inc. entered into an agreement with Kenadyr Metals to exchange 20% interest in the Adelita project for a 1% net smelter royalty (NSR) on all minerals extracted from the Adelita project in Sonora. In addition, Kenadyr will be issuing shares worth approximately C$135 K to Minaurum. The company extended its marketing services agreement with Capital Analytica and National Inflation Association to provide marketing and communications services (Alamos, Sonora).
  • Pacifica Silver Corp. announced the appointment of Mr. Daniel Kutzman as chairman of the board of directors, Mr Fernando Berdegué de Cima as president and of Mr. Octavio Lizardi as vice-president of exploration (Claudia, Durango).
  • Elemental Altus Royalties Corp. and EMX Royalty Corp. entered into a definitive agreement whereby Elemental Altus will acquire all of the issued and outstanding common shares of EMX. The Merged company will continue under the new name Elemental Royalty Corp. The merger will create a revenue generating royalty company with a combined revenue guidance of US$70 M in 2025 and US$80 M in 2026 (Mercedes, Sonora; San Agustín, Durango).
  • Pan American Silver Corp. announced the completion of the acquisition of all the issued and outstanding common shares of Mag Silver Corp. The Transaction adds a 44% joint venture interest in the Juanicipio mine in Zacatecas, operated by Fresnillo plc. and 100% interest on projects out from Mexico. “Pursuant to the terms of the Transaction, MAG shareholders received an aggregate of US$500 million in cash and approximately 60.2 million Pan American Shares in consideration for their MAG Shares. Following completion of the Transaction, former MAG shareholders own approximately 14.3% of the issued and outstanding Pan American Shares, on a fully diluted basis”.
  • Orogen Royalties Inc. signed a multi-year generative exploration alliance agreement program with South32 Ltd. The Alliance will focus on generating intrusion-related base metal targets in western North America. An initial US$300 K budget is to be funded by South32, with additional pre-alliance US181 K to be reimbursed to Orogen. “Projects selected within the Alliance area of interest (each a “Designated Project”) will be subject to a five-year option agreement whereby South32 can earn a 100% interest in a Designated Project by funding $5 million in exploration expenditures and making milestone cash payments of $2 million. Orogen will retain up to a 2% net smelter return (“NSR”) royalty, subject to a buydown of up to 0.5% for $5 million”.
  • Mithril Silver and Gold Ltd. provided an amended press release, replacing the one emitted last week with drilling results from the Copalquin project in Durango. The new document includes “additional drill hole collar information in Table 5 on page 10 and a cross reference to Table 5 in JORC Table 2 Drill hole Information”.

ON SOCIAL RESPONSIBILITY

  • No relevant news.

On the image below: Coarse grained felsic rock dike on fine grained intermediate intrusive rock, HQ core. Picture by Jorge Cirett.

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

/ Gambusino Prospector / Leave a comment

By Jorge Cirett

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

ON MEXICO ISSUES

  • No Relevant News.  

ON EXPLORATION

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

ON MINING

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

ON FINANCING

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

ON RESOURCES AND DEVELOPMENT

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

ON DEALS AND CORPORATE ISSUES

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

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

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

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

/ gambusinoprospectormexico / Leave a comment

Quartz stockwork veining hosted in sediments

By Miguel A Heredia

During the 27th week of the year (June 30th to July 06th 2025), at least 16 press releases were announced by companies working in Mexico, and 3 news published by the media, with ten disclosing deals and corporate issues, five announcing financing rounds, three commenting on Mexican issues, and one communicating production results. ON MEXICO ISSUES, Fresnillo Plc announced that it plans to invest USD $750M for the development of four mining projects. Peñoles gained 5.24% on the Mexican Stock Exchange (BMV) due to the Tizapa mine re-opening in the Estado de Mexico. 33 tonnes of gold and silver concentrate belonging to Grupo Minero Bacis were stolen by an armed group on the highway near Guadalajara city, Jalisco.  ON EXPLORATION, no relevant news. ON MINING, Aura Minerals reported preliminary Q2, 2025 production results from its Aranzazu mine in Zacatecas. ON FINANCING, Silver Viper upsized its previously announced non-brokered private placement for gross proceeds of up to CAD $3.6M (La Virginia project, Sonora).  Silver Storm closed a first tranche of a non-brokered private placement of 29,802, 692 units at a price of CAD $0.13 per unit for gross proceeds of CAD $3,874,349.96 (La Parrilla mine, Durango). Minaurum closed its previously announced best efforts private placement for gross proceeds of CAD $9.2m (Alamos Silver project, Sonora). Oroco announced that it cancelled the CAD $1.5M non-brokered private placement previously announced on June 17, 2025 (Santo Tomas project, Sinaloa). Inomin closed a brokered private placement for gross proceeds of CAD $229,775 (La Gitana project, Oaxaca).  ON RESOURCES AND DEVELOPMENT, no relevant news.  ON DEALS AND CORPORATE ISSUES, Roberto Resources signed a binding letter agreement to acquire 100% of the Claudia project in Durango. GR Silver announced appointments to strengthen its management structure and provided a corporate update (Plomosas project, Sinaloa). Roberto Resources appointed a new member to its Board of Directors (Claudia project, Durango). Questcorp entered into a marketing consulting services agreement with Spark Newswire (La Union project, Sonora). US Antimony announces its official listing on the NYSE Texas Exchange (Los Juarez project, Queretaro). Oroco retained Whittle Consulting to conduct a strategic option study for its Santo Tomas project in Sinaloa. GR Silver announced an incentive plan granting Deferred Share Units (DSUs) to non-executive directors as part of their long-term compensation (Plomosas project, Sinaloa). Sonoro Gold secured all of the surface rights necessary for its Cerro Caliche project in Sonora. Goldgroup Mining completed the acquisition of a 100% interest in the Pinos project in Zacatecas. Candelaria announced completion of disposition of Minera Apolo (Pinos project, Zacatecas).   ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • Fresnillo Plc announced that it plans to invest USD $750M for the development of four mining projects, which are contemplated in Plan Mexico. These projects are in the exploration stage and are located in Durango, Chihuahua, Sonora, and Guanajuato. The investment could range from USD $300M to USD $750M, and the investment period will be between three and five years. The company added that the projects are primarily gold and silver, but also base metal such as copper. In 2025, Fresnillo Plc expects attributable silver production between 49.0 and 56.0M Oz, with attributable gold production expected between 525K and 580K Oz. This would be lower than the 2024 silver production of 56.3M Oz and gold production of 631.6K Oz.
  • Industrias Peñoles S.A.B. de C.V., the world´s leading silver producer, announced the end of the work stoppage at its Tizapa mine in the Estado de Mexico. The company said that the Federal Labor Court for Collective Affairs ordered the resumption of work and the payment of wages for the days the strike lasted, after finding two violations of the collective bargaining agreement and rejecting seven others demanded by the National Union of Mining, Metallurgical, Steel and Similar Workers of the Mexican Republic (SNTMMSRM). After resuming operations, the Peñoles shares gained 5.24% on the Mexican Stock Exchange (BMV) to trade at MXP $521.75, reaching their highest level since June 13.
  • 33 tonnes of gold and silver concentrate belonging to Grupo Minero Bacis S.A. de C.V. were stolen by an armed group on the highway near Guadalajara city, Jalisco, bound to the Manzanillo´s port.  According to preliminary information, the tractor-trailer, with registration number 104, was intercepted by two white vehicles with tinted windows. Their crews neutralized the security guards and subdued the tractor-trailer driver, who was detained for at least an hour and a half. After their release, the affected personnel reported the incident to the National Guard at the Chapala toll booth, where it was confirmed that the personnel were not injured and the tractor-trailer had been recovered, although there is no information regarding the whereabouts of the cargo. The company is halting operations until the safety of its personnel is safeguarded. “Grupo Bacis regrets this incident, which harms our mining business and our revenues into the country”.

ON EXPLORATION

  • No relevant news.

ON MINING

  • Aura Minerals Inc., reported preliminary Q2, 2025 production results from its Aranzazu mine in Zacatecas. The company produced 22,281 Gold Equivalent Ounces (GEO), representing a 9% increase compared to previous quarter, resulting from higher grades and better recoveries.

ON FINANCING

  • Silver Viper Minerals Corp., upsized its previously announced non-brokered private placement of up to 12M units at a price of CAD $0.30 per unit for gross proceeds of up to CAD $3.6M (La Virginia project, Sonora).
  • Silver Storm Mining Ltd., closed a first tranche of a non-brokered private placement of 29,802, 692 units at a price of CAD $0.13 per unit for gross proceeds of CAD $3,874,349.96.  “The company intends to use the net proceeds from the offering for: (i) the procurement of mine processing flotation cells; (ii) to commence rehabilitation work of the La Parrilla mine, Durango processing facility including equipment purchase and refurbishment, labour and supplies; (iii) to order long lead items including deposits on mining equipment and ventilation fans; (iv) to fund ongoing operations for the next twelve months; and (v) for general corporate and working capital purposes.
  • Minaurum Gold Inc., closed its previously announced best efforts private placement of 36,800,000 units at a price of CAD $0.25 per unit for gross proceeds of CAD $9.2m. The company plans to use the gross proceeds for exploration expenditures of its Alamo Silver project in Sonora, property maintenance and permitting costs and for general working capital purposes.
  • Oroco Resource Corp., announced that it cancelled the CAD $1.5M non-brokered private placement previously announced on June 17, 2025 (Santo Tomas project, Sinaloa).
  • Inomin Mines Inc., closed a brokered private placement of 6,565,000 units at a price of CAD $0.05 per unit for gross proceeds of CAD $229,775. According to the company, net proceeds will be used as follow: 50% for general working capital, 25% to pay non-arm´s length management services, 10% for marketing services, and 5% for property evaluations. Inomin paid a total of CAD $15,349.25 in cash commission and issued a total of 438,550 broker warrants as finder´s fee. Each Broker Warrant is exercisable for one Share at a price of CAD $0.05 per share for a period of 24 months (La Gitana project, Oaxaca).

ON RESOURCES AND DEVELOPMENT

  • No relevant news.

ON DEALS AND CORPORATE ISSUES

  • Roberto Resources Inc., signed a binding letter agreement with Durango Gold Corp., a private company, to acquire 100% of the Claudia project in Durango. The company will acquire all the issued and outstanding shares of Cielo Azul Resources S.A. de C.V., a subsidiary of Durango Gold. Roberto Resources will pay Durango Gold USD $25K in cash at closing and issue 10M shares subject to a 12-month resale restriction. The company also will assume USD $651,453 in accounts payables and potential bonus payments to Silverstone based on gold and gold equivalent resources discovered. “If a Measured and Indicated Resource is disclosed ranging from 1 to 500K Oz Au or Oz AuEq (payment of USD $7M), 500,001 to 1M Oz Au or Oz AuEq (payment of an additional USD $10M), and 1,000,001 to 1.5M Oz Au or Oz AuEq (payment of an additional USD $2M). The agreement allows for the gold discovery payments to be paid 50% in company shares and 50% in cash. If the company is unable to publish a Technical Report disclosing Measured or Indicated Resources by December 31, 2029, the Project must be returned to Silverstone”. Roberto Resources must complete 50,000m of drilling by December 31, 2029, and Silverstone can explore and mine up to 130K tonnes at the Aguilarena shaft.
  • GR Silver Mining ltd., announced appointments effective immediately to strengthen its management structure by recognizing the contribution of the company´s team in recent success, and provided a corporate update. The former COO will assume the role of President and CEO; the former CEO will assume the role of Executive Chair of the Board of Directors; the General Manager has been promoted to Vice President of Operations; the Exploration Manager has been promoted to Vice President Exploration; and other member has been promoted to Controller. With this management restructuration, GR Silver is advancing its Plomosas project in Sinaloa, based on the upside resource potential at the San Marcial Area, and the recognition of synergies and opportunities available at the permitted historical Plomosas mine site. The company is continuing a 3,000m drill program at San Marcial Area, and the management continues third-party discussions to advance the commencement of a Bulk sampling Test Mining program at the Plomosas mine. Finally, GR Silver granted incentive stock options to purchase up to 750,000 common shares to officers of the company on joining senior management.  The options will vest on the date of grant. The options are exercisable at CAD $0.175 per share for a period of five years from the date of grant and are subject to the policies of the TSX Venture Exchange.
  • Roberto Resources Inc., appointed a new member to its Board of Directors, effective immediately (Claudia project, Durango).
  • Questcorp Mining Inc., entered into a marketing consulting services agreement with Spark Newswire Inc., to provide certain promotional services to the company (La Union project, Sonora).
  • US Antimony Corporation announces its official listing on the NYSE Texas Exchange while keeping its NYSE American Spot, making it a dual-listed company. Their move to Dallas aligns with their push into regional visibility and tapping into a strategic investor base, while also benefiting from Texas’ business-friendly atmosphere (Los Juarez project, Queretaro).
  • Oroco Resource Corp., retained Whittle Consulting to conduct a strategic option study for its Santo Tomas project in Sinaloa. The study aims to optimize the project’s operations by exploring innovative strategies such as alternative power sources, electrification of mining fleets, and processing technologies. Utilizing advanced software and existing resource data, the collaboration seeks to enhance project economics and guide future development phases.
  • GR Silver Mining Ltd., announced an incentive plan granting Deferred Share Units (DSUs) to non-executive directors as part of their long-term compensation. These DSUs vest after one year and can be settled in shares or cash, aligning directors’ interests with the company’s success. The plan aims to retain and motivate board members while supporting the company’s ongoing silver-gold resource expansion in Mexico Plomosas project, Sinaloa).
  • Sonoro Gold Corp., secured through its wholly owned Mexican subsidiary Minera Mar de Plata S.A. de C.V., all of the surface rights necessary for its Cerro Caliche project in Sonora through a lease agreement, granting the company exclusive access for the exploration, development, and extraction of mineral deposits, as well as the construction of related mining infrastructure. Sonoro signed a lease for 12.5 years, renewable for another 12.5 years for exclusive access to over 3,900 hectares, which will expand to 5,007 hectares on September 1, 2028 to covers their mining concessions and nearby areas. Initial lease payments include USD $3,125,000 plus a one-time issuance of 5,000,000 Sonoro common shares in the first year, with subsequent payments of USD $6,250,000 for the next two years. An initial payment of USD $1M has been already made. Renewal terms will involve similar payments at specified intervals.
  • Goldgroup Mining Inc., completed the acquisition of a 100% interest in the Pinos project in Zacatecas, which is fully permitted for construction. The project includes 30 mining concessions covering 3,816 hectares, featuring low-sulphidation epithermal gold and silver vein systems, along with a larger mineralized stockwork target suitable for open-pit mining, with historical production records indicating high-grade ore. The company plans to update the 2018 Preliminary Economic Assessment to evaluate the project’s potential in the current market to advance towards production and to conduct a near-mine drill campaign to explore resource expansion.
  • Candelaria Mining Corp., announced completion of disposition of its subsidiary Minera Apolo S.A. de C.V., which holds interest in the Pinos project in Zacatecas, under an agreement dated March 6, 2025. This follows the resolution of enforcement proceedings with Goldgroup Mining Inc. related to a default under a loan facility. As part of the agreement, Candelaria transferred all outstanding shares of Apolo to Goldgroup, satisfying the loan and releasing all related claims against Candelaria. Goldgroup issued 716,667 shares and a cash payment of USD $8K, with an additional USD $89K due within six months post-approval from the TSX Venture Exchange.

ON SOCIAL RESPONSIBILITY

  • No relevant news.

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

On the picture below, quartz stockwork veining hosted in sediments 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

/ Gambusino Prospector / Leave a comment

By Jorge Cirett

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

ON MEXICO ISSUES

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

ON EXPLORATION

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

ON MINING

  • No Relevant News.

ON FINANCING

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

ON RESOURCES AND DEVELOPMENT

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

ON DEALS AND CORPORATE ISSUES

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

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

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

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

/ gambusinoprospectormexico / Leave a comment

The Sierra Madre Occidental, Chihuahua, Mexico.

By Miguel A Heredia

During the 25th week of the year (June 16th to June 22th 2025), at least 38 press releases were announced by companies working in Mexico, and 2 news published by the media, with twenty one disclosing deals and corporate issues, eight announcing financing rounds, three reporting resources and development of their properties, three commenting on Mexican issues, three discussing social issues, two informing on exploration results, and none communicating production results.  ON MEXICO ISSUES, The Secretary of Economy, Marcelo Ebrard stated that the Mexican mining states are the new focus to strengthen the sector and ensure that extracted metals and minerals are transformed into value-added products. Marcelo Ebrard, Secretary of Economy declared that mining has become fashionable due to global geopolitical changes, marking a shift from the previous administration’s policies. Axo Copper reported the best drilling intercepts in Mexico on the third week of June, 2025. ON EXPLORATION, In Jalisco, Axo Copper initiated a 15,000m phase II drilling program at its la Huerta Copper project, as well as reported high grade assay results on surface sampling.    ON MINING, No relevant news. ON FINANCING, Guanajuato Silver updated their gold loan terms with Ocean Partners UK Ltd, (Cubo, Valenciana, and San Ignacio mines, Guanajuato). Pinnacle announced a shares-for-debt transaction to conserve capital and improve its balance sheet (Potrero project, Durango). Southern Empire announced a fully subscribed non-brokered private placement for gross proceeds of $100K (Pedro Gold project, Durango). Prime reported that 97% of its CAD $1.15 warrants due June 12, 2025 have been exercised, increasing its cash balance to approximately CAD $33M (Los Reyes project, Sinaloa). Kootenay announced a CAD $12M bought deal public offering to support the advancement of its Columba project in Chihuahua, the same that later on was upsized to CAD $17, 400,600. Silver Viper informed that it plans a concurrent non-brokered private placement of up to 6,666,667 units at a price of CAD $0.30 per unit, following a strong investor interest. Defiance Silver closed its LIFE offering and concurrent non-brokered private placement for gross proceeds of CAD $16.5M (San Acacio project, Zacatecas).  ON RESOURCES AND DEVELOPMENT, Kootenay delivered maiden mineral resource estimate at its 100% owned Columba project in Chihuahua. Tocvan reported that it is advancing its Gran Pilar project in Sonora, with a pilot mine facility designed to process 50,000 tonnes of material. Vizsla provided an update on the Copala test mine at its Panuco project in Sinaloa. ON DEALS AND CORPORATE ISSUES, Santacruz Silver announces the appointment of its CFO (Zimapán mine, Hidalgo). Discovery Silver made management changes (Cordero project, Chihuahua). Aura presented voting results of its annual general meeting of shareholders (Aranzazu mine, Zacatecas). Guanajuato Silver confirmed that the expiry date for the 4,550,000 warrants issued to Ocean Partners UK Ltd., is March, 2028 (Cubo, Valenciana, and San Ignacio mines, Guanajuato). Osisko Development appointed a new member to its Board of Directors (San Antonio Gold project, Sonora). Mithril announced the retirement of two Non-Executive Directors (Copalquin project, Durango).  Minaurum appointed Ruben Molina as Senior Project Manager for the Alamos Silver project, Sonora and three additional seasoned geologists. Equinox and Calibre completed its previously announced business combination (Los Filos mine, Guerrero). Colibri reported voting results of its annual general meeting of shareholders (Pilar project, Sonora). Elemental Altus announced changes to its Board of Directors (Mercedes mine, Sonora). MAG Silver presented voting results of its annual general meeting of shareholders (Juanicipio mine, Zacatecas). Torex announced results of its annual general and special meeting of shareholders (El Limon Guajes mine complex, Guerrero).  Gold Resource appointed a new member to its Board of Directors (Don David Gold mine, Oaxaca). Sierra Madre announced voting results of its annual general meeting of shareholders (La Guitarra mine, Estado de Mexico). Royalties Inc., achieved a significant legal victory through its subsidiary, Minera Portree in a commercial lawsuit against Capstone Copper (Cozamine mine, Zacatecas). Aloro announced voting results of its annual general and special meeting of shareholders (Los Venados project, Sonora). MAG Silver reported that their shareholders received a recommendation to vote for the plan of arrangement with Pan American Silver (Juanicipio mine, Zacatecas). Prime announced voting results of its annual general and special meeting of shareholders (Los Reyes project, Sinaloa). Silver Viper completed the acquisition of the Cimarron project in Sinaloa. Infinitum Copper signed a definitive agreement to sell its interest on Adelita project in Sonora. ON SOCIAL RESPONSIBILITY, Guanajuato Silver reported that it has been recognized as a Mexico´s Socially responsible Enterprise in 2024 (Cubo, Valenciana, and San Ignacio mines, Guanajuato). MAG Silver published its fourth annual sustainability report (Juanicipio mine, Zacatecas).

ON MEXICO ISSUES

  • The Secretary of Economy, Marcelo Ebrard, stated that the Mexican mining states are the new focus to strengthen the sector and ensure that extracted metals and minerals are transformed into value-added products. The event held in Mexico City was attended by the governors of Sonora, Alfonso Durazo, and Zacatecas, David Monreal, two states with a mining vocation, as well as representatives from academia and the sector, who highlighted the importance of a coordinated strategy between the federal government, universities, and the private sector. The government aims to retain economic and technological benefits domestically through initiatives like the Mexico 2025 Mining Education Committee, which fosters industry-academia collaboration. Specifically, efforts are underway to advance lithium production, particularly in Sonora, with support from federal and state authorities, though some projects such as the Sonora Sustainable Energy Plan are still in exploration phases.
  • Marcelo Ebrard, Secretary of Economy declared that mining has become fashionable due to global geopolitical changes, marking a shift from the previous administration’s policies.   Ebrard highlighted the need for Mexico to scale up its capabilities in the mining industry, particularly in refining minerals like copper, to support industries like automotive. He emphasized the importance of implementing a policy of will to address challenges in obtaining critical minerals in a world with geopolitical tensions, citing silicon for semiconductors as an example.
  • Axo Copper Corp., reported the best drilling intercepts in Mexico on the third week of June 2025. Details are shown in the table below:

ON EXPLORATION

  • Axo Copper Corp., initiated a 15,000m phase II drilling program at its la Huerta Copper project in Jalisco. One drill is currently on site and initiating the first drillholes targeting the main La Huerta Trend in an area with a NE-SW strike length of approximately 1km, starting at Las Marias Zone and stepping out to the north along strike towards the Cornelio target. The first hole is expected to be finished in approximately two weeks, with assays being released in the first half of July. In addition, Axo reported that recent exploration efforts, including mapping and sampling, have identified a new area at La Huerta South, approximately 3km from the main Huerta Trend where surface sampling yielded high-grade assay results, with multiple samples returning > 10% Cu, particularly within N-S and E-W fault structures in andesitic volcanic rocks.  Sampling along the 1km long N-S structure has returned results such as 7% Cu, 10.8% Cu, and 10.5% Cu, with numerous other showings above 2% Cu, while the approximately 500m long E-W structure returned highlighted values of 3.6% and 2.6%. In both structures Cu mineralization consists of chalcopyrite and bornite hosted in andesites.

ON MINING

  • No relevant news.

ON FINANCING

  • Guanajuato Silver Company Ltd., updated their gold loan terms with Ocean Partners UK Ltd, with more manageable monthly repayments tied to their gold production, plus some stock warrants involved. “The new Gold Credit Facility, as of today’s date, has an outstanding balance of 7,182 Oz Au bullion, with two-thirds since April 2025 to be repaid over 36 months through fixed monthly installments of 131.7 Oz Au bullion, representing approximately 10% of Guanajuato Silver’s modelled monthly gold production. In addition, the company will issue to Ocean Partners 4,550,000 non-transferable warrants exercisable into one common share of the Company with an exercise price of CAD $0.24. Each warrant has a 36-month term that expires on June 16, 2028. The warrants, and the common shares issuable upon exercise, are subject to a statutory hold period that ends on October 17, 2025 (Cubo, Valenciana, and San Ignacio mines, Guanajuato).
  • Pinnacle Silver and Gold Corp., announced a shares-for-debt transaction to conserve capital and improve its balance sheet. The company will issue 2,491,667 shares at a price of CAD $0.06 per share to settle a debt of CAD $149,500, pending approval from the TSX Venture Exchange. This issuance includes shares to directors and officers, which qualifies as a related party transaction, with the company relying on exemptions due to the transaction’s value being under 25% of its market capitalization (Potrero project, Durango).
  • Southern Empire Resources Corp., announced a fully subscribed non-brokered private placement of 2M units at a price of CAD $0.05 per unit for gross proceeds of CAD $100K. Net proceeds will be used for administrative costs associated with Southern Empire´s mineral properties in Mexico as well as working capital purposes (Pedro Gold project, Durango).
  • Prime Mining Corp., reported that 97% of its CAD $1.15 warrants due June 12, 2025 have been exercised, increasing its cash balance to approximately CAD $33M. This funding will support the advancement of the Los Reyes gold-silver project in Sinaloa, Mexico. The company plans to complete a Preliminary Economic Assessment (PEA) by Q3 2025 and continue exploration activities, including drilling and geological mapping, despite a temporary pause due to security concerns in the area.
  • Kootenay Silver Inc., announced a CAD $12M bought deal public offering by the sale of 11,430,000 units at a price of CAD $1.05 per unit, which was upsized later on to CAD $17,400,600 by the sale of 16,572,000 units at a price of CAD $1.05 per unit. Net proceeds will be used for advancement of its Columba project in Chihuahua, working capital and general corporate purposes.
  • Silver Viper Minerals Corp., informed that it plans a concurrent non-brokered private placement of up to 6,666,667 units at a price of CAD $0.30 per unit, following a strong investor interest.  The gross proceeds, expected to reach up to CAD $6M combined with a previous offering, will fund drilling and exploration at La Virginia project in Sonora, working capital, and general corporate needs.
  • Defiance Silver Corp., closed a financing round, raising about CAD $16.5M through both brokered and non-brokered offerings. The company sold units combining shares and warrants, with plans to use the money mainly to complete a mineral resource estimate at its San Acacio project in Zacatecas, to make periodic cash option payments on its Tepal project in Michoacán, and to provide general working capital to support general operations.

ON RESOURCES AND DEVELOPMENT

  • Kootenay Silver Inc., delivered maiden mineral resource estimate (MRE) at its 100% owned Columba project in Chihuahua.  A total of 17 epithermal veins that comprise the Columba vein system were included in the MRE. The company reported inferred resources of 5.92M tonnes of 284 g/t Ag, 0.2% Pb, and 0.5% Zn for a total of 54.1M Oz Ag, 25.2M Lb Pb, and 65.6M Lb Zn. Kootenay stated that all the mineralized veins which are 5-6m width have an excellent continuity and remain open to expansion along strike, to depth or both.
  • Tocvan Ventures Corp., reported that it is advancing its Gran Pilar project in Sonora, with a pilot mine facility designed to process 50,000 tonnes of material. The pilot leaching pad will utilize a hydrometallurgical process with sodium cyanide to extract gold and silver, supported by robust environmental monitoring systems. The project has expanded to over 21 km², enhancing operational flexibility. Tocvan is finalizing budgets and timelines for the facility, targeting development in 2025, while permitting and additional drilling are ongoing. The company is positioned to leverage record-high gold prices and is in the process of securing project financing for the pilot facility.
  • Vizsla Silver Corp., provided an update on the Copala test mine at its Panuco project in Sinaloa. As of June 2025, mining progress includes advancing about 125 meters down a decline at a steady rate, with favorable ground conditions. “This portal will ultimately become the main access for future mining. Every meter brings us closer to the 10,000-tonne bulk sample location and positions us for efficient resource conversion/expansion drilling from underground, and for the ultimate mine development and ramp-up”. Additionally, Vizsla aims to enhance resource evaluation and optimize mining design through ongoing development. A focus on local hiring has expanded the workforce, and infrastructure improvements have been initiated for better operational and safety management. Overall, the company is on track to complete its test mine phase by year-end.

ON DEALS AND CORPORATE ISSUES

  • Santacruz Silver Mining Ltd., announces the appointment of its new CFO, been effective immediately (Zimapan mine, Hidalgo).
  • Discovery Silver Corp., made management changes announcing the appointment of a Senior Vice Presidents, Legal, and Sustainability, and a Senior Vice President, Corporate Development. The company also announced the promotions of its Executive Vice President, Business Development & Growth, a Senior Vice President, Investor Relations, and a Vice President, Mineral Processing  (Cordero project, Chihuahua).
  • Defiance Silver Corp., finalized a six-year agreement that granted the company the rights to conduct surface exploration, drilling, and engineering studies at its Tepal project in Michoacan. The agreement also enables the company to collect essential data required for the submission of permit applications to advance the development of the project. Defiance will make annual cash payments indexed to the annual inflation in Mexico, and issue common shares with a total annual value of USD $40K/year to the surface rights holder. For the upcoming year, the company will issue 201,452 common shares at a deemed price of CAD $0.27per share to the counterparty. Over the six-year terms, the total number of shares issued will not exceed 1.4M.
  • Aura Minerals Inc., presented voting results of its annual general meeting of shareholders (Aranzazu mine, Zacatecas).
  • Guanajuato Silver Company Ltd., confirmed that the expiry date for the 4,550,000 warrants issued to Ocean Partners UK Ltd., is March, 2028 (Cubo, Valenciana, and San Ignacio mines, Guanajuato).
  • Osisko Development Corp., appointed an independent Director to its Board of Directors effective immediately (San Antonio Gold project, Sonora).
  • Mithril Silver and Gold Limited announced the retirement of two Non-Executive Directors with effect from 30 June 2025 (Copalquin project, Durango).
  • Minaurum Gold Inc., appointed Ruben Molina as Senior Project Manager for the Alamos Silver project, Sonora and three additional seasoned geologists will be joining who previously worked alongside him, including in the capacities as Chief Geologist, Senior Geologist-Prospecting, and Resource Modeling Geologist.
  • Equinox Gold Corp., and Calibre Mining Corp., completed its previously announced business combination pursuant to which Equinox has acquired all of the issued and outstanding common shares of Calibre (Los Filos mine, Guerrero).
  • Colibri Resource Corporation reported voting results of its annual general meeting of shareholders (Pilar project, Sonora).
  • Elemental Altus Royalties Corp., announced changes to its Board of Directors effective immediately, reflecting the acquisition of a 37.8% stake in the company by Tether Investments S.A. de C.V. , and the right to acquire a total of 51.8% of the company’s issued and outstanding common shares (Mercedes mine, Sonora).
  • MAG Silver Corp., presented voting results of its annual general and special meeting of shareholders (Juanicipio mine, Zacatecas).
  • Torex Gold Resources Inc., announced results of its annual general and special meeting of shareholders (El Limon Guajes mine complex, Guerrero).
  • Gold Resource Corporation appointed a new member to its Board of Directors (Don David Gold mine, Oaxaca).
  • Sierra Madre Gold and Silver Ltd., announced voting results of its annual general meeting of shareholders (La Guitarra mine, Estado de Mexico).
  • Royalties Inc., achieved a significant legal victory through its subsidiary, Minera Portree de Zacatecas S.A. de C.V. (MPZ), in a commercial lawsuit against Capstone Copper Corp. The Third Commercial Court of Zacatecas ruled in favor of MPZ, declaring a 2019 rights assignment contract invalid and reaffirming MPZ’s entitlement to a 2% net smelter royalty from mining concessions at the Cozamin mine in Zacatecas. The court ordered Capstone and its subsidiary to pay royalties for various concessions, with amounts to be determined later, while a claim for damages was dismissed due to insufficient evidence.
  • Aloro Mining Corp., announced voting results of its annual general and special meeting in which the approval of the sale of its Los Venados property in Sonora, was approved by the shareholders of the company.
  • MAG Silver Corp., reported that Institutional Shareholders Services Inc., recommended that MAG shareholders vote for the special resolution approving the previously announced plan of arrangement with Pan American Silver Corp (Juanicipio mine, Zacatecas).
  • Prime Mining Corp., announced voting results of its annual general and special meeting of shareholders. “The company is targeting the delivery of a Preliminary Economic Assessment reflecting a high return, high margin, low capital and long-life project at Los Reyes project in Sinaloa, based on drilling to the end of 2024 and extensive technical work completed to-date. The PEA is targeted for completion in Q3, 2025”.
  • Silver Viper Minerals Corp., completed the acquisition of the Cimarron project in Sinaloa from CSCA Holdings Inc., by issuing 9,000,000 of common shares at a price of CAD $0.20 per share.
  • Infinitum Copper Corp., signed a definitive agreement to sell its interest on Adelita project, Sonora. The company sold its Mexican subsidiary, Exploraciones Margarita S.A. de C.V., which holds an 80% interest in the Cerro Grande property in Sonora to Kenadyr Metals Corp. The transaction involves Kenadyr acquiring 100% of the subsidiary for CAD $100K in cash and 1,842,719 common shares. Additionally, if Kenadyr raises up to CAD $3.5M in equity financing within 12 months post-closing, Infinitum will receive additional shares to maintain a 9.0% ownership in Kenadyr. The deal is subject to TSX Venture Exchange and shareholder approvals.

ON SOCIAL RESPONSIBILITY

  • Guanajuato Silver Company Ltd., reported that it has been recognized as a Mexico´s Socially responsible Enterprise in 2024, reflecting its strong community engagement and environmental efforts. The company met high standards in environment, social responsibility, and governance (Cubo, Valenciana, and San Ignacio mines, Guanajuato).
  • MAG Silver Corp., published its fourth annual sustainability report. MAG Silver’s 2024 sustainability efforts are focused on safety, environmental protection, and social responsibility. The company reported a decline in safety incidents, invested over 102,000 hours in safety training, and achieved zero significant environmental incidents. They developed human rights due diligence tool and have a positive social license at the Larder Project. Additionally, their board now includes 38% women directors, surpassing their diversity targets. Overall, MAG emphasizes safety, environmental stewardship, social engagement, and diversity to support its long-term sustainability goals(Juanicipio mine, Zacatecas).

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 above, the imposing panoramic view of the Sierra Madre Occidental in Chihuahua, Mexico. Photo taken by Miguel A Heredia.

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

/ Gambusino Prospector / Leave a comment

By Jorge Cirett

During the 24th week of the year (June 09th to June 15th, 2025), companies working in Mexico presented 21 press releases. There was no exploration news on early-stage properties. One company reported Q1 2025 operational and financial results. Three companies reported on financial rounds; another company is consolidating its shares; one more applied for the revocation of a cease trade order; another is now listed on the OTCQB; one provided a bi-weekly status report, and another amended its omnibus incentive compensation plan. Two companies released drilling results of ongoing drilling at their advanced/producing properties; another company informed on developments at a property on which they own an NSR. A company announced a LOI to acquire ground adjacent to its main property and the purchase of an underlying NSR on some mining concessions; another company is recommending shareholders to vote “for” on the acquisition by a third party; one more closed the acquisition of an additional percentage of NSR on a property and one other company announced several changes to the board. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, no relevant news. ON MINING, Santacruz Silver Mining presented operating and financial Q1 2025 results. ON FINANCING, three companies informed on financing rounds: Chesapeake Gold (C$4.4 M), Silver Storm Mining (C$12 M) and  Vizsla Royalties (C$63 M); Colibri Resources is to consolidate shares on a five to one basis; Canasil Resources applied for the revocation of its CTO; Silver Storm Mining is now listed on the OTCQB; Vizsla Royalties amended its equity incentive compensation plan. ON RESOURCES AND DEVELOPMENT, Impact Silver reported underground drilling results from Zacualpan, in Estado de Mexico; Sandstorm Gold informed on exploration success at the Santa Elena property in Sonora; Advance Metals provided results from drilling at Yoquivo, in Chihuahua. ON DEALS AND CORPORATE ISSUES, Capitan Silver signed a LOI with Fresnillo plc to acquire adjacent ground to its Cruz de Plata project in Durango, and completed the purchase of the NSR from Exploraciones del Altiplano. Questcorp Mining formed an advisory board. Vizsla Royalties now holds a 3.5% NSR on certain mining concessions at Panuco, in Sinaloa. Luca Mining announced several changes to the board. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

  • No Relevant News.

ON MINING

  • Santacruz Silver Mining Ltd. reported production results from its mines in Bolivia and Mexico. The consolidated production was 1.59 M Oz Ag, 20,179 tonnes Zn, 2,718 tonnes Pb, 279 tonnes Cu (or 3.69 M Oz AgEq). At Zimpan, in Hidalgo, 223.6 K tonnes were processed, averaging 80 gpt Ag, 2.56% Zn, 0.72% Pb, 0.26% Cu, recovering 77% Ag, 79% Zn, 86% Pb, 48% Cu, to produce 440.2 K Oz Ag, 4,498 tonnes Zn, 1,389 tonnes Pb, 279 tonnes Cu (or 1.02 M Oz AgEq).
  • Santacruz Silver Mining Ltd. reported its financial and operational results for Q1 2025. Without disclosing results by country of origin, the company had US$70.3 M in revenue, a gross profit of US$27.9 M, net income of US$9.5 M, EBITDA of US$27.5 M, cash and cash equivalents of US$32.5 M and a working capital of US$51.7 M. “Zinc production decreased by 9%, primarily due to lower throughput and head grades at Porco and Caballo Blanco, partially offset by strong results at Zimapán, where zinc output rose 23% year-over-year. Zimapán also led overall growth, increasing material processed by 9% and silver equivalent production by 14%…. Zimapan’s AISC increased from $27.13 to $34.32/oz, as a significant portion of its annual capital budget was deployed during Q1 to accelerate key investments aimed at increasing future production at Carrizal mine level 960” (Zimapán, Hidalgo).

ON FINANCING

  • Chesapeake Gold Corp. announced a non-brokered private placement for gross proceeds of C$4.4 M. “After completion of the Private Placement, Eric Sprott will beneficially own and control 12,883,499 Common Shares, and 1,850,000 Warrants representing approximately 17.9% of the outstanding Common Shares on a non-diluted basis and 19.9% of the outstanding Common Shares on a partially diluted basis assuming exercise of such Warrants” (Metates, Durango).
  • Colibri Resource Corp. informed its has received approval by the TSX Venture Exchange for the five to one consolidation of its issued and outstanding common shares. On June 13, 2025, the shares will commence trading on a consolidated basis. (El Plomo, Sonora).
  • Canasil Resources Inc. has filed its Q1 2025 interim quarterly report on 10 June, 2025, which completes the required regulatory filings. The company is now in full compliance with its regulatory filings and has filed the application to the British Columbia Securities Commission for the revocation of the cease trade order (CTO) issued in December 2023 (Nora and Salamandra, Durango).
  • Silver Storm Mining Ltd. closed the second and final tranche of its previously announced best efforts brokered private placement for total gross proceeds of $1.47 M. In aggregate the company had aggregate gross proceeds of C$12 M. Silver Storm intends to use the net proceeds for the procurement of mine processing flotation cells, to commence rehabilitation work of the processing facility, to order long lead items including deposits on mining equipment and ventilation fans and to fund ongoing operations for the next twelve months (La Parrilla, Durango).
  • Vizsla Royalties Corp. completed its previously announced bought deal offering for aggregate gross proceeds of C$63 M. In connection with the offering the company paid to the underwriters a cash commission equal to 5% of the gross proceeds, a fee of US$500 K to CIBC (Royalty on Panuco, Sinaloa).
  • Silver Storm Mining Ltd. has up listed from the OTC Pink Market to the OTCQB Venture Market (OTCQB), a U.S. marketplace operated by OTC Markets Group Inc. (La Parrilla, Durango).
  • Centenario Gold Corp. provided a default status report related to its management cease trade order (MCTO). “The Company anticipates that the Annual Filings will be filed on or before June 30, 2025. The Company will continue to provide bi-weekly (“every two weeks”) updates, as required by NP 12- 203, until the Annual Filings have been filed (Eden, Sinaloa).
  • Chesapeake Gold Corp. completed its non-brokered private placement with 2176423 Ontario Ltd., a corporation beneficially owned by Eric Sprott, as the sole investor, for gross proceeds of C$4.4 M. “As a result of the Private Placement, Mr. Sprott now beneficially owns or controls 12,883,499 common shares, and 1,850,000 warrants representing approximately 17.9% of the outstanding common shares on a non-diluted basis and 19.9% of the outstanding common shares on a partially diluted basis assuming exercise of such Warrants.” (Metates, Durango).
  • Vizsla Royalties Corp. amended its omnibus equity incentive compensation plan “to increase the fixed amount in additional equity that includes performance share units, deferred share units and restricted share units from a maximum issuable of 2,800,589 to a maximum issuable of 5,322,798” (Royalty on Panuco, Sinaloa).

ON RESOURCES AND DEVELOPMENT

  • Impact Silver Corp. announced underground drill results from the Kenia Vein South zone in the Guadalupe mine at its Royal Mines of Zacualpan project in Estado de México. Highlighted core-length intervals comprise 0.30 m @ 2,400 gpt Ag, 1.3% Pb, 2.3% Zn; 6.30 m @ 374 gpt Ag, 0.2% Pb, 0.5% Zn (including 1.40 m @ 798 gpt Ag, 0.4% Pb, 0.9% Zn); 3.15 m @ 447 gpt Ag, 0.5% Pb, 1.5% Zn (including 0.80 m @ 1,290 gpt Ag, 1.5% Pb, 2.9% Zn); 0.60 m @ 1,279 gpt Ag, 2.2% Pb, 0.6% Zn; 3.30 m @ 1,002 gpt Ag, 1.2% Pb, 2.6% Zn (including 0.60 m @ 5,300 gpt Ag, 5.9% Pb, 12.9% Zn); 8.50 m @ 535 gpt Ag, 0.3% Pb, 0.8% Zn (including 1.76 m @ 1,596 gpt Ag, 1.0% Pb, 3.6% Zn). “Kena Vein South mineralization has now been traced over 300m strike length and remains open in all directions”.
  • Sandstorm Gold Ltd. (“Sandstorm Gold Royalties”). provided various developments and exploration highlights within its stream and royalty portfolio, including from its businesses in Mexico. Sandstorm informed First Majestic Silver Corp. made a significant discovery at its Santa Elena property in Sonora, where drilling on the newly defined Santo Niño vein has identified low sulfidation epithermal mineralization. “Sandstorm holds a gold stream on the Santa Elena mine, which includes the Santo Niño discovery, whereby the Company has the right to purchase 20% of the gold produced at Santa Elena for ongoing cash payments of $487 per ounce of gold”.
  • Advance Metals Ltd. provided results from the first hole of its current drill program at Yoquivo, in Chihuahua. The results show multiple zones with Au-Ag mineralization in epithermal veins and breccias. Four drill holes have been completed of the 3,000 m program underway. The project hosts a historic resource of 17.2 M Oz AgEq.

ON DEALS AND CORPORATE ISSUES

  • Capitan Silver Corp. entered into a letter of intent (LOI) with Minera Fresnillo S.A. de C.V. (Fresnillo plc) to acquire seven mining concessions located immediately adjacent to and surrounding its Cruz de Plata property in Durango. The price of the transaction is US$4.0 million in two installments: US$2.0 M payable upon execution of the definitive agreement and US$2 M payable on or before the second anniversary, with no royalties or share payments.
  • Mag Silver Corp. announced in a management information circular that the board of directors recommends shareholder vote “FOR” the arrangement resolution regarding Mag Silver’s acquisition by Pan American Silver Corp. on the upcoming special meeting of shareholders (Juanicipio, Zacatecas).
  • Capitan Silver Corp. completed the purchase of the Altiplano (Royalty (NSR) from Exploraciones del Altiplano at the Cruz de Plata project in Durango. The royalty was acquired through a series of cash and share payments which totaled US$1M. Two royalties remain on the project: A 1% royalty on the recently acquired concessions from Peñoles, that can be retired by a cash payment of US$1 M within the next ten years, and a 1% royalty to Riverside Resources that can be retired at any time by the payment of C$250 K.
  • Questcorp Mining Inc. announced the formation of an advisory board with Mr. Paul Larkin as its inaugural advisor (La Unión, Sonora).
  • Vizsla Royalties Corp. closed the acquisition of an additional 3.0% NSR royalty on the “Silverstone concessions” of the Panuco project in Sinaloa. Upon this acquisition the company now holds 3.5% NSR on the Silverstone concessions and a 2.0% NSR on certain other concessions in the Panuco project. Vizsla Royalties exercised its right to repurchase 50% of the 3.0% Royalty for US$1.95 M, and purchased the remaining 50% of the 3.0% Royalty for US$38.05 M for a total cash consideration of US$40 M.
  • Luca Mining Corp. announced several changes to the board. Mr. Ramon Mendoza, currently Luca’s interim chief operating officer (COO) will assume the position of permanent COO effective as of June 01, 2025. Mr. Mendoza will also continue to be the company’s chief technical officer. Mr. David Rhodes will step down as Chairman as of June 10, 2025 but will continue on Luca’s Board of Directors. Mr. Peter Damouni will step into the role of Chairman of the Board (Campo Morado, Guerrero).

ON SOCIAL RESPONSIBILITY

  • GoGold Resources Inc. presented its fourth annual sustainability report (Parral tailings, Chihuahua).
  • Torex Gold Resources Inc. released its 2024 responsible mining report, the company’s tenth annual disclosure of its safety, environmental, social and governance performance. The report can be downloaded at the company’s website (Morelo Complex, Guerrero).

On the image below: Intrusive rock fragments and gouge within a fault zone in HQ core. Picture by Jorge Cirett.

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

/ Gambusino Prospector / Leave a comment

By Jorge Cirett

During the 22nd week of the year (May 26th to June 1st, 2025), companies working in Mexico presented 24 press releases. One company presented exploration plans for its property. Seven companies reported quarterly/yearly operational/financial results. Two companies informed on financing rounds, one on its share repurchase program, one another filed due annual financials and is seeking to reestablish trading, one more company declared a quarterly dividend, another company halted trading and one more provided a bi-weekly status report. One company released drilling results of ongoing drilling at one of its operating properties. One other company is proposing amendments to its restricted share unit plan, two more companies reported AGM’s results, one other is to produce a PEA on its property, two more companies announced appointments to the board and another company informed on its lawsuit regarding royalties from mining concessions, finally, another company announced amendments to the option agreement on its property. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, in Sonora, Aztec Minerals announced drilling at its Cervantes property in 2025. ON MINING, Impact Silver, Bear Creek Mining, Luca Mining, Guanajuato Silver Company, Sailfish Royalty, Santacruz Silver Mining and Royalties Inc. presented operating/financial quarterly/yearly results. ON FINANCING, two companies informed on financing rounds: GR Silver Mining (C$1.84 M) and Silver Storm Mining (C$8 M). Coeur Mining authorized a US$75 M share repurchase program. Canasil Resources filed its 2023 and 2024 annual reports on SEDAR+ and is requesting the revocation of a CTO. Alamos Gold declared a quarterly dividend. Mithril Silver and Gold halted trading on ASX. Centenario Gold provided a bi-weekly default status report. ON RESOURCES AND DEVELOPMENT, First Majestic Silver reported a second significant discovery of vein-hosted mineralization within a year at the Santa Elena property in Sonora. ON DEALS AND CORPORATE ISSUES, Torex Gold Resources is to discuss an amendment to the company’s restricted share unit plan. Avino Silver & Gold Mines and Sandstorm Gold informed on their respective AGM’s. Prime Mining is to produce a PEA for its Los Reyes project in Sinaloa. Guanajuato Silver Company and Alamos Gold made appointments to the board. Royalties Inc. updated on the Capstone royalty’s lawsuit. Sandstorm Gold presented AGM’s results. Silver Spruce Resources amended the option agreement on the Pino de Plata property in Chihuahua. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

  • Aztec Minerals Corp. announced plans for a two-phase 2025 exploration program at its Cervantes project in Sonora. The program is focused on the California East, California North and the Brasil targets of the 3,649 ha Cu-Au porphyry property. “The primary objectives … are to continue to define the open pit, heap leach gold potential of the porphyry oxide cap at California, test the down dip extensions of the phyllic alteration in the Qfp intrusive for deeper copper-gold porphyry sulfide mineralization underlying the oxide cap, and test for extensions of mineralization”.

ON MINING

  • Impact Silver Corp. announced its financial and operating results for Q1 2025. During the period revenue of C$10.7 M was obtained, EBITDA reached C$1.0 M and the net loss for the quarter was C$0.1 M. At the quarter-end the company had C$6.6 M in cash and no structural debt. At the Zacualpan property in Estado de Mexico, 35 K tonnes averaging 157 gpt were milled to produce 149.4 K Oz Ag. At the Plomosas mine in Chihuahua, an average of 159 tpd throughput was achieved, in track to reach the targeted design capacity of 200 tpd later in 2025.
  • Bear Creek Mining Corp. reported interim consolidated financial results for Q1 2025. During the period the company mined 102.9 K tonnes averaging 3.00 gpt Au, processed 105.6 K tonnes averaging 2.56 gpt Au, recovered 95% Au to produce 8,262 Oz Au, 36.5 K Oz Ag at its Mercedes mine in Sonora. Revenue was US$23.7 M, with a loss after taxes of US$13.3 M. Also during the period 2,469 m of mine development were completed. At the end of March the company held cash and cash equivalents totaling US$6.7 M, a net working capital deficiency was US$88.2 M. “material uncertainty remains in relation to the ability of the Company to achieve the operating results and cash flow generation from the Mercedes mine necessary to avoid seeking additional financing, which gives rise to significant doubt about the Company’s ability to continue as a going concern. There can be no assurance that the steps management is taking to improve the Company’s liquidity will be successful”.
  • Luca Mining Corp. reported Q1 2025 production and financial results. Consolidated production from the Campo Morado mine in Guerrero and the Tahuehueto mine in Durango from 259.5 K tonnes and 246.3 K tonnes milled was 7,677 Oz Au, 350.7 K Oz Ag, 2.4 M Lb Pb, 11.6 M Lb Zn, 2.5 M Lb Cu (or 21,293 Oz AuEq), at cash cost $1,896 Oz AuEq and an AISC of US$2,251 per Oz AuEq. Revenue was US$38.6 M, a net free cashflow of US$11.7 M and an EBITDA of US$7.6 M. Luca’s cash and cash equivalents are currently US$24.6 M, with a debt of US$8.5 M.
  • Guanajuato Silver Company Ltd. announced financial and production results for Q1 2025. At its El Cubo mines complex, Valenciana mines complex and the San Ignacio mine in Guanajuato, and from the Topia mine in Durango, a consolidated total of 123.6 K tonnes were mined, 128.1 K tonnes milled to produce 380.4 K Oz Ag, 3,347 Oz Au, 699.3 K Lb Pb, 909 K Lb Zn (0r 738 K Oz AgEq). Consolidated cost per Oz AgEq produced was $19.84, $15.90 at El Cubo, $25.90 at Valenciana, $18.09 at Topia, with a consolidated EBITDA of $24.98, $17.82 at El Cubo, $29.13 at Valenciana, $18.40 at San Ignacio and $23.41 at Topia. Revenue was US$21.3 M, with a mine operating income of US$4.8 M, a mine cashflow of US$ 6.3 M, an EBITDA of US$1.1 M and a net loss of US$2.3 M. The working capital is a negative US$17.8 M.
  • Sailfish Royalty Corp. presented its operating and financial results for the first quarter of 2025. The company had revenues of US$587 K, a gross profit of US$562 K and a net loss of US$75.7 K (Gavilanes, Durango).
  • Santacruz Silver Mining Ltd. reported its financial and operating results for the year 2024, including figures from its operations in Mexico. At Zimapan, in Hidalgo, 849.8 K tonnes were processed, averaging 82 gpt Ag, 2.46% Zn, 0.75% Pb, 0.29% Cu, recovering 75% Ag, 78% Zn, 85% Pb, 43% Cu, to produce 1.68 M Oz Ag, 16.3 K tonnes Zn, 5.5 K tonnes Pb, 1.1 K tonnes Cu (or 4.35 M Oz AgEq, 23% of Santacruz’ total production). The company produced a total of 18.78 M Oz AgEq in the year, at a cash cost of $21.90 per Oz AgEq, and an AISC of $26.01 per Oz AgEq, obtaining US$283 M in revenues, a gross profit of US$57.2 M, net income of US$164.5 M, an adjusted EBITDA of US$52.6 M. By the end of the period the company had US$35.7 M in cash and cash equivalents and US$46. M in working capital.
  • Royalties Inc. reported its results for the first quarter of 2025. The company generated dividend and royalty income of US$26.9 K, with US$58.7 K total expenses. Total assets at the end of the period were US$1.34 M, mostly representing investments in the music industry. “As at March 31, 2025, the Company had cash of $141,375 to settle current liabilities of $99,819, excluding a US$2,000,000 contingent liability of a Mexico subsidiary to a defunct company, which the Company is working on to legally cancel” (Bilbao, Zacatecas).

ON FINANCING

  • Coeur Mining Inc. authorized a US$75 M share repurchase program effective through May 31, 2026 (Palmarejo, Chihuahua).
  • GR Silver Mining Ltd. closed its non-brokered private placement for gross proceeds of C$1.84 M (Plomosas, Sinaloa).
  • Canasil Resources Inc. completed the 2023 and 2024 audited financial statements and has filed its 2023 and 2024 annual reports on SEDAR+ on May 28, 2025. “The Company has initiated the steps required towards revocation of the Cease Trade Order (CTO) in order to return to normal trading” (Nora, Durango).
  • Silver Storm Mining Ltd. increased the size of the previously announced best-efforts private placement from C$6 M to gross proceeds of C$8 M. “The Company intends to use the net proceeds from the Offering to commence rehabilitation work of the La Parrilla processing facility, order long lead items required to restart La Parrilla, fund ongoing operations for the next twelve months, and for general corporate and working capital purposes” (La Parrilla, Durango).
  • Alamos Gold Inc. declared a quarterly dividend of US$0.025 per common share (Mulatos, Sonora).
  • Mithril Silver and Gold Ltd. securities will be placed on trading halt on ASX until June  3, 2025, at the request of Mithril, pending the release of an announcement (Copalquin, Durango).
  • Centenario Gold Corp. provided a bi-Weekly default status report regarding its management cease trade order (MCTO). “The Company anticipates that the Annual Filings will be filed on or before June 30, 2025.” (Eden, Durango).

ON RESOURCES AND DEVELOPMENT

  • First Majestic Silver Corp. reported a second significant discovery of vein-hosted mineralization within a year at the Santa Elena property in Sonora, and shared additional drilling results from the Navidad discovery. Exploration drilling 900 m south of the Santa Elena processing plant discovered the Santo Niño epithermal quartz-adularia vein, tracing the vein for over one km and 400 m down-dip. “Confirmed mineralization spans more than 600 m along strike and approximately 200 m down dip, and the upside potential is open in multiple directions …. By drilling beneath the masking andesitic cover into the prospective rhyolite horizon, geologists intercepted the Santo Niño vein and delineated zones of high-grade mineralization”. Highlighted true-width intercepts comprise 1.91 m @ 8.38 gpt Au, 248 gpt Ag (including 0.43 m @ 27.50 gpt Au, 641 gpt Ag); 12.34 m @ 1.65  gpt Au, 113 gpt Ag; 1.84 m @ 4.81 gpt Au, 94 gpt Ag in the new Santo Niño vein, and 6.81 m @ 14.77 gpt Au, 642 gpt Ag; 5.89 m @ 11.11 gpt Au, 215 gpt Ag; 2.47 m @ 21.22 gpt Au, 1,093 gpt Ag; 1.19 m @ 29.51 gpt Au, 919 gpt Ag; 1.17 m @ 24.99 gpt Au, 435 gpt Ag in the Winter vein and 1.61 m @ 4.74 gpt Au, 209 gpt Ag; 3.75 m @ 6.06 gpt Au, 103 gpt Ag; 9.05 m @ 3.31 gpt Au, 55 gpt Ag in the Navidad vein. Nine drill rigs remain active in the property.

ON DEALS AND COPRORATE ISSUES

  • Torex Gold Resources Inc. announced that an amendment to the company’s restricted share unit plan will be included in the matters to be presented to shareholders at the annual and special meeting of shareholders to be held on June 18, 2025 (Morelos Complex, Guerrero).
  • Avino Silver & Gold Mines Ltd. reported shareholders voted in favor of all matters at its AGM held on May 27, 2025 (Avino and La Preciosa, Durango).
  • Prime Mining Corp. selected Ausenco Engineering Canada ULC to lead the work for a preliminary economic assessment (PEA) on its Los Reyes project in Sinaloa. Currently Los Reyes has an estimate of 49 M tonnes averaging 0.95 gpt Au, 34.2 gpt Ag, containing 1.49 M Oz Au, 54 M Oz Ag as indicated resources and 17.2 M tonnes averaging 0.97 gpt Au, 39 gpt Ag, containing 0.54 M Oz Au, 21.6 M Oz Ag as inferred resources.
  • Guanajuato Silver Company Ltd. appointed Mr. Dan Oliver, current director, as lead independent director of the board of directors (El Cubo, Guanajuato).
  • Royalties Inc. presented an update on the Capstone lawsuit. Since 2020 the company has been in a dispute with Capstone Copper Corp. over the ownership of a 2% NSR on five concessions that are now part of thew Cozamin mine in Zacatecas. In April of 2025 the final arguments were filed with the court in Zacatecas, and a decision is expected to be rendered in June 2025. The company estimates that the claim in dispute represents US$1.5 M in potential cash flow per year plus the amount owed on production from 2019.
  • Sandstorm Gold Royalties/Sandstorm Gold Ltd. presented the voting results of its AGM (Royalties on Cosala, Sinaloa).
  • Alamos Gold Inc. released its AGM’s results, and announced the appointment of Alexander Christopher, Chana Martineau, and Richard McCreary to the board of directors (Mulatos, Sonora).
  • Silver Spruce Resources Inc. amended the option agreement on the Pino de Plata property in Chihuahua. “The revised terms include a USD$10,000 cash payment on signing and a future sales participation right set at 10% (ten percent) for the Option period of three years. The participation right is calculated as a percentage of the gross proceeds from any transaction wherein Silver Spruce Resources sells an interest, either in whole or in part, in the project”. The company intends to complete a 2025 drill program, providing an arrangement for access with the landowner is achieved. 

ON SOCIAL RESPONSIBILITY

  • Pan American Silver Corp. released its 2024 Sustainability report, outlining Pan American’s approach and performance in environmental, social and governance (ESG) matters (La Colorada, Zacatecas).

On the image below: Dike seen through brecciated-silicified dike in Sonora. Picture by Jorge Cirett.

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

/ Gambusino Prospector / Leave a comment

By Jorge Cirett

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

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

  • No Relevant News.

ON MINING

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

ON FINANCING

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

ON RESOURCES AND DEVELOPMENT

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

ON DEALS AND COPRORATE ISSUES

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

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

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