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

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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 Fourth Week of June 2025

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By Jorge Cirett

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

ON MEXICO ISSUES

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

ON EXPLORATION

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

ON MINING

  • No Relevant News.

ON FINANCING

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

ON RESOURCES AND DEVELOPMENT

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

ON DEALS AND CORPORATE ISSUES

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

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

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

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

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By Jorge Cirett

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

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

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

ON MINING

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

ON FINANCING

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

ON RESOURCES AND DEVELOPMENT

  • No Relevant News.

ON DEALS AND CORPORATE ISSUES

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

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

On the image below: Flow banded felsic dike on a Sonora Desert project. Picture by Jorge Cirett.

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

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By Jorge Cirett

During the 14th week of the year (March 31st to April 6th, 2025), companies working in Mexico presented 30 press releases. Not a single company informed on early exploration at its property. One company announced the start of commercial production. Six companies informed on financing rounds, one on the granting of options, another on DTC eligibility and one more on an extension for warrant exercising. Two companies informed on the start of drilling campaigns at their advanced projects, one on a new discovery in an advanced project, another on the near completion of construction of a mine, two more released their 2024 MRE’s and the filing of technical reports, and one more on drilling results on its operating mine. A company announced the spin-out of a subsidiary, one more the suspension of mining operations due to the failure to obtain a community’s permit, another informed on the sale of its Mexican subsidiary, one more on its government liaisons, another  advised its shareholders to take no action in a hostile take-over bid, one more optioned a mining property and one more informed on the advance of its property portfolio. ON MEXICO ISSUES, according to the AIMMGM, the federal government gave the greenlight to 27 permits. Vizsla Silver paused exploration at Panuco, in Sinaloa, on security concerns.  ON EXPLORATION, no relevant news. ON MINING, Luca Mining announced commercial production at Tahuehueto, in Durango. ON FINANCING, companies announcing different stages of financing rounds include Canuc Resource (C$2.3 M), Endeavour Silver (US$45 M), Heliostar Metals (C$75 M), Silver Tiger (C$15 M), GoGold Resources (C$86.2 M) and Fortune Bay (C$2.8 M); Royalties Inc. announced its shares are eligible through DTC, Impact Silver proposed to extend the expiry date of warrants, GR Silver granted incentive options. ON RESOURCES AND DEVELOPMENT, Heliostar Metals is to commence a drilling campaign at Ana Paula, in Guerrero. Capitan Mining commenced an RC drilling campaign at Cruz de Plata, in Durango. Vizsla Silver announced the discovery of mineralization six kilometers from the current MRE at Panuco, in Sinaloa; Endeavour Silver informed the Terronera Mine in Jalisco is in the final stages of construction; Aura Minerals reported the 2024 MRE for the Aranzazu Mine in Zacatecas, and filed the report; Gold Resource released high-grade polymetallic underground drilling results from the Don David Mine in Oaxaca. First Majestic released MRE’s on its four operating mines in Mexico.  ON DEALS AND CORPORATE ISSUES, Riverside Resources announced the spin-out Blue Jay Gold obtained the needed final order. Equinox Gold indefinitely suspended operations at Los Filos Mine in Guerrero, for lack of a community permit. Golden Minerals sold its Mexican subsidiary. Oroco Resource informed on meetings with government executives. Sierra Metals advised its shareholders not to take action on a hostile take-over bid. Masivo Silver optioned the Cerro Colorado property in Southern Sonora. Empress Royalty informed on the advance of its portfolio with a new property coming into production. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • According to the AIMMGM (Asociación de Ingenieros de Minas, Metalurgistas y Geólogos), the federal government has given the green light to at least 27 permits on the mining industry. Furthermore, the president of the CAMIMEX (Cámara Minera de México), Pedro Rivero, stated that dialog with the Mexican authorities has been very productive. Camimex works alongside the government on the development of the rulebook that is to guide the application of the Mining Law approved in April 2023. This rulebook is expected to be produced during the second quarter of 2025.
  • Vizsla Silver Corp. announced the pause of field work at its Panuco project in Sinaloa, due to current security conditions in the area.

ON EXPLORATION

  • No Relevant News.

ON MINING

  • Luca Mining Corp. announced commercial production at its Tahuehueto mine in Durango, releasing also its production guidance for 2025 at Tahuehueto and Campo Morado, in Guerrero. At Tahuehueto the processing plant can process 1,000 tpd and is currently producing at 82% capacity. The company presented two production tables for 2025: one with 85,000 – 100,000 Oz AuEq produced metal and another with 65,000 – 80,000 Oz AuEq of payable metal during the year. “The Company anticipates generating between $30 million and $40 million in free cash flow2 before working capital adjustments for the year”.
  • Alamos Gold Inc. plans to release its Q1 2025 financial results on April 30, 2025 (Mulatos, Sonora).

ON FINANCING

  • Canuc Resources Corp. closed the first tranche of its previously announced private placement financing, with gross proceeds of C$2.3 M. “Proceeds will be used for expenses associated with completing the acquisition of MacDonald Mines Exploration Ltd. and for the exploration and development of the Company’s new and existing exploration and development assets” (San Javier, Sonora).
  • Endeavour Silver Corp. upsized its previously announced bought deal of common shares for gross proceeds of US$45 M. The net proceeds of the offering will be used to fund a portion of the cash component of a mining company in Peru (Terronera, Jalisco).
  • GR Silver Mining Ltd. granted 860 K incentive stock options to certain employees and consultants, 400 K incentive stock options to certain executive officers and 154.8 K deferred share units to the company’s non-executive directors for director’s fees relating to Q1 2025 (Plomosas, Sinaloa).
  • GoGold Resources Inc. filed a short form prospectus pursuant to its C$75 M bought deal public offering of common shares (Los Ricos, Jalisco).
  • Royalties Inc. announced that its common shares are now eligible for electronic clearing and settlement in the United States through the Depository Trust Company (DTC). “DTC eligibility streamlines the trading process, making it more efficient for investors and brokers” (Royalties on Bilbao, Zacatecas).
  • Silver Tiger Metals Inc. filed a final short form prospectus with the securities commissions in each of the provinces of Canada, except Quebec, in connection with its bought deal public offering of common shares intended to raise up to C$15 M. If an over-allotment option is exercised in full, the aggregate gross proceeds would rise to C$17.2 M (El Tigre, Sonora).
  • GoGold Resources Inc. closed the previously announced bought deal offering, for aggregate gross proceeds of C$86.2 M (Los Ricos South, Jalisco).
  • Impact Silver Corp. proposed the extension by 18 months of 33.4 M warrants expiring in 2025. Such an extension is subject receipt of TSX Venture Exchange approval (Plomosas, Chihuahua).
  • Fortune Bay Corp. intends to complete a non-brokered private placement for aggregate gross proceeds of up to C$2.8 M (Ixhuatan, Chiapas).

ON RESOURCES AND DEVELOPMENT

  • Heliostar Metals Ltd. is to mobilize two drill rigs in April to commence a 15,000 m drilling campaign at Ana Paula, in Guerrero. The drill program will focus on infill drilling, testing the extent of satellite zones and test exploration targets north of the Parallel Panel.
  • Capitan Silver Corp. commenced drilling at its Cruz de Plata project in Durango. The initial 10,000 m of reverse circulation (RC) drilling is to focus on definition and step out drilling at Jesus Maria and its extension into the recently acquired Fresnillo claim, step out drilling along the Gully Fault zone to the northeast and drill targets on parallel mineralized structures to the north of Jesus Maria. “In total there are 8 silver mineralized structures that have been identified at Cruz de Plata for a cumulative strike of 7km”.
  • Vizsla Silver Corp. announced the discovery of high-grade mineralization on the Animas vein system, six km to the northeast of the Copala resource area, within its 7,190 ha Panuco project in Sinaloa. Highlighted true width high-grade intervals within a broader mineralization envelope below historic mine workings comprise 5.85 m @ 4.26 gpt Au, 653 gpt Ag (including 1.31 m @ 4.00 gpt Au, 1,190 gpt Ag and 1.13 m @ 14.10 gpt Au, 1,398 gpt Ag); 2.60 m @ 2.00 gpt Au, 457 gpt Ag, 0.1% Pb, 0.2% Zn (including 1.09 m @ 3.42 gpt Au, 814 gpt Ag, 0.1% Pb, 0.2% Zn).
  • Endeavour Silver Corp. informed its Terronera Mine in Jalisco is in the final construction stages. Highlights include advances in the commissioning of the upper platform process plant, testing of the crushing, grinding, flotation and tailing thickening circuit (producing 2 tonnes of concentrate), concentrate filter pre-commissioning, tailing filter mechanical assembly completed, tailing storage facility nearly complete, the first production stope has been mined and backfilled and surface run-of-mine and crushed stockpiles reached 40 K tonnes.
  • Aura Minerals Inc. reported updated mineral reserves and mineral resources for its four operating mines, including the Aranzazu mine in Zacatecas. “Infill and deep drilling campaigns from 2018 to 2024 in the Glory Hole (GH) zone have been successful in extending known mineralization…. Drilling campaigns in 2024 confirmed the extension of skarn mineralization in the Esperanza zone, with promising copper and gold grades”. Proven and probable reserves comprise 11.5 M tonnes averaging 0.64 gpt Au, 1.04% Cu, 17 gpt Ag, containing 237 K Oz Au, 264.1 M Lb Cu, 6.1 M Oz Ag. Measured and indicated resources comprise 20.1 M tonnes averaging 0.76 gpt Au, 1.18% Cu, 19 gpt Ag, containing 493,885 Oz Au, 521.9 M Lb Cu, 12.3 M Oz Ag. Inferred resources comprise 5.6 M tonnes averaging 0.44 gpt Au, 0.82% Cu, 14 gpt Ag, containing 78,808 Oz Au, 101.9 M Lb Cu, 2.5 M Oz Ag.
  • Gold Resource Corp. released a summary of the 2024 exploration drill results from its Don David Mine in Oaxaca. The program focused on underground infill and expansion drilling within the Three Sisters and Gloria vein systems as well as in veins of the North Arista system. Highlighted true-with results comprise 4.70 m @ 14.13 gpt Au, 125 gpt Ag, 0.32% Cu, 2.8% Pb, 7.1% Zn; 12.30 m @ 3.97 gpt Au, 71 gpt Ag, 0.29% Cu, 2.3% Pb, 4.2% Zn; 8.03 m @ 0.60 gpt Au, 40 gpt Ag, 0.17% Cu, 2.3% Pb, 4.9% Zn; 3.89 m @ 5.86 gpt Au, 33 gpt Ag, 0.24% Cu, 1.6% Pb, 6.2% Zn; 6.00 m @ 1.36 gpt Au, 372 gpt Ag, 0.60% Cu, 1.1% Pb, 2.6% Zn; 4.48 m @ 2.08 gpt Au, 1,299 gpt Ag, 0.32% Cu, 0.6% Pb, 1.5% Zn; 8.72 m @ 1.69 gpt Au, 298 gpt Ag, 0.24% Cu, 1.0% Pb, 2.1% Zn; 5.53 m @ 0.19 gpt Au, 28 gpt Ag, 0.12% Cu, 0.8% Pb, 5.6% Zn; 5.33 m @ 1.89 gpt Au, 746 gpt Ag, 0.21% Cu, 0.8% Pb, 1.5% Zn.
  • Aura Minerals Inc. filed updated technical reports of its mines, including the one on the Aranzazu Mine in Zacatecas. “In 2024, the Mine produced 77.6 thousand tonnes (kt) of concentrate from 1,229 kt of mill feed with average grades of 1.5% Cu, 0.83 g/t Au, and 22 g/t Ag”.
  • First Majestic Silver Corp. announced the 2024 mineral reserve and mineral resource estimates for its mines, including its Mexican operations. First Majestic is currently mining at Cerro Los Gatos (70% attributable to First Majestic) in Chihuahua, San Dimas in Durango, Santa Elena in Sonora and La Encantada in Coahuila. Total contained metals in Mexico amount to 2.61 M Oz Au, 303.3 M Oz Ag, 74 M Lb Cu, 751 M Lb Pb, 1,430 M Lb Zn (or 633.7 M Oz AgEq). The company also owns the Jerrit Canyon Mine in USA, with 1.9 M Oz Au in measured and indicated resources and 1.9 M Oz Au in inferred resources.

ON DEALS AND CORPORATE ISSUES

  • Alamos Gold Inc. filed its annual information form and 2024 annual report on Form 40-F, including its audited financial statements for 2024 with the SEC on EDGAR as well as on SEDAR+ (Mulatos, Sonora).
  • Riverside Resources Inc. announced that the spin-out of its subsidiary Blue Jay Gold Corp. has been approved by shareholders, with completion expected in late H1. Riverside will continue to focus on its royalty generation and project generator model in the Americas, while Blue Jay is to pursue exploration and development of several projects in Ontario (Cecilia, Sonora).
  • Equinox Gold Corp. has indefinitely suspended operations at its Los Filos mine in Guerrero, following the expiry of its land access agreement with the community of Carrizalillo at the end of March. “EquinoxGold has been engaged in collaborative discussions with the three communities that host the mine since November 2023. Consensus on terms was reached in January 2025, and new long-term agreements were subsequently ratified and signed with the Mezcala and Xochipala communities. To date, Carrizalillo has not signed a new long-term agreement with the Company”.
  • Golden Minerals Co. sold its wholly owned subsidiary, Minera de Cordilleras S. de R.L. de C.V. to a privately held Mexican company for consideration of US$600 Ka (previously held Rodeo, in Durango).
  • Oroco Resource Corp. informed of its meeting with Sinaloa’s governor Ruben Rocha and other senior state government officials. “The Governor recognizes the project’s potential for responsible development, investment, and long-term economic growth, and confirmed the potential contribution of the Santo Tomás Project to the future of the state economy, particularly that of the Municipality of Choix”. This meeting followed prior meetings in Mexico City with the undersecretary of economy Rosendo Gutierrez and Jose Aboitiz, Head of Extractives Activities Coordination Unit and Luz Hiram Olimpia, Director General of Mining Development, aimed to prepare for the incorporation of the Santo Tomas project into the Key Development Projects Registry of the Economy’s Mining Coordination Office (Santo Tomás, Sinaloa).
  • Riverside Resources Inc. informed that the Supreme Court of British Columbia has granted the final order involving the spin-out of its equity interest in its subsidiary Blue JayGold Corp., that is to focus on projects in Ontario (Cecilia, Sonora).
  • Sierra Metals Inc. acknowledged the press release by Alpayana S.A.C. announcing an intention to update its previously announced unsolicited all-cash takeover bid to acquire all of the issued and outstanding common shares of Sierra Metals. The company advises shareholders to TAKE NO ACTION at this time (Bolivar, Chihuahua).
  • Canasil Resources Inc. announced that DeVisser Gray LLP, Vancouver, has agreed to act as the Company’s auditors, replacing the previous auditors Davidson & Company LLP (Nora, Durango).
  • Masivo Silver Corp. completed the signing of an arms-length agreement to acquire the Cerro Colorado project from a private owner and Minera GoldZone S.A. de C.V. and partners. The project is located 11 km north of the Piedras Verdes open pit mine in Sonora. Upon completing the agreement Masivo will grant 300 K shares; pay US$60 K and either 1 M Masivo shares or US$100 K on the first anniversary; pay US$70 K  and either 1.5 M Masivo shares or US$150 K on the second anniversary; pay US$80 K and either 2 M Masivo shares or US$200 K on the third anniversary; pay US$100 K and either 2.5 M shares or US$250 K on the fourth anniversary. GoldZone and partners will retain 1.5% NSR, which Masivo can buy for US$1 M.
  • Empress Royalty Corp. informed on the advance to commercial production of the Tahuehueto mine in Durango by Luca Mining (see above), on which Empress has a 100% silver stream.

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

On the image below: Flow banded felsic dike on a Sonora Desert project. Picture by Jorge Cirett.

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

/ Gambusino Prospector / Leave a comment

By Jorge Cirett

During the 6th week of the year (February 3rd to February 9th, 2025), companies working in Mexico presented 27 press releases. Two companies informed on exploration on their properties, one company presented its quarterly report and one updated on 2024 achievements and 2025 plans. Six companies informed on financing rounds, one informed on the exercise of warrants and one more on the granting of stock options. A company reported drilling results from a satellite deposit, two companies informed on construction advance on their properties. Four companies informed on acquisitions and one more on the resignation of its CEO. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, in Sonora, Riverside Resources announced Fortuna Mining continues with the earn-in option on Cecilia. In Chihuahua, Kingsmen Resources reported surface sampling results for its Las Coloradas project. ON MINING, Heliostar Metals announced Q4 2024 production results, Avino Silver shared 2024 achievements and its 2025 outlook. ON FINANCING, eight companies informed on financing rounds, including Discovery Silver (C$247.5 M), Silver Storm Mining (C$3.45 M), Reyna Silver (C$1.04 M), Oroco Resource (C$1.5 M), Goldgroup Mining (US$1.87 M), Capitan Silver (C$5.3 M) and Southern Silver Exploration (C$3 M). Minera Alamos granted stock options. ON RESOURCES AND DEVELOPMENT, First Majestic reported H2 2024 drilling results from the Navidad deposit, satellite to the Ermitaño mine within its Santa Elena property in Sonora. Torex Gold presented the development advance on the Media Luna mine construction within its Morelos property in Guerrero. Endeavour Silver provided the construction progress advance on its Terronera mine in Jalisco.  ON DEALS AND CORPORATE ISSUES, SilverCrest Metals received clearance from the authorities for its acquisition by Coeur Mining to proceed. Barksdale Resources announced the resignation of Rick Trotman as CEO. Minera Alamos closed the acquisition of a company with a property in USA. Southern Silver Exploration entered into a letter of agreement to acquire the Nazas property in Durango. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

  • Riverside Resources Inc. announced Fortuna Mining Corp. continues to advance its earn-in option on the Cecilia project, in Sonora. The announcement comes after the completion of the Q4 2024 five-hole diamond drill program to test four different area to assess the size and the strength of the hydrothermal system. Highlighted core length intervals comprise 4.00 m @ 3.41 gpt Au; 5.25 m @ 0.39 gpt Au in the San Jose vein system, 1.75 m @ 0.38 gpt Au in the East Target and 2.00 m @ 0.21 gpt Au on the Mayra vein. “The drilling positively demonstrated scale and alterations consistent with a mineralized system worthy of more advanced drilling in addition to continued target testing”.
  • Kingsmen Resources Ltd. reported results from surface sampling at its Las Coloradas project in Chihuahua. The company has identified a new target area for drilling: DBD; This is in addition to the Mine, Aguilar and Leona targets. Highlighted surface rock samples comprise: 1.0 m @ 202 gpt Ag, 0.20 gpt Au, 1.7% Pb, 10.7% Zn; 0.8 m @ 82 gpt Ag, 2.0% Zn; 0.6 m @ 81 gpt Ag, 1.3% Pb, 3.0% Zn; 0.7 m @ 268 gpt Ag, 0.36 gpt Au, 4.1% Pb, 10.1% Zn; 1.1 m @ 243 gpt Ag, 4.4% Pb, 4.8% Zn; 1.1 m @ 94 gpt Ag, 1.9% Pb, 3.4% Zn; 0.9 m @ 308 gpt Ag, 0.24 gpt Au, 4.5% Pb, 21.0% Zn; 0.8 m @ 198 gpt Ag, 0.33 gpt Au, 5.0% Pb, 5.1% Zn; 0.9 m @ 187 gpt Ag, 0.73 gpt Au, 3.9% Pb, 6.6% Zn; 0.8 m @ 396 gpt Ag, 0.46 gpt Au, 4.6% Pb, 3.5% Zn; 0.5 m @ 335 gpt Ag, 0.27 gpt Au, 3.3% Pb, 10.6 % Zn; 0.8 m @ 169 gpt Ag, 0.45 gpt Au, 3.1% Pb, 1.6% Zn.

ON MINING

  • Heliostar Metals Ltd. announced Q4 2024 production results, adding to 20,795 Oz AuEq for the year. During the last quarter 3,052 Oz Au, 9.8 K Oz Ag (or 3,167 Oz AuEq) were sold from production at La Colorada mine in Sonora, and 7,104 Oz Au, 10.2 K Oz Ag (or 7,224 Oz AuEq) were sold from production at San Agustin, in Durango. La Colorada and San Agustin ceased mining operations in September 2023 and September 2024 respectively, and have been producing metals from re-leaching activities. For 2025 Heliostar aims to produce 17,000 to 23,300 Oz Au, 42.5 K to 51.5 K Oz Ag at La Colorada and 13,000 to 16,700 Oz Au, 34 K to 43 K Oz Ag at San Agustin in 2025 at a cash cost of $1,800 to $1,950 per Oz AuEq and an AISC of $1,950 to $2,100 per Oz AuEq. Mining operations restarted at La Colorada in January 2025 and are planned to continue through the year. At San Agustin a permit application has been submitted to expand the open pit that would allow mining operations to recommence in 2025. A feasibility study (FS) is to be completed on Ana Paula during 2025, aiming to a construction decision soon after.
  • Avino Silver & Gold Mines Ltd. shared 2024 achievements and the outlook for 2025. The company posted record revenues in Q2 and Q3 2024, with mill throughput increasing by 26% compared to Q4 2023, gold production increased 76% with improved grade feed and produced 2.65 M Oz AgEq during the year. A long-term use agreement was signed with a local community at La Preciosa (adjacent property to Avino), completed office and outbuildings, with critical stability reinforcements made at the mine entrance. For 2025 the company plans to process 700 to 750 K tonnes from both Avino and La Preciosa, expecting to produce 2.5 to 2.8 M Oz AgEq. Avino had US$26 M in cash at the end of 2024 and remains debt-free. Total exploration budget is between US$1 and US$2M to drill on the Avino and Guadalupe veins.

ON FINANCING

  • Discovery Silver Corp.  closed the bought deal public offering for gross proceeds of C$247.5 M, which includes 25 M subscription receipts issued pursuant to the exercise, in full, of the over-allotment option granted to the underwriters (Porcupine Complex, Canada; Cordero, Chihuahua).
  • Silver Storm Mining Ltd. closed an additional tranche of the non-brokered private placement offering previously announced. Under this tranche of the offering share units were issued for aggregate gross proceeds of C$2.16 M, including a C$1.5 M investment from current significant shareholder First Majestic Silver Corp. In total gross proceeds of C$3.45 M were raised (La Parrilla, Durango).
  • Reyna Silver Corp. announced the first closing of the previously announced private placement offering, for gross proceeds of C$1.12 M. Certain insiders of the company subscribed for a total consideration of C$1.04 M (Guigui, Chihuahua).
  • Oroco Resource Corp. amended the terms of a non-brokered private placement to up to C$1.5 M in gross proceeds (Santo Tomás, Sinaloa).
  • Goldgroup Mining Inc. announced that all shareholders holding share purchase warrants issued on September 2024 have exercised all the outstanding warrants, for gross proceeds of US$1.87 M (Cerro Prieto, Sonora).
  • Capitan Silver Corp. intends to increase the size of its previously announced private placement to up to C$5.3 M (Cruz de Plata, Durango).
  • Minera Alamos Inc. granted 6.2 M incentive options to new and existing employees, management, directors and consultants (Santana, Sonora).
  • Southern Silver Exploration Corp. announced the increase of its previously announced non-brokered private placement to up to C$3 M in gross proceeds (Cerro Las Minitas, Durango).

ON RESOURCES AND DEVELOPMENT

  • First Majestic Silver Corp. reported drilling results from the Navidad zone of the Santa Elena property in Sonora. The results from the second half of 2024 drilling program with 20,809 m in 17 holes are from the Navidad and Winter veins. Highlighted true width intercepts comprise 4.30 m @ 5.12 gpt Au, 43 gpt Ag; 1.22 m @ 9.22 gpt Au, 76 gpt Ag; 4.83 m @ 8.60 gpt Au, 77 gpt Ag; 6.06 m @ 5.64 gpt Au, 104 gpt Ag; 3.30 m @ 7.09 gpt Au, 1,253 gpt Ag; 3.07 m @ 4.27 gpt Au, 57 gpt Ag; 2.66 m @ 13.93 gpt Au, 99 gpt Ag; 1.38 m @ 0.42 gpt Au, 1,064 gpt Ag; 1.26 m @ 0.32 gpt Au, 462 gpt Ag; 1.59 m @ 6.40 gpt Au, 110 gpt Ag; 5.62 m @ 2.89 gpt Au, 50 gpt Ag in the Winter vein, 3.24 m @ 13.06 gpt Au, 205 gpt Ag; 2.32 m @ 7.09 gpt Au, 38 gpt Ag; 1.27 m @ 2.08 gpt Au, 120 gpt Ag; 2.58 m @ 1.44 gpt Au, 139 gpt Ag; 1.35 m @ 2.90 gpt Au, 354 gpt Ag; 4.78 m @ 1.36 gpt Au, 115 gpt Ag in the Navidad vein. Significant mineralization has been recognized for 600 m along strike and 350 on dip, with 0.65 m to 6.6 m in thickness on the Winter vein, and 1,000 m along strike and 300 downdip on the Navidad vein, which is 0.5 to 5.0 m in thickness. Exploration is being conducted in favorable host rocks concealed under extensive overlying volcanic rocks.
  • Torex Gold Resources Inc. provided an update on development of its Media Luna project to the end of 2024. Media Luna is part of the company’s Morelos property in Guerrero. The project was at 94% completion, with procurement 99% complete, underground and surface development/construction at 90% and 85% respectively. The start of the four-week tie-in of the copper and iron sulphide flotation circuits is scheduled for late February, with first concentrate production expected by the end of Q1 and commercial production shortly thereafter. “At the end of 2024, 83% of the total planned workforce at Media Luna was in place, which involved the recruitment of 136 people and transfer of 197 employees over the course of the year”.
  • Orogen Royalties Inc. announced the expansion of the Navidad target within the Ermitaño mine concession (on which Orogen has a 2% NSR) on First Majestic’s Santa Elena property in Sonora (see above for details).
  • Endeavour Silver Corp. provided a Q4 2024 construction progress update for its Terronera project in Jalisco. Project progress reached 89.4% completion, with US$302 M spent of the US$332 M budget. During Q4 1,700 m of underground development were completed, much of the upper plant platform site was finished, whereas the lower platform facilities and tailings storage facility – lower platform area was 42% complete, the laboratory building was complete and the plant maintenance building presented 80% advance. “At the end of Q4, the Terronera workforce included 297 Endeavour Silver employees and 821 contract workers”. The 2024 budget has been revised for 2025 from US$271 M to US$332 M. Full system commissioning is anticipated for early Q2 2025.

ON DEALS AND CORPORATE ISSUES

  • SilverCrest Metals Inc. received the clearance decision from the from COFECE (Comisión Federal de Competencia Económica) with respect to the company’s plan of arrangement with Coeur Mining Inc., whereby Coeur will indirectly acquire all of the issued and outstanding shares of SilverCrest (Las Chispas, Sonora).
  • Agnico Eagle Mines Ltd. and O3 Mining Inc. announced that Agnico owns now 96.5% of the issued and outstanding shares of O3 Mining (Pinos Altos, Chihuahua).
  • Barksdale Resources Corp. announced the resignation of Rick Trotman from his position as president and CEO of the company. William Wulftange, a current member of the board of directors, will assume in an interim basis all related duties (San Javier, Sonora).
  • Minera Alamos Inc. and Sabre Gold Mines Corp. announced the closing of the previously announced acquisition by Minera Alamos of Sabre and its Copperstone gold project in Arizona (Santana, Sonora).
  • SilverCrest Metals Inc. announced that the company’s securityholders have approved the plan of arrangement with Coeur Mining, Inc., whereby Coeur will acquire all of the issued and outstanding SilverCrest shares (Las Chispas, Sonora).
  • Southern Silver Exploration Corp. entered into a letter agreement with La Cuesta International, S.A. de C.V. to acquire the Nazas project in Durango. Southern Silver can earn 100% interest in Nazas by “making pre-production cash payments totalling US$130,000 over a 36 month period with a preproduction payment of US$25,000 payable every 6 months thereafter; and (ii) completing a minimum aggregate 8,000 metres of drilling on the project over a 4 year period. The Company will also pay US$25,000 in reimbursement of concession rights taxes”. The project is subject to a 2% NSR on the current claims, 1% NSR on any new claims and 0.5% NSR on third party owned lands acquired. The property comprises five claims covering 2,189 ha and has a comprehensive database that includes several thousand rock and soil samples, channel samples clay alteration studies, magnetic, gravimetric and magneto telluric surveys over selected areas and results of 18 holes totaling over 4,000 m (12 RC and 6 DDH).
  • Heliostar Metals Ltd. appointed Ms. Vitalina Lyssoun as chief financial officer (Ana Paula, Guerrero).

ON SOCIAL RESPONSIBILITY

  • No Relevant news.

On the image below: Silicifed ridge on a project in the Sonora Desert. Drone picture by Jorge Cirett.

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

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Actinolite

By Miguel A Heredia

During the 3rd week of the year (January 13th to January 19th 2025), at least 36 press releases were announced by companies working in Mexico, with thirteen disclosing deals and corporate issues, eight announcing financing rounds, eight reporting resources and development of their properties, six communicating production results, and one commenting on Mexican issues.  ON MEXICO ISSUES, Prime Mining, Kootenay Silver, and Impact Silver reported the best drilling intercepts in Mexico on the third week of January, 2025. ON EXPLORATION, no relevant news. ON MINING, Alamos Gold announced that it plans to release its Q4 and year-end 2024 financial results on February 19, 2025 (Mulatos mine, Sonora). Pan American Silver reported Q4, 2024 production results from their Mexican mining operations (La Colorada, Zacatecas and Dolores, Chihuahua). Sierra Metals announced Q4, and end-year 2024 production results from its Bolivar mine in Chihuahua. SilverCrest reported Q4 and end-year 2024 production results from its Las Chispas mine in Sonora. Endeavour provided 2025 production and cost guidance for Guanacevi and Bolañitos mines located in Durango and Guanajuato states respectively. Alamos reported Q4 and annual 2024 production results for its Mulatos mine, Sonora, and provided three years operating guidance. Torex Gold provided operational guidance and updated five-year production outlook (Morelos Complex, Guerrero). ON FINANCING, Goldgroup announced a non-brokered private placement for gross proceeds of up to $3.5M (Cerro Prieto mine, Sonora). Barksdale reported that it is seeking approval from the Toronto Stock Exchange to amend its secured convertible debentures held by Delbrook Capital Advisors Inc (San Javier project, Sonora). Silver Viper announced share consolidation (La Virginia project, Sonora). Quetzal Copper reported an extension to its non-brokered private placement (Cristinas project, Chihuahua).  Royalties Inc., closed a non-brokered private placement for gross proceeds of $180K (Bilbao project, Zacatecas). Minera Alamos announced Auramet loan extension (Santana mine, Sonora). Goldgroup completed the acquisition of a loan facility to acquire all shares of Minera Apolo (Cerro Prieto mine, Sonora). Silver Storm closed the third tranche of its non-brokered private placement financing for gross proceeds of CAD $784,500 (La Parrilla mine, Durango). ON RESOURCES AND DEVELOPMENT, Luca Mining commenced a 5,000m underground diamond drilling program at Campo Morado mine, Guerrero. Avino commenced underground development at its La Preciosa mine in Durango. GoGold announced results of Los Ricos project, Jalisco Feasibility Study. Heliostar Metals filed technical reports on the La Colorada operations in Sonora, San Agustin operations in Durango, and San Antonio project in Baja California Sur. Prime Mining reported expansion drilling results from its Los Reyes project, Sinaloa. Kootenay released results of seven holes drilled at its Columba project in Chihuahua. Impact Silver reported results from its ongoing drill program in the Juarez mine area of its Plomosas mine, Chihuahua.  ON DEALS AND CORPORATE ISSUES, Infinitum Copper announced the appointment of a new member to its Board of Directors (La Adelita project, Sonora). Luca Mining declared that it has been invited to participate in a 2025 Mining Conference presented by Maxim Group LLC (Tahuehueto project, Durango). Capstone announced the appointment of a new member to its Board of Directors (Cozamine mine, Zacatecas). SilverCrest mailed and filed meeting material for its special meeting of shareholders (Las Chispas mine, Sonora). Fortuna Mining entered into a binding letter agreement to sell its non-core San Jose mine, Oaxaca to Minas del Balsas Luca Mining announced it has been named to the 2025 OTCQX® Best 50 (Campo Morado mine, Guerrero). Sierra Metals rejected a hostile takeover bid from Alpayana S.A.C. (Bolivar mine, Chihuahua). SilverCrest announced the appointments of their Senior Vice President Operations and Senior Vice President Corporate Development (Las Chispas mine, Sonora). Luca Mining granted stock options to its Chief Technology Officer (Campo Morado mine, Guerrero). MAG Silver announced the retirement of a member of its Investor Relations team (Juanicipio mine, Zacatecas). First Majestic completed the acquisition of Gatos Silver. Inomin commenced initial discussions with companies interested in partnering or acquiring its la Gitana project in Oaxaca. Agnico Eagle offered O3 Mining shareholders $1.67 per share in cash, representing a 58% premium over O3’s closing price on December 11, 2024 (Pinos Altos mine, Chihuahua). ON SOCIAL RESPONSIBILITY,  no relevant news.

ON MEXICO ISSUE

  • Prime Mining Corp., Kootenay Silver Inc., and Impact Silver Corp., reported the best drilling intercepts in Mexico on the third week of January, 2025. Details are shown in the table below:

ON EXPLORATION

  • No relevant news.

ON MINING

  • Alamos Gold Inc., announced that it plans to release its Q4 and year-end 2024 financial results on February 19, 2025 (Mulatos mine, Sonora).
  • Pan American Silver Corp., reported Q4, 2024 production results from their Mexican mining operations. The company produced in Q4, 2024 a total of 1.6M Oz Ag and 0.7K Oz Au at La Colorada mine, Zacatecas for an end-year 2024 of 4.88M Oz Ag while at Dolores mine, Chihuahua, it produced 424K Oz Ag in Q4, 2024 and 17.9K Oz Au for an end-year 2024 of 1.7M Oz Ag and 72.3K Oz Au.
  • Sierra Metals Inc., announced Q4, and end-year 2024 production results from its Bolivar mine in Chihuahua. In the period Q4, 2024, Sierra Metals processed 452,613 tonnes of 0.77% Cu, 16 g/t Ag and 0.32 g/t Au with metallurgical recoveries of 91.2%, 84.32%, and 66.67% respectively to produce 7M Lb Cu, 196K Oz Ag, and 3K Oz Au. In the full fiscal year 2024, the company processed 1,626,440 tonnes of 0.84% Cu, 19 g/t Ag, and 0.38 g/t Au, with metallurgical recoveries of 91.36%, 83.03%, and 67.01% respectively, to produce 27.45M Lb Cu, 812K Oz Ag, and 13.4K Oz Au. Sierra metals also provided its 2025 production guidance and expect to produce between 25.1-27.4M Lb Cu, 680-740K Oz Ag, and 8.1-13.4K Oz Au, at cash and AISC of $2.64-$2.77 and $3.45-$3.62 per Lb CuEq respectively.
  • SilverCrest Metals Inc., reported Q4 and end-year 2024 production results from its Las Chispas mine in Sonora. During Q4, 2024 it mined 127,278 tonnes and milled 113,594 tonnes with a grade of 3.89 g/t Au and 385 g/t Ag with metallurgical recoveries of 98.4% both to produce 13.9K Oz Au and 1.38M Oz Ag. The company sold 15.1K Oz Au and 1.45M Oz Ag at averages prices of USD $2,647 per Oz Au and USD $31.26 per Oz Ag. In Oz AgEq it processed an average grade of 694 g/t AgEq to produce 2.5M Oz AgEq and sold 2.65M Oz AgEq. In the end-year 2024, SilverCrest mined 437,263 tonnes and milled 439,387 tonnes with a grade of 4.28 g/t Au and 410 g/t Ag with metallurgical recoveries of 98.5% and 98.2% respectively, to produce 58.9K Oz Au and 5.66M Oz Ag. The company sold 59.8K Oz Au and 5.75M Oz Ag at averages prices of USD $2,356 per Oz Au and USD $28.03 per Oz Ag. In Oz AgEq it processed an average grade of 745 g/t AgEq to produce 10.35M Oz AgEq and sold 10.5M Oz AgEq.
  • Endeavour Silver Corp., provided 2025 production and cost guidance for Guanacevi and Bolañitos mines located in Durango and Guanajuato states respectively. At Guanacevi, Durango, the company expects to process between 1,000-1,100 tonnes per day to produce 3.9-4.4M Oz Ag and 11-13.5K Oz Au (4.8-5.5M Oz AgEq).  At Bolañitos, Guanajuato, Endeavour expects to process 1,100-1,200 tonnes per day, to produce between 0.6-0.8M Oz Ag and 19.5-20.5K Oz Au (2.2-2.4M Oz AgEq). Consolidated cash costs and all-in sustaining costs (AISC) for Guanaceví and Bolañitos in 2025 are estimated to be USD $16.00- USD $17.00 per oz silver and USD $25.00-USD $26.00 per oz silver, respectively, net of gold by-product credits.
  • Alamos Gold Inc., reported Q4 and annual 2024 production results for its Mulatos mine, Sonora, and provided three years operating guidance (currency is expressed in US dollars). In Q4, 2024, the company produced 38.9K Oz Au from Mulatos mine, for a total production in the full year 2024 of 205K Oz Au. 2025 guidance for Mulatos mine is expected to be in the range of 130-140K Oz Au, at cash and AISC of $925-$975 and $1,025-$1,075 per Oz Au produced respectively. 2026 and 2027 guidance for Mulatos mine is expected to be in the range of 120-130K Oz Au, and 125-135K respectively.
  • Torex Gold Resources Inc., provided its 2025 operational guidance and updated five-year production outlook for its Morelos Complex in Guerrero (currency expressed in US dollars). 2025 payable production is expected to be between 400-450K Oz AuEq, down from 460-480K Oz AuEq in 2024, primarily due to scheduled four-week processing plant shutdown. Total CAPEX are projected at $175-195M, with sustaining capital at $85-95M and non-sustaining capital at $90-100M. The company plans to drill 124,500m to improve resource definition, particularly in the Media Luna area. The company plans to maintain annual AuEq production at least 450K Oz from 2025 through 2030, supported by the Media Luna project and the anticipated start-up of the EPO project in late 2026.   

ON FINANCING

  • Goldgroup Mining Inc., announced a non-brokered private placement of up to 35,000,000 units of the company at a price of $0.10 per unit for gross proceeds of up to $3.5M. Each unit will consists of one common share and one-half common share purchase warrant, with each full warrant being exercisable to purchase one common share at a price of $0.15 for 24 months from the date of issuance. Gross proceeds will be used to advance its Cerro Prieto project in Sonora, for general working purposes and debt reduction.
  • Barksdale Resources Corp., reported that it is seeking approval from the Toronto Stock Exchange Venture (TSXV) to amend its secured convertible debentures held by Delbrook Capital Advisors Inc. The proposed amendments include extending the maturity date to December 31, 2025 and reducing the conversion price from $0.55 to $0.18 per share. Additionally, Barksdale plans to issue 8,000,000 new detachable common share purchase warrants to Delbrook, as the previous warrants expired unexercised on December 31, 2024. The company is also pursuing a securities-for-debt settlement to address accrued interest on the debentures, totaling 151,643.84, by issuing 1,045,819 units at a deemed price of $0.145 per unit. Any subsequent interest accrued under the Debentures after December 31, 2024 shall be payable until January 17, 2025 in accordance with the terms and conditions of the Debentures and the policies of the TSXV. These actions aim to strengthen Barksdale’s financial position and facilitate ongoing projects in base metal exploration (San Javier project, Sonora).
  • Silver Viper Minerals Corp., announced share consolidation announced a share consolidation, converting ten pre-consolidation common shares into one post-consolidation common share, effective January 15, 2025. Registered shareholders will receive letters of transmittal with instructions for exchanging their shares, while those holding shares via direct registration system will not need to take any action. Prior to the consolidation, the company had 194,771,623 common shares outstanding, which will reduce to approximately 19,477,163 shares post-consolidation (La Virginia project, Sonora).
  • Quetzal Copper Corp., reported an extension to its non-brokered private placement offering, now set to close by February 17, 2025. The company plans to sell up to 6,666,666 units at CAD $0.15 each, aiming for gross proceeds of up to CAD $1M, and up to 11,764,705 flow-through units at CAD $0.17 each for up to CAD $2M. Each unit includes one common share and a half warrant, allowing the purchase of additional shares at CAD $0.25 for 24 months. The proceeds will be used for exploration and development activities related to their projects in British Columbia and Mexico (Cristinas project, Chihuahua).
  • Royalties Inc., closed a non-brokered private placement of 6M shares at a price of $0.03 per share for gross proceeds of $180K to cover overhead in Canada and property taxes and litigation expenses in Mexico in 2025 (Bilbao project, Zacatecas).
  • Minera Alamos Inc., received conditional approval from the Toronto Stock Exchange Venture (TSXV) settle the amount of USD $400K due to Auramet International, Inc. and Auramet Capital Partners, L.P. to extend the date by which certain conditions of the original loan agreement dated October 27, 2023 need to be satisfied from November 29th, 2024 to May 29th, 2025. For full consideration of the USD $400K extension fee payment, the TSXV has conditionally accepted the company’s proposal to issue 1,901,648 common shares at a deemed price of CAD $0.2949 per share (Santana mine, Sonora).
  • Goldgroup Mining Inc., completed the acquisition of a loan facility to acquire all shares of Minera Apolo S.A. de C.V. Minera Apolo is s the 100% owner of the fully permitted for construction Pinos property in Zacatecas. In consideration for the acquisition of the loan facility, the company proposes to issue 50M common shares paid pro rata to the members of the Creditor Group, the payment of cash consideration of USD $0.5M within 18 months of the closing date of the agreement entered in connection with the acquisition of the loan facility, and a payment of USD $1.5M in contingent consideration which is only due upon the completion of certain criteria, including a positive pre-feasibility study at the Pinos project, the advancement of the project into commercial production, publishing an updated 43-101 with greater than 200K Oz of contained gold equivalent ounces for the Pinos project, or the Company’s owned interest in the Pinos project falling to less than 51%. The completion of this transaction is subject to receipt of all necessary approvals, including approval of the TSX Venture Exchange (Cerro Prieto mine, Sonora).
  • Silver Storm Mining Ltd., closed the third tranche of its non-brokered private placement financing for gross proceeds of CAD $784,500. The third tranche included a CAD $500K investment from current significant shareholder Eric Sprott. To date under the Offering, the Company has raised total gross proceeds of CAD $1,290,420. Net proceeds will be used to complete its upcoming NI43-101 resource statement and for general corporate and working capital purposes (La Parrilla mine, Durango).

ON RESOURCES AND DEVELOPMENT

  • Luca Mining Corp., commenced a 5,000m underground diamond drilling program consisting in 25 holes to target the addition of mineral resources from under-drilled zones proximal to existing underground production areas as well as the identification of mineralization within previously untested areas with high potential for the discovery of new mineral resources to the near and medium term mine plan at its Campo Morado mine in Guerrero. It is the first drilling campaign in Campo Morado in over a decade.
  • Avino Silver & Gold Mines Ltd., commenced underground development at its La Preciosa mine in Durango, following receipt of all required permits for mining operations. The development of a 350m mine access and haulage decline is designed to intercept the high grade La Gloria and Abundancia veins. Development for the first phase at La Preciosa is expected to be under $5M and will be funded from cash reserves.
  • GoGold Resources Inc., announced results of Los Ricos project, Jalisco Feasibility Study (all currency expressed in US dollars). Highlights include an after tax net present value, using a discount rate of 5%  of $355M, with an after-tax IRR of 28%; a NPV, using a discount rate of 5%  of $ 469 at approximate spot metal silver price of $30 per Oz and gold price of $2,608 per Oz; 15-year mine life producing a total of 80M Oz payable AgEq, consisting of 41M Oz Ag, 424K Oz Au, and 11M Lb Cu; Initial capital costs of $227M, including $21M in contingency costs, over an expected two year build, and sustaining capital costs of $100M over the life of mine; average operating cash costs of $9.94/Oz AgEq, and all in sustaining costs (AISC) of $11.19/Oz AgEq over first 5 years of production, with average AISC of $12.32/Oz AgEq over the underground mine life; average annual production of 7.3M Oz AgEq oz over first 5 years; successful conversion of Mineral Resources to Proven and Probable Mineral Reserves totalling 10.2M tonnes grading 276 g/t AgEq containing 91M Oz AgEq, including 7.5M underground tonnes grading 326 g/t AgEq; and average underground mining width of 11m using bulk mining method of longitudinal sub-level long-hole mining.
  • Heliostar Metals Ltd., filed technical reports on the La Colorada operations in Sonora, San Agustin operations in Durango, and San Antonio project in Baja California Sur. La Colorada, Sonora shows a NPV of USD $25.9M using a discount rate of 5%; an IRR of USD $11.9M; a CAPEX of USD $53.9M; and 287K total ounces produced at a USD $2,000/Oz gold price. El Crestón expansion at La Colorada is expected to produce over 50K Oz Au per year. Current drill program (five drill rigs) is targeting lower CAPEX and increased production for updated technical report planned for mid-2025. San Agustin, Durango shows a NPV of USD $12.7M using a discount rate of 5%; an IRR of USD $156.1M; a CAPEX of USD $4.2M; and 45K total ounces produced at a USD $2,100/Oz gold price. Upon receipt of permit, expected in 2025, the company will undertake drilling to potentially extend the mine life from oxide gold production and is reviewing the projects sulphide potential. San Antonio, Baja California Sur PEA shows a NPV of USD $398.7M using a discount rate of 5%; an IRR of USD $40.7M; a CAPEX of USD $131.3M; and 1.1M total ounces produced at a USD $1,900/Oz gold price. Mineral resource of 1.6M Oz Au at San Antonio project creates attractive optionality with high grade, low CAPEX, sub-USD $1,100/Oz AISC and long mine life.
  • Prime Mining Corp., reported expansion drilling results from Tahonitas within its Los Reyes project, Sinaloa. Drilling highlights (true width reported) include holes 24TA-149 with 2.23 g/t Au and 266 g/t Ag (5.67 g/t AuEq) over 4.2m, including 3.94 g/t Au and 429 g/t Ag (9.49 g/t AuEq) over 2.1m; hole TA24-144 with 1.36 g/t Au and 20 g/t Ag (1.62 g/t AuEq) over 15.2m, including 1.17 g/t Au and 28 g/t Ag (1.54 g/t AuEq) over 0.8m, and including 4.22 g/t Au and 55 g/t Ag (4.94 g/t AuEq) over 3.7m; and hole 24TA-153 with 2.55 g/t Au and 184 g/t Ag (4.93 g/t AuEq) over 3.3m, including 7.09 g/t Au and 541 g/t Ag (14.09 /t AuEq) over 1.1m, plus 0.72 g/t Au and 15 g/t Ag (0.92 g/t AuEq) over 19.2m, including 2.23 g/t Au and 46 g/t Ag (2.82 g/t AuEq) over 2.4m.
  • Kootenay Silver Inc., released results of seven holes drilled at its Columba project in Chihuahua. Drilling highlights (true widths reported) include holes CDH-24-183 on F-Vein with 210 g/t Ag, 0.1% Pb, and 0.4% Zn over 14.7m, including 1,440 g/t Ag, 0.5% Pb, and 2.5% Zn over 0.36m, and 468 g/t Ag, 0.4% Pb, and 1.1% Zn over 3.05m, including 811 g/t Ag, 0.6% Pb, and 1.8% Zn over 0.46, and 1,050 g/t Ag, 0.9% Pb, and 2.9% Zn over 0.46m, plus some intercepts on FW to F-Vein with 82 g/t Ag, 0.05% Pb, and 0.1% Zn over 7.36m, including 905 g/t Ag, 0.6% Pb, and 0.3% Zn over 0.17m; and hole CDH-24-177 on D-Vein with 130 g/t Ag, 0.06% Pb, and 0.1% Zn over 7.6m, including 222 g/t Ag, 0.1% Pb, and 0.2% Zn over 3.50m. The results are a continuation of ongoing drill testing of those three trends.
  • Impact Silver Corp., reported results from its ongoing underground drill program in the Juarez mine area of its Plomosas mine, Chihuahua. Drilling highlights (true widths reported) include holes UGMJ-2420 with 14.1% Zn, 1.6% Pb, and 12 g/t Ag over 2.2m, including 26.1% Zn, 3% Pb, and 23 g/t Ag over 0.9m; hole UGMJ-2415 with 30.1 % Zn, 2.7% Pb, and 19 g/t Ag over 1.2m, plus 18.91% Zn, 0.1% Pb, and 13 g/t Ag over 0.4m, plus 10.2% Zn, 5.4% Pb, and 26 g/t Ag over 1.2m; and hole UGMJ-2422 with 30.1% Zn, 10.1% Pb, and 40 g/t Ag over 1.1m.

ON DEALS AND CORPORATE ISSUES

  • Infinitum Copper Corp., announced the appointment of a new member to its Board of Directors and the resignation of one of its Directors (La Adelita project, Sonora).
  • Luca Mining Corp., declared that it has been invited to participate in the 2025 Mining and Supplying Critical Minerals & Precious Metals Conference presented by Maxim Group LLC (Tahuehueto project, Durango).
  • Capstone Copper Corp., announced the appointment of a new member to its Board of Directors (Cozamine mine, Zacatecas).
  • SilverCrest Metals Inc., mailed and filed meeting material for its special meeting of shareholders, where securityholders will be asked to pass a special resolution approving an arrangement with Coeur Mining Inc, whereby SilverCrest shareholders will receive 1.6022 shares of Coeur common stock for each SilverCrest share (Las Chispas mine, Sonora).
  • Fortuna Mining Corp., entered into a binding letter agreement to sell its 100% interest in Compañía Minera Cuzcatlán S.A. de C.V., to Minas del Balsas S.A. de C.V. Compañia Minera Cuzcatlan is the owner of San Jose mine, Oaxaca and Minas del Balsas will acquire 100% interest by paying USD $2M on closing of the transaction; a further USD $2M payable on the first anniversary of closing the transaction; a final USD $2M on the second anniversary of closing the transaction; and the right to receive up to approximately USD $11M upon the completion of certain conditions. Additionally, Fortuna will retain a 1% NSR on production from the San Jose mine concession, for a 5-year term as of the start of production.
  • Luca Mining Corp., announced it has been named to the 2025 OTCQX® Best 50, a ranking of top performing companies traded on the OTCQX Best Market last year  (Campo Morado mine, Guerrero).
  • Sierra Metals Inc., rejected a hostile takeover bid from Alpayana S.A.C., stating that the offered price of CAD $0.85 per share undervalues the company. The Board of Directors, supported by over 50% of shareholders, believes the bid does not reflect Sierra’s growth potential, particularly in light of increasing copper demand and the company’s operational successes. They recommend that shareholders take no action to reject the bid and emphasize the company’s strong prospects for future value creation. The Board is also exploring other strategic alternatives to maximize shareholder value (Bolivar mine, Chihuahua).
  • SilverCrest Metals Inc., announced the appointments of their Senior Vice President Operations and Senior Vice President Corporate Development (Las Chispas mine, Sonora).
  • Luca Mining Corp., granted 500K stock options exercisable at a price of $0.58 to its Chief Technology Officer and expires five years from the date of their issuance. A second tranche of 100K options, exercisable at $0.58 has been granted to one other eligible person in accordance with Luca’s omnibus equity incentive plan. These options are exercisable over a period of two years (Campo Morado mine, Guerrero).
  • MAG Silver Corp., announced the retirement of a member of its Investor Relations team (Juanicipio mine, Zacatecas).
  • First Majestic Silver Corp., completed the acquisition of Gatos Silver Inc., pursuant to the agreement and plan of merger previously announced. Both companies announced that they received all necessary shareholder approvals at the respective special meetings of each company’s shareholders. With the transaction now complete, the Gatos Silver shares will cease trading and will be delisted from the New York Stock Exchange and the Toronto Stock Exchange.
  • Inomin Mines Inc., commenced initial discussions with companies interested in partnering or acquiring its la Gitana project in Oaxaca. Drilling at La Gitana has outlined a significant gold-silver deposit open to expansion.
  • Agnico Eagle Mines Limited offered O3 Mining Inc., shareholders $1.67 per share in cash, representing a 58% premium over O3’s closing price on December 11, 2024. The offer expires on January 23, 2025, and has been unanimously recommended by O3 Mining’s Board and Special Committee. Approximately 39% of O3’s outstanding shares are already committed through Lock-up Agreements. Shareholders are encouraged to tender their shares promptly to ensure timely processing.

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 above, actinolite from an IOCG project in Sonora, Mexico. Photo taken by Miguel A Heredia.

The Mining and Exploration News in Mexico: Highlights on the Fourth Week of December 2024

/ Gambusino Prospector / Leave a comment

By Jorge Cirett                                             

During the 52nd week of the year (December 23rd to December 29th, 2024), companies working in Mexico presented only 5 press releases, a record low in the more than nine years we have been posting news. Not a single company informed on exploration advances at its property, one company presented monthly production. Two companies informed on financing rounds to be applied out from Mexico, a royalties company declared a quarterly dividend. No companies presented news on resources and development. One company is against an unsolicited take over bid. ON MEXICO ISSUES, Mexico is tightening the government’s grip on natural resources, El Salvador is opening to mining. The Mexican government released its Industrialization and Shared Prosperity National Strategy.  ON EXPLORATION, no relevant news. ON MINING, Dyna Resource released production figures for November 2024. ON FINANCING, Inomin Mines and Quetzal Copper closed financing tranches of C$100 K and C$1.9 M respectively, to be used in projects outside from Mexico. Sandstorm Gold declared a quarterly dividend. ON RESOURCES AND DEVELOPMENT, no relevant news. ON DEALS AND CORPORATE ISSUES, Sierra Metals is not accepting the take-over bid by Alpayana S.A.C. ON SOCIAL RESPONSIBILITY, no relevant news.

On a personal note, this year was a bad year for the Mexican mining industry, and not for lack of potential or bad metal prices, but by government new policies designed to tighten the government’s grip on mineral resources. This event has taken place while one party won a majority that allows them to modify laws without hearing the opposition, and they are proceeding accordingly, not only regarding our industry of interest, but in many others, while at the same time centralizing power and demolishing institutions that can put any restrain on their will. This is not a fatal flaw, in Mexico those that are as old as me lived through a similar environment in the 70’s and 80’s of the last century, and it seems we will have to live trough this other cycle with an all-powerful government and natural resources protectionism. If history is a predictor, these kinds of systems are not efficient and ensure declining growth rates, something democracy can correct if it survives the centralism onslaught.

One sign of encouragement for the mining industry is that a proposal to ban open pit mining was put “on the freezer” (a colloquial term in Mexican politics) and probably is to be modified to allow some open pit mining operations. Afterall, it was just plain nuts not to allow even aggregate and cement plants to operate, not to name the favorite government lithium’s play in Sonora.  Adding to that positive outlook, in the last page of the recently released Plan México are the actions to be promoted by the government, including a reform to the Mining Law to allow for private enterprises to conduct exploration, to establish a different scheme for open pit mining concessions and to reduce the time for environmental permit processing. Of course, the devil is on the details, and we will have to wait for the reforms to be let known and passed before getting too optimistic. After all, bizarre laws have been produced recently by the same legislators, like the one on the Judicial branch.

We’ll keep our fingers crossed hoping common sense prevails and some burdens are lifted on this beleaguered industry. In the meantime, we in Gambusino Prospector wish you happy holidays and a great new year.

 ON MEXICO ISSUES

  • In times when Mexico is tightening the government’s grip on natural resources, El Salvador’s Congress approved the bill proposed by the president Nayib Bukele to allow exploration, exploitation, extraction and process of resources obtained from the mining of metals.
  • The Mexican government released its Industrialization and Shared Prosperity National Strategy. In the last page the vision for the mining industry is highlighted, with a plan to reform the Mining Law to allow for exploration by the private sector, the inclusion of Social Impact Studies for “everything” and the reduction of the time frame for approving Environmental Impact Studies (MIAs)

ON EXPLORATION

  • No Relevant News.

ON MINING

  • Dyna Resource Inc. released operating results for November 2024 at its San Jose de Gracia mine in Sinaloa. During the month 23.1 K tonnes were milled, grading 4.02 gpt Au, recovering 73% Au to produce 2,182 Oz Au, taking the total produced from January to November to 23,720 Oz Au. Mill throughput was 770 tpd, affected by power outages. “Metallurgical testing continued during the month with new reagents trialed. These trials are strongly indicating the ability to deliver recoveries of 78.5-79.1% from the plant flotation circuit. The company is also investigating increased overall gold recoveries via the installation of a Gravity Gold”. The company continues exploration efforts to find the higher-grade ore-shoots the district is known for.

ON FINANCING

  • Inomin Mines Inc. closed the first tranche of its non-brokered private placement, for gross proceeds of C$100 K, to be used on a project in Canada (La Gitana, Oaxaca).
  • Sandstorm Gold Ltd. declared the fourth’s quarterly cash dividend for 2024, in the amount of C$0.02 per common share (Cerro Prieto, San Francisco, Santa Elena and Mercedes, Sonora; Cosalá, Sinaloa).
  • Quetzal Copper Corp. closed a first and second tranche of the previously announced non-brokered and non-flow private placement for gross proceeds of C$1.92 M, to be used on a project in British Columbia, Canada (Cristinas, Chihuahua).

ON RESOURCES AND DEVELOPMENT

  • No Relevant News.

ON DEALS AND CORPORATE ISSUES

  • Sierra Metals Inc. announced that a majority of its shareholders committed not to tender their shares “in the event that Alpayana S.A.C. (“Alpayana”) formalizes its proposed unsolicited all-cash take-over bid to acquire all of the issued and outstanding common shares of Sierra Metals for C$0.85 per share” (Bolivar, Chihuahua).

ON SOCIAL RESPONSIBILITY

  • No Relevant News.  

On the image below: Copper-stained vein ridge on a project in Sonora. Drone picture by Jorge Cirett.