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

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By Jorge Cirett

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

ON MEXICO ISSUES

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

ON EXPLORATION

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

ON MINING

  • No Relevant News.

ON FINANCING

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

ON RESOURCES AND DEVELOPMENT

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

ON DEALS AND CORPORATE ISSUES

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

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

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

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

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By Jorge Cirett

During the 24th week of the year (June 09th to June 15th, 2025), companies working in Mexico presented 21 press releases. There was no exploration news on early-stage properties. One company reported Q1 2025 operational and financial results. Three companies reported on financial rounds; another company is consolidating its shares; one more applied for the revocation of a cease trade order; another is now listed on the OTCQB; one provided a bi-weekly status report, and another amended its omnibus incentive compensation plan. Two companies released drilling results of ongoing drilling at their advanced/producing properties; another company informed on developments at a property on which they own an NSR. A company announced a LOI to acquire ground adjacent to its main property and the purchase of an underlying NSR on some mining concessions; another company is recommending shareholders to vote “for” on the acquisition by a third party; one more closed the acquisition of an additional percentage of NSR on a property and one other company announced several changes to the board. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, no relevant news. ON MINING, Santacruz Silver Mining presented operating and financial Q1 2025 results. ON FINANCING, three companies informed on financing rounds: Chesapeake Gold (C$4.4 M), Silver Storm Mining (C$12 M) and  Vizsla Royalties (C$63 M); Colibri Resources is to consolidate shares on a five to one basis; Canasil Resources applied for the revocation of its CTO; Silver Storm Mining is now listed on the OTCQB; Vizsla Royalties amended its equity incentive compensation plan. ON RESOURCES AND DEVELOPMENT, Impact Silver reported underground drilling results from Zacualpan, in Estado de Mexico; Sandstorm Gold informed on exploration success at the Santa Elena property in Sonora; Advance Metals provided results from drilling at Yoquivo, in Chihuahua. ON DEALS AND CORPORATE ISSUES, Capitan Silver signed a LOI with Fresnillo plc to acquire adjacent ground to its Cruz de Plata project in Durango, and completed the purchase of the NSR from Exploraciones del Altiplano. Questcorp Mining formed an advisory board. Vizsla Royalties now holds a 3.5% NSR on certain mining concessions at Panuco, in Sinaloa. Luca Mining announced several changes to the board. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

  • No Relevant News.

ON MINING

  • Santacruz Silver Mining Ltd. reported production results from its mines in Bolivia and Mexico. The consolidated production was 1.59 M Oz Ag, 20,179 tonnes Zn, 2,718 tonnes Pb, 279 tonnes Cu (or 3.69 M Oz AgEq). At Zimpan, in Hidalgo, 223.6 K tonnes were processed, averaging 80 gpt Ag, 2.56% Zn, 0.72% Pb, 0.26% Cu, recovering 77% Ag, 79% Zn, 86% Pb, 48% Cu, to produce 440.2 K Oz Ag, 4,498 tonnes Zn, 1,389 tonnes Pb, 279 tonnes Cu (or 1.02 M Oz AgEq).
  • Santacruz Silver Mining Ltd. reported its financial and operational results for Q1 2025. Without disclosing results by country of origin, the company had US$70.3 M in revenue, a gross profit of US$27.9 M, net income of US$9.5 M, EBITDA of US$27.5 M, cash and cash equivalents of US$32.5 M and a working capital of US$51.7 M. “Zinc production decreased by 9%, primarily due to lower throughput and head grades at Porco and Caballo Blanco, partially offset by strong results at Zimapán, where zinc output rose 23% year-over-year. Zimapán also led overall growth, increasing material processed by 9% and silver equivalent production by 14%…. Zimapan’s AISC increased from $27.13 to $34.32/oz, as a significant portion of its annual capital budget was deployed during Q1 to accelerate key investments aimed at increasing future production at Carrizal mine level 960” (Zimapán, Hidalgo).

ON FINANCING

  • Chesapeake Gold Corp. announced a non-brokered private placement for gross proceeds of C$4.4 M. “After completion of the Private Placement, Eric Sprott will beneficially own and control 12,883,499 Common Shares, and 1,850,000 Warrants representing approximately 17.9% of the outstanding Common Shares on a non-diluted basis and 19.9% of the outstanding Common Shares on a partially diluted basis assuming exercise of such Warrants” (Metates, Durango).
  • Colibri Resource Corp. informed its has received approval by the TSX Venture Exchange for the five to one consolidation of its issued and outstanding common shares. On June 13, 2025, the shares will commence trading on a consolidated basis. (El Plomo, Sonora).
  • Canasil Resources Inc. has filed its Q1 2025 interim quarterly report on 10 June, 2025, which completes the required regulatory filings. The company is now in full compliance with its regulatory filings and has filed the application to the British Columbia Securities Commission for the revocation of the cease trade order (CTO) issued in December 2023 (Nora and Salamandra, Durango).
  • Silver Storm Mining Ltd. closed the second and final tranche of its previously announced best efforts brokered private placement for total gross proceeds of $1.47 M. In aggregate the company had aggregate gross proceeds of C$12 M. Silver Storm intends to use the net proceeds for the procurement of mine processing flotation cells, to commence rehabilitation work of the processing facility, to order long lead items including deposits on mining equipment and ventilation fans and to fund ongoing operations for the next twelve months (La Parrilla, Durango).
  • Vizsla Royalties Corp. completed its previously announced bought deal offering for aggregate gross proceeds of C$63 M. In connection with the offering the company paid to the underwriters a cash commission equal to 5% of the gross proceeds, a fee of US$500 K to CIBC (Royalty on Panuco, Sinaloa).
  • Silver Storm Mining Ltd. has up listed from the OTC Pink Market to the OTCQB Venture Market (OTCQB), a U.S. marketplace operated by OTC Markets Group Inc. (La Parrilla, Durango).
  • Centenario Gold Corp. provided a default status report related to its management cease trade order (MCTO). “The Company anticipates that the Annual Filings will be filed on or before June 30, 2025. The Company will continue to provide bi-weekly (“every two weeks”) updates, as required by NP 12- 203, until the Annual Filings have been filed (Eden, Sinaloa).
  • Chesapeake Gold Corp. completed its non-brokered private placement with 2176423 Ontario Ltd., a corporation beneficially owned by Eric Sprott, as the sole investor, for gross proceeds of C$4.4 M. “As a result of the Private Placement, Mr. Sprott now beneficially owns or controls 12,883,499 common shares, and 1,850,000 warrants representing approximately 17.9% of the outstanding common shares on a non-diluted basis and 19.9% of the outstanding common shares on a partially diluted basis assuming exercise of such Warrants.” (Metates, Durango).
  • Vizsla Royalties Corp. amended its omnibus equity incentive compensation plan “to increase the fixed amount in additional equity that includes performance share units, deferred share units and restricted share units from a maximum issuable of 2,800,589 to a maximum issuable of 5,322,798” (Royalty on Panuco, Sinaloa).

ON RESOURCES AND DEVELOPMENT

  • Impact Silver Corp. announced underground drill results from the Kenia Vein South zone in the Guadalupe mine at its Royal Mines of Zacualpan project in Estado de México. Highlighted core-length intervals comprise 0.30 m @ 2,400 gpt Ag, 1.3% Pb, 2.3% Zn; 6.30 m @ 374 gpt Ag, 0.2% Pb, 0.5% Zn (including 1.40 m @ 798 gpt Ag, 0.4% Pb, 0.9% Zn); 3.15 m @ 447 gpt Ag, 0.5% Pb, 1.5% Zn (including 0.80 m @ 1,290 gpt Ag, 1.5% Pb, 2.9% Zn); 0.60 m @ 1,279 gpt Ag, 2.2% Pb, 0.6% Zn; 3.30 m @ 1,002 gpt Ag, 1.2% Pb, 2.6% Zn (including 0.60 m @ 5,300 gpt Ag, 5.9% Pb, 12.9% Zn); 8.50 m @ 535 gpt Ag, 0.3% Pb, 0.8% Zn (including 1.76 m @ 1,596 gpt Ag, 1.0% Pb, 3.6% Zn). “Kena Vein South mineralization has now been traced over 300m strike length and remains open in all directions”.
  • Sandstorm Gold Ltd. (“Sandstorm Gold Royalties”). provided various developments and exploration highlights within its stream and royalty portfolio, including from its businesses in Mexico. Sandstorm informed First Majestic Silver Corp. made a significant discovery at its Santa Elena property in Sonora, where drilling on the newly defined Santo Niño vein has identified low sulfidation epithermal mineralization. “Sandstorm holds a gold stream on the Santa Elena mine, which includes the Santo Niño discovery, whereby the Company has the right to purchase 20% of the gold produced at Santa Elena for ongoing cash payments of $487 per ounce of gold”.
  • Advance Metals Ltd. provided results from the first hole of its current drill program at Yoquivo, in Chihuahua. The results show multiple zones with Au-Ag mineralization in epithermal veins and breccias. Four drill holes have been completed of the 3,000 m program underway. The project hosts a historic resource of 17.2 M Oz AgEq.

ON DEALS AND CORPORATE ISSUES

  • Capitan Silver Corp. entered into a letter of intent (LOI) with Minera Fresnillo S.A. de C.V. (Fresnillo plc) to acquire seven mining concessions located immediately adjacent to and surrounding its Cruz de Plata property in Durango. The price of the transaction is US$4.0 million in two installments: US$2.0 M payable upon execution of the definitive agreement and US$2 M payable on or before the second anniversary, with no royalties or share payments.
  • Mag Silver Corp. announced in a management information circular that the board of directors recommends shareholder vote “FOR” the arrangement resolution regarding Mag Silver’s acquisition by Pan American Silver Corp. on the upcoming special meeting of shareholders (Juanicipio, Zacatecas).
  • Capitan Silver Corp. completed the purchase of the Altiplano (Royalty (NSR) from Exploraciones del Altiplano at the Cruz de Plata project in Durango. The royalty was acquired through a series of cash and share payments which totaled US$1M. Two royalties remain on the project: A 1% royalty on the recently acquired concessions from Peñoles, that can be retired by a cash payment of US$1 M within the next ten years, and a 1% royalty to Riverside Resources that can be retired at any time by the payment of C$250 K.
  • Questcorp Mining Inc. announced the formation of an advisory board with Mr. Paul Larkin as its inaugural advisor (La Unión, Sonora).
  • Vizsla Royalties Corp. closed the acquisition of an additional 3.0% NSR royalty on the “Silverstone concessions” of the Panuco project in Sinaloa. Upon this acquisition the company now holds 3.5% NSR on the Silverstone concessions and a 2.0% NSR on certain other concessions in the Panuco project. Vizsla Royalties exercised its right to repurchase 50% of the 3.0% Royalty for US$1.95 M, and purchased the remaining 50% of the 3.0% Royalty for US$38.05 M for a total cash consideration of US$40 M.
  • Luca Mining Corp. announced several changes to the board. Mr. Ramon Mendoza, currently Luca’s interim chief operating officer (COO) will assume the position of permanent COO effective as of June 01, 2025. Mr. Mendoza will also continue to be the company’s chief technical officer. Mr. David Rhodes will step down as Chairman as of June 10, 2025 but will continue on Luca’s Board of Directors. Mr. Peter Damouni will step into the role of Chairman of the Board (Campo Morado, Guerrero).

ON SOCIAL RESPONSIBILITY

  • GoGold Resources Inc. presented its fourth annual sustainability report (Parral tailings, Chihuahua).
  • Torex Gold Resources Inc. released its 2024 responsible mining report, the company’s tenth annual disclosure of its safety, environmental, social and governance performance. The report can be downloaded at the company’s website (Morelo Complex, Guerrero).

On the image below: Intrusive rock fragments and gouge within a fault zone in HQ core. Picture by Jorge Cirett.

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

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By Jorge Cirett

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

ON MEXICO ISSUES

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

ON EXPLORATION

  • No Relevant News.

ON MINING

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

ON FINANCING

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

ON RESOURCES AND DEVELOPMENT

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

ON DEALS AND CORPORATE ISSUES

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

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

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

01 IMG_9590 – copiaDownload

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

/ Gambusino Prospector / Leave a comment

By Jorge Cirett

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

ON MEXICO ISSUES

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

ON EXPLORATION

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

ON MINING

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

ON FINANCING

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

ON RESOURCES AND DEVELOPMENT

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

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

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