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

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By Jorge Cirett

By Jorge Cirett
During the 30th week of the year (July 21fst to July 27th, 2025), companies working in Mexico presented 29 press releases. Three companies presented news on their early-stage properties. Five companies presented quarterly operational updates, one more restarted mining on an idle property and another had a pit wall failure. Seven companies reported on financial rounds. Two companies presented drilling results from their operating mine/advanced property and one more announced the commencement of a drill program.  Three companies reported on acquisition woes, litigation and appointments to the board. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, In Sonora, Questcorp Mining informed on geologic mapping advances at La Unión; Xali Gold updated on exploration at Sarape. In Durango Pinnacle Silver and Gold presented underground channel sample results. ON MINING, Heliostar Metals is restarting mining operations at San Agustin. Avino Silver & Gold Mines, Mag Silver, Teck Resources, Gold Royalty and Newmont presented Q2 2025 results. Orla Mining informed on a pit wall collapse. ON FINANCING, seven companies informed on financing rounds: Goldgroup Mining (C$12 M), Sierra Madre Gold and Silver (C$17.75 M), Mammoth Resources (C$0.55 M), Mithril Silver and Gold (C$11.5 M), Garibaldi Resources (C$1.02 M), Pacifica Silver (C$1.0 M) and Pinnacle Silver and Gold (US$1.65 M). ON RESOURCES AND DEVELOPMENT, Kootenay Silver is to start drilling at Columba in Chihuahua. Guanajuato Silver Company released drilling results from San Ignacio, in Guanajuato. GR Silver Mining announced drilling results from the San Marcial deposit at Plomosas in Sinaloa. ON DEALS AND CORPORATE ISSUES, Sierra Metals complained about comments by Alpayana SAC. Guanajuato Silver has been sued by a service provider. Equinox Gold announced changes to the board. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • No Relevant News.  

ON EXPLORATION

  • Pinnacle Silver and GoldCorp. Presented results from underground channel sampling in the historic Pinos Cuates mine at El Potrero project in Durango. Highlighted results of composite samples comprise 1.0 m @ 34.6 gpt Au, 228 gpt Ag; 1.7 m @ 50.3 gpt Au, 269 gpt Ag; 4.2 m @ 9.8 gpt Au, 141 gpt Ag, 1.8 m @ 8.3 gpt Au, 8 gpt Ag. “A total of 42 channel samples were taken in 16 composite channels in the raise. Grades ranged from 0.105 to 85.1 g/t Au and 9 to 520 g/t Ag … The Pinos Cuates mine is the middle of three historic mines along a 500 metre strike length on the Dos de Mayo vein system on the Potrero property. Underground sampling is continuing at the Dos de Mayo mine to the southeast and will be followed by sampling of the La Dura mine to the northwest. The vein system has been traced on surface for 1,600 metres”.
  • Xali Gold Corp. has completed strategic data compilation studies on the Sarape project, under option from Advanced Lithium Corp. in Sonora. The low sulfidation epithermal mineralization presents in two veins: The 3 to 12 m wide Sarape vein recognized for 5,000 m, and the 3 m wide Chiltepin vein traced over 2,500 m on the surface. The classic boiling textures, near-equal proportions of quartz and calcite, and anomalous Sb-Au-Ag values suggest that the veins represent the upper levels of a low sulfidation epithermal system with good potential for stronger mineralization at depth. Highlighted core length intervals from 2019 drilling include 4.26 m @ 0.52 gpt Au, 11 gpt Ag; 1.4 m @ 0.55 gpt Au, 31 gpt Ag; 2.24 m @ 0.57 gpt Au, 24 gpt Ag; 11.57 m @ 0.22 gpt Au, 6 gpt Ag; 6.75 m @ 1.49 gpt Au, 7 gpt Ag.
  • Questcorp Mining Inc. informed of on-going surface exploration in preparation for drilling at La Union project in Sonora, on which the company has an option to earn 100% interest. Multiple stacked thrust faults have been identified in the mineralized area, enhancing the potential. “Rock and soil sampling continues with numerous samples dispatched to the laboratory for analysis”.

ON MINING

  • Heliostar Metals Ltd.  announced the restart of operations at the San Agustin mine, in Durango, from where currently the company produces gold from residual leaching. Heliostar plans to mine the Corner area to produce 45,000 Oz Au, generating US$40 M in cashflow at a US$3,000 gold price. In July 2025 Heliostar complied with all required applications and received the required approval to undertake this open pit expansion and received the authorization to increase the height of the San Agustin leachpad from 77 to 88 m in height. Preliminary work is to be carried out in Q3 and Q4, allowing to first stacking of new ore and new gold production in Q4, 2025. Immediate focus for growth is on near-surface oxide material, of which several targets for exploration have been recognized.  A large low grade sulfide mineralized volume underlies the oxide material, but a few higher grade intervals have been intercepted, like 297 m @ 0.49 gpt Au, 25 gpt Ag, 0.2% Pb, 1.0% Zn and 196 m @ 0.60 gpt Au, 15 gpt Ag, 0.1% Pb, 1.0% Zn. The last model built by Heliostar geologists implies that the bulk of the gold and silver mined to date is from an intermediate sulfidation vein system that sits above intrusive related breccias. This interpretation generated four new porphyry/breccias targets for drill testing.
  • Avino Silver & Gold Mines Ltd. released production figures for the second quarter of 2025. At the Avino mine in Durango, the company processed 191 K tonnes averaging 55 gpt Ag, 0.39 gpt Au, 0.42% Cu, recovering 85% Ag, 74% Au, 83% Cu, to produce 283.6 K Oz Ag, 1,774 Oz Au, 1.46 M Oz Ag (645.6 K Oz AgEq). Construction of the 360 m San Fernando main access at La Preciosa is underway. At the end of the period the company had US$37 M in cash, remaining debt-free.
  • Mag Silver Corp. reported production from Juanicipio (56% Fresnillo plc/44% Mag Silver), in Zacatecas. All results are on a 100% basis: 343 K tonnes were milled, grading 417 gpt Ag, 1.21 gpt Au, 1.71% Pb, 3.34% Zn, to produce 4.34 M Oz Ag, 10,465 Oz Au, 11.55 M Lb Pb, 20.5 K M Lb Zn.
  • Teck Resources Ltd. reported unaudited second quarter results for 2025. The company, that does not have operating mines in Mexico, had C$2,023 M in revenue, for gross profit of C$471 M and a gros profit before depreciation and amortization of C$832 M with an EBITDA of C$722 M (Developing San Nicolas mine in Zacatecas; 50% Teck, 50% Agnico Eagle).
  • Orla Mining Ltd. provided an update on the recent pit wall event at its Camino Rojo mine in Zacatecas. “Camino Rojo experienced an uncontrolled material movement on the temporary north wall within the open pit. There were no injuries, nor was there any damage to equipment or the environment as a result of the event”. Although ramp access to the pit remains unaffected open pit operations were temporarily suspended while the necessary geotechnical assessments are conducted to ensure safe remediation and the eventual resumption of mining. Approximately 390 K tonnes of material moved into the pit, material that will be crushed and staked on the heap leach in the medium term. Crushing and stacking of run-of-mine ore and stockpile material will continue, to mitigate the short-term impact on production with a current stockpile of 2.24 M tonnes averaging 0.32 gpt Au.
  • Gold Royalty Corp. announced preliminary results for the second quarter of 2025. Total revenue, land agreement proceeds and interest amounted to US$4.4 M. Gold Royalty maintains its 2025 full-year production guidance of 5,700 to 7,000 Oz AuEq (Royalty on Cozamin, Zacatecas).
  • Newmont Corp. presented second quarter 2025 results, and an additional US$3 B share repurchase program. The company reported net income of US$2.1 B an adjusted EBITDA of US$3.0 B. The company had a consolidated production of 1,478,000 Oz Au, of which 148,000 Oz Au were produced at Peñasquito, in Zacatecas, at an AISC of $944 per Oz Au. Peñasquito also produced 8 M Oz Ag, 27 K tonnes Pb, 67 K tonnes Zn.

ON FINANCING

  • Goldgroup Mining Inc. has revised the terms of its previously announced non-brokered private placement for aggregate gross proceeds of up to C$12 M (Cerro Prieto, Sonora).
  • Sierra Madre Gold and Silver Ltd. upsized its previously announced “best efforts” private placement to aggregate gross proceeds of up to C$19.5 M (La Guitarra, Estado de México).
  • Mammoth Resources Corp. announced the closing of a first tranche of its upsized private placement of up to C$980 K for gross proceeds of C$546 K (Tenoriba, Chihuahua).
  • Sierra Madre Gold and Silver Ltd. closed the first tranche of its previously announced private placement for aggregate gross proceeds of US$17.75 M. Certain directors and officers of the company participated in the offering subscribing units for US$480 K. “In connection with the closing of the First Tranche, the Company paid the Agents a cash fee of $1,171,933 and issued to the Agents 1,674,190 compensation options” (La Guitarra, Estado de Mexico).
  • Mithril Silver and Gold Ltd. closed its previously announced brokered private placement for aggregate gross proceeds of C$11.5 M. The company paid a cash fee of C$690 K to the agents representing 6% of the gross proceeds of the offering and issued to the agents 1.92 M shares representing 6% of the aggregate number of shares issued by the company under the offering (Copalquin, Durango).
  • Garibaldi Resources Corp. “announces that, further to its News Releases of May 9, 2025, July 4, 2025 and July 18, 2025, the number of units (each, a “Unit”) sold and the dollar amount raised in the non-brokered private placement (the “Offering”) were incorrectly stated. The correct amount of Units sold is 14,537,702 Units at a price of $0.07 per Unit for gross proceeds of $1,017,639.16. The Offering was oversubscribed by $17,639.16” (Rodadero, Sonora).
  • Pacifica Silver Corp. closed its previously announced non brokered private placement for C$1 M in gross proceeds. No finder’s fee was paid under the offering. CEO Mr. Todd Anthony and Mr. Ramon Medoza, a director of the company, subscribed for C$100 K and C$10 respectively, with their participation being considered a related party transaction (Claudia, Durango).
  • Pinnacle Silver and Gold Corp. increased its non-brokered private placement to now raise gross proceeds of up to US$1.65 M (El Potrero, Durango).

ON RESOURCES AND DEVELOPMENT

  • Kootenay Silver Inc.  announced drill crews will arrive at the Columba project in Chihuahua by month’s end. Two drill rigs are to start the 50,000 m drilling program during the month of August. “The first 25,000 to 30,000 meters will focus on expanding the size of existing resource bodies in the D, F, and B/Lupe Veins. The mineralized zones in all veins remain open either down dip, along strike or both directions”. A recently published mineral resource of 5.92 M tonnes grading 284 gpt Ag, 0.19% Pb, 0.50% Zn contains 54.1 M Oz Ag, 25.2 K tonnes Pb, 65.6 K tonnes Zn.
  • Guanajuato Silver Company Ltd. released results from drilling at its San Ignacio property in Guanajuato. Nine underground holes have been completed in 1,000 metres of drilling on the Santo niño and Melladito and Nombre de Dios zones. Highlighted true width intercepts comprise 1.30 m @ 1.5 gpt Au, 24 gpt Ag; 1.30 m @ 1.7 gpt Au, 5 gpt Ag; 2.10 m @ 4.3 gpt Au, 353 gpt Ag; 0.44 m @ 2.4 gpt Au, 14 gpt Ag; 0.99 m @ 1.1 gpt Au, 13 gpt Ag; 0.61 m @ 1.4 gpt Au, 22 gpt Ag; 1.08 m @ 2.5 gpt Au, 3 gpt Ag; 2.34 m @ 4.9 gpt Au, 165 gpt Ag; 8.20 m @ 5.7 gpt Au, 54 gpt Ag (including 0.60 m @ 15.1 gpt Au, 13 gpt Ag; 0.83 m @ 13.7 gpt Au, 158 gpt Ag); 1.06 m @ 28.5 gpt Au, 164 gpt Ag; 4.46 m @ 2.2 gpt Au, 99 gpt Ag. “The mineralization highlighted within the tables above is within proximity to existing infrastructure and the Company expects to expedite development to these zones so that they can be sequenced for extraction in 2025”.
  • GR Silver Mining Ltd. announced drilling results from the on-going step-by drilling program in two areas of the San Marcial deposit within its 43,187 ha Plomosas project in Sinaloa. The company is exploring and validating the extension of mineralization near the resource area. “Comprehensive interpretation and 3D modelling of ground geophysical data have outlined a large, regional intrusive-related anomaly”. A hydrothermal breccia has returned wide intervals of Ag mineralization with higher grades exhibiting intense chloritization, a hallmark in the San Marcial district. Highlighted core length intervals comprise 18.0 m @ 0.02 gpt Au, 32 gpt Ag, 0.1% Pb, 0.1% Zn; 23.3 m @ 0.01 gpt Au, 44 gpt Ag, 0.2% Pb, 0.3% Zn; 26.0 m @ 0.01 gpt Au, 114 gpt Ag, 0.1% Pb, 0.2% Zn (including 11.9 m @ 0.01 gpt Au, 214 gpt Ag, 0.2% Pb, 0.3% Zn); 36.0 m @ 0.28 gpt Au, 121 gpt Ag, 0.1% Pb, 0.1% Zn (including 0.4 m @ 1.14 gpt Au, 641 gpt Ag, 0.1% Pb, 0.1% Zn and 0.3 m @ 0.08 gpt Au, 1,982 gpt Ag, 0.5% Pb, 0.2% Zn); 0.4 m @ 10.30 gpt Au, 726 gpt Ag, 0.1% Pb, 0.1% Zn; 0.2 m @ 34.30 gpt Au, 2,359 gpt Ag, 0.1% Pb, 0.1% Zn.

ON DEALS AND CORPORATE ISSUES

  • Sierra Metals Inc. stated that Alpayana S.A.C. made unfounded allegations in a press release relating to the takeover and demanded in a letter to deprive key senior officers of Sierra Metals of employee entitlements on a change of control by amending contractually agreed terms. To read the lengthy argument, please read the news release: https://gambusinoprospector.com/wp-content/uploads/2025/07/2025-07-21_sierra-metals-responds-to-alpayana.pdf  (Bolívar, Chihuahua).
  • Guanajuato Silver Company Ltd. announced that NucTech Mexico, S.A. de C.V. has commenced litigation in Mexico City against the company. NucTech alleges that Guanajuato Silver has not compensated it for the installation and use of NucTech’s mineral sorting equipment at the San Ignacio mine in Guanajuato and is claiming compensation for future equipment rentals over a 10-year period. The Company believes that the litigation has no merit and will vigorously defend itself.
  • Equinox Gold Corp. announced Greg Smith has stepped down as chief executive officer (CEO) and Director, and Darren Hall, current president and chief operating officer (COO), has been appointed Chief Executive Officer and Director (Los Filos, Guerrero).

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

On the image below: Chlorite lined fracture with late calcite center in monzonite porphyry on HQ core. Picture by Jorge Cirett.

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

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By Jorge Cirett

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

ON MEXICO ISSUES

  • No Relevant News.  

ON EXPLORATION

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

ON MINING

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

ON FINANCING

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

ON RESOURCES AND DEVELOPMENT

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

ON DEALS AND CORPORATE ISSUES

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

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

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

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

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By Jorge Cirett

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

ON MEXICO ISSUES

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

ON EXPLORATION

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

ON MINING

  • No Relevant News.

ON FINANCING

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

ON RESOURCES AND DEVELOPMENT

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

ON DEALS AND CORPORATE ISSUES

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

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

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

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

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By Jorge Cirett

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

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

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

ON MINING

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

ON FINANCING

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

ON RESOURCES AND DEVELOPMENT

  • No Relevant News.

ON DEALS AND CORPORATE ISSUES

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

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

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

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

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By Jorge Cirett

During the 12th week of the year (March 17th to March 23rd, 2025), companies working in Mexico presented 25 press releases. Four companies informed on exploration on three properties, three companies presented quarterly and/or full year 2024 reports and two companies provided updates on their operations. Five companies informed on financing rounds and one more on the granting of options. Two companies informed on the filing of its case against Mexico on an international institution. ON MEXICO ISSUES, Almaden Minerals and Almadex Minerals filed a legal suit against Mexico on the CPTPP for US$1.06 billion. ON EXPLORATION, in Sonora, Tocvan Ventures and Colibri Resource informed on drilling at Gran Pilar/El Pilar. in Durango, Pinnacle Silver and Gold informed on underground sampling at El Potrero; Silver Wolf Exploration updated on work at Ana Maria. ON MINING, Orla Mining, United States Antimony and Orogen Royalties presented Q4 and/or full year 2024 reports. Sierra Metals recommend to its shareholders to reject an unsolicited bid and Starcore International Mines is to process carbonaceous ore at its San Martin plant in Queretaro. ON FINANCING, companies announcing different stages of financing rounds include Pantera Silver (C$9.5 M), Goldgroup Mining (C$7 M), Heliostar Metals ((C$17 M), Capstone Copper (US$500 M), Gogold Resources (C$75 M). VVC Exploration granted incentive options. ON RESOURCES AND DEVELOPMENT, Fuerte Metals reported drilling results from Cristina, in Chihuahua. Mithril Silver and Gold released results from drilling at Copalquin, in Durango. Torex Gold Resources released resource estimates for the different deposits at its Morelos Complex in Guerrero.  ON DEALS AND CORPORATE ISSUES, Inomin Mines has to amend the technical report on La Gitana, in Oaxaca. VVC Exploration, Silver Spruce Resources and Bear Creek Mining announced movements on their boards. Almaden Minerals and Almadex Minerals filed for international arbitration against Mexico under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • Almaden Minerals and Almadex Minerals filed a lawsuit against Mexico under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) for US$1.06 billion.

ON EXPLORATION

  • Pinnacle Silver and Gold Corp. provided results from underground sampling as part of the due diligence work completed before acquiring the El Potrero project in Durango. Sampling of veins containing grey black ginguro bands in the Pinos Cuates mine returned 0.9 m @ 9.32 gpt Au, 254 gpt Ag; 0.8 m @ 8.21 gpt Au, 153 gpt Ag; 1.4 m @ 7.92 gpt Au, 63 gpt Ag; 0.3 m @ 6.71 gpt Au, 113 gpt Ag. “… the historic workings stretching over a 500 metre strike length and the absence of any drilling or other modern exploration implies significant potential for resource development on a strong epithermal vein system”. Work to be realized in the property includes a Lidar survey for topography and structural interpretations, rehabilitation of numerous underground workings followed by its mapping and sampling, as well as surface mapping to trace the vein system.
  • Tocvan Ventures Corp. and partner Colibri Resource Corp. released results from two more holes drilled at its El Pilar (within Gran Pilar) project in Sonora. Highlighted core length intervals comprise 97.35 m @ 0.65 gpt Au, 4 gpt Ag (including 66.0 m @ 0.95 gpt Au, 5 gpt Ag, which includes 36.30 m @ 1.59 gpt Au, 8 gpt Ag, which includes 3.00 m @ 5.75 gpt Au, 6 gpt Ag and 1.20 m @ 15.35 gpt Au, 4 gpt Ag); 122.20 m @ 0.03 gpt Au, 1 gpt Ag (including 9.60 m @ 0.15 gpt Au).  Ten core drillholes totaling 1,167.5 meters were completed earlier this year within the majority owned (51%) Main Zone held in partnership with Colibri. “… the Company is outlining a permitting and operations strategy for a pilot facility at Pilar”.
  • Silver Wolf Exploration Ltd. provided highlights on 2024 work and the outlook for 2025 on its Ana Maria project in Durango. During 2024 2,560 m were drilled in 17 holes, analyzing 1,234 samples, confirming the presence of large chimney-style breccias and CRD-style mineralization. “These results will be integrated into the geological model, more mapping and sampling will be applied to other high potential areas of the property where chimney breccias have been identified on surface. Silver Wolf is looking forward to drill-test new targets”.

ON MINING

  • Sierra Metals Inc. provided a corporate update on operations, including on the Bolivar mine in Chihuahua. The board of directors continues to recommend shareholders reject the hostile take-over bid launched by a subsidiary of Alpayana S.A.C. Further improvements to drive lower costs in 2025 and an expected AISC at around $3.38 per Lb CuEq for Bolivar.
  • Starcore International Mines Ltd. announced the results of the in-plant test of the CIL circuit to treat carbonaceous ore at its San Martin mine and processing plant in Queretaro. The firm Kappes, Cassiday & Associates conducted the in-plant test for one month and processed approx. 2,000 tonnes of carbonaceous ore, grading 2.2 gpt Au, 20.7 gpt Ag, with the plant able to recover over 80% Au, 63 % Ag from these ores (… we plan to follow the test by processing 100 tonnes/day of the carbonaceous ore as part of regular plant production, gradually increasing to 180 tonnes/day within a few months”.
  • Orla Mining Ltd. announced results for Q4 and year 2024. In Q4 2024 the Camino Rojo Oxide mine produced 26,531 Oz Au by mining 50.2 K tpd and stacking 18.5 K tpd averaging 0.94 gpt Au at cash cost $550 and an AISC of $826 per Oz Au. In the year 136,748 Oz Au were produced, for a revenue of US$343.9 M, net income of US$89.0 M and US$152.7 M in free cash flow. By the end of the period the company had US$96.6 M in cash and cash equivalents, with US$8.3 M in debt. Camino Rojo Extension is now named Zone 22, and during the year drilling identified mineralization up to 0.9 km from the current resource, with the system open down plunge and at depth. An initial inferred resource in this zone is planned to be completed in Q2 2025 and integrated into the underground resources of the Camino Rojo sulfide deposit.
  • Orogen Royalties Inc. reported a total revenue of C$9.9 M for year 2024, including 34% increase in Ermitaño royalty revenue of $7.9 M. the company has a royalty on the Ermitaño deposit, being mined by First Majestic as part of its Santa Elena project in Sonora.
  • United States Antimony Corp. reported fiscal and operational results for 2024. Revenues were US$14.9 M, resulting in gross profits of US$6.8 M. The company ended 2024 with US$18.2 M in cash and cash equivalents and US$327 K of debt. “. As we announced late last year, we are firing up our Madero Smelter in Mexico this month with new international antimony material arriving today at a key port in Mexico. Additional raw antimony inventory is on the water being shipped to Mexico. All necessary improvements to furnaces at Madero have been completed on time and below budget. We see this business becoming a key contributor to our financial results in the remaining three quarters of 2025” (Los Jaurez, Queretaro).

ON FINANCING

  • Pantera Silver Corp. announced 4.74 M share purchase warrants were exercised for total proceeds of C$948 K (Nuevo Taxco, Guerrero).
  • Goldgroup Mining Inc. closed the first tranche of a non-brokered private placement for C$7 M in gross proceeds. Mr. Eric Sprott, through 2176423 Ontario Ltd. acquired C$6.75 M in shares. “Following completion of the Private Placement, Mr. Sprott will beneficially own and control 22,500,000 Common Shares and 11,250,000 Warrants representing 12.5% of the outstanding Shares on a non-diluted basis and 17.6% of the outstanding Shares on a partially diluted basis assuming the exercise of such Warrants” (Cerro Prieto, Sonora).
  • VVC Exploration Corp. announced the granting of incentive stock options to directors, officers and consultants to the company (Samalayuca, Chihuahua).
  • Heliostar Metals Ltd. entered into an amended agreement with Cormark Securities Inc. and Velocity Trade Capital Ltd., as co-lead underwriters on behalf of a syndicate of underwriters, to purchase on a bought deal private placement basis 17 M common shares for gross proceeds of C$17 M (Ana Paula, Guerrero).
  • Capstone Copper Corp. launched an offering of US$500 M aggregate principal amount of senior notes due 2033, for latter on the week upsizing the offering to US$600 M aggregate principal amount of 6.750% senior notes due 2033. “The Company intends to apply the gross proceeds from the sale of the Notes to repay project financing debt at its Mantoverde S.A. subsidiary, to pay down debt on the Company’s senior secured revolving credit facility, and for general corporate purposes” (Cozamin, Zacatecas).
  • GoGold Resources Inc. entered into an agreement with a syndicate of underwriters led by BMO Capital Markets under which the underwriters have agreed to buy on bought deal basis C$75 M in common shares of the company (Los Ricos Sur, Jalisco).

ON RESOURCES AND DEVELOPMENT

  • Fuerte Metals Corp. reported results from ten holes of a drilling program at its Cristina project in Chihuahua. A total of 10,314 m in 40 holes have been drilled in the 21,000 m drill program. Highlighted true width intervals comprise 27.0 m @ 0.5 gpt Au, 60 gpt Ag, 0.03% Cu, 0.2% Pb, 0.7% Zn (including 1.9 m @ 1.1 gpt Au, 239 gpt Ag, 0.11% Cu, 0.9% Pb, 2.8% Zn; 22.5 m @ 0.75 gpt Au, 70 gpt Ag, 0.03% Cu, 0.4% Pb, 1.1% Zn (including 2.6 m @ 1.4 gpt Au, 233 gpt Ag, 0.10% Cu, 0.6% Pb, 2.3% Zn). “The forty holes completed to date since 2024 have successfully defined a series of continuous higher grade zones extending over several hundred vertical metres within the main Guadalupe vein, and now within the Los Ingleses and Mexico Libre vein systems”.
  • Mithril Silver and Gold Ltd. released results from six holes on the ongoing drill program at its Copalquin project in Durango. Highlighted core length intercepts comprise 3.35 m @ 26.5 gpt Au, 1,046 gpt Ag; 0.65 m @ 12.1 gpt Au, 292 gpt Ag; 0.50 m @ 3.53 gpt Au, 3 gpt Ag; 5.00 m @ 5.08 gpt Au, 22 gpt Ag (including 1.00 m @ 16.7 gpt Au, 73 gpt Ag); 0.84 m @ 1.78 gpt Au, 36 gpt Ag; 3.62 m @ 9.62 gpt Au, 55 gpt Ag (including 0.72 m @ 45.5 gpt Au, 221 gpt Ag); 0.46 m @ 4.11 gpt Au, 84 gpt Ag; 1.99 m @ 4.29 gpt Au, 73 gpt Ag (including 0.50 m @ 15.4 gpt Au, 214 gpt Ag); 2.75 m @ 1.23 gpt Au, 81 gpt Ag (including 0.50 m @ 5.16 gpt Au, 334 gpt Ag). The holes at La Soledad in the Target 1 resource area intercepted multiple veins with higher grades than the known mineral resource. Drilling on Target 2, El Peru/Las Brujas will commence in April 2025. Mithril program is to complete 35,000 m of drilling during 2025.
  • Torex Gold Resources Inc. reported year-end 2024 mineral reserves and resources for the Morelos Complex, in Guerrero, which includes the producing El Limón Guajes Mine Complex (consisting of the ELG Open Pits and ELG Underground), Media Luna Underground mine, development phase EPO Underground deposit, and surface stockpiles. The company plans to produce at least 450 K Oz Au per year through 2030. As can be seen on the tables below, the Morelos Complex has 45.7 M tonnes @ 5.06 gpt AuEq in measured and indicated resources and 16.5 M tonnes @ 4.22 gpt AuEq in inferred resources, containing 7.43 M Oz AuEq and 2.24 M Oz Au respectively.
  • Inomin Mines Inc. informed that following a technical disclosure review by the British Columbia Securities Commission, the technical report of 2020 on its La Gitana project in Oaxaca does not comply with current NI 43-101 standards, and should not be relied upon, until an amended compliant report is prepared.
  • VVC Exploration Corp. announced the appointment of Mr. Bill Kerrigan as president and chief operating officer. “Mr. Kerrigan will continue to be President of Plateau Helium Corporation. Mr. James A. Culver will remain as CEO of VVC “(Samalayuca, Chihuahua).
  • Silver Spruce Resources Inc. appointed Paul K. Smith and William Fleming to the company’s advisory board (Pino de Plata, Chihuahua).
  • Bear Creek Mining Corp. announced that Andrew Swarthout and Sandra Daycock have retired from the board of directors. “Further to Bear Creek’s news releases on March 4, 2025 and March 11, 2025, Equinox, Sandstorm and the Company continue to advance definitive documentation related to (i) the amending agreements with each of Sandstorm and Equinox to temporarily defer certain interest payments under certain outstanding debt arrangements (the “Debt Amendments”); and (ii) the extension of up to US$6.5 million in additional credit to the Company from Sandstorm” (Mercedes, Sonora).
  • Almaden Minerals Ltd. announced the filing of its memorial submission relating to its international arbitration proceedings under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) with the United Mexican States (Mexico). “Almaden is pursuing this Claim together with Almadex Minerals Ltd)… Prior to the illegal acts of Mexico which resulted in the complete loss of the investment, Almaden held 100% of the Ixtaca precious metals project in Mexico….. while Almadex held a 2.0% NSR royalty on the Project….. The Claimants filed their Request for Arbitration in June, 2024, and the three-person arbitration panel has now been formed…. Based on a valuation by an independent quantum expert, the Claimants are seeking damages of US$1.06 billion, in the aggregate. This number will be further updated as the Claim proceeds, to reflect future movements in precious metal prices, exchange rates, interest rates, and other factors”. For a complete description of the case explained by Almaden, please see the press release at: https://gambusinoprospector.com/wp-content/uploads/2025/03/2025-03-21_almaden-files-memorial-documentation-for-US-1.06-B-damages-claim-against-mexico.pdf .
  • Almadex Minerals Ltd. filed its memorial submission relating to its international arbitration proceedings under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) with the United Mexican States. Almadex is pursuing this Claim together with Almaden Minerals Ltd. in the terms set above.

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

On the image below: Drilling under the scarp on a Sonoran project. Drone picture by Jorge Cirett.

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

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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

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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 Fourth Week of January 2025

/ Gambusino Prospector / Leave a comment

By Jorge Cirett

During the 4th week of the year (January 20th to January 26th, 2025), companies working in Mexico presented 26 press releases. Two companies informed on exploration on their properties, three companies presented quarterly reports and one updated on the refurbishment of an antimony smelter. Nine companies informed on financing rounds and two granted stock options. Two companies reported drilling results from producing mines and one more from an advanced property. A company resumed operations at its advanced property after a fatal accident. Two companies informed on senior staff changes. One company informed on another’s company acquisition process and one more informed on the TSX stand in relation to a take-over bid. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, in Sonora, Tocvan Ventures reported surface exploration results at its Gran Pilar project. In Nayarit, Angel Wing commenced drilling at La Reyna project. ON MINING, Capstone Gold, Avino Silver and Dyna Resource presented Q4 2024 results. US Antimony provided an operational update on its Madero smelter. ON FINANCING, companies that commenced or closed financing rounds include Defiance Silver (C$732 K), Colibri Resource (C$250 K), Zacatecas Silver (C$1.5 M), Capitan Silver (C$4.2 M), Goldgroup Mining (C$3.5 M), Gold Resource Corp. (US$2.5 M). Southern Silver Exploration (C$2.5 M), Silver Storm Mining (C$3.5 M), Mexican Gold (C$160 K). Sonoro Gold and Angel Wing Metals granted options to officers and directors. ON RESOURCES AND DEVELOPMENT, Vizsla Silver resumed limited operations after a fatal accident on Panuco, in Sinaloa. Sierra Metals reported drilling results from Bolivar, in Chihuahua. Mithril Silver and Gold presented drilling results from Copalquin, in Durango. First Majestic Silver released drilling results from San Dimas, in Durango.  ON DEALS AND CORPORATE ISSUES, Zacatecas Silver and Infinitum Copper announced movements on their boards. Agnico Eagle acquired 94% of O3 Mining shares. Sierra Metals was notified by the TSX on relation to a take-over bid. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

  • Angel Wing Metals Inc. commenced a 1,500 m diamond drill program at La Reyna project in Nayarit. “The first phase of the program will include 10-12 holes aimed at confirming historical surface sampling grades, on strike continuity, orientation and depth of known mineralization, and artisanal mine workings”. Drilling is to focus on the Dolorosa, Zorrillo, San Ramon and El Polo targets.
  • Tocvan Ventures Corp. reported on surface exploration results from its 100% owned Gran Pilar project in Sonora. A total of 188 rock samples and 9 infill soil samples were analyzed from the Southern Block, with four new target areas within a 1.8 km long by 1.0 km wide zone. Another zone 2.1 km by 2.4 km remains to be sampled. Highlighted rock sample results comprise: 3.11 gpt Au, 18 gpt Ag, 0.5% Pb, 0.1% Zn; 2.74 gpt Au, 17 gpt Ag, 0.7% Pb; 2.71 gpt Au, 17 gpt Ag, 0.7% Pb, 0.1% Zn; 2.29 gpt Au, 24 gpt Ag, 0.9% Pb; 2.13 gpt Au, 0.1% Cu, 0.1% Zn; 1.45 gpt Au, 0.2% Zn; 1.12 gpt Au, 64 gpt Ag, 0.6% Pb; 1.09 gpt Au, 10 gpt Ag, 0.4% Cu; 0.88 gpt Au; 0.19 gpt Au, 0.7% Cu; 0.17 gpt Au, 0.7% Pb. High pathfinder numbers on rock sampling comprise up to 0.5% As, 312 ppm Mo and 98 ppm Sb. Nine infill soil samples returned up to 0.45 gpt Au, 8 gpt Ag, 110 ppm Cu, 671 ppm Pb, 147 ppm Zn, 463 ppm As, 3 ppm Mo. Diamond drilling continues on the Pilar project (JV with Colibri Resource Corp.) with core sample preparation ongoing of the 408 m already completed on four holes.

ON MINING

  • Capstone Copper Corp. announced consolidated production for 2024, including information from its operations in Mexico. During Q4 2024 the company produced 6,724 tonnes Cu at Cozamin, in Zacatecas, for a total yearly production of 24,906 tonnes Cu, out of a total of 141,698 tonnes Cu produced by their sulfide business. For 2025, guidance for Cozamin is similar to 2024, with 23 – 26 K tonnes Cu at cash cost $1.60 – $1.80.
  • Avino Silver & Gold Mines Ltd. presented Q4 and full year 2024 production results. At Avino, in Durango, 181.7 K tonnes were processed during the quarter, grading 56 gpt Ag, 0.59 gpt Au, 0.52% Cu, recovering 87% Ag, 74% Au, 86 % Cu, to produce 283.8 K Oz Ag, 2,560 Oz Au, 1.77 M Lb Cu (or 735 K Oz AgEq). For the year 648.8 K tonnes were processed, grading 61 gpt Ag, 0.51 gpt Au, 0.51% Cu, recovering 88% Ag, 71% Au, 87% Cu, to produce 1.1 M Oz Ag, 7,477 Oz Au, 6.2 M Lb Cu (or 2.65 M Oz AgEq). “Avino had approximately $26 million in cash at the end of 2024 and remains debt-free, excluding operating equipment leases”.
  • Fortuna Mining Corp. reported production results for the fourth quarter and full year 2024, including figures from its operations in Mexico. At San José, in Oaxaca, Fortuna milled 190 K tonnes during the quarter, at a rate of 2,437 tpd, grading 118 gpt Ag, 0.85 gpt Au, recovering 82.7% Ag, 82% Ag, to produce 594.4 K Oz Ag, 4,239 Oz Au. For the year, 735.6 K tonnes were milled at a rate of 2,138 tonnes per day, grading 125 gpt Ag, 0.89 gpt Au, recovering 86.1% Ag, 84.8% Au, to produce 2.55 M Oz Ag, 17,811 Oz Au. Last week the company announced the sale of the San José mine.
  • Dyna Resource Inc. announced its preliminary 2024 operating results and 2025 guidance. During the quarter Dyna mined 67.7 K tonnes, grading 4.12 gpt Au, recovering 76% Au to produce 6,775 Oz Au. For the year, 257.7 K tonnes were mined, averaging 4.07 gpt Au, recovering 76% Au to produce 25,677 Oz Au. For 2025 Dyna expects to produce 27,000 to 30,000 Oz Au, at an AISC of $1,850 to $2,050 per Oz Au, with US$2.5 to US$3 M in exploration expenditures.
  • United States Antimony Corp. provided an operational update on its Madero smelter in Coahuila. “Initial plans are for the Madero Smelter to process antimony ore in an amount approximating 100 tons per month”, starting next March. The company will repair and refurbish six of the seventeen furnaces at the smelter over the next month. The less than US$1 M capital expenditure program is also geared to more streamline antimony feedstock in a faster, more mechanical and less human interaction manner, allowing for increased throughput in the future.

ON FINANCING

  • Defiance Silver Corp. closed a first tranche of a non-brokered private placement for aggregate gross proceeds of C$732K (Zacatecas project, Zacatecas).
  • Colibri Resource Corp. intends to conduct a non-brokered private placement for gross proceeds for up to C$250 K (Diamante, Sonora).
  • Zacatecas Silver Corp. arranged a non-brokered private placement for total proceeds of C$1.5 M (Zacatecas Silver project, Zacatecas; Esperanza, Morelos).
  • Capitan Silver Corp. intends to raise up to C$4.2 M through a non-brokered private placement. “The Offering is expected be led by a strategic investment from the Jupiter Gold & Silver Fund” (Cruz de Plata, Durango).
  • Goldgroup Mining Inc. closed the non-brokered private placement previously announced. The company raised C$3.5 M in gross proceeds (Cerro Prieto, Sonora).
  • Gold Resource Corp. closed the registered offering for US$2.5 M in gross proceeds (Don David).
  • Angel Wing Metals Inc. granted 1.7 M stock options to directors of the company (La Reyna, Nayarit).
  • Southern Silver Exploration Corp. revised the terms of the previously announced non-brokered private placement, which is now to comprise gross proceeds of up to C$2.5 M (Cerro Las Minitas, Durango).
  • Silver Storm Mining Ltd. increased the size of its previously announced non-brokered private placement, for gross proceeds of up to C$3.5 M. First Majestic Silver (a significant shareholder) subscribed C$1.5 M in shares, which is considered a related party transaction (La Parrilla, Durango).
  • Mexican Gold Mining Corp. announced a non-brokered private placement to raise up to C$160 K (Las Minas, Veracruz).
  • Sonoro Gold Corp. granted options to certain directors, officers and consultants of the company (Cerro Caliche, Sonora).

ON RESOURCES AND DEVELOPMENT

  • Vizsla Silver Corp. resumed limited operations after the recent fatal accident at Panuco, in Sinaloa, to work in a test mine and advance towards a feasibility study.
  • Sierra Metals Inc. reported drill results for the 2024 drill program in the Marian Zone at the Bolivar mine in Chihuahua. Highlighted true width core intervals comprise 26.0 m @ 1.29% Cu, 0.34 gpt Au, 11 gpt Ag; 20.0 m @ 1.37% Cu, 0.31 gpt Au, 24 gpt Ag, 0.2% Zn; 9.5 m @ 0.85% Cu, 0.14 gpt Au, 24 gpt Au, 3.0% Zn; 10.0 m @ 1.26% Cu, 0.26 gpt Au, 40 gpt Ag, 8.3% Zn; 7.0 m @ 2.45% Cu, 0.42 gpt Au, 12 gpt Ag; 6.7 m @ 0.93% Cu, 0.22 gpt Au, 2 gpt Ag. Marian is a chalcopyrite, lesser bornite and pyrite mineralized body, interpreted as a feeder zone, cutting carbonate rocks previously affected by calc-silicate metasomatism. Mineralization is 9.0 to 26.4 m wide, with the current results having the potential to extend the ore body 300 m along strike and 600 m downdip.
  • Mithril Silver and Gold Ltd. continues drilling the Target 1 resource area at its Copalquin project in Durango. Highlighted core length intervals comprise: 7.37 m @ 4.16 gpt Au, 70 gpt Ag; 0.75 m @ 2.53 gpt Au, 60 gpt Ag; 7.65 m @ 0.23 gpt Au, 9 gpt Ag; 2.00 m @ 0.63 gpt Au, 61 gpt Ag; 5.00 m @ 0.53 gpt Au, 29 gpt Ag; 13.90 m @ 0.71 gpt Au, 35 gpt Ag (including 1.00 m @ 4.15 gpt Au, 195 gpt Ag). The company is to complete a resource estimate for the Target 1 by end of Q1 2025, and drilling is to commence with a second drill rig at the Target 2 area by April 2025.
  • First Majestic Silver Corp. released results from the 2024 drilling program at its San Dimas mine in Durango. Resource conversion and exploration drilling was performed on El Oro, Perez, Sinaloa, Santa Teresa, Rosario, Intermedia, Santa Regina, Santa Jessica and Nochebuena veins. Highlighted true length results comprise: 3.26 m @ 10.03 gpt Au, 1,996 gpt Ag; 2.30 m @ 6.28 gpt Au, 1,001 gpt Ag; 3.14 m @ 3.66 gpt Au, 485 gpt Ag; 5.06 m @ 2.00 gpt Au, 309 gpt Ag; 2.31 m @ 23.33 gpt Au, 1,045 gpt Ag; 2.97 m @ 6.61 gpt Au, 501 gpt Ag; 1.69 m @ 10.91 gpt Au, 796 gpt Ag; 1.64 m @ 8.31 gpt Au, 507 gpt Ag; 3.41 m @ 10.02 gpt Au, 359 gpt Ag; 5.86 m @ 3.11 gpt Au, 166 gpt Ag; 1.69 m @ 13.53 gpt Au, 211 gpt Ag.

ON DEALS AND CORPORATE ISSUES

  • Zacatecas Silver Corp. announced the appointment of Mr. Eric Vanderleeuw as chief executive officer and director and Mr. Mario Vetro as advisor (Zacatecas Silver project, Zacatecas; Esperanza, Morelos).
  • Infinitum Copper Corp. announced the resignation of Steve Robertson as chairman and as a director and Garrick Mendham as director of the company (La Adelita, Sonora).
  • Agnico Eagle Mines Ltd. and O3 Mining Inc. provided O3 Mining share Holders with a final reminder to tender to Agnico Eagle’s friendly all cash offer to acquire 100% of the common shares of O3 Mining at $1.67 per share, which expires on January 23, 2025 (Pinos Altos, Chihuahua).
  • Agnico Eagle Mines Ltd. announced the acquisition of 94.1% of the outstanding common shares of O3 Mining Inc., with expiry of the buy offer extended to February 3, 2025 (Pinos Altos, Chihuahua).
  • Sierra Metals Inc. was notified by the Toronto Stock Exchange (TSX) “that the TSX will defer its consideration of the acceptance of the Company’s shareholder rights plan dated December 30, 2024”. This is in relation to the un-solicited take-over bid by Alpayana S.A.C. for all of the common shares of Sierra Metals (Bolivar, Chihuahua).

ON SOCIAL RESPONSIBILITY

  • No Relevant news.

On the image below: Old mine working in the Sonoran Desert. Drone picture by Jorge Cirett.

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

/ Gambusino Prospector / Leave a comment

By Jorge Cirett                                             

During the 48th week of the year (November 25th to December 1st, 2024), companies working in Mexico posted at least 26 press releases. One company informed on exploration advances at its property, six companies presented quarterly results, six more informed on financing rounds, one released shares from escrow, one informed on dividends, one more on resumption of trading, one on the expiration of warrants, four companies updated on drilling programs and one on technical reports for its properties, two companies held their AGM’s, two more informed on contracting advertising services and two more announced appointments to the board. ON MEXICO ISSUES, taxes on the production of gold, silver and platinum have been increased by 1.5%. ON EXPLORATION, In Sonora, Tocvan Ventures announced drilling programs for Pilar and Gran Pilar projects. ON MINING, Santacruz Silver Mining, Orogen Royalties, Bear Creek Mining, Impact Silver, Luca Mining and Royalties Inc. released Q3 production results. ON FINANCING, Silver Storm Mining amended its previously completed private placement. Mithril Silver and Gold informed shares are to be released from escrow. Sailfish Royalty declared a dividend. Southern Silver Exploration announced a private placement for C$2.2 M, Sonora Gold another for C$0.5 M, Tocvan Ventures raised C$3 M and Regency Silver closed a first tranche financing for C$1.3 M. Endeavour Silver completed its prospectus offering for US$72.8 M. Silver Storm Mining resumed trading at the TSX. Vizsla Royalties informed on the expiration of warrants. Guanajuato Silver Company entered into an equity distribution agreement to issue up to C$7.5 M in shares. ON RESOURCES AND DEVELOPMENT, Fuerte Metals reported drilling results from Cristina, in Chihuahua. Guanajuato Silver Company updated on drilling and development at Pinguico, in Guanajuato. Heliostar Metals released drilling results from La Colorada, in Sonora. Silver Storm Mining completed an underground drilling program at La Parrilla, in Durango. Prime Mining filed a technical report with an updated MRE for Los Reyes, in Sinaloa. Defiance Silver updated on technical report work for its Tepal and Zacatecas projects in Michoacan and Zacatecas, respectively. ON DEALS AND CORPORATE ISSUES, Silver Storm Mining and GR Silver Mining contracted advertising services. Quetzal Copper and Orex Minerals announced appointments to the board. Silver Storm mining announced its AGM’s date. Elemental Altus Royalties announced AGM’s results. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • The Deputies Chamber commission on fiscal matters approved a reform to increase the tax on mining, migration and use of protected land. The bill increases the mining special duty from 7.0 to 8.5% on income obtained from production of gold, silver and platinum.

ON EXPLORATION

  • Tocvan Ventures Corp. is to mobilize a diamond drill rig to the 105 ha Pilar project (51/49 Tocvan/Colibri) in Sonora. The program will focus in the Main Zone to produce a robust geological model for resource estimation. Additionally, an up to 2,000 m RC drill program is to test the 100% Tocvan controlled 2,100 ha expansion area (Gran Pilar). The next round of permitting will include extraction and processing of 50 K tonnes of bulk test mining scheduled for 2025. Total cost of the pilot facility including the extraction and processing of 50 k tonnes is expected to be US$1.7 M, with the recovery of 800 – 1,400 Oz Au and 5 K Oz Ag.

ON MINING

  • Santacruz Silver Mining Ltd. reported its financial and operating results for Q3, 2024, without expanding on figures from its Mexican operations. The company had US$78.2 M in revenue, had cash equivalents of US$18.2 M and a working capital of US$24.2 M (Zimpan, Hidalgo).
  • Orogen Royalties Inc. reported financial results for the third quarter of 2024. Royalty of C$2.1 M was earned with 614 Oz AuEq attributable, net income before tax of C$254.5 K, G&A expenses of C$1 M, cashflow of C$948 K and working capital of C$23.5 M. The revenue was generated from the Ermitaño property in Sonora, operated by First Majestic Silver, where Orogen holds a 2% NSR. During the quarter 259.9 K tonnes were processed averaging 3.50 gpt Au, 68 gpt Ag with recoveries of 94% Au, 66% Ag.
  • Bear Creek Mining Corp. reported its consolidated financial results for Q3 2024. At Mercedes, in Sonora, 103.9 K tonnes were mined, 102.5 K tonnes processed, averaging 3.40 gpt Au, recovering 96% Au, to produce 10,751 Oz Au, 76.9 K Oz Ag at cash cost $1,285 per Oz Au and an AISC of $1,697 per Oz Au. During the period the company obtained revenue of US$29.7 M, a gross profit of US$5.9 M, comprehensive earnings (loss) after taxes of US$(7.0) M and held US$7.7 M in cash and short-term investments. “Expenditures on exploration drilling during the quarter totaled $0.5 million and underground delineation drilling expenses totaled $1.34 million”.
  • Impact Silver Corp. announced its financial and operating results for the third quarter 2024. At Zacualpan, in Estado de Mexico, 32.9 K tonnes were processed grading 160 gpt Ag, to produce 152.1 K Oz Ag, 176 Oz Au. At Plomosas, in Chihuahua, 12.7 K tonnes were processed in Q3, with no more details given. For the first nine months of the year Plomosas grade was 47.2 gpt Ag, 7.9% Pb, 12.7% Zn, to produce 22 K Oz Ag, 344 tonnes Pb, 1,770 tonnes Zn in concentrate. After 18 months of rehabilitation, at the end of the quarter production stood at 70% of mill capacity. Revenue was $8.6 M, with a net loss of $1.2 M, a cash position of $6.4 M working capital of $7.1 M and no long-term debt.
  • Luca Mining Corp. reported its financial results for Q3 2024. Consolidated production from the Campo Morado (Guerrero) and Tahuehueto (Durango) mines during the period included 153 K tonnes mined, 151.2 K tonnes milled at an average rate of 1,758 tpd, averaging 1.63 gpt Au, 72.2 gpt Ag, 0.69% Cu, 0.66% Pb, 2.18% Zn, recovering 45.5% Au, 45.2% Ag, 78.6% Cu, 52.3% Pb, 80.8% Zn, to produce 3,604 Oz Au, 158.8 K Oz Ag, 1.8 M Lbs Cu, 1.1 M Lb Pb, 5.9 M Lb Zn, at cash cost $1,877 per Oz AuEq, an AISC of $2,337 per Oz AuEq and an All-in cost of $2,364 per Oz AuEq. Net quarterly revenue was US$18.1 M, EBITDA was (US$1.1M), mine operating cash flow before taxes US$2.4 M. The Campo Morado improvement project is making “excellent progress”, with a 2,000 tpd rate on track a copper recovery of over 80%. In the next few months separate zinc, copper and bulk concentrates (Pb+Au+Ag) will be produced. Ramp up and commissioning is starting to meet objective levels of +800 tpd. A 5,000 m drilling campaign in 26 underground holes is in progress. The company expects to be debt free by 2026.
  • Royalties Inc. reported its results for the third quarter 2024. On Mexico, the company reported the intention to monetize the Bilbao property in Zacatecas, ideally by selling to an existing silver producer, and the intention to achieve success in the lawsuit against Capstone Gold, a subsidiary of Capstone Copper, to properly recognize and make payments on the 2% NSR on the five Portree claims, in production since 2020 as part of the Cozamin mine in Zacatecas.  

ON FINANCING

  • Silver Storm Mining Ltd. amended its previously completed private placement: “The total number of common shares of the Company issued pursuant to the Offering totaled 35,392,610, rather than the previously stated amount of 35,317,610. The number of common share purchase warrants issued totaled 17,696,305, versus the previously stated amount of 17,658,805. Cash finders’ fees paid pursuant to the Offering totaled $124,990 rather than the $133,990 previously stated. The number of finders’ warrants issued totaled 620,700 as opposed to the previously stated amount of 670,950. As such, Red Cloud Securities Inc. received $2,100 cash finder’s fees and 10,500 finder’s warrants, and Canaccord Genuity Corp. received 242,700 finder’s warrants.” (La Parrilla, Durango).
  • Mithril Silver and Gold Ltd. confirmed that 500 K ordinary shares in the company are to be released from voluntary escrow on December 3, 2024 (Copalquin, Durango).
  • Sailfish Royalty Corp. declared the company’s third quarterly dividend for 2024, of US$0.0125 per common share, payable on January 15, 2025. Sailfish also announced the settling of US$205 K in interest accrued to November 24, 2024 through the issuance of 188.6 K shares, subject to TSX approval (Gavilanes, Durango).
  • Southern Silver Exploration Corp. is to undertake a non-brokered private placement for gross proceeds of C$2.2 M. The funds will be used for the advancement of its Cerro Las Minitas project in Durango.
  • Sonoro Gold Corp. announced a non-brokered private placement offering for gross proceeds of CAD $500 K. The net proceeds are to be used development of Cerro Caliche, in Sonora.
  • Endeavour Silver Corp. announced the completion of its prospectus offering announced on November 20, 2024 for gross proceeds of US$72.8 M. “The Offering was led by BMO Capital Markets, together with a syndicate of underwriters consisting of CIBC World Markets Inc., TD Securities Inc., Ventum Financial Corp. and H.C. Wainwright & Co., LLC.”  Proceeds are to be used on the advancement of the Pitarrila project in Durango.
  • Silver Storm Mining Ltd. announced the resumption of trading of its shares on the TSX Venture Exchange on November 28, 2024 (La Parrilla, Durango).
  • Vizsla Royalties Corp. reminds holders of outstanding common share purchase warrants issued on June 24, 2024, that the warrants will expire on December 20, 2024 (Panuco, Sinaloa).
  • Regency Silver Corp. completed the first tranche of a previously announced non brokered private placement for total proceeds of C$1.27 M (Dios Padre, Sonora).
  • Tocvan Ventures Corp. arranged a non-brokered private placement for gross proceeds of up to C$3 M, including C$1.8 M from an institutional investor. Proceeds are to be used on the Gran Pilar project, in Sonora. “The Units issued to the Investor under the Institutional Offering will be subject to the terms of an escrow agreement. The Company will receive $75,000 per month from the closing date of the Institutional Offering over the next 24 months….. The Investor will receive a corporate finance fee of $126,000, payable via the issuance of 262,500 Common Shares and related Warrants” (Pilar, Sonora).
  • Guanajuato Silver Company Ltd. entered into an equity distribution agreement with Research Capital Corp. to establish an at-the-market equity program. The company may issue up to C$7.5 in common shares under the program. “The Company will pay the Agent a commission of 2.5% of the gross offering proceeds from each sale of Offered Shares..” (El Cubo, San Ignacio and Valenciana Mines Complex, Guanajuato).

ON RESOURCES AND DEVELOPMENT

  • Fuerte Metals Corp. reported results from five holes at its Cristina project in Chihuahua. “Fuerte has now reported twenty-five holes totalling 6,976.5 metres of drilling as part of a 40-50 hole, 21,000 metre drill program.” Highlighted core length intervals comprise 0.7 m @ 2.30 gpt Au, 134 gpt Ag, 0.11% Cu, 1.4% Pb, 8.8% Zn; 10.5 m @ 1.40 gpt Au, 19 gpt Ag (including 1.2 m @ 8.60 gpt Au, 21 gpt Ag); 0.4 m @ 8.20 gpt Au, 39 gpt Ag, 1.1% Pb, 1.3% Zn; 2.8 m @ 1.20 gpt Au, 88 gpt Ag, 0.24% Cu, 1.5% Pb, 5.0% Zn; 0.5 m @ 2.00 gpt Au, 323 gpt Ag, 0.94% Cu, 5.9% Pb, 18.0% Zn; 1.5 m @ 1.60 gpt Au, 54 gpt Ag, 0.16% Cu, 1.6% Pb, 3.5% Zn; 3.7 m @ 1.20 gpt Au, 6 gpt Ag, 0.2% Zn; 3.3 m @ 1.00 gpt Au, 61 gpt Ag, 0.20% Cu, 0.7% Pb, 2.3% Zn; 2.6 m @ 1.60 gpt Au, 10 gpt Ag, 0.4% Pb, 1.4% Zn; 1.1 m @ 3.40 gpt Au, 150 gpt Ag, 0.21% Cu, 8.5% Pb, 4.8% Zn; 21.0 m @ 0.20 gpt Au, 8 gpt Ag, 0.2% Pb, 0.6% Zn. The company is aiming to produce a new mineral resource estimate based on underground mining for Q3 2025.
  • Guanajuato Silver Company Ltd. updated on drilling and development programs at its Pinguico property in Guanajuato. A total of 446 m were drilled in three holes at the San Jose vein, with highlighted intervals comprising 0.70 m @ 0.75 gpt Au, 94 gpt Ag; 0.65 m @ 0.77 gpt Au, 55 gpt Ag; 0.75 m @ 1.26 gpt Au, 85 gpt Ag; 1.16 m @ 1.18 gpt Au, 51 gpt Ag; 0.45 m @ 0.87 gpt Au, 55 gpt Ag; 1.20 m @ 0.72 gpt Au, 95 gpt Ag; 0.85 m @ 2.04 gpt Au, 124 gpt Ag. The first drill hole in the property to intersect the Veta Madre structure intercepted 60 m of a highly altered deformation zone, with an interval of 1.13 m @ 0.56 gpt Au, 2 gpt Ag in a quartz stockwork. Underground mining continued at Pinguico, with the aim of reaching in Q2 2025 the historical underground backfill stockpile with an indicated resource of 25.6 K tonnes @ 1.67 gpt Au, 166 gpt Ag. Development production during the quarter contributed 2.6 K tonnes @ 1.19 gpt Au, 102 gpt Ag (203 gpt AgEq).
  • Heliostar Metals Ltd. announced results from 3,257 m of drilling in 24 holes at La Colorada, in Sonora. La Colorada ceased production in September 2023 and is currently producing gold from residual leaching. The company is evaluating the potential to restart mining in 2025, hence the drill program to expand the mineral reserve, targeting shallow zones to the east and west of the Creston Pit. The results show narrow to wide, low to high grade oxide gold intercepts hosted in three veins: the North, Intermediate and South Veins and are surrounded by smaller mineralized vein zones. Highlighted true width intercepts comprise 11.85 m @ 1.71 gpt Au, 22 gpt Ag (including 1.25 m @ 13.10 gpt Au, 20 gpt Ag); 16.07 m @ 0.34 gpt Au, 69 gpt Ag; 4.10 m @ 2.27 gpt Au, 4 gpt Ag; 11.70 m @ 2.22 gpt Au, 5 gpt Ag (including 2.70 m @ 8.79 gpt Au, 5 gpt Ag); 4.50 m @ 18.50 gpt Au, 20 gpt Ag; 31.40 m @ 1.24 gpt Au, 5 gpt Ag; 14.50 m @ 1.69 gpt Au, 5 gpt Ag (including 1.25 m @ 16.60 gpt Au, 14 gpt Ag); 4.75 m @ 0.49 gpt Au, 158 gpt Ag.
  • Silver Storm Mining Ltd. completed its underground drilling program at La Parrilla, in Durango. A total of 18,682 m was drilled, with 12,265 m reported to date. “Upon completion of the QA/QC as well as interpretation, the additional 6,417 m will be reported over the coming weeks”. Completion of a new resource estimate update is targeted for January 2025.
  • Prime Mining Corp. filed a technical report with the updated mineral resource estimate for its Los Reyes project in Sinaloa. The resources have been divided in: Open Pit Milled Resources with 1.27 M Oz AuEq (24.7 M tonnes @ 1.60 gpt AuEq) as indicated resources and 335 K Oz Au (7.2 M tonnes @ 1.45 AuEq) as inferred resources; Underground Milled Resources of 664 K Oz AuEq (4.1 M tonnes @ 5.00 gpt AuEq) as indicated resources and 406 K Oz AuEq (4.1 M tonnes @ 3.12 gpt AuEq) as inferred resources; Open Pit Heap Leach Resources with 261 K Oz AuEq as indicated resources and 76 K Oz Au as inferred resources. Total indicated resources add up to 49 M tonnes @ 0.95 gpt Au, 34.2 gpt Ag (1.39 gpt AuEq) containing 1.49 M Oz Au, 54 M Oz Ag (or 2.19 M Oz AuEq) and inferred resources to 17.2 M tonnes @ 0.97 gpt Au, 39 gpt Ag (or 1.48 gpt AuEq), containing 538 K Oz Au, 21.6 M Oz Ag (or 817 K Oz AuEq). Five drill rigs are currently active at Los Reyes, with the 2024 drill program extended from 40,000 to 50,000 m, and focusing on extending high-grade shoots and connecting between deposits and generative target drilling for high-grade at Las Primas, Mariposa, Fresnillo, Mina and other areas.
  • Defiance Silver Corp. updated on technical reports for its projects. At Tepal, in Michoacan, the company is preparing a new technical report including a new mineral resource estimate (MRE). A new PEA is to follow the release of the MRE during the course of 2025. At San Acacio, in Zacatecas, a revised technical report is being prepared. More than 25,400 m of drilling have been completed at San Acacio since the 2014 technical report, which did not comply with NI-43-101 standards. The drilling and extensive surface geological and structural mapping and surface soil sampling of the entire project are to be incorporated into current geological and resource models to prepare a mineral resource estimate and report a technical report for the Zacatecas project by mid-December.

ON DEALS AND CORPORATE ISSUES

  • Silver Storm Mining Ltd. entered into an advertisement’s services agreement with Peter Epstein for an initial term of six months, subject to renewal or cancellation. “The Company has previously convened a three-month trial with Mr. Epstein from April 1, 2024 to June 30, 2024 for the same services mentioned above …” (La Parrilla, Durango).
  • Quetzal Copper Corp. announced Ms. Lisa Thompson is joining the board of directors. At the same time John Fraser is departing from the board (Cristinas, Chihuahua).
  • Silver Storm Mining Ltd. is to hold its annual general meeting (AGM) on January 25, 2024 (La Parrilla, Durango).
  • GR Silver Mining Ltd. has engaged the services of ICP Securities Inc. to provide automated market making services under which ICP will be paid a monthly fee of $7,500 plus taxes (Plomosas, Sinaloa).
  • Elemental Altus Royalties Corp. announced results from its annual general meeting (Mercedes, Sonora).
  • Orex Minerals Inc. announced the appointment of Mr. Rakesh Malhotra as CFO. Ross Wilmot will be resigning as CFO and as a director of the company (Sandra, Durango).

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

On the image below: Drilling under the scarp, 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.