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

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By Jorge Cirett

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

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

  • No Relevant News.

ON MINING

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

ON FINANCING

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

ON RESOURCES AND DEVELOPMENT

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

ON DEALS AND COPRORATE ISSUES

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

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

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

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

/ Gambusino Prospector / Leave a comment

By Jorge Cirett

During the 18th week of the year (April 28th to May 4th, 2025), companies working in Mexico presented 33 press releases. Not a single company informed about exploration work in early-stage projects. Five companies reported quarterly/yearly results, one company started commercial production on a new mine and one more on the commencement of activities at another mine working. Two companies informed on financing rounds, one on amended terms of a credit facility, one more updated on its at-the-market equity program, one other reported the exercise of warrants, two more on the granting of stock options, one on its inclusion on a Miners Index and one more on the issuer bid to purchase part of its stock. One company provided and update on its arbitration case against Mexico, another company halted operations in Sinaloa for security reasons, one more announced an appointment to the board, another one on a windfall payment, two companies requested MCTO actions on their stocks, two companies announced the approval of their merger by shareholders, one company previously focused on Mexico confirmed the acquisition of a mine in Peru and one more company informed on the increase of the offer on its stock. ON MEXICO ISSUES, no relevant news.  ON EXPLORATION, no relevant news. ON MINING, Guanajuato Silver, Heliostar Metals, Orogen Royalties, Minera Alamos and Capstone Copper reported their quarterly/yearly results. Sierra Madre Gold and Silver commenced mining at the Coloso mine, within La Guitarra property in Estado de Mexico. Torex Gold announced commercial production at the Media Luna mine, in Guerrero. ON FINANCING, two companies announced the closing of financing rounds:  Canuc Resources Metals (C$0.93 M) and Barksdale Resources (C$3.0 M). Americas Gold and Silver was included in the Solactive Global Silver Miners Index. Guanajuato Silver amended the terms of a credit facility. Vizsla Silver, Guanajuato Silver and Defiance Silver granted stock options or common shares. Vizsla Silver updated its at-the-market equity program to sell up to US$200 M of common shares to the public. Luca Mining informed on the exercise of warrants for US$8.4 M. ON RESOURCES AND DEVELOPMENT, Fortune Bay has been advancing community consultation on the Poma Rosa (Ixhuatán) project in Chiapas. Mithril Silver and Gold updated on work at Copalquín, Durango. ON DEALS AND CORPORATE ISSUES, GR Silver announced the pausing of activities at its Plomosas project in Sinaloa, on security grounds. Silver Bull Resources informed on the arbitration process against Mexico on the Sierra Mojada project, in Coahuila. Defiance Silver and Mithril Silver and Gold announced appointments to the board. Impact Silver and Santa Cruz Silver applied for MTCO’s. Elemental Altus Royalties received a windfall payment from a gold stream royalty. Equinox Gold and Calibre Mining informed their shareholders approved the combination of businesses. Sierra Metals acknowledged the notice of variation increasing the price offered by Alpayana to acquire Sierra’s shares. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • The Supreme Court ruled that the Mining Union, led by incumbent party senator Napoleón Gómez Urrutia, must pay former workers of Mexicana de Cananea US$54.84 million plus interest. A trust was created in 2005 following the government’s sale of the Cananea mine to Grupo México. Shortly after, the union received the funds, but under Gómez Urrutia’s leadership, it delivered only a small portion of the money to the workers.  

ON EXPLORATION

  • No Relevant News.

ON MINING

  • Guanajuato Silver Company Ltd. announced financial and operational results for Q4 and full year 2024. During the year the company mined 611.1 K tonnes, milling 606.7 K tonnes to produce 1.63 M Oz Ag, 16,554 Oz Au, 3.2 M Lb Pb, 3.9 M Lb Zn (or 3.3 M Oz AgEq) at cash cost $19.84 per Oz AgEq and an AISC of $24.98 per Oz AgEq at their El Cubo (Guanajuato), VMC (Guanajuato), San Ignacio (Guanajuato) and Topia (Durango) operations. During 2024 revenue was US$75.7 M, mine operating income US$2.5 M, mine operating cash flow of US$12.5 M, a net loss of US$17.4 M and working capital of (US$15.4 M). “27% of the net loss for the year was generated by the derivative stemming from the Gold Credit Facility with Ocean Partners UK Ltd.”
  • Heliostar Metals Ltd. reported preliminary interim results for Q1 2025. Production at its three mines during the quarter as follows: At La Colorada, in Sonora, 4,109 Oz Au, 18.3 K Oz Ag; at San Agustin in Durango, 4,412 Oz Au, 8.6 K Oz Ag; at El Castillo, in Durango, 257 Oz Au, 0.5 K Oz Ag. Consolidated production was 8,777 Oz Au, 27.4 K Oz Ag, or 9,082 Oz AuEq, at cash cost $1,175-$1,275 and an AISC of $1,375-$1,475 per Oz AuEq. Cash and cash equivalents were US$26.9 M by the end of the period.
  • Sierra Madre Gold and Silver Ltd. Announced the commencement of underground mining at the Coloso mine, within its La Guitarra property in Estado de Mexico. “The Coloso silver-gold mine is located 4 kilometers northwest of the Guitarra processing plant. Coloso was developed and mined by First Majestic Silver from 2014 to 2018. The mine has over 12 kilometers of underground workings”. The indicated resource estimate for the Coloso mine is 432 K tonnes averaging 221 gpt Ag, 1.61 gpt Au, while at La Guitarra vein the resource comprises 1.65 M tonnes averaging 123 gpt Ag, 1.25 gpt Au.
  • Orogen Royalties Inc. presented year 2024 performance. The company had C$4.3 M net income, royalty revenue of C$7.9 M with 2,343 attributable Oz AuEq, revenue of prospect generation activities of C$1.4 M, G&A expenses of C$3.7 M, cash flow of C$3.1 M. At the end of the period Orogen had C$26.8 M of working capital (Royalty on Ermitaño, Sonora).
  • Minera Alamos Inc. provided financial and operational highlights from year 2024. At the Santana mine, in Sonora, the company anticipates increased gold production. Total gold sold in 2024 was 2,806 ounces, with inventory on the leach pad of 10,226 recoverable Oz Au. The Suaqui Verde porphyry copper project in Sonora was acquired and combined with Los Verdes and Potreritos copper assets into subsidiary Cobre 4H de Sonora de Mexico. At the Cerro de Oro project in Zacatecas engineering work continues in order to advance pre-development activities while the permitting process finishes. The final US$1 M property option payment on Cerro de Oro was fulfilled, free of royalties. Revenue totaled US$8.9 M, gross mine profit US$1.7 M and US$1.7 M in net income. Cash and cash equivalents of US11.8 M and working capital of US$15.5 M at the end of December 2024.
  • Torex Gold Resources Inc. announced it has achieved commercial production at the Media Luna mine, in Guerrero. “Following the safe, successful tie-in of the flotation circuits to the processing plant, the project team is now focused on ramping up the underground mine to the design level of 7,500 tonnes per day (“tpd”) by mid-2026 …. Significant progress continues to be made on definition drilling, with 51 of the 60 stopes planned to be mined in the 2025 mine plan drilled off, 40 from 2026, and 14 from 2027. Development rates remain above budget with 1,304 metres completed in March compared to a budget of 1,200 metres per month”.
  • Capstone Copper Corp. reported financial results for Q1 2025. The company produced 53,796 tonnes Cu at cash cost $2.59 per Lb Cu in the period, of which 6,524 tonnes were produced at Cozamin, in Zacatecas, at cash cost $1.28 per Lb Cu. Capstone had revenue of US$533.3 M, adjusted net income of US8.1 M, operating cash flow of US$166.1 M, adjusted EBITDA of US$179.9 M and net debt of US$788.1 M. At the end of the period Capstone had US$344.5 M in cash and short-term investments, and US$700 M on the revolving credit facility.

ON FINANCING

  • Americas Gold and Silver Corp. has been included in the Solactive Global Silver Miners Index (Cosala, Sinaloa).
  • Guanajuato Silver Company Ltd. amended terms of the gold credit facility with Ocean Partners UK Ltd., on which “two-thirds of the outstanding balance will be amortized over 36 months starting April 2025, and repayable in equal fixed installments of 131.7 ounces of gold bullion, representing approximately 10% of Guanajuato Silver’s monthly modelled gold production. The remaining one-third of the outstanding balance, 2,366 gold ounces, will be paid on conclusion of the 36-month term”. The company is to grant 7.7 M stock options to directors, officers and employees (El Cubo, Guanajuato; Topia, Durango).
  • Vizsla Silver Corp. updated its previously announced at-the-market equity program to offer and sell up to US$200 M of common shares to the public. “Sales of Common Shares, if any, will be made pursuant to the terms of an equity distribution agreement dated April 28, 2025 … among the Company and Canaccord Genuity and CIBC Capital Markets, as lead agents, and National Bank Financial and BMO Capital Markets ….. on the Toronto Stock Exchange and the NYSE American, and/or any other marketplace for the Common Shares in Canada or the United States or as otherwise agreed between the Agents and the Company. The sales of Common Shares …… at the market price prevailing at the time of each sale”.
  • Luca Mining Corp. announced that Luca investors, including certain insiders, exercised an aggregate 38.8 M share purchase warrants worth US$8.4 M. “The Company has substantially reduced its debt by USD $8.4 million since January 1, 2025, resulting in a current debt balance of USD $8.5 million. Luca’s total cash and cash equivalents balance (including silver bullion on hand) is currently US$20.6 million and growing” (Campo Morado, Guerrero).
  • Fortuna Mining Corp. informed the TSX approved a renewal of Fortuna’s normal course issuer bid to purchase up to five percent of its outstanding common shares (Cecilia, Sonora).
  • Canuc Resources Corp. closed the final tranche of a previously announced private placement financing for gross proceeds of C$930 K (San Javier, Sonora).
  • Vizsla Silver Corp. granted 4 M stock options at an exercise price of $2.90 to directors, officers, employees and consultants of the Company (Panuco, Sinaloa).
  • Defiance Silver Corp. issued 33.4 K common shares to an officer of the company for services rendered between July and December 2024, for a value of C$8 K (Tepal, Michoacan).
  • Barksdale Resources Corp. closed its previously announced private placement offering of secured convertible debentures, for gross proceeds of C$3 M. The company also extended the maturity date of its existing secured convertible debentures for C$1.5 M “and the expiry date of an associated 8,000,000 detachable share purchase warrants previously issued to Delbrook in connection with the Existing Debentures (the “Extension Warrants“) from December 31, 2025 to December 31, 2027” (San Javier, Sonora).

ON RESOURCES AND DEVELOPMENT

  • Fortune Bay Corp. informed the company has been advancing consultation with key project area communities with the goal of establishing exploration agreements on the Ixhuatán project in Chiapas. One of the agreements reached so far is to change the name of the project to Poma Rosa, after a popular fruit cultivated through the area. The Poma Rosa project holds a historical measured and indicated resource of 17.7 M tonnes averaging 1.84 gpt Au, containing 1.04 M Oz Au, and inferred resources of 21.8 M tonnes averaging 1.01 gpt Au, containing 703 K Oz Au. “The presence of a large copper-gold mineralizing system is evident from historical soil sampling results, historical drilling results and historical mining immediately to the north of Poma Rosa at Santa Fe”.
  • Mithril Silver and Gold Ltd. presented its quarterly report for Q1 2025. Several high-grade gold-silver intercepts were reported during the period, with Target 1 resource update drilling and Target 2 exploration drilling as part of the 35,000 m 2025 program. An experienced Canadian Exploration Manager was appointed, and the field team grew to eight geologists and an experienced site manager.  

ON DEALS AND CORPORATE ISSUES

  • GR Silver Mining Ltd. announced the temporary pause of field work on the Plomosas project in Sinaloa. In response to generalized violence in the southern part of Sinaloa “management has decided to temporarily pause field work to allow time for the considerable efforts of the Government of Mexico to increase security and stability in the project region”.
  • Silver Bull Resources Inc. provided an update on its arbitration case against Mexico. Silver Bull filed its Reply to Mexico’s Counter-Memorial under the United States-Mexico-Canada Agreement (USMCA) and the North American Free Trade Agreement (NAFTA) before the International Center for the Settlement of Investment Disputes (ICSID). Under the current schedule, Mexico now has until August 26, 2025 to file its Rejoinder before the case proceeds to a hearing, which will commence on October 6, 2025. The legal case arises from the illegal blockade of Silver Bull’s Sierra Mojada project in Coahuila, and Mexico’s refusal to take action to terminate it. The updated damages claim is for US$374.9 M.
  • Defiance Silver Corp. appointed Mr. Armando Vazquez, M.Sc., C.P.G., as Vice President, Operations (Zacatecas, Zacatecas).
  • Elemental Altus Royalties Corp. received a further US$9.6 M as a result of its secured creditor claim against Rambler Metals and Mining Canada Ltd., in relation to the Company’s former Ming gold stream (Mercedes, Sonora).
  • Impact Silver Corp. requested a temporary Management Cease Trade Order (MCTO) from the British Columbia Securities Commission in connection with the filing of its audited annual financial statements and management discussion and analysis (MDA) for the financial year ended December 31, 2024. “The delay in filing the Annual Filings is a result of unexpected delays experienced by the Company in working with a new auditor for the first times in completing the audit of the Audited Financial Statements… It is the Company’s reasonable expectation that the Annual Filings will be finalized on or about May 7, 2025” (Plomosas, Chihuahua).
  • Equinox Gold Corp. announced its shareholders approved all matters voted on at the annual and special meeting of shareholders, including the share issuance resolution in connection with the proposed business combination with Calibre Mining Corp. (Los Filos, Guerrero).
  • Santacruz Silver Mining Ltd. applied to and received from the British Columbia Securities Commission a temporary management cease trade order (MCTO) on the basis that it was unable to file its annual financial statements for year 2024 (Zimapan, Hidalgo).
  • Endeavour Silver Corp. completed the acquisition of Compañia Minera Kolpa S.A. and thus its main asset, the Huachocolpa Uno Mine, in Peru (Terronera, Jalisco).
  • Calibre Mining Corp. announced its shareholders approved the business combination with Equinox Gold Corp.
  • Sierra Metals Inc. acknowledged the press release and notice of variation dated May 1, 2025, filed by Alpayana S.A.C., announcing an increase to the offer price for its proposed take-over bid to acquire all of the common shares of Sierra Metals from C$1.11 to C$1.15 per common share. The company’s board of directors is reviewing the notice of variation and expects to make a recommendation to shareholders over the coming days (Bolivar, Chihuahua).
  • Mithril Silver and Gold Ltd. announced the appointment of Michael Port from DFK Kidsons as the company’s chief financial officer (Copalquin, Durango).
  • Capstone Copper Corp. announced its annual general meeting results (Cozamin, Zacatecas).

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

On the image below: Derelict wall-resembling silicified dike in Sonora. Picture by Jorge Cirett.

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

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By Jorge Cirett

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

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

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

ON MINING

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

ON FINANCING

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

ON RESOURCES AND DEVELOPMENT

  • No Relevant News.

ON DEALS AND CORPORATE ISSUES

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

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

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

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

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By Jorge Cirett

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

ON MEXICO ISSUES

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

ON EXPLORATION

  • No Relevant News.

ON MINING

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

ON FINANCING

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

ON RESOURCES AND DEVELOPMENT

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

ON DEALS AND CORPORATE ISSUES

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

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

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

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

/ Gambusino Prospector / Leave a comment

By Jorge Cirett

During the 10th week of the year (March 3rd to March 9th, 2025), companies working in Mexico presented 25 press releases. One company informed on exploration on its property and three companies presented quarterly and/or full year 2024 reports. Two companies informed on financing rounds, one on re-purchase of shares and one more on its addition to the SP/ASX 200 Index. One company released drilling results, another two expanded on 2025 exploration/drilling plans and two more companies filed technical reports on their properties. PDAC week being PDAC week, six companies announced appointments to the board, one more is installing a review of its financing options, one more notified on its AGM and two more on acquisitions. ON MEXICO ISSUES, for the first time in several years, a more favorable environment for the mining industry in Mexico can be glimpsed from the participation of several government figures on the PDAC 2025 Convention held in Toronto. ON EXPLORATION, in Chihuahua, Kingsmen Resources informed on the geochemistry of surface samples at Las Coloradas. ON MINING, Elemental Altius Royalties, Fortuna Mining and Prime Mining presented Q4 and/or full year 2024 reports. ON FINANCING, Oroco Resource and Canuc Resource informed on financing tranches for C$2.3 M and C$500 K respectively. Pan American Silver can purchase up to 18 M of its shares. Capstone Copper informed of its addition to the SP/ASX 200 Index. ON RESOURCES AND DEVELOPMENT, Mithril Silver and Gold presented drilling results from Copalquin, in Durango. Capitan Silver is planning a 10,000 m RC drilling campaign at Cruz de Plata, Durango. GR Silver Mining is resuming drilling at San Marcial (part of its Plomosas project), in Sinaloa. Gold Resource released a technical report on its Don David mine in Oaxaca. Apollo Silver filed a technical report with historical resources on the Cinco de Mayo project in Chihuahua.  ON DEALS AND CORPORATE ISSUES, Santacruz Silver Mining, Elemental Altus Royalties, Plata Latina Minerals, Luca Mining and Heliostar Metals announced appointments to the board. Bear Creek Mining initiates a strategic review on financial options, Minera Alamos informed on its annual general meeting. Discovery Silver informed on the special meeting of shareholders regarding the acquisition of the Porcupine project in Canada. Masivo Silver signed a non-binding LOI to acquire the Cerro Colorado project in southern Sonora. Goldgroup Mining informed on its agreement to acquire the Pinos project in Zacatecas. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • PDAC 2025 Insights on Mexico. With significant government attendance and a more favorable message there is a cautiously optimistic mood in the Mexican mining industry. Faster permitting times are expected, along with the emission on the first half of the year of the rulebook that is to guide the application of the 2023 mining law. An exploration system in partnership with the government is probably not going to work.

ON EXPLORATION

  • Kingsmen Resources Ltd. reported additional results from the exploration program at its Las Coloradas project in Chihuahua. The company published geochemical maps for different elements of surface rock samples on the La Silvia and La Plata zones, north of the La Soledad structure. The geochemical signatures “are interpreted to indicate different pulses of mineralization and possibly indications of different styles of mineralization along and at depth in the two structures.

ON MINING

  • Elemental Altius Royalties Corp. informed on record preliminary revenue in 2024 from its portfolio of royalties, without figures per property. During 2024 the company had revenue of US$21.6 M, based on the sales of approximately 8,990 Oz AuEq (holds royalties on Mercedes, Sonora).
  • Avino Silver & Gold Mines Ltd. plans to present its Q4 and year end 2024 financial results on March 11th, 2025 (Avino, Durango).
  • Fortuna Mining Corp. reported financial and operating results for Q4 and full year 2024, without disclosing figures by operation. The company produced 455,958 Oz AuEq in the year at consolidated cash cost of $1,640 per Oz AuEq and AISC of $1,772 per Oz AuEq. In the year the attributable net income was US$128.7 M and the attributable adjusted net income US$ 144 M (San Jose, Oaxaca, recently sold).
  • Prime Mining Corp. reported its operating and financial results for 2024. Prime Mining informed on health and safety protocols, community engagement and environmental strategy, exploration highlights, mineral resource increase and drilling activities during 2024. At the end of the period the company had C$19 M in cash.   

ON FINANCING

  • Oroco Resource Corp. announced the closing of a non-brokered private placement raising gross proceeds of C$2.3 M (Santo Tomás, Sinaloa).
  • Masivo Silver Corp. released on February 26, 2025, a press release dated June 10, 2024, announcing the closing of a second and final tranche of a non-brokered private placement raising total gross proceeds of C$1.04 M. A couple of days later, on February 28, 2025, a second press release (see below, on the Deals section) clarified the release (El Colomo, Sinaloa).
  • Pan American Silver Corp. is to renew its normal course issuer bid to purchase up to 18.1 M of its common shares, which represents up to 5% of the issued and outstanding shares of the company (La Colorada, Zacatecas).
  • Capstone Copper Corp. announced that the CHESS Depositary Interests of the company will be added to the Standard & Poors /ASX 200 Index by the S&P Dow Jones (Cozamin, Zacatecas).
  • Canuc Resource Corp. announced terms of a non-brokered private placement financing which is a condition of the arrangement agreement with MacDonald Mines Exploration Inc. on which Canuc is to purchase all outstanding shares of MacDonald Mines Inc. Canuc is required to complete equity financing for a minimum of C$500 K (San Javier, Sonora).

ON RESOURCES AND DEVELOPMENT

  • Mithril Silver and Gold Ltd. announced results from the drilling program aimed at producing a maiden resource on Target 1 at its Copalquin project in Durango. Highlighted core length intervals from four holes comprise 4.95 m @ 20.5 gpt Au, 1,8133 gpt Ag (including 0.55 m @ 110 gpt Au, 7,530 gpt Ag); 0.56 m @ 22.8 gpt Au, 1,425 gpt Ag; 3.77 m @ 1.42 gpt Au, 101 gpt Ag; 4.85 m @ 1.47 gpt Au, 165 gpt Ag; 2.55 m @ 9.97 gpt Au, 572 gpt Ag (including 1.00 m @ 20.7 gpt Au, 1,130 gpt Ag); 0.25 m @ 15.2 gpt Au, 786 gpt Ag; 7.40 m @ 1.59 gpt Au, 65 gpt Ag; 0.50 m @ 13.25 gpt Au, 584 gpt Ag; 1.75 m @ 1.29 gpt Au, 41 gpt Ag. A further six holes were completed in February, results pending.
  • Capitan Silver Corp. informed on the 2025 exploration plans at its Cruz de Plata project in Durango. A 10,000 m reverse circulation program prioritizing definition and step out drilling of high-grade mineralization at the Jesus Maria area, including on the recently acquired claims from Fresnillo plc., step out drilling along the Gully Fault zone to the NE, develop new targets on parallel mineralized structures and the completion of an updated MRE for the Capitan Hill gold deposit, expected to be completed in Q2 2025.
  • GR Silver Mining Ltd. is resuming field exploration and step out drilling targeting potential resource expansion at the San Marcial area of its Plomosas project in Sinaloa. The drill program aims to expand the mineralization footprint up to 350 m NW from the current San Marcial resource area while continuing surface exploration and mapping encouraged by the identification of outcropping silver-carrying hydrothermal breccias.
  • Gold Resource Corp. released the technical report summary for the Don David mine in Oaxaca. The report uses “the mining disclosure standards of Subpart 229.1300 of Regulation S-K Disclosure as required by the United States Securities and Exchange Commission (SEC)”. The report summarizes the results of the 12,760 m in 87 holes drilling campaign that replaced 110% of the mineral reserves held on December 2023, highlighting the importance of the Three Sisters vein system.
  • Apollo Silver Corp. filed a technical report on the Cinco de Mayo property in Chihuahua, in an earn-in option agreement with Mag Silver Corp. The 25,113-ha project (251.1 square km) includes two deposits, located four kilometers apart, with historic mineral resources. The Upper Manto deposit includes 12.4 M tonnes @ 0.24 gpt Au, 132 gpt Ag, 6.5% Zn, 2.9% Pb, containing 96 K Oz Au, 52.7 M Oz Ag, 1.8 M Lb Zn, 0.8 M Lb Pb in inferred resources. The Pozo Seco deposit comprises 29 M tonnes @ 0.147% Mo, 0.25 gpt Au, containing 94 M Lb Mo, 230 K Oz Au in indicated resources and 23.4 M tonnes @ 0.103% Mo, 0.17 gpt Au, containing 53.3 M Lb Mo, 129 K Oz Au.

ON DEALS AND CORPORATE ISSUES

  • Santacruz Silver Mining Ltd. announced the appointment of Mr. Eduardo Torrecillas as chief operating officer (Zimapan, Hidalgo).
  • Elemental Altus Royalties Corp. announced the appointment of Sandeep Singh as an independent non-executive director (Royalty on Mercedes, Sonora).
  • Plata Latina Minerals Corp. appointed Lance Newman and Rod Pace to its board of directors (just sold royalty on Naranjillo, Guanajuato).
  • Luca Mining Corp. announced Mr. Adam Melynk has joined Luca as VP corporate development (Campo Morado, Guerrero).
  • Bear Creek Mining Corp. has initiated a “Strategic Review” on the financial options available to the company, also announcing the engagement of Mr. Christian Milau as a strategic advisor to assist on the Strategic Review. On a different press release, Bear Creek announced the retirement of Mr. Andrew Swarthout and Ms. Sandra Daycock, and the appointment of Peter C. Mitchel and Ian Grundy to the board (Mercedes, Sonora).
  • Heliostar Metals Ltd. announced the commencement of Ms. Vitalina Lyssoun as chief financial officer (Ana Paula, Guerrero).
  • Minera Alamos Inc. announced all matters were overwhelmingly voted in favor at its annual and special general meeting (AGM) of shareholders (Santana, Sonora).
  • Masivo Silver Corp. signed a non-binding LOI to acquire the Cerro Colorado Au-Ag-Cu project, 11 km north of the Piedras Verdes mine in Sonora. The transaction on the 2,649 ha project with Minera GoldZone S.A. de C.V. will become binding upon completion of due diligence. Work completed in the property includes mapping, sampling, soil survey and IP geophysics survey programs. “A series of 8 drill holes are being modeled by Mexican Senior Geologist Rafael Gallardo. Masivo will use its $75,000 drill credit with a Mexican Drill company for this drill program”.
  • Discovery Silver Corp. filed its notice of meeting and information circular and related materials in connection with the special meeting of holders of common shares of the company to consider the issuance of common shares relating to the previously announced acquisition of Newmont’s Porcupine Complex in Canada (Cordero, Chihuahua).
  • Goldgroup Mining Inc. entered into an agreement with Candelaria Mining Corp. to acquire the Pinos project in Zacatecas. As part of the agreement Goldgroup is to settle US$2.7 M in a loan facility, make a US$89 K payment within five days of receiving all necessary approvals from the TSXV, make a US$89 k cash payment on the delivery of the Apolo shares to the company or six months after receipt of the TSXV approval, and issue 717 K common shares of the company at $0.40.

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

On the image below: Sheeted dikes on a Sonoran project. Drone picture by Jorge Cirett.

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

/ Gambusino Prospector / Leave a comment

By Jorge Cirett

During the 8th week of the year (February 17th to February 23rd, 2025), companies working in Mexico presented 28 press releases. Two companies informed on exploration on their properties and nine companies presented quarterly and full year 2024 reports. Two companies informed on financing rounds and two more about its inclusion on the list of top performing TSX companies. One company released the 2024 MRE for several deposits, while one more filed a previously released MRE. Three companies released drilling results from their advanced companies and one more elaborated on its plans for 2025. Two companies announced senior board position changes. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, in Chihuahua, Kingsmen Resources completed a review on the geochemistry of surface samples. In Durango, Silver Wolf Exploration released results from drilling at Ana Maria. ON MINING, Sandstorm Gold, Pan American Silver, Alamos Gold, Coeur Mining, Torex Gold, Capstone Copper, Starcore International, First Majestic Silver and Newmont presented Q4 and full year 2024 reports. ON FINANCING, Quetzal Copper and Tocvan Ventures informed on the closing of financing tranches for C$487.5 K and C$1.05 M respectively. Luca Mining and Heliostar Metals informed on its inclusion on the list of top performing companies in the TSX. ON RESOURCES AND DEVELOPMENT, Alamos Gold presented the MRE for five properties within the Mulatos district in Sonora. Prime Mining disclosed its 2025 program for Los Reyes, in Sinaloa. Endeavour Silver reported drilling results from La Luz area at its Bolañitos producing property in Guanajuato. Vizsla Silver filed the MRE report on Panuco, in Sinaloa. Luca Mining released results from drilling at Tahuehueto, in Durango. Heliostar Metals reported results from the drilling program at Ana Paula, in Guerrero.  ON DEALS AND CORPORATE ISSUES, Centenario Gold and US Antimony announced movements on their boards of directors. ON SOCIAL RESPONSIBILITY, Guanajuato Silver Co. informed on diverse initiatives it is taking on the communities nearby to its operations in Durango and Guanajuato.

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

  • Silver Wolf Exploration Ltd. announced results of the drill program on El Soldado claim at the Ana Maria project in Durango. A total of 17 holes and 2,560 m were drilled, testing the continuity of the carbonate replacement deposits and breccia structures observed. Highlighted core length intercepts comprise 1.0 m @ 1.91% Zn; 6.05 m @ 0.25% Pb, 0.45% Zn (including 0.85 m @ 52 gpt Ag, 0.4% Pb, 2.2% Zn). The “inaugural drill program was successful in identifying significant subvertical breccias (“Chimney” bodies) with extensive hydrothermal mineralization and dolomitization underlying the historical Silver, Lead, and Zinc (Ag-PbZn) workings at El Soldado”. The Ana Maria project is adjacent to the significant past producer Ojuela mine.
  • Kingsmen Resources Ltd. completed a review of the geochemistry of samples collected from the Soledad and Soledad II vein systems at its Las Coloradas project in Chihuahua. The variations of pathfinder elements with silver are interpreted to indicate different pulses of mineralization. The potential for intrusion-related and skarn mineralization has not been explored to date.

ON MINING

  • Sandstorm Gold Ltd. released its financial results for the quarter and year ended in December 2024. Without disclosing by operation, the company had a total yearly revenue of US$176.3 M, or 72,810 Oz Au (holds royalties on Cosalá, Sinaloa).
  • Pan American Silver Corp. provided fourth quarter and yearly 2024 results and its outlook production for 2025. The company generated US$196.2 M in cash flow in Q4 and US$445.1 M in 2024, producing 21.1 M Oz Ag, 892.5 K Oz Au in the year at $14.30 per Oz Ag and $1,203 per Oz Au in the year. At the end of the period Pan American had a working capital of US$1,033.4 M, inclusive of cash and short-term investments of US$887.3 M, and a total debt of US$803 M. For 2025 the company forecasts production of 5.5 – 5.8 M Oz Ag at La Colorada in Zacatecas and 0.9 – 1.0 M Oz Ag, 28 – 31 K Oz Au at Dolores, in Chihuahua.
  • Alamos Gold Inc. reported Q4 and full year 2024 results. The company produced 567 K Oz Au in 2024, at total cash cost of $927 per Oz Au and an AISC of $1,281 per Oz Au. At Mulatos, in Sonora, 205 K Oz Au were produced in the year. Cash and cash equivalents of US$327.2 M at the end of 2024.
  • Coeur Mining Inc. announced Q4 2024 and full year financial results. During the year the company produced 341,852 Oz Au, 11.4 M Oz Ag at cash cost $1,203 per Oz Au and $16.55 per Oz Ag. Coeur generated US$1.1 B in revenue in 2024. Closed on February 14, 2025, the 1.58 B acquisition of SilverCrest Metals (Las Chispas, Sonora). Guidance of 16.7-20.3 M Oz Ag, 380,000-440,000 Oz Au for 2025. At Palmarejo, in Chihuahua, 1.76 M tonnes were milled in 2024, averaging 2.18 gpt Au, 141 gpt Ag, recovering 93% Au, 85% Ag, to produce 108,666 Oz Au, 6.78 M Oz Ag, at cash cost $892 per Oz Au, $14.28 per Oz Ag, generated US$138.1 M in cash flow, while investing US$13.2 M in exploration. “Seven rigs were active during the quarter, with three rigs focused on step-out drilling along the western extension of the Hidalgo corridor. A new mineralized structure discovered in 2024 called the Libertad Footwall has demonstrated splays and breccias similar to those contained at Guadalupe and Independencia. Exploration drilling successfully traced these Libertad structures over 750 meters along strike. In addition, the 2024 drill program at Hidalgo and Libertad was a significant contributor to inferred resource growth. Successful exploration also led to a maiden resource at the San Juan target and an extension of the Guadalupe zone”.
  • Torex Gold Resources Inc. reported Q4 and full year 2024 financial and operational results. Annual production was 452,523 Oz Au (or 461,420 Oz AuEq), with a gold recovery of 90.6%, total cash cost of $940 per Oz Au and an AISC of $1,156 per Oz Au.  Achieved a mining rate of 2,092 tonnes per day from ELG (El Limon-Guajes) underground. Net income of US$134.6 M, adjusted net earnings of US$224.3 M and readjusted EBITDA of US$541.1 M, with net cash generated from operating activities of US$449 M. Negative free cash flow of US$122.9 M as a direct result of US$449.0 M invested in the Media Luna project, which stood at 94% completion at the end of the period. Closed the year with US$331.5 M, including US$110.2 M in cash and US$221 available on credit facilities (Morelos Complex, Guerrero).
  • Capstone Copper Corp. informed on financial results for Q4 and full year 2024. The company had a net income in 2024 of US$82.9 M, an adjusted EBITDA of US$496 M, operating cash flow of US$414.8 M, net debt of US$742.0 M, availability of US$506.4 M comprising US$132.4 M in cash and US$374 M on a credit facility. The consolidated copper production in 2024 was 184,460 tonnes of Cu at cash cost $2.56 per Lb Cu. At Cozamin, in Zacatecas, 24,907 tonnes of copper were produced during the period, at cash cost $1.75 per Lb Cu (the lowest for Capstone operations).
  • Starcore International Mines Ltd. announced production results for the third quarter 2025, ended January 2025. At San Martin, in Querétaro, 46.7 K tonnes were milled, averaging 1.74 gpt Au, 11.08 gpt Ag, recovering 82.44% Au, 49.1% Ag, to produce 2,268 Oz AuEq.
  • First Majestic Silver Corp. announced consolidated financial results for Q4 and full year 2024. The company produced 8.4 M Oz Ag, 156,542 Oz Ag (or 21.7 M Oz AgEq), realized US$138.6 M in free cash flow, with revenues of US$560.6 M, EBITDA of US$127.1 and ended the year with 2,595 Oz Au, 539.2 K Oz Ag valued at US$22.4 M. On January 16, 2025 the company completed the acquisition of Gatos Silver Inc. for a consideration of US$1.07 M in shares.
  • Newmont Corp. reported fourth quarter and full year 2024. The company reported US$3.4 B of net income in 2024, generated US$6.4 B of cash from operating activities, reported US$2.9 B in free cash flow, produced 5.7 M Oz Au and 1.9 M Oz AuEq (Cu, Ag, Pb, Zn) for a total of 6.8 M attributable Oz Au. During the year Peñasquito (in Zacatecas) produced 390 K Oz Au, 28 M Oz Ag, 90 K tonnes Pb, 236 K tonnes Zn. Cash cost was $930 per Oz Au, $11.50 per Oz Ag, $1,080 per Lb Pb, $1,430 per Lb Zn. The AISC was $1,210 per Oz Au, $15.0 per Oz Ag, $1,290 per Lb Pb, $1,890 per Lb Zn. The cash cost and the AISC are expected to increase during 2025. “Peñasquito gold production is expected to increase in 2025, as mining is expected to be from the higher gold content Peñasco pit for the first half of 2025.Gold production in 2025 is expected to be approximately 60 percent weighted to the first half of the year… co-product production of silver, lead and zinc is expected to decline from 2024 levels due to reduced mining in the Chile Colorado pit as this polymetallic mine progresses through its planned sequence”.

ON FINANCING

  • Quetzal Copper Corp. closed the third tranche of a previously announced non-brokered flow-through and non-flow-through private placement, for gross proceeds of C$487.5 K. In total the company raised gross proceeds of C$2.44 M (Las Cristinas, Chihuahua).
  • Quetzal Copper Corp. announced the extension to complete its previously announced non-flow-through portion of its non-brokered private placement, until February 28, 2025 (Las Cristinas, Chihuahua).
  • Luca Mining Corp. informed on its inclusion in the 2025 TSX Venture 50TM list of top performing companies (Tahuehueto, Durango; Campo Morado, Guerrero).
  • Tocvan Ventures Corp. closed the final tranche of its previously announced non-brokered private placement for gross proceeds of C$1.05 M (Pilar and Gran Pilar, Sonora).
  • Teck Resources Ltd. has declared “an eligible dividend of $0.125 per share on its outstanding Class A common shares and Class B subordinate voting shares, to be paid on March 31, 2025 to shareholders of record at the close of business on March 14, 2025” (San Nicolás, Zacatecas).
  • Heliostar Metals Ltd. announced it has been included in the 2024 TSX Venture 50TM list of top performing companies (Ana Paula, Guerrero; La Colorada, Sonora).
  • Alamos Gold Inc. reported mineral reserves and resources to the end of 2024. Of a total of 13.95 M Oz Au in reserves by the company, 1.39 M stand in the Mulatos district in Sonora. The total amount of reserves and resources at Mulatos is 2.13 M Oz Au, distributed in the Mulatos mine, Puerto del Aire, La Yaqui Grande, Cerro Pelon and Carricito deposits, as can be seen below. The project is heading to more underground operations with the Puerto del Aire and Cerro Pelon higher grade sulfides. A total of US$19 M is budgeted for exploration in 2025, including 15,000 m of drilling at the GAP-Victor area and PDA extension, and 20,000 m planned at Cerro Pelon.
  • Prime Mining Corp. disclosed its 2025 outlook for its Los Reyes project in Sinaloa. An initial 40,000 m of drilling is planned to identify extensions to know structures and further discovery areas, working toward a preliminary economic assessment (PEA), “refining the metallurgical, geotechnical, mine planning and development parameters for project development, including process and underground mining optimization, infrastructure assessment and permitting requirements”.  Drilling halted in late January due to safety issues on large areas of Sinaloa, but due to resume as soon as these concerns ease, with the drill rigs are still on-site. In October of last year Prime filed a mineral resource estimate with 2.19 M Oz AuEq in indicated resources and 817 K AuEq in inferred resources.
  • Endeavour Silver Corp. reported drill results from its exploration program at the Bolañitos mine in Guanajuato. The program was focused on the La Luz vein, with intersections that provide opportunities to extend mine-life. Highlighted true width intercepts comprise 1.02 m @ 1.17 gpt Au, 449 gpt Ag; 1.67 m @ 0.41 gpt Au, 183 gpt Ag; 0.95 m @ 2.03 gpt Au, 70 gpt Ag; 1.62 m @ 2.43 gpt Au, 1,063 gpt Ag (including 0.34 m @ 9.61 gpt Au, 4,070 gpt Ag); 2.49 m @ 3.15 gpt Au, 71 gpt Ag. “… eight drill holes totaling 2,000 metres has outlined high-grade mineralization over 100 metres in length to a depth of 200 metres. The area remains open to the south and to depth. Drilling will continue in the area for the first half of 2025”.
  • Vizsla Silver Corp. filed an independent technical report containing an updated mineral resource estimate (MRE) on the Panuco project in Sinaloa.
  • Luca Mining Corp. released results from the first four underground diamond drill holes on the ongoing 5,000 m exploration drill program at its Tahuehueto mine in Durango. The objective of the campaign is to define vertical and lateral extents of known mineralization within the Creston and Perdido vein systems. Highlighted core length intervals comprise 1.8 m @ 0.95 gpt Au, 60 gpt Ag, 1.11% Cu, 0.2% Pb, 0.2% Zn; 22.3 m @ 1.47 gpt Au, 42 gpt Ag, 0.44% Cu, 1.5% Pb, 2.3% Zn (Including 7.9 m @ 2.59 gpt Au, 68 gpt Ag, 0.68% Cu, 2.3% Pb, 2.7% Zn); 0.9 m @ 0.09 gpt Au, 18 gpt Ag, 0.21% Cu, 0.9% Pb, 4.0% Zn; 2.3 m @ 2.37 gpt Au, 0.1% Pb, 0.3% Zn; 7.2 m @ 0.37 gpt Au, 41 gpt Ag, 0.26% Cu, 1.8% Pb, 0.9% Zn; 1.7 m @ 0.09 gpt Au, 22 gpt Ag, 0.29% Cu, 2.1% Pb, 2.0% Zn.
  • Heliostar Metals Ltd. announced results from drilling at its Ana Paula project in Guerrero. The drilling program focus was on expanding the High Grade Panel and test step-out targets at depth beneath this zone. Highlighted core-length results comprise 161.0 m @ 4.26 gpt Au (including 30.0 m @ 10.1 gpt Au); 23.0 m @ 4.15 gpt Au (including 3.0 m @ 21.4 gpt Au); 4.6 m @ 7.91 gpt Au; 68.5 m @ 1.44 gpt Au; 24.0 m @ 5.10 gpt Au (including 3.0 m @ 10.9 gpt Au and 5.15 m @ 14.0 gpt Au); 3.80 m @ 2.43 gpt Au; 1.0 m @ 4.99 gpt Au; 66.85 m @ 3.12 gpt Au (including 15.7 @ 10.4 gpt Au); 13.0 m @ 3.50 gpt Au. 

ON DEALS AND CORPORATE ISSUES

  • Centenario Gold Corp. announced the resignation of Alain Charest as CEO of the company. “Alain will continue to represent the Company as both a board member, VP Exploration and an active adviser to the Company”. Doug Fulcher, current president of the company has been appointed CEO (Eden, Sinaloa).
  • United States Antimony Corp. announced the appointment of Mr. Rodney Blakestead as Vice President of the Mining Division and Leo Jackson as Vice President of the Mexican Antimony Division (Los Juarez, Querétaro).

ON SOCIAL RESPONSIBILITY

  • Guanajuato Silver Company Ltd. informed it is sponsoring a clinic in Topia, Durango, has treated 350 patients, and the Cata clinic in Guanajuato a further 700 persons. Furthermore “Water at the mines is largely recycled, while essential water services are often provided to rural communities. With priority placed on schools, kindergartens, and community spaces…”. Among other initiatives, the company is also committed to generating zero biodiversity loss from operations. 

On the image below: Sometimes following structures from a distance is not that difficult. Drone picture by Jorge Cirett.

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

/ Gambusino Prospector / Leave a comment

By Jorge Cirett

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

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

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

ON MINING

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

ON FINANCING

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

ON RESOURCES AND DEVELOPMENT

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

ON DEALS AND CORPORATE ISSUES

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

ON SOCIAL RESPONSIBILITY

  • No Relevant news.

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

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

/ Gambusino Prospector / Leave a comment

By Jorge Cirett                                             

During the 50th week of the year (December 9th to December 15th, 2024), companies working in Mexico posted at least 28 press releases. Not a single company informed on exploration advances at its property, two companies presented quarterly results, one company was ordered to suspend operations, one more announced commercial production while another the re-start of heap stacking. Two companies informed on financing rounds, one on the granting of options, another on a share purchase plan, one on the evaluation of share consolidation and one more on the signing of service contracts. Six companies updated on drilling programs and one on a new MRE report for its property, one company started test mining and bulk sampling at its advanced property. One company published its annual handset book, two companies presented AGM results, three more announced appointments to the board, two companies informed on their amalgamation agreement, one more on the move of its headquarters and another one on the international arbitration proceedings against Mexico. One company published its sustainability report ON MEXICO ISSUES, Mexico is to review the proposed ban on open pit mining. ON EXPLORATION, no relevant news. ON MINING, GoGold Resources and Heliostar Metals presented quarterly reports. Torex Gold operations in Guerrero were mandated to halt by the government. Sierra Madre Gold and Silver announced commercial production at La Guitarra. Heliostar Metals intends to re-start stacking activities at La Colorada in Sonora. ON FINANCING, Tocvan Ventures and Quetzal Copper announced financing rallies for $2.1 M and C$3 M respectively. Sandstorm entered an automatic share purchase plan. Sierra Metals is considering a 20:1 share consolidation plan. Sierra Madre Gold and Silver granted stock options, Heliostar Metals signed services agreements with two companies, Defiance Silver made a clarification on the engagement of a service company. ON RESOURCES AND DEVELOPMENT, Silver Storm Mining released results from drilling at La Parilla, Mithril Silver and Gold updated on drilling at Copalquin, Defiance Silver announced a new MRE for Tepal, Pan American Silver reported drilling highlights for La Colorada and La Colorada Skarn, Prime Mining reported on expansion drilling at Los Reyes, Orla Mining updated on exploration at Camino Rojo. Fuerte Metals reported drilling results from Cristina, Vizsla Silver commenced test mining and bulk sampling at Panuco ON DEALS AND CORPORATE ISSUES, Elemental Altus Royalties published its annual handset handbook. Defiance Silver and Zacatecas Silver announced AGM’s results. Orla Mining and Luca Mining announced appointments to the board. Enduro Metals and Commander Resources announced its amalgamation agreement. US Antimony announced the move of its headquarters. Almaden Minerals informed on the international arbitration process under the TPP with Mexico. ON SOCIAL RESPONSIBILITY, Capstone Copper published its 2023 sustainability report.

ON MEXICO ISSUES

  • Mexico is to review the proposed bill to ban open pit mining, announced Claudia Shienbaum, Mexico’s president.  The proposal was approved by the lower chamber of Congress in August, and also seeks to prohibit fracking and restrict water usage in areas of scarcity. She emphasized that the review will focus on ensuring environmental protection and is independent of corporate interests. “The Mexican Mining Chamber (Camimex) has voiced strong opposition to the proposed ban. Open-pit mining accounts for 60% of the value of Mexico’s national mining and metallurgical production. Camimex warns that the prohibition could lead to a 1% contraction in the country’s GDP and jeopardize nearly 200,000 jobs.”

ON EXPLORATION

  • No Relevant News.

ON MINING

  • Torex Gold Resources Inc. updated on the carbon monoxide accident that claimed the lives of two employees and one contractor and injured a second contractor. The company commenced its “own internal investigation to determine how, despite multiple levels of safety protocols and controls, such a tragedy could have occurred…. Two experienced individuals went into a restricted area where carbon monoxide was present, and in an effort to rescue their colleagues who suffered exposure, two other individuals entered the area as well. Three of the individuals passed away as a result, while the fourth was transported to a local hospital and is now at home recovering”.
  • Torex Gold Resources Inc. received notification from the DGM (Dirección General de Minas) that all activities are to be temporarily suspended at the Morelos property in Guerrero, “to support their inspection associated with the fatal incident at the El Limón Guajes underground mine” on December 5th, 2024.
  • Sierra Madre Gold and Silver Ltd. announced that industrial production has started at the Guitarra mine processing plant in Estado de México. “The plant has been operating at 86% of the milling circuit nameplate capacity, or 516 wet metric tonnes per day, for the last two (2) months”. During October 13.2 K tonnes were processed to recover a concentrate containing 21.2 K Oz Ag, 295 Oz Au, and 13 K tonnes were processed in November to recover a concentrate containing 22.9 K Oz Ag, 363 Oz Au.
  • GoGold Resources Inc. announced financial results for the three months and full year ended on September 30, 2024. The company had revenue of US$36.5 M for the year on the sale of 1.4 M Oz AgEq, with net income of $1.6 M, production of 553.4 K Oz Ag, 8,700 Oz Au, 468 tonnes Cu, 316 tonnes Zn (or 1.48 M Oz AgEq), at cash cost of $17.62 per Oz AgEq and an AISC of $24.15. Cash of US$72.0 M at the end of the period.
  • Heliostar Metals Ltd. announced its intentions to recommence crushing and stacking in January 2025 of the historical Junkyard Stockpile at the Colorada Mine in Sonora. “The planned restart would initially augment and then replace the current gold production from residual leaching at the mine”. The stockpile is located close to the La Colorada crushing circuit, containing material mined from the Gran Central Pit in the mid to late 1990’s. “Drill holes were completed on a ~35-metre grid across the stockpile with some drill holes completed on a 7-metre grid for variability testing. In total, 57 holes totalling 2,290 metres were completed”.
  • Starcore International Mines Ltd. reported results for its Q2, ended in October 31, 2024. During the period the company processed 48.2 K tonnes at its San Martin mine in Queretaro, grading 1.1 gpt Au, 9.81 gpt Ag, recovering 80.3% Au, 49.2% Ag, to produce 1,400 Oz Au, 7.6 K Oz Ag (or 1,466 Oz AuEq) at cash cost $2,746 per Oz Au. “This quarter reflects the 2-month closure of mining operations due to the safety standards upgrades that were required by the Mexican Labor Department,,,” after a fatal accident at the mine. Cash on hand is C$3.7 M and working capital C$4.1 M.

ON FINANCING

  • Sierra Madre Gold and Silver Ltd. granted stock options to two new employees of the company to purchase an aggregate of 300 K common shares (La Guitarra, Estado de México).
  • Sandstorm Gold Ltd. entered into an automatic share purchase plan under its previously announced normal course issuer bid. The company’s at-the-market equity program for up to US$150 M of common shares expired in October with no shares being issued under the program. Sandstorm renewed its revolving credit agreement allowing the company to borrow up to US$625 M (Royalty in Cosalá, Sinaloa).
  • Tocvan Ventures Corp. closed a first tranche of its previously announced non-brokered private placement for gross proceeds of $2.1 M, including $1.8 M from Sorbie Bornholm LP, a UK based institutional investor (Gran Pilar, Sonora).
  • Sierra Metals Inc. is to hold a special meeting of shareholders on January 31, 2025, to seek authorization from shareholders to consider a consolidation of all the company’s issued and outstanding common shares on 1 to 20 ratio (Bolivar, Chihuahua).
  • Heliostar Metals Ltd. entered into an agreement with Triomphe Holdings Ltd. for an initial term of six months and C$120 K, and Investors News Network with a term of three months and C$25 K, for investor relations and communication services (Ana Paula, Guerrero).
  • Defiance Silver Corp. made a clarification on the engagement of Torrey Hills Capital Inc. to provide investor relation. Torrey is to receive a monthly payment of US$5 K per month for a minimum of four months (Tepal, Michoacan).
  • Quetzal Copper Corp. announced a non-brokered private placement for aggregate gross proceeds of up to C$3 M (Cristinas, Chihuahua).

ON RESOURCES AND DEVELOPMENT

  • Silver Storm Mining Ltd. released results from drilling at La Parrilla Silver Mine Complex, in Durango. Three high-grade zones within the Central Rosarios at the Rosario mine span 275 m in strike length down to a depth of ~600 m remaining open at depth. Highlighted core length intercepts comprise 1.50 m @ 74 gpt Ag, 2.4% Pb, 3.1% Zn; 1.00 m @ 22 gpt Ag, 0.4% Pb, 4.4% Zn; 0.60 m @ 354 gpt Ag, 0.09% Cu, 5.4% Pb, 2.0% Zn; 1.76 m @ 103 gpt Ag, 1.4% Pb, 1.4% Zn; 4.23 m @ 0.25 gpt Au, 150 gpt Ag, 2.6% Pb, 3.6% Zn (including 1.81 m @ 0.31 gpt Au, 296 gpt Ag, 4.3% Pb, 5.5% Zn).
  • Mithril Silver and Gold Ltd. provided an update on current drilling the Target 1 area at its Copalquin project in Durango. The first wo holes of this campaign are at the lab, the next on the way to the lab, two more are being logged and sampled and a sixth hole has been commenced. A maiden resource for the Target 1 area is scheduled for the end of Q1 2025. Two more areas are to be drilled once the ongoing municipal road upgrade by the company is completed, which will facilitate the 40,000 m of drilling planned for 2025.
  • Defiance Silver Inc. announced a mineral resource estimate (MRE) for its Tepal Au-Cu project in Michoacan. The open pit operation model comprises 111.7 M tonnes grading 0.19% Cu, 0.26 gpt Au, 1.55 gpt Ag, containing 473.9 M Lb Cu, 926 K Oz Au, 5.6 M Oz Ag as measured and indicated resources, and 124.4 M grading 0.16% Cu, 0.25 gpt Au, 1.46 gpt Ag, containing 451 M Lb Cu, 985 K Oz Au, 5.8 M Oz Ag. Molybdenum was not included due to insufficient metallurgical testwork, but moly grades are significant and its recovery will be assessed.
  • Pan American Silver Corp. provided its annual exploration update, including its Mexican operations. At La Colorada, in Zacatecas, 13 new veins have been discovered in the eastern portion of the property. Highlighted true width intercepts comprise 0.95 m @ 9,618 gpt Ag, 4.9% Pb, 4.8% Zn; 2.32 m @ 2,615 gpt Ag, 2.3% Pb, 5.2% Zn; 3.28 m @ 308 gpt Ag, 10.2% Pb, 13.1% Zn. The San Geronimo vein system covers now 550m along the strike by 450m vertical. From May to October almost 48,000 m of drilling have been carried out. At the nearby La Colorada Skarn “infill drilling reinforced confidence in the large, indicated mineral resource updated on June 2024”. Over 11,000 m of infill drilling have been completed since then with highlighted core length intervals comprising 273.1 m @ 54 gpt Ag, 0.8% Pb, 5.2% Zn; 62.55 m @ 84 gpt Ag, 2.0% Pb, 7.6% Zn; 60.25 m @ 85 gpt Ag, 7.0% Pb, 10.4% Zn.
  • Prime Mining Corp. reported expansion drilling results from its Los Reyes project in Sinaloa. The four holes tested Guadalupe East, on the south-east end of the Guadalupe Trend, and are not included in the mineral resource estimate (MRE) released in October. Highlighted true width intervals comprise 1.25 m @ 3.34 gpt Au, 617 gpt Ag (including 0.65 m @ 6.27 gpt Au, 1,160 gpt Ag); 0.95 m @ 14.25 gpt Au, 2,150 gpt Ag; 0.80 m @ 0.81 gpt Au, 1 gpt Ag; 2.35 m @ 1.80 gpt Au, 272 gpt Ag. The company has expanded its fiscal year 2024 program to 50,000 m from 40,0000 m, with “prioritization of targets on probability of resource development and generative area discovery potential”.
  • Orla Mining Ltd. provided an update on exploration of the Camino Rojo Extension, now referred to as Zone 22, at its Camino Rojo project in Zacatecas. Highlighted core length intercepts of 11,318 m in thirteen holes comprise: 4.90 m @ 4.54 gpt Au, 7 gpt Ag, 2.08% Zn; 6.60 m @ 1.01 gpt Au, 63 gpt Ag, 1.6% Cu, 0.1% Zn (including 1.20 m @ 3.08 gpt Au, 202 gpt Ag, 4.95% Cu, 0.2% Zn); 2.90 m @ 5.65 gpt Au, 27 gpt Ag, 0.1% Pb, 1.4% Zn; 4.90 m @ 4.54 gpt Au, 7 gpt Ag, 2.1% Zn; 2.70 m @ 30.70 gpt Au, 4 gpt Ag, 1.3% Zn (including 0.60 m @ 140.50 gpt Au, 9 gpt Ag, 0.16% Cu, 5.2% Zn); 2.00 m @ 0.83 gpt Au, 393 gpt Ag, 2.4% Pb, 8.8% Zn; 15.00 m @ 0.93 gpt Au, 25 gpt Ag, 0,91% Cu; 4.50 m @ 5.17 gpt Au, 215 gpt Ag, 0.14% Cu, 3.3% Pb, 4.6% Zn; 2.80 m @ 2.99 gpt Au, 269 gpt Ag, 0.16% Cu, 4.3% Pb, 6.8% Zn. Mineralization extends up to 800 m down-plunge from the resource pit. In addition to Au-Ag-Zn sulfide replacement and skarn mineralization, Zone 22 presents Cu-Au-Ag values associated to a felsic dike intersected primarily in the deepest down-plunge extension area.
  • Fuerte Metals Corp. reported results from five diamond holes at its Cristina project in Chihuahua. The holes reported are from the Los Ingleses and Mexico Libre vein systems, which returned true width intercepts of: 0.90 m @ 3.40 gpt Au, 6 gpt Ag, 0.1% Zn; 9.00 m @ 1.50 gpt Au, 42 gpt Ag, 0.18% Cu, 0.5% Pb, 2.5% Zn; 17.50 m @ 2.40 gpt Au, 23 gpt Ag, 0.5% Pb, 1.0% Zn (including 7.50 m @ 5.30 gpt Au, 40 gpt Ag, 0.16% Cu, 1.0% Pb, 2.0% Zn); 2.40 m @ 11.90 gpt Au, 69 gpt Ag, 0.25% Cu, 1.9% Pb, 4.0% Zn; 3.00 m @ 8.60 gpt Au, 95 gpt Ag, 0.40% Cu, 1.4% Pb, 6.2% Zn (including 1.80 m @ 14.20 gpt Au, 143 gpt Ag, 0.65% Cu, 2.2% Pb, 9.8% Zn). “Fuerte has now reported thirty holes totalling 7,936.5 metres of drilling as part of a 40-50 hole, 21,000 metre drill program”. An underground resource estimate will follow the completion of the 21,000 m program in Q3 2025.
  • Vizsla Silver Corp. commenced fully funded and fully permitted test mining and bulk sample program at its Panuco project in Sinaloa. The underground scope includes 1,070 m of ramp development, lateral access and ore extraction from the 460-level zone on the Copala structure, where approximately 10 K tonnes of high-grade material is to be mined. Surface infrastructure to be completed includes construction of portal facilities, access roads and laydown areas.

ON DEALS AND CORPORATE ISSUES

  • Elemental Altus Royalties Corp. published the 2024 edition of its Annual Handset Handbook, with information on the production, development and exploration stages royalties (Mercedes, Sonora).
  • Defiance Silver Corp. announced results from its AGM and the election of Pail A. Smith as director (Tepal, Michoacan; Zacatecas, Zacatecas).
  • Orla Mining Ltd. announced the appointment of Dr. Silvana Costa as Chief Sustainability Officer (Camino Rojo, Zacatecas).
  • Enduro Metals Corp. and Commander Resources Ltd. announced its amalgamation agreement pursuant to which Enduro and Commander will combine their operations creating a copper and gold explorer. Commander owns the Pedro project in Durango.
  • United States Antimony Corp. announced the move of its corporate headquarters to Dallas, Texas, from Thompson Falls, Montana. Additionally, Mr. Gary C. Evans assumed the chief executive role and continues as chairman of the board of directors, Mr. Joe Bardswich takes on the role of executive vice-president and chief mining engineer (Los Juarez, Queretaro).
  • Almaden Minerals Ltd. informed on the international arbitration proceedings under the comprehensive and progressive agreement for Trans-Pacific Partnership with Mexico. “The Claim is being prosecuted pursuant to the established and enforceable legal framework of the International Centre for Settlement of Investment Disputes. The Company is financing the Claim with up to US$9.5 million in non-recourse litigation funding”. The company and Mexico have appointed an arbitrator to the three-person arbitration panel, and the third and presiding arbitrator has also been appointed, with the first session held in Washington on November 20, 2024. “While the Company is vigorously pursuing this Claim, its preference is for a constructive resolution with Mexico that results in a positive outcome for all stakeholders” (Ixtaca, Puebla).
  • Luca Mining Corp. announced the appointment of Ramon Medoza Reyes, P. Eng as chief technical officer (Campo Morado, Guerrero).
  • Zacatecas Silver Corp. announced the results of its annual general meeting (AGM) and the resignation of Mr. John Lewins as a director of the company. Zacatecas Silver is evaluating upcoming exploration plans at the Zacatecas Silver project, that includes the Panuco Deposit, El Cristo vein system, San Gill breccia zone and Muleros zone. The company also holds the Esperanza project in Morelos, with 956 K Oz Au in resources in the measured and indicated categories and 277 K Oz Au as inferred.

ON SOCIAL RESPONSIBILITY

  • Capstone Copper Corp. published its 2023 sustainability report, highlighting its sustainable development strategy prioritizing climate, water, tailings, biodiversity and communities.

On the image below: Silicifed fault/vein ridges in Sonora. Drone picture by Jorge Cirett.

The Mining and Exploration News in Mexico: Highlights on the Second Week of November 2024

/ Gambusino Prospector / Leave a comment

By Jorge Cirett                                             

During the 46th week of the year (November 11th to November 17th,2024), companies working in Mexico posted at least 24 press releases. Two companies informed on exploration advances at their properties, ten companies presented quarterly results and one other actualized its production forecast for the second half of 2024. Two companies released drilling results from their advanced properties, with one also providing channel sample results. One company announced a private placement probably to be used on properties in Mexico, two more companies with properties in Mexico announced financing rounds to be applied outside from Mexico and a royalties company signed a lending agreement. Two companies updated on exploration and drill results from their advanced properties, and one more company informed on its evaluation on the keeping or disinvestment on an advanced property. One company updated on legal proceedings on the cancellation of a key concession, one more held its AGM and other two informed on operating issues impacting a silverstream. ON MEXICO ISSUES most of the concentrate end-dump trailers hijacked from the Peñasquito mine were recovered empty. Two miners are dead, five unaccounted for in a mine cave-in in Sinaloa. ON EXPLORATION, In Sonora, Tocvan Ventures provided exploration results from Pilar (Gran Pilar?). In Chihuahua, Kingsmen Resources announced a drilling program at Las Coloradas. ON MINING, Gatos Silver, Mag Silver, Orla Mining, SilverCrest Metals, Discovery Silver, Avino Silver, Prime Mining, Sailfish Royalty, Dyna Resource and US Antimony, released Q3 production results and Heliostar Metals released its forecast on production for H2 2024. ON FINANCING, Apollo Silver and Osisko Development closed private placements for C$13.5 M and US$57.5 M respectively. Orex Minerals completed a warrants exercise program, Elemental Altus Royalties amended a credit facility. ON RESOURCES AND DEVELOPMENT, Osisko Development is awaiting on a permit to operate its San Antonio project in Sonora, and evaluating the sale of the asset. Endeavour Silver updated on exploration and development at Pitarrilla, in Durango. Torex Gold released results from resource upgrading drilling at EPO, in Guerrero. ON DEALS AND CORPORATE ISSUES, Chesapeake Gold updated on legal proceedings on the cancellation of a key mining concession at its Metates project in Durango. GR Silver held its AGM. Fresnillo plc and Industrias Peñoles are resolving issues arising from operational challenges that affect a silverstream.  ON SOCIAL RESPONSIBILITY, Discovery Silver released its 2023 ESG report.

ON MEXICO ISSUES

  • Nine of the eleven hijacked end-dump trailers carrying concentrate from the Peñasquito mine in Zacatecas were recovered empty on a dirt road in Durango. No detentions were made (How on this Earth can you disappear 240 tonnes of concentrate that can only be processed in a few sites in the country, and the export ports being controlled by the Navy? Yes, it is a rhetoric question).
  • Five miners were trapped by a cave-in at a mine in Badiraguato, Sinaloa.  Two persons are presumed dead and the fate of another three to five is unclear.

ON EXPLORATION

  • Kingsmen Resources Ltd. announced a diamond drill program for its 850 ha Las Coloradas project in Chihuahua. The company selected three principal target areas, the Mine, Aguilar and Leona on the Soledad structure. “The Mine target includes the old Las Coloradas mine on the SE end of the Soledad structure/vein system, and adjacent mineralized structures. The Leona target covers an area of old high grade workings approximately 530 meters long on the NW end of the Soledad II structure. The Aguilar target covers an area of old high grade workings approximately 250 meters long on the NW end of the Soledad structure/vein system”.
  • Tocvan Ventures Corp. provided exploration results from its Gran Pilar project in Sonora , adjacent to its Pilar project). A total of 541 soil samples have been collected in the project, returning up to 21.2 gpt Au, >2,000 gpt Ag, 0.62% Cu, 12.7% Pb, 2,3% Zn. “ …. zones of significant and consistently high values of gold have been identified showing several kilometers of prospective trend that remains open to the east for further expansion”.

ON MINING

  • Gatos Silver Inc. announced third quarter 2024 financial and operating results. At Cerro Los Gatos (70% Gatos Silver, 30% Dowa Metals and Mining Co.), in Chihuahua, 298.6 K tonnes were milled in the period at a rate of 3,246 tpd, averaging 285 gpt Ag, 4.0% Zn, 2.0% Pb, 0.30 gpt Au, to produce 2.42 M Oz Ag, 1,450 Oz Au, 11.4 M Lb Pb, 16.5 M Lb Zn (3.84 M Oz AgEq). By-product cash cost was $3.69 per Oz Ag and the by-product AISC $9.61 per Oz Ag. During the quarter Gatos Silver and First Majestic Silver Corp. entered into a definitive merger agreement.
  • Mag Silver Corp. announced unaudited consolidated financial results for Q3 2024. A total of 332.3 K tonnes of ore grading 481 gpt AgEq was processed at Juanicipio, in Zacatecas, producing 4.9 M Oz Ag, 7.1 M Oz AgEq, at negative cash cost of $0.12 per Oz Ag ($8.38 per Oz AgEq) and an AISC of $3.28 per Oz Ag ($10.83 per Oz AgEq), generating US$109.9 M in operating cash flow and US$96.9 M in free cash flow (Mag’s share on the Juanicipio JV is 44%). During the period Mag Silver entered into an earn-in and option exploration agreement in which Apollo Silver Corp. can acquire the Cinco de Mayo property in Chihuahua.
  • Orla Mining Ltd. announced results for the third quarter of 2024. Production at Camino Rojo in Zacatecas was 43,788 Oz Au during the period at cash cost $482 per Oz Au and an AISC of $720 per Oz Au. Average mining rate was 52 K tpd, with 18.4 K tonnes of ore stacked averaging 0.93 gpt Au. A 30,000 m drilling program is underway to test and expand mineralization beneath existing resources. “….. results confirm the presence of flat-lying (mantos) and steep sulphide replacement-style mineralization, along with skarn-type alteration, extending at least 500 meters down plunge from the existing resource”. Net income was US$21.1 M and cash flow from operating activities US$52.0 M. In October the outstanding balance of US$58.4 M was repaid on its revolving credit facility of US$283.4 M. The company elevated the 2024 production guidance to 130,000 to 140,000 Oz Au. At the end of the period net cash was US$122.5 M.
  • SilverCrest Metals Inc. released financial results for Q3 2024. At Las Chispas, in Sonora, 4.4 km of development were completed, 124.2 K tonnes were mined at a rate of 1,350 tpd, 121.8 K tonnes milled, averaging 3.87 gpt Au, 366 gpt Ag (or 674 gpt AgEq), recovering 98.5% Au, 98.3% Ag to produce 14,928 Oz Au, 1.41 M Oz Ag (or 2.66 M Oz AgEq) at cash cost $8.85 per Oz AgEq and an AISC of $13.72 per Oz AgEq. Revenue in the period was US$80.4 M, an operating cash flow of US$44.2 M and free cash flow of US$36.2 M. SilverCrest had US$158.2 M by the end of September. In October the acquisition of Silver Crest Metals by Coeur Mining Inc. was announced.
  • Discovery Silver Corp. announced financial results for Q3 2024. At the end of the period the company had a net loss of C$5.3 M, 397.7 M shares outstanding, cash and cash equivalents of C$33.4 M, total assets of C$125.1 M, liabilities for C$6.2 M and a working capital of C$30.9 M (Cordero, Chihuahua).
  • Avino Silver & Gold Mines Ltd. announced its consolidated financial results for the third quarter of 2024. During the period the company processed 156.5 K tonnes of ore to produce 281.8 K Oz Ag, 1,625 Oz Au, 1.77 M Lb Cu (or 670.9 K Oz AgEq) at its Avino mine in Durango. Revenues were US$14.6 M, mining operating income of US$5.7 M, net income of US$1.2 M, EBITDA of US$3.8 M, cash flow from operations of US$4.1 M and a mine operating cash flow before taxes of US$6.7 M. At the end of the period the company had US$7.8 M in cash and working capital of US$15.9 M. Guidance remains on track to produce 2.5 M to 2.8 M Oz AgEq in 2024. Avino continued to process historical stockpiles from the nearby La Preciosa project: “as part of a sampling program to better prepare for fresh mill feed. Initial recoveries from the lower-grade material were better than expected and provide for potential upside as the project moves forward”. The operations team is in the final stages for approval to move forward with underground development at La Preciosa.
  • Prime Mining Corp. reported its operating and financial results for Q3 2024. During the period the company announced the update of an open pit constrained resource at Los Reyes, in Sinaloa, of 49 M tonnes @ 0.95 gpt Au, 34.2 gpt Ag, containing 1.49 M Oz Au, 54 M Oz Ag (or 2.19 M Oz AuEq) in indicated resources and 17.2 M tonnes @ 0.97 gpt Au, 39 gpt Ag, containing 0.54 M Oz Au, 21.6 M Oz Ag (or 0.82 M Oz AuEq) in inferred resources. Prime Mining reported Loss and comprehensive loss of C$16.2 M, total assets of C$35.2 M, liabilities of C$0.9 M and total liabilities of C$1.7 M, with cash at the end of the quarter of C$21.2 M. Four drilling rigs are currently active at Los Reyes.
  • Sailfish Royalty Corp. announced operating and financial results for the third quarter 2024. Sailfish has no operations in Mexico, but holds 100% in the Gavilanes project in Durango.
  • Dyna Resource Inc. reported results for its third quarter 2024. During the period 61 K tonnes were mined at a rate of 663 tpd at its San Jose de Gracia project in Sinaloa, milling 61.9 K tonnes at a rate of 663 tpd, grading 3.78 gpt Au, recovering 75.4% Au to produce 5,676 Oz Au. “The Company intends to prioritize drilling high grade underground targets that can readily be brought into the mine plan as well as the continued regional program to better understand the potential of the significant land package at SJG”. Revenue was US$ 11.2 M during the period. Management believes it will achieve its production rate target of 25.5 K tonnes per month in Q4 2024. The company is working to improve plant recoveries.
  • Heliostar Metals Ltd. provided gold production guidance for the recently acquired San Agustin mine, in Durango, and the La Colorada mine, in Sonora. For the July-December 2024 period production expected for La Colorada is 4,700-4,800 Oz Au, 13.3 K-14.4 K Oz Ag (or 4,800-4,900 Oz AuEq) at cash cost $1,350-$1,450 per Oz Au and an AISC of $1,500-$1,600 per Oz Au. At San Agustin 14,650-14,950 Oz Au, 25,400-25,500 Oz Ag (or 15,200-15,300 Oz AuEq), at cash cost $1,500-$1,600 per Oz Au and an AISC of $1,650-1,750 per Oz Au. La Colorada continues to produce Au from leach pads, but mining was paused by the previous operator on September 2023. Heliostar is to determine the economic viability of restarting operations and to complete a pre-feasibility study in early Q1 2025. At San Agustin mining operations ceased due to permitting constraints and is producing Au from existing leach pads. “The Company has submitted a permit application to expand the open pit that would allow mining at San Agustin to recommence in 2025. Without approval, the San Agustin Mine will transition to care and maintenance upon completion of leaching operations.”
  • United States Antimony Corp. reported third quarter 2024 financial and operational results. The company has no operations in Mexico, but holds the Los Juarez gold project in Queretaro.

ON FINANCING

  • Apollo Silver Corp. closed a fully subscribed non-brokered private placement for aggregate gross proceeds of C$13.5 M (Cinco de Mayo, Chihuahua).
  • Osisko Development Corp. closed its previously announced private placement for aggregate gross proceeds of US$57.5 M (San Antonio, Sonora).
  • Orex Minerals Inc. completed the company’s warrant exercise incentive program raising approximately $1.2 M (Coneto, Durango).
  • Elemental Altus Royalties Corp. signed an amendment to its credit facility, exercising the US$10 M accordion feature, with the borrowing limit increased to US$50 M and Royal Bank of Canada (RBC) as a new lender in the facility, joining National Bank of Canada (NBC) and Canadian Imperial Bank of Commerce (CIBC) (Mercedes, Sonora).

ON RESOURCES AND DEVELOPMENT

  • Osisko Development Corp. reported financial and operating results for Q3, 2024, including some information on its Mexican operations. At San Antonio, in Sonora, the company has kept the project in care and maintenance since Q3 2023, awaiting the next steps from the government of Mexico with respect to the permitting process and the status of open pit mining in the country. The company is “exploring the potential for a financial or strategic partner in the asset or for a full or partial sale of the asset”.
  • Endeavour Silver Corp. reported an update on the exploration and evaluation of its Pitarrilla property in Durango. Endeavour has re-logged the historic drill core, focusing on defining high-grade feeder structures of the Ag-Pb-Zn sulfide mineralization. The company has refurbished the ramp and extended it over 1.3 km to provide access to underground drilling. This work has confirmed the presence of at least four structures that extend through the manto (Palmito, Danna, Victoria and Casas Blancas veins), additional mineralized structures include the Norma and Danna hanging wall veins and the Peña dike. It is estimated that the first four veins are typically 3 m in width and have a vertical extent of 600 to 800 m and strike lengths of 700 m; these veins appear open to depth. Highlighted true width intervals comprise 82.92 m @ 0.02 gpt Au, 87 gpt Ag, 0.08% Cu, 0.6% Pb, 2.4% Zn; 25.94 m @ 0.04 gpt Au, 241 gpt Ag, 0.18% Cu, 0.9% Pb, 1.9% Zn (including 0.90 m @ 0.04 gpt Au, 2,020 gpt Ag, 1.6% Cu, 5.7% Pb, 4.0% Zn); 13.62 m @ 0.06 gpt Au, 183 gpt Ag, 0.04% Cu, 0.5% Pb, 1.8% Zn; 22.23 m @ 0.02 gpt Au, 112 gpt Ag, 0.06% Cu, 0.5% Pb, 3.6% Zn (including 0.92 m @ 0.21 gpt Au, 1,145 gpt Ag, 0.14% Cu, 1.6% Pb, 4.5% Zn). Highlighted Peña dike channel samples on the ramp comprise 4.20 m @ 0.07 gpt Au, 562 gpt Ag, 0.78% Cu, 5.3% Pb, 2.5% Zn; 5.35 m @ 0.09 gpt Au, 424 gpt Ag, 0.24% Cu, 4.9% Pb, 2.2% Zn; 3.85 m @ 0.09 gpt Au, 511 gpt Ag, 1.71% Cu, 3.0% Pb, 4.5% Zn.
  • Torex Gold Resources Inc. released assay results from the ongoing drill program at EPO, on its Morelos Complex, in Guerrero. Drilling has shown the potential to upgrade inferred resources to indicated resources in the NE portion of the EPO deposit. Highlighted core length intercepts comprise 36.6 m @ 9.57 gpt Au, 20 gpt Ag, 0.51% Cu (including 7.55 m @ 43.33 gpt Au, 48 gpt Ag, 0.51% Cu); 19.16 m @ 4.01 gpt Au, 3 gpt Ag, 0.30% Cu; 18.75 m @ 2.83 gpt Au, 28 gpt Ag, 1.26% Cu; 18.91 m @ 1.56 gpt Au, 73 gpt Ag, 2.62% Cu on resource conversion and 5.10 m @ 3.70 gpt Au, 30 gpt Ag, 1.37% Cu; 3.00 m @ 4.90 gpt Au, 21 gpt Ag, 0.28% Cu; 3.18 m @ 3.56 gpt Ag; 39 gpt Ag, 0.95% Cu; 8.33 m @ 0.44 gpt Au, 45 gpt Ag, 1.44% Cu; 2.37 m @ 0.46 gpt Au, 149 gpt Ag, 3.24% Cu; 3.59 m @ 0.51 gpt Au, 69 gpt Ag, 2.23% Cu, in advanced exploration beyond the resource boundary to the north of EPO. The EPO geology described in the press release highlights its complexity, with skarn, CRD and intermediate sulfidation epithermal mineralization events.

ON DEALS AND CORPORATE ISSUES

  • Chesapeake Gold Corp. updated on legal proceedings related to its 700 ha San Vicente 3 mineral concession. The proceedings against the Dirección General de Minas (DGM) are the company’s response to the cancellation of one of 12 concessions within its 4,260 ha  Metates project in Durango (the largest undeveloped gold deposit in Mexico). “Chesapeake began nullity proceedings to have the cancellation of San Vicente 3 declared as null and void by the North Center III and Auxiliary Regional Chamber of the Federal Court of Administrative Justice (the “Chamber”) based on certain procedural arguments. The Chamber dismissed the Company’s lawsuit in a 2-1 split decision, with the dissenting judge finding the Company’s arguments to be well-founded. The Company plans to appeal before the Collegiate Court and to pursue all legal remedies available”. The concession covers part of the mineral resource, and its cancellation would hinder the ability to develop the Metates project as outlined on the PEA.
  • GR Silver Mining Ltd. held its annual general meeting (AGM) with all matters brought before the meeting approved (Plomosas, Sinaloa).
  • Fresnillo plc. has secured notice over operational issues at Industrias Peñoles Sabinas mine in Zacatecas, affecting silver output. There is a silverstream contract comprising a series of 12 agreements between Fresnillo and Peñoles, following which the London-listed miner has the right to receive all proceeds from the payable silver. “The operational challenges at the mine have prompted immediate discussions between the two companies to evaluate the situation and its implications for the agreement”.

ON SOCIAL RESPONSIBILITY

  • Discovery Silver Corp. released its 2023 ESG (environmental social and governance) report, highlighting the reception of the Quality Environmental Certification, the Socially Responsible Enterprise (ESR) Distinction and the Great Place to Work Certification (Cordero, Chihuahua).

On the image below: Clear vein scarps in a copper project in Sonora. Drone picture by Jorge Cirett.