social

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

/ gambusinoprospectormexico / Leave a comment

The Sierra Madre Occidental, Chihuahua, Mexico.

By Miguel A Heredia

During the 25th week of the year (June 16th to June 22th 2025), at least 38 press releases were announced by companies working in Mexico, and 2 news published by the media, with twenty one disclosing deals and corporate issues, eight announcing financing rounds, three reporting resources and development of their properties, three commenting on Mexican issues, three discussing social issues, two informing on exploration results, and none communicating production results.  ON MEXICO ISSUES, The Secretary of Economy, Marcelo Ebrard stated that the Mexican mining states are the new focus to strengthen the sector and ensure that extracted metals and minerals are transformed into value-added products. Marcelo Ebrard, Secretary of Economy declared that mining has become fashionable due to global geopolitical changes, marking a shift from the previous administration’s policies. Axo Copper reported the best drilling intercepts in Mexico on the third week of June, 2025. ON EXPLORATION, In Jalisco, Axo Copper initiated a 15,000m phase II drilling program at its la Huerta Copper project, as well as reported high grade assay results on surface sampling.    ON MINING, No relevant news. ON FINANCING, Guanajuato Silver updated their gold loan terms with Ocean Partners UK Ltd, (Cubo, Valenciana, and San Ignacio mines, Guanajuato). Pinnacle announced a shares-for-debt transaction to conserve capital and improve its balance sheet (Potrero project, Durango). Southern Empire announced a fully subscribed non-brokered private placement for gross proceeds of $100K (Pedro Gold project, Durango). Prime reported that 97% of its CAD $1.15 warrants due June 12, 2025 have been exercised, increasing its cash balance to approximately CAD $33M (Los Reyes project, Sinaloa). Kootenay announced a CAD $12M bought deal public offering to support the advancement of its Columba project in Chihuahua, the same that later on was upsized to CAD $17, 400,600. Silver Viper informed that it plans a concurrent non-brokered private placement of up to 6,666,667 units at a price of CAD $0.30 per unit, following a strong investor interest. Defiance Silver closed its LIFE offering and concurrent non-brokered private placement for gross proceeds of CAD $16.5M (San Acacio project, Zacatecas).  ON RESOURCES AND DEVELOPMENT, Kootenay delivered maiden mineral resource estimate at its 100% owned Columba project in Chihuahua. Tocvan reported that it is advancing its Gran Pilar project in Sonora, with a pilot mine facility designed to process 50,000 tonnes of material. Vizsla provided an update on the Copala test mine at its Panuco project in Sinaloa. ON DEALS AND CORPORATE ISSUES, Santacruz Silver announces the appointment of its CFO (Zimapán mine, Hidalgo). Discovery Silver made management changes (Cordero project, Chihuahua). Aura presented voting results of its annual general meeting of shareholders (Aranzazu mine, Zacatecas). Guanajuato Silver confirmed that the expiry date for the 4,550,000 warrants issued to Ocean Partners UK Ltd., is March, 2028 (Cubo, Valenciana, and San Ignacio mines, Guanajuato). Osisko Development appointed a new member to its Board of Directors (San Antonio Gold project, Sonora). Mithril announced the retirement of two Non-Executive Directors (Copalquin project, Durango).  Minaurum appointed Ruben Molina as Senior Project Manager for the Alamos Silver project, Sonora and three additional seasoned geologists. Equinox and Calibre completed its previously announced business combination (Los Filos mine, Guerrero). Colibri reported voting results of its annual general meeting of shareholders (Pilar project, Sonora). Elemental Altus announced changes to its Board of Directors (Mercedes mine, Sonora). MAG Silver presented voting results of its annual general meeting of shareholders (Juanicipio mine, Zacatecas). Torex announced results of its annual general and special meeting of shareholders (El Limon Guajes mine complex, Guerrero).  Gold Resource appointed a new member to its Board of Directors (Don David Gold mine, Oaxaca). Sierra Madre announced voting results of its annual general meeting of shareholders (La Guitarra mine, Estado de Mexico). Royalties Inc., achieved a significant legal victory through its subsidiary, Minera Portree in a commercial lawsuit against Capstone Copper (Cozamine mine, Zacatecas). Aloro announced voting results of its annual general and special meeting of shareholders (Los Venados project, Sonora). MAG Silver reported that their shareholders received a recommendation to vote for the plan of arrangement with Pan American Silver (Juanicipio mine, Zacatecas). Prime announced voting results of its annual general and special meeting of shareholders (Los Reyes project, Sinaloa). Silver Viper completed the acquisition of the Cimarron project in Sinaloa. Infinitum Copper signed a definitive agreement to sell its interest on Adelita project in Sonora. ON SOCIAL RESPONSIBILITY, Guanajuato Silver reported that it has been recognized as a Mexico´s Socially responsible Enterprise in 2024 (Cubo, Valenciana, and San Ignacio mines, Guanajuato). MAG Silver published its fourth annual sustainability report (Juanicipio mine, Zacatecas).

ON MEXICO ISSUES

  • The Secretary of Economy, Marcelo Ebrard, stated that the Mexican mining states are the new focus to strengthen the sector and ensure that extracted metals and minerals are transformed into value-added products. The event held in Mexico City was attended by the governors of Sonora, Alfonso Durazo, and Zacatecas, David Monreal, two states with a mining vocation, as well as representatives from academia and the sector, who highlighted the importance of a coordinated strategy between the federal government, universities, and the private sector. The government aims to retain economic and technological benefits domestically through initiatives like the Mexico 2025 Mining Education Committee, which fosters industry-academia collaboration. Specifically, efforts are underway to advance lithium production, particularly in Sonora, with support from federal and state authorities, though some projects such as the Sonora Sustainable Energy Plan are still in exploration phases.
  • Marcelo Ebrard, Secretary of Economy declared that mining has become fashionable due to global geopolitical changes, marking a shift from the previous administration’s policies.   Ebrard highlighted the need for Mexico to scale up its capabilities in the mining industry, particularly in refining minerals like copper, to support industries like automotive. He emphasized the importance of implementing a policy of will to address challenges in obtaining critical minerals in a world with geopolitical tensions, citing silicon for semiconductors as an example.
  • Axo Copper Corp., reported the best drilling intercepts in Mexico on the third week of June 2025. Details are shown in the table below:

ON EXPLORATION

  • Axo Copper Corp., initiated a 15,000m phase II drilling program at its la Huerta Copper project in Jalisco. One drill is currently on site and initiating the first drillholes targeting the main La Huerta Trend in an area with a NE-SW strike length of approximately 1km, starting at Las Marias Zone and stepping out to the north along strike towards the Cornelio target. The first hole is expected to be finished in approximately two weeks, with assays being released in the first half of July. In addition, Axo reported that recent exploration efforts, including mapping and sampling, have identified a new area at La Huerta South, approximately 3km from the main Huerta Trend where surface sampling yielded high-grade assay results, with multiple samples returning > 10% Cu, particularly within N-S and E-W fault structures in andesitic volcanic rocks.  Sampling along the 1km long N-S structure has returned results such as 7% Cu, 10.8% Cu, and 10.5% Cu, with numerous other showings above 2% Cu, while the approximately 500m long E-W structure returned highlighted values of 3.6% and 2.6%. In both structures Cu mineralization consists of chalcopyrite and bornite hosted in andesites.

ON MINING

  • No relevant news.

ON FINANCING

  • Guanajuato Silver Company Ltd., updated their gold loan terms with Ocean Partners UK Ltd, with more manageable monthly repayments tied to their gold production, plus some stock warrants involved. “The new Gold Credit Facility, as of today’s date, has an outstanding balance of 7,182 Oz Au bullion, with two-thirds since April 2025 to be repaid over 36 months through fixed monthly installments of 131.7 Oz Au bullion, representing approximately 10% of Guanajuato Silver’s modelled monthly gold production. In addition, the company will issue to Ocean Partners 4,550,000 non-transferable warrants exercisable into one common share of the Company with an exercise price of CAD $0.24. Each warrant has a 36-month term that expires on June 16, 2028. The warrants, and the common shares issuable upon exercise, are subject to a statutory hold period that ends on October 17, 2025 (Cubo, Valenciana, and San Ignacio mines, Guanajuato).
  • Pinnacle Silver and Gold Corp., announced a shares-for-debt transaction to conserve capital and improve its balance sheet. The company will issue 2,491,667 shares at a price of CAD $0.06 per share to settle a debt of CAD $149,500, pending approval from the TSX Venture Exchange. This issuance includes shares to directors and officers, which qualifies as a related party transaction, with the company relying on exemptions due to the transaction’s value being under 25% of its market capitalization (Potrero project, Durango).
  • Southern Empire Resources Corp., announced a fully subscribed non-brokered private placement of 2M units at a price of CAD $0.05 per unit for gross proceeds of CAD $100K. Net proceeds will be used for administrative costs associated with Southern Empire´s mineral properties in Mexico as well as working capital purposes (Pedro Gold project, Durango).
  • Prime Mining Corp., reported that 97% of its CAD $1.15 warrants due June 12, 2025 have been exercised, increasing its cash balance to approximately CAD $33M. This funding will support the advancement of the Los Reyes gold-silver project in Sinaloa, Mexico. The company plans to complete a Preliminary Economic Assessment (PEA) by Q3 2025 and continue exploration activities, including drilling and geological mapping, despite a temporary pause due to security concerns in the area.
  • Kootenay Silver Inc., announced a CAD $12M bought deal public offering by the sale of 11,430,000 units at a price of CAD $1.05 per unit, which was upsized later on to CAD $17,400,600 by the sale of 16,572,000 units at a price of CAD $1.05 per unit. Net proceeds will be used for advancement of its Columba project in Chihuahua, working capital and general corporate purposes.
  • Silver Viper Minerals Corp., informed that it plans a concurrent non-brokered private placement of up to 6,666,667 units at a price of CAD $0.30 per unit, following a strong investor interest.  The gross proceeds, expected to reach up to CAD $6M combined with a previous offering, will fund drilling and exploration at La Virginia project in Sonora, working capital, and general corporate needs.
  • Defiance Silver Corp., closed a financing round, raising about CAD $16.5M through both brokered and non-brokered offerings. The company sold units combining shares and warrants, with plans to use the money mainly to complete a mineral resource estimate at its San Acacio project in Zacatecas, to make periodic cash option payments on its Tepal project in Michoacán, and to provide general working capital to support general operations.

ON RESOURCES AND DEVELOPMENT

  • Kootenay Silver Inc., delivered maiden mineral resource estimate (MRE) at its 100% owned Columba project in Chihuahua.  A total of 17 epithermal veins that comprise the Columba vein system were included in the MRE. The company reported inferred resources of 5.92M tonnes of 284 g/t Ag, 0.2% Pb, and 0.5% Zn for a total of 54.1M Oz Ag, 25.2M Lb Pb, and 65.6M Lb Zn. Kootenay stated that all the mineralized veins which are 5-6m width have an excellent continuity and remain open to expansion along strike, to depth or both.
  • Tocvan Ventures Corp., reported that it is advancing its Gran Pilar project in Sonora, with a pilot mine facility designed to process 50,000 tonnes of material. The pilot leaching pad will utilize a hydrometallurgical process with sodium cyanide to extract gold and silver, supported by robust environmental monitoring systems. The project has expanded to over 21 km², enhancing operational flexibility. Tocvan is finalizing budgets and timelines for the facility, targeting development in 2025, while permitting and additional drilling are ongoing. The company is positioned to leverage record-high gold prices and is in the process of securing project financing for the pilot facility.
  • Vizsla Silver Corp., provided an update on the Copala test mine at its Panuco project in Sinaloa. As of June 2025, mining progress includes advancing about 125 meters down a decline at a steady rate, with favorable ground conditions. “This portal will ultimately become the main access for future mining. Every meter brings us closer to the 10,000-tonne bulk sample location and positions us for efficient resource conversion/expansion drilling from underground, and for the ultimate mine development and ramp-up”. Additionally, Vizsla aims to enhance resource evaluation and optimize mining design through ongoing development. A focus on local hiring has expanded the workforce, and infrastructure improvements have been initiated for better operational and safety management. Overall, the company is on track to complete its test mine phase by year-end.

ON DEALS AND CORPORATE ISSUES

  • Santacruz Silver Mining Ltd., announces the appointment of its new CFO, been effective immediately (Zimapan mine, Hidalgo).
  • Discovery Silver Corp., made management changes announcing the appointment of a Senior Vice Presidents, Legal, and Sustainability, and a Senior Vice President, Corporate Development. The company also announced the promotions of its Executive Vice President, Business Development & Growth, a Senior Vice President, Investor Relations, and a Vice President, Mineral Processing  (Cordero project, Chihuahua).
  • Defiance Silver Corp., finalized a six-year agreement that granted the company the rights to conduct surface exploration, drilling, and engineering studies at its Tepal project in Michoacan. The agreement also enables the company to collect essential data required for the submission of permit applications to advance the development of the project. Defiance will make annual cash payments indexed to the annual inflation in Mexico, and issue common shares with a total annual value of USD $40K/year to the surface rights holder. For the upcoming year, the company will issue 201,452 common shares at a deemed price of CAD $0.27per share to the counterparty. Over the six-year terms, the total number of shares issued will not exceed 1.4M.
  • Aura Minerals Inc., presented voting results of its annual general meeting of shareholders (Aranzazu mine, Zacatecas).
  • Guanajuato Silver Company Ltd., confirmed that the expiry date for the 4,550,000 warrants issued to Ocean Partners UK Ltd., is March, 2028 (Cubo, Valenciana, and San Ignacio mines, Guanajuato).
  • Osisko Development Corp., appointed an independent Director to its Board of Directors effective immediately (San Antonio Gold project, Sonora).
  • Mithril Silver and Gold Limited announced the retirement of two Non-Executive Directors with effect from 30 June 2025 (Copalquin project, Durango).
  • Minaurum Gold Inc., appointed Ruben Molina as Senior Project Manager for the Alamos Silver project, Sonora and three additional seasoned geologists will be joining who previously worked alongside him, including in the capacities as Chief Geologist, Senior Geologist-Prospecting, and Resource Modeling Geologist.
  • Equinox Gold Corp., and Calibre Mining Corp., completed its previously announced business combination pursuant to which Equinox has acquired all of the issued and outstanding common shares of Calibre (Los Filos mine, Guerrero).
  • Colibri Resource Corporation reported voting results of its annual general meeting of shareholders (Pilar project, Sonora).
  • Elemental Altus Royalties Corp., announced changes to its Board of Directors effective immediately, reflecting the acquisition of a 37.8% stake in the company by Tether Investments S.A. de C.V. , and the right to acquire a total of 51.8% of the company’s issued and outstanding common shares (Mercedes mine, Sonora).
  • MAG Silver Corp., presented voting results of its annual general and special meeting of shareholders (Juanicipio mine, Zacatecas).
  • Torex Gold Resources Inc., announced results of its annual general and special meeting of shareholders (El Limon Guajes mine complex, Guerrero).
  • Gold Resource Corporation appointed a new member to its Board of Directors (Don David Gold mine, Oaxaca).
  • Sierra Madre Gold and Silver Ltd., announced voting results of its annual general meeting of shareholders (La Guitarra mine, Estado de Mexico).
  • Royalties Inc., achieved a significant legal victory through its subsidiary, Minera Portree de Zacatecas S.A. de C.V. (MPZ), in a commercial lawsuit against Capstone Copper Corp. The Third Commercial Court of Zacatecas ruled in favor of MPZ, declaring a 2019 rights assignment contract invalid and reaffirming MPZ’s entitlement to a 2% net smelter royalty from mining concessions at the Cozamin mine in Zacatecas. The court ordered Capstone and its subsidiary to pay royalties for various concessions, with amounts to be determined later, while a claim for damages was dismissed due to insufficient evidence.
  • Aloro Mining Corp., announced voting results of its annual general and special meeting in which the approval of the sale of its Los Venados property in Sonora, was approved by the shareholders of the company.
  • MAG Silver Corp., reported that Institutional Shareholders Services Inc., recommended that MAG shareholders vote for the special resolution approving the previously announced plan of arrangement with Pan American Silver Corp (Juanicipio mine, Zacatecas).
  • Prime Mining Corp., announced voting results of its annual general and special meeting of shareholders. “The company is targeting the delivery of a Preliminary Economic Assessment reflecting a high return, high margin, low capital and long-life project at Los Reyes project in Sinaloa, based on drilling to the end of 2024 and extensive technical work completed to-date. The PEA is targeted for completion in Q3, 2025”.
  • Silver Viper Minerals Corp., completed the acquisition of the Cimarron project in Sinaloa from CSCA Holdings Inc., by issuing 9,000,000 of common shares at a price of CAD $0.20 per share.
  • Infinitum Copper Corp., signed a definitive agreement to sell its interest on Adelita project, Sonora. The company sold its Mexican subsidiary, Exploraciones Margarita S.A. de C.V., which holds an 80% interest in the Cerro Grande property in Sonora to Kenadyr Metals Corp. The transaction involves Kenadyr acquiring 100% of the subsidiary for CAD $100K in cash and 1,842,719 common shares. Additionally, if Kenadyr raises up to CAD $3.5M in equity financing within 12 months post-closing, Infinitum will receive additional shares to maintain a 9.0% ownership in Kenadyr. The deal is subject to TSX Venture Exchange and shareholder approvals.

ON SOCIAL RESPONSIBILITY

  • Guanajuato Silver Company Ltd., reported that it has been recognized as a Mexico´s Socially responsible Enterprise in 2024, reflecting its strong community engagement and environmental efforts. The company met high standards in environment, social responsibility, and governance (Cubo, Valenciana, and San Ignacio mines, Guanajuato).
  • MAG Silver Corp., published its fourth annual sustainability report. MAG Silver’s 2024 sustainability efforts are focused on safety, environmental protection, and social responsibility. The company reported a decline in safety incidents, invested over 102,000 hours in safety training, and achieved zero significant environmental incidents. They developed human rights due diligence tool and have a positive social license at the Larder Project. Additionally, their board now includes 38% women directors, surpassing their diversity targets. Overall, MAG emphasizes safety, environmental stewardship, social engagement, and diversity to support its long-term sustainability goals(Juanicipio 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, the imposing panoramic view of the Sierra Madre Occidental in Chihuahua, Mexico. Photo taken by Miguel A Heredia.

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

/ gambusinoprospectormexico / Leave a comment

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.