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

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Low-angle quartz veins hosted in Mn-rich volcanic rocks

By Miguel A Heredia

During the 23th week of the year (June 02nd to June 08th 2025), at least 26 press releases were announced by companies working in Mexico, with twelve disclosing deals and corporate issues, seven announcing financing rounds, two reporting resources and development of their properties, two informing on exploration results, one communicating production results, one discussing social issues, and one commenting on Mexican issues.  ON MEXICO ISSUES, Endeavour reported the best drilling intercepts in Mexico on the first week of June, 2025. ON EXPLORATION, In Durango, Pinnacle presented underground sampling results from its Potrero project, and Mithril released high-grade surface and underground sampling results from its Copalquin project.  ON MINING, Orogen reported Q1, 2025 production and financial results (Ermitaño mine, Sonora). ON FINANCING, Defiance Silver announced brokered  Listed Issuer Financing Exemption (LIFE) offering for gross proceeds of up to CAD $8M, the same that later on was upsized to CAD $13M (San Acacio project, Zacatecas).  Vizsla Royalties entered into a bought deal agreement with CIBS Capital Market to sell 27,400,000 common shares for gross proceeds of CAD $54.8M (Panuco project, Sinaloa). Silver Viper announced a non-brokered private placement for gross proceeds of up to USD $3.5M (La Virginia project, Sonora). Mammoth announced a non-brokered private placement of up to 30,000,000 units for gross proceeds of up to CAD $750K (Tenoriba project, Chihuahua). Impact Silver closed a final tranche of its previously announced non-brokered private placement for gross proceeds of CAD $1,275,320 (Plomosas mine, Chihuahua). Silver Storm announced that it closed the first tranche of its previously announced brokered LIFE financing for gross proceeds of CAD $10,541,050, including a CAD $1M investment by Eric Sprott (La Parrilla mine, Durango). ON RESOURCES AND DEVELOPMENT, Endeavour Silver reported positive results from its drilling exploration program at Pitarrilla project, Durango. Orla Mining delivered initial underground mineral resource estimate for its Camino Rojo property in Zacatecas.  ON DEALS AND CORPORATE ISSUES, Endeavour reported voting results of its annual general meeting of shareholders (Guanacevi mine, Durango). Orogen announced its notice of annual general and special meeting of shareholders (Ermitaño mine, Sonora). Prismo Metals appointed its President, effective immediately (Palos Verdes project, Sinaloa). Reyna Silver announced the resignation of one of its Directors (Batopilas project, Chihuahua). Santacruz declared that it has applied to, and received from the British Columba Securities Commission, a temporary Management Cease Trade Order (Zimapan mine, Hidalgo). Sierra Metals announced that it called an annual general and special meeting of shareholders (Bolivar mine, Chihuahua). Sierra Madre extended a USD $5M loan with First Majestic by a year, pushing the due date to May 2027 (La Guitarra mine, Estado de Mexico).  Vizsla Royalties entered into a royalty purchase agreement with Grupo Minero Bacis to acquire an additional 3% NSR on certain concessions comprising the Panuco-Copala project in Sinaloa. Silver Viper announced the resignation of its CFO and announced the engagement of ICP Securities Inc., to provide automated market making services (La Virginia project, Sonora).   Defiance Silver signed a long-term surface agreement for its Tepal project in Michoacan; restructured its option agreement to acquire a 2.5% NSR from Minera Tepal, and extended the final payment on the San Acacio project in Zacatecas to June 20, 2026, with no changes to economic terms. Mammoth entered into a strategic alliance with RM Minerias, a private company focused on acquiring, developing and restarting to commercial production, mineral extraction and processing facilities in Mexico (Tenoriba project, Chihuahua). Bear Creek presented voting results from its annual general meeting of shareholders and announced the appointment of officers (Mercedes mine, Sonora). ON SOCIAL RESPONSIBILITY, Aura released its 2024 sustainability report (Aranzazu mine, Zacatecas).  

ON MEXICO ISSUES

  • Endeavour Silver Corp., reported the best drilling intercepts in Mexico on the first week of June 2025. Details are shown in the table below:

ON EXPLORATION

  • Pinnacle Silver and Gold Corp., presented underground sampling results from the Pinos Cuates mine at its Potrero project in Durango. The systematic channel sampling of the underground workings has defined lens of high-grade gold and silver mineralization, with individual samples returning up to 37.3 g/t Au and 346 g/t Ag. Composite channel sampling at Pinos Cuates mine returned assays up to 19.4 g/t Au and 266 g/T Ag over 4.1m, including 37.3 g/t Au and 346 g/t Ag over 0.6m, and 31.2 g/t Au and 395 g/t Ag over 0.5m. Underground mapping on the Dos de mayo vein revealed that the vein-breccia system is wide and strong with exposed widths of 10.46m and 8.5m on the upper and lower level respectively, but it still needs to drill to find the full extent. Surface mapping on the Dos de mayo vein system extended the mineralized zone over 1.6km, with grab samples strikingly high gold and silver results like one spot with 13.2 g/t Au and 2,280 g/t Ag, and 5.2 g/t Au and 745 g/t Ag. Visible gold and ginguro textures were observed during the mapping field work. These results demonstrate strong exploration potential and the possibility for near-term development of the high-grade mineralization.
  • Mithril Silver and Gold Limited released high-grade mineralization surface and underground sampling results from target 5 along a 1.6km vein corridor within its Copalquin project in Durango, with grades exceeding 1% copper, lead, and zinc, along with significant Au and Ag in a large area. Highlights channel samples results include 2.84 g/t Au and 777 g/t Ag over 0.8m (Mina Apomal); 5.36 g/t Au and 706 g/t Ag over 0.5m (Apomal Norte); 2.58 g/t Au and 716 g/t Ag over 0.8m (Dulces Nombres); 1.48 g/t Au, 236 g/t Ag, 0.17% Cu, 1.7% Pb, and 0.06% Zn over 1m (Veta Azul); 0.04 g/t Au, 8 g/t Ag, 0.03% Cu, 0.1% Pb, and 1.3% Zn over 1m (Veta Azul); 0.07 g/t Au, 41 g/t Ag, 1.6% Cu, 19 ppm Pb, and 61 ppm Zn over 1m (Apomal); and 0.06 g/t Au, 145 g/t Ag, 0.1% Cu, 1.1% Pb, and 0.05% Zn over 0.85m (Duraznito). These findings reinforce the district’s potential for multiple high-grade deposits and support ongoing resource development efforts Drilling at this target area is set for next quarter after finishing up work in the main resource zone and updating their geological model.

ON MINING

  • Orogen Royalties Inc., presented Q1, 2025 production and financial results. A total of 270,203 tonnes were processed at Ermitaño Mine by First Majestic Silver Corp., with grades of 58 g/t Ag and 2.59 g/t Au and metallurgical recoveries of 68% and 95% respectively. The company reported a net income from operations of CAD $1.8M; royalty revenue of CAD $2.1M from 497 Gold Equivalent Ounces (GEO´s) on average price of USD $2,820 per ounce as a result of the 2% NSR that Orogen holds at Ermitaño; revenue from prospect generation activities of CAD $0.5M; G&A expenses of CAD $1-7M; cash flow of CAD $1.2M; and working capital of CAD $28M at March 31, 2025.

ON FINANCING

  • Defiance Silver Corp., announces brokered  Listed Issuer Financing Exemption (LIFE) offering for gross proceeds of up to CAD $8M for the sale of up to 32,000,000 units at a price of CAD $0.25 per unit. The company also grants the agent an option, exercisable in full or in part up to 48 hours prior to the closing of the Marketed Offering, to sell up to an additional 8,000,000 units at the offering price for additional gross proceeds of up to CAD $2M. Later on, the company upsized the offering to 52,000,000 units at a price of CAD $0.25 per unit for gross proceeds of up to CAD $13M. Concurrent with the brokered offering, the company plans to complete a non-brokered private placement of up to 6,000,000 units of the Company (the “NB Units”, and collectively with the Units, the “Offered Securities”) at a price of CAD $0.25 per NB Unit for additional gross proceeds of up to CAD $1.5M. Defiance plans to use the gross proceeds to complete a Mineral Resource Estimate at its San Acacio project in Zacatecas, to make periodic cash option payments on its Tepal project in Michoacan, and to provide general working capital to support operations.
  • Vizsla Royalties Corp., entered into a bought deal agreement with CIBS Capital Market to sell 27,400,000 common shares at a price of CAD $2 per common share for gross proceeds of CAD $54.8M. Gross proceeds will be used to repurchase 50% of the 3.0% NSR for USD $1.95M and will purchase the remaining 50% of the 3.0% NSR for USD $38.05M, for a total cash consideration of USD $40M subject to potential adjustment in customary circumstances (Panuco project, Sinaloa).
  • Silver Viper Minerals Corp. announced a non-brokered private placement for gross proceeds of up to USD $3.5M from the sale of 23,333,334 units at a price of USD $0.15 per unit. Net proceeds will be used for drilling and other exploration activities at La Virginia project in Sonora, and for working capital and other general corporate purposes.
  • Mammoth Resources Corp., announced a non-brokered private placement of up to 30,000,000 units at a price of CAD $0.025 per unit for gross proceeds of up to CAD $750K. Net proceeds will be used to advance its Tenoriba project in Chihuahua, evaluate potential acquisitions, and support working capital needs.
  • Impact Silver Corp., closed a final tranche of its previously announced non-brokered private placement for gross proceeds of CAD $1,275,320 from the issuance of 460K LIFE units at a price of CAD $0.20 per unit, and from the issuance of 6,574,000 units at a price of CAD $0.18 per unit. With the first tranche closing of CAD $3,930,711, this brings the total oversubscribed financing to CAD $5,206,031. Impact Silver plans to use the net proceeds to accelerate exploration activity at its Plomosas high-grade zinc-lead-silver property in Chihuahua, further develop its prolific silver assets at its legacy Royal Mines of Zacualpan district in Estado de Mexico, as well as invest in operational improvements to improve productivity and throughput. Exploration activities include sampling, target definition, and drilling with the intention of expanding the existing JORC mineral resource at Plomosas mine where exploration potential is exceptional along a 6 km-long structure.  
  • Silver Storm Mining Ltd., announced that it closed the first tranche of its previously announced brokered LIFE financing for gross proceeds of CAD $10,541,050 from the sale of 81,085,000 units at a price of CAD $0.13 per unit, including a CAD $1M investment by Eric Sprott. Net proceeds will be used for the procurement of La Parrilla mine processing flotation cells; to commence rehabilitation work of the La Parrilla processing facility including equipment purchase and refurbishment, labour, and supplies; to order long lead items including deposits on mining equipment and ventilation fans; to fund ongoing operations for the next twelve months; and for general corporate and working capital purposes.

ON RESOURCES AND DEVELOPMENT

  • Endeavour Silver Corp., reported positive results from its drilling exploration program at Pitarrilla project, Durango. Drilling from surface and underground has been successful in intersecting high-grade silver, zinc and lead mineralization and provides additional confidence required to upgrade existing mineral resources. Drilling highlights are shown in the table below:
  • Orla Mining Ltd., delivered initial underground Mineral Resource Estimate (MRE) for its Camino Rojo property in Zacatecas. Measured and indicated mineral resources are 50.1M tonnes of 2.45 g/t Au, 10.6 g/t Ag, and 0.25% Zn (2.58 g/t AuEq), totaling 3.95M Oz Au, 17.05M Oz Ag, and 278M Lb Zn (4.16M Oz AuEq). Inferred mineral resources are 5.6M tonnes of 2.21 g/t Au, 10.9 g/t Ag, and 0.21% Zn (2.33 g/t AuEq), totaling 0.4M Oz Au, 1.95M Oz Ag, and 26M Lb Zn (0.42M Oz AuEq). Orla´s strategy is “to advance the initial underground MRE towards possible future construction decision. This include additional exploration, development planning for an exploration drift to allow for tighter spaced underground drilling, flowsheet design, further metallurgical testing, engineering studies, and permitting activities”.

ON DEALS AND CORPORATE ISSUES

  • Endeavour Silver Corp., reported voting results of its annual general meeting of shareholders and reported the retirement of one of its directors (Guanacevi mine, Durango).
  • Orogen Royalties Inc., announced its notice of annual general and special meeting of shareholders. Orogen will hold its Meeting on June 27, 2025, at 10:00 a.m. (Pacific time)  (Ermitaño mine, Sonora).
  • Prismo Metals Inc., appointed its President, effective immediately (Palos Verdes project, Sinaloa).
  • Reyna Silver Corp., announced the resignation of one of its Directors (Batopilas project, Chihuahua).
  • Santacruz Silver Mining Ltd., declared that it has applied to, and received from the British Columba Securities Commission, a temporary Management Cease Trade Order on the basis that it was unable to file its interim financial statements, accompanying management’s discussion and analysis and required certifications for the interim period ended March 31, 2025 (Zimapan mine, Hidalgo).
  • Sierra Metals Inc., announced that it called an annual general and special meeting of shareholders to be held on July 29, 2025 (Bolivar mine, Chihuahua).
  • Sierra Madre Gold and Silver Ltd., extended a USD $5M loan with First Majestic Silver Corp., by a year, pushing the due date to May 2027. They’re paying 15% interest annually but only interest monthly, with the first six months’ interest deferred in the amount of USD $365K.  This extra time might help them boost capacity at their Guitarra silver-gold mine in Estado de Mexico and speed up exploration efforts. They also granted stock options to new employees and consultants, to purchase an aggregate of 950,000 common shares at a price of USD $0.69 per share for a period of 5 years from the grant date.
  • Vizsla Royalties Corp., entered into a royalty purchase agreement with Grupo Minero Bacis S.A. de C.V., to acquire an additional 3% NSR on certain concessions comprising the Panuco-Copala project in Sinaloa, for a total cash consideration of USD $40M. With this the company increased its total NSR to 3.5%.
  • Silver Viper Minerals Corp., announced the resignation of its CFO and declared that it has initiated a search for a permanent replacement. In the interim, Steve Cope, CEO, will assume the responsibilities of the CFO on a temporary basis until a successor is appointed. The company also announced the engagement of ICP Securities Inc., to provide automated market making services (La Virginia project, Sonora).
  • Defiance Silver Corp., signed a long-term surface agreement for its 100% owned Tepal project in Michoacan, allowing exploration and drilling, and engineering studies over the next six years. This agreement marks a key milestone for Defiance, providing the necessary certainty to advance their work in the project area.  The company also has restructured its option agreement to acquire a 2.5% SR from Minera Tepal S.A. de C.V., with a revised payment schedule starting July 2025. Additionally, an extension for the final payment on the San Acacio land package in Zacatecas has been secured, moving the due date to June 30, 2026, with no changes to economic terms.
  • Mammoth Resources Corp., entered into a strategic alliance with RM Minerias, a private company focused on acquiring, developing and restarting to commercial production, mineral extraction and processing facilities in Mexico (Tenoriba project, Chihuahua). 
  • Bear Creek Mining Corporation presented voting results from its annual general meeting of shareholders and announced the appointment of officers (Mercedes mine, Sonora).

ON SOCIAL RESPONSIBILITY

  • Aura Minerals Inc., released its 2024 sustainability report, in which the company highlighted the progress in promoting safety, responsibility, sustainability, and innovation. The sustainability report disclosures the financial, environmental, and social performance during 2024. Highlights include a strengthened data and cyber security infrastructure for AI integration, R $6.1M investment in community development, reassessment of emissions inventories per Green House Gas (GHG) Protocol, compliance with Responsible Gold Mining Principles, and sourcing 40% of purchases from local suppliers. The company was recognized for gender equity efforts and earned Great Place to Work certification with a 78% favorability score (Aranzazu mine, Zacatecas). 

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 above, low-angle veins hosted in Mn-rich volcanic rocks in a project in the Sonoran Desert. Photo taken by Miguel A Heredia.

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

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Cu mineraliztion in a sericitic-altered intrusive rock

By Miguel A Heredia

During the 15th week of the year (April 7th to April 13th 2025), at least 30 press releases were announced by companies working in Mexico, with eleven communicating production results, seven disclosing deals and corporate issues, six reporting resources and developments of their properties, three announcing financial rounds, one commenting on Mexican issues, and one informing on exploration results.  ON MEXICO ISSUES, Mithril and Angel Wing reported the best drilling intercepts in Mexico on the second week of April, 2025. ON EXPLORATION, In Nayarit, Angel Wing releases results from the initial 13-hole (1,400m) diamond drill program at its La Reyna project. ON MINING, Capstone announced that it will release its Q1, 2025 results on May 1, 2025 (Cozamine mine, Zacatecas).  Gold Resource declared that it will host a year end 2024 conference call on Wednesday, April 9, 2025. Pan American announced that it will report Q1, 2025 unaudited results on Wednesday May 7, 2025 (La Colorada mine, Zacatecas-Durango). Teck announced that it will release Q1, 2025 Q1, 2025 results on April 24, 2025 (San Nicolas mine, Zacatecas). Aura Minerals reported Q1, 2025 production at its Aranzazu mine, Zacatecas. Endeavour Silver announced Q1, 2025 production results from its Mexican mine operations. First Majestic released Q1, 2025 production results. DynaResource reported Q4 and year-end 2024 production and financial results from its San Jose de Gracia mine in Sinaloa. GoGold announced production results for the quarter ending March 31, 2025 from its Parral tailings property in Chihuahua. Torex reported Q1, 2025 production results from its Mexican operation mines in Guerrero. Gold Resource announced full year 2024 production and financial results for its Don David Gold Mine in Oaxaca.  ON FINANCING, Endeavour closed its bought deal financing for aggregate gross proceeds of USD $45M (San Sebastian mine, Jalisco). Pantera Silver closed a non-brokered private placement for aggregate gross proceeds of CAD $1.65M (Nuevo Taxco project, Guerrero). US Antimony secured a $5M line of credit with Truist bank (Los Juarez project, Queretaro).  ON RESOURCES AND DEVELOPMENT, Altius announced that Orogen recently reported an initial resource estimate for the newly discovered Navidad Vein at the Ermitaño mine, Sonora. DynaResource released metallurgical test work results from its san Jose de Gracia mine, Sinaloa. Tocvan announced the commencement of its next phase of 1,500m RC drilling at Pilar project, Sonora. Mithril reported high-grade channel results and drill results from its Copalquin project in Durango. Orogen announced mineral resource and reserve update on its producing Ermitaño royalty in Sonora, including inferred resource for the Navidad Vein. Heliostar reported drill results for its La Colorada mine, Sonora. ON DEALS AND CORPORATE ISSUES, Xali announced the appointment of its new exploration manager (El Oro project, State of Mexico). Defiance Silver entered into a non-binding letter of intent with Green Earth Metals Inc., a private held company holding a portfolio of assets in Mexico. Bear Creek announced closing of debt amendments (Mercedes mine, Sonora).  Sierra Metals reiterated recommendations to take no action as Alpayana amends hostile bid (Bolivar mine, Chihuahua). Plata Latina completed the sale of the 3% NSR on the Naranjillo project, Guanajuato for a total of USD $6M.  ON SOCIAL RESPONSIBILITY, First Majestic released its 2024 sustainability report

ON MEXICO ISSUES

  • Heliostar Metals Ltd., and Angel Wing Metals reported the best drilling intercepts in Mexico on the second week of April 2025, 2025. Details are shown in the table below:

ON EXPLORATION

  • Angel Wing Metal Inc., releases results from the initial 13-hole (1,400m) diamond drill program at its La Reyna project, Nayarit. Five widely spaced targets were drill-tested: El Polo, Dolorosa North, Dolorosa South, Celeste, and Zorrillo. Drilling highlights at El Polo target area include holes LR-25-005 with 1.6 g/t Au, 30 g/t Ag, 216 ppm Cu, 657 ppm Pb, and 463 ppm Zn over 8.20m, including 2.07 g/t Au, 39 g/t Ag, 246 ppm Cu, 718 ppm Pb, and 472 ppm Zn over 7.1m, including 3.75 g/t Au, 70 g/t Ag, 475 ppm Cu, 1,065 ppm Pb, and 560 ppm Zn over 3.75m; and hole LR-25-013 with 1.01 g/t Au, 60 g/t Ag, 429 ppm Cu, 1,384 ppm Pb, 1,965 ppm Zn over 6.80m, including 1.82 g/t Au, 11 g/t Ag, 86 ppm Cu, 982 ppm Pb, and 492 ppm Zn over 1.45m, including 2.09 g/t Au, 234 g/t Ag, 1,045 ppm Cu, 2,630 ppm Pb, and 4,990 ppm Zn over 1.40m. Drilling highlights at  Dolorosa South includes holes LR-25-001 with 1.52 g/t Au, 12 g/t Ag, 802 ppm Cu, 818 ppm Pb, and 133 ppm Zn over 7.75m, including 1.2 g/t Au, 13 g/t Ag, 325 ppm Cu, 890 ppm Pb, and 156 ppm Zn over 3m, including 2.1 g/t Au, 12 g/t Ag, 1,136 ppm Cu, 487 ppm Pb, and 96 ppm Zn over 3m, including 2.14 g/t Au, 21 g/t Ag, 416 ppm Cu, 1,155 ppm Pb, and 185 ppm Zn over 1.50m, including 3.89 g/t Au, 16 g/t Ag, 1,020 ppm Cu, 20 ppm Pb, and 88 ppm Zn over 1m; hole LR-25-011 with 1.46 g/t Au, 1 g/t Ag, 447 ppm Cu, 38 ppm Pb, and 86 ppm Zn over 1.5m; and hole LR-21-012 with 3.59 g/t Au, 10 g/t Ag, 1,071 ppm Cu,

ON MINING

  • Capstone Copper Corp., announced that it will release its Q1, 2025 results on May 1, 2025 (Cozamine mine, Zacatecas). 
  • Teck Resources Limited announced that it will release Q1, 2025 Q1, 2025 results on April 24, 2025 (San Nicolas mine, Zacatecas).
  • Aura Minerals Inc., reported Q1, 2025 production at its Aranzazu mine, Zacatecas. The company produced 20,456 Oz AuEq.
  • Endeavour Silver Corp., announced Q1, 2025 production results from its Mexican mine operations. Table below shows figures by mine:

First Majestic Silver Corp., released Q1, 2025 production results from its four producing underground Mexican mines. Mine by mine production details are shown in the next table:

  • DynaResource Inc., reported Q4 and year-end 2024 production and financial results from its San Jose de Gracia mine in Sinaloa (all currency amounts are expressed in US dollars). During Q4, 2024, Dyna mined 59,940 tonnes and milled 67,670 tonnes of 4.12 g/t Au with a metallurgical recovery of 75.58% to produce 6,775 Oz Au. The company sold 6,897 Oz Au. During 2024 full year, the company mined 233,782 tonnes and milled 256,676 tonnes of 4.07 g/t Au with a metallurgical recovery of 76.24% to produce 25,677 Oz Au. The company sold 22,003 Oz Au. Dyna also reported for Q4, 2024 revenue of $14.8M and a net income of $0.1M, while for the full year 2024 it reported revenue of $46.5M and a net income of $8M.
  • GoGold Resources Inc., announced production results for the quarter ending March 31, 2025 from its Parral tailings property in Chihuahua. The company produced 210.3K Oz Ag, 3.3K Oz Au, 351.7K Lb Zn, and 262.1K Lb Cu (555.5K Oz AgEq).
  • Torex Gold Resources Inc., reported Q1, 2025 production results from its Mexican operation mines in Guerrero. Figures of the production results are shown in the table below:

The company is on track to achieve annual payable guidance of 400K-450K Oz AuEq.

  • Gold Resource Corporation announced full year 2024 production and financial results for its Don David Gold Mine in Oaxaca. The company produced and sold a total of 18.6K Oz AuEq comprising of 8,598 Oz Au and 817.3K Oz Ag sold at an average price of USD $2,354 and USD $28.75 respectively. Gold Resource reported USD 41.6M cash and cash equivalent as at December 31, 2025; working capital of USD $2.1M; and cash and AISC of USD 42,330 and USD $2,939 per Oz AuEq sold.

ON FINANCING

  • Endeavour Silver Corp., closed its bought deal financing for the issuance of 11,600,000 common shares at a price of USD $3.88 per common share for aggregate gross proceeds of USD $45M (San Sebastian mine, Jalisco).
  • Pantera Silver Corp., closed a non-brokered private placement financing by issuing a total of 6,600,000 units at a price of CAD$0.25 per unit for aggregate gross proceeds of CAD $1.65M (Nuevo Taxco project, Guerrero).
  • US Antimony Corporation secured a $5M line of credit with Truist bank. There are no immediate plans to utilize any borrowing under this new line of credit. The company only intends to utilize this credit facility as needed to support strategic growth initiatives, primarily associated with antimony inventory building (Los Juarez project, Queretaro).

ON RESOURCES AND DEVELOPMENT

  • Altius Minerals Corporation announced that Orogen Royalties Inc., recently reported an initial resource estimate for the newly discovered Navidad Vein at the Ermitaño mine, Sonora.
  • DynaResource Inc., released metallurgical test work results from its San Jose de Gracia mine, Sinaloa, as part of the preparation of an SK 1300 technical report. “The metallurgical test work results from three fresh rock composite samples from the active exploration areas of San Pablo, San Pablo Sur, and La Mochomera show excellent recovery > 95% in all samples using gravity followed by flotation (using standard industry reagents). Additionally, gravity gold recoveries reached up to 33.8%, confirming that the gold mineralization is amenable to conventional gravity gold processing methods such as Falcon concentrators”. 
  • Tocvan Ventures Corps., announced the commencement of its next phase of 1,500m RC drilling at Pilar project, Sonora. Drilling will focus on the 100% controlled expansion area where recent scout drilling returned significant mineralization.
  • Mithril Silver and Gold Limited reported high-grade channel results and drill results from its Copalquin project in Durango. Channel sampling highlights at Las Brujas working area includes 21.5 g/t gold and 337 g/t silver over 1m; 7.71 g/t Au and 170 g/t Ag over 1m; 3.7 g/t Au and 67 g/t Ag over 3m; 8.8 g/t Au and 74 g/t Ag over 2m; 7.85 g/t Au and 128 g/t Ag over 2m; 28.7 g/t Au and 356 g/t Ag over 1m; 15.3 g/t Au and 127 g/t Ag over 1m; 21.8 g/t Au and 156 g/t Ag over 1m; and 4.77 g/t Au and 94 g/t Ag over 1m. Channel sampling highlights at El Peru working area includes 5.66 g/t Au and 155 g/t Ag over 9.5m; 26.8 g/t Au and 1,004 g/t Ag over 2m; and 31.8 g/t Au and 233 g/t Ag over 1m. Mithril also reported the results of the drill hole MTH-LS25-20 at the Target 1, which intersected 9.06 g/t Au and 11 g/t Ag over 2.90m, including 44.7 g/t Au and 43 g/t Ag over 0.5m.
  • Orogen Royalties Inc., announced mineral resource and reserve update on its producing Ermitaño royalty in Sonora, including inferred resource for the Navidad Vein. Ermitaño reserves and resources as of Dec 31, 2024 are shown in the next table:

The company also reported Initial inferred resources for the Navidad vein system of 2.3M tonnes consisting of 5.9M Oz Ag and 249K Oz Au at grades of 81 g/t and 3.42 g/t respectively.

  • Heliostar Metals Ltd., reported drill results for its La Colorada mine, Sonora. Drilling highlights can be seen in the next table:

ON DEALS AND CORPORATE ISSUES

  • Xali Gold Corporation announced the appointment of its new exploration manager (El Oro project, State of Mexico).
  • Defiance Silver Corp., entered into a non-binding letter of intent (LOI) with Green Earth Metals Inc. (GEMS), a private held company holding a portfolio of assets in Mexico. Defiance proposes to acquire all issued and outstanding shares of GEMS in a strategic transaction. GEMS holds rights to three-drill permitted copper-gold-silver molybdenum projects in Mexico´s Sonora desert porphyry copper belt, covering a total of 6,795.22 hectares. The GEMS assets comprise the Victoria, Espiritu, and Los Ocotes project areas  “Under the terms of the LOI, Defiance proposes to issue common shares to GEMS shareholders in exchange for all of the issued and outstanding common shares of GEMS, based on an exchange ratio of 1 Defiance Share for every 4.52 GEMS Shares. In total, Defiance proposes to issue 4,954,613 Defiance Shares of Defiance at a price of CAD $0.255 per share, for a total purchase price of CAD $1,250,000 (excluding the Convertible Debenture Financing)”. Upon the closing of the transaction, GEMS will become a wholly-owned subsidiary of Defiance. In connection with the transaction, Defiance has also agreed to invest in GEMS through an unsecured convertible debenture for a total amount of CAD $150K. The convertible debenture will bear simple interest at 8.0% per annum and will mature two years from the closing of the convertible debenture financing.
  • Bear Creek Mining Corporation announced that it closed the amending agreements with each of Equinox Gold Corporation and Sandstorm Gold Ltd. Bear Creek will temporarily defer monthly interest payments on their existing debt obligations from February 2025 to November 2025, with all deferred interest due by December 31, 2025. The company anticipates issuing a new secured promissory note to Sandstorm in 2025 for up to USD $6.5M to support working capital, pending approval from the TSX Venture Exchange.
  • Sierra Metals Inc., reiterated recommendations to take no action as Alpayana amends hostile bid. The Board asserted that the bid, recently amended to offer CAD $1.1 per share, still undervalues the company. None of the directors or officers intend to tender their shares. The board emphasizes its successful operational improvements and advises shareholders not to act on the hostile bid, which it deems opportunistic and a poor reflection of the company’s true value (Bolivar mine, Chihuahua).
  • Plata Latina Minerals Corporation completed the sale of the 3% NSR on the Naranjillo project, Guanajuato for a total of USD $6M to a wholly-owned subsidiary of Fresnillo plc. The company retains a 2% NSR with Fortuna Mining Corp. on the La Joya project, which is located in the state of Hidalgo.
  • Vizsla Royalties Corp., adopted a new omnibus equity incentive compensation plan to replace the existing stock option plan, effective April 1, 2025. As part of this plan, the company has granted 2,800,000 performance share units (PSUs) to its officers, directors, employees, and consultants, which will vest after one year based on specific performance targets. If these targets are met, each vested PSU can be exchanged for one common share or settled in cash at the discretion of the Board. Approval from the TSX Venture Exchange and disinterested shareholders will be sought at the company’s upcoming annual general meeting in Q3 2025 (Panuco project, Sinaloa).

ON SOCIAL RESPONSIBILITY

  • First Majestic Silver Corp., released its 2024 sustainability report. The report highlights significant achievements, including record safety performance with a 48% reduction in Total Recordable Incident Frequency Rate (TRIFR) and a 70% reduction in Lost Time Injury Frequency Rate (LTIFR). The company also reported a 33% reduction in carbon footprint per tonne of ore processed and invested over USD $1.2M in community projects, resulting in a notable decrease in community complaints.

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 above, Cu mineralization in a sericitic-altered intrusive rock in an IOCG project in Sonora, Mexico. Miguel A Heredia in the photo.

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

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Massive Pyrite

By Miguel A Heredia

During the 11th week of the year (March 10th to March 16th 2025), at least 23 press releases were announced by companies working in Mexico, and 1 news published by the media, with six announcing financial rounds, six communicating production results, five disclosing deals and corporate issues, five reporting resources and development of theirs properties, one discussing social issues, and one commenting on Mexican issues.  ON MEXICO ISSUES, Orex Minerals and Tocvan/Colibri reported the best drilling intercepts in Mexico on the second week of March, 2025. ON EXPLORATION, No relevant news.  ON MINING, Endeavour reported Q4, and full-year 2024 consolidated results from their Mexican operations. Altius reported 2024 attributable royalty revenue of CAD $64M and adjusted earnings of CAD $12.7M (Cuale project, Jalisco). Avino reported Q4 and full-year 2024 production and financial results from its Avino mine in Durango. Equinox announced filing of 2024 audited financial statements (Los Filos mine, Guerrero). Sierra Metals announced that it plans to release the Q4 and full-year 2024 financial and operating results on March 26, 2025 (Bolivar mine, Chihuahua).  Starcore reported results for the third quarter ended January 31, 2025 from its San Martin mine in Queretaro.  ON FINANCING, Bear Creek closed a brokered private placement for gross proceeds of CAD $14.5M (Mercedes mine, Sonora). Goldgroup announced a non-brokered private placement for gross proceeds of up to $7M (Cerro Prieto mine, Sonora). Prismo closed its previously announced debt settlement transactions (Palos Verdes project, Sinaloa). Colibri announced extension of its non-brokered private placement closing date (Pilar project, Sonora).  Reyna Silver closed a final tranche of its previously announced private placement for gross proceeds of CAD $169,729.95 (Batopilas project, Chihuahua). ON RESOURCES AND DEVELOPMENT, Colibri and its JV Partner Tocvan, released drill assays from the first two holes drilled in its recent ten holes diamond drilling program at Pilar project, Sonora. Fortuna Mining reported updated mineral resources for its San Jose mine in Oaxaca. Orex announced results from its Phase-VI diamond drilling program of 2,000.8m in 8 holes completed on its Coneto project in Durango. Bear Creek filed a technical report regarding its Mercedes mine in Sonora. ON DEALS AND CORPORATE ISSUES, Kootenay reported that it will commence to trade at OTCQX best market (Columba project, Chihuahua). Silver Dollar announced the appointment of its new president and CEO (La Joya property, Durango). Infinitum Copper announced the appointment of its new CEO and Director (La Adelita project, Sonora). First Majestic appointed a new member to its Board of Directors (Santa Elena mine, Sonora). Apollo engaged Danayi Capital, an arm’s-length service provider, to provide the company certain investor relations and digital marketing services (Cinco de Mayo project, Chihuahua).  ON SOCIAL RESPONSIBILITY, Grupo Mexico has positioned itself as one of the best performing environmental, social, and governance companies in the industries in which it operates.

ON MEXICO ISSUES

  • Orex Minerals Inc., and Tocvan Ventures Corp / Colibri Resource Corporation reported the best drilling intercepts in Mexico on the second week of March, 2025. Details are shown in the table below:

ON EXPLORATION

  • No relevant news.

ON MINING

  • Endeavour Silver Corp., reported Q4, and full-year 2024 consolidated results from their Mexican operations (all currency is expressed in US dollars). In Q4, 2024, the company processed 165.6K tonnes to produce 824.5K Oz Ag and 9,075 Oz Au (1.55M Oz AgEq). It produced 817.3K payable Oz Ag and 8.9K payable Oz Au at cash and AISC of $13.68 and $27.33 respectively. Endeavour also reported revenue of $42.2M from the sale of 654.5K Oz Ag and 8,343 Oz Au at realized prices of $31.56/Oz Ag and $2,647/Oz Au. Net earnings (loss) were $1M; adjusted net earnings (loss) of $4.8M; mine operating earnings of $7.7M; mine operating cash flow before taxes of $13.1M; EBITDA of $4.4M; adjusted EBITDA of $8.5M, and working capital of $78.8M. In the full year 2024, the company processed 781.4K tonnes to produce 4.47M Oz Ag and 39.5K Oz Au (7.54M Oz AgEq). It produced 4.44M payable Oz Ag and 38.3K payable Oz Au at cash and AISC of $12.99 and $23.88 respectively. Endeavour also reported revenue of $217.6M from the sale of 4.65M Oz Ag and 38.5K Oz Au at realized prices of $27.39/Oz Ag and $2,397/Oz Au. Net earnings (loss) were ($3.51M); adjusted net earnings (loss) of $8M; mine operating earnings of $42.1M; mine operating cash flow before taxes of $72.3M; EBITDA of $10M; adjusted EBITDA of $52.7M, and working capital of $78.8M.
  • Altius Minerals Corporation reported 2024 attributable royalty revenue of CAD $64M, including CAD $ 11.7M for Q4, 2024, and adjusted earnings of CAD $12.7M. The company also declared a quarterly dividend of CAD $0.09 per share payable to all shareholders of record at the close of business on March 19, 2025. The dividend is expected to be paid on or about April 02, 2025 (Cuale project, Jalisco).
  • Avino Silver & Gold Mines Ltd., reported Q4 and full-year 2024 production and financial results from its Avino mine in Durango (all currency is expressed in US dollars). In Q4, 2024, the company milled 181,733 tonnes to produce 283.8K Oz Ag, 2.56K Oz Au, and 1.77M Lb Cu (735.6K Oz AgEq). The company sold 889.3K Oz AgEq at cash and AISC of $13.88 and $18.62 per Oz AgEq payable respectively. In the full-year 2024, Avino milled 648,774 tonnes to produce 1.11M Oz Ag, 7.48K Oz Au, and 6.2M Lb Cu (2.65M Oz AgEq). The company sold 2.6M Oz AgEq at cash and AISC of $14.84 and $20.57 per Oz AgEq payable respectively. The company also reported in Q4, 2024 revenues of $24.4M; mine operating income of $10.5M; net income of $5.1M; EBITDA of $9.1M; adjusted earnings of $9.95M; cash provided by operating activities of $15.5; mine operating cash flow before taxes of $11.88M; cash of $27.3M; and working capital of $25.2M. For the full year 2024, the company reported revenues of $66.2M; mine operating income of $23.2M; net income of $8.1M; EBITDA of $18.04M; adjusted earnings of $21.3M; cash provided by operating activities of $23.1; mine operating cash flow before taxes of $27.6M; cash of $27.3M; and working capital of $25.2M.
  • Equinox Gold Corp., announced filing of 2024 audited consolidated financial statements (all currency expressed in US dollar). The company reported revenues of $1,514M; cash and cash equivalent of $239.3M; cost of sales of $304M; income from operations of $237.96M; income before income taxes of $ 630.5M; and net income of $339.3M (Los Filos mine, Guerrero).
  • Sierra Metals Inc., announced that it plans to release the Q4 and full-year 2024 financial and operating results on March 26, 2025 (Bolivar mine, Chihuahua). 
  • Starcore International Mines Ltd., reported results for the third quarter ended January 31, 2025 from its San Martin mine in Queretaro (all currency is expressed in Canadian dollars). The company milled 46.7K tonnes of 1.74 g/t Au and 11 g/t Ag with metallurgical recoveries of 87.4% and 49.1% respectively, to produce 2.2K Oz Au and 8.2K Oz Ag (2.3K Oz AuEq) at cash and AISC of $1,873 and $2,505 per Oz AuEq respectively. Starcore also reported revenues of $9M; earnings from mining operations and toll processing of $2.12M; and net income of 294K.

ON FINANCING

  • Bear Creek Mining Corporation closed a brokered private placement of 64,445,000 common shares at a price of CAD $0.225 per share for gross proceeds of CAD $14,500,125. The company intends to use net proceeds to support exploration and resource drilling at the company’s Mercedes mine in Sonora, to build a ventilation raise bore and secondary escape way at the Marianas deposit at Mercedes to ensure safe production and for general working capital purposes, the latter of which will include reducing Mercedes’ trade payables over the next quarter.
  • Goldgroup Mining Inc., announced a non-brokered private placement of up to 23,333,334 units at a price of $0.30 per unit, for gross proceeds of up to $7M, the same that later on the company upsized to 25,833,334 units at a price of $0.30 per unit, for gross proceeds of up to $7.75M. Net proceeds will be used for improvements at Cerro Prieto mine in Sonora, to update a PEA at Pinos property in Zacatecas, for debt reduction, and for general working capital.
  • Prismo Metals Inc., closed its previously announced debt settlement transactions, pursuant to which the company has issued to the creditors an aggregate of 4,451,175 common shares of the company at a price ranging from $0.075 to $0.23 per common share in full and final settlement of accrued and outstanding indebtedness in the aggregate amount of approximately $464,409 (Palos Verdes project, Sinaloa).
  • Colibri Resource Corporation announced extension of its non-brokered private placement closing date. The company obtained consent from TSX Venture Exchange to extend the closing date for a second tranche to on or before March 28, 2025. The offering is for the sale of up to 10,000,000 units at a price of $0.025 per unit, for total gross proceeds of up to $250K (Pilar project, Sonora).
  • Reyna Silver Corp., closed a final tranche of its previously announced private placement of 2,623,066 units at a price of CAD $0.075 per unit for gross proceeds of CAD $169,729.95. The company intends to use the proceeds from the offering for ongoing exploration, maintenance and development of the company’s properties and general working capital and corporate purposes (Batopilas project, Chihuahua).

ON RESOURCES AND DEVELOPMENT

  • Colibri Resource Corporation and its JV Partner Tocvan Ventures Corp., released drill assays from the first two holes drilled in its recent ten holes diamond drilling program at Pilar project, Sonora. The most significant intercept was encountered in hole JES-25-104 with 1.27 g/t Au and 1 g/t Ag over 83.45m, including 10.31 g/t Au and 5 g/t Ag over 9.72m, including 60.6 g/t Au and 13 g/t Ag over 1.62m.  Hole JES-25-103 intersected 0.09 g/t Au, 8 g/t Ag, and 0.54% Cu over 34.70m, including 0.15 g/t Au, 12 g/t Ag, and 0.9% Cu over 9.60m, including 0.4 g/t Au, 39 g/t Ag, and 2.56% Cu over 3.70m.
  • Fortuna Mining Corp., reported updated mineral resources for its San Jose mine in Oaxaca. As of December 31, 2024, the San Jose mine has measured and indicated resources of 1.2M tonnes with grades of 160 g/t Ag and 1.15 g/t Au to contain 6.1M Oz Ag and 44K Oz Au (119K Oz AuEq), and inferred resources of 1.05M tonnes of 164 g/t Ag and 1.23 g/t Au, containing 5.6M Oz Ag and 42K Oz Au (110K Oz AuEq). “The San Jose mine was placed on care and maintenance on December 24, 2024, as the company decided to enter a strategic process to divest of the non-core asset. On January 15, 2025, the company announced it had entered into a binding agreement with Minas del Balsas S.A. de C.V. (MdB), a private Mexican company, for the sale of the San Jose mine. On March 6, 2025, the company terminated the acquisition agreement with MdB and is now continuing with the sale process to divest the asset”.
  • Orex Minerals Inc., announced results from its Phase-VI diamond drilling program of 2,000.8m in 8 holes completed on its Coneto project in Durango. The Loma Verde target area was the focus of such drilling program. Drilling highlights (true widths reported) include holes BCO-85 with 0.75 g/t Au and 173 g/t Ag (3.02 g/t AuEq or 230 g/t AgEq) over 15m, including 1.37 g/t Au and 419 g/t Ag (6.88 g/t AuEq or 523 g/t AgEq) over 4.60m; and hole BCO-89 with 1.17 g/t Au and 87 g/t Ag (2.32 g/t AuEq or 176 g/t AgEq9 over 4.75m, including 5.01 g/t Au and 397 g/t Ag (9.07 g/t AuEq or 738 g/t AgEq) over 0.75m, plus 1.70 g/t Au and 180 g/t Ag (4.05 g/t AuEq or 309 g/t AgEq) over 3.94m, including 5.42 g/t Au and 603 g/t Ag (13.35 g/t AuEq or 1,105 g/t AgEq) over 0.87m.
  • Bear Creek Mining Corporation filed a technical report regarding its Mercedes mine in Sonora. The Mercedes Report supports the updated Mercedes Mineral Resource and Mineral Reserve estimates announced by the Company on January 29, 2025.

ON DEALS AND CORPORATE ISSUES

  • Kootenay Silver Inc., reported that it will commence to trade at OTCQX best market under the ticker symbol “KOOYF” effective at the opening of trading on Wednesday, March 12, 2025 (Columba project, Chihuahua).
  • Silver Dollar Resources Inc., announced the appointment of its new president and CEO (La Joya property, Durango).
  • Infinitum Copper Corp., announced the appointment of its new CEO and Director (La Adelita project, Sonora).
  • First Majestic Silver Corp., announced the appointment of a new member to its Board of Directors, effective march 13, 2025 (Santa Elena mine, Sonora).
  • Apollo Silver Corp., engaged Danayi Capital Corp., an arm’s-length service provider, to provide the company certain investor relations and digital marketing services. Under a digital marketing agreement dated March 13, 2025 (the “Agreement”), Danayi will provide digital media, marketing strategies, and advertising for a trial period of one month at a fee of USD$50K  (Cinco de Mayo project, Chihuahua).  

ON SOCIAL RESPONSIBILITY

  • Grupo Mexico S.A.B de C.V, has positioned itself as one of the best performing environmental, social, and governance companies in the industries in which it operates. For the fourth consecutive year, Grupo Mexico has been included in the Sustainability Yearbook 2025, a distinction awarded by the rating agency S&P Global to the companies with the best performance in the Corporate Sustainability Assessment, one of the most rigorous in the world. Grupo Mexico is among the top 15% of companies in the Mining and Metals sector, thanks to its performance in key areas such as environmental management systems, biodiversity, energy, human rights, water, transparency, and disclosure.

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 above, massive pyrite in an IOCG project in Sonora, Mexico. Photo taken by Miguel A Heredia.

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

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Vuggy Silica

By Miguel A Heredia

During the 39th week of the year (September 23rd to September 29th 2024), at least 28 press releases were announced by companies working in Mexico, and 7 news published by the media, with nine disclosing deals and corporate issues, eight announcing financing rounds, eight commenting on Mexican issues, three reporting resources and development of their properties, three communicating production and financial results, three informing on exploration results, and one discussing social issues. ON MEXICO ISSUES, The marine exploration company Odyssey, in which Carlos Ancira had a shareholding, won to the Mexican government, a USD $37.1M arbitration within the NAFTA. Andrés Manuel López Obrador (AMLO)expropriated from Vulcan Materials a port and a quarry in Quintana Roo, which deepened tensions days before he leaves office. Andrés Manuel Lopez Obrador (AMLO), in a last surprise “play” before concluding his mandate fulfilled his warning and finally took control of a port and a quarry owned by the American company Vulcan Materials, with which maintains a dispute for several years now. AMLO concludes his government with the expropriation of the land and port of the Calica mine, property of the American company Vulcan Materials Company in Quintana Roo. Metal prices hit highs and boost mining companies in the stock market. Kootenay Silver reported the best drilling intercepts in Mexico on the fourth week of September, 2024.  ON EXPLORATION, In Chihuahua, Kootenay released results from five drill holes at its Columba project, and Quetzal Copper reported completion of the phase one exploration and drilling program at it’s the Cristinas project. In Sinaloa, Prismo commenced a 1,250m drill program at its Palos Verdes project. ON MINING, Agnico Eagle announced that it willreport its Q3, 2024 results on October 30, 2024 (Pinos Altos mine, Chihuahua). Sierra Madre Gold and Silver announced that it has generated over USD $2.4M in revenues from its test mining and milling operations at the La Guitarra mine complex in the state of Mexico.  ON FINANCING, Luca Mining announced the successful completion of its brokered private placement, raising a total of CAD $11.3M through a combination of 19,000,000 Listed Issuer Financing Exemption (LIFE) units and an increased non-brokered private placement of 6,126,167 units due to high demand (Campo Morado mine, Guerrero and Tahuehueto mine, Durango). Sonora Desert Copper amended its private placement financing (Cuatro Hermanos project, Sonora). Vizsla Silver announced the closing of over-allotment option in full (Panuco project, Sinaloa). VVC reported a 1-year extension for 57,567,800 Series AG share purchase warrants (Gloria project, Chihuahua). Sonoro Gold closed an over-subscribed non-brokered private placement for gross proceeds of CAD $875K (Cerro Caliche project, Sonora). Goldgroup closed a non-brokered private placement for gross proceeds of CAD$775K (Cerro Prieto mine, Sonora). Luca Mining announced that it closed its fully subscribed brokered private placement for gross proceeds of CAD $8.55M (Campo Morado mine, Guerrero, and Tahuehueto mine, Durango). Royalties Inc., closed a non-brokered private placement for gross proceeds of $105K (Bilbao project, Zacatecas). ON RESOURCES AND DEVELOPMENT, Starcore announced an increase of its Mineral Reserves and Mineral Resources for its San Martin mine in Queretaro as of April 30, 2024. Los Gatos Silver disclosed and updated Mineral Reserves Estimate and Mineral Resource Estimate for its Cerro Los Gatos mine in Chihuahua, and reported an updated mine of life plan. Southern Silver announced a 6,000m drill program at its Cerro Las Minitas project in Durango.  ON DEALS AND CORPORATE ISSUES, Sandstorm Gold declared quarterly cash dividend for 2024 (Mercedes Mine, Sonora). Torex announced the appointment of a new member to its Board of Directors (El Limon-Guajes mine complex, Guerrero). (Vizsla Royalties granted stock options to directors, officers, employees, and consultants of the company (Panuco project, Sinaloa). Prime Mining announced the appointment of a new member to its Board of Directors (Los Reyes project, Sinaloa). Silver Storm provided a bi-weekly update on September 24, 2024, regarding its management cease trade order (MCTO) issued by the British Columbia Securities Commission (La Parrilla mine, Durango). Guanajuato Silver provided an update on the acquisition of El Cubo mine in Guanajuato from Endeavor Silver. Apollo Silver entered into an exploration, earn-in and option agreement with MAG Silver to acquire the Cinco de Mayo project in Chihuahua. Southern Silver granted incentive stock options to various directors, officers, and consultants (Cerro Las Minitas project, Durango). Florida Canyon provided an update on its Mexican transaction, which involves the sale of its interests in several mines to Heliostar Metals Ltd. ON SOCIAL RESPONSIBILITY, Vizsla Silver released its second annual sustainability report (Panuco project, Sinaloa).

ON MEXICO ISSUE

  • The marine exploration company Odyssey Marine Exploration, in which Carlos Ancira, the former president of Altos Hornos de México S.A.B. de C.V., had a shareholding, won an arbitration from the Mexican government protected by NAFTA/TW investor protection. The company was seeking damages in the amount of just over USD $2.3 B and what was finally achieved after the lawsuit was USD $37.1M. The former president of Altos Hornos bought a shareholding in Odyssey for USD $3M in 2015 through his investment vehicle´s Epsilon. The intention of Ancira and its partners was to dredge the seabed of the Gulf of Ulloa, Baja California, on the north Pacific Coast. To extract phosphate, an input used to manufacture fertilizers, a business to which the businessman was dedicated through its firm Agronitrogenados, sold at an extra cost to PEMEX, a scandal that kept the former president of the oil company Emilio Lozoya in jail. Unfortunately, it is a victory that Ancira could not savor, who in September 2021 sold his shareholding in Odyssey, in part to raise the money he promised as a reparation agreement to the Mexican government (in favor of PEMEX) for the Agronitrogenados operation, cause for which he was even detained in the North Prison of CDMX.
  • Andrés Manuel López Obrador (AMLO) expropriated from Vulcan Materials a port and a quarry in Quintana Roo, which deepened tensions days before he leaves office. The government of Mexico declared the land south of Cancun and Playa del Carmen as a protected natural area via decree in the Official Gazette of the Federation, this a few hours after US legislators sought to dissuade such a measure. Vulcan´s shares fell 1.03% to USD $249.73 during the morning of September 24, 2024.  Vulcan had previously said the AMLO´s government actions are illegal and that it would add the latest measures to an ongoing arbitration case in the International Center for Settlement of Investment Disputes of the World Bank. It marks another movement by AMLO (a staunch nationalist) against private business. A new congress with a supermajority of Morena and allies in both chambers began its term last September and since then they have approved a reform of the Judiciary that has raised fear among capitals in Mexico. Claudia Sheinbaum, who will takes office on October 1, 2024 has not publicly commented on the Vulcan issue since her landslide victory, but a year ago said she hoped the company would accept AMLO´s offer to buy its land for MXP $6,500M. Last year, Vulcan sought intervention from Joe Biden administration against what it saw as the threat of a government takeover of the Riviera Maya property. It said that a valuation made by the Mexican government deeply undervalued the assets. On September 23, 2024, a bipartisan group of US senators proposed legislation to pressure Mexico to retract its expropriation plan. Vulcan is not the only foreign company that has sought legal recourse after government intervention. In December, Mexico took control of operations of a hydrogen processing plant owned by French industrial gases maker Air Liquid. Last year, AMLO announced plans to buy USD $6B worth of energy assets from Iberdrola after the Spain Company faced political hostility from Mexico that affected its permits and supply. AMLO also ordered the cancellation of projects including an airport and a brewery plan during his term. The US ambassador to Mexico, Ken Salazar, warned that companies may lose confidence in Mexico as an investment destination as a result of the judicial reform promoted by congress this month. The change eliminates a check on government power by making federal judges democratically elected, including in the Supreme Court of Justice of the Nation (SCJN).
  • Andrés Manuel Lopez Obrador (AMLO), in a last surprise “play” before concluding his mandate fulfilled his warning and finally took control of a port and a quarry owned by the American company Vulcan Materials, with which maintains a dispute for several years now. On September 23, 2024, the head of the executive published a declaration of a protected natural area of an area of more than 53,000 hectares south of Cancun and Playa del Carmen, where the land occupied by Vulcan and an open pit mine of the foreign company are located, dedicated to the extraction of limestone through its subsidiary Calizas Industriales del Carmen (Calica). Vulcan said in a statement that the expropriation of the land and port owned by the company is another escalation and constitutes a new violation of Mexico´s commitments under North American trade agreements, and added that this illegal measure will have a chilling and long-term effect on trade and investment relations between USA and Mexico.
  • AMLO concludes his government with the expropriation of the land and port of the Calica mine, property of the American company Vulcan Materials Company in Quintana Roo, involved in a conflict that has kept it without operations in Mexico for three years. The announcement of the expropriation is not a good sign to attract investment to Mexico and could damage business confidence. In the decree published last September 23, 2024 in the Official Gazette of the Federation, the Mexican government justifies its decision by citing the fourth article of the Constitution in its fifth paragraph, which establishes that “every person has the right to a healthy environment for their development and well-being, so the State will guarantee respect for this right.” Furthermore, it invokes article 27 of the Constitution in its third paragraph, which states that “the nation will at all times have the right to impose on private property the modalities dictated by the public interest.” The decree of the federal Executive declares a protected natural area the area located south of Cancun and Playa del Carmen, where the Vulcan lands are located under the Sac-Tun firm (formerly Calica). The measure is intended to prevent the construction company from extracting limestone from the land it owned for decades and which the AMLO government previously tried to acquire without success. The American company not only considers the expropriation of its investments in Quintana Roo illegal, but also warns of a direct conflict with provisions of the T-MEC. The reason is that the investment chapter of the Treaty between Mexico, the United States and Canada states that “no party shall expropriate or nationalize a covered investment, either directly or indirectly through equivalents to expropriation or nationalization,” except in the following cases: For reasons of public utility; in a non-discriminatory manner; through the payment of prompt, adequate and effective compensation, and in accordance with due legal process. The investment chapter contains provisions on expropriation and compensation, which must provide investors with certainty that their properties and positions will be respected, and guarantee non-discriminatory treatment and prompt, effective and adequate compensation, in cases where that their rights are substantially affected by the actions of the State. According to experts consulted, the Calica issue is very serious, since there are no precedents for similar cases since NAFTA. Although expropriation is not a good sign to attract investment to Mexico and can damage business confidence, this week two large American companies confirmed investment announcements in the country totaling USD $2.9 B.
  • Metal prices hit highs and boost mining companies in the stock market, with the price of silver rising to its highest level in almost 12 years, taking advantage of gold’s rally to all-time highs, as interest rate cuts from Major central banks fueled investment interest in precious metals. Silver futures rose 0.91% on the Chicago Stock Exchange, to USD $32.31 an ounce, after reaching their highest since December 2012, of USD $32.71. Spot gold rose 0.5% to USD $2,670.52 an ounce, having hit an all-time high of USD $2,685.42 earlier in the day. US gold futures for December delivery advanced 0.39% to USD $2,694.9. Copper prices rose to their highest level in nearly 16 weeks, boosted by hopes of firmer demand for metals after China announced fiscal stimulus measures following an easing of monetary policy to boost its sluggish economy. Three-month copper on the London Metal Exchange (LME) broke the psychological level of USD $10,000 per metric ton, touching the highest level since June 7. This Thursday it gained 3.53% to USD $10,084. The securities of the main mining companies operating in Mexico led the gains in Thursday’s session (September 24, 2024) on the Mexican Stock Exchange. The securities of Grupo México and Industrias Peñoles rose 4.18 and 4.23%, respectively. Shares of Grupo México, an industrial conglomerate with interests in the mining and rail transportation industries, are trading at MXP $112.68, their highest level since May 21, 2024. The shares of Industrias Peñoles were quoted at MXP $292.35, their highest level since April 19, 2024. Meanwhile, Fresnillo shares on the BMV rose 21.69%, while those listed in London advanced 2.74 %. With Thursday’s movement, Grupo México gained MXP $35,655M pesos in market capitalization, going from MXP $842,026M to MXP $877,681M in one day. Industrias Peñoles gained MXP $4,714M in market value, going from MXP $111,488M to MXP $116,202M.
  • Kootenay Silver Inc., reported the best drilling intercepts in Mexico on the fourth week of September, 2024. Details are shown in the table below:

ON EXPLORATION

  • Kootenay Silver Inc., released results from five drill holes at its Columba project in Chihuahua.  The batch reported comprises two step-out holes and three “infill” holes designed to test a large gap in drilling on the D-Vein. Drilling continues to hit high grades of silver, over good widths and has now expanded the D-Vein strike length to 1,275 meters from 450 meters at the beginning of the program. Drilling highlights(true width reported)  include holes CDH-24-165 with 739 g/t Ag, 0.3% Pb, and 1% Zn over 0.32m, plus 96 g/t Ag, 0.1% Pb, and 0.3% Zn over 18.18m, including 395 g/t Ag, 0.4% Pb, and 1.8% Zn over 2.37m, including 844 g/t Ag, 0.9% Pb, and 9.5% Zn over 0.37m; and hole CDH-24-166 with 176 g/t Ag, 0.1% Pb, and 0.4% Zn over 21.85m, including 1,020 g/t Ag, 1% Pb, and 2.5% Zn over 0.76m, plus 303 g/t Ag, 0.2% Pb, and 0.7% Zn over 6.87m, including 593 g/t Ag, 0.3% Pb, and 1.8% Zn over 1.91m, including 1,095 g/t Ag, 0.7% Pb, and 5.7% Zn over 0.40m.
  • Quetzal Copper Corp., reported completion of the phase one exploration and drilling program at it’s the Cristinas project in Chihuahua. Quetzal completed three drillholes and a downhole EM (electromagnetic) survey to follow-up on targets generated by surface mapping, sampling, and fixed loop EM surveys. “Each hole evaluated prospective conductors defined by the geophysical surveys. Unfortunately, the limited copper mineralization encountered does not justify further exploration at this time”.
  • Prismo Metals Inc., commenced a 1,250m drill program at its Palos Verdes project in Sinaloa. The goal is to explore the vein system to the west of the fault below the zone of bonanza grade intercepts from the previous campaigns.

ON MINING

  • Agnico Eagle Mines Limited announced that it willreport its Q3, 2024 results on October 30, 2024 after normal trading hours (Pinos Altos mine, Chihuahua).
  • Sierra Madre Gold and Silver Ltd., announced that it has generated over USD $2.4M in revenues from its test mining and milling operations at the La Guitarra mine complex in the state of Mexico, with an average daily production rate of 350 tonnes over the past 30 days. The test mining has been ongoing since June 25, 2024, processing a total of 27,990 tonnes of material. The company aims to increase production to 400 tonnes per day and eventually reach commercial production of 500 tonnes per day by the end of the year. The concentrate grades for silver and gold range from 2,752 g/t to 3,442 g/t Ag and 28.65 to 38.45 g/t Au.
  • Guanajuato Silver Company Ltd., announced that it produced over 3M Oz AgEq at its El Cubo mine in Guanajuato, triggering a USD $1M contingent payment to Endeavour Silver Corp. as part of the 2021 acquisition of El Cubo for USD $15M.

ON FINANCING

  • Luca Mining Corp., announced the successful completion of its brokered private placement, raising a total of CAD $11.3M through a combination of 19,000,000 Listed Issuer Financing Exemption (LIFE) units and an increased non-brokered private placement of 6,126,167 units due to high demand. Key investors include Term Oil Inc. and CEO Dan Barnholden. The funds will be used for ongoing improvements at the Campo Morado mine in Guerrero, exploration drilling at Campo Morado, Guerrero and Tahuehueto, Durango, and general corporate purposes. The financings are set to close on or about September 26, 2024, pending necessary approvals.
  • Sonora Desert Copper Corporation amended its private placement financing. It cancelled 1,700,000 of the $0.10 units issued, for a revised total of funds raised of $840,750 (was $1,010,750) and shares and warrants issued 8,407,500 (was 10,107,500). The company cancelled 1,700,000 common shares and 1,700,000 common share purchase warrants which had been issued to a subscriber who, subsequent to the closing, withdrew their subscription (Cuatro Hermanos project, Sonora).
  • Vizsla Silver Corp., announced the closing of over-allotment option in full, generating additional gross proceeds of CAD $9.75M. Net proceeds of the offering will be used to advance the exploration, drilling and development of the company’s Panuco project, as well as for working capital and general corporate purposes.
  • VVC Exploration Corporation reported a 1 year extension for 57,567,800 Series AG share purchase warrants, presently expiring on September 30, 2024. “The warrants, exercisable at $0.075 per share, were issued pursuant to a Private Placement in September 2020 with a 3-year expiry and were extended last September for an additional year. The warrants have been out-of-the-money for some time.  If approved by the TSXV, the warrants will expire on September 30, 2025” (Gloria project, Chihuahua).
  • Sonoro Gold Corp., closed an over-subscribed non-brokered private placement of 17.5M units at a price of CAD $0.05 per unit for gross proceeds of CAD $875K. Net proceeds will be used to fund the ongoing development of its Cerro Caliche project in Sonora, and for general working capital purposes (Cerro Caliche project, Sonora).
  • Goldgroup Mining Inc., closed a non-brokered private placement of 15.5M units at a price of CAD $0.05 per unit for gross proceeds of CAD$775K. Net proceeds will be used to increase crushing capabilities from 2,250 tpd to 4,500 tpd at the Company’s Cerro Prieto heap leach gold mine in Sonora, and for general working capital requirements.
  • Luca Mining Corp., announced that it closed its fully subscribed brokered private placement for gross proceeds of CAD $8.55M by the issuance and sale of 19M units at a price of CAD $0.45 per unit. The funds will be used for ongoing improvements at the Campo Morado mine in Guerrero, exploration drilling at Campo Morado, Guerrero and Tahuehueto, Durango, and general corporate purposes.
  • Royalties Inc., closed a non-brokered private placement of 3M common shares at a price of $0.035 per share for gross proceeds of $105K. Funds will be used to cover overhead and Mexico expenses (Bilbao project, Zacatecas).

ON RESOURCES AND DEVELOPMENT

  • Starcore Mines International Ltd., announced an increase of its Mineral Reserves and Mineral Resources for its San Martin mine in Queretaro as of April 30, 2024. The updated mineral reserves and mineral resources estimates are reported net of the production from the San Martin property (see tables below):
  • Los Gatos Silver Inc., disclosed and updated Mineral Reserve Estimate and Mineral Resource Estimate for its Cerro Los Gatos mine (CLG) in Chihuahua.  The company has 70% interest in the Los Gatos JV, which in turn owns the Cerro Los Gatos mine. Mineral Reserve and Mineral Resource by category with an effective day July 1, 2024 are summarized in the next tables:

The company also reported a strong free cash flow throughout the updated life of mine (LOM), with a mine life extended to the end of 2032, which adds two years of additional reserves and a 36% increase in AgEq production compared with the prior LOM plan; a low by-product AISC of $6.29 per Oz of payable of silver, and co-product AISC of $14.89 per Oz of payable silver equivalent; an average annual after-tax free cash flow of $80M, resulting in an after-tax NPV of $539M based on 2024 reserve price assumptions at a silver price of $23/Oz; an average annual after-tax free cash flow of $111M, resulting in an after-tax NPV5 of $760M, at a silver price of $30/Oz or an average annual after-tax free cash flow of $136M, resulting in an after-tax NPV5 of $935M, at a silver price of $35/Oz; and an average annual production over the LOM of 6.1M Oz Ag, 67M Lb Zn and 50M Lb Pb, or 12.9M Oz AgEq production.

  • Southern Silver Exploration Corp., announced a 6,000m drill program at its Cerro Las Minitas project in Durango.  Goal of the drill program is to “demonstrate further lateral projections of shallow high-grade mineralization adjacent to planned mine and mill infrastructure in the area of the Eastern Deposits (South Skarn, Mina La Bocona and North Felsite), which also would provide additional tonnage for extraction early in any planned mining schedule. Further drilling beyond the 6,000m current program would test down-dip of the known eastern deposits which could further enhance the continued resource potential of the project”. The program is anticipated to commence in the coming weeks.

ON DEALS AND CORPORATE ISSUES

  • Sandstorm Gold Royalties declared quarterly cash dividend for 2024in the amount of $0.02per common share to shareholders of record as of the close of business on October 15, 2024. The dividend will be paid on October 25, 2024 (Mercedes Mine, Sonora).
  • Torex Gold Resources Inc., announced the appointment of a new member to its Board of Directors, effective October 1, 2024 (El Limon-Guajes mine complex, Guerrero).
  • Vizsla Royalties Corp., granted 1,961,000 stock options at an exercise price of $1.86 to directors, officers, employees, and consultants of the company. The Options are exercisable for a period of five years and will vest over the next two years (Panuco project, Sinaloa).
  • Prime Mining Corp., announced the appointment of a new member to its Board of Directors (Los Reyes project, Sinaloa).
  • Silver Storm Mining Ltd., provided a bi-weekly update on September 24, 2024, regarding its management cease trade order (MCTO) issued by the British Columbia Securities Commission. The MCTO was announced due to delays in filing the company’s annual financial statements and related documents for the fiscal year ending March 31, 2024, primarily caused by complexities in the acquisition of the La Parrilla assets in Durango. The company has until September 27, 2024, to complete its annual filings and expects to file interim filings shortly thereafter. The MCTO does not affect the ability of other shareholders to trade the company’s securities.
  • Guanajuato Silver Company Ltd., announced that in order to comply with the acquisition or El Cubo from Endeavour Silver Corp., for USD $15M, the transaction included contingent payment that would see Endeavour paid an additional USD $1M once 3M Oz AgEq had been produced at El Cubo. As part of the agreement, Guanajuato Silver can settle half of this payment with 2,753,265 common shares at CAD $0.245 each. Endeavour will settle the remaining balance with approximately 2,720,000 shares at CAD $0.25 each. Ocean Partners UK Limited will also accept shares for USD $1.8M in outstanding payments under the Gold Loan Credit Facility. All settlements are subject to TSX Venture Exchange approval and a four-month hold period.
  • Apollo Silver Corp., entered into an exploration, earn-in and option agreement with MAG Silver Corp., and its subsidiary Minera Pozo Seco S.A.de C.V. (MPS), to acquire the Cinco de Mayo project in Chihuahua. The agreement allows Apollo Silver to acquire MAG’s subsidiary, MPS, which owns the Project’s mineral concessions, contingent on obtaining necessary licenses and completing 20,000m of drilling within five years. The company will issue common shares to MAG equivalent to 19.9% upon exercising the option and will manage all exploration activities.
  • Southern Silver Exploration Corp., granted incentive stock options to various directors, officers, and consultants to purchase 6.5M common shares of the company at an exercise price of $0.31 per share, exercisable for a period of five years (Cerro Las Minitas project, Durango).
  • Florida Canyon Gold Inc., provided an update on its Mexican Transaction, which involves the sale of its interests in the San Agustin mine and El Castillo mine in Durango, La Colorada mine in Sonora, Cerro del Gallo project in Guanajuato, and San Antonio project in Baja California Sur to Heliostar Metals Ltd. The transaction is expected to close in Q4, 2024, pending necessary approvals, including from Mexico’s Federal Economic Competition Commission (COFECE). Additionally, Florida Canyon has filed management information circular for a special meeting on October 25, 2024, where shareholders will vote on a proposed arrangement with Integra Resources Corp., which aims to acquire all outstanding Florida Canyon shares at a specified exchange ratio. The completion of both the Mexican Transaction and the arrangement is subject to various approvals and customary closing conditions 

ON SOCIAL RESPONSIBILITY

  • Vizsla Silver Corp., released its second annual sustainability report, highlighting the Company’s ongoing commitment to Environmental, Social and Governance (ESG) practices. The company cultivated approximately 4,000 native trees, accounting for 15 different species that will serve in future restoration activities; provided essential medical care to nearly 550 community members; invested nearly CAD $100K in the local community, bringing our cumulative total investment to over CAD $400K; and initiated the process of updating their social impact assessment and formalizing the Social Management Plan (Panuco project, Sinaloa).

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 above, core showing vuggy silica in a high-sulphidation epithermal system in a project in Jalisco, Mexico. Photo taken by Miguel A Heredia.

The Mining and Exploration News in Mexico: Highlights on the Second Week of August 2024

/ Gambusino Prospector / Leave a comment

By Jorge Cirett                                             

During the 32nd week of the year (August 5th to August 11th, 2024), companies working in Mexico posted at least 25 press releases. One company informed on exploration advances on a mining property, eleven companies provided operational/financial results for Q2 2024 and one hired a contractor for mining activities. One company closed the final tranche of its private placement. Four companies announced board appointments, one signed a LOI to acquire an AI company, another company received a cease trade order, two companies announced their merger and one more the amendment of an option on a property.  ON MEXICO ISSUES, no relevant news. ON EXPLORATION, In Sonora, Riverside Resources completed an aeromagnetic drone survey on Cecilia. ON MINING, Aura Minerals, Gold Resource, Fortuna Mining, Torex Gold, Pan American Silver, SilverCrest Metals, Coeur Mining, GoGold Resources, Equinox Gold, US Antimony and Sierra Metals presented second quarter 2024 reports. Luca Mining engaged a contractor to carry out core mining operations at Campo Morado. ON FINANCING, Heliostar Metals closed the final tranche of its non-brokered private placement. ON RESOURCES AND DEVELOPMENT, no relevant news. ON DEALS AND CORPORATE ISSUES, Golden Minerals, Aura Minerals, GR Silver and US Antimony announced board appointments. Tarachi Gold signed a LOI on the acquisition of AI company Prospector Portal Inc. Xali Gold received a cease trade order. Reyna Silver is to acquire all shares of Reyna Gold. Sonoran Desert Copper amended the option on Cuatro Hermanos project. Galore Resources announced a status report on its cease trade order. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

  • Riverside Resources Inc. completed with Fortuna Mining Inc. the acquisition and interpretation of an aeromagnetic drone survey at its Cecilia project in Sonora. The UAV magnetic data covers the entire 60 Km2 property, aiding to interpret and refine previous targets identified by Riverside.

ON MINING

  • Aura Minerals Inc. filed financial statements for Q2 2024, including guidance figures for its Mexican operations. At Aranzazu, in Zacatecas, 24,692 Oz Au Eq were produced during the period. Guidance at Aranzazu for the full year is 94 K to 108 K Oz AuEq at a cash cost between $826 and $1,009 per Oz AuEq and an AISC of 1,089 to $1,331 per Oz AuEq.
  • Luca Mining Corp. engaged Cominvi S.A. de C.V. to carry out core mining operations at its Campo Morado mine in Guerrero. Luca Mining intends to increase mill throughput from the current 1,400-1,600 tpd to 2,000 tpd by year end, ultimately aiming to reach 2,400 tpd mill rate in 2025.
  • Gold Resource Corp. announced second quarter operational results from its Don David Gold mine in Oaxaca. During the period 93,687 K tonnes were milled, averaging 1.27 gpt Au, 102 gpt Ag, 0.26% Cu, 1.0 % Pb, 2.59% Zn, to produce 2,947 Oz Au, 263 K Oz Ag, 181 tonnes Cu, 616 tonnes Pb, 2,020 tonnes Zn (or 5,625 Oz AuEq).
  • Fortuna Mining Corp. reported its financial and operating results for the second quarter of 2024, including figures from its operations in Mexico. The company’s consolidated production was 92,716 Oz Au, 990.6 K Oz Ag in the period. At San José, in Oaxaca, 176.2 K tonnes were milled at a rate of 1,980 tpd, averaging 140 gpt Ag, 1.09 gpt Au, recovering 87% Ag, 85% Au, to produce 684.2 K Oz Ag, 5,269 Oz Au, at a cash cost of $24.91 and an AISC of $27.55 per Oz Ag. “The San Jose Mine has less operational flexibility in 2024 compared to 2023, due to the reduced and more dispersed Mineral Reserves associated with the Trinidad deposit, which also increased mine costs. Ore processed decreased by 10% due to lower tonnes mined”.
  • Torex Gold Resources Inc. reported its financial and operational results for Q2 2024. At its Morelos mine complex in Guerrero, the company produced 113,822 Oz Au (recovering 90.5% Au) at cash cost $1,014 per Oz Au and an AISC of $1,239 per Oz Au. The company ended the quarter with $108.7 M in cash and $237.1 M available on credit facilities. The Media Luna project is 78% complete, with commissioning expected late in 2024.
  • Pan American Silver Corp. announced results for Q2 2024, including figures from its Mexican operations. At La Colorada, in Zacatecas, 835 K Oz Ag, 500 Oz Au were produced at cash cost $15.30 and an AISC of $17.09. At Dolores, in Chihuahua, 440 Oz Au, 18,100 Oz Ag were produced at cash cost $1,113 per Oz Au and an AISC of $2,496 per Oz Au. “At La Colorada, Pan American invested $9.8 million on project capital in Q2 2024, largely for exploration and engineering on the Skarn project, and to complete the new ventilation infrastructure for the operating mine”. The company expects to end the year with a 2,000 tpd production rate at La Colorada.
  • SilverCrest Metals Inc. released its financial results for Q2 2024. At Las Chispas, in Sonora, 100 K tonnes were mined, 110.6 K tonnes milled at an average rate of 1,216 tpd, averaging 4.36 gpt Au, 418 gpt Ag, recovering 98.6% Au, 98.3% Ag, to produce 15,303 K Oz Au, 1.46 M Oz Ag at cash cost $8.87 per Oz Ag and an AISC of $16.88. At the end of the period the company had $98.3 M in cash and $24 M in bullion.
  • Coeur Mining Inc. reported second quarter results for the second quarter 2024, including figures from its Mexican operations. At Palmarejo, in Chihuahua, 429.6 K tonnes were milled during the period, averaging 2.05 gpt Au, 139.7 gpt Ag, recovering 89.9% Au, 82.8% Ag, to produce 25,467 Oz Au, 1.6 M Oz Ag, at CAS $1,006 per Oz Au and CAS $15.24 per Oz Ag. During the quarter Coeur bought adjacent Fresnillo plc mining concessions, increasing the area of the project to over 16,100 hectares. Full-year 2024 production is expected to be 95,000 – 103,000 Oz Au, 5.9 – 6.7 M Oz Ag.
  • GoGold Resources Inc. announced financial results for the quarter ending on June 30, 2024. During the period GoGold produced 138.7 K Oz Ag, 2,436 Oa Au, 148 tonnes Cu, 125 tonnes Zn (or 400.2 K Oz AgEq) at cash cost $18.54 per Oz AgEq and AISC of $24.59 per Oz AgEq. The company had US$76.4 M in cash by the end of the quarter.
  • Equinox Gold Corp. announced its second quarter 2024 summary financial and operating results, without specifying figures by operation. The company produced 122,221 Oz Au during the period. For 2024 guidance calls for 665 – 750 K Oz Au, at cash cost $1,305 – $1,405 per Oz Au, and an AISC of $1,635 to $1,735 per Oz Au. At Los Filos in Guerrero, 2024 guidance is 155 -175 K Oz Au, at cash cost $1,785 – $1,855 per Oz Au and AISC of $2,090 – $2,190 per OZ Au. “The Los Filos team is in a dialogue process with the three communities where the mine is located, with the goal of reaching new land access agreements with each of them in a collaborative and transparent way. These new agreements are necessary to help ensure the long-term economic and investment viability of the mine, including the addition of a new CIL processing plant. If the Company is unable to satisfactorily complete these agreements, the Company will re-evaluate the current operation and may elect to cease operations”.
  • United States Antimony Corp. reported its second quarter 2024 financial and operational results. During the quarter the company completely shut down its operational activities in Mexico. “The historical cash drain of these operations on the Company ceased with this decision”. At the end of the period US Antimony had $12.4 M in cash (Los Juarez, Queretaro).
  • Sierra Metals Inc. reported consolidated financial results to the end of June 2024. During the quarter the sale of the Cusi mine in Chihuahua was completed, for $2.5 M in cash and a 2% NSR. On the period cash cost at Bolivar, in Chihuahua, was $2.76 per Lb CuEq, and AISC $3.53 per Lb CuEq. The company will continue the construction of the new tailings dam at Bolivar, which will allow the increase of production to 7,500 tpd. Guidance at Bolivar in 2024 is 23.9 M to 27.6 M Lb Cu, 650 K to 750 K Oz Ag, 8,000 to 9,200 Oz Au. Sierra Metals had cash and cash equivalents of $22.5 M at the end of June.

ON FINANCING

  • Heliostar Metals Ltd. closed the final tranche of its non-brokered private placement for gross proceeds of $500 K and a total aggregate of gross proceeds of $4.98 M (Ana Paula, Guerrero).

ON RESOURCES AND DEVELOPMENT

  • No Relevant News.

ON DEALS AND CORPORATE ISSUES

  • Golden Minerals Co. announced the retirement of Julie Wiedman, senior vice president and chief financial officer, and the appointment of Joe Dwyer as chief financial officer (CFO) (Yoquivo, Chihuahua).
  • Aura Minerals Inc. announced organizational changes, including some that affect its operations in Mexico. Enrique Rangel, current director of operations at the Aranzazu mine in Zacatecas, takes on the role of director of technical services in corporate, serving all units. Wilton Muricy, current director of operations at Minosa, takes on the role of director of operations at Aranzazu. Francisco do Carmo, current technical services manager at Aranzazu, assumes the role of director of operations at Minosa.
  • GR Silver Mining Ltd. announced the appointment to its board of directors of Mr. Brent McFarlane and Ms. Jessica van den Akker (Plomosas, Sinaloa).
  • Tarachi Gold Corp. signed a non-binding agreement letter of intent (LOI) to acquire all of the outstanding shares of Prospector Portal Inc. in a transaction that would transform Tarachi into an artificial intelligence-focused mining services company. “The LOI contemplates a post-Transaction ownership of Tarachi (“New Tarachi”) that would be approximately 85% held by current Prospector shareholders and 15% held by current Tarachi shareholder” (Tarachi, Sonora).
  • Xali Gold Corp. was advised by the British Columbia Securities Commission of a cease trade order as a result of Xali Gold’s delay in “filing its audited annual financial statements, accompanying management discussion and analysis, and CEO and CFO certifications for the financial year ended March 31, 2024” (El Oro, Estado de Mexico).
  • United States Antimony Corp. announced the appointment of Fred L. “Pete” Bunger as technical advisory director to the board (Juarez, Queretaro).
  • Reyna Silver Corp. entered into an agreement with Reyna Gold Corp. on which Reyna Silver is to acquire all of the issued and outstanding common shares of Reyna Gold (Guigui, Chihuahua; La Gloria, Sonora).
  • Sonoran Desert Copper Corp. amended the option to purchase the Cuatro-Hermanos project in Sonora. Under the revised option a large claim was terminated, with option payments reduced by $200 K and mining concession taxes by $238.6 K in 2024 and $603.6 K in 2025. The property holds NI-43-101 indicated and inferred resources for 643 M tonnes @ 0.19% Cu, 0.02% Mo (Cuatro Hermanos, Sonora).
  • Galore Resources Inc. “announces a status report with regards to the Company’s news release dated July 31, 2024 disclosing the Company’s application for a Management Cease Trade Order (“MCTO”), which was issued by the BC Securities Commission on July 30, 2023” No material change has occurred in the information contained in the default of a financial statement filing requirement. Galore expects to file its yearly financial statements, management discussion and analysis on September 27, 2024 (Dos Santos, Zacatecas).

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

On the image below: Strong chlorite-epidote alteration in intrusive rock in a Sonoran Desert project, HQ core. Picture by Jorge Cirett.