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

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Breccia cemented by specularite

By Miguel A Heredia

During the 3rd week of the year (January 12th to January 18th 2026), at least 43 press releases were announced by companies working in Mexico, with eleven informing on exploration results, nine announcing financial rounds, eight communicating production results, seven disclosing deals and corporate issues, seven reporting resources and development of their properties,, and one commenting on Mexican issues.  ON MEXICO ISSUES, Luca Mining, Vizsla Silver, Questcorp Mining, and Kingsmen Resources reported the best drilling intercepts in Mexico on the third week of January, 2026. ON EXPLORATION, In Sonora, Regency Silver began its 2026 drill program at Dios Padre project, Colibri resumed its RC drilling program in El Plomo at its EP project, Riverside and Questcorp announced drill results from La Union project, Alto Grande informed that it will use AI-driven data reprocessing and integration across its Adelita project, and Masivo Silver informed that is preparing a 1,500m Phase I drill program at its Cerro Colorado project. In Chihuahua, Kingsmen released results from 3 holes drilled at its Las Coloradas project. In Sinaloa, Mercado Minerals commenced its first field exploration program at its Copalito project. In Durango, Mithril commenced a maiden drill program at Target 3 in its Copalquin project, Pacifica Silver announced the commencement of a 12,000m Phase II diamond drill program at its Claudia project, Pinnacle Silver and Gold provided a progress update for its Potrero project, and Canasil prepared drill plans for a 2,450m diamond drill program in 14 holes at its Vizcaino project, and is completing a comprehensive technical review and exploration plan at its Salamandra project. In Zacatecas-Durango, Canasil announced that it is preparing detailed exploration plans, including diamond drilling to test La Esperanza vein system. ON MINING, Aura reported Q4 and full year 2025 production results from its Aranzazu min in Zacatecas.  First Majestic reported Q4 and full year 2025 production results from their Mexican mine operations. Alamos Gold informed on Q4 and full year 2025 production results from its Mulatos mine in Sonora and announced that it will release Q4 and full year 2025 financial results after market close on February 18, 2026. Heliostar provided 2026 production guidance and growth plan for their Mexican mine operations. Endeavour announced 2026 production guidance for Terronera and Guanacevi mines in Jalisco and Durango respectively. Torex Gold provided 2026 production guidance and updated five-year production outlook for its Morelos complex in Guerrero. DynaResource reported preliminary Q4 and full year 2025 production results from its San Jose de Gracia mine in Sinaloa and provided a 2026 production guidance.  ON FINANCING, Chesapeake announced a bought deal offering for gross proceeds of CAD $10M and later on it upsized to approximately CAD $15M and informed that intends to complete a non-brokered private placement for gross proceeds of up to $2,877,000. Chesapeake filed a prospectus supplement in connection with the CAD $15M bought deal offering (Metates project, Durango). Oroco filed a prospectus supplement in connection with a bought deal public offering for approximate gross proceeds of CAD $20M and later on reported that it closed the bought deal public offering for gross proceeds of CAD $23M (Santo Tomas project, Sinaloa). Canasil announced a planned private placement for gross proceeds of up to CAD $500K (Vizcaino project, Durango). Sierra Madre closed the first tranche of its previously announced brokered private placement for gross proceeds of USD $39,678,241.20 (Del Toro mine, Zacatecas). Pacifica Silver announced a brokered private placement offering for gross proceeds of up to CAD $10M and later on it upsized to up to CAD $20,010,000 (Claudia project, Durango). ON RESOURCES AND DEVELOPMENT, Sonoro Gold expanded its Cerro Caliche project in Sonora by acquiring 10 additional mining concessions, growing the property to almost 4,000 hectares. Silver Storm commenced a 6,000m drilling campaign at its la Parrilla mine complex in Durango. Luca Mining released surface and underground drill results from its Campo Morado mine in Guerrero. GR Silver provided 2026 guidance including drilling and project advancement plans (Plomosas project, Sinaloa). Royalties Inc., hired SRL Consulting to provide an updated economic analysis on Bilbao project in Zacatecas. Silverco filed a Mineral Resource Estimate for its Cusi mine in Chihuahua. Vizsla reported results from 29 oriented geotechnical drill holes completed at its Copala project in Sinaloa within the Copala, Tajitos and Napoleon resource areas.  ON DEALS AND CORPORATE ISSUES, Canasil announced that it had a notably active 2025, successfully completing all regulatory filings and regaining active trading status on the TSX Venture Exchange (Vizcaino project, Durango). Bear Creek´s Board of Directors, Management, and Employees congratulated Catherine McLeod-Seltzer, co-founder and Chair of Bear Creek, on her recent induction to the Canadian Mining Hall of Fame (Mercedes mine, Sonora). Tocvan announced the appointment of Anna Ladd-Kruger as an independent director to its Board of Directors (Gran Pilar project, Sonora). Vortex appointed Michael Williams as interim Chief Executive Officer (Riqueza Marina and Zaachila project, Oaxaca).  Silver Storm announced that it has qualified to trade on the OCTQX market (La Parrilla mine, Durango). Regency Silver provided a 2025 year-end corporate recap (Dios Padre project, Sonora). Riverside outlined its corporate outlook and milestones for 2026. ON SOCIAL RESPONSIBILITY, No relevant news.

ON MEXICO ISSUES

  • Luca Mining Corp., Vizsla Silver Corp., Questcorp Mining Inc., and Kingsmen Resources Ltd., reported the best drilling intercepts in Mexico on the third week of January, 2026. Details are shown in the table below:

ON EXPLORATION

  • Regency Silver Corp., began its 2026 drill program at Dios Padre project in Sonora. The initial portion of the 2026 drill program will focus on testing the areas around hole REG25-26 with at least four holes between 500-650m in length, which intersected sulphide- specularite supported breccia in multiple zones across a broad, non-continuous ~240m interval. The goal is to systematically establish the dip and strike of the breccia.
  • Colibri Resource Corporation resumed its RC drilling program in El Plomo at its EP project in Sonora. “The current phase of work is designed to systematically evaluate priority structures and targets identified within the Plomo area, which has seen limited historical drilling, using a disciplined, first-pass exploration approach”.
  • Riverside Resources Inc., and Questcorp Mining Inc., announced drill results from La Union project in Sonora. They reported a new discovery of potential Carlin-like gold mineralization at the Luis Hill target, with hole UND-25-009 returning  0.29 g/t Au over 42.70m in black shales and carbonate strata. To date, 12 holes totalling 1,600m have been completed across six targets (Union, Union Norte, and Famosa Mine, as well as Cobre, Luis Hill, and Famosa EM). Assays of over 700 half-core samples are pending for Union, Union North and Cobre targets.
  • Alto Grande Copper Corp., informed that it will use AI-driven data reprocessing and integration across its Adelita project in Sonora. The plan is to analyze geological and geochemical zones to identify skarn zones and areas with Cu-Au and Cu-Mo anomalies; to analyze geophysical datasets to identify potential sulphide mineralization and deep-seated fault systems; reprocess all the historical datasets, ground magnetic surveys, core drilling, trenching, mapping, and geochemical sampling to create a unified 3D geological model to enhance their understanding of mineralization geometry and identifying high-confidence drill targets. The company plans to design a Phase 2 exploration program based on results and logistics, and is expected to commence in Q1, 2026.
  • Masivo Silver Corp., informed that is preparing a 1,500m Phase I drill program at its Cerro Colorado project in Sonora and finalizing logistic to support continuous drilling. It has secured drilling contractors and water supply infrastructure, and mobilized field crews to commence the rehabilitation of access routes to priority targets and construction of drill pads for the Phase 1 program.
  • Kingsmen Resources Ltd., released results from 3 holes drilled at its Las Coloradas project in Chihuahua. The most significant drill intersect was encountered in hole LC-25-004 with 0.08 g/t Au, 131 g/t Ag, 3.1% Pb, and 3.15% Zn over 3.15m, including 0.18 g/t Au, 292 g/t Ag, 7.2% Pb, and 6% Zn over 1.15m.
  • Mercado Minerals Ltd., commenced its first field exploration program at its Copalito project in Sinaloa. It include a detailed mapping and prospecting program across 40% of the project area which remains unexplored; re-sampling of silver, gold, lead, and zinc vein mineralization in selected historical drill core from the six main known veins; re-logging of targeted historic drill core to refine geological understanding; advancing logistics for the upcoming first-phase diamond drill program; and further refinement of drill targets at Copalito.
  • Mithril Silver and Gold Limited commenced a maiden drill program at Target 3 in its Copalquin project in Durango. The program plans to drill approximately 3,300m as part of a broader 25,000m drilling initiative for the district in the first half of 2026. The goal of the Target 3 program is to test the continuity and scale of mineralization, contributing to the understanding of the district’s epithermal system. Drilling at Target 1 and Target 5 is also ongoing, with Target 1 expected to be completed in Q1 2026, followed by an update to its maiden mineral resource estimate. Additionally, a drone magnetic survey over the Copalquin and La Dura mining concession areas is set to begin this month.
  • Pacifica Silver Corp., announced the commencement of a 12,000m Phase II diamond drill program at its Claudia project in Durango, scheduled to begin on January 15, 2026.This follow-up program aims to expand known high-grade mineralization zones identified in the initial Phase I drillings, which totaled nearly 8,000 meters. The company is focusing on testing extensions of existing vein systems such as Aguilareña, Guadalupana, and Veta Central, as well as exploring new high-priority targets including the Veta Justina, Mina Vieja, and Mina de Oro areas. In parallel, Pacifica continues extensive geological mapping and surface sampling, complemented by advanced geophysical surveys like LiDAR, orthophotos, and induced polarization, to identify new drill targets and better understand the district-scale potential of the project. The company is optimistic about the project’s growth potential, supported by early drill results of the 8,000m Phase I program indicating high-grade silver and gold mineralization. The company is still waiting on more assay results from 19 holes of the Phase I drill program.
  • Pinnacle Silver and Gold Corp., provided a progress update for its Potrero project in Durango. The company has mapped a large low-sulphidation epithermal vein system over a strike length of more than 1.6Km, with promising veins confirming a high-grace mineralizing system. It also has collected nearly 1,200 samples and has identified potentially economic grades sowing high grades such as up to 85.1 g/t Au and 2,280 g/t Ag. Metallurgical testing indicates promising gold recoveries averaging around 95%, although silver recoveries require further improvement. The existing processing plant, built in the late 1980s and currently idle, is capable of processing about 100 tonnes per day and will be rebuilt as part of development plans. The company has strengthened its management team with experienced local professionals and is engaging with local communities and government agencies for permitting and social license. Upcoming work in 2026 includes underground delineation drilling, surface drilling to fill exploration gaps, and continued metallurgical and mineralogical testing. Pinnacle has initiated negotiations for permits required for surface and underground operations and is exploring new targets revealed by an airborne LiDAR survey. The company aims to move rapidly toward potential near-term production, build shareholder value, and possibly increase its ownership stake in the project by generating cash flow through initial production.
  • Canasil Resources Inc., prepared drill plans for a 2,450m diamond drill program in 14 holes to test the potentially high-grade Au-Ag epithermal vein at its Vizcaino project in Durango. The vein system can be traced for over 3km with outcrop widths of 1 to 12 m. Canasil will apply for the drill permit and plan to start with a Phase I program with 1,050m in 6 holes as soon as the drill permit is obtained, which is expected in Q2, 2026. At its Salamandra project in Durango, it is conducting a comprehensive technical review and exploration plans and will be applying for drill permits in Q1, 2026. In Zacatecas-Durango, the company is also preparing detailed exploration plans, including diamond drilling to test La Esperanza vein system, and will be applying for the drill permits in Q1, 2026.

ON MINING

  • Aura Minerals Inc., reported Q4 and full year 2025 production results from its Aranzazu min in Zacatecas. The company produced 6,158 Oz Au, 126.7K Oz Ag, 8.47M Lb Cu, and 86K lb Mo (18,878 Oz AuEq)in Q4, 2025, and 26,700 Oz Au, 542K Oz Ag, 36.58M Lb Cu, and 249K Lb Mo in the full year 2025.
  • First Majestic Silver Corp., reported Q4, 2025 production results from their Mexican mine operations, and 2026 full year mine-by-mine guidance. Tables below show figures respectively:
  • Alamos Gold Inc., informed on Q4 and full year 2025 production results from its Mulatos mine in Sonora. In Q4, 2025, the company mined 1,071,540 tonnes to produce 40K Oz Au. Production for the full year 2025 totaled 141.6K Oz Au. It also announced that it will release Q4 and full year 2025 financial results after market close on February 18, 2026.
  • Luca Mining Corp., released surface and underground drill results from its ongoing Phase 2 drilling program at its Campo Morado mine in Guerrero. Drilling highlights on surface include hole CMRF-25-13 with 3.19 g/t Au, 150 g/t Ag, 0.61% Cu, 1% Pb, and 3.3% Zn (8.31 g/t AuEq) over 25.1m, including 3.5 g/t Au, 163 g/t Ag, 0.66% Cu, 1.1% Pb, and 3.6% Zn (9.03 g/t AuEq) over 22.4m, including 4.53 g/t Au, 242 g/t Ag, 0.68% Cu, 1.9% Pb, and 4.1% Zn (11.78 g/t AuEq) over 3.57m, plus 4.68 g/t Au, 207 g/t Ag, 0.62% Cu, 1.5% Pb, and 4.4% Zn (11.32 g/t AuEq) over 4.9m; and hole CMRF-25-15 with 1.21 g/t Au, 53 g/t Ag, 1.3% Cu, 0.5% Pb, and 3.6% Zn (5.90 g/t AuEq) over 55.8m, including 0.87 g/t Au, 29 g/t Ag, 2.5% Cu, 0.1% Pb, and 0.6% Zn (5.69 g/t AuEq) over 19.7m, including 1.29 g/t Au, 49 g/t Ag, 4.9% Cu, 0.05% Pb, and 0.6% Zn (10.09 g/t AuEq) over 7.7m, plus 0.19 g/t Au, 9 g/t Ag, 0.7% Cu, 0.02% Pb, and 0.6% Zn (1.73 g/t AuEq) over 10.4m, including 1.88 g/t Au, 89 g/t Ag, 0.59% Cu, 0.9% Pb, and 7% Zn (7.73 g/t AuEq) over 25.8m, plus 2.1 g/t Au, 117 g/t Ag, 0.49% Cu, 1.5% Pb, and 10.1% Zn (9.82 g/t AuEq) over 10.2m. The most significant underground drill intercept was encountered in hole CMUG-25 25 with 0.15 g/t Au, 33 g/t Ag, 1.04% Cu, 0.1% Pb, and 0.02% Zn over 4m, plus 0.15 g/t Au, 10 g/t Ag, 0.17% Cu, 0.02% Pb, and 1% Zn over 4m, and 0.37 g/t Au, 140 g/t Ag, 0.03% Cu, 0.1% Pb, and 0.3% Zn over 0.7m. To date, 7,218m of surface drilling and 8,440m of underground drilling have been completed.
  • Heliostar Metals Ltd., provided 2026 production guidance and growth plan for their Mexican mine operations. The table below shows figures per mine operation:

The company also provided a growth plan for their mine operations. Highlights include pre-stripping the Veta Madre open pit at La Colorada mine in Sonora to increase production at the mine in 2027, and invest up to USD $5.8M in resource development and exploration activities in 2026; At San Agustin mine in Durango, Heliostar is drilling to expand the oxide reserves at the Corner Area and around the existing open pit , and plans to invest up to USD $9.7M through this year to unlock the full geological potential of the property; At Ana Paula, Guerrero, it is advancing the  Feasibility Study, and investing USD $6.6M in resource development and regional exploration in 2026, in addition to the USD $15M required to extend the decline. At Cerro Del Gallo, Guanajuato, Heliostar is advancing permitting discussions alongside active engagement with the local communities and social benchmarking surveys. The Company’s work plan includes an update of the geologic model to allow flotation trade-off testing, further metallurgical test work of the sulphide portion of the deposit and hydrological data collection. San Antonio project in Baja California Sur will see a metallurgical program.

  • Endeavour Silver Corp., announced 2026 production guidance for Terronera and Guanacevi mines in Jalisco and Durango respectively. The tables below show the 2026 production guide and the operating costs per each mine (currency expressed in US dollars):
  • Torex Gold Resources Inc., provided 2026 production guidance and updated five-year production outlook for its Morelos complex in Guerrero (Currency expressed in US dollars).   The tales below show figures respectively:
  • DynaResource Inc., reported preliminary Q4 and full year 2025 production results from its San Jose de Gracia mine in Sinaloa and provided 2026 production guidance (currency expressed in US dollars). During Q4, 2025 the company mined 65,275 tonnes of 3.2 g/t Au with a metallurgical recovery of 76% to produce 5,080 Oz Au. In the full year 2025, DynaResource mined 260,694 tonnes of 3.46 g/t Au with metallurgical recovery of 74% to produce 21,393 Oz Au. It also provided 2026 production guidance and estimated to produce between 22K-24K Oz Au at cash and AISC of $1,400-$1,600 and $2,400-$2,600 per Oz Au produced respectively. The company also plans to spend between $1-$2M in exploration expenditures.

ON FINANCING

  • Chesapeake Gold Corp., announced a bought deal offering of 2,380,953 units at a price of CAD $4.20 per unit for gross proceeds of CAD $10M, and later on it increased to approximately CAD $15M by selling 3,571,500 units at a price of CAD $4.20 per unit. The offering is expected to close on or about January 27, 2026. The company also intends to close a non-brokered private placement with participation by Eric Sprott of up to 685,000 units at a price of CAD $4.20 per unit for gross proceeds of up to CAD $2,877,000. Chesapeake filed a prospectus supplement in connection with the CAD $15M bought deal offering and plans to use the net proceeds to advance the company´s proprietary oxidative leach technology, the Metates project, the Lucy project, and for general working capital.
  • Oroco Resource Corp., filed a prospectus supplement in connection with a bought deal public offering to qualify the distribution of 52,631,600 units at a price of CAD $0.38 per unit for approximate gross proceeds of CAD $20M. Later on, Oroco reported that it close the bought deal public offering of 60,526,340 units at a price of CAD $0.38 per unit for gross proceeds of CAD $23M (Santo Tomas project, Sinaloa).
  • Canasil Resources Inc., announced a planned private placement for a total of 10,000,000 of common shares at a price of CAD $0.05 per common share for gross proceeds of up to CAD $500K. Part of the net proceeds will be used to fund the company´s operations and exploration programs on its projects portfolio in Durango and Zacatecas (Vizcaino project, Durango).
  • Sierra Madre Gold and Silver Ltd., closed the first tranche of its previously announced brokered private placement of 30, 521,724 subscription receipts at a price of USD $1.30 per subscription receipt for gross proceeds of USD $39,678,241.20. The offering is being conducted in conjunction with the Company’s proposed acquisition of the Del Toro Silver Mine in Zacatecas from First Majestic Silver Corp.
  • Pacifica Silver Corp., announced a brokered private placement offering of up to 6,900,000 common shares at a price of CAD $1.45 per common share for gross proceeds of up to CAD $10M and later on it upsized to up to 13,800,000 common shares at a price of CAD $1.45 per common share for gross proceeds of up to CAD $20,010,000. Net proceeds will be used to advance exploration and drilling activity at its Claudia project in Durango.

ON RESOURCES AND DEVELOPMENT

  • Sonoro Gold Corp., expanded its Cerro Caliche project in Sonora by acquiring 10 additional mining concessions totalling 2,574 hectares, growing the property to almost 4,000 hectares. Under the agreement, the company is paying USD $4M over four years and taking some outstanding fees. This expansion could extend the known gold zones north and south of the current project. They’re also preparing an updated preliminary economic assessment (PEA) to guide future production and exploration plans. The PEA is scheduled for completion in Q1, 2026.
  • Silver Storm Mining Ltd., commenced a 6,000m underground drilling campaign at its la Parrilla mine complex in Durango. The underground drilling program will focus on exploration step-out and infill drilling in support of the development anticipated by the Company at the Quebradillas, San Marcos, and the Rosarios mines in the La Parrilla Complex. An additional 4,000m of drilling has been proposed as a follow-up to this initial program, as mine development progresses following the potential restart of operations.
  • GR Silver Mining Ltd., provided 2026 guidance including drilling and project advancement plans. After raising over CAD $34M in equity in late 2025, the company is fully funded, debt free, and expanding its technical team in Mexico. Its primary focus is accelerating resource expansion at the San Marcial project with a 20,000m drilling program aimed at extending high-grade silver mineralization and testing new parallel breccia targets. Concurrently, GR Silver is integrating the San Marcial and Plomosas sites into a single, staged silver development, advancing permitting, environmental studies, and a bulk- sample test‑mining program at Plomosas, which includes plans for a pilot‑plant. The firm also plans a Preliminary Economic Assessment in the second half of 2026 and will update its mineral resource estimate later in the year.
  • Royalties Inc., hired SRL Consulting Ltd., to provide an updated economic analysis on Bilbao project in Zacatecas, based on information in the 2024 PEA using current metal pricing for sensitivity analysis. SLR will also carry out a high-level assessment of potential high iron-oxide ore processing technologies to identify suitable methods for extracting value from the oxide portion of the deposit which was excluded from the PEA plan, potentially adding tonnage to the project. A report is expected to be completed within a month.
  • Silverco Mining Ltd., filed a Mineral Resource Estimate (MRE) for its Cusi mine in Chihuahua. The MRE is dated January 14, 2026, with an effective date of October 20, 2025. The table below shows the MRE:
  • Vizsla Silver Corp., reported results from 29 oriented geotechnical drill holes completed at its Copala project in Sinaloa within the Copala, Tajitos and Napoleon resource areas. Drilling highlights (true widths reported) include hole DDH-CAP-008B on Copala Vein with 1,284 g/t Ag and 7.51 g/t Au (1,800 g/t AgEq) over 3.80m, including 2,760 g/t Ag and 15.7 g/t Au (3,833 g/t AgEq) over 0.93m; hole DDH-CAP-003A on Copala 3 Vein with 850 g/t Ag and 7.78 g/t Au (1,422 g/t AgEq) over 2m and on Copala Vein with 681 g/t Ag and 2.58 g/t Au (840 g/t AgEq) over 6.50m, including 1,046 g/t Ag and 3.1 g/t Au (1,219 g/t AgEq) over 0.91m, and including 1,428 g/t Ag and 4.77 g/t Au (1,708 g/t AgEq) over 1.83m; and hole DDH-CAP-007B on Copala Vein with 269 g/t Ag and 2.15 g/t Au (424 g/t AgEq) over 8.9m, including 865 g/t Ag and 6.82 g/t Au (1,357 g/t AgEq) over 1.62m, plus 665 g/t Ag and 3.01 g/t Au (861 g/t AgEq) on  Vein splay over 0.80m, plus 733 g/t Ag and 3.5 g/t Au (963 g/t AgEq) on Copala 2 over 0.90m.

ON DEALS AND CORPORATE ISSUES

  • Canasil Resources Inc., announced that it had a notably active 2025, successfully completing all regulatory filings and regaining active trading status on the TSX Venture Exchange. The company also saw leadership changes with new directors and executives, and its shares traded actively. Looking ahead to 2026, Canasil anticipates a dynamic year focused on advancing its projects in Canada and Mexico within a favorable market environment for metals like gold, silver, and copper (Vizcaino project, Durango).
  • Bear Creek Mining Corporation´s Board of Directors, Management, and Employees congratulated Catherine McLeod-Seltzer, co-founder and Chair of Bear Creek, on her recent induction to the Canadian Mining Hall of Fame (Mercedes mine, Sonora).
  • Tocvan Ventures Corp., announced the appointment of Anna Ladd-Kruger as an independent director to its Board of Directors, effective immediately (Gran Pilar project, Sonora).
  • Vortex Metals Inc., appointed Michael Williams as interim Chief Executive Officer effective immediately (Riqueza Marina and Zaachila project, Oaxaca). 
  • Silver Storm Mining Ltd., announced that it has qualified to trade on the OCTQX Best Market, upgrading from the OTCQB Venture Market. The common shares of the Company will commence trading on the OTCQX Market under the symbol “SVRSF”. The Company’s shares will continue to be listed and trade on the TSX Venture Exchange under the symbol “SVRS” and on the Frankfurt Stock Exchange under the symbol “SVR” (La Parrilla mine, Durango).
  • Regency Silver Corp., provided a 2025 year-end corporate recap. The company had some major moves: new leadership was appointed, they raised over CAD $8M to fund exploration, and made solid progress drilling at its Dios Padre project in Sonora, extending promising mineral zones, supporting the interpretation of a large magmatic-hydrothermal system. These developments set a solid foundation for an active exploration campaign in 2026, with a focus on systematic step-out drilling and refining structural controls to enhance the discovery potential of the project.
  • Riverside Resources Inc., outlined its corporate outlook and milestones for 2026. Riverside successfully spun out Blue jay Gold Corp., and strengthened their finances with strategic investors. It is also focused on advancing projects through partner funding and smart capital management, as well as to grow their royalty and equity portfolios and continue disciplined transactions and exploration. Riverside Resources’ Mexican portfolio in 2026 includes several key projects and strategic initiatives. The Company is actively advancing the Union Project in Sonora, where it executed an option agreement with Questcorp Mining, funding exploration and drilling activities, with assay results expected in early 2026. Additionally, Riverside is advancing the Cecilia Project in Sonora, following positive drilling results in late 2024, by integrating geophysical and structural data to plan further exploration and marketing efforts for potential partnerships. The broader Mexican portfolio also includes other prospects like Cuarentas, Valle, and Ariel, all located in Sonora, which are being maintained at various stages for future joint ventures, asset sales, or additional royalties. The overall strategy emphasizes de-risking existing projects, exploring new opportunities, and leveraging partner funding and government permitting developments to enhance project value and shareholder returns.

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, breccia cemented with specularite in an IOCG project in Sonora, Mexico. Photo taken by Miguel A Heredia.

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

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Quartz Vein hosted in volcanic rocks

By Miguel A Heredia

During the 45th week of the year (November 3rd to November 9th 2025), at least 33 press releases were announced by companies working in Mexico, with thirteen disclosing deals and corporate issues, eight communicating mining and production issues, five announcing financial rounds, four informing on exploration results, and three reporting resources and developments of their properties. ON MEXICO ISSUES, No relevant news. ON EXPLORATION, In Sonora, Colibri retained CANMEX to conduct its next phase of drilling at the EP project, and Kenadyr provided an update on its Adelita copper-gold-silver project. In Chihuahua, Advance Metals confirmed high grade silver-gold in previously unsampled core at its Yoquivo project. In Sinaloa, Mithril provided exploration results and an update for multiple targets at its Copalquin project. ON MINING, Santacruz Silver reported consolidated production results for the period Q3, 2025 and year to date (Zimapan mine, Hidalgo). First Majestic reported Q3, 2025 production and financial results from its Mexican mine operations. Aura Minerals presented Q3, 2025 consolidated production and financial results, including figures from its Aranzazu mine in Zacatecas. Gold Resource released Q3, 2025 production and financial results from its Don David Gold mine in Oaxaca. Torex Gold announced Q3, 2025 production and financial results from its Morelos complex in Guerrero. Gold Royalty released Q3, 2025 consolidated financial results (royalty on Cozamin mine, Zacatecas). Avino Silver & Gold presented Q3, 2025 production and financial results from its Avino mine in Durango. Endeavour Silver announced Q3, 2025 consolidated production and financial results, including its Guanacevi and Bolañitos mines in Durango and Guanajuato respectively.  ON FINANCING, Colibri closed a first tranche of its previously announced non-brokered private placement for gross proceeds of CAD $1,350,722, and a second tranche for gross proceeds of CAD $140,980 (EP project, Sonora). Kingsmen announced a non-brokered private placement for gross proceeds of up to CAD $3,003,750 (Las Coloradas project, Chihuahua). Silver Storm declared that it has fully drawn USD $7.0M under the previously announced Prepaid Offtake Financing Facility with Samsung (La Parrilla mine, Durango). Oroco closed a first tranche of its non-brokered private placement announced on September 24, 2025 for gross proceeds of USD $1,530,999 (Santo Tomas project, Sinaloa).  ON RESOURCES AND DEVELOPMENT, Goldgroup filed an updated NI43-101 technical report on its Cerro Prieto gold mine in Sonora. Silver Tiger announced the receipt of all required approvals and permits to construct the El Tigre Stockwork Silver-Gold project in Sonora. Heliostar released a Preliminary Economic Assessment (PEA) for its Ana Paula underground gold project in Guerrero. ON DEALS AND CORPORATE ISSUES, Osisko Development announced the appointment of Scott Smith as Vice President, Exploration (San Antonio Gold project, Sonora). Mithril reported voting results of its annual general meeting of shareholders (Copalquin project, Durango). Elemental Altus announced that shareholders have overwhelmingly approved all resolutions at its special meeting (Royalty on Mercedes mine, Sonora). Aura Minerals declared dividend based on Q3, 2025 results (Aranzazu mine, Zacatecas).  Orogen granted stock options to directors, officers, employees, and consultants (Ermitaño mine, Sonora). Torex announced its initial return of capital program, which includes a quarterly dividend of CAD $0.15 per share and discretionary share repurchases through its normal course issuer bid (El Limon Guajes and Media Luna properties, Guerrero). Almadex provided an overview of its diversified portfolio of royalties on precious and base metal projects throughout North America. Silver Viper entered into two independent agreements to support ongoing digital marketing and trading-liquidity efforts (La Virginia project, Sonora). Mammoth announced the appointment of three new directors to strengthen its leadership team (Tenoriba project, Chihuahua). Royalties Inc reported that it won a major court battle in the Civil Chamber of the Superior Tribunal of Justice of Zacatecas against Capstone. Apollo Silver announced that the US Department of Interior added silver to the 2025 list of critical minerals. Inomin granted stock options to directors and two advisers of the company. Silver Viper entered into a capital market consulting agreement with Insight Capital Partners (La Virginia project, Sonora).  ON SOCIAL RESPONSIBILITY, No relevant news.

ON MEXICO ISSUES

  • No relevant news.

ON EXPLORATION

  • Colibri Resource Corporation retained CANMEX Perforaciones y Servicios SA de CV to conduct its next phase of drilling at the EP project in Sonora. The program will be focused on the undrilled San Perfecto and Banco de Oro target areas.
  • Kenadyr Metals Corp., provided an update on its Adelita copper-gold-silver project in Sonora. The company is preparing to commence Phase 1 exploration activities, including drilling and detailed geophysical surveys at the Cerro Grande skarn zone, following receipt of all necessary permits, including a 20-year mining license. The deal with Infinitum Copper (80%) and Minaurum Gold (20%) is basically done; just waiting on final TSXV approval, and financing is almost wrapped up with a last tranche expected soon. Overall, the project is positioned for active exploration with long-term development potential.
  • Advance Metals Limited confirmed high grade silver-gold in previously unsampled core at its Yoquivo project. More than 6,300m of unsampled core in the Pertenencia Zone has been identified, representing greater than 50% of the historic drilling completed. First batch of sample results comprising 222.7m of core across 11 holes in the southern portion of Pertenencia Zone has confirmed the untested potential, returning grades of up to 370g/t Ag & 6.2g/t Au. Sampling from holes drilled in 2022 include holes YQ-022-025 with 480 g/t AgEq over 2.05m, including 848 g/t AgEq over 1.1m, and hole YQ-022-002 with 115 g/t AgEq over 4.45m, including 249 g/t AgEq over 0.95m. Multiple additional batches of previously untested core are currently awaiting assay results.
  • Mithril Silver and Gold Limited provided exploration results and an update for multiple targets at its Copalquin project. Target 5 in the southwest area of Copalquin, which is still in the early stages of exploration but showing great promise that could significantly impact the district´s resource potential, returned impressive silver-gold drill intercepts, including a standout hit of 1,714 g/t AgEq over 1m. Drilling highlights include hole AP25-003 with 2.28 g/t Au and 500 g/t Ag (660 g/t AgEq) over 2.75m, including 5.8 g/t Au and 1,308 g/t Ag (1,714 g/t AgEq) over 1m; hole AP25-005 with 1.71 g/t Au and 246 g/t Ag (366 g/t AgEq) over 3.35m, including 5.35 g/t Au and 771 g/t Ag (1,146 g/t AgEq) over 1.05m; and hole AP25-006 with 4.55 g/t Au and 409 g/t Ag (728 g/t AgEq) over 1,25m, plus 2.41 g/t Au and 447 g/t Ag (616 g/t AgEq) over 0.90m, plus 1.51 g/t Au and 321 g/T AgEq) over 0.80m. To date, 13 drilled holes have been completed at Target 5 with assay results received for the first eight holes. On the other hand, channel sampling at Tasolera mine returned high grade results, including 2 g/t Au and 3,300 g/t Ag (3,440 g/t AgEq) over 1.4m. This target is

rapidly emerging as a major silver zone. Only around 5% of the related vein system has been tested so far, meaning there´s plenty more ground to cover. Ongoing exploration mapping and channel sampling is on progress to expand its footprint. At Target 3, preparations are underway for drilling, supported by ongoing mapping and sampling efforts. This target is a large, highly prospective gold-silver zone with multiple high-grade surface samples and extensive mapped veins. At Target 1 (El Refugio-La Soledad), which hosts the maiden JORC mineral resource estimate,  an ongoing drilling program is underway aiming to expand this existing resources by testing its western extensions and deep zones. At Target 6, new targets, including old workings have been identified with some recent sampling and mapping, indicating potential for future exploration. In general, drilling keeps revealing solid gold-silver mineralization, and the company is moving fast with more holes planned in multiple areas of the district.

ON MINING

  • Santacruz Silver Mining Ltd., reported its consolidated production results for the period Q3, 2025 and year to date (Zimapan mine, Hidalgo). The table below shows figures for the Zimapan mine in Hidalgo:

First Majestic Silver Corp., reported Q3, 2025 production and financial results from its Mexican mine operations. The first table below shows consolidated financial results, and  the second production figures by mine operation:

Aura Minerals Inc., presented Q3, 2025 consolidated production and financial results from its mine operations. The table below shows production and financial results from its Aranzazu mine in Zacatecas:

  • Gold Resource Corporation released Q3, 2025 production and financial results from its Don David Gold mine in Oaxaca. The company milled 65,131 tonnes with grades of 1.11 g/t Au, 250 g/t Ag, 0.16% Cu, 0.6% Pb, and 1.6% Zn to produce 1,646 Oz Au, 453.05K Oz Ag, 73 tonnes Cu, 241 tonnes Pb, and 784 tonnes Zn. Gold Resource sold 1,422 Oz Au, 417.7K Oz Ag (6,298 Oz AuEq), 67 tonnes Cu, 212 tonnes Pb, and 645 tonnes Zn at averages realized prices of USD $3,546/Oz Au, USD $41.39/Oz Ag, USD $9,690/tonne Cu, USD $1,937/tonne Pb, and USD $2,841/tonne Zn. Total cash and all in sustaining cost (AISC) after co-product credits were $2,166 and USD $2,983 per Oz AuEq respectively. It also reported a net loss of USD $4.7M; a working capital of USD $12.8M and cash and cash equivalent of USD $9.8 as of September 30, 2025.
  • Torex Gold Resources Inc., announced Q3, 2025 production and financial results from its Morelos complex in Guerrero (all amounts are expressed in US dollars). The company produced 95,058 Oz Au, 485.2K Oz Ag and 14M Lb Cu or 119,034 payable Oz AuEq  and sold 118,082 oz AuEq at average realized prices of $3,548 Oz Au or $3,536 Oz AuEq. Total cash and all in sustaining costs (AISC) were $1,297 and $1,658 per Oz AuEq respectively. Torex also reported revenue of $416.4M; cost of sales of $207.3M; earnings from mine operations of $209.1M; net income of $114.4M; adjusted net earnings of $103.4M; EBITDA of $235.3M; adjusted EBITDA of $239.3M; net cash generated from operating activities of $186.8M; net cash generated from operating activities before changes in non-cash operating working capital of $204M; free cash flow of $112.5M; cash and cash equivalents of $107.1M; and an available liquidity of  $289M.
  • Gold Royalty Corp., released Q3, 2025 consolidated financial results, including its 1% NSR royalty in Cozamin mine in Zacatecas. “On October 30, 2025, Capstone Copper Corp. reported copper production of 6,145 thousand tonnes of copper at Cozamin in the third quarter 2025, 2% higher than the same period of 2024 as mine sequencing resulted in higher grades. It stated that Cozamin’s copper production is trending towards the upper end of its previously disclosed 2025 production guidance of 23,000 to 26,000 tonnes as well as the lower end of costs. Production is expected by Capstone to be consistently weighted through the year”.
  • Avino Silver & Gold Mines Ltd., presented Q3, 2025 production and financial results from its Avino mine in Durango (All amounts are expressed in US dollars).  The company milled 188,757 tonnes to produce 263.2K Oz Ag, 1,935 Oz Au and 1.31M Lb Cu or 580.8K Oz AgEq and sold 562.6K Oz AgEq at cash and all in sustaining cost (AISC) of $17.09 and $24.06 per Oz AgEq respectively. Avino also reported revenue of $21.04M; mine operating income of $9.9M; net income of $7.7M; EBITDA of $11.46M; adjusted earnings of $11.64M; cash provided by operation activities of $8.33M; mine operating cash flow before taxes of $11.05M; cash of $57.3M; and a working capital of $50.8M.
  • Endeavour Silver Corp., announced Q3, 2025 consolidated production and financial results, including its Guanacevi and Bolañitos mines in Durango and Guanajuato respectively (all currency is expressed in US dollars).  At Guanacevi, Durango, the company processed 99,340 tonnes to produce 1.02M Oz Ag at cash cost of $22.98 per Oz Ag and an AISC of $31.09 per Oz Ag. The company sold 1.28M Oz AgEq. At Bolañitos, Guanajuato, it processed 105,153 tonnes to produce 137K Oz Ag at cash cost of $(11.47) per Oz Ag and AISC of $27.22 per Oz Ag. The company sold 471.2K Oz AgEq.

ON FINANCING

  • Colibri Resource Corporation closed a first tranche of its previously announced non-brokered private placement of 9,004,816 units at a price of CAD $0.15 per unit for gross proceeds of CAD $1,350,722. A second tranche was closed through the sale of 939,867 units at a price of CADS $0.15 per unit for gross proceeds of CAD $140,980. Combined with tranche 1 the company has raised gross proceeds of CAD $1,491,702. Net proceeds will be used to advance exploration at Colibri´s flagship Mexican gold projects, including Pilar and EP projects in Sonora as well as for general working capital.
  • Kingsmen Resources Ltd., announced a non-brokered private placement of up to 2,225,000 units at a price of CAD $1.35 per unit for gross proceeds of up to CAD $3,003,750. The company plans to use the gross proceeds to advance its Las Colorada project in Chihuahua and for working capital.
  • Silver Storm Mining ltd., declared that it has fully drawn USD $7.0M under the previously announced Prepaid Offtake Financing Facility with Samsung C&T Hongkong Ltd. and QSSC, S.A. de C.V.  Silver Storm will use the proceeds for rehabilitation and preparation at its la Parrilla mine in Durango, including mill rehabilitation and upgrading, underground development, and for general corporate and working capital purposes.
  • Oroco Resource Corp., closed a first tranche of its non-brokered private placement announced on September 24, 2025 through the sale of 7,654,995 units at a price of USD $0.2 per unit for gross proceeds of USD $1,530,999. Net proceeds will be used to advance the Santo Tomas project in Sinaloa toward its plan Pre-Feasibility study, and for general corporate purposes. 

ON RESOURCES AND DEVELOPMENT

  • Goldgroup Mining Inc., filed an updated NI43-101 technical report on its Cerro Prieto gold mine in Sonora. The technical report provides independent assessment of the Mineral Resources Estimates at a cut-off grade of 0.2 g/t Au of the Esperanzas Deposit within the Cerro Prieto mine, which includes the La Esperanza and Nueva Esperanza contiguous zones. Measured and indicated resources as of April 4, 2025 are 3.13M tonnes of 0.37 g/t Au for a total of 37.21K Oz Au, while inferred resources are 131.5K tonnes of 0.36 for a total of 1,504 Oz Au.
  • Silver Tiger Metals Inc., announced the receipt of all required approvals and permits from the Mexican Federal Environmental Department (SEMARNAT) to construct the El Tigre Stockwork Silver-Gold project in Sonora. Now, the company is ready to advance the project toward construction.
  • Heliostar Metals Ltd., released a Preliminary Economic Assessment (PEA) for its Ana Paula underground gold project in Guerrero (all amounts are expressed in US dollars). The PEA for Ana Paula outlines a nine-year underground gold mine with an expectation to produce approximately 875K Oz Au over nine years, averaging about 101K Oz Au per year. The project demonstrates strong economics, with a base case post-tax NPV of $426M, and IRR of 28%, and a payback period of about 2.9 years at a gold price of $2,400/Oz. Upside case is $1B and IRR over 50% with quicker payback if gold hits $3,800/Oz. Heliostar is boosting some of the lowest AIUSC (around $1,011/Oz), ranking in the bottom 13% globally. Initial capital costs are estimated at $300M. Heliostar plans to fast-track development, including accelerating completion of the underground decline, ongoing exploration drilling, engineering, permit amendments, and feasibility study, with plans to bring Ana Paula into production in 2028.

ON DEALS AND CORPORATE ISSUES

  • Osisko Development Corp., announced the appointment of Scott Smith as Vice President, Exploration, effective November 1, 2025 (San Antonio Gold project, Sonora).
  • Mithril Silver and Gold Limited reported voting results of its annual general meeting of shareholders (Copalquin project, Durango).
  • Elemental Altus Royalties Corp., announced that shareholders have overwhelmingly approved all resolutions at its special meeting (Royalty on Mercedes mine, Sonora).
  • Aura Minerals Inc., declared dividend of USD $0.48 per common share and USD $0.16 per Brazilian Depositary Receipts based on Q3, 2025 results. The dividend will be paid to shareholders on November 21, 2025 (Aranzazu mine, Zacatecas). 
  • Orogen Royalties Inc., granted 2,000,000 incentive stock options to directors, officers, employees, and consultants. The stock options have a life of five years, an exercise price of CAD $2.2, and will be vest over three years (Ermitaño mine, Sonora).
  • Torex Gold Resources Inc., announced its initial return of capital program, which includes a quarterly dividend of CAD $0.15 per share and have repurchased CAD $7.2M in shares through its normal course issuer bid. The company is prioritizing returning value to shareholders while maintaining investments in growth projects across Mexico and Nevada   (El Limon Guajes and Media Luna properties, Guerrero).
  • Almadex Minerals Ltd., provided an overview of its diversified portfolio of royalties on precious and base metal projects throughout North America. Almadex’s Mexican properties include several royalties across different states, notably in Chihuahua, Veracruz, Oaxaca, and Sinaloa. These assets primarily consist of NSR royalties ranging from 1.5% to 2.0%, covering a mix of gold-silver, copper-gold, and epithermal systems. Royalty interests in Mexico include  La Bufa in Chihuahua (2% NSR / operator: Endeavour Silver Corp), which covers gold-silver mineralization in a prolific silver belt; Caballo Blanco in Veracruz (1.5% NSR operator: Candelaria Mining), a near surface oxide gold-silver deposit with significant exploration potential; El Cobre in Veracruz (1.75% NSR operator: Azucar Minerals Ltd), a large copper-gold porphyry alteration system with multiple mineralized centers; Cerro Colorado in Oaxaca (2% NSR operator: Gold Resource Corp), a near surface oxide gold-silver project close to existing operations; El Encuentro in Sinaloa (2% NSR operator: Mc Ewing Mining Inc), located in a productive gold-silver belt, offering potential for resource expansion; El Fuego in Oaxaca(2% NSR operator: Gold Resource Corp), similar structural setting as other deposits, indicating future development prospects; and Los Venados in Sonora (2% NSR operator: Alamos Mining Inc), prospective for epithermal and porphyry mineralization, acquired recently, and located near operating mines. Overall, these properties give Almadex exposure to a diverse range of mineral systems and districts in Mexico, with several in significant, potentially high-growth areas for precious and base metals.
  • Silver Viper Minerals Corp., entered into two independent agreements to support ongoing digital marketing and trading-liquidity efforts. Nordcore Media LLC will provide digital advertising and online marketing services will receive only cash, while Red Cloud Securities Inc., will use its best efforts to maintain reasonable trading liquidity in Silver Viper´s common shares on the TSX will receive a fixed monthly cash fee (La Virginia project, Sonora).
  • Mammoth Resources Corp., announced the appointment of three new directors: Jose Antonio Berlanga Balderas, Jose Antonio Berlanga Lopez, and Edgardo Espinoza Velasco, and a new CEO, Paul Rozek, to strengthen its leadership team. Mammoth also granted incentive stock options to directors, officers, and contractors to boost ongoing development efforts at its Tenoriba gold-silver project in Chihuahua and other nearby metal production plans.
  • Royalties Inc., reported that it won a major court battle in the Civil Chamber of the Superior Tribunal of Justice of Zacatecas against Capstone, confirming their rights to royalties from a mining contract dating back to 2002. The appellate court in Zacatecas, Mexico upheld the initial ruling that said Capstone and others improperly sold royalties without proper authorization, and now they have to pay legal costs too. The case is officially closed, and the company expects Capstone to cooperate in sorting out the payments owed.
  • Apollo Silver Corp., announced that the US Department of Interior added silver to the 2025 list of critical minerals. This is the first time that silver is recognized as having growing importance to US economic and national security.
  • Inomin Mines Inc., granted 830,000 stock options to directors and two advisers of the company. The options are exercisable until November 7, 2030, at a price of CADS $0.09 per common share and vest immediately.
  • Silver Viper Minerals Corp., entered into a capital market consulting agreement with Insight Capital Partners Inc., to support the company´s capital markets visibility and investor communication efforts. Insight will receive a monthly cash fee of CAD $17,500 plus applicable Harmonized Sales Tax (HST), payable in advance (La Virginia project, Sonora).

ON SOCIAL RESPONSIBILITY

  • No relevant news.

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

On the picture below, quartz vein hosted in volcanic rocks from an intermediate sulphidation epithermal vein system in Chihuahua, Mexico. Photo taken by Miguel A Heredia.

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

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Rhyolite Dome

By Miguel A Heredia

During the 41st week of the year (October 6th to October 12th 2025), at least 37 press releases were announced by companies working in Mexico, and one news published by the media, with fourteen announcing financial rounds, nine communicating mining and production issues, six disclosing deals and corporate issues, four reporting resources and developments of their properties, three informing on exploration results, and two commenting on Mexican issues. ON MEXICO ISSUES, Mining companies listed on the Mexican Stock Exchange (BMV) and Wall Street are expected to gain more than USD $250 billion in market value so far in 2025. Heliostar Metals and Torex Gold GR Silver and Kingsmen reported the best drilling intercepts in Mexico on the second week of October, 2025. ON EXPLORATION, In Sonora, Tocvan reported the early results from a drone magnetic survey at its Gran Pilar Gold-Silver project, and announced the discovery of a new target with historic underground workings in the North Alteration Zone. In Durango, Pacifica Silver identified new extensions to mineralized veins at its Claudia project, and provided details of a phase I drill program. ON MINING, Capstone announced that it will present its Q3, 2025 results on October 30, 2025 (Cozamin mine, Zacatecas). Goldgroup notified that it has successfully installed a second crushing circuit at its Cerro Prieto mine in Sonora. First Majestic reported Q3, 2025 production results from their Mexican operations. Endeavour presented Q3, 2025 production results from their Mexican mining operations (Bolañitos and Guanacevi in Guanajuato and Durango respectively). Altius provided a Q3, 2025 project generation update. Teck announced that it will present its Q3, 2025 results on October 22, 2025 (San Nicolas project, Zacatecas). Aura Minerals reported Q3, 2025 production results from its Aranzazu mine in Zacatecas. Torex Gold released strong Q3, 2025 production results from its Morelos Mine Complex in Guerrero. ON FINANCING, Mexican Gold Mining announced a non-brokered private placement for gross proceeds of up to CAD $850K (Las Minas project, Veracruz). Starcore reported that the $5M private placement previously announced has been oversubscribed (San Martin mine, Queretaro). Colibri announced that it intends to conduct two non-brokered private placements: one for gross proceeds of up to CAD $1.3M and a second for up to CAD $250K (Pilar and EP projects, Sonora). Vortex Metals closed its previously announced upsized non-brokered private placement for gross proceeds of CAD $700K, and then, due to interest from an existing strategic investor, it intends to close a second tranche for gross proceeds of CAD $105,000.  (Zaachila and Riqueza Marina projects, Oaxaca) Silver Tiger closed its previously announced bough deal offering for gross proceeds of CAD $28,773,000 (El Tigre project, Sonora). Questcorp revised the terms of its previously announced non-brokered private placement and now will offer up to 7,500,000 units for gross proceeds of up to CAD $1.5M (La Union project, Sonora). Fuerte Metals closed its previously announced offering of subscription receipts for aggregate gross proceeds of CAD $57.5M (Cristina project, Chihuahua). Guanajuato Silver closed its previously announced bough deal public offering for gross proceeds of CAD $43.5M (El Cubo mine, Guanajuato).  Pantera Silver announced a non-brokered private placement for gross proceeds of up to CADS $3.5M (Nuevo Taxco Silver project, Guerrero). Bear Creek announced drawdown of funds under Sandstorm note (Mercedes mine, Sonora). Silver Storm entered into a definitive agreement with Samsung C&T Hongkong Ltd and QSSC S.A.DE C.V. for a US $7.0 million offtake prepayment financing to restart operations at its La Parrilla Silver Mine Complex in Durango. US Antimony announced that it entered into a securities purchase agreement with a leading long-only mutual fund for aggregate proceeds of approximately USD $25M (Los Juarez project, Queretaro). ON RESOURCES AND DEVELOPMENT, Southern Silver initiated a drilling program at the Puro Corazon mine, which is adjacent to its 100% owned Cerro Las Minitas project in Durango, Mexico.  Heliostar released results from the current 15,000m drill program at its Ana Paula project in Guerrero. Mithril reported exploration results from its Copalquin project in Durango. Torex Gold released results from drilling program at ELG underground, primarily focused on drilling around the El Limón Sur and Sub-Sill trends within its Morelos Mine Complex in Guerrero. ON DEALS AND CORPORATE ISSUES, Mithril notified to shareholders that its annual general meeting will be held on November 5, 2025 (Copalquin project, Durango).  Pedro Resources announces the appointment of its CEO (Mapimi project, Durango). Quetzal Mining received conditional acceptance from the TSX Venture Exchange for its reverse takeover transaction with Silverco Mining Corp (Cusi mine, Chihuahua). Agnico announced that it acquired 5,000,000 subscription receipts of Fuerte Metals pursuant to a brokered private placement, at a price of CAD $1.65 per subscription receipt for a total consideration of CAD $8,250,000. Zacatecas Silver granted 5,000,000 stock options to its directors, officers, and consultants (Zacatecas Silver project, Zacatecas). ON SOCIAL RESPONSIBILITY, No relevant news.

ON MEXICO ISSUES

  • Mining companies listed on the Mexican Stock Exchange (BMV) and Wall Street are expected to gain more than USD $250 billion in market value so far in 2025. On the BMV, Grupo México, the world’s fourth-largest copper producer, is the mining company that has gained the most (USD $22.928 billion) in market value, totaling USD $59.98 billion. Its shares are up 42.89 % to MXP $141.36 this year. The company owned by Grupo BAL, Industrias Peñoles, gained USD $12.182 billion in market capitalization, reaching USD $124.533 billion. Its shares rose 199.51 % to MXP $797.29. Meanwhile, Minera Frisco added USD $2.182 billion and is worth USD $3.176 billion. Its shares increased 181.87 % to MXP $9.64 for the year. Fresnillo, a Peñoles subsidiary listed on the London Stock Exchange, earned USD $17.74 billion and has a total market value of USD $23.59 billion. Its shares rose 281 % to 2.36 pounds sterling, according to companiesmarketcap. The firms’ gains are driven by the price of gold, which reached a new all-time high above USD $4,000 per ounce, “benefiting from the weakness of the dollar, central bank purchases, and expectations of additional rate cuts in the United States.
  • Heliostar Metals Ltd., and Torex Gold Resources Inc., reported the best drilling intercepts in Mexico on the second week of October, 2025. Details are shown in the table below:

ON EXPLORATION

  • Tocvan Ventures Corp., reported the early results from a drone magnetic survey at its Gran Pilar Gold-Silver project in Sonora, and announced the discovery of a new target with historic underground workings in the North Alteration Zone.. The survey uncovered a major structural complex in the South Block, spanning approximately 2 by 2.5km. This complex exhibits magnetic signatures suggestive of magmatic activity and correlates strongly with past sampling up to 21.2 g/t Au and over 2,000 g/t Ag.  These findings highlight new and expanded exploration targets, especially near areas with historical placer mining, and support the potential for deeper mineralization. The survey results validate geological models and provide a clear pathway for upcoming drill programs to evaluate the project’s mineral resources further. Tocvan also reported that it uncovered a new mineralized zone with 80m exposed section of old underground workings within the North Alteration Zone, with waste piles of silicified vein breccia material, and intense phyllic and argillic alteration.   This zone features historic underground workings and extensive alteration patterns of approximately 3.2km long, indicating significant mineralization potential. Initial sampling has returned promising high-grade results for gold and silver, and the company plans to conduct further trenching, detailed mapping, and drilling to explore this largely underexplored area. 
  • Pacifica Silver Corp., identified new high-priority drill targets based on assay results from 325 surface rock chips samples collected at its Claudia project in Durango. These samples yielded results up to 23.6 g/t Au and 480 g/t Ag confirming that the high-grade Au-Ag mineralization at the property is more extensive than previously recognized and may extend further south for another 300m towards the Mina de Oro vein system.  Rock chips sample highlights include 111.2 g/t Au and 17 g/t Ag; 7.15 g/t Au and 143 g/t Ag; 2.74 g/t Au and 404 g/t Ag; 3.33 g/t Au and 311 g/t Ag; 2.03 g/t Au and 312 g/t Ag; 0.39 g/t Au and 408 g/t Ag; 1.83 g/t Au and 230 g/t Ag; and 2.19 g/t Au and 190 g/t Ag. The areas around Veta Justina and Mina Vieja are now considered new high-priority targets for drilling. The company also commenced a Phase I drill program, which aims to delineate and expand known mineralization at the northern extension of the Aguilareña, Guadalupana, and Veta Central veins and to drill high-priority, previously undrilled targets at the Mark Twain, Veta West and Veta Justina areas. To date it has completed 647m of drilling across the first three holes. Pacifica Silver plans to apply for permits to drill new targets as part of the program.

ON MINING

  • Capstone Copper Corp., announced that it will present its Q3, 2025 results on October 30, 2025 (Cozamin mine, Zacatecas).
  • Goldgroup Mining Inc., notified that it has successfully installed a second crushing circuit at its Cerro Prieto mine in Sonora, doubling the crushing capacity to over 4,500 tonnes per day.  This expansion is part of a broader optimization strategy aimed at increasing gold production to over 24K Oz annually. Additionally, the company plans to implement a re-leaching project on existing heap leach pads, which could yield an extra 8K Oz Au per year, with initial production expected in the first quarter of 2026. The mine has been in production since 2013 accumulating over 10M tonnes of mineralized material on the leach pads. Ongoing exploration efforts are also underway to extend the mine’s life and enhance resource availability.
  • Luca Mining Corp., confirmed that its Tahuehueto mine in Durango is operating normally following an environmental inspection by Mexico’s PROFEPA (Federal Attorney for Environmental Protection). The inspection assessed compliance with the Environmental Impact Authorization issued by SEMARNAT (Secretariat of Environment and Natural Resources). PROFEPA requested clarification on a 0.3-hectare inactive area previously used for tailings storage, leading to a temporary closure notice for that section pending updated technical documentation. Luca Mining plans to create a remediation plan that will not disrupt ongoing operations. The company emphasizes its commitment to environmental compliance and transparency, stating that the temporary notice does not affect current production. Luca Mining continues to operate normally at both the Tahuehueto and Campo Morado mines, focusing on production and sustainability initiatives.
  • First Majestic Silver Corp., reported Q3, 2025 production results from their Mexican operations. The table below shows mine by mine production details:

Endeavour Silver Corp., presented Q3, 2025 production results from Bolañitos and Guanacevi mines in Guanajuato and Durango respectively, and provided an update on its Terronera project in Jalisco. At Terronera, the company processed between September 1 and September 23,  39,190 tonnes of material peaking at 2,162 tonnes in a single day and averaging 1,866 tonnes per day, with average metal recoveries of 82.8% for silver and 72.3% for gold. Since July 1, Terronera has produced approximately 212,043 Oz Ag and 6,256 Oz Au, processing 145,680 tonnes of material with average grades of 64 g/t Ag and 2.08 g/t Au. During the quarter, the mill achieved average metal recoveries of 70.7% for silver and 64.2% for gold. Mining operations at Terronera were temporarily impacted by an electrical problem in the SAG mill, but resumed successfully on September 30. In regards to Guanacevi and Bolañitos mines, the next table shows the Q3, 2025 production results by mine:

  • Altius Minerals Corporation provided a Q3, 2025 project generation update. Gross cash proceeds for the quarter totaled CAD $67.6M received from the Orogen Royalties Inc. Altius also received 9,889,490 new Orogen shares which were valued at approximately CAD $25M as of September 30, 2025, implying total transaction consideration at that date of more than $92M.
  • Teck Resources Limited announced that it will present its Q3, 2025 results on October 22, 2025 (San Nicolas project, Zacatecas).
  • Aura Minerals Inc., reported Q3, 2025 production results from its Aranzazu mine in Zacatecas. The company produced 6,707 Oz Au, 141,117 Oz Ag, 9.73M Lb Cu, and 105K Lb, or 21,534 Oz AuEq.
  • Torex Gold Resources Inc., released strong Q3, 2025 production results from its Morelos Mine Complex in Guerrero. The company reported a payable production of 119,034 Oz Au and AuEq sold of 118.082 Oz. Q3, 2025 operational results are shown in the table below:

ON FINANCING

  • Mexican Gold Mining Corp., announced a non-brokered private placement of up to 10,000,000 of units at a price of CAD $0.085 per unit for gross proceeds of up to CAD $850K. The company intends to use the gross proceeds as working capital for general corporate purposes (Las Minas project, Veracruz).
  • Starcore International Mines Ltd., reported that the $5M private placement previously announced has been oversubscribed due to the strong support from investor. Tranche 1 closed on September 26, 2025, raised CAD $2,661,788.75 through the issuance of 10,647,155 units, including common shares and warrants.  Tranche 2 is also oversubscribed, and the company is no longer accepting subscriptions (San Martin mine, Queretaro).
  • Colibri Resource Corporation announced that it intends to conduct two non-brokered private placements: an equity offering of up to 8,666,666 units at a price of CAD $0.15 per unit for gross proceeds of up to CAD $1.3M, and a second of up to 250 convertible debenture units for gross proceeds of up to CAD $250K. The company plans to use the net proceeds to fund exploration at Pilar and EP projects in Sonora, and for general working capital.
  • Vortex Metals Inc., closed its previously announced upsized non-brokered private placement for gross proceeds of CAD $700K by the issuance of 17,500,000 units at a price of CAD $0.04 per unit, and then, due to interest from an existing strategic investor, it intends to close a second tranche of a maximum of 2,625,000 units at a price of CAD $CAD $0.04 per unit for gross proceeds of CAD $105,000. The company announced that 40% of the net proceeds will be used to pay mining concession 40% for exploration fees, and 20% for general working capital purposes.  (Zaachila and Riqueza Marina projects, Oaxaca).
  • Silver Tiger Metals Inc., closed its previously announced bough deal offering of 39,962,500 shares at a price of CAD $0.72 for gross proceeds of CAD $28,773,000. The company plans to use the proceeds of the offering to fund exploration and development expenditures at the company’s El Tigre Project in Sonora, as well as for working capital and general corporate purposes.
  • Questcorp Mining Inc., revised the terms of its previously announced non-brokered private placement and now will offer up to 7,500,000 units at a price of CAD $0.20 per unit for gross proceeds of up to CAD $1.5M. Part of the net proceeds will be used for the advancement of the ongoing exploration and drilling program at La Union project in Sonora, and for general working capital purposes. 
  • Fuerte Metals Corporation closed its previously announced offering for an aggregate of 34,848,485 subscription receipts at a price of CAD $1.65 per subscription receipt for gross proceeds of CAD $57.5M (Cristina project, Chihuahua).
  • Guanajuato Silver Company Ltd., closed its previously announced bough deal public offering of 87,000,000 units at a price of CAD $0.50 per unit for gross proceeds of CAD $43.5M. Gross proceeds will be used for sustaining and development capital for the Company’s four operating mines in Mexico, working capital and general corporate purposes (El Cubo mine, Guanajuato).
  • Pantera Silver Corp., announced a non-brokered private placement of up to 7,000,000 units at a price of CAD $0.75 per unit for gross proceeds of up to CAD $3.5M. The company intends to use the gross proceeds for exploration work, potential additional property acquisitions and general working capital (Nuevo Taxco Silver project, Guerrero).
  • Bear Creek Mining Corporation announced drawdown of funds in the amount of USD $1.2M under Sandstorm Gold Ltd., note. “The principal amount of the 2025 Sandstorm note is a maximum of USD $6.5M, of which the company may draw down up to USD $600K per month. An aggregate total of funds drawn to date is USD $5.4M and the remaining amount of up to USD $1.1M may be drawn down subject to prior approval by Sandstorm in its sole discretion. The draw will be used for general working capital purposes” (Mercedes mine, Sonora).
  • Silver Storm Mining Ltd, secured a USDS $7M offtake prepayment financing agreement for 18 months with Samsung C&T Hongkong Ltd and QSSC S.A. de C.V., at a 1-Month Secured Overnight Financing Rate + 4.75 %,  to restart operations at its la Parrilla Silver Mine Complex in Durango. Samsung will purchase 100% of the lead-silver and zinc concentrates produced at La Parrilla for two years. The funds will be used for mill rehabilitation, underground development, and working capital.
  • US Antimony Corporation announced that it entered into a securities purchase agreement of 2,337,657 shares of common stock with a leading long-only mutual fund for aggregate proceeds of approximately USD $25M (Los Juarez project, Queretaro).

ON RESOURCES AND DEVELOPMENT

  • Southern Silver Exploration Corp., initiated a drilling program at the Puro Corazon mine, which is adjacent to its 100% owned Cerro Las Minitas project in Durango, Mexico. Current development at the mine extends for approximately 200m laterally and to 250m below surface. The exploration program aims to integrate the nine-hectare Puro Corazon claim into the larger project and includes up to 12,000 meters of core drilling using three drill rigs. Drilling will test the further projections of the mined mineralization both laterally for an additional 200m and to depths of up to 450 metres below surface where the mineralization then transitions across the claim boundary and into the modelled Skarn Front deposit. Drilling will also target the projection of up to six hangingwall structures identified outboard of the main mineralized Skarn Front zone which was previously identified in both historic drilling within the Puro Corazon claim and in Southern Silver’s own drilling outside the claim boundary. The program will also compile existing geological data, conduct new sampling in historic underground workings, and perform a LiDAR survey to assess the extent of underground mining. Currently, the Puro Corazon mine is privately operated, producing approximately sixty tonnes of ore per day, generating silver-lead and zinc concentrates. The drilling will target lateral projections of mineralization and depths of up to 450 meters below the surface, focusing on six identified hangingwall structures. Results from this drilling will be incorporated into an updated Technical Report and Preliminary Economic Assessment (PEA) scheduled for the first quarter of 2026.
  • Heliostar Metals Ltd., released results from the current 15,000m drill program at its Ana Paula project in Guerrero. Drilling highlights include holes AP-25-329 with 3.29 g/t Au over 12.75m, and 5.17 g/t Au over 6.4m, and 8.82 g/t Au over 88.05m including 13.03 g/t Au over 35.5m; hole AP-25-326 with 6.29 g/t Au over 2.2m, and 2.37 g/t Au over 7m, and 18.8 g/t Au over 1m, and 2.86 g/t Au over 23m, including 4.19 g/t Au over 14.3m; and hole AP-25-327 with 32.1 g/t Au over 1.25m, and 2.75 g/t Au over 21.7m, including 8.36 g/t Au over 1.5m, and 2.73 g/t Au over 62.65m, including 4.61 g/t Au over 20.5m, and 5.63 g/t Au over 5m. The program has the primary goal of converting inferred ounces to higher confidence classifications, as well as supporting the ongoing Feasibility Study and testing the next exploration targets around the Ana Paula deposit.
  • Mithril Silver and Gold Limited reported exploration results from its Copalquin project in Durango. A district wide aerial magnetic survey is to commence later this month. Systematic mapping and sampling are ongoing at Target 3 to define priority targets, with maiden drilling planned in the coming months. At Target 5, an initial 5,000m drilling program is underway around the Apomal historic mine, with the first nine holes completed. The drilling aims to explore areas down-dip and along strike from old mine workings. Assays are pending.  Mapping and sampling extended the silver-rich target to over 2km by 2km. Underground sampling highlights include 2.02 g/t Au and 1,938 g/t Ag over 3.21m including 2 g/t Au and 3,300 g/t Ag over 1.40 from the Tasonera Mine Level 2; and 10.25 g/t Au and 895 g/t Ag over 0.6m, and 3.31 g/t Au and 219 g/t Ag over 0.9m from Los Martires. Surface sampling highlights include 3.89 g/t Au and 157 g/t Ag over 0.5m from La Candelaria; 0.145 g/t Au and 284 g/t Ag over 0.5m from La Tasolera; 3.75 g/t Au and 555 g/t Ag over 0.65m and 24.5 g/t Au and 670 g/t Ag over 0.6m from Apomal; and 4.69 g/t Au and 520 g/t Ag over 0.5m from Los Martires. All these results indicate a significant presence of high-grade gold and silver mineralization in the Target 5, with notable underground and surface sample assays, suggesting strong potential for further exploration and resource development in the Copalquin district.
  • Torex Gold Resources Inc., released results from drilling program at ELG underground, primarily focused on drilling around the El Limón Sur and Sub-Sill trends within its Morelos Mine Complex in Guerrero. Drilling highlights for two second order structures running parallel to both the El Limón Sur and Sub-Sill trends, El Limón Sur Trend and Sub-Sill Trend are shown in the next three table below respectively:

These new results continue to support the company’s target of extending the mine life of ELG Underground by identifying new structures of higher-grade mineralization, expanding resources, and replacing mined reserves.

ON DEALS AND CORPORATE ISSUES

  • Mithril Silver and Gold Limited notified to shareholders that its annual general meeting will be held on November 5, 2025 (Copalquin project, Durango).
  • Pedro Resources Ltd., announces the appointment of David McDonald as its CEO, effective October 1, 2025 (Mapimi project, Durango).
  • Quetzal Copper Inc., received conditional acceptance from the TSX Venture Exchange for its reverse takeover transaction with Silverco Mining Corp. The deal centers around round Silverco´s 100% stake in the Cusi mine in Chihuahua which features past producing mines and new exploration opportunities. Quetzal plans to rename itself Silverco Mining Ltd. and continue trading on the TSX Venture Exchange under the symbol “SICO”.
  • Sandstorm Gold Royaltys´ shareholders voted overwhelmingly to approve a plan of arrangement under which Royal Gold Inc., will acquire all of Sandstorm’s outstanding shares. The approval was secured by more than 98 % of the votes cast, meeting the required thresholds under Canadian securities regulations. The transaction is expected to close around October 20 2025. After completion, Sandstorm will delist from the Toronto and New York stock exchanges, cease reporting as a public issuer, and deregister its shares under U.S. securities law.
  • Agnico announced Mines Limited announced that it acquired 5,000,000 subscription receipts of Fuerte Metals pursuant to a brokered private placement, at a price of CAD $1.65 per subscription receipt for a total consideration of CAD $8,250,000.
  • Zacatecas Silver Corp., granted 5,000,000 stock options to its directors, officers, and consultants. Each option is exercisable at a price of CAD $0.11 per share for a period of five years from the date of grant (Zacatecas Silver project, Zacatecas).

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, flow banded rhyolite dome in Durango, Mexico. Photo taken by Miguel A Heredia.