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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 October 2025

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By Jorge Cirett

During the 40th week of the year (September 28th to October 5th, 2025), companies working in Mexico presented 36 press releases.  No companies presented exploration advances on early-stage properties or production figures. Nine companies presented news on financing rounds and share-related issues. Two companies updated on their advanced properties. Two companies commenced drilling on advanced projectsOne company announced mining developments. Nineteen companies informed on deals and corporate issues. ON MEXICO ISSUES, the government is cancelling a large number of mining concessions that overlap protected areas.  ON EXPLORATION, no relevant news. ON MINING, no relevant news. ON FINANCING, six companies informed on financing rounds: Zacatecas Silver (C$3.75 M), Vortex Metals (C$700 K), Guanajuato Silver (C$30 M), Apollo Silver (C$20.9 M), Silver Tiger (C$25 M) and Sonoro Gold (C$3 M). Guanajuato Silver Company and GR Silver Mining granted stock options. Aura Minerals announced the conversion of receipts into shares. ON RESOURCES AND DEVELOPMENT, Regency Silver is to commence drilling at its Dios Padre project in Sonora. Capitan Silver updated on its Cruz de Plata project in Durango. Sierra Madre Gold and Silver announced that development has started at La Guitarra mine, in Estado de Mexico. Sonoro Gold provided an update on the Cerro Caliche and San Marcial projects in Sonora. Silver Viper Minerals commenced a drilling campaign at La Virginia, in Sonora. ON DEALS AND CORPORATE ISSUES, Royal Gold received government regulatory approvals for the acquisition of Sandstorm Gold. Prime Mining’s security holders approved its acquisition by Torex Gold. Fuerte Metals, GR Silver, Empress Royalty, Almaden Minerals and Altius Minerals announced appointments to the board. Empress Royalty announced senior appointments. Mexican Gold is to acquire the Tatatila project in Veracruz from Chesapeake Gold. Sierra Madre Gold and Silver engaged marketing services. Sonoro Gold is considering to spinout the San Marcial project in Sonora. Silver Bull reported dates for the hearings on its arbitration case against Mexico. Prismo Metals and Vizsla Silver held their AGM’s. Canasil is to review opportunities in its Mexican portfolio. Silver Storm Mining contracted investor relations services. ON SOCIAL RESPONSIBILITY, Vizsla Silver released its third sustainability report.

ON MEXICO ISSUES

  • The Ministry of Economy (Secretaría de Economía) started the procedure to cancel 805 mining concessions that overlap protected natural areas (Áreas Naturales Protegidas, or ANP’s), on the base that these are not complying on certain obligations, like the payment of annual mining duties.

ON EXPLORATION

  • No Relevant News.

ON MINING

  • No Relevant News.

ON FINANCING

  • Zacatecas Silver Corp. announced the closing of its non-brokered private placement financing for total gross proceeds of C$3.75 M (Zacatecas Silver, Zacatecas).
  • Vortex Metals Inc. increased the size of its previously announced non-brokered private placement to C$700 K. “Vortex intends to allocate the gross proceeds raised from the sale of the Units as follows: approximately 40% to pay for mining concession fees, approximately 40% to pay for exploration fees and remaining 20% for general working capital purposes” (Riqueza Marina, Oaxaca).
  • Guanajuato Silver Company Ltd. entered into an agreement with Cannacord Genuity Corp. and Red Cloud Securities Inc. as co-lead underwriters and joint bookrunners to purchase on a “bought deal” basis units of the company for gross proceeds of C$30 M (El Cubo and Valenciana, Guanajuato).
  • GR Silver Mining Ltd. granted incentive stock options to certain eligible persons to purchase up to an aggregate of 600 K common shares (Plomosas, Sinaloa).
  • Apollo Silver Corp. announced a non-brokered private placement for aggregate gross proceeds of up to C$20.88 M (Cinco de Mayo, Chihuahua).
  • Aura Minerals Inc. “Announces to the holders of the Company’s Brazilian Depositary Receipts (“BDRs”) the launch of the Incentive Program for the conversion of BDRs into common shares (“Incentive Program”), under which holders may request the conversion of their BDRs (“AURA33”) into the underlying common shares (“AUGO”) listed on Nasdaq (“common shares”), at a ratio of three to one, without being required to pay the applicable fees charged by Banco Bradesco. The Incentive Program will be available for a fixed period of 32 days, from October 6, 2025, to November 6, 2025” (Aranzazu, Zacatecas).
  • Silver Tiger Metals Inc. filed a short form prospectus with the securities commissions in each of the provinces of Canada, except Quebec, in connection with its bought deal public offering of common shares for aggregate gross proceeds of C$25 M (El Tigre, Sonora).
  • Sonoro Gold Corp. announced a fully subscribed non-brokered private placement offering for gross proceeds of C$3 M (Cerro Caliche, Sonora).
  • Prismo Metals Inc. granted 850 K stock options to certain directors and officers of the company, and 100 K options to a consultant of the company. Also, 725 K restricted share units were issued to certain directors and officers of the company (Palos Verdes, Sinaloa).

ON RESOURCES AND DEVELOPMENT

  • Capitan Silver Corp. provided an update on its Cruz de Plata project in Durango. Since 2020 the company has consolidated its position in the district, more recently with the acquisition of 2,171 ha from Fresnillo plc. Capitan Silver has elaborated a geological model that includes annular structures to an elliptical intrusive body with silver mineralization in sedimentary rocks and gold mineralization in the contact of these rocks with overlying volcanic rocks. Six main targets are comprised by Casco Norte, Jesús María Northwest, Jesús María East, San Rafael, La Providencia, La Purísima, Jesús María North and El Tubo Hill. The 2025 drilling program is being expanded from 10,000 m to 15,000 m. Just over 8,000 m of drilling have been completed to date, with assays pending for 38 holes. A property-wide 385 line-km regional airborne magnetic and magnetotelluric survey has been contracted. The press release includes a table with grab and chip sample results of up to 62 gpt Au, 991 gpt Ag, 0.76% Cu, 6.25% Pb, 7% Zn.
  • Sierra Madre Gold and Silver Ltd. announced that development has started at the Nazareno mine in the La Guitarra complex in Estado de México. Over 700 tonnes of ore have been delivered to the La Guitarra processing plant, material that was not included in the mineral resource estimate. The company also announced the purchase of a new rig capable of drilling up to 150 m of NWL size and 250 m of BWL size core. The rig is capable of underground and surface drilling.
  • Sonoro Gold Corp. provided an update on the Cerro Caliche and San Marcial projects in Sonora. The company intends to commission an updated preliminary economic assessment (PEA) on Cerro Caliche by the first quarter of 2026. The current PEA contemplates a 9-year mining operation at a 12,000 tpd rate based on a gold price of US$1,800 per Oz Au. The updated PEA will include 55,360 m of drilling, trenching and the changes in the environmental report that covers the property. The project counts with a surface agreement access for the property.
  • Regency Silver Corp. commenced drilling at its Dios Padre project in Sonora. The company plans to drill approximately 4,500 m in 6 to 8 holes, focused on targeting along-strike extensions of high-grade Au-Cu-Ag mineralization previously intercepted.
  • Silver Viper Minerals Corp. commenced a 5,000 m diamond drill program at its advanced stage La Virgina project in Sonora, with the program being carried out by Globexplore Drilling Corp. Drilling will begin with 8-9 reconnaissance holes at El Molino area, the first drill testing of this area with high priority geophysical anomalies. The program will continue at El Rubi, aiming to expand mineralization along strike and at shallow depths.  

ON DEALS AND CORPORATE ISSUES

  • Sandstorm Gold Ltd. announced that Royal Gold Inc. has received all government regulatory approvals required for the previously announced acquisition of Sandstorm” (Royalty on Mercedes, Sonora).
  • Prime Mining Corp. announced that the company’s security holders have approved the plan of arrangement with Torex Gold Resources Inc., whereby Torex will acquire all of the issued and outstanding common shares of Prime (Los Reyes, Sinaloa).
  • Fuerte Metals Corp. announced that CFO Martin Rip is retiring at the end of September 2025. “Mr. John Teo, Fuerte’s Vice President of Finance, has been appointed Interim CFO” (Cristina, Chihuahua).
  • Altius Minerals Corp. announced the retirement of Ben Lewis, chief financial officer (CFO) and Chad Wells, vice president corporate development. Stephanie Hussey, current vice president finance, has been appointed chief financial officer (Llano del Nogal royalty, Sonora).
  • Royal Gold Inc. received all governmental regulatory approvals required for the company’s previously announced acquisitions of Sandstorm Gold Ltd. and Horizon Copper Corp. (Sandstorm Gold holds a royalty on Cuale, Jalisco and Llano del Nogal, Sonora).
  • Empress Royalty Corp. announced the appointment of Brad Breetzke as business development advisor, Africa and Christian Agarnaz as busines development analysts (Royalty on Tahuehueto, Durango).
  • GR Silver Mining Ltd. announced the nomination of Daniel Schieber as vice president of corporate development and corporate relations (Plomosas, Sinaloa).
  • Chesapeake Gold Corp. entered into a definitive agreement sell its Tatalila project in Veracruz to Mexican Gold Mining Corp. “in exchange for such number of common shares of Mexican Gold representing 14.99% of the outstanding common shares of Mexican Gold at closing” and a 1.5% net smelter royalty. Mexican Gold may repurchase 0.5% of the royalty  for US$500 K within ten years from the date of the agreement. “Tatatila is a gold-copper skarn district located in Veracruz State that Chesapeake identified in 2007. Tatatila surrounds Mexican Gold’s Las Minas Project, which has a reported NI 43-101 Mineral Resource Estimate and Preliminary Economic Assessment. Several skarn prospects were discovered on Tatatila by Chesapeake, including possible extensions of the Las Minas existing resource.”
  • Sierra Madre Gold and Silver Ltd. engaged “Triomphe Holdings Ltd., doing business as Capital Analytica, an arm’s length service provider, to provide certain marketing and social media services to the company” (La Guitarra, Estado de México).
  • Sonoro Gold Corp. is considering a spinout of its San Marcial project into its subsidiary Oronos Gold Corp. The property is in Santa Ana, Sonora, covering the historic San Marcial and Soledad mines that were subject to drilling programs in the last two decades of the past century.
  • Silver Bull Resources Inc. reported that the hearing for its arbitration case against Mexico  will commence on October 6, 2025, in Washington, D.C., and will conclude no later than October 11, 2025. The international arbitration proceedings under the United States–Mexico–Canada Agreement (USMCA) and the North American Free Trade Agreement (NAFTA) arised from Mexico’s refusal to take action with respect to the illegal blockade of Silver Bull’s Sierra Mojada Project in Coahuila, which commenced in September 2019 and remains ongoing.
  • Starcore International Mines Ltd. acknowledges the current postal strike across Canada, which has created significant challenges in ensuring timely delivery of shareholder communications and proxy materials. The company took a number of measures to overcome these challenges, that can be seen on the press release at the company’s website (San Martin, Querétaro).
  • Mexican Gold Mining Corp. entered into a mining concession assignment agreement with Chesapeake Gold Corp. to acquire 100% interest on the 3,824 hectares Tatatila project in Veracruz. Mexican gold shall issue Chesapeake 4.45 M common shares of the company (a $222.6 K value), representing 14.99% of the total issues and outstanding common shares of the company. As further consideration for the interest, Mexican Gold shall grant to Chesapeake a 1.5% net smelter return (NSR) royalty, of which the company might purchase 0.5% of the royalty for US$500 K within 10 years of the execution of the agreement.
  • Prismo Metals Inc. held its annual general meeting (AGM) on October 2, 2025. A board of directors was elected, comprising Alain Lambert, Louis Doyle, Craig Gibson and Martin Dupuis, with DeVisser Gray LLP re-appointed as auditor. A new long-term incentive plan was approved. Finally, a possible new corporate name as determined by the directors of the company was reviewed (Palos Verde, Sinaloa).
  • Canasil Resources Inc. is to review opportunities in its portfolio in Durango and Zacatecas. “Of Canasil’s seven Mexican silver-gold projects, the Company’s interest in the Sandra and Nora projects have been sold to Pan American Silver and Silver Dollar Resources respectively. The Company retains a 2% NSR on its claims in each project with a 1% buyout for US$ 4 million on the Sandra NSR, and 1% buyout for $1 million on the Nora NSR. Canasil holds 100% interest in all the remaining projects. La Esperanza, Salamandra, and Colibri have had successful past drill programs which have returned high-grade silver-gold intercepts”. The company sees an improved positive environment for advancing mining projects under the current federal administration.
  • Vizsla Silver Corp. announced the results of its annual general and special meeting of shareholders held on October 2, 2025. Shareholders approved all motions put forth including its change of auditor from MNP LLP to Deloitte LLP (Panuco, Sinaloa).
  • Almaden Minerals Ltd. announced the appointment of Douglas McDonald as president and CEO. Morgan Poliquin has been appointed vice chair of the company (Ixtaca, Puebla).
  • Azucar Minerals Ltd. announced the resignation of Douglas McDonald from all his roles in the company, including as director and executive vice president, but will continue in an advisory role to support related succession initiatives and ongoing business activities El Cobre, Veracruz).
  • Silver Storm Mining Inc. retained the services of Renmark to provide investor relations services to the company for an initial term of twelve months, subject to monthly renewal and a consideration of C$9 K per month (La Parrilla, Durango).

ON SOCIAL RESPONSIBILITY

  • Vizsla Silver Corp. released its third annual sustainability report which highlights its key initiatives on environmental, social and governance matters (Panuco, Sinaloa).

On the image below: Late specularite seams on quartz vein, HQ core. Picture by Jorge Cirett.

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

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By Jorge Cirett
During the 38th week of the year (September 15th to September 21st, 2025), companies working in Mexico presented 29 press releases. Two companies presented exploration advances on early-stage properties. One company presented financial results. Fifteen companies presented news on financing rounds and share-related issues. One company is to commence drilling at its advanced property. twelve companies informed on deals and corporate issues. ON MEXICO ISSUES, no relevant news.  ON EXPLORATION, in Sonora, Tocvan Ventures is to commence field work at Gran Pilar; Colibri Resource updated on project work at the EP project. ON MINING, Starcore International Mines filed quarterly results. ON FINANCING, five companies informed on financing rounds: Silver Tiger (C$25 M), Impact Silver (C$16 M), Minera Alamos (C$135 M), Zacatecas Silver (C$3.75 M), Silver Dollar Resources (C$5.9 M). Masivo Silver is working on its MCTO. Discovery Silver can borrow up to US$250-350 M. Sandstorm Gold declared a dividend for the quarter. Elemental Altus Royalties received approbation for consolidation. Pacifica Silver and Luca Mining issued shares to management, employees and consultants. Avino Silver & Gold Mines has been added to the Market Vectors Junior Gold Miners Index (MVGDXJTR). Xali Gold resumed trading and explained how it is addressing its current capital deficiency. ASA Gold and Precious Metals acquired 17.5% of Minera Alamos. ON RESOURCES AND DEVELOPMENT, Regency Silver is to commence drilling at its Dios Padre project in Sonora. ON DEALS AND CORPORATE ISSUES, Masivo Silver updated on the Cerro Colorado project in Sonora. Sandstorm Gold filed its notice of meeting on its Merger with Royal Gold. Almaden Minerals provided an update on its litigation against Mexico. Capitan Silver announced appointments to its management’s team and board of directors.  Plata Latina announced AGM results. Xali Gold terminated its option on the Sarape project, in Sonora. Xali Gold clarified the agreement with Remoedioambiente S.A. de C.V. on El Oro claims. Vizsla Silver announced the appointment of Eduardo Luna as lead director of the board. Southern Silver Exploration is acquiring a key inner claim at its Cerro Las Minitas project in Durango. Prime Mining announced an advisory firm is recommending shareholder vote for the Torex’s takeover. Goldgroup Mining acquired a majority on Molimentales del Noroeste, S.A. de C.V., the company holding the San Francisco mine in Sonora. Newmont divested its holdings on Orla Mining. ON SOCIAL RESPONSIBILITY, Orla Mining released its 2024 sustainability report.

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

  • Tocvan Ventures Corp. announced the commencement of field work and an airborne magnetics survey at its Gran Pilar project in Sonora. “the field work encompasses advanced geological mapping, targeted sampling, and sophisticated geophysical surveys…”. Tocvan is also preparing a drilling and trenching campaign to commence before the end of the month. The company has secured full permit approval for a 10-year pilot mine facility at the site.
  • Colibri Resource Corp. provided a corporate update. At the EP project in Sonora the company holds 4,766 ha within 25 km from Fresnillo plc´s La Herradura mine, with more than 2,500 surface samples and 12,000 m of drilling. At Pilar, also in Sonora, Colibri holds 49% interest in the project that has over 24,000 m of drilling, trenching and surface work, as well as a 1,400-tonne bulk sample completed in 2023 with 63% recoveries for gold. The projects is permitted for a 50 K tonnes pilot mine facility. The company is also advancing debt conversion-New debenture, equity financing and market initiatives.

ON MINING

  • Starcore International Mines Ltd. filed the results for its first quarter ended July 31, 2025. During the period the company had revenues of C$8.64 M, earnings of C$1.9 M, net income of C$0.93 M and EBITDA of C$1.35 M. At its San Martin mine in Queretaro, Starcore milled 54.2 K tonnes averaging 1.47 gpt Au, 12.9 gpt Ag, recovering 77.4% Au, 54.8% Ag, to produce 2,000 Oz Au, 12.3 K Oz Ag, or 2.1 K Oz AuEq, at 2,499 per Oz AuEq.

ON FINANCING

  • Masivo Silver Corp. has prepared the financial statements and is undergoing the associated audit to reverse its management cease trade order (MCTO). “Masivo expects the audit to be completed, and the required filings submitted by September 29, 2025” Cerro Colorado, Sonora).
  • Silver Tiger Metals Inc. entered into an agreement with Stifel Canada, to act as sole book underwriter, together with a syndicate of underwriters, to purchase on a bought deal basis 34.75 M common shares for gross proceeds of C$25 M. The company will grant an option to purchase an additional 15% of the offering that will, if exercised in full, raise additional C$3.75 M in gross proceeds (El Tigre, Sonora).
  • Discovery Silver Corp. entered into an agreement with a syndicate of financial institutions for a revolving credit facility that allows the company to borrow up to US$250 M, with an accordion feature for an additional US$100 M. The syndicate includes Bank of Montreal (BMO), BMO Capital Markets and Canadian Imperial Bank of Commerce (CIBC) and National Bank of Canada (NBC) (Cordero, Chihuahua).
  • Sandstorm Gold Ltd. declared the third quarterly cash dividend for 2025, in the amount of C$0.02 per common share (Royalty on Cosalá, Sinaloa).
  • Pacifica Silver Corp. issued 2.6 M stock options to directors, officers and consultants (Claudia, Durango).
  • Elemental Altus Royalties Corp. received approval of the TSX Venture Exchange for the share consolidation of the issued and outstanding shares of the company on a one to ten basis (royalty on Mercedes, Sonora).
  • Avino Silver & Gold Mines Ltd. announced that it has been added to the Market Vectors Junior Gold Miners Index (MVGDXJTR) and the VanEck Junior Gold Miners ETF (DXJ) (Avino, Durango).
  • Xali Gold Corp. addressed the current capital working deficiency, US$3.15 M as of June 30, 2025, with the following plans. Mining Fees of US$1.25 M owed in Mexico are to be reduced to nil by payments by Remedioambiente S.A. de C.V. (See note under Deals and Corporate Issues) and/or other third parties. A third party owed US$646.5 K is to be issued shares for debt for up to 50% of the amount owed and the reminder in 2026. Directors and officers who are owed US$594 K have agreed to wait and take shares for debt for up to 50% of the amount owed and the rest when possible. “Trade payables and liabilities totalling $542,393, of which up to 40% are to be paid from proceeds of a financing planned for Fall 2025, up to 25% by shares for debt and the remaining with proceeds from a second financing planned for 2026”, Ridley Rocks Inc., a company controlled by Joanne Freeze, president and CEO, had loaned the Company C$124.3 K which is payable by March 31, 2026, is not interest bearing nor does it have any securities pledged against it. During July-September 2025 Ridley Rocks is to loan additional C$150 K, bearing 3% interest, to be repaid on September 2026 (El Oro, Estado de México).
  • Impact Silver Corp. announced the closing of its previously announced “bought deal” private placement for gross proceeds of C$16 M. The company intends to advance underground development and infrastructure at the Guadalupe mine and increase processing plant throughput at the Guadalupe Production Centre (Royal Mines of Zacualpan) in the states of Mexico and Guerrero and expand mining operations and processing capacity and resource definition drilling at the Plomosas zinc-silver-lead mine in Chihuahua.
  • Minera Alamos Inc. reported the closing of the “bought deal” private placement previously announced, for gross proceeds of C$135 M (Santana, Sonora).
  • Luca Mining Corp. granted an aggregate of 3.2 M incentive stock options and 0.88 M restricted share units to certain officers and directors of the company (Campo Morado, Guerrero).
  • Zacatecas Silver Corp. increased its previously announced private placement for gross proceeds of up to C$3.75 M (Zacatecas Silver, Zacatecas).
  • Xali Gold Corp. resumed trading on September 18, 2025 (El Oro, Estado de Mexico).
  • Silver Dollar Resources Inc. upsized its previously announced brokered private placement from C$4 M to C$5.9 M. The Offering is being led by Research Capital Corp. and Mr. Eric Sprott has indicated his intention to participate in the transaction through 2176423 Ontario Ltd. (La Joya, Durango).
  • ASA Gold and Precious Metals Ltd. acquired from Minera Alamos Inc. through a private placement 55.6 M common shares and 55.6 M common shares purchase warrants for a C$19.72 M consideration in cash for the common shares. Asa Gold holds 9.6% of the issued and outstanding shares of the Issuer, or 17.5% of the issued and outstanding shares on a partially diluted basis (Santana, Sonora).

ON RESOURCES AND DEVELOPMENT

  • Regency Silver Corp. is to commence drilling on the fourth week of September at its Dios Padre project in Sonora. The program is for 4,500 m of drilling in six to eight holes.

ON DEALS AND CORPORATE ISSUES

  • Masivo Silver Corp. is advancing toward the anticipated closing of the Cerro Colorado property acquisition in Sonora, “where the project is already drill-permitted and ready for immediate mobilization of a drill program following financing and close”. The company continues to review properties in Sinaloa.
  • Sandstorm Gold Ltd. filed its notice of meeting, management information circular in connection with the special meeting of shareholders to approve the merger with Royal Gold Inc (Royalty on Cosalá, Sinaloa).
  • Almaden Minerals Ltd. provided an update to the international proceedings under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) with the United Mexican States (Mexico’s formal name). Almaden is pursuing the claim together with Almadex Minerals Ltd., which holds a 2% NSR, on illegal acts by Mexico resulting in the complete loss of the Ixtaca project (Puebla) investment. The three-person arbitration panel established the procedural calendar through to the hearing dates as follows: “Mexico is due to file its counter memorial (which responds to the Claimants’ March 20, 2025, memorial), by November 24, 2025. The Claimants will file their reply to Mexico’s counter memorial by April 27, 2026, and Mexico will file its rejoinder to this reply by August 5, 2026. The hearings are scheduled for December 14 – 18, 2026 (with December 19 held in reserve), and will be held in Washington, D.C.”. The claimants are seeking damages of US$1.06 billion.
  • Capitan Silver Corp. announced the addition to the management’s team and board of directors of Graham Scott, director; Marc Idziszek, vice president of exploration; Israel Tolano Chacón, technical services, Xochitl L- Valenzuela Verdugo, project evaluation and Greg DiTomaso, investor relations (Cruz de Plata, Durango).
  • Plata Latina Minerals Corp. announced results of its annual general meeting (AGM) held on September 16, 2025. All matters presented to the meeting were approved (La Joya, Hidalgo).
  • Xali Gold Corp. has chosen not to continue with the option onthe Sarape project, in Sonora, from Advanced Lithium Corp.
  • Xali Gold Corp. under advice by the TSX clarifies its agreement with Remedioambiente S.A. de C.V. on El Oro project, Estado de Mexico. Remedioambiente has the right to recover mineral from veins and backfill left behind in the historic El Oro mine workings on five of the El Oro concessions, paying Xali Gold 3% NSR on the extracted material above the 2,400 m level. Remedioambiente has an obligation to pay the mineral rights past due and payable in the future. Once these fees reach US$50 K, the fees may be converted in Xali shares. Remedioambiente has the right to appoint a Mining Engineer to Xali’s board, and if Remedioambiente acquires greater than 20% of Xali shares within five years, also an additional person to the position of chair of the board. A total of nine mining concessions in El Oro had been declared as cancelled by the Mexican Mines Bureau (AGM.- Agencia de Minería), in a manner that are understood to be unlawful due to the failure to provide a legally required 60-day notice directly to the company.
  • Vizsla Silver Corp. announced that Mr. Eduardo Luna, an independent director of the Company since November 2023, has been appointed as Lead Director of the Board (Panuco, Sinaloa).
  • Southern Silver Exploration Corp. reached an agreement to acquire the Puro Corazon mining claim located contiguous to its 100%-owned Cerro Las Minitas project in Durango, from an arms-length third party. The Puro Corazon mine is currently extracting ore at a 60 tpd rate, producing silver-lead and zinc concentrates. Puro Corazon is to be incorporated into the surrounding Cerro Las Minitas project to immediately commence a 12,000 m infill drilling program. On the first quarter of 2026 the company will commence the preparation of a preliminary economic assessment (PEA). The right to acquire the mining concession “m from an arms-length vendor in consideration for a series of cash payments to be made over a forty-month period following entering into of a definitive assignment agreement with the vendor”.
  • Prime Mining Corp. announced that Glass Lewis, an independent proxy advisory firm has recommended that Prime securityholders vote “FOR” the plan of arrangement with Torex Gold Resources Inc. The proxy voting deadline is September 25, 2025. “The Board of Directors of Prime unanimously recommends that the Securityholders vote FOR the Arrangement” (Los Reyes, Sinaloa).
  • Goldgroup Mining Inc. has acquired 52.7% of the creditors’ rights in Molimentales del Noroeste, S.A. de C.V. Concurso Mercantil (Chapter 11 equivalent in USA). Molimentales main asset is the San Francisco mine concession in Sonora. “Goldgroup paid approximately US$3.74 million for this acquisition, which includes payments made directly to creditors as well as expenses related to the transaction. The Company anticipates incurring additional costs as it continues acquiring further creditors’ rights”.
  • Newmont Corp. completed the sale of 43.24 M common shares of Orla Mining Ltd. at a price of US$10.14 per common share, for aggregate gross proceeds of US$439 M. Prior to the sale Newmont held 13.3% of the issued and outstanding common shares on a non-diluted basis (Peñasquito, Zacatecas).

ON SOCIAL RESPONSIBILITY

  • Orla Mining Ltd. released its 2024 sustainability report describing its responsible mining and transparent disclosure of environmental, social, and governance (“ESG”) performance. At Camino Rojo, in Zacatecas, the company stressed its low GHG emission intensity, low water usage per tonne of ore processed, purchasing from local suppliers, high training of workforce and partnership with local schools.

On the image below: Specularite veinlets in volcanosedimentary rocks, secondary hematite halo, HQ core. Picture by Jorge Cirett.

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

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Rhyolite dome

By Miguel A Heredia

During the 33th week of the year (August 11th to August 17th 2025), at least 29 press releases were announced by companies working in Mexico, with twelve communicating production results, nine disclosing deals and corporate issues, five announcing financial rounds, two reporting resources and developments of their properties, and one informing on exploration results  ON MEXICO ISSUES, no relevant news.  ON EXPLORATION, Silver Tiger announced preliminary results from its exploration program on veins north and south of El Tigre mine in Sonora. ON MINING, MAG Silver reported Q2, 2025 financial results for its Juanicipio mine in Zacatecas. Americas Gold and Silver announced Q2, 2025 results from its Cosala operation in Sinaloa. Altius Minerals reported Q2, 2025 royalty revenue attributable of CAD $12.7M or CAD $0.27 per share (Royalties on Cuale project, Jalisco and Llano de Nogales project, Sonora). Orla Mining announced Q2, 2025 financial results from its Camino Rojo mine in Zacatecas. Prime Mining released selected financial results for the six months ending June 30, 2025 (Los Reyes project, Sinaloa). Bear Creek presented Q2, 2025 financial and operational results from its Mercedes mine in Sonora. Avino Silver & Gold announced Q2, 2025 production and financial results from its Avino mine in Durango. First Majestic reported unaudited consolidated financial and operational results for their Mexican operations. Discovery Silver released Q2, 2025 consolidated financial and operational results (Cordero project, Chihuahua). United States Antimony presented Q2, 2025 consolidated Q2 and H1, 2025 financial and operational results (Madero smelter in Coahuila). Endeavour Silver reported Q2 and H1, 2025 consolidated financial and operational results from their Mexican operations. Elemental Altus announced that it will release its Q2, 2025 results on August 18, 2025 (Royalties on Mercedes mine, Sonora). ON FINANCING, Regency Silver announced a brokered private placement for gross proceeds of up to CAD $1.5M (Dios Padre project, Sonora). Guanajuato Silver closed its non-brokered LIFE private placement for gross proceeds of CAD $18M (El Cubo mine complex, Guanajuato). Sailfish announced a normal course issuer bid to purchase up to 3,767,749 common shares of the company (Gavilanes project, Durango). GR Silver closed its previously announced underwritten private placement for gross proceeds of CAD $13.8M (Plomosas project, Sinaloa). Zacatecas Silver announced a private placement financing for gross proceeds of up to CAD $2.5M (Zacatecas Silver project, Zacatecas).  ON RESOURCES AND DEVELOPMENT, Osisko Development declared that it intends to re-submit its two permit applications for open-pit mining at its San Antonio Gold project in Sonora. Zacatecas Silver announced a 4,000m core drilling program focused on the El Cristo and Panuco North vein systems at its Zacatecas Silver project in Zacatecas state. ON DEALS AND CORPORATE ISSUES, Vizsla announced change of transfer agent (Panuco project, Sinaloa). Sailfish Silver closed the sale of Swordfish Silver, which holds the Gavilanes project in Durango to Advance Metals. Reyna Silver announced that the shareholders of the company approved the acquisition by Torex Gold (Batopilas project, Chihuahua). MAG Silver declared a fix dividend of USD $0.02 per share and an additional cash flow linked dividend of USD $0.124 per share (Juanicipio mine, Zacatecas). Americas Gold and Silver announced that it is implementing a consolidation of its outstanding common shares as authorized by its shareholders and subsequently approved by its Board of Directors (Cosala operations, Sinaloa). Mithril reported that its common shares are now trading on the OTCQB Venture Market in the USA (Copalquin project, Durango). Oroco received a positive resolution from the Mexican Secretariat of Environment and Natural Resources (SEMARNAT), allowing them to proceed with drilling and exploration activities on the Santo Tomas project in Sinaloa. Tocvan obtained full permit approval for a 50,000 tonnes pilot mine facility at its Gran Pilar project in Sonora. Reyna Silver received a final court order for acquisition by Torex Gold (Batopilas project, Chihuahua).  ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • No relevant news.

ON EXPLORATION

  • Silver Tiger Metals Inc., announced preliminary results from its exploration program on veins north and south of El Tigre mine in Sonora. The exploration program is focused on mapping and sampling both the northern and southern veins. In the north, recent work has confirmed the continuity of high-grade mineralization along over 10km of strike, with historic workings and sampling indicating strong silver and gold grades. An initial drill target generation is underway for winter 2025. On the southern side, the company is evaluating previously undrilled greenfield areas like Lluvia de Oro and El Toro, where historical workings and high-grade surface sampling suggest significant mineralization potential over 10km of combined strike length. Overall, this steeply dipping epithermal veins system with over 25km mapped (including El Tigre Mine) supports further drilling and hosts huge potential for expanding known resources.

ON MINING

  • MAG Silver Corp., reported Q2, 2025 financial results for its Juanicipio mine in Zacatecas (all amounts expressed in US dollars). On a 100% basis (56% Fresnillo plc and 44% MAG), Juanicipio mined 355,785 tonnes and processed 342,515 tons of 417 g/t Ag, 1.21 g/t Au, 1.7% Pb, and 3.3% Zn (661 g/t AgEq) and sold 3.83M Oz Ag, 9.26K Oz Au, 10.4M Lb Pb, and 18.3M Lb Zn (5.65M Oz AgEq) at cash and AISC of ($3.90, negative attributable to higher by-product revenue) and $8.38 per Oz Ag sold respectively (or $0.63 and $11.46 per Oz AgEq sold respectively). The company also reported operating cash flow of $110.64M; free cash flow of $92.90M; gross profits of $128.6M; net income before taxes of $117.42M; and net income of $95.64M. On MAG 44% portion, the company reported a net income of $33.4M; and EBITDA of $33.88M; an adjusted EBITDA of $56.4M; and free cash flow of $92.9M.
  • Americas Gold and Silver Corporation announced Q2, 2025 production results. It produced 269K Oz Ag, 1.5M Lb Zn, and 0.2M Lb Pb at its Cosala operation in Sinaloa. The Cosalá Operations are advancing towards mining the higher-grade silver-copper EC120 orebody, aiming for commercial production by the end of 2025.
  • Altius Minerals Corporation reported Q2, 2025 royalty revenue attributable of CAD $12.7M or CAD $0.27 per share, and adjusted earnings of CAD $1.6M (Royalties on Cuale project, Jalisco and Llano de Nogales project, Sonora).
  • Orla Mining Ltd., announced Q2, 2025 financial results from its Camino Rojo mine in Zacatecas (all amounts expressed in US dollars). The company declared that 2M tonnes of ore were mined: 1.7M tonnes with an average grade of 0.71 g/t Au were stacked and 0.6M tonnes of ore of low grade were rehandled and placed on the leach pad at an average grade of 0.32 g/t Au. In total, 2.6M tonnes of ore at an average grade of 0.57 g/t Au were placed on the heap leach pad in Q2, 2025. Orla produced 25,145 Oz Au; sold a total of 26,591 Oz Au; and reported a sustaining capital of 0.5M. Due to the previously announced pit wall event (uncontrolled material movement on the north wall), the company updated the 2025 production guidance. It expects to produce at Camino Rojo between 95K-125K Oz Au at cash and AISC of $800-$900 and $850-950 per Oz Au sold respectively.
  • Prime Mining Corp., released selected financial results for the six months ending June 30, 2025 (all amounts expressed in Canadian dollars). It reported a net loss of $6.17M or a loss per share of $0.04, and ended the period with $32.75M. In addition, Prime declared total assets of $46.93M; total current liabilities of $0.78M; total liabilities of $1.56M; and total shareholders´ equity of $ 45.37M (Los Reyes project, Sinaloa).
  • Bear Creek Mining Corporation presented Q2, 2025 financial and operational results from its Mercedes mine in Sonora (all currency expressed in US dollars). The company mined 91,941 tonnes of 2.81 g/t Au and processed 89,488 tonnes of 2.88 g/t Au with a metallurgical recovery of 96% to produce 7,973 Oz Au and 33,932 Oz Ag at cash and AISC of $2,327 and $2,753 per Oz Au sold respectively. The company sold a total of 8,091 Oz Au during this period. Bear Creek also reported revenue of $27.78M; comprehensive earning loss of $11.7M; cash used in operating activities of $1.7M; cash used in investing activities of $10.34M; and cash generated from financing activities of $10.1M.
  • Avino Silver & Gold Mines Ltd., announced Q2, 2025 production and financial results from its Avino mine in Durango (all currency expressed in US dollars). The company milled 190,987 tonnes to produce 283.6K Oz Ag, 1.8K Oz Au and 1.46M Lb Cu (645.6K Oz AgEq) and sold 676.45 Oz AgEq at cash and AISC of $15.11 and $20.93 per Oz AgEq sold respectively. In addition, Avino reported revenues of $21.8M; mine operating income of $10.22M; net income of $2.86M; EBITDA of $7.4M; adjusted earnings of $8.84M; cash provided by operating activities of $8.35M; mine operating cash flow before taxes $11.3M; cash of $37.3M; and working capital of $40.6M.
  • First Majestic Silver Corp., reported Q2, 2025 unaudited consolidated financial and operational results for their Mexican operations (All currency expressed in US dollars). Figures by mine are shown in the table below:

The company also reported revenue of $264.2M; mine operating earnings of $23.9M; EBITDA of $98.7M; net earnings of $104.8M; adjusted net earnings of $38.5M; cash flow from operations of $91.1M; free cash flow of $71.4M; and cash position of $310.1M. First Majestic declared a cash dividend of $0.0048 per common share for the second quarter of 2025 for shareholders.

  • Discovery Silver Corp., released Q2, 2025 consolidated financial and operational results without presenting results separately from its Cordero project in Chihuahua. The company reported revenues of USD $142M from the sale of 42,550 Oz Au at an average realized gold price of USD $3,337 per Oz Au. In addition, Discovery Silver achieved significant progress at its Cordero project, including the completion of a limited work program focused on de-risking the project, particularly in power and water management, since it is evaluating the potential to use natural gas power sources, planning to upgrade the local water treatment plant, and evaluating the potential to establish solar farms around the project site to contribute to the power supply required for mine development and operation. 
  • United States Antimony Corporation presented Q2, 2025 consolidated Q2 and H1, 2025 financial and operational results without presenting results separately from their Mexican operations (Madero smelter in Coahuila). The company reported revenues of USD $10.5M for the second quarter of 2025 and USD $ 17.5M for the six months ended June 30, 2025.
  • Endeavour Silver Corp., reported Q2 and H1, 2025 consolidated financial and operational results from their Mexican operations (All dollars amount is in US dollars). At Guanacevi mine, Durango, Endeavour processed during the second quarter of 2025, 96,834 tonnes to produce 994.9K payable Oz Ag at cash and AISC of $19.91 and $26.81 per Oz Ag respectively. At Bolañitos mine, Guanajuato, it processed 88,098 tonnes to produce 100.2K payable Oz AgEq at cash and AISC of $(17.26) and $7.04 per Oz Ag respectively. For the six months ended June 30, 2025 the company processed at Guanacevi mine in Durango 199,272 tonnes to produce 2M payable Oz Ag at cash and AISC of $19.82 and $26.65 per Oz Ag respectively, while at Bolañitos mine in Guanajuato, it processed 195,167 tonnes to produce 281.3K Oz Ag at cash and AISC of $(9.75) and $10.98 per Oz Ag respectively. For the second quarter of 2025 Endeavor reported consolidated results including revenue of $85.3M from the sale of 1.45M Oz Ag and 7,706 Oz Au at realized prices of $32.95 per Oz Ag and $ 3,320 per Oz Au; net earnings of ($20.5M); adjusted net earnings of ($9.2M); mine operating earnings of $7.7M; mine operating cash flow before taxes of $22.9M; operating cash flow before working capital of $14.4M; EBITDA of $1.4M; adjusted EBITDA of $10.8M; and working capital of ($15.8M). For the six months ended June 30, 2025, Endeavor reported consolidated results including revenue of $148.8M from the sale of 2.68M Oz Ag and 16,244 Oz Au at realized prices of $32.52 per Oz Ag and $ 3,110 per Oz Au; net earnings of ($53.4M); adjusted net earnings of ($9.4M); mine operating earnings of $20.6M; mine operating cash flow before taxes of $45.0M; operating cash flow before working capital of $22.7M; EBITDA of ($16.7M); adjusted EBITDA of $25.9M; and working capital of ($15.3M).
  • Elemental Altus Royalties Corp., announced that it will release its Q2, 2025 results on August 18, 2025 (Royalties on Mercedes mine, Sonora).

ON FINANCING

  • Regency Silver Corp., announced a brokered private placement for gross proceeds of up to CAD $1.5M through the sale of up to 30,000,000 units at a price of CAD $0.05 per unit. The purpose of the financing is to use the gross proceeds for drilling the Dios Padre project in Sonora, and for general working capital purposes.
  • Guanajuato Silver Company Ltd., closed its non-brokered LIFE private placement of 60,000,000 units at a price of CAD $0.30 per unit for gross proceeds of CAD $18M. The purpose of this financing is to significantly strengthen the Guanajuato Silver’s balance sheet, providing the company with increased financial flexibility. This enhanced financial position enables the company to consider and pursue additional growth opportunities within its portfolio (El Cubo mine complex, Guanajuato).
  • Sailfish Royalty Corp., announced a normal course issuer bid during a 12-month period commencing August 12, 2025 and ending August 11, 2026, to purchase up to 3,767,749 common shares of the company in total, being approximately 5% of the total number of shares outstanding as at July 16, 2025 (Gavilanes project, Durango).
  • GR Silver Mining Ltd., closed its previously announced underwritten private placement of 69,000,000 units at a price of CAD $0.20 per unit for gross proceeds of CAD $13.8M. GR Silver plans to use the gross proceeds for advancement of its Plomosas project in Sinaloa, as well as for working capital and general corporate purposes.
  • Zacatecas Silver Corp., announced a private placement financing for gross proceeds of up to CAD $2.5M to fund a 4,000m drilling program at its Zacatecas Silver project in Zacatecas, for community engagement, and for strategic growth initiates.

ON RESOURCES AND DEVELOPMENT

  • Osisko Development Corp., declared that it intends to re-submit its two permit applications for open-pit mining at its San Antonio Gold project in Sonora since mining permits appears to be gaining traction in Mexico.
  • Zacatecas Silver Corp., announced a 4,000m core drilling program focused on the El Cristo and Panuco North vein systems at its Zacatecas Silver project in Zacatecas state. The goal of this program is to explore underexplored areas, delineate high-grade mineralization, and expand known resources. A 2,500m diamond drill program has been planned for the El Cristo Silver project targeting the extension of the Veta Grande Vein system, where previous drilling intersected silver and base metal mineralization in 22 out of 28 holes. Also, a 1,500m of drilling will be conducted at Panuco, where previous work has shown high grade intercepts.

ON DEALS AND CORPORATE ISSUES

  • Vizsla Silver Corp., announced that Odyssey Trust Company has replaced Computershare Trust Company as the company’s transfer agent effective August 11, 2025. Shareholders do not need to take any action, but inquiries related to shares should now be directed to Odyssey Trust (Panuco project, Sinaloa).
  • Sailfish Silver Corp., closed the sale of Swordfish Silver Corp., which holds the Gavilanes project in Durango to Advance Metals Limited. The transaction included a cash payment of USD $50K, 16,800,000 Advance shares, 33,600,000 performance rights convertible into Advance shares, and a 2% NSR on mineral production from the property. Advanced must spend a minimum of USD $2M on exploration over five years, or pay USD $500K if this commitment is not met.
  • Reyna Silver Corp., announced that the shareholders of the company approved the special resolution for a statutory plan of arrangement regarding the acquisition by Torex Gold. The transaction is expected to close on August 20, 2025, pending a final order from the Supreme Court of British Columbia (Batopilas project, Chihuahua).
  • MAG Silver Corp., declared a fix dividend of USD $0.02 per share and an additional cash flow linked dividend of USD $0.124 per share which represents approximately 30% of the USD $40.9M free cash flow generated by the Juanicipio mine in Zacatecas, for a total dividend of USD $0.144 per share payable on September 1, 2025 to shareholders on record as of August 18, 2025.
  • Americas Gold and Silver Corporation announced that it is implementing a consolidation of its outstanding common shares as authorized by its shareholders and subsequently approved by its Board of Directors. It will consist of one post-consolidation common share for every 2.5 pre-consolidated common shares. The company plans to file articles of amendment on or about August 21, 2025, to implement this change. The CUSIP (Committee on Uniform Securities Identification Procedures) and ISIN (International Securities Identification) numbers of the post-consolidation common shares will also change upon the completion of the consolidation (Cosala operations, Sinaloa).
  • Mithril Silver and Gold reported that its common shares are now trading on the OTCQB Venture Market in the USA under the symbol MTIRF. It also announced that their common shares will continue to trade on the Australian Stock Exchange and Toronto Stock Exchange under the symbols MTH and MSG respectively (Copalquin project, Durango).
  • Oroco Resource Corp., received a positive resolution from the Mexican Secretariat of Environment and Natural Resources (SEMARNAT), allowing them to proceed with drilling and exploration activities on the Santo Tomas project in Sinaloa, without needing an Environmental Impact Authorization. This decision is based on the characteristics outlined in their “informe preventivo” notice.
  • Tocvan Ventures Corp., obtained full permit approval for a 50,000 tonnes pilot mine facility at its Gran Pilar project in Sonora. The facility includes a heap leach pad and hydrometallurgical processing infrastructure, allowing for the processing of high grade material and optimizing extraction methods.
  • Reyna Silver Corp., received a final order from the Supreme Court of British Columbia authorizing Torex Gold Resources Inc to proceed with the acquisition of Reyna Silver (Batopilas project, Chihuahua).

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, an outcrop of a rhyolite dome in an intermediate sulphidation epithermal vein system in a project in Chihuahua, Mexico. Photo taken by Miguel A Heredia.

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

/ Gambusino Prospector / Leave a comment

By Jorge Cirett

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

ON MEXICO ISSUES

  • No Relevant News.  

ON EXPLORATION

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

ON MINING

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

ON FINANCING

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

ON RESOURCES AND DEVELOPMENT

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

ON DEALS AND CORPORATE ISSUES

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

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

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

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

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By Jorge Cirett

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

ON MEXICO ISSUES

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

ON EXPLORATION

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

ON MINING

  • No Relevant News.

ON FINANCING

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

ON RESOURCES AND DEVELOPMENT

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

ON DEALS AND CORPORATE ISSUES

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

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

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