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

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Low-Temperature Silica

By Miguel A Heredia

During the 5th week of the year (January 26th to February 01st 2026), at least 49 press releases were announced by companies working in Mexico, and 1 news publish by the media, with fifteen disclosing deals and corporate issues, fifteen announcing financial rounds, nine reporting resources and developments of their properties, four communicating production results, four commenting on Mexican issues, and three informing on exploration results.  ON MEXICO ISSUES, Vizsla Silver provided information regarding a security incident at its Copala project in Concordia, Sinaloa.  According to financial analysts, the market value of the mining companies on the stock exchange have risen by more than USD $500B. Luca Mining, Avino Silver & Gold, and Southern Silver reported the best drilling intercepts in Mexico on the fifth week of January, 2026. ON EXPLORATION, In Sonora, Colibri completed its Phase 1 reconnaissance RC drilling program at the El Plomo project, and Regency Silver informed that the first hole of its ongoing 2026 drill program at Dios Padre project has intersected sulphide-specularite supported breccia in multiple zones across a broad, non-continuous ~250m interval. In Sinaloa, Mercado Minerals commenced its geophysical surveys over its Copalito project.  ON MINING, Santacruz Silver reported Q4 and full year 2025 production results from its Zimapan mine in Hidalgo. Discovery Silver announced that it will release its financial and operating results for the fourth quarter and full year 2025 prior to the market open on Thursday, February 19, 2026 (Cordero project, Chihuahua). Orogen Royalties provided an update and outlook regarding its exploration stage projects and royalties in 2026 (Ermitaño mine, Sonora). Guanajuato Silver reported 2025 production results from its Mexican operations. ON FINANCING, Highlander announced and closed a non-brokered private placement for gross proceeds of USD $40M (Mercedes mine, Sonora/Bear Creek Mining). Questcorp announced the appointment of Amandip Singh as an advisor to the Board (La Union project, Sonora). Chesapeake closed its previously announced bought deal public offering for gross proceeds of CAD $17,250,345, and closed a CAD $2.8M non-brokered private placement with participation of Eric Sprott (Metates project, Durango). Minera Alamos announced the upcoming sale of approximately 9.68M shares by a subsidiary of Equinox Gold to strategic investors, including their Executive Vice President, Corporate Development, Darren Blasutti (Santana project, Sonora). Silver Tiger announced a bought deal financing for gross proceeds of approximately CAD $0M and later on it increased to CAD $50M (El Tigre project, Sonora). Silverco announced a bought deal offering for gross proceeds of CAD $40M (Cusi mine, Chihuahua). J2 Metals upsized its previously announced non-brokered private placement and additional flow-through financing for gross proceeds of CAD $5.3M (Sierra Plata project, Estado de Mexico). Axo Copper announced a bought deal financing for gross proceeds of approximately CAD $25M and later on it upsized to approximately CAD $35M (San Antonio project, Sonora). Apollo Silver closed the second and final tranche of its previously announced non-brokered private placement for gross proceeds of CAD $12.5M (Cinco de Mayo project, Chihuahua). Oroco closed upsized bought deal public offering for gross proceeds of CAD $23M (Santo Tomas project, Sinaloa). Sierra Madre Gold and Silver closed the second and final tranche of its previously announced private placement for gross proceeds of USD $17,822,449 (Del Toro mine, Zacatecas). Silverco informed that it upsized its previously announced bought deal financing for gross proceeds of CAD $62.5M (Cusi mine, Chihuahua). Colibri announced that it has completed the conversion of CAD $600,995 of debt to units of the company (EP project, Sonora).  ON RESOURCES AND DEVELOPMENT, Heliostar filed a Pre-Feasibility Study Technical Report for its Cerro del Gallo project in Guanajuato. Southern Silver reported assay results from four holes drilled at Puro Corazon claim in its Cerro Las Minitas project in Durango. Sierra Madre Gold and Silver secured a land use authorization and expanded its land holdings at Tlacotal project, Estado de Mexico. Avino released results from six holes drilled at its la Preciosa project in Durango. Luca Mining released drill results from its ongoing Phase 2 exploration program at its Campo Morado mine in Guerrero. Minaurum published at initial Mineral Resource Estimate for its Alamos Silver project in Sonora. Silver Dollar outlined 2026 plans at its La Joya project, Durango. Guanajuato Silver announced its ambitious consolidated drilling plans for 2026 at their five Mexican mine operations, with a total of approximately 75,000m of drilling expected. Mithril provided a summary of the Q4, 2025 exploration activities carried out at their Copalquin and La Dura properties in Durango.  ON DEALS AND CORPORATE ISSUES, Gold Resource announced that it entered into a definitive arrangement agreement and plan of merger with Goldgroup (Don David mine, Oaxaca). Questcorp announced the appointment Amandip Singh as an adviser to the Board and granted incentive stock options to certain directors, officers, consultants and advisors (La Union project, Sonora). Axo Copper reported that it has completed the acquisition of the San Antonio project in Sonora from Osisko Development. Barksdale informed that it granted stock options to certain directors, officers, employees, and consultants of the company (San Javier project, Sonora). Silver Spruce informed on the resignation of Greg Davison from the Board of Directors and from his role as Vice-President Exploration (Pino de Plata, Chihuahua). Silverco provided additional information on the agreement to acquire Nuevo Silver and the La Negra mine in Queretaro. Oroco granted stock options to directors, officers, employees, and consultants of the company (Santo Tomas project, Sinaloa). Silver Spruce appointed Paul K Smith as Vice President of Exploration (Pino de Plata project, Chihuahua). Algo Grande informed that it will hold its annual general meeting of shareholders on February 25, 2026 and announced the appointment of Raymond Jannas to its Board of Directors (Adelita project, Sonora). Masivo Silver entered into a digital marketing services agreement with Senergy Comminications Capital Inc (Cerro Colorado, Sonora). Questcorp issued a news release to clarify its share arrangement following a review by the British Columbia Securities Commission (La Union project, Sonora). Empress Royalty granted restricted share units to Mr. Burns (Royalty in Tahuehueto, Durango).  Mexican Gold granted stock options to certain directors, officers, and consultants of the company (Las Minas  project, Veracruz).  ON SOCIAL RESPONSIBILITY, No relevant news.

ON MEXICO ISSUES

  • Vizsla Silver Corp., provided information regarding a security incident at its Copala project in Concordia, Sinaloa. Ten individuals were taken during the incident. The incident is currently under investigation and information remains limited. As a precautionary measure, Vizsla Silver has temporarily suspended certain activities at and near the site.
  • According to financial analysts, The 10 largest publicly traded mining companies have registered a gain of USD $528.63 B in the last year.  This increase in value is driven by a historic rally in the prices of gold and silver, and sustained demand for copper for the energy transition. The gold price has rebounded by more than 20% so far this year, and the silver price by around 63% in 2026. The 10 largest mining companies reached a combined market capitalization of USD $1.33 trillion as of January 28, 2026. Compared to January 2025, the same companies had a combined market value of USD $678.57B, representing an increase of 96.47% or USD $654.6B. Included in this list is Southern Copper Corporation, one of the world´s largest integrated copper producers, with mail operations in Peru and Mexico, which added USD $88.37B to its market capitalization. In January, 2026, the mining company´s value is projected at USD $162.3B. On the other hand, in the last year, Grupo Mexico became the largest company on the Mexican Stock Exchange by market capitalization exceeding USD $73.46B.
  • Luca Mining Corp., Avino Silver & Gold Mines Limited, and Southern Silver Exploration Corp., reported the best drilling intercepts in Mexico on the fifth week of January, 2026. Details are shown in the table below:

ON EXPLORATION

  • Colibri Resource Corporation completed its Phase 1 reconnaissance RC drilling program at the El Plomo project in Sonora, testing multiple priority gold targets. The RC program consisted of 22 holes totalling approximately 1,815m. Drill samples are currently being prepared for shipment to lab for analytical assays.
  • Regency Silver Corp.,  informed that the first hole of its ongoing 2026 drill program at Dios Padre project has intersected sulphide-specularite supported breccia in multiple zones across a broad, non-continuous ~250m interval. Analytical assays are pending, but in terms of geology, alteration, mineral species and abundance, the zones appear to compare favorably to previous drill holes that returned high grade mineralization.
  • Mercado Minerals Ltd., commenced its geophysical surveys over its Copalito project in Sinaloa. The first phase will comprise a high resolution drone magnetic survey followed by a drone LiDAR survey. The high-resolution magnetic survey will cover 1,885 hectares using 50m-line spacing and has been designed to map known veins and their extensions, as well as provide valuable data over previously unexplored areas of the property, while the drone LiDAR survey will cover 1,867 hectares to enhance topographic detail across the property, focusing on known vein systems, their potential extensions, and additional unexplored zones.

ON MINING

  • Santacruz Silver Mining Ltd., reported Q4 and full year 2025 production results from its Zimapan mine in Hidalgo. During Q4, 2025 the company milled 222,703 tonnes of 80 g/t Ag, 2.9% Zn, 0.7% Pb, and 0.26% Cu with metallurgical recoveries of 70%, 78%,78%, and 50% respectively to produce 403.3K Oz Ag, 11.22M Lb Zn, 2.77M Lb Pb, and 112K Lb Cu (1.02M Oz AgEq). In the full year 2025, Santacruz milled 893,067 tonnes of 82 g/t Ag, 2.5% Zn, 0.75% Pb, and 0.29% Cu with metallurgical recoveries of 75%, 78%, 85%, and 43% respectively, to produce 1.68M Oz Ag, 36.54M Lb Zn, 12.2M Lb Pb, and 2.37M Lb Cu (3.8M Oz AgEq).
  • Discovery Silver Corp., announced that it will release its financial and operating results for the fourth quarter and full year 2025 prior to the market open on Thursday, February 19, 2026 (Cordero project, Chihuahua).
  • Orogen Royalties Inc., provided an update and outlook regarding its exploration stage projects and royalties in 2026. Highlights from 2025 include over 37,800m of partner-funded drilling (estimated USD $30M expenditure), including over 21,000m of resource expansion and conversion drilling at the Navidad/Winter vein target and the Luna zone at the Ermitaño gold-silver mine in Sonora; reception of over USD $4.1M from the sale of projects and payments from exploration partners; and the establishment of four new royalties and three exploration alliances. The 2026 outlook anticipates twelve partner-funded drilling programs with an estimated 40,000m of drilling, excluding drilling plans at Ermitaño; three partner-funded exploration alliances will continue; six projects under option to industry partners; and new updates on resources, including at the Navidad/Winter Au-Ag veins at Ermitaño.
  • Guanajuato Silver Company Ltd., reported 2025 production results from its Mexican operations. In 2025, the Bolañitos mine in Guanajuato produced 608.4K Oz Ag and 15.3K Oz Au; while consolidated 2025 production from the Company’s four other mines, namely Topia in Durango,  and El Cubo, VMC and San Ignacio in Guanajuato,  totaled 1.24M Oz Ag, 10.3K Oz Au, 2.78M Lb Pb, and 3.38M Lb Zn. 

ON FINANCING

  • Highlander Silver Corp., announced and closed a non-brokered private placement of 8,060,226 common shares at a price of CAD $6.80 per common shares for gross proceeds of USD $40M (Mercedes mine, Sonora/Bear Creek Mining). Gross proceeds will be used to fund the advancement of the company´s mineral projects and for working capital and corporate purposes. 
  • Chesapeake Gold Corp., closed its previously announced bought deal public offering of 4,107,225 units of the company at a price of CAD $4.20 per unit for gross proceeds of CAD $17,250,345. It also closed a non- brokered private placement of 685,000 units at a price of CAD $4.2 per units for gross proceeds of 2,877,000. Net proceeds will be used to advance the company’s proprietary oxidative leach technology, the Metates and Lucy projects in Durango, and for general working capital.
  • Minera Alamos Inc., announced the upcoming sale of approximately 9.68M shares by a subsidiary of Equinox Gold to strategic investors, including their Executive Vice President, Corporate Development, Darren Blasutti. The shares are priced at CAD $5.80 each, raising over CAD $56M, with closing expected in early February 2026 (Santana project, Sonora).
  • Silver Tiger Metals Inc., announced a bought deal financing of 34,189,000 common shares of the company at a price of CAD $1.17 per common share for gross proceeds of approximately CAD $40M. Later on, it increased it to 42,736,000 common shares at a price of CAD $1.17 per common share for gross proceeds of approximately CAD $50M. The company plans to use the net proceeds to fund exploration and development expenditures at El Tigre project in Sonora, as well as for working capital and general corporate purposes.
  • Silverco Mining Ltd., announced a bought deal offering of 3,200,000 common shares at a price of CAD $12.50 per common share for gross proceeds CAD $40M. Later on, it upsized the previously announced bought deal financing offering to 4,000,000 common shares at a price of CAD $12.5 per common share for gross proceeds of CAD $62.5M. Net proceeds will be used for exploration, evaluation, and restart work on the Cusi mine in Chihuahua, as well as for general and administrative expenditures and working capital.
  • J2 Metals Inc., upsized its previously announced non-brokered private placement and additional flow-through financing for gross proceeds of CAD $5.3M, consisting of CAD $3.8M raised through the issuance of subscription receipts at a price of CAD $0.25 per subscription receipt, and CAD $1.5M raised through the issuance of flow-through subscription receipts at a price of CAD $0.35 per flow-through subscription receipt.  Net proceeds will be used to explore and advance the company´s projects and for general corporate purposes (Sierra Plata project, Estado de Mexico).
  • Axo Copper Corp., announced a bought deal financing of 35,715,000 units at a price of CAD $0.70 per unit for gross proceeds of approximately CAD $25M and later on it upsized to 50,000,000 units at a price of CAD $0.70 for gross proceeds of approximately CAD $35M. The company plans to use the net proceeds for exploration and advancement of its La Huerta project in Jalisco and San Antonio project in Sonora.
  • Apollo Silver Corp., closed the second and final tranche of its previously announced non-brokered private placement of 2,500,000 units at a price of CAD $5 per unit for gross proceeds of CAD $12.5M. With the completion of this tranche, the offering is now fully subscribed for total gross proceeds of CAD $27,500,000. Part of the gross proceeds will be used to support community relations initiatives at Cinco de Mayo project in Chihuahua, cover ongoing property maintenance costs, and for general corporate purposes.
  • Oroco Resource Corp., closed upsized bought deal public offering of 60,526,340 units at a price of CAD $0.38 per unit for gross proceeds of CAD $23M. The company will use the net proceeds to fund commencement of Pre-Feasibility Study drilling at its Santo Tomas project in Sinaloa, advance baseline environmental and permitting work, and for general corporate working capital.
  • Sierra Madre Gold and Silver Ltd., closed the second and final tranche of its previously announced private placement of 13,709,576 subscriptions receipts at a price of USD $1.30 per subscription receipt for gross proceeds of USD $17,822,449. With the completion of this tranche, the offering is now fully subscribed for total gross proceeds of USD $57,500,690. Net proceeds will be used to fund the completion of the transaction, for exploration and development of Del Toro mine in Zacatecas, following completion of the transaction and for general working capital purposes.
  • Colibri Resource Corporation announced that it has completed the conversion of CAD $600,995 of debt to units of the company into equity through the issuance of units comprising common shares and warrants. This debt-to-equity conversion reduces the company’s debt load and enhances its capacity to raise additional capital. The completion of this transaction is pending final approval from the TSX Venture Exchange (EP project, Sonora). 

ON RESOURCES AND DEVELOPMENT

  • Heliostar Metals Ltd., filed a Pre-Feasibility Study Technical Report for its Cerro del Gallo project in Guanajuato. It has an effective date of December 11, 2025.
  • Southern Silver Exploration Corp., reported assay results from four holes drilled at Puro Corazon claim in its Cerro Las Minitas project in Durango. Drilling highlights are shown in the table below:

The company informed that next steps are update the Mineral Resource Estimate of the Cerro Las Minitas project; followed by an update of the Preliminary Economic Assessment of the project in accordance with the provisions of National Instrument 43-101 and continue to advance baseline data collection and permit readiness review.

  • Sierra Madre Gold and Silver Ltd., received approval to change land use for a 34.7 hectares at its Tlacotal property in Estado de México, enabling it to be used for mining-related activities. The company also executed agreements to purchase additional land, including a 33.1 hectares adjacent area and private lands associated with the current tailings facility. This land is secured via a 30-year lease and the option to purchase will be exercised upon receipt of ownership transfer documentation. It supports the expansion of their operations, including potential mine development and tailings facility upgrades. The company plans to begin drilling activities in the second half of 2026 to further explore and develop the resource potential in the region, aiming to build out their production center and explore nearby veins.
  • Avino Silver & Gold Mines Ltd., released results from six holes totalling 1,400m drilled at its la Preciosa project in Durango, with the full 2025 drilling program, comprising 14 holes totalling approximately 3,500m drilled. Drilling highlights include hole PMLP 25-12 on La Gloria Vein with 0.65 g/t Au and 585 g/t Ag (637 g/t AgEq) over 4.90m, including 1.92 g/t Au and 2,218 g/t Ag (2,372 g/t AgEq) over 0.95m, including 1.91 g/t Au and 1,107 g/t Ag (1,260 g/t AgEq) over 0.77m; and hole PMLP 25-14 with 0.13 g/t Au and 72 g/t Ag (83 g/t AgEq) over 0.89m on Splay 1 Vein, plus 0.62 g/t Au and 340 g/t Ag (390 g/t AgEq) over 0.60m on Abundancia Vein. “The drill results exceeded grade expectations and verified the geometry of the current vein-based resource model”.
  • Luca Mining Corp., released drill results from its ongoing Phase 2 exploration program at its Campo Morado mine in Guerrero. Drilling highlights include hole CMRY-25-02 with 1.34 g/t Au, 115 g/t Ag, 0.47% Cu, 0.8% Pb, and 2.7% Zn (5.35 g/t AuEq) over 28.6m, including 1.31 g/t Au, 184 g/t Ag, 0.32% Cu, 1.4% Pb, and 4.6% Zn (7.18 g/t AuEq) over 11.2m, including 5.2 g/t Au, 219 g/t Ag, 0.85% Cu, 1.7% Pb, and 4.6% Zn (12.55 g/t AuEq) over 2.8m; and hole CMRY-25-06 with 1.36 g/t Au, 103 g/t Ag, 0.43% Cu, 0.6% Pb, and 2.2% Zn (4.87 g/t AuEq) over 29.5m, including 1.82 g/t Au, 131 g/t Ag, 0.4% Cu, 0.9% Pb, and 3% Zn (6.13 g/t AuEq) over 21m, including 12.27 g/t Au, 556 g/t Ag, 0.46% Cu, 3.5% Pb, and 6% Zn (25.38 g/t AuEq) over 2.2m. “Initial results indicate thick, gold- and silver-rich VMS mineralization at El Rey, an unmined deposit located approximately 200m from the Reforma deposit and close to existing underground infrastructure, supporting its potential inclusion in the longer-term Campo Morado mine plan”.
  • Minaurum Silver Inc., published at initial Mineral Resource Estimate (MRE) for its Alamos Silver project in Sonora. It consists of high-grade inferred resources of 5.37M tonnes grading 202 g/t Ag, 0.21 g/t Au, 0.43% Cu, 0.97% Pb, and 2% Zn and containing 34.8M Oz Ag, 35.6K Oz Au, 51M Lb Cu, 115M Lb Pb, and 238M Lb Zn (55.2M Oz AgEq). The MRE comprises portions of the Promontorio, Travesia, and Europa Vein zones, three of the twenty-six vein zones identified at the property. Minaurum is currently conducting a 50,000m core drilling program to expand the MRE at Europa and Promontorio-Travesia, while also completing step-out and infill drilling in additional vein zones including at San Jose, Quintera, Promontorio Sur, Pulpito-Cotera, and Minas Nuevas. The table below shows with more detail the MRE, with an effective day of January 8, 2026:
  • Silver Dollar Resources Inc., outlined 2026 plans at its La Joya project, Durango. The company is shifting its exploration strategy from potential open-pit to underground development, focusing on higher-grade underground mineralization. The focus is on targeting higher-grade underground mineralization within the 2 x 3 kilometer La Joya mineralized complex. Key activities include enhanced modeling of known high-grade areas, detailed underground and surface mapping and sampling, and the re-logging of selected historical drill core. The areas of focus include targets that demonstrate similarities to the nearby San Martin mine, known for significant silver mineralization. Five targets are identified for drilling to test for deep San Martin-type mineralization.
  • Guanajuato Silver Company Ltd., announced its ambitious consolidated drilling plans for 2026 at their five Mexican mine operations (Topia in Durango, and Bolañitos, El Cubo, Valenciana, and San Ignacio in Guanajuato), with a total of approximately 75,000m of drilling expected. This represents significant increases over previous years, specifically 731% more than 2025 and 1,660% more than 2024. The drilling will be divided into 45,000m of exploration drilling and 30,000m of infill drilling, aimed at establishing reserves, enhancing material definition, and expanding resource bases at various mines under its ownership in Mexico. The plan marks a strategic commitment to invest in resource growth and long-term production increases.
  • Mithril Silver and Gold Limited provided a summary of the Q4, 2025 exploration activities carried out at their Copalquin and La Dura properties in Durango. In 2025, Mithril made significant advancements in exploration activities at the Copalquin district. Throughout the year, drilling at Target 1 expanded the mineralized system and an update of the maiden resource at Target 1 is planned for Q2, following a 3,000m drill program to infill key areas in the mode.  Target 5, with multiple, parallel NW trending veins hosted in the granodiorite intrusive in the southwest area of the district emerged as a promising silver-rich growth opportunity. Preparations were made for drilling at Target 3, which commenced in January 2026. On the other hand, additional exploration efforts included systematic mapping, sampling, and geophysical work are currently being carried out to strengthen the geological model across the district. The overall focus on these activities indicates a firm belief in Copalquin’s potential as a large, vertically extensive epithermal gold-silver system with mineralization defined over 9km strike length and 1,200m vertical extent, with multiple targets, a dominant east-west structural corridor, and multiple northwest-trending structures within the 70 square km mining concession area, suggesting a considerable resource growth potential.  Finally, the company acquired La Dura mining concessions, which comprise five contiguous concessions totaling 2,052 hectares, located just 5 km from El Durazno and 20 km from the flagship Copalquin property. This area is noted for a significant Au-Ag sheeted to stockwork vein system associated with NW striking faults.

ON DEALS AND CORPORATE ISSUES

  • Gold Resource Corporation (GRC) announced that it entered into a definitive arrangement agreement and plan of merger with Goldgroup Mining Inc., whereby Goldgroup has agreed to acquire all the issued and outstanding shares of the company´s common stock. GRC´s stakeholders will receive 1.4476 common shares of Goldgroup for each share of GRC common stock as a result of a four-for-one share consolidation. Based on the closing prices of GRC’s common stock and Goldgroup’s common shares on January 23, 2026, the Exchange Ratio represents a value of USD $2.25 per share of GRC’s common stock, reflecting a 39% premium to GRC’s closing price on January 23, 2026. The Transaction values GRC’s common stock at approximately USD $372M on a fully-diluted in-the-money basis and based on the value of Goldgroup shares on January 23, 2026. The Transaction was unanimously approved by the boards of directors of Goldgroup and GRC (Don David mine, Oaxaca).
  • Questcorp Mining Inc., announced the appointment of Amandip Singh as an advisor to the Board. It also granted 4,400,000 incentive stock options to certain directors, officers, consultants, and advisors (La Union project, Sonora).
  • Axo Copper Corp., reported that it has completed the acquisition of Sapuchi Minera S de R.L. de C.V., from Osisko Development Corp. At closing of the Transaction, the Company issued 15,325,841 common shares of Axo Copper to Osisko Development and 7,655,250 Axo Shares to OR Royalties International Inc., , in accordance with the Securities Purchase Agreement and Share Issuance Agreement, respectively. Sapuchi Minera holds a 100% interest in the San Antonio Gold project in Sonora. Osisko Development is entitled to certain contingent deferred payments in connection with the sale, including a cash payment equal to 70% of any Mexican value‑added tax refund due or owing to Sapuchi Mexico in respect of any period ending on or before the closing date of the Transaction; upon the public filing by Axo of a feasibility study respecting the Project that is prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects, USD $2M, payable in cash or up to 9,398,496 Axo Shares, at Axo’s option, provided that if the issue price of such Axo Shares is below the November 21, 2025 closing price of the Axo Shares, the Company will receive 9,398,496 Axo Shares plus a cash payment equal to the shortfall between USD $2M and the US dollar-equivalent value of the Axo Shares received; and a cash payment of USD $2M, upon the first gold pour being completed at the Project.
  • Barksdale Resources Corp., informed that it granted stock options to certain directors, officers, employees, and consultants of the company to acquire an aggregate of 4,850,000 common shares in the capital of the company (San Javier project, Sonora).
  • Silver Spruce Resources Inc., informed on the resignation of Greg Davison from the Board of Directors and from his role as Vice-President Exploration (Pino de Plata, Chihuahua).
  • Silverco Mining Ltd., provided additional information on the agreement to acquire Nuevo Silver and the La Negra mine in Queretaro. Nuevo Silver does not currently hold title to the la Negra mine and it is a condition of closing of the acquisition that Nuevo Silver completes its purchase of the La Negra mine. Nuevo Silver raised over USD $30M through subscription receipts to fund the acquisition. The deal is subject to various conditions, including the completion of Nuevo Silver’s purchase of the mine, regulatory approvals, and the delivery of a technical report. The acquisition will be executed through Silverco issuing shares to Nuevo Silver shareholders, with the valuation driven upward by recent increases in silver prices and positive cash flow prospects at the La Negra Mine.
  • Oroco Resource Corp., granted a total of 7,050,000 incentive stock options to directors, officers, employees, and consultants of the company at an exercise price of CAD $0.85 per share with a term of three years (Santo Tomas project, Sinaloa).
  • Silver Spruce Resources Inc., appointed Paul K Smith as Vice President of Exploration, effective immediately (Pino de Plata project, Chihuahua).
  • Algo Grande Copper Corp., informed that it will hold its annual general meeting of shareholders on February 25, 2026 and announced the appointment of Raymond Jannas to its Board of Directors (Adelita project, Sonora).
  • Masivo Silver Corp., entered into a digital marketing services agreement with Senergy Comminications Capital Inc., to provide content creation, strategic messaging, Paid advertising, corporate communications support, and enhanced online visibility services to increase awareness of the company´s projects and strengthen engagement with current and prospective shareholders. Senergy has been retained for an initial period of two months, commencing on January 29, 2026, and Masivo has agreed to pay CAD $60K plus applicable taxes for the services provided during the term of the agreement (Cerro Colorado, Sonora).
  • Questcorp Mining Inc., issued a news release to clarify its share arrangement following a review by the British Columbia Securities Commission. On October 24, 2025, the company completed a non-brokered private placement, issuing 14,000,334 units at CAD $0.15 per unit for total gross proceeds of CAD $2,100,050. Additionally, Questcorp entered into a Sharing Agreement with Sorbie Bornholm LP for a notional amount of CAD $2M, in which the company will initially receive CAD $8K, with future payments determined over 24 months based on its share price performance. Notably, there are risks involved as no funds from the Sharing Agreement are secured, exposing the company to potential losses if Sorbie faces financial difficulties (La Union project, Sonora).
  • Empress Royalty Corp., granted 250,000 restricted share units at a deemed price of CAD $1.09 per unit to Mr. Burns, further to its appointment to the Board of Directors  (Royalty in Tahuehueto, Durango). 
  • Mexican Gold Mining Corp., granted stock options to certain directors, officers, and consultants of the company to acquire an aggregate of 3,650,000 common shares at an exercise price of CAD $0.16 per common share (Las Minas project, Veracruz).

ON SOCIAL RESPONSIBILITY

  • No relevant news.

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

On the picture below, low-temperature silica in a low-sulphidation epithermal vein system in a project in Durango, Mexico. Photo taken by Miguel A Heredia.

The Mining and Exploration News in Mexico; Highlights on the Fourth Week of January 2026

/ Gambusino Prospector / Leave a comment

By Jorge Cirett

During the 4th week of the year (January 19th to January 25th, 2026), companies working in Mexico released 43 press releases. Six companies informed on early-stage properties work, eight more presented quarterly reports and one informed on an illegal blockade. Eight companies presented news on financing rounds, one on trading on a new market, one on the halting of trading and one more on a favorable ranking. Six companies presented updates on advanced properties, while nine companies informed on deals and corporate issues. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, in Sonora, Questcorp Mining and partner Riverside Resources released favorable channel sample results from La Unión;  Tocvan Ventures released drilling results from the North Block at its Gran Pilar project. In Chihuahua, Kingsmen Resources released drilling results from Las Coloradas; Mammoth Resources is working in planning and permitting a resource definition drilling campaign at Tenoriba. In Durango, Pinnacle Silver and Gold released underground sampling results from El Potrero. In Oaxaca, EV Resources is mobilizing a rig to Los Lirios. ON MINING, Luca Mining, Orla Mining, Gold Resource, Pan American Silver, GoGold Resources, Americas Gold and Silver, Gold Royalty and Avino Silver and Gold Mines presented quarterly reports. Gold Resource reported an illegal blockade at its Don David mine in Oaxaca. ON FINANCING, four companies informed on financing rounds: Canasil Resources (C$0.5 M), Apollo Silver (C$15 M), Kootenay Silver (C$16.5 M), and Pacifica Silver (C$23 M). Silver Spruce Resources corrected a previous offering note. Santacruz Silver Mining commenced trading on the Nasdaq Capital Market. Silverco Mining halted trading on the TSX. Guanajuato Silver and Luca Mining were named to the 2026 OTCQX Best 50. EV Resources received A$0.6 M from the sale of an Australian property. ON RESOURCES AND DEVELOPMENT, Kootenay Silver is to conduct a PEA on La Cigarra. Vizsla Silver updated on 2025 work at Panuco, and plans for 2026. Capitan Silver commenced a 60,000 m drilling campaign at Cruz de Plata. Mithril Silver and Gold released drilling results from Coplaquin. Alamos Gold presented drilling results from the PDA, Cerro Pelón and Halcón deposits in the Mulatos district. Silver Tiger Metals filed an updated PFS on the Stockwork zone and a PEA on the underground at El Tigre project. ON DEALS AND CORPORATE ISSUES, Bear Creek Mining informed on the incoming meeting of shareholders to resolve its arrangement with Highlander Silver. Mammoth Resources elected board directors at its AGM. Regency Silver optioned the La India concession near its Dios Padre project in Sonora. Silverco Mining is acquiring Nuevo Silver, owner of la Negra mine in Querétaro. Southern Empire Resources acquired the Pedro project in Durango from Enduro Metals. Radius Gold continues discussions with Pan American Silver to advance the Amalia project in Chihuahua. Silver Viper Minerals announced an appointment to the board.  ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • No Relevant News. 

ON EXPLORATION

  • Kingsmen Resources Corp. released results from three diamond drill holes on the Soledad structure at its Las Coloradas project in Chihuahua. Two of the holes intersected old workings, with the remaining hole intercepting 15.7 m of core length averaging 0.04 gpt Au, 46 gpt Ag, 9.9% Pb, 0.7% Zn (including 7.7 m @ 0.08 gpt Au, 89 gpt Ag, 1.8% Pb, 1.2% Zn, which includes 0.60 m @ 0.867 gpt Au, 848 gpt Ag, 18.2% Pb, 11.7% Zn). “The geological sequence consists of variably sheared and interbedded arenite and lutite…. Alteration comprises green chlorite-epidote-nontronite and sericite with pyrite-calcite veinlets, sphalerite-(galena) veinlets, grey to white bleaching +/- disseminated pyrite (mm-cm) size.
  • Mammoth Resources Corp. is advancing steps towards the planning and permitting to complete a resource definition drill program at its Tenoriba project in Chihuahua. The company also intends to proceed with studies to confirm potential gold-silver recoveries from a coarser fraction heap leach metallurgical test and to define high-grade areas to source material for a pilot plant operation.
  • EV Resources Ltd. announced the mobilization of drilling equipment to its Los Lirios antimony project in Oaxaca. The 1,500-2,000 m drill program targets high-grade Sb mineralization beneath historical workings along the Lirios fault zone, testing for both veins and carbonate replacement targets on 900 m of the 9 km long system.
  • Pinnacle Silver and Gold Corp. released underground sampling results from the Estrella vein at its El Potrero project in Durango. Channel sampling identified two mineralized zones within the 42 m long workings, one of 5.49 gpt Au, 48 gpt Ag across 0.72 m and another yielding 1.87 gpt Au, 51 gpt Ag, averaging 1.1 m in width. The identification of high-grade Au-Ag mineralization at La Estrella is significant, as it lies 500 m from the main Dos de Mayo structure and is topographically 300 to 400 m above, with “… brecciated, lattice bladed and banded textures”. 
  • Questcorp Mining Corp. and partner Riverside Resources Inc. reported results from channel sampling at La Unión, in Sonora. A 30 m continuous channel sample oblique to strike along the decline wall at La Unión mine averaged 20 gpt Au, 226 gpt Ag. The companies continue to forward the CRD and sediment hosted mineralization models for the property.
  • Tocvan Ventures Corp. released drilling results from its maiden (reverse circulation?) drill program on the North block at its Gran Pilar project in Sonora, five kilometers north of the South Block/Main Zone. Highlighted results from five drill holes comprise 7.64 m @ 23 gpt Ag (including 1.53 m @ 92 gpt Ag); 7.63 m @ 18.8 gpt Ag, 0.1% Zn; 10.71 m @ 0.3% Zn; 3.06 m @ 20 gpt Ag, 0.5% Pb, 0.3% Zn. Other elements were as high as 0.13% Cu, 170 ppm As, 276 ppm Sb.

ON MINING

  • Luca Mining Corp. provided its production report for Q4 2025, and achieved its revised full-year 2025 production guidance. During 2025 Campo Morado in Guerrero produced 8,735 Oz Au, 1 M Oz Ag, 4,921 tonnes Pb, 38,740 tonnes Zn, 8,895 tonnes Cu, while Tahuehueto in Durango produced 17,410 Oz Au, 316.1 K Oz Ag, 4,000 tonnes Pb, 6,472 tonnes Zn, 1,185 tonnes Cu, for a consolidated production of 26,144 Oz Au, 1.33 M Oz Ag, 8,921 tonne Pb, 45,212 tonnes Zn, 10,081 tonnes Cu. Payable production ranged between 70 and 82% of metals. During the quarter 5,836 m of drilling were completed, for a total of 22,855 m in the year, with an investment of US$3.8 M. The company’s cash position at the end of the period was US$25.1 M. 
  • Orla Mining Ltd. provided an operational update for the fourth quarter and year 2025. The company produced a total of 95,405 Oz Au in the quarter and 300,620 Oz Au in the year from its operations in Mexico and the US. At Camino Rojo in Zacatecas, 1.86 M tonnes of ore were stacked grading 0.47 gpt Au to produce 19,587 Oz Au during the quarter, and stacked 8.94 M tonnes of ore grading 0.54 gpt Au to produce 96,764 Oz Au in the year.
  • Gold Resource Corp. announced preliminary fourth quarter production from its Don David mine in Oaxaca. During the period 85.9 K tonnes were milled at a rate of 1,305 tpd, grading 0.96 gpt Au, 298 gpt Au, 0.16% Cu, 0.58% Pb, 1.22% Zn, to produce 1,993 Oz Au, 687.5 K Oz Ag, 87 tonnes Cu, 306 tonnes Pb, 750 tonnes Zn. “During the quarter, the Company’s production profile has transitioned into more of a silver producer, accounting for about 80% of its revenue….. a total gold equivalent (AuEq) ounces of 10,413”. For the full year, the company produced 23,125 Oz AuEq. 
  • Pan American Silver Corp. presented preliminary 2025 results, with a total of 22.8 M Oz Ag, 742,200 Oz Au consolidated production. In Mexico the company produced during the fourth quarter 1.61 M Oz Ag, 1,100 Oz Au at La Colorada (Zacatecas), 1.91 M Oz Ag, 4,800 Oz Au at Juanicipio (Zacatecas), 0.11 M Oz Ag, 5,400 Oz Au at Dolores (Chihuahua). For the year production was 6.02 M Oz Ag, 4,600 Oz Au at La Colorada, 2.49 M Oz Ag, 6,700 Oz Au at Juanicipio, 5.4 M Oz Ag, 37,600 Oz Au at Dolores, with 61% of Ag and 6.5% Au consolidated production coming from Mexico. Guidance for 2026 is 25-27 M Oz Ag, 700,000-750,000 Oz Au, with a budgeted US$55 M on brownfield exploration, US$ 55 M on project related exploration and US$-22-25 M on regional exploration in Brazil, Mexico, Canada and Chile.
  • Americas Gold and Silver Corp. had consolidated production of 2.65 M Oz Ag in 2025. At Cosalá, in Sinaloa, 463 K Oz Ag were produced in the quarter, for a total of 1.19 M Oz Ag during the year. The rest of the production was from its USA operations.
  • GoGold Resources Inc. reported production for the quarter ended December 31, 2025. At its Parral operations in Chihuahua, the company produced 205.1 K Oz Ag, 2,914 Oz Au, 96 tonnes Cu, 150 tonnes Zn, or 456.2 K Oz AgEq.
  • Gold Royalty Corp. released preliminary fourth quarter 2025 results. Total revenue, land agreement proceeds and interest was US$5.2 M (revenue of US$4.2 M), or 1,255 Oz AuEq. For 2025, total revenue, land agreement and proceeds and interest added up to US$17.7 M (revenue of US$13.9 M), or 5,173 Oz AuEq (royalty on Cosalá, Sinaloa).
  • Gold Resource Corp. announced that an illegal blockade is underway at its mine in Oaxaca. Employees of terminated contractors on Union membership affiliation grounds established an illegal mine-access blockade. “This dispute is between the union and four contractors who were previously affiliated with the union. This is not a dispute between the Company and the union nor between the Company and the four contractors” (Don David, Oaxaca).
  • Avino Silver & Gold Mines Ltd. reported full year 2025 production of 1.16 M Oz Ag, 7,621 Oz Au, 5.67 M Lb Cu, or 2.6 M Oz AgEq. During the year 724,940 K tonnes were processed at Avino, in Durango, averaging 0.44 gpt Au, 56 gpt Ag, 0.42% Cu, recovering 73% Au, 84% Ag, 84% Cu, to produce 7,544 Oz Au, 1.1 M Oz Ag, 5.67 M Lb Cu (or 2.55 M Oz AgEq). At La Preciosa, 19 kilometers from Avino, 12 K tonnes were processed, averaging 0.32 gpt Au, 191 gpt Ag, recovering 62% Au, 66% Ag, to produce 77 Oz Au, 48.2 K Oz Ag (or 54.9 K Oz AgEq). The company commenced extraction, haulage and processing of mineralized development material from La Preciosa during the fourth quarter 2025. Avino Silver had US$100 M in cash at the end of 2025.  

ON FINANCING

  • Canasil Resources Inc. announced a private placement for a total of C$500 K in gross proceeds. Insiders of the Company subscribed for a total of 2.5 M shares, which constitutes a related party transaction  (Nora, Durango).
  • Silver Spruce Resources Inc. corrected a previous press-release that stated 976 K units offered, to 9.76 M units (Pinos, Chihuahua).
  • Santacruz Silver Mining Ltd. has commenced trading on the Nasdaq Capital Market. (Zimapán, Hidalgo).
  • Silverco Mining Ltd. announced the halting of its common shares on January 21, 2026, at the request of the TSX Venture Exchange to facilitate the review of the binding letter with Nuevo Silver Inc. (Cusi, Chihuahua).
  • Apollo Silver Corp. closed the final tranche of its previously announced non-brokered private placement for aggregate gross proceeds of C$15 M. Eric Sprott, through 2176423 Ontario Ltd.  participated with C$12.5 M, taking its stake in the company to 10.3% of outstanding shares on a non-diluted basis and 15.8% on a partially diluted basis, assuming the exercise of such warrants (Cinco de Mayo, Chihuahua).
  • Kootenay Silver Inc. announced an engagement letter with Red Cloud Securities Inc. as lead underwriter pursuant to which the underwriters have agreed to purchase shares of the company on a bought deal basis in a private placement for C$10 M in gross proceeds. The underwriters have the option to buy shares at the same price for gross proceeds of C$1.5 M before the closing of the placement (Columba, Chihuahua).
  • Guanajuato Silver Co. has been named to the 2026 OTCQX Best 50, a ranking of top performing companies traded on the OTCQX Best Market last year (El Cubo, Guanajuato).
  • Kootenay Silver Inc. increased the size of its previously announced “bought deal”  private placement from C$10 M to C$16.5 M in gross proceeds. The underwriters have the option to buy shares for another C$1.5 M in gross proceeds.(undisclosed projects, Mexico).
  • Luca Mining Corp. has been named to the 2026 OTCQX Best 50,  a ranking of top performing companies traded on the OTCQX Best Market last year (Campo Morado, Guerrero).
  • EV Resources. confirmed the receipt of A$600 K in cash from the sale of a project in Australia. The funds are to be used in the upcoming drill program at Los Lirios antimony project in Oaxaca.
  • Pacifica Silver Corp. closed its previously announced upsized, private placement offering for aggregate gross proceeds of C$23 M (Claudia, Durango).

ON RESOURCES AND DEVELOPMENT

  • Kootenay Silver Inc. engaged  engineering firms Sacré-Davey Engineering Inc. and Canenco Consulting Corp. to conduct a preliminary economic assessment (PEA) on its La Cigarra project in Chihuahua. The pit constrained mineral resource totals 51.6 M Oz Ag in the measured and indicated categories in 15.7 M tonnes averaging 0.07 gpt Au, 102 gpt Ag, 0.16% Pb, 0.21% Zn and 11 M Oz Ag on the inferred category in 3.4 M tonnes averaging 0.06 gpt Au, 102 gpt Ag, 0.2% Pb, 0.19% Zn. 
  • Vizsla Silver Corp. informed that during 2025 the company published a feasibility study (FS) on the Panuco project in Sinaloa, with $1.8 B after-tax NPV. 11% IRR and a 7-month payback period, with annual production of 17.4 M Oz AgEq over 9.4 years, securing financing with over US$450 M in cash and advanced test mine operations to 700 m depth. For 2026, Vizsla plans to begin construction following receipt of environmental permits (expected mid-year), complete 60,000 m of drilling on the district, advance detailed engineering and contractor selection and continue exploration on newly acquired properties.
  • Capitan Silver Corp. commenced a 60,000 m drilling campaign of diamond and reverse circulation (RC) drilling for 2026 at its Cruz de Plata project in Durango. The company informed that during 2025 the company raised C$29 M, restarted drilling operations, the first since 2023, extending mineralization by 250 m, increased Capitan Hill resources to 525,000 Oz Au, bought the main royalty on the project for US$1 M, and acquired claims from Fresnillo, consolidating and increasing the land position by 85%. For 2026 Capitan Silver launched a drilling campaign, expanding from one RC rig to three core rigs and one RC rig, with focus on several targets including the 3.7 km Jesús María trend and infill drilling at Capitan Hill to upgrade resources. An airborne geophysical survey is planned, as well as mechanical trenching.
  • Mithril Silver and Gold Ltd. released drilling results from expansive resource drilling at Target 1 within the Copalquin project in Durango. Drilling extended 300 m west the mineralized structure and 300 m down dip on the Refugio 1 structure. Highlighted core length intercepts comprise 3.95 m @ 1.37 gpt Au, 22 gpt Ag; 3.05 m @ 1.68 gpt Au, 107 gpt Ag (including 0.5 m @ 9.6 gpt Au, 612 gpt Ag); 2.8 m @ 2.29 gpt Au, 60 gpt Ag; 4.4 m @ 2.18 gpt Au, 15 gpt Ag (including 0.5 m @ 15.5 gpt Au, 66 gpt Ag); 1.55 m @ 2.11 gpt Au, 6 gpt Ag; 1.35 m @ 21.94 gpt Au, 357 gpt Ag (including 0.5 m @ 57.65 gpt Au, 924 gpt Ag); 5.45 m @ 0.78 gpt Au, 36 gpt Ag.
  • Alamos Gold Inc. updated on drilling results within the Mulatos District in Sonora, where exploration has shifted from targeting oxides to higher grade sulfide mineralization. “A total of $20 million was spent on exploration in the Mulatos District in 2025, similar to spending in 2024. The near-mine and regional drilling program totalled 56,117 m in 170 holes. This included 13,779 m of surface exploration drilling in 58 holes at the GAP-Victor and PDA targets at PDA, and 21,394 m in 56 holes at Cerro Pelon. Regional exploration drilling totalled 20,944 m in 56 holes …” with the Halcon discovery being part of the latter program.  At Cerro Pelón, drill intersects comprise 23.85 m @ 5.60 gpt Au; 5.93 m TW @ 5.85 gpt Au; 15.15 m @ 6.58 gpt Au; 8.67 m TW @ 6.64 gpt Au; 14.10 m @ 4.28 gpt Au; 4.25 m @ 12.95 gpt Au; 7.20 m @ 6.13 gpt Au; 2.75 m @ 6.05 gpt Au. At PDA (Puerto del Aire) drill intersects comprise 8.97 m @ 13.64 gpt Au; 15.60 m @ 3.72 gpt Au; 15.61 m @ 4.27 gpt Au; 14.92 m @ 4.85 gpt Au; 6.92 m @ 8.79 gpt Au; 7.10 m @ 5.77 gpt Au; 2.91 m @ 15.00 gpt Au; 0.81 m @ 43.70 gpt Au. At Halcon drill intersects comprise 47.60 m @ 3.04 gpt Au (including 4.50 m @ 7.78 gpt Au; 3.75 m @ 13.41 gpt Au); 37.35 m @ 3.53 gpt Au (including 10.20 m @ 8.13 gpt Au); 31.50 m @ 3.46 gpt Au (including 6.00 m @ 5.56 gpt Au); 19.00 m @ 3.88 gpt Au (including 3.40 m @ 10.08 gpt Au).
  • Silver Tiger Metals Inc. filed two studies, a preliminary economic assessment (PEA) on the underground at El Tigre and an updated prefeasibility study (PFS) on the Stockwork Zone for its El Tigre project in Sonora. The PEA proposes a base-case Ag price of US$38 per Oz and of US$3,200 per Oz Au, with After-Tax (NPV 5%) of US$ 304 M and After-Tax IRR of 42.8% and a payback period of 2.6 years. The study envisages 15-year UG mine life with 3-year historical tailings processing  to recover 34 M Oz Ag, 130 K Oz Au (or 38 M Oz AgEq, or 453 K Oz AuEq), producing an average of 2.1 M Oz Ag, 8 K Oz Au per year. The updated PFS with the same base-case metal prices includes an After-Tax (NPV 5%) of US$456 M with an After-Tax IRR of 65.7% with a 1.4 years payback period, 10-year mine life recovering 9 M Oz Ag, 408 K Oz Au (or 43 M Oz AgEq, or 509 K Oz Au), producing an average of 4.8 M Oz AgEq or 56.5 K Oz AuEq. 

ON DEALS AND CORPORATE ISSUES

  • Bear Creek Mining Corp. filed its notice of meeting, management information circular and related documents with securities regulators in connection with the special meeting of shareholders of Bear Creek to approve the proposed plan of arrangement with Highlander Silver Corp. and the interest deferral agreements entered into between the company and each of Royal Gold Inc. and Equinox Gold Corp. The proxy voting deadline is February 17, 2026 (Mercedes, Sonora).
  • Mammoth Resources Corp. announced shareholders at its annual general meeting (AGM) elected Thomas Atkins, Paul O’Brien, Jose Antonio Berlanga Balderas, Edgardo Espinosa Velasco, Jose Antonio Berlanga Lopez, and Richard Simpson as directors and appointed Kresto GTA, Chartered Accountants as auditors of the company (Tenoriba, Chihuahua). 
  • Regency Silver Corp. entered into an agreement to option the 4,823 ha La India mining concession located 10 km to the north of its Dios Padre project in Sonora. The claim hosts Early cretaceous andesitic volcanic rocks that are proximal to late cretaceous plutonic rocks associated with Laramide age porphyries in the district. The deal involves an initial US$60 K payment and staged payment totalling US$580 K over five years , as well as to pay US$145 K in owed taxes. A payment of US$1 M is due upon the publication of a mineral resource estimate over 1 M Oz Au. The vendors are entitled to a 2% NSR, on which the company has the right to purchase half by paying US$1 M. 
  • Silverco Mining Ltd. entered into a binding letter to acquire Nuevo Silver Inc., which recently entered into a share purchase agreement to acquire 100% of the producing La Negra mine in Querétaro. Holders of Nuevo Silver shares will be issued 16.8 M Silverco shares, and upon completion former holders of Silverco shares will hold 34% of Silverco shares. Silverco will also assume US11 M in debt associated with La Negra mine, US$12.5 M in milestone payments due in Q1 2027 and US$5 M in contingent payments potentially due between Q1 2027 and Q1 2028. “La Negra is currently operating at approximately 55% capacity”.
  • Southern Empire Resources Corp. completed the acquisition of the 1,750 ha Pedro gold project in Durango, from Enduro Metals Corp. The company issued Enduro 2 M common shares, agreeing to a future milestone payment of US$2 M upon production commencement, with Enduro retaining a 2% NSR. The project area displays “hematite-stained, silica-rich ridges of angular chalcedony fragments and silicified sedimentary rocks within a coarse breccia” with values of up to 2.3 gpt Au”. Geology, alteration and geochemistry mapped at Pedro are indicative of a potential low-sulphidation epithermal vein system, with some indications of possible Carlin style mineralization. Previous drilling intercepted up to 15.2 m averaging 0.577 gpt Au. “Fortuna Mining Corp. (Fortuna) has informed Southern Empire that it has resumed its 3,500 m core drilling program at the Centauro Gold Project, located 100 km northwest of Pedro”. Fortuna acquired the option rights for Centauro from Southern Empire in 2025.
  • Radius Gold Inc. informed that between “2019 and 2022, Radius and joint venture partner Pan American Silver Corp. completed 67 drill holes for 23,058 meters of diamond drilling at the Amalia Project, in Chihuahua, with multiple targets remaining untested. “Pan American held the right to earn 65 % interest under an existing option agreement. As operator Pan American Silver suspended work on the property during merger negotiations with Yamana in 2022. Radius continues discussions with Pan American with the objective of agreeing a pathway forward for the Amalia … ” project.
  • Silver Viper Minerals Corp. announced the appointment of Mr. Rakesh Malhotra as chief financial officer (La Virginia, Sonora).

ON SOCIAL RESPONSIBILITY

  • No Relevant News. 

On the image below: Quartz veining cut by late specularite veins in volcanosedimentary rocks, HQ core. Picture by Jorge Cirett.

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

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Breccia cemented by specularite

By Miguel A Heredia

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

ON MEXICO ISSUES

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

ON EXPLORATION

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

ON MINING

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

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

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

ON FINANCING

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

ON RESOURCES AND DEVELOPMENT

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

ON DEALS AND CORPORATE ISSUES

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

ON SOCIAL RESPONSIBILITY

  • No relevant news.

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

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

The Mining and Exploration News in Mexico; Highlights on the Fourth Week of December 2025

/ Gambusino Prospector / Leave a comment

By Jorge Cirett

During the 54th week of the year (December 22th to December 28th, 2025), companies working in Mexico presented 15 press releases. There was no relevant news either on early-stage properties or mining. Two companies presented news on financing rounds, one on consolidation of shares, two on increased market activity and one on the granting of stock options. Three companies presented updates on advanced properties. Five companies informed on deals and corporate issues. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, no relevant news. ON MINING, no relevant news. ON FINANCING, two companies informed on financing rounds: Apollo Silver (C$25 M) and Captain Silver (C$6 M). Chesapeake Gold and Silverco Mining informed on increased market activity. Centenario Gold consolidated its shares on a 10:1 basis. Impact Silver granted stock options. ON RESOURCES AND DEVELOPMENT, Heliostar Metals filed a PEA on Ana Paula, in Guerrero. Tocvan Ventures informed on advances on its planned pilot mine for Gran Pilar in Sonora. Mithril Silver and Gold presents an exploration update for Coplaquin, in Durango. ON DEALS AND CORPORATE ISSUES, the TSX approved the acquisition of the Bolañitos mine in Guanajuato by Guanajuato Silver Company. Royalties Inc. informed on the latest development on the Cozmin royalties legal saga. J2 Metals is optioning the Sierra Plata property in Guerrero from Impact Silver. Goldgroup Mining acquired all the shares of the company controlling the San Francisco mine in Sonora. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • Editor’s Commentary: Mexico The Mexican mining industry is enduring challenging times, battling an in-house restrictive regulatory environment while precious metal prices break all records in the World scene. Unfortunately for Mexico, the present government has in its DNA dogmatic ideologic chains that prevent really positive changes, immersed as it is in its quest to centralize power. Good examples on this endeavour are the recently approved law on water rights, which heavily restricts the granting and exchange of extraction permits, and the intention to change the electoral law in order to make it more difficult for the opposition to challenge the MORENA party rule. The current administration regulatory environment in mining is not good, or even clear, but it has to be said that it is better than under the past administration and that the president seems to have the will to improve it. While the rule book for applying the 2023 law in mining is still being drawn, long awaited permits that allow for open pit expansions and tailings dam construction have begun to flow. Reflecting the overall global economy uncertainties and higher commodity prices, 2025 ends with an optimistic mood for the worldwide mining industry with some of that optimism spilling over into the Mexican side by means of a steady inflow of funds during the last few months to the coffers of  junior companies with properties in Mexico. Expect more drilling in 2026, and the development of some properties that have been on the shelves for some time now.

ON EXPLORATION

  • No Relevant News.

ON MINING

  • No Relevant News.

ON FINANCING

  • Apollo Silver Corp. announced a non-brokered private placement for aggregate gross proceeds of  C$25 M. Only Eric Sprott and a fund managed by Jupiter Asset Management are participating in the Offering, with each subscribing half the offering, after which the Jupiter Fund is to own 12.1% of the shares on Apollo Silver, and Eric Sprott 9.6% (Cinco de Mayo, Chihuahua).
  • Chesapeake Gold Corp. announces that at the request of CIRO, the company’s management is unaware of any material change that would account for the recent increase in market activity (Metates, Durango).
  • Captain Silver Corp. entered into a subscription agreement with Schroder Investment Management Ltd. on which Schroder has agreed to purchase on a non-brokered  private placement basis 2.96 M shares of the company, for gross proceeds of C$6 M. (Cruz de Plata, Durango).
  • Centenario Gold Corp. announced the approval by the TSX Venture Exchange of the consolidation of its issued and outstanding common shares on a 10:1 (ten to one) basis. The consolidation will become effective at the opening of the market on December 30, 2025  (Edén, Sinaloa).
  • Silverco Mining Ltd. announced that at the request of CIRO, Silverco confirms that the company’s management “is unaware of any material change in the Company’s operations that would account for the recent increase in market activity” (Cinco de Mayo, Chihuahua).
  • Impact Silver Corp. granted to directors, officers, consultants and employees of the company, stock options to purchase a total of 4.8 M common shares at a price of $0.42 per common share (Zacualpan, Estado de México).

ON RESOURCES AND DEVELOPMENT

  • Heliostar Metals Ltd. filed a preliminary economic assessment (PEA) technical report for its Ana Paula project, in Guerrero.
  • Tocvan Ventures Corp. has started sampling for pilot mine feed at the South Block of its Gran Pilar project in Sonora. The company also received local community council approval for the pilot mine development. Clearing and leveling for the heap leach pile and containment ponds has started.
  • Mithril Silver and Gold Ltd. presented an update on exploration. At Copalquin, in Durango, the company focused during 2025 on two of six main targets: Target 1 and Target 5. In 2026 Target 3 is also to be a priority, and a third drill rig is to be added. Currently there is a laboratory back log on assays for 20 holes, and samples from12 more have been dispatched in the last two weeks. A 25,000 m drill campaign is programmed for 2026. At the recently acquired 2,000 ha La Dura concession, 15 km away, LIDAR surveying has been completed and a district scale aerial magnetic survey is scheduled for January 2026. 

ON DEALS AND CORPORATE ISSUES

  • Guanajuato Silver Company Ltd.  received conditional approval from the TSX Venture Exchange to proceed with the acquisition of the Bolañitos mine, in Guanajuato, from Endeavour Silver Corp.
  • Royalties Inc. reported that Capstone Copper Corp. filed a direct Amparo with the Federal Collegiate Tribunal, granting a suspension of the sentence  on the Court decision that Capstone had improperly transferred to themselves royalties without consent, authorization or payment on the production from certain mining concessions at the Cozamin mine in Zacatecas. The company believes Capstone actions are intended to delay the outcome.
  • Impact Silver Corp. executed a letter of intent to option to J2 Metals Inc. 22 Km2 of its 211 Km2  Zacualpan District in Guerrero. J2 renamed the optioned area as Sierra Plata Silver-Antimony project, and may earn 100% interest by making staged payment to Impact by issuing C$250 K in shares within 3 days of the TSX approval, C$1.35 M in exploration expenditures over three years and staged annual payments to Impact totalling up to 6.5 M shares of J2, with up to 25% of the share value to be paid in cash or up to C$375 K in cash over three years with J2 being responsible to keep the mining concessions in good standing. Impact is to retain a 1.5% NSR royalty with J2 having the right to buy 0.75% upon payment of C$1.5 M.
  • J2 Metals Inc. entered into a 3-year option (details above) with Impact Silver Corp. to acquire the 2,200 ha Sierra Plata project in the Zacualpan District in Guerrero. Sierra Plata is located 10 Km from Taxco, hosts five past-producing silver mines, including part of the three-level San Miguel mine, with historic grab samples of up to 414 gpt Ag, 0.45 gpt Au in “quartz-hosted argentite with galena and pyrite displaying classic epithermal textures”. The project is adjacent to, and structurally continuous with, historic antimony mineralization.
  • Goldgroup Mining Inc. announced it has acquired all of the issued and outstanding A and B shares of Molimentales del Noroeste, S.A. de C.V., the company holding the San Francisco mine in Sonora,  through a “Concurso Mercantil” process (restructuring proceeding equivalent to Chapter 11 in the United States). Prior to the filing of the Plan of Arrangement, Goldgroup acquired 60.2% of the debts owed to certain major creditors for US$8.5 M of which US$7.5 M has been paid to date and the balance of US$1 M will be paid to complete the acquisition. Goldgroup has agreed to pay US$2.6 M in three equal installments in December 2026, 2027 and 2028 to the remaining creditors holding 39.8% of the recognized debt in addition to all outstanding mining concession fees, taxes, fees owed to the National Water Commission, supplier debts and other expenses  currently estimated at MX$170 M (approximately US$9.3 M).

ON SOCIAL RESPONSIBILITY

  • No Relevant News. 

On the image below: Garnets and chlorite in a volcano sedimentary rock sequence, HQ core. Picture by Jorge Cirett.