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The Mining and Exploration News in Mexico; Highlights on the Second Week of November 2025

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By Jorge Cirett

During the 46th week of the year (November 10th to November 16th, 2025), companies working in Mexico presented 32 press releases.  Five companies informed about exploration advances on early-stage properties. Five companies provided operational figures for the quarter. Eight companies presented news on financing rounds or share matters. Seven companies presented updates on advanced properties/mines. Seven companies informed on deals and corporate issues. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, in Sonora, Questcorp Mining and Riverside Resources completed drilling at La Union; Tocvan Ventures informed on ongoing drilling at Gran Pilar. In Durango, Pinnacle Silver and Gold released sampling results at El Potrero; Silver Dollar Resources reported surface sampling results from the Nora project. ON MINING, Altius Minerals, Orla Mining, Americas Gold and Silver, Bear Creek Mining and Sierra Madre Gold and Silver presented third quarter 2025 reports. ON FINANCING, six companies informed on financing rounds: Questcorp Mining (C$2.1 M), GoGold Resources (C$125 M), Prismo Metals (C$1.74 M), Silver Tiger Metals (C$40 M), Americas Gold and Silver (US$115 M), Kingsmen Resources (C$4 M). Mithril Silver and Gold informed on the release of shares from escrow. ON RESOURCES AND DEVELOPMENT, Capitan Silver reported RC drilling results from Cruz de Plata, in Durango. Zacatecas Silver signed surface access agreements for its Zacatecas Silver project in Zacatecas. Silverco Mining released drilling results from Cusi, in Chihuahua. Vizsla Silver presented the feasibility report on Panuco, in Sinaloa. Luca Mining announced a three-year exploration program for its Campo Morado and Tahuehueto properties in Guerrero and Durango respectively. Discovery Silver presented an update on the Cordero property, in Chihuahua. ON DEALS AND CORPORATE ISSUES, Teck Resources is to have a special meeting of shareholders to seek the approval of a merger with Anglo American. Osisko Development intends to re-submit permit applications for the San Antonio project in Sonora. Elemental Altus Royalties and Emex Royalty closed the merger of the companies. Elemental Altus is to change name to Elemental Royalty Corp. Fuerte Metals announced additions to the board. Silver Spruce signed an amending agreement with Colibri Resource on the acquisition of Colibri’s 50% interest on the Jackie property in Sonora. Mexican Gold Mining acquired the Tatatila project in Veracruz from Chesapeake Gold. Xali Gold sold the El Oro tailings project to Kappes, Cassiday and Associates. ON SOCIAL RESPONSIBILITY, Alamos Gold informed on community support in the Mulatos District of Sonora. 

ON MEXICO ISSUES

No Relevant News.

ON EXPLORATION

  • Questcorp Mining Inc. and Riverside Resources Inc. completed the first phase of drilling at the La Union project in Sonora. Over 1,600 m of drilling in 12 diamond drill holes across six targets have been completed, including La Union mine, the Famosa mine area, Famosa Mag, Union Norte, Cobre and Luis. Assays Pending.
  • Tocvan Ventures Corp. informed on the current drilling at the 2,200 ha Gran Pilar project in Sonora.  The program is designed to test a 3.2 km by 1.5 km target zone with strong geochemical and geological signatures.
  • Silver Dollar Resources Inc. reported the latest surface sample assay results and receipt of a drill permit for its Nora property in Durango. Channel sampling 1,500 m on strike of the Candy vein returned up to 12.5 m @ 39 gpt Ag, 0.4% Pb, 2.3% Zn; 4.3 m @ 27 gpt Ag, 0.1% Pb, 0.8% Zn; 2.3 m @ 46 gpt Ag, 0.1% Pb, 0.4% Zn. Mineralization appears to be widely disseminated within an oxidation zone over 100m wide, with strong pervasive iron and manganese oxides with trace galena.
  • Pinnacle Silver and Gold Corp. provided sampling results from La Dura mine at El Portrero project in Durango. “The identification of another zone of gold-silver extends the mineralized strike length along the Dos de Mayo vein structure to almost 500 metres…. Of those 146 samples, 40 were taken from the two small adits. The mineralized zone identified was sampled by six composite channels along an exposed 12 metre strike length, and has an average width of 1.3 metres and average grades of 1.98 g/t Au and 98 g/t Ag, with individual grades up to 4.51 g/t Au and 269 g/t Ag over 0.5 metres.

ON MINING

  • Altius Minerals Corp. reported its Q3 2025 revenue at C$17.2 M and attributable royalty revenue of C$21.4 M, with adjusted EBITDA of C$13. 2 M. “During the quarter the Corporation made debt repayments of $11 million including a $9 million voluntary repayment on its revolving facility and $2 million of scheduled repayments on its term facility, paid cash dividends of $4.2 million and issued 12,850 shares under the dividend reinvestment plan” (royalty on Cuale, Jalisco).
  • Orla Mining Ltd. announced the results for the third quarter 2025, including figures from its operations in Mexico. During the quarter, over 0.7 M tonnes of ore and 2.4 M tonnes of waste (Strip ratio 3.34:1) were moved at Camino Rojo, in Zacatecas. “This higher strip ratio was a result of the pit wall event that occurred during the quarter. As stabilization activities began, a new ramp was established that required the removal of overburden material and waste material which resulted in a higher than normal strip ratio”. A total of 2.8 M tonnes of ore grading 0.40 gpt Au were stacked on the heap leach, producing 22,050 Oz Au.
  • Americas Gold and Silver Corp. reported consolidated financial and operational results for the quarter ended September 30, 2025, including figures from its Mexican operations. Consolidated production during the quarter of 765 K Oz Ag, or 877 K Oz AgEq. At Cosalá, in Sinaloa, the company produced 325 K Oz Ag, at cash cost $23.87. “The Cosalá Operations increased capital spending on the EC120 Project, incurring $3.8 million during Q3-2025 ($2.9 million during Q2-2025)”. The company had US$39 M in cash at the end of Q3. 
  • Sierra Madre Gold and Silver Ltd. provided financial results for the quarter ended September 30, 2025. During the period the company obtained revenues of US$5.52 M, gross profit of US$1.7 M. The company had an all-in-sustaining costs (AISC) of US$34.42 per Oz AgEq. Current assets, including cash totaled US$19.5 M by the end of the period. “Sierra Madre announced plans for a two-stage plant expansion at La Guitarra. The first phase would grow capacity by more than 50%, to 750 tpd – 800 tpd, by Q2 2026. A subsequent expansion would increase capacity to …. 1,200 tpd – 1,500 tpd, by Q3 2027”.
  • Bear Creek Mining Corp. reported its interim consolidated financial results for the three months ended September 30, 2025. At the Mercedes mine in Sonora, 76.2 K tonnes were mined averaging 2.84 gpt Au, 79.5 tonnes milled averaging 2.53 gpt Au, recovering 96% Au to produce 6,219 Oz Au, 18.9 K Oz Ag at cash cost $3,161 per Oz Au and an AISC of $3,563 per Oz Au. The company had revenue of US$22.5 M and a comprehensive loss after taxes of US$30.8 M. “Actively continued the strategic review process … to explore and evaluate the strategic and financial options available to the Company with the ultimate view of enhancing value”.

ON FINANCING

  • Questcorp Mining Inc. completed the first tranche of its non-brokered private placement for gross proceeds of C$2.1 M. A portion of the units issued, representing C$2 M are held pursuant to a sharing agreement entered into with an institutional investor, Sorbie Bornholm LP.  (Nueva Union, Sonora).
  • GoGold Resources Inc.  entered into an agreement with a syndicate of underwriters led by BMO Capital Markets, to buy on a bought deal basis units for gross proceeds of C$125 M (Los Ricos South and North, Jalisco).
  • Questcorp Mining Inc. announced that Sorbie BornholmLP has undertaken an initial investment in the company with a gross investment of C$2 M (Nueva Union, Sonora).
  • Prismo Metals Inc. upsized and closed its previously announced non-brokered private placement for gross proceeds of C$1.74 M (Palos Verdes, Sinaloa).
  • Mithril Silver and Gold Ltd. confirmed that 31.94 M shares of the company will be released from escrow on 25 November 2015. (Copalquin, Durango).
  • Silver Tiger Metals Inc. entered into an agreement with a syndicate of underwriters led by BMO Capital Markets and Stifel Nicolaus Canada as joint bookrunners under which the underwriters have agreed to buy on bought deal basis common shares of the company for gross proceeds of C$40 M (El Tigre, Sonora).
  • Americas Gold and Silver Corp. increased the size of its “bought deal” private placement to aggregate gross proceeds of US$115 M. The company granted the underwriters an option to purchase additional common shares for additional gross proceeds of up to US$17.3 M (Cosalá, Sinaloa).
  • Kingsmen Resources Ltd. increased the previously announced non-brokered private placement to raise up to C$4 M (Las Coloradas, Chihuahua).

ON RESOURCES AND DEVELOPMENT

  • Capitan Silver Corp. reported assay results from the reverse circulation drill program at its Cruz de Plata project in Durango. Highlighted drill length intervals from six holes comprise 6.10 m @ 0.77 gpt Au, 276 gpt Ag (including 1.50 m @ 1.51 gpt Au, 644 gpt Ag); 35.10 m @ 0.05 gpt Au, 57 gpt Ag, 0.2% Pb, 0.4% Zn; 1.50 m @ 0.04 gpt Au, 251 gpt Ag, 1.2% Pb, 2.3% Zn; 6.10 m @ 0.14 gpt Au, 202 gpt Ag, 0.5% Pb, 1.1% Zn (including 1.50 m @ 0.16 gpt Au, 596 gpt Ag, 1.1% Pb, 2.5% Zn); 25.90 m @ 0.21 gpt Au, 232 gpt Ag (including 1.50 m @ 1.57 gpt Au, 1,760 gpt Ag). A total of 57 drill holes have been completed across the Jesus Maria trend, Gully Fault, and new, early-stage targets in the property   .
  • Zacatecas Silver Corp. entered into a new community access agreement with Ejido Panuco at its Zacatecas Silver project in Zacatecas. The company also signed a drill contract with Major Drilling for an initial 4,000 m of angled diamond drilling.
  • Silverco Mining Ltd. reported initial assay results from its 15,000 m 2025 diamond drill program at the Cusi past producing property, in Chihuahua. The drill program is primarily focused on expanding the potential of its San Miguel target, with holes in 50 m step outs. Highlighted core length intervals comprise: 3.80 m @ 0.08 gpt Au, 351 gpt Ag, 1.5% Pb, 0.5% Zn; 1.10 m @ 0.76 gpt Au, 741 gpt Ag, 0.2% Pb, 0.4% Zn; 1.10 m @ 0.31 gpt Au, 658 gpt Ag, 2.0% Pb, 5.1% Zn; 2.70 m @ 0.57 gpt Au, 245 gpt Ag, 4.4% Pb, 4.7% Zn; 1.40 m @ 1.98 gpt Au, 1,830 gpt Ag, 4.5% Pb, 3.8% Zn; 3.10 m @ 0.43 gpt Au, 817 gpt Ag, 7.4% Pb, 7.4% Zn; 8.60 m @ 0.21 gpt Au, 240 gpt Ag, 0.6% Pb, 0.7% Zn.
  • Vizsla Silver Corp. announced positive results from its feasibility study (FS) on the Panuco project in Sinaloa. The study encompasses a 3,300 tpd underground operation  for the first three years, expanding to 4,000 tpd in year 4, with a life of mine (LOM) average of 17.4 M Oz AgEq (10.1 M Oz Ag, 83 K Oz Au), with years 1-5 averaging 20.1 M Oz AgEq (12.1 M Oz Ag, 92 K Oz Au) at cash cost US$8.56 per Oz AgEq and AISC of US$10.61 per Oz AgEq. The pre-production capital expenditure is US$238.7 M with an after-tax NPV(5%) of US$$1,802 M and 111% IRR at precious metals prices of US$3,100 per Oz Au, US$35.50 per Oz Ag. Mineral reserves stand at 12.8 M tonnes @ 249 gpt Ag, 2.01 gpt Au (416 gpt AgEq), containing 102.7 M Oz Ag, 829 K Oz Au (171.2 M Oz AgEq). At the Copala area, measured and indicated resources stand at 7.26 M tonnes @ 2.70 gpt Au, 420 gpt Ag, 0.1% Pb, 0.2% Zn (635 gpt AgEq), containing 630 K Oz Au, 98 M Oz Ag, 16 M Lb Pb, 30 M Lb Zn (148.1 M Oz AgEq), and inferred resources of 3.55 M tonnes @ 1.96 gpt Au, 341 gpt Ag, 0.2% Pb, 0.3% Zn (507 gpt AgEq), containing 224 K Oz Au, 38.9 M Oz Ag, 15 M Lb Pb, 25 M Lb Zn (57.7 M Oz AgEq). At the Napoleon area measured and indicated resources stand at 5.70 M tonnes @ 2.22 gpt Au, 162 gpt Ag, 0.5% Pb, 1.7% Zn (405 gpt AgEq), containing 406 K Oz Au, 29.8 M Oz Ag, 61 M Lb Pb, 213 M Lb Zn (74.3 M Oz AgEq), and inferred resources of 6.25 M tonnes @ 2.00 gpt Au, 152 gpt Ag, 0.4% Pb, 1.5% Zn (368 gpt AgEq), containing 403 K Oz Au, 30.6 M Oz Ag, 52 M Lb Pb, 204 M Lb Zn (73.9 M Oz AgEq). Total measured plus inferred resources add up to 1.66 M Oz Au, 197.3 M Oz Ag (354 M Oz AgEq).
  • Luca Mining Corp. announced a three-year US$25 M exploration program across its Campo Morado and Tahuehueto mines, in Guerrero and Durango respectively. The program includes 80,000 m of surface and underground diamond drilling to expand and define gold resources and the use of AI based systems on >30 years of drilling, geologic and geophysical exploration data. At Campo Morado 38 priority targets have been identified, including Reforma Deeps. At Tahuehueto, near-mine and brownfields drilling to extend the Crestón, Perdido, and Santiago structures along strike and depth.
  • Discovery Silver Corp. presented an overview on the Cordero property in Chihuahua. The property was acquired in 2019, with over US$100 M invested since then. The last FS report was released on March 2024, comprising average annual production of 37 M Oz AgEq over the first 12 years of the 19 years mine life., at an AISC of $12.50 per Oz AgEq in years 1 to 8, a base case NPV of $1.2 B at metal prices of $1,600 per Oz Au, $22 per Oz Ag, $1.0 per Lb Pb, $1.2 per Lb Zn, with an initial capital expenditure of US$606 M. The mineral reserve contains 302 M Oz Ag, 840 k Oz Au, 3.0 B Lb Pb, 5.2 B Lb Zn. The company is assessing the use of natural gas as power source and evaluating the potential to establish solar farms, as well ongoing discussions with the various governmental bodies involved in issuing the permits for the project.
  • Zacatecas Silver Corp. finalized the land-access agreements from private owners for the upcoming drill program at its Zacatecas Silver project in Zacatecas. “the Company will move forward with its SEMARNAT permit applications to initiate drilling”.

ON DEALS AND CORPORATE ISSUES

  • Teck Resources Ltd. announced the filing of meeting materials for the special meeting of shareholders, to be held on December 9, 2025, seeking the approval of merger between equals with Anglo American (San Nicolas, Zacatecas).
  • Osisko Development Corp. informed on its third quarter 2025 review that the San Antonio project in Sonora remains in care and maintenance. “The approval process for mining permits appears to be gaining traction, specifically for open-pit mining in the country, and the Company intends to re-submit its two permit applications in the foreseeable future”.
  • Elemental Altus Royalties Corp. and EMEX Royalty Corp. announced the closing of the merger of the companies. Elemental Altus is to change name to Elemental Royalty Corp. (royalty on Mercedes, Sonora).
  • Fuerte Metals Corp. announced the addition of Chris Beer, Dawson Proudfoot and Sandip Rana to the board of directors. The company granted 6.98 M incentive stock options and 2.6 M bonus shares to certain officers, employees and directors of the company (Cristina, Chihuahua).
  • Silver Spruce Resources Inc. signed an amending agreement with Colibri Resource Corp. on November 12, 2025 in respect of the proposed acquisition of Colibri’s 50% interest in the Jackie project, in Sonora. “In consideration for Colibri’s 50% interest in the Project, Silver Spruce will issue 166,667 common shares to Colibri at a price of $0.15 per share based on the closing price per share on November 10, 2025 and grant a 1% Net Smelter Return royalty on any future production from the Project”.
  • Mexican Gold Mining Corp. has acquired 100% of the title and interest of the 3,824 ha Tatatila project in Veracruz. “The Tatatila concessions surround or are adjacent to Mexican Gold’s Las Minas Project”. The company issued Chesapeake Gold Corp. 4.45 M common shares of the company and 1.5% NSR royalty.
  • Xali Gold Corp. announced that  Xali Gold and Kappes, Cassiday and Associates (KCA) agreed to finalize a definitive agreement whereby Xali Gold will transfer all of their rights related to the mine tailings from El Oro, Estado de México. Mine Tailings in El Oro, Mexico. The Agreement gives KCA the right to process and sell precious metals recovered from the tailings in return for a 4% NSR gross royalty, less any royalties due, but not less than 3% gross royalty. “KCA maintains the right to purchase 1% of the royalty from Xali Gold for US$1,000,000 at any time … continuing until production commences, a minimum royalty payment of US$50,000 is to be paid every 6 months”.

ON SOCIAL RESPONSIBILITY

  • No Relevant News. 

On the image below: Specularite stockwork in volcanosedimentary rock, HQ core. Picture by Jorge Cirett.

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

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Quartz Vein hosted in volcanic rocks

By Miguel A Heredia

During the 45th week of the year (November 3rd to November 9th 2025), at least 33 press releases were announced by companies working in Mexico, with thirteen disclosing deals and corporate issues, eight communicating mining and production issues, five announcing financial rounds, four informing on exploration results, and three reporting resources and developments of their properties. ON MEXICO ISSUES, No relevant news. ON EXPLORATION, In Sonora, Colibri retained CANMEX to conduct its next phase of drilling at the EP project, and Kenadyr provided an update on its Adelita copper-gold-silver project. In Chihuahua, Advance Metals confirmed high grade silver-gold in previously unsampled core at its Yoquivo project. In Sinaloa, Mithril provided exploration results and an update for multiple targets at its Copalquin project. ON MINING, Santacruz Silver reported consolidated production results for the period Q3, 2025 and year to date (Zimapan mine, Hidalgo). First Majestic reported Q3, 2025 production and financial results from its Mexican mine operations. Aura Minerals presented Q3, 2025 consolidated production and financial results, including figures from its Aranzazu mine in Zacatecas. Gold Resource released Q3, 2025 production and financial results from its Don David Gold mine in Oaxaca. Torex Gold announced Q3, 2025 production and financial results from its Morelos complex in Guerrero. Gold Royalty released Q3, 2025 consolidated financial results (royalty on Cozamin mine, Zacatecas). Avino Silver & Gold presented Q3, 2025 production and financial results from its Avino mine in Durango. Endeavour Silver announced Q3, 2025 consolidated production and financial results, including its Guanacevi and Bolañitos mines in Durango and Guanajuato respectively.  ON FINANCING, Colibri closed a first tranche of its previously announced non-brokered private placement for gross proceeds of CAD $1,350,722, and a second tranche for gross proceeds of CAD $140,980 (EP project, Sonora). Kingsmen announced a non-brokered private placement for gross proceeds of up to CAD $3,003,750 (Las Coloradas project, Chihuahua). Silver Storm declared that it has fully drawn USD $7.0M under the previously announced Prepaid Offtake Financing Facility with Samsung (La Parrilla mine, Durango). Oroco closed a first tranche of its non-brokered private placement announced on September 24, 2025 for gross proceeds of USD $1,530,999 (Santo Tomas project, Sinaloa).  ON RESOURCES AND DEVELOPMENT, Goldgroup filed an updated NI43-101 technical report on its Cerro Prieto gold mine in Sonora. Silver Tiger announced the receipt of all required approvals and permits to construct the El Tigre Stockwork Silver-Gold project in Sonora. Heliostar released a Preliminary Economic Assessment (PEA) for its Ana Paula underground gold project in Guerrero. ON DEALS AND CORPORATE ISSUES, Osisko Development announced the appointment of Scott Smith as Vice President, Exploration (San Antonio Gold project, Sonora). Mithril reported voting results of its annual general meeting of shareholders (Copalquin project, Durango). Elemental Altus announced that shareholders have overwhelmingly approved all resolutions at its special meeting (Royalty on Mercedes mine, Sonora). Aura Minerals declared dividend based on Q3, 2025 results (Aranzazu mine, Zacatecas).  Orogen granted stock options to directors, officers, employees, and consultants (Ermitaño mine, Sonora). Torex announced its initial return of capital program, which includes a quarterly dividend of CAD $0.15 per share and discretionary share repurchases through its normal course issuer bid (El Limon Guajes and Media Luna properties, Guerrero). Almadex provided an overview of its diversified portfolio of royalties on precious and base metal projects throughout North America. Silver Viper entered into two independent agreements to support ongoing digital marketing and trading-liquidity efforts (La Virginia project, Sonora). Mammoth announced the appointment of three new directors to strengthen its leadership team (Tenoriba project, Chihuahua). Royalties Inc reported that it won a major court battle in the Civil Chamber of the Superior Tribunal of Justice of Zacatecas against Capstone. Apollo Silver announced that the US Department of Interior added silver to the 2025 list of critical minerals. Inomin granted stock options to directors and two advisers of the company. Silver Viper entered into a capital market consulting agreement with Insight Capital Partners (La Virginia project, Sonora).  ON SOCIAL RESPONSIBILITY, No relevant news.

ON MEXICO ISSUES

  • No relevant news.

ON EXPLORATION

  • Colibri Resource Corporation retained CANMEX Perforaciones y Servicios SA de CV to conduct its next phase of drilling at the EP project in Sonora. The program will be focused on the undrilled San Perfecto and Banco de Oro target areas.
  • Kenadyr Metals Corp., provided an update on its Adelita copper-gold-silver project in Sonora. The company is preparing to commence Phase 1 exploration activities, including drilling and detailed geophysical surveys at the Cerro Grande skarn zone, following receipt of all necessary permits, including a 20-year mining license. The deal with Infinitum Copper (80%) and Minaurum Gold (20%) is basically done; just waiting on final TSXV approval, and financing is almost wrapped up with a last tranche expected soon. Overall, the project is positioned for active exploration with long-term development potential.
  • Advance Metals Limited confirmed high grade silver-gold in previously unsampled core at its Yoquivo project. More than 6,300m of unsampled core in the Pertenencia Zone has been identified, representing greater than 50% of the historic drilling completed. First batch of sample results comprising 222.7m of core across 11 holes in the southern portion of Pertenencia Zone has confirmed the untested potential, returning grades of up to 370g/t Ag & 6.2g/t Au. Sampling from holes drilled in 2022 include holes YQ-022-025 with 480 g/t AgEq over 2.05m, including 848 g/t AgEq over 1.1m, and hole YQ-022-002 with 115 g/t AgEq over 4.45m, including 249 g/t AgEq over 0.95m. Multiple additional batches of previously untested core are currently awaiting assay results.
  • Mithril Silver and Gold Limited provided exploration results and an update for multiple targets at its Copalquin project. Target 5 in the southwest area of Copalquin, which is still in the early stages of exploration but showing great promise that could significantly impact the district´s resource potential, returned impressive silver-gold drill intercepts, including a standout hit of 1,714 g/t AgEq over 1m. Drilling highlights include hole AP25-003 with 2.28 g/t Au and 500 g/t Ag (660 g/t AgEq) over 2.75m, including 5.8 g/t Au and 1,308 g/t Ag (1,714 g/t AgEq) over 1m; hole AP25-005 with 1.71 g/t Au and 246 g/t Ag (366 g/t AgEq) over 3.35m, including 5.35 g/t Au and 771 g/t Ag (1,146 g/t AgEq) over 1.05m; and hole AP25-006 with 4.55 g/t Au and 409 g/t Ag (728 g/t AgEq) over 1,25m, plus 2.41 g/t Au and 447 g/t Ag (616 g/t AgEq) over 0.90m, plus 1.51 g/t Au and 321 g/T AgEq) over 0.80m. To date, 13 drilled holes have been completed at Target 5 with assay results received for the first eight holes. On the other hand, channel sampling at Tasolera mine returned high grade results, including 2 g/t Au and 3,300 g/t Ag (3,440 g/t AgEq) over 1.4m. This target is

rapidly emerging as a major silver zone. Only around 5% of the related vein system has been tested so far, meaning there´s plenty more ground to cover. Ongoing exploration mapping and channel sampling is on progress to expand its footprint. At Target 3, preparations are underway for drilling, supported by ongoing mapping and sampling efforts. This target is a large, highly prospective gold-silver zone with multiple high-grade surface samples and extensive mapped veins. At Target 1 (El Refugio-La Soledad), which hosts the maiden JORC mineral resource estimate,  an ongoing drilling program is underway aiming to expand this existing resources by testing its western extensions and deep zones. At Target 6, new targets, including old workings have been identified with some recent sampling and mapping, indicating potential for future exploration. In general, drilling keeps revealing solid gold-silver mineralization, and the company is moving fast with more holes planned in multiple areas of the district.

ON MINING

  • Santacruz Silver Mining Ltd., reported its consolidated production results for the period Q3, 2025 and year to date (Zimapan mine, Hidalgo). The table below shows figures for the Zimapan mine in Hidalgo:

First Majestic Silver Corp., reported Q3, 2025 production and financial results from its Mexican mine operations. The first table below shows consolidated financial results, and  the second production figures by mine operation:

Aura Minerals Inc., presented Q3, 2025 consolidated production and financial results from its mine operations. The table below shows production and financial results from its Aranzazu mine in Zacatecas:

  • Gold Resource Corporation released Q3, 2025 production and financial results from its Don David Gold mine in Oaxaca. The company milled 65,131 tonnes with grades of 1.11 g/t Au, 250 g/t Ag, 0.16% Cu, 0.6% Pb, and 1.6% Zn to produce 1,646 Oz Au, 453.05K Oz Ag, 73 tonnes Cu, 241 tonnes Pb, and 784 tonnes Zn. Gold Resource sold 1,422 Oz Au, 417.7K Oz Ag (6,298 Oz AuEq), 67 tonnes Cu, 212 tonnes Pb, and 645 tonnes Zn at averages realized prices of USD $3,546/Oz Au, USD $41.39/Oz Ag, USD $9,690/tonne Cu, USD $1,937/tonne Pb, and USD $2,841/tonne Zn. Total cash and all in sustaining cost (AISC) after co-product credits were $2,166 and USD $2,983 per Oz AuEq respectively. It also reported a net loss of USD $4.7M; a working capital of USD $12.8M and cash and cash equivalent of USD $9.8 as of September 30, 2025.
  • Torex Gold Resources Inc., announced Q3, 2025 production and financial results from its Morelos complex in Guerrero (all amounts are expressed in US dollars). The company produced 95,058 Oz Au, 485.2K Oz Ag and 14M Lb Cu or 119,034 payable Oz AuEq  and sold 118,082 oz AuEq at average realized prices of $3,548 Oz Au or $3,536 Oz AuEq. Total cash and all in sustaining costs (AISC) were $1,297 and $1,658 per Oz AuEq respectively. Torex also reported revenue of $416.4M; cost of sales of $207.3M; earnings from mine operations of $209.1M; net income of $114.4M; adjusted net earnings of $103.4M; EBITDA of $235.3M; adjusted EBITDA of $239.3M; net cash generated from operating activities of $186.8M; net cash generated from operating activities before changes in non-cash operating working capital of $204M; free cash flow of $112.5M; cash and cash equivalents of $107.1M; and an available liquidity of  $289M.
  • Gold Royalty Corp., released Q3, 2025 consolidated financial results, including its 1% NSR royalty in Cozamin mine in Zacatecas. “On October 30, 2025, Capstone Copper Corp. reported copper production of 6,145 thousand tonnes of copper at Cozamin in the third quarter 2025, 2% higher than the same period of 2024 as mine sequencing resulted in higher grades. It stated that Cozamin’s copper production is trending towards the upper end of its previously disclosed 2025 production guidance of 23,000 to 26,000 tonnes as well as the lower end of costs. Production is expected by Capstone to be consistently weighted through the year”.
  • Avino Silver & Gold Mines Ltd., presented Q3, 2025 production and financial results from its Avino mine in Durango (All amounts are expressed in US dollars).  The company milled 188,757 tonnes to produce 263.2K Oz Ag, 1,935 Oz Au and 1.31M Lb Cu or 580.8K Oz AgEq and sold 562.6K Oz AgEq at cash and all in sustaining cost (AISC) of $17.09 and $24.06 per Oz AgEq respectively. Avino also reported revenue of $21.04M; mine operating income of $9.9M; net income of $7.7M; EBITDA of $11.46M; adjusted earnings of $11.64M; cash provided by operation activities of $8.33M; mine operating cash flow before taxes of $11.05M; cash of $57.3M; and a working capital of $50.8M.
  • Endeavour Silver Corp., announced Q3, 2025 consolidated production and financial results, including its Guanacevi and Bolañitos mines in Durango and Guanajuato respectively (all currency is expressed in US dollars).  At Guanacevi, Durango, the company processed 99,340 tonnes to produce 1.02M Oz Ag at cash cost of $22.98 per Oz Ag and an AISC of $31.09 per Oz Ag. The company sold 1.28M Oz AgEq. At Bolañitos, Guanajuato, it processed 105,153 tonnes to produce 137K Oz Ag at cash cost of $(11.47) per Oz Ag and AISC of $27.22 per Oz Ag. The company sold 471.2K Oz AgEq.

ON FINANCING

  • Colibri Resource Corporation closed a first tranche of its previously announced non-brokered private placement of 9,004,816 units at a price of CAD $0.15 per unit for gross proceeds of CAD $1,350,722. A second tranche was closed through the sale of 939,867 units at a price of CADS $0.15 per unit for gross proceeds of CAD $140,980. Combined with tranche 1 the company has raised gross proceeds of CAD $1,491,702. Net proceeds will be used to advance exploration at Colibri´s flagship Mexican gold projects, including Pilar and EP projects in Sonora as well as for general working capital.
  • Kingsmen Resources Ltd., announced a non-brokered private placement of up to 2,225,000 units at a price of CAD $1.35 per unit for gross proceeds of up to CAD $3,003,750. The company plans to use the gross proceeds to advance its Las Colorada project in Chihuahua and for working capital.
  • Silver Storm Mining ltd., declared that it has fully drawn USD $7.0M under the previously announced Prepaid Offtake Financing Facility with Samsung C&T Hongkong Ltd. and QSSC, S.A. de C.V.  Silver Storm will use the proceeds for rehabilitation and preparation at its la Parrilla mine in Durango, including mill rehabilitation and upgrading, underground development, and for general corporate and working capital purposes.
  • Oroco Resource Corp., closed a first tranche of its non-brokered private placement announced on September 24, 2025 through the sale of 7,654,995 units at a price of USD $0.2 per unit for gross proceeds of USD $1,530,999. Net proceeds will be used to advance the Santo Tomas project in Sinaloa toward its plan Pre-Feasibility study, and for general corporate purposes. 

ON RESOURCES AND DEVELOPMENT

  • Goldgroup Mining Inc., filed an updated NI43-101 technical report on its Cerro Prieto gold mine in Sonora. The technical report provides independent assessment of the Mineral Resources Estimates at a cut-off grade of 0.2 g/t Au of the Esperanzas Deposit within the Cerro Prieto mine, which includes the La Esperanza and Nueva Esperanza contiguous zones. Measured and indicated resources as of April 4, 2025 are 3.13M tonnes of 0.37 g/t Au for a total of 37.21K Oz Au, while inferred resources are 131.5K tonnes of 0.36 for a total of 1,504 Oz Au.
  • Silver Tiger Metals Inc., announced the receipt of all required approvals and permits from the Mexican Federal Environmental Department (SEMARNAT) to construct the El Tigre Stockwork Silver-Gold project in Sonora. Now, the company is ready to advance the project toward construction.
  • Heliostar Metals Ltd., released a Preliminary Economic Assessment (PEA) for its Ana Paula underground gold project in Guerrero (all amounts are expressed in US dollars). The PEA for Ana Paula outlines a nine-year underground gold mine with an expectation to produce approximately 875K Oz Au over nine years, averaging about 101K Oz Au per year. The project demonstrates strong economics, with a base case post-tax NPV of $426M, and IRR of 28%, and a payback period of about 2.9 years at a gold price of $2,400/Oz. Upside case is $1B and IRR over 50% with quicker payback if gold hits $3,800/Oz. Heliostar is boosting some of the lowest AIUSC (around $1,011/Oz), ranking in the bottom 13% globally. Initial capital costs are estimated at $300M. Heliostar plans to fast-track development, including accelerating completion of the underground decline, ongoing exploration drilling, engineering, permit amendments, and feasibility study, with plans to bring Ana Paula into production in 2028.

ON DEALS AND CORPORATE ISSUES

  • Osisko Development Corp., announced the appointment of Scott Smith as Vice President, Exploration, effective November 1, 2025 (San Antonio Gold project, Sonora).
  • Mithril Silver and Gold Limited reported voting results of its annual general meeting of shareholders (Copalquin project, Durango).
  • Elemental Altus Royalties Corp., announced that shareholders have overwhelmingly approved all resolutions at its special meeting (Royalty on Mercedes mine, Sonora).
  • Aura Minerals Inc., declared dividend of USD $0.48 per common share and USD $0.16 per Brazilian Depositary Receipts based on Q3, 2025 results. The dividend will be paid to shareholders on November 21, 2025 (Aranzazu mine, Zacatecas). 
  • Orogen Royalties Inc., granted 2,000,000 incentive stock options to directors, officers, employees, and consultants. The stock options have a life of five years, an exercise price of CAD $2.2, and will be vest over three years (Ermitaño mine, Sonora).
  • Torex Gold Resources Inc., announced its initial return of capital program, which includes a quarterly dividend of CAD $0.15 per share and have repurchased CAD $7.2M in shares through its normal course issuer bid. The company is prioritizing returning value to shareholders while maintaining investments in growth projects across Mexico and Nevada   (El Limon Guajes and Media Luna properties, Guerrero).
  • Almadex Minerals Ltd., provided an overview of its diversified portfolio of royalties on precious and base metal projects throughout North America. Almadex’s Mexican properties include several royalties across different states, notably in Chihuahua, Veracruz, Oaxaca, and Sinaloa. These assets primarily consist of NSR royalties ranging from 1.5% to 2.0%, covering a mix of gold-silver, copper-gold, and epithermal systems. Royalty interests in Mexico include  La Bufa in Chihuahua (2% NSR / operator: Endeavour Silver Corp), which covers gold-silver mineralization in a prolific silver belt; Caballo Blanco in Veracruz (1.5% NSR operator: Candelaria Mining), a near surface oxide gold-silver deposit with significant exploration potential; El Cobre in Veracruz (1.75% NSR operator: Azucar Minerals Ltd), a large copper-gold porphyry alteration system with multiple mineralized centers; Cerro Colorado in Oaxaca (2% NSR operator: Gold Resource Corp), a near surface oxide gold-silver project close to existing operations; El Encuentro in Sinaloa (2% NSR operator: Mc Ewing Mining Inc), located in a productive gold-silver belt, offering potential for resource expansion; El Fuego in Oaxaca(2% NSR operator: Gold Resource Corp), similar structural setting as other deposits, indicating future development prospects; and Los Venados in Sonora (2% NSR operator: Alamos Mining Inc), prospective for epithermal and porphyry mineralization, acquired recently, and located near operating mines. Overall, these properties give Almadex exposure to a diverse range of mineral systems and districts in Mexico, with several in significant, potentially high-growth areas for precious and base metals.
  • Silver Viper Minerals Corp., entered into two independent agreements to support ongoing digital marketing and trading-liquidity efforts. Nordcore Media LLC will provide digital advertising and online marketing services will receive only cash, while Red Cloud Securities Inc., will use its best efforts to maintain reasonable trading liquidity in Silver Viper´s common shares on the TSX will receive a fixed monthly cash fee (La Virginia project, Sonora).
  • Mammoth Resources Corp., announced the appointment of three new directors: Jose Antonio Berlanga Balderas, Jose Antonio Berlanga Lopez, and Edgardo Espinoza Velasco, and a new CEO, Paul Rozek, to strengthen its leadership team. Mammoth also granted incentive stock options to directors, officers, and contractors to boost ongoing development efforts at its Tenoriba gold-silver project in Chihuahua and other nearby metal production plans.
  • Royalties Inc., reported that it won a major court battle in the Civil Chamber of the Superior Tribunal of Justice of Zacatecas against Capstone, confirming their rights to royalties from a mining contract dating back to 2002. The appellate court in Zacatecas, Mexico upheld the initial ruling that said Capstone and others improperly sold royalties without proper authorization, and now they have to pay legal costs too. The case is officially closed, and the company expects Capstone to cooperate in sorting out the payments owed.
  • Apollo Silver Corp., announced that the US Department of Interior added silver to the 2025 list of critical minerals. This is the first time that silver is recognized as having growing importance to US economic and national security.
  • Inomin Mines Inc., granted 830,000 stock options to directors and two advisers of the company. The options are exercisable until November 7, 2030, at a price of CADS $0.09 per common share and vest immediately.
  • Silver Viper Minerals Corp., entered into a capital market consulting agreement with Insight Capital Partners Inc., to support the company´s capital markets visibility and investor communication efforts. Insight will receive a monthly cash fee of CAD $17,500 plus applicable Harmonized Sales Tax (HST), payable in advance (La Virginia project, Sonora).

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, quartz vein hosted in volcanic rocks from an intermediate sulphidation epithermal vein system in Chihuahua, Mexico. Photo taken by Miguel A Heredia.

The Mining and Exploration News in Mexico; Highlights on the Fifth Week of October 2025

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By Jorge Cirett

During the 44th week of the year (October 27th to November 2nd, 2025), companies working in Mexico presented 32 press releases.  Two companies informed about exploration advances on early-stage properties. Four companies provided operational figures for the quarter. Ten companies presented news on financing rounds or share matters. Four companies presented updates on advanced properties/mines. Ten companies informed on deals and corporate issues. ON MEXICO ISSUES, no relevant news.  ON EXPLORATION, in Sonora, Minaurum Gold released results from definition drilling at Alamos Silver. In Durango, Pinnacle Silver and Gold updated on work at El Potrero. ON MINING, Alamos Gold, Coeur mining, Capstone Copper and Agnico Eagle presented third quarter 2025 reports. ON FINANCING, eight companies informed on financing rounds: Questcorp Mining (C$2.1 M), Silver Wolf (C$5.1 M), Colibri Resources (C$1.5 M), Starcore International Mines (C$5 M), Apollo Silver (C$26.8), Oroco Resource (US$3.6 M), Fortune Bay (C$8 M), Guanajuato Silver Company (C$0.52 M). Silver Spruce is consolidating shares. Santacruz Silver Mining intends to trade on a new stock exchange. Xali Gold granted stock options.  ON RESOURCES AND DEVELOPMENT, Avino Silver and Gold reported drilling results from La Preciosa, in Durango. Mithril Silver and Gold updated on activities at Copalquin in Durango. Silverco Mining presented results from the 2024 drilling campaign at Cusi, in Chihuahua. Minaurum Gold delivered results from resource definition drilling at Alamos Silver, in Sonora. Santacruz Silver Mining and Heliostar Metals  informed on its AGM. Silver Viper is to acquire the Coneto property from Fresnillo plc and Orex Minerals. Quetzal Copper is now Silverco Mining, and updated on the status of the Cusi property in Chihuahua. ON DEALS AND CORPORATE ISSUES, Sonoro Gold made the final payment on the Cerro Caliche property in Sonora. ON SOCIAL RESPONSIBILITY, Alamos Gold informed on community support in the Mulatos District of Sonora. 

ON MEXICO ISSUES

No Relevant News.

ON EXPLORATION

  • Pinnacle Silver and Gold Corp. announce positive results from the preliminary scoping metallurgical tests for the El Potrero project in Durango. Three samples from the Pinos Cuates underground mine were sent to the SGS lab in Durango, for grinding, bottle roll cyanide leach and gravity tests. Bottle roll cyanide leach tests averaged 95.1% Au and 54.7% Ag, while gravity tests returned 29% to 76% Au and 4% to 16% Ag. More studies are warranted to characterize the silver mineralization and increase the recovery rates.
  • Minaurum Gold Inc. announced further results of its 2025 resource-definition drill program at its Alamos Silver project in Sonora. The program is targeting the Promontorio, Travesia and Europa vein zones. Highlighted core length intervals comprise 4.8 m @ 0.17 gpt Au, 154 gpt Ag, 0.28% Cu, 1.1% Pb, 2.4% Zn; 0.55 m @ 0.50 gpt Au, 352 gpt Ag, 0.80% Cu, 3.1% Pb, 7.6% Zn; 1.10 m @ 0.08 gpt au, 606 gpt Ag, 0.64% Cu, 0.8% Pb,1.3% Zn; 4.53 m @ 0.08 gpt Au, 275 gpt Ag, 0.34% Cu, 0.9% Pb 2.1% Zn (including 0.5 m @ 0.15 gpt Au, 983 gpt Ag, 0.85% Cu, 2.0% Pb, 5.3% Zn); 0.7 m @ 0.07 gpt Au, 25 gpt Ag, 1.37% Cu, 1.2% Pb, 1.7% Zn.     .

ON MINING

  • Alamos Gold Inc. reported its financial results for the quarter ended September 30, 2025, including figures from its operations in Mexico. During the period the company produced 141,700 Oz Au, generating US$130.3 M of free cash flow. At the Mulatos District, in Sonora, Alamos mined 997.3 K tonnes of ore, 3.89 M tonnes of waste (3.91 waste-to-ore ratio), stacking 1 M tonnes averaging 1.4 gpt Au, containing 48,037 Oz Au with an average recovery rate of 61%, producing 37,000 Oz Au at cash cost $761 per Oz Au and an AISC of $831. Alamos had cash and cash equivalents of US$463.1 M at the end of the period.
  • Coeur Mining Inc. reported third quarter 2025 financial results, including revenue of US$555 M and cash flow from operating activities of $238 M. During the period the company produced 111,364 Oz Au, 4.8 M Oz Ag at cash cost $1,215 per Oz AuEq or $14.95 per Oz AgEq. At Las Chispas, in Sonora, 139.9 K tonnes were milled averaging 3.42 gpt Au, 321 gpt Ag, recovering 97.9% Au, 97.8% Ag, to produce 16,540 Oz Au, 1.7 M Oz Ag, at cash cost $934 per Oz Au, $10.75 per Oz Ag and free cash flow of US$66.1 M. At Palmarejo, in Chihuahua, 48.3 K tonnes were milled, averaging 1.55 gpt Au, 108 gpt Ag, recovering 95.0% Au, 89.9% Ag, to produce 24,802 Oz Au, 1.51 M Oz Ag at cash cost $887 per Oz Au, $16.44 per Oz Ag and free cash flow of US46.9 M.
  • Capstone Copper Corp. reported results for the quarter ended September 30, 2025, including figures from its Mexico operations. The company produced a total of 55,280 tonnes of copper at cash cost $2.42 per Lb Cu. At Cozamin, in Zacatecas, 6,145 tonnes of copper were produced during the period from ore grading 1.93% Cu and a recovery rate of 94.3%, at cash cost $1.51 per Lb Cu. 
  • Agnico Eagle Mines Ltd. reported financial and operating results for the third quarter of 2025, including information from its operations in Mexico. During the period the company produced 866,936 Oz Au at cash cost of $963 per Oz Au and all-in-sustaining costs (AISC) of 1,363 per Oz Au. The San Nicolas project in Zacatecas continues to advance on the feasibility study (FS), with engineering expected to be completed by year-end. During the quarter 21,380 Oz Au were produced at Pinos Altos-Creston Mascota, in Chihuahua, at cash cost $1,531 per Oz Au, and 4,529 Oz Au produced at La india, in Sonora, at cash cost $2,872 per Oz Au.

ON FINANCING

  • Questcorp Mining Inc. closed the first tranche of its non-brokered private placement for gross proceeds of C$2.1 M (Nueva Union, Sonora).
  • Silver Wolf Exploration Ltd. announced a non-brokered private placement for aggregate gross proceeds of C$1.5 M. The offering will be carried out utilizing the Listed Issuer Financing Exemption (Ana Maria, Durango).
  • Colibri Resource Corp. increased the size of its previously announced offering for gross proceeds of C$1.5 M (EP, Sonora).
  • Silver Spruce Resources Inc. is to implement the 1:15 consolidation of shares on October 31, 2025. (Jackie, Sonora).
  • Starcore International Mines Ltd. closed its non-brokered private placement, raising C$5 M in gross proceeds. Aggregate compensation of C$92 K was paid by the company to various eligible registrants as finders’ fees (San Martin, Queretaro).
  • Apollo Silver Corp. closed the final tranche of its previously announced upsized non-brokered private placement, raising gross proceeds of C$1.6 M and raising total proceeds of C$26.8 M. In connection with the subscription the company will pay aggregate finder’s fees totalling C$901 K  (Cinco de Mayo, Chihuahua).
  • Santacruz Silver Mining Ltd. has applied to list its common shares on the Nasdaq Capital Market (Zimapan, Hidalgo).
  • Oroco Resource Corp. updated on its non-brokered private placement for aggregate gross proceeds of up to US$3.6 M, with an anticipated minimum of US$2 M (Santo Tomás, Sinaloa).
  • Xali Gold Corp. announced the granting of 2.2 M incentive stock options to certain directors, officers, employees and consultants of the company (El Oro, Estado de Mexico).
  • Fortune Bay Corp. announced the closing of its previously announced “bought deal” private placement for aggregate gross proceeds of C$8 M. Pursuant to the offering the company sold “flow-through” shares for gross proceeds of $2 M (US or Can?) and common shares of the company for gross proceeds of $6 M (US or Can?) (Poma Rosa, Chiapas).
  • Guanajuato Silver Company Ltd. announced that following the offering of the company in which it obtained C$43.5 m in gross proceeds, Cannacord Genuity Corp. and Red Cloud Securities Inc. have purchased additional common share purchase warrants for additional C$522 K (El Cubo, Guanajuato).

ON RESOURCES AND DEVELOPMENT

  • Avino Silver and Gold Ltd. reported results from four twin holes drilled at La Preciosa, in Durango. The results exhibit variation in thickness and grade “expected due to the “pinch and swell” geometry of the La Preciosa veins and the high nugget effects”. Highlighted true width intercepts comprise 2.48 m @ 0.66 gpt Au, 425 gpt Ag; 0.78 m @ 1.21 gpt Au, 513 gpt Ag; 5.22 m @ 0.51 gpt Au, 787 gpt Ag (including 0.77 m @1.02 gpt Au, 3,206 gpt Ag). 1.47 m @ 0.86 gpt Au, 635 gpt Ag; 3.98 m @ 1.15 gpt Au, 306 gpt Ag; 4.00 m @ 0.61 gpt Au, 463 gpt Ag.
  • Mithril Silver and Gold Ltd. informed on activities during their September 2025 quarterly report. At the Copalquin project in Durango, drilling progressed at target 1, commenced at target 5, channel sampling defined a new target at the Santa Cruz mine and work continues on resource drilling and 3D modelling for the resource update planned for early 2026. Mithril common shares are now trading on the OTCQB Venture Market. Cash balance at the end of September was A$18.3 M.
  • Silverco Mining Corp. reported results from its 5,500 m 2024 drill program at Cusi, in Chihuahua. Highlighted core length intervals comprise 1.7 m @ 0.13 gpt Au, 2022 gpt Ag, 0.8% Pb, 4.5% Zn; 3.3 m @ 0.15 gpt Au, 450 gpt Ag, 0.3% Pb, 0.4% Zn; 2.6 m @ 0.26 gpt Au, 385 gpt Ag, 0.3% Pb, 0.1% Zn; 7.5 m @ 0.30 gpt Au, 291 gpt Ag, 2.2% Pb, 2.5% Zn; (including 0.7 m @ 0.96 gpt Au, 958 gpt Ag, 2.0% Pb, 5.0% Zn); 5.9 m @ 0.16 gpt Au, 315 gpt Ag, 0.4% Pb, 0.1% Zn; 3.2 m @ 0.23 gpt Au, 498 gpt Ag, 1.3% Pb, 1.8% Zn; 3.7 m 0.26 gpt Au, 304 gpt Ag, 1.3% Pb, 0.7% Zn. Currently the company is advancing a 15,000 m drill program with assays expected in Q4 2025.
  • Minaurum Gold Inc. announced results of its 2025 resource-definition drilling at its Alamos Silver project in Sonora. The program targeted the Promontorio, Travesia and Europa vein zones. Highlighted core length intervals comprise 4.80 m @ 0.17 gpt Au, 154 gpt Ag, 0.28% Cu, 1.1% Pb, 2.4% Zn; 0.50 m @ 0.50 gpt Au, 771 gpt Ag, 0.50% Cu, 2.1% Pb, 4.3% Zn; 0.55 m @ 0.50 gpt Au, 352 gpt Ag, 0.80% Cu, 3.1% Pb, 7.6% Zn; 1.10 m @ 0.08 gpt Au, 606 gpt Ag, 0.64% Cu, 0.8% Pb, 1.3% Zn; 4.53 m @0 .08 gpt Au, 275 gpt Ag, 0.34% Cu, 0.9% Pb, 2.2% Zn; 1.40 m@ 0.18 gpt Au, 300 gpt Ag, 0.44% Cu, 0.7% Pb, 1.3% Zn.    

ON DEALS AND CORPORATE ISSUES

  • Chesapeake Gold Corp. announced the second extension of its exploration agreement on the Metates property with the community of San Juan de Camarones, within the Santiago Papasquiaro Municipality in Durango. The company’s “proprietary sulphide leach testwork remains on schedule and is progressing well alongside environmental and related baseline studies in support of the upcoming PFS”.
  • Inomin Mines Inc. entered into a definitive agreement with Calu royalty S.A.P.I de C.V. for the La Gitana and Peña Blanca properties in Oaxaca. The sale of the 100% interest on the properties involves the payment of C$350 K, payable as follows: C$100 K within five days of the execution date, C$100 K on the closing of the transaction and $150 K when the concessions are registered in the Public Mining Registry, or six months after the signing date.
  • Santacruz Silver Mining Ltd. announced that its annual general and special meeting of shareholders will be held in-person in Vancouver on November 25, 2025 (Zimapán, Hidalgo).
  • Silver Viper Minerals Corp. entered into a binding agreement with Fresnillo plc and Orex Minerals Inc. to acquire 100% ownership of the Coneto project in Durango. Silver Viper will acquire the combined interests in Coneto (61.21% held by Fresnillo and 38.79 % held by Orex) through an all-share transaction. The transaction values the project at US$15 M and common shares are to be issued for the purchase price. After the transaction, Fresnillo is expected to own 17% and Orex 11% of the issued and outstanding shares of Silver Viper. “ The parties will work on closing the Acquisition expeditiously and no later than January 2026”.
  • Quetzal Copper Corp., doing business as Silverco Mining Ltd. provided an update following the completion of its listing  on the TSX Venture Exchange  via its reverse takeover by Silverco Mining Corp. on October 17, 2025. The Cusi property in Chihuahua includes a 1,200 tpd mill. The company has raised C$25 M privately over the previous 18 months. A 15,000 m drill program is currently underway with two rigs on site. The San Miguel and La Bamba claims were acquired. A new resource estimate and a preliminary economic assessment (PEA) are to be completed with a view to support planned production on H2 2026.
  • Masivo Silver Corp. signed a definitive option agreement with a private Mexican person, Minera Goldzone S.A. de C.V., and partners, to acquire the 2,649 ha Cerro Colorado project in Sonora. Masivo’s intends to commence in November 2025 a drill program to test “along-strike and down-dip extensions of mineralized zones identified in prior surface work”.
  • Orex Minerals Inc. entered into a binding term sheet with Silver Viper Minerals Corp. and Fresnillo plc to sell its interest in the Coneto project in Durango. Through an all-share transaction valued at US$15 M, Silver Viper will acquire 38.79% ownership from Orex and 61.21% ownership from Fresnillo. Post-closing, Fresnillo and Orex will hold 17% and 11% respectively of Silver Viper.
  • Silverco Mining Ltd. completed its name change from Quetzal Copper Corp. to Silverco Mining Ltd. “Due to a labour dispute between the British Columbia General Employees’ Union and the government of British Columbia, BC Registries, the government body responsible for registrations of businesses, was temporarily closed. As a result, the Company was unable to legally change its name at the time of completing its reverse takeover of Silverco Mining Corp., which closed on October 17, 2025” (Cusi, Chihuahua).
  • Heliostar Metals Ltd. announced its annual general and special meeting is to be held on November 26, 2025 (Ana Paula, Guerrero).
  • Sonoro Gold Corp. made the final concession payment on its Cerro Caliche property in Sonora. The Rosario mineral concessions were bought to an Arizona resident for total consideration of US1.79 M and a 2% NSR royalty, which can be bought at US$1 M for each 1%. These concessions represent 30% of the total surface area of the project.

ON SOCIAL RESPONSIBILITY

  • Alamos Gold Inc. informed on ongoing support within the Mulatos District in Sonora, including medical services, road maintenance, water distribution, and student scholarships.

On the image below: Specularite stockwork in volcanosedimentary rock, HQ core. Picture by Jorge Cirett.

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

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Quartz Vein with Sulphides

By Miguel A Heredia

During the 43rd week of the year (October 20th to October 26th 2025), at least 22 press releases were announced by companies working in Mexico, with ten disclosing deals and corporate issues, four announcing financial rounds, four communicating mining and production issues, two reporting resources and developments of their properties, and two informing on exploration results. ON MEXICO ISSUES, No relevant news. ON EXPLORATION, In Sonora, Tocvan announced the discovery of two new gold and silver targets with historic underground workings at their Gran Pilar project. In Estado de Mexico, Sierra Madre Gold and Silver commenced an exploration program at the East District of its Guitarra mine. ON MINING, Americas Gold and Silver reported Q3, 2025 consolidated production results, including its Cosala operation in Sinaloa. Gold Royalty presented Q3, 2025 results (Royalty on Cozamin mine, Zacatecas). Discovery Silver announced that it will release its Q3, 2025 results on November 13, 2025 (Cordero project, Chihuahua).  ON FINANCING, Vortex closed a second tranche of its previously announced non-brokered private placement for gross proceeds of CAD $105K (Riqueza Marina and Zaachila projects, Oaxaca). Questcorp revised the terms of its previously announced non-brokered private placement (La Union project, Sonora). Sonoro Gold closed its previously announced oversubscribed non-brokered private placement for gross proceeds of CAD $4.1M (Cerro Caliche project, Sonora). Apollo Silver reported that it closed the first tranche of its previously announced upsized non-brokered private placement for gross proceeds of CAD $25,134,145 (Cinco de Mayo project, Chihuahua). ON RESOURCES AND DEVELOPMENT, Tocvan Ventures provided an update on its recent progress at its Gran Pilar project in Sonora. Silver Storm initiated rehabilitation activities at its La Parrilla mine in Durango, with the aim of restarting operations. DynaResource commissioned a new a new gravity gold recovery circuit at the San Jose de Gracia Project in Sinaloa.  ON DEALS AND CORPORATE ISSUES, Empress Royalty announced the appointment of Daniel Burns to its Board of Directors (Royalty on Tahuehueto mine Durango). Sandstorm closed its previously announced plan of arrangement with Royal Gold (Cosala mine, Sinaloa). Pinnacle announced the appointment of Carlos Castro as Project Manager for El Potrero project in Durango. Quetzal Copper completed the acquisition of Silverco Mining (Cusi mine, Chihuahua). Torex completed the previously announced plan of arrangement to acquire Prime Mining (Los Reyes project, Sinaloa). Minera Alamos appointed Darren Blasutti as Executive Vice President, Corporate Development (Santana mine, Sonora). Starcore presented voting results of its annual general meeting of shareholders (San Martin mine, Queretaro). Southern Silver appointed Ramón Dávila to the Board of Directors (Cerro Las Minitas, Durango). Kingsmen secured an option to acquire a 100% interest in the Almoloya project in Chihuahua.  ON SOCIAL RESPONSIBILITY, No relevant news.

ON MEXICO ISSUES

  • No relevant news.

ON EXPLORATION

  • Sierra Madre Gold and Silver Ltd., commenced a USD $3.5M exploration program at the East District of its Guitarra mine in Estado de Mexico. The East District includes historic mines and over 39km of mapped structures. The program aims to systematically map, survey, and analyze historic mine workings and structures to identify promising drill targets. After completing detailed surface mapping and structural analysis over approximately nine months, the company plans to conduct a 20,000 to 25,000m drill campaign over 12 to 18 months to evaluate the economic potential of identified targets. The funding for this phase is secured through a recent private placement, with the goal of unlocking additional resources in a historically under-explored area.
  • Tocvan  Ventures Corp. announced the discovery of two new gold and silver targets within the North Alteration Zone with historic underground workings at their Gran Pilar project in Sonora.  These targets are based on historic underground workings that indicate the presence of mineralized structures. Target 1 is located 700m west of existing drill targets and features approximately a 60-meter exposed section of underground adits and shafts with silicified vein breccia and intense phyllic alteration. Target 2 is situated 700m north of previous high-grade samples and includes a 50m section of historic shafts and waste dumps with argillic alteration and quartz veining. Both targets align with previous high-grade surface sample results, such as assays up to 3.2 g/t Au and 1,225 g/t Ag, suggesting significant mineralization potential. These discoveries validate the exploration model and provide new avenues for drilling and resource delineation, expanding the mineralized footprint in the North Block.

ON MINING

  • Americas Gold and Silver Corporation announced Q3, 2025 consolidated production results, including its Cosala operation in Sinaloa. The company reported 765K Oz Ag, and 2.3M Lb Pb. Americas Gold and Silver reported an unaudited consolidated cash balance of USD $39M.
  • Gold Royalty Corp., presented preliminary Q3, 2025 consolidated results. The company reported total revenue of USD $4.6M equating to 1,323 Oz AuEq (Royalty on Cozamin mine, Zacatecas).
  • Discovery Silver Corp., announced that it will release its Q3, 2025 results on November 13, 2025 (Cordero project, Chihuahua).

ON FINANCING

  • Vortex Metals Inc., closed a second tranche of its previously announced non-brokered private placement of 2,625,000 units at a price of CAD $0.04 per unit for gross proceeds of CAD $105K. The company raised CAD $700K in the first tranche by issuing 17,500,000 units at a price of CAD $0.04 per unit. To date, Vortex raised aggregate proceeds for CAD $805K through the sale of 20,125,000 units. Vortex intends to use the gross proceeds of the second tranche as follows: approximately 40% to pay for mining concession fees, approximately 40% to pay for exploration fees and the remaining 20% for general working capital purposes (Riqueza Marina and Zaachila projects, Oaxaca).
  • Questcorp Mining Inc., revised the terms of its previously announced non-brokered private placement and now will offer up to 23,333,334 units at a price of CAD $0.15 per unit for gross proceeds of up to CAD $3.5M. The company plans to use part of the gross proceeds for advancement of ongoing exploration and drill work at La Union project, in Sonora, as well as for general working capital purposes.
  • Sonoro Gold Corp., closed its previously announced oversubscribed non-brokered private placement of 20,500,000 units at a price of CADS $0.20 per unit for gross proceeds of CAD $4.1M. The company will use the net proceeds to fund ongoing development of its Cerro Caliche project in Sonora, including the commissioning of an updated Preliminary Economic Assessment and completing a final payment due under the Rosario option agreement. Funds will also be allocated for the change of land use payment required for mining operations in Mexico.
  • Apollo Silver Corp., reported that it closed the first tranche of its previously announced upsized non-brokered private placement for gross proceeds of CAD $25,134,145 through the issuance of 6,981,707 units at a price of CADS $3.6 per unit. The upsized offering totals CAD $26,775,648, with the final tranche of 455,973 Units for gross proceeds of $1,641,503 expected to close in the coming days. Apollo plans to use part of the net proceeds for support community relations initiatives at its Cinco de Mayo project in Chihuahua, property maintenance costs and for general corporate purposes.

ON RESOURCES AND DEVELOPMENT

  • Tocvan Ventures Corp., provided an update on its recent progress at its Gran Pilar project in Sonora. It highlighted mobilization activities for drilling, trenching, and ground preparation aimed to advancing exploration and pilot mine development across North and South Blocks, where surface work and geophysical surveys have outlined new targets. The North Block is a fresh area with promising signs, and the company is focusing on road access, site clearing, and trenching to unlock new mineral zones. The goal is to start initial drilling programs and interpret results from surveys and sampling to guide the next steps.
  • Silver Storm Mining Ltd., initiated rehabilitation activities at its La Parrilla mine in Durango, with the aim of restarting operations, which includes a 2,000 tonnes per day mill and three underground mines.  Dynamic Engineer was awarded the contract for the rehabilitation. Key points include rehabilitation of several buildings, rehabilitation, maintenance, and installation of new equipment of the processing plant, replacement of the jaw crusher, relined of ball mills, and service and repair of motor systems, feed lines, conveyors, screens, and cyclones, partial rehabilitation of five leach tanks of the oxide leach and tailings plant, sulphide circuit expansion to increase capacity to 1,250 tonnes per day, and underground rehabilitation including drift cleaning, scaling, ventilation upgrade, and recommissioning of underground services.
  • DynaResource Inc., commissioned a new a new gravity gold recovery circuit at the San Jose de Gracia Project in Sinaloa. This circuit operates as a complementary process within the overall mineral processing flow, aiming to recover high-density gold particles that could be missed by other methods like flotation or leaching. Its purpose is to maximize overall gold recovery efficiency, reduce losses, and improve the project’s economic viability.

ON DEALS AND CORPORATE ISSUES

  • Empress Royalty Corp., announced the appointment of Daniel Burns to its Board of Directors effectively immediately (Royalty on Tahuehueto mine Durango).
  • Sandstorm Gold ltd., closed its previously announced plan of arrangement with Royal Gold Inc., in which Royalty will acquire all all of the issued and outstanding common shares of Sandstorm. Sandstorm´s shareholders will receive 0.0625 of a share of common stock of Royal Gold for each Sandstorm share held (Cosala mine, Sinaloa).
  • Pinnacle Silver and Gold Corporation announced the appointment of Carlos Castro as Project Manager for El Potrero project in Durango, while Jorge Ortega continues in the role of Exploration Manager.
  • Quetzal Copper Corp., completed the acquisition of Silverco Mining Corp., with Silverco and a subsidiary of the company, which resulted in the reverse takeover of Silverco for the company pursuant to the policies of the TSXV Venture Exchange (Cusi mine, Chihuahua).
  • Torex Gold Resources Inc., completed the previously announced plan of arrangement to acquire all of the issued and outstanding common shares of Prime Mining Corp. Prime Mining shareholders are entitled to receive 0.06 Torex common shares for each Prime Mining common share exchanged at closing of the transaction (Los Reyes project, Sinaloa).
  • Starcore International Mines Ltd., presented voting results of its annual general meeting of shareholders (San Martin mine, Queretaro).
  • Southern Silver Exploration Corp., appointed Ramón Dávila to the Board of Directors (Cerro Las Minitas, Durango).
  • Candelaria Mining Corp., provided an update regarding is management cease trade order (MCTO) announced on August 29, 2025 due to the failure to file audited financial statement by the August 28, 2025 deadline. The company expects to file the required documents by October 27, 2025, and will maintain the MCTO until then, providing bi-weekly updates as mandated (Caballo Blanco project, Veracruz).
  • Kingsmen Resources Ltd., secured an option to acquire a 100% interest in the Almoloya project in Chihuahua, located 30km west of its Las Coloradas project. The acquisition involves staged cash payments over an eight year period, with USD $325K to be paid in the first two years, with USD $75K due in the first year. The Almoloya project consolidates five mineral claims into a contiguous land package of 866.25 hectares and includes historic mines, such as Cigarrero and Las Juliettas. Kingsmen aims to revitalize these assets through exploration, focusing on high-grade mineralization in a large 12 x 14km hydrothermal system, hoping to advance the project quickly to drill ready status. The project has not seen systematic exploration since the early 2000s, leaving significant potential untapped.

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, quartz vein with sulphides from an intermediate sulphidation epithermal vein system in Sonora, Mexico. Photo taken by Miguel A Heredia.