Metallurgy

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

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Breccia cemented by specularite

By Miguel A Heredia

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

ON MEXICO ISSUES

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

ON EXPLORATION

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

ON MINING

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

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

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

ON FINANCING

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

ON RESOURCES AND DEVELOPMENT

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

ON DEALS AND CORPORATE ISSUES

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

ON SOCIAL RESPONSIBILITY

  • No relevant news.

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

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

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

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Quartz hydrothermal breccia

By Miguel A Heredia

During the 51st week of the year (December 15th to December 21st 2025), at least 43 press releases were announced by companies working in Mexico, with eighteen disclosing deals and corporate issues, ten announcing financial rounds, eight informing on exploration results, four communicating production results, two reporting resources and development of their properties, and one commenting on Mexican issues. ON MEXICO ISSUES, First Majestic and Pacifica Silver reported the best drilling intercepts in Mexico on the third week of December, 2025. ON EXPLORATION, In Sonora, Kenadyr (to be renamed Algo Grande Copper) filed a technical report for its Adelita project and Colibri reported drilling progress at its EP project. In Chihuahua, Kingsmen released high grade gold results from 527 samples collected at its Almoloya project and Advance Metals informed that its drilling program at Yoquivo is progressing well. In Durango, Pinnacle reported that it has prepared an inaugural underground drilling program for its El Potrero project, and Pacifica Silver released assay results from its drilling program at Claudia project. In Oaxaca, EV Resources finalized plans for a maiden drill program at its Los Lirios project and reported preliminary metallurgical recovery results. ON MINING, Starcore presented results for the second quarter ended October 31, 2025 (San Martin mine, Queretaro). Heliostar restarted mining operations in San Agustin, Durango. Silver Storm informed that it plans to restart operations at its la Parrilla mine in Durango by early 2026. ON FINANCING, Regency Silver announced second upsize of its previously announced brokered LIFE offering for gross proceeds of up to CAD $3.5M, and announced a concurrent non-brokered private placement for gross proceeds of CAD $87.5K (Dios Padre project, Sonora). Sonoro Gold notified about a fully-committed non-brokered private placement for gross proceeds of CAD $4M (Cerro Caliche project, Sonora). Kenadyr Metals Corp (to be renamed Algo Grande Copper) closed the third and final tranche for gross proceeds of $868,012.88 (Adelita project, Sonora). Southern Silver announced the closing of its previously announced bought deal LIFE offering for gross proceeds of CAD $6M (Cerro Las Minitas, Durango). Capitan Silver closed its previously announced bought deal offering for gross proceeds of CAD $23,006,497.50 (Cruz de Plata project, Durango). Fuerte Metals completed its previously announced brokered private placement for gross proceeds of CAD $17,249,933 (Cristina project, Chihuahua). GR Silver closed its previously announced bought deal offering for gross proceeds of CAD $20M (Plomosas project, Sinaloa). Sierra Madre announced a private placement for gross proceeds of up to USD $50M (La Guitarra mine, Estado de Mexico). Pinnacle closed a first tranche of a non-brokered private placement for gross proceeds of USD $1,067,532.94 (El Potrero project, Durango). ON RESOURCES AND DEVELOPMENT, First Majestic announced significant exploration success at its Santa Elena mine in Sonora.  ON DEALS AND CORPORATE ISSUES, Orla announced the appointment of Joanna Pearson as Independent Non-Executive Director (Camino Rojo, Zacatecas). Teck and Anglo American announced that they received regulatory approval from the Government of Canada under the Investment Canada Act (ICA) for their merger of equals, which will form a new global critical minerals company named Anglo Teck (San Nicolas project, Zacatecas).  Silver Wolf completed acquisition of Ana Maria and Laberinto projects in Durango. Fortune Bay provided an update regarding recent regulatory developments in the State of Chiapas, Mexico, that may affect the Company’s Rio Negro concession (Poma Rosa Project). Apollo informed on ongoing community engagement activities at its Cinco de Mayo project in Chihuahua. Fuerte Metals reported voting results from its annual general and special meeting of shareholders (Cristina project, Chihuahua). Agnico Eagle announced additional investment in Osisko Metals Incorporated (Pinos Altos, Chihuahua). Vizsla informed that it entered into an agreement to acquire from Minera Fresnillo strategic claims that surround its Panuco property in Sinaloa. Sierra Madre announced agreement to acquire the Del Toro mine in Zacatecas from First Majestic. Minaurum Gold informed that it has changed its name to Minaurum Silver (Alamos Silver project, Sonora).  Bear Creek and Highlander entered into a definitive agreement to combine their respective business (Mercedes mine, Sonora).  Kenadyr completes change of name to Alto Grande Copper (Adelita project, Sonora). Kootenay issued a statement in response to a request of OCT markets regarding recent promotional activities related to its common shares traded on the OTCQX marketplace (Columba project, Chihuahua). First Majestic announced the promotion of Mani Alkhafahi to President & Chief Corporate Development Officer, effective January 1, 2026 (Santa Elena and Ermitaño mines, Sonora). Mercado Minerals signed community agreement with local ejidos in Copalito, Sinaloa. Infinitum Copper reported voting results from its annual general and special meeting of shareholders. Chesapeake granted stock options to officers of the company (Metates project, Durango). ON SOCIAL RESPONSIBILITY, No relevant news.

ON MEXICO ISSUES

  • First Majestic Silver Corp., and Pacifica Silver Corp., reported the best drilling intercepts in Mexico on the third week of December, 2025. Details are shown in the table below:

ON EXPLORATION

  • Kenadyr Metals Corp (to be renamed Algo Grande Copper Corp) filed an independent NI43-101 technical report, dated effective August 15, 2025 for its Adelita project in Sonora.
  • Colibri Resource Corporation reported RC drilling progress at the San Perfecto target within its EP project in Sonora. To date, the company has completed 11 RC holes totalling approximately 906m at the San perfecto and Banco de Oro targets. Samples are currently being prepared to submit them to the lab for assays. First results are expected to be received in January 2026.
  • Kingsmen Resources Ltd., released high grade gold sampling results from its Almoloya project in Chihuahua. A total of 527 samples have been collected from historic underground workings and surface samples on the Juliettas prospect in the South Block. 28 samples out of 527 returned >6.16 g/t Au; 82 samples between 1.14 and 5.9 g/t Au; 168 samples between 0.13 and 1.02 g/t Au; and 249 samples < 0.13 g/t Au. The structures are from 50m to 400m in length, are up to 1.2m wide and are up to 200m deep. The gold mineralization occurs with calcite-dolomite-iron oxide-quartz-magnetite-pyrolusite/ psilomelane and pyrite in veins and stockworks. The host rock is limestone with moderate to strong marbling and recrystallization.
  • Advance Metals Limited informed that its drilling program at Yoquivo, Chihuahua is progressing rapidly. To date five drill holes have been completed with assay results pending.  The new drilling includes down-dip extensional targets at Pertenencia below the existing Foreign Estimate. Drilling will continue in 2026 testing multiple additional targets including newly discovered veining that previously returned surface rock chip samples up to 1,594g/t AgEq. Additionally, a high-resolution airborne LiDAR survey has also recently been completed at the project, with processed data expected to be available shortly.
  • Pinnacle Silver and Gold Corp., reported that it has prepared an inaugural underground drilling program for its El Potrero project in Durango. To date, the plan is to drill approximately 2,600m in 112 holes and is expected to be completed in about six weeks. The underground drill program will commence after certain development work is completed to create enough room for the drill set ups and make sure that the drillers will have a safe working environment. This work will take about a month to complete.
  • Pacifica Silver Corp., released assay results from the first 10 of 29 drilling program at its Claudia project in Durango. Drilling highlights include hole25 CLAU039D with 0.20 g/t Au and 18 g/t Ag (35 g/t AgEq) over 13.35m, including 0.8 g/t Au and 119 g/t Ag (187 g/t AgEq) over 0.80m, plus 0.43 g/t Au and 91 g/t Ag (128 g/t AgEq) over 0.45m, plus 2.94 g/t Au and 313 g/t Ag (566 g/t AgEq) over 6.35m, including 6.4 g/t Au and 1,390 g/t Ag (1,941 g/t AgEq) over 1.30m, including 9.27 g/t Au and 1,905 g/t Ag (2,702 g/t AgEq) over 0.85m; and hole 25CLAU037D with 0.45 g/t Au and 46 g/t Ag (85 g/t AgEq) over 2.45m, including 1.15 g/t Au and 113 g/t Ag (211 g/t AgEq) over 0.35m, plus 2.29 g/t Au and 51 g/t Ag (248 g/t AgEq) over 10.5m, including 3.38 g/t Au and 74 g/t Ag (364 g/t AgEq) over 6.55m, including 20.3 g/t Au and 81 g/t Ag (1,827 g/t AgEq) over 0.60m. Both holes were drilled on Aguilareña-Tres Reyes Vein. To date, a total of 7,992m has been drilled in 29 holes and includes 3,584 m in 15 holes at Aguilareña Vein; 2,285m in 8 holes at the Guadalupe Vein; and 1,457m in 6 holes testing the Justina, West, Central and Pinolera Veins.  The Company expects to conclude its Phase I drill program by the end of December 2025 and commence Phase II drilling in January 2026 with three active drill rigs on site.
  • EV Resources finalized plans for a maiden drill program at its Los Lirios project in Oaxaca and reported preliminary metallurgical recovery results. This Phase 1 drill program will consists of 1,500-2,000m and will test high-grade antimony beneath historical old workings along the Lirios Fault Zone over approximately 900m of strike within a broader 4kmmapped system. The drill program is a critical since step as it moves from surface exploration to subsurface definition, targeting a maiden JORC resource in Q3, 2026. It also reported exceptional preliminary metallurgical recovery results with 90.8% recovery established in preliminary metallurgical test work using a simple reagent-free , two stages gravity process, and 99.2% from a high-grade sulphide flotation test followed by regrinding of rougher concentrate and two-stages cleaning.

ON MINING

  • Starcore International Mines Ltd., presented results for the second quarter ended October 31, 2025 from its San Martin mine in Queretaro (all currency expressed in Canadian dollars). The company mined 52,000 tonnes of 1.33 g/t Au and 15 g/t Ag with metallurgical recoveries of 77.2% and 49.3% respectively, to produce 1.7K Oz Au and 11.9K Oz Ag (1,860 Oz AuEq). Starcore also reported revenues of $10.7M; cash of $9.8M; working capital of $7M; income from mining operations of $2.4M; loss of $0.7M; and EBITDA of $1.7M.
  • Heliostar Metals Ltd., announced that mining, crushing and conveying and stacking of ore onto the leach pad at San Agustin, Durango as recommenced. The restart is expected to produce about 45K Oz Au at an AISC of USD $1,990 per Oz AuEq, generating roughly USD $40M in cash flow at a USD $3,000/Oz Au price. Initial capital expenditures are estimated at USD $4.2M. Heliostar is concurrently advancing a 10,000‑15,000 m drilling program aimed at extending the oxide resource and lengthening the mine’s life. To date, 37 drill holes (≈3,300 m) have been completed, with assays pending. A previous operator reported high-grade oxide intercepts from the priority Corner SW target area, including 3.52 g/t Au over 32m in hole 14-SAGRC-196.
  • Heliostar Metals Ltd., announced that they have received positive media reports indicating that their La Colorada expansion project in Sonora, Mexico, is progressing. They applied for and are awaiting approval of a permit to expand the Veta Madre open pit, with an expectation for completion in early 2026. The permit review by the Mexican environmental agency SEMARNAT was smooth, with no questions raised during the mandatory 20-day period, so approval is expected soon. The company plans to restart open-pit mining at La Colorada in Q1 2026, as part of its broader strategy to grow into a mid-tier gold producer through resource development and expansion of operations in Mexico.
  • Silver Storm Mining Ltd., informed that it plans to restart operations at its la Parrilla mine in Durango for which it placed orders for new equipment and ventilation systems all set for early 2026. This includes underground mining equipment, development and production drills as well as ventilation system fans. This critical equipment is essential to advance toward the potential restart of operations as early as Q2, 2026 and unlocking the full potential of La Parrilla mine.

ON FINANCING

  • Regency Silver Corp., announced second upsize of its previously announced brokered LIFE offering for gross proceeds of up to CAD $3.5M from the issuance of 20,000,000 units at a price of CAD $0.175 per unit, and announced a concurrent non-brokered private placement of 500,000 units at a price of CAD $0.175 per unit for gross proceeds of CAD $87.5K. Later on, it announced that it closed its brokered private placement of units for aggregate gross proceeds of approximately CAD $3,991,000. The company also informed that it closed a concurrent non-brokered private placement of units for additional gross proceeds of CAD $87,500. Gross proceeds will be used for drilling on Dios Padre Project in Sonora and general working capital purposes.
  • Sonoro Gold Corp., notified about a fully-committed non-brokered private placement consisting of 20,000,000 units at a price of CAD $0.2 per unit for gross proceeds of CAD $4M. Funds will be used to advance its Cerro Caliche project in Sonora and for general working capital purposes.
  • Kenadyr Metals Corp (to be renamed) Algo Grande Copper closed the third and final tranche of 2,314,701 subscription receipts at a price of CAD $0.375 per subscription receipt for gross proceeds of CAD $868,012.88. Including the first and second tranche proceeds, the offering has raised CAD $3,824,400 in aggregate gross proceeds. The company plans to use the gross proceeds in exploration and property payment on the Adelita project in Sonora, salaries and consulting fees, marketing and investor relations, payment of existing accounts payable, loan repayments, and other general and administrative expenses, including legal, accounting and audit expenses.
  • Southern Silver Exploration Corp., announced the closing of its previously announced bought deal LIFE offering of 12,000,000 common shares at a price of CAD $0.5 per common share for gross proceeds of CAD $6M. Southern Silver will use the gross proceeds for the advancement of the Cerro Las Minitas project in Durango, as well as for working capital and general corporate purposes.
  • Capitan Silver Corp., closed its previously announced bought deal offering of an aggregate of 11,333,250 common shares at a price of CAD $2.03 for gross proceeds of CAD $23,006,497.50. Gross proceeds will be used to fund exploration activities at Cruz de Plata project in Durango, as well as for working capital and general corporate purposes.
  • Fuerte Metals Corporation completed its previously announced brokered private placement for gross proceeds of CAD $17,249,933.  (Cristina project, Chihuahua).
  • GR Silver Mining Ltd., closed its previously announced bought deal offering issuing 66,666,832 units at a price of CAD $0.30 per unit for gross proceeds of CAD $20M. Net proceeds will be used for advancement of its Plomosas project in Sinaloa, and for working capital and general corporate purposes.
  • Sierra Madre Gold and Silver Ltd., announced a private placement of up to 38,462,000 subscription receipts at a price of USD $1.3 per subscription receipt for gross proceeds of up to USD $50M. “The company intends to use the net proceeds of the offering to fund the completion of the transaction, for exploration and development of Del Toro mine in Zacatecas, following completion of the transaction and for general working capital purposes” (La Guitarra mine, Estado de Mexico).
  • Pinnacle Silver and Gold Corp., closed a first tranche of a non-brokered private placement of 7,268,171 units at a price of USD $0.14 per unit for gross proceeds of USD $1,067,532.94. Gross proceeds will be used to advance El Potrero project in Durango, for project evaluations, and for general working capital.

ON RESOURCES AND DEVELOPMENT

  • First Majestic Silver Corp., and Orogen Royalties Inc., announced significant exploration success at its Santa Elena mine in Sonora, with expanded gold and silver mineralization at the Santo Niño and Navidad discoveries to over 1.1km along strike by 400m down-dip, with true thickness ranging from 2.5 to 5.0m in the case of Santo Niño, and to over 1.2km by 400m, with thickness ranging from 3.0-4.0m at Navidad. Orogen holds 2% net smelter return on the Ermitaño mine which is part of the Santa Elena mine complex. “During 2025, a total of 64,000m of exploration drilling was planned by First Majestic and the Company has completed approximately 66,800m to date, reflecting a decision to increase the targeted metres in a context of exploration success and the Company’s overarching growth strategy”. Key drilling highlights at Navidad target include hole EWUG-25-074 with 5.8 g/t Au and 126 g/t Ag over 8m. The company completed 11,190m of drilling at the Luna Zone to convert Inferred Mineral Resources to Indicated Mineral Resources. Preliminary mine planning studies for Santo Niño and Navidad are underway, exploring potential underground mining strategies. An internal scoping study for the Navidad vein suggests access via a ~3km underground ramp. Metallurgical testing confirmed excellent gold and silver recovery rates exceeding 95%, compatible with the Santa Elena processing plant. The company plans to increase the Santa Elena plant’s throughput from 3,200 to 3,500 tonnes per day by the end of 2026. 

ON DEALS AND CORPORATE ISSUES

  • Orla Mining Ltd., announced the appointment of Joanna Pearson as Independent Non-Executive Director, effective immediately (Camino Rojo, Zacatecas).
  • Teck Resources Limited and Anglo American plc announced that they received regulatory approval from the Government of Canada under the Investment Canada Act (ICA) for their merger of equals, which will form a new global critical minerals company named Anglo Teck. Global headquarters will be located in Vancouver, BC in Canada and will be trading on the London Stock Exchange. Anglo Teck is committed to spend at least CAD $10B over 15 years in Canada. Other commitments include maintaining Canadian employment levels, supporting Canadian junior mining companies, establishing a Global Institute for Critical Minerals Research and Innovation (involving institutions in Canada, South Africa, and the UK), and continuing remediation and reclamation activities . The company also reaffirms its enduring commitment to South Africa (San Nicolas project, Zacatecas).
  • Silver Wolf Exploration Ltd., completed acquisition of Ana Maria and Laberinto projects in Durango. To acquire a 100% interest in the Ana Maria and Laberinto projects, the company issued to Avino Silver & Gold Mines Ltd, 2,000,000 common shares at a deemed price of CAD $0.20 per common share for an aggregate value of CAD 400K. Under the terms of the option agreement, Silver Wolf has issued a total of CAD $600K worth of common shares, satisfied by the issuance of 3,181,718 common shares at deemed price of CAD $0.20 and  incurred over CAD $750K in exploration expenditures on the properties.
  • Fortune Bay Corp., provided an update regarding recent regulatory developments in the State of Chiapas, Mexico, that may affect the Company’s Rio Negro concession (Poma Rosa Project). On 19 Nov 2025, the Chiapas government decreed the “Zona Sujeta a Conservación Ecológica Mina Banderas” protected area, overlapping 11% of the Rio Negro concession, including part of the Campamento gold-silver deposit. Fortune Bay has filed an amparo in federal court contesting the decree on due-process, consultation and federal-vs-state jurisdiction grounds, seeking to preserve its mining rights. The company has also been making good progress working with local landowners for exploration agreements. No immediate impact on operations or finances is expected, but timing might be uncertain.
  • Apollo Silver Corp., informed on ongoing community engagement activities with the Ejido Benito Juarez at its Cinco de Mayo project in Chihuahua. The proposed agreement is to rescind a property access ban from 2012 and establish a long-term agreement for mineral exploration and mining at the Cinco de Mayo property to provide economic benefits, including over a 30-year period approximately USD $50M in annual payments, local employment opportunities, and support for community priorities. Community discussions are ongoing, with a general assembly planned for early 2026 to vote on the agreement.
  • Fuerte Metals Corporation reported voting results from its annual general and special meeting of shareholders. The company also appointed Kerry Sparkes and Scott J Hicks as technical advisors to the Board of Directors (Cristina project, Chihuahua).
  • Agnico Eagle Mines Limited announced additional investment in Osisko Metals Incorporated. It acquired 26,000,000 common shares of Osisko pursuant to a non-brokered private placement at a price of CAD $0.48 per common shares for total consideration of CAD $12,480,000 (Pinos Altos, Chihuahua).
  • Vizsla Silver Corp., informed that it entered into an agreement to acquire from Minera Fresnillo strategic claims that surround its Panuco property in Sinaloa. The agreement involves ten claims comprising 2,378 hectares along the highly prospective Panuco-San Dimas corridor. Seven of these claims comprising 1,734 hectares occur adjacent to the Panuco project, covering potential extensions of veins with known mineralization. Vizsla has agreed to pay USD $2M and issue 854,697 common shares (USD $4M) to Fresnillo as consideration for the claims.
  • Sierra Madre Gold and Silver Ltd., announced agreement to acquire the Del Toro mine in Zacatecas from First Majestic Silver Corp., for total consideration of up to USD $60M. Pursuant to the transaction, Sierra Madre will acquire a 100% interest in the 2,129 hectares Del Toro property that include three fully permitted underground mines, a 3,000 tonnes per day flotation processing circuit and numerous historic mines.
  • Minaurum Gold Inc., informed that it has changed its name to Minaurum Silver Inc. The company´s common shares will commence trading under its new name on the TSX Venture Exchange at market open on December 22, 2025 with the new name, new CUSIP and new ISIN numbers. The company´s stock symbols will remain “MGG” on the TSXV and “MMRGF” on the OTCQX (Alamos Silver project, Sonora).
  • Bear Creek Mining Corporation and Highlander Silver Corp., entered into a definitive agreement to combine their respective business to create leading growth company in the silver sector. “Bear Creek Shareholders will receive 0.1175 common shares in the capital of Highlander Silver in exchange for each Bear Creek Share held immediately prior to the effective time of the Arrangement. Upon completion of the Arrangement, existing holders of Highlander Shares and former Bear Creek Shareholders will own approximately 82% and 18% of the total issued and outstanding Highlander Shares, respectively, on a fully-diluted basis” (Mercedes mine, Sonora).
  • Kenadyr Metals Corp., completes change of name to Alto Grande Copper Corp., effective at market opening on or about December 23, 2025. Common shares of Alto Grande are expected to commence trading under the symbol “ALGR” on Tier 2 of the TSX Venture Exchange, upon satisfaction of all conditions of the company´s reactivation. The company also reported the acquisition of 100% interest in the Adelita project in Sonora, and the appointment of Gordon Neal to the Board of Directors.
  • Kootenay Silver Inc., issued a statement in response to a request of OCT markets regarding recent promotional activities related to its common shares traded on the OTCQX marketplace. The company clarified that it had engaged Sideways Frequency LLC (SFLLC), an independent third-party firm, to provide investor relations and marketing services for two three-month terms, paying a total of $500,000. SFLLC conducted promotional activities such as email campaigns, digital ads, and content creation, using publicly available information from Kootenay’s disclosures. Kootenay stated that it had editorial control over the promotional material for accuracy but was not directly involved in its creation or distribution. The company believes the increase in trading volume of its shares was primarily driven by rising silver prices, positive market conditions, and recent drill results, rather than the promotional activities. Kootenay confirmed that no management, directors, or major shareholders were involved in creating or distributing promotional materials, nor did they trade the company’s securities in the past 90 days (Columba project, Chihuahua).
  • First Majestic Silver Corp., announced the promotion of Mani Alkhafahi to President & Chief Corporate Development Officer, effective January 1, 2026.
  • Mercado Minerals Ltd., signed community agreement with Ejido Llano Grande and Ejido La Lapara in Copalito, Sinaloa. With the agreement signed, Mercado is positioned to advance and complete the drilling permit process. The company will pay an annual fee of MXP $100K effective January 1st, 2026, with a one-year renewal option, and will be committed to repair segments of local roads utilized in its operations, supporting infrastructure improvements for the communities.
  • Infinitum Copper Corp., reported voting results from its annual general and special meeting of shareholders. In this annual meeting, shareholders approved the sale and disposition by the company to Kenadyr Metals Corp., of all the outstanding shares in the capital of Exploraciones Margarita S.A. de C.V.
  • Chesapeake Gold Corp., granted stock options to officers of the company to purchase an aggregate of 69,000 common shares of the company at a price of CAD $2.48 per common share for a five-year term expiring December 19, 2030 (Metates project, Durango).

ON SOCIAL RESPONSIBILITY

  • No relevant news.

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

On the picture below, a hydrothermal breccia cemented by FeOx-Cu carbonates-sulphides in an IOCG project in Sonora, Mexico. Photo taken by Miguel A Heredia.

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

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

By Miguel A Heredia

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

ON MEXICO ISSUES

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

ON EXPLORATION

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

ON MINING

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

ON FINANCING

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

ON RESOURCES AND DEVELOPMENT

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

ON DEALS AND CORPORATE ISSUES

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

ON SOCIAL RESPONSIBILITY

  • No relevant news.

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

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

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

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Rhyolite Dome

By Miguel A Heredia

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

ON MEXICO ISSUES

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

ON EXPLORATION

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

ON MINING

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

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

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

ON FINANCING

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

ON RESOURCES AND DEVELOPMENT

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

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

ON DEALS AND CORPORATE ISSUES

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

ON SOCIAL RESPONSIBILITY

  • No relevant news.

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

On the picture below, flow banded rhyolite dome in Durango, Mexico. Photo taken by Miguel A Heredia.