Flow banded rhyolite dome

By Miguel A Heredia

During the 39^thweek of the year (September 22^ndto September 28^th2025), at least 31 press releases were announced by companies working in Mexico, with fourteen disclosing deals and corporate issues, eight announcing financial rounds, five informing on exploration results, two commenting on Mexican issues, one reporting resources and developments of their properties, and one communicating mining and production issues. ON MEXICO ISSUES, The full Supreme Court of Justice of the Nation (SCJN) revoked an injunction granted to a private individual against the reforms to the Mining Law regarding mining and water concessions promoted by former President Andrés Manuel López Obrador (AMLO). GR Silver and Kingsmen reported the best drilling intercepts in Mexico on the fourth week of September, 2025. ON EXPLORATION, In Sonora, Riverside and Questcorp informed that are currently conducted a drilling program at the Union project targeting five zones, and Colibri reported that it has engaged TerraEye to enhance exploration at the EP Gold Project. In Chihuahua, Kingsmen announced results from hole LC-25-010 drilled at its Las Coloradas project. In Durango, Pinnacle discovered a new vein at its Potrero project that along with the surface sampling conducted above the Pinos Cuates and Dos de Mayo mines reinforces that a robust low-sulphidation epithermal vein system with significant gold-silver mineralization has been identified at the property. ON MINING, Guanajuato Silver made significant upgrades to its mining fleet at its El Cubo and Valenciana mines in Guanajuato. ON FINANCING, Masivo increased its previously announced non-brokered private placement to 33,333,334 units for gross proceeds of CAD $2M (Cerro Colorado project, Sonora). Silver Storm closed its previously announced bought deal private placement for gross proceeds of CAD $13,766,250 (La Parrilla mine, Durango). Aztec Minerals announced a bought deal private placement for gross proceeds of CAD $5M, and later on it announced an upsize of the bough deal for gross proceeds of CAD $8.7M (Cervantes project, Sonora). Zacatecas Silver Corp., closed the first tranche of its previously announced private placement for gross proceeds of CAD $2,306,960 (Zacatecas Silver project, Zacatecas). Oroco announced a non-brokered private placement for gross proceeds of up to USD $3.6M (Santo Tomas project, Sinaloa). Questcorp informed that it will offer up to 17,500,000 units in a non-brokered private placement for gross proceeds of up to CAD $3.5M (La Union project, Sonora). Kenadyr Metals closed the second tranche of its previously announced non-brokered private placement for gross proceeds of CAD $734,874.38 and announced upsize to CAD $3,800,000 (Adelita project, Sonora). ON RESOURCES AND DEVELOPMENT, Guanajuato Silver made significant upgrades to its mining fleet at its El Cubo and Valenciana mines in Guanajuato. GR Silver released drilling results from the San Marcial area at its Plomosas project in Sinaloa. ON DEALS AND CORPORATE ISSUES, Canasil received confirmation from the TSX Venture Exchange for the reinstatement of trading (Sandra project, Sonora). Orla Mining announced the resignation of one of its member of the Board of Directors (Camino Rojo mine, Zacatecas). Questcorp posted that it was invited to present on the Emerging Growth Conference Thursday September 25th, 2025 (La Union project, Sonora). Regency Silver notified that it will be presenting at the Centurion One Capital 3^rd Annual Bahamas Summit (Dios Padre project, Sonora). Oroco invited shareholders, investors, and stakeholders to a live virtual interactive session on September 24, 2025 to provide an update on the Santo Tomas project in Sinaloa. Sandstorm Gold announced that proxy advisory firms recommended Sandstorm shareholders vote in favor of the proposed arrangement with Royal Gold. Apollo Silver informed that it has engaged Capital Analytical to provide marketing and social media services, and announced the appointment of its current CEO to its Board of Directors (Cinco de Mayo project, Chihuahua). Oroco announced the appointment of Faysal Rodriguez to its Board of Directors (Santo Tomas project, Sinaloa). Candelaria Mining provided an update on its previously disclosed management cease trade order announced on August 29, 2025 (Caballo Blanco project, Veracruz. Masivo Silver announced that it is progressing with its Mexican mining property acquisitions, including Cerro Colorado in Sonora; however the company is under a management cease trade order. Silver Storm informed that it has granted stock options to certain directors, officers, employees and consultants of the company (Mina La Parrilla, Durango). ON SOCIAL RESPONSIBILITY, No relevant news.

ON MEXICO ISSUES

The full Supreme Court of Justice of the Nation (SCJN) revoked an injunction granted to a private individual against the reforms to the Mining Law regarding mining and water concessions promoted by former President Andrés Manuel López Obrador (AMLO). By seven votes in favor and two against, the justices denied the judicial protection requested by the individual because the new concession applications that were in process were dismissed without further proceedings after the reforms came into force in May 2023. During the debate, Hugo Aguilar, president of the SCJN, affirmed that the sovereignty of the State must prevail at all times and that under no circumstances does anyone who submits a mining concession application already have an acquired right, simply by submitting it. (Editor´s Note: The SCJN´s decision is a bad sign, not only for the mining industry but for the entire country, because no respect for the non-retroactivity of laws has been demonstrated, and that’s a basic principle for the Rule of Law).
GR Silver Mining Ltd., and Kingsmen Resources Inc., reported the best drilling intercepts in Mexico on the fourth week of September, 2025. Details are shown in the table below:

ON EXPLORATION

Riverside Resources Inc., and Questcorp Mining Inc., informed that are conducting a drilling program at the Union project in Sonora, targeting five mineral zones. Currently, three targets are actively being drilled, focusing on historic mining areas and new potential zones like Famosa, which shows signs of gold mineralization. The program is progressing on schedule and budget, with promising signs of gold-bearing mineralization, especially in areas with significant quartzite and structural features. The first hole was drilled southeast beneath historic workings, and two more holes were drilled at the El Cobre mine area and the North Union Mine area, perpendicular to stratigraphy and toward interpreted feeder zones along pre-mineral fault structures, primarily within the Clemente Formation. Core samples have been sent to the lab and assays are pending. Goal of this exploration campaign is to define mineralization controls, refine exploration models, conduct an additional induced polarization (IP) survey and evaluate sulfide zones, with ongoing geological interpretation and assay results guiding their next steps.
Colibri Resources Corporation reported that it has engaged TerraEye to advance and enhance exploration at the EP Gold Project in Sonora using a mix of multispectral satellite imagery, geospatial data, AI and data integration like magnetics, gravity, and geochemical database to uncover promising gold targets even hidden by dense vegetation. The goal is to produce a ranked list of exploration targets with detailed maps and reports to accelerate discovery, reduce exploration risks, and optimize field work and drilling efforts, with a planned program in 2025 to expand target identification beyond the initial three drill-tested zones.
Kingsmen Resources Inc., announced initial results from its Las Coloradas project in Chihuahua. Hole LC-25-010 intersected 1,028 g/t AgEq over 1.45m (455 g/t Ag approx), including 1,742g/t Ag over 0.7m (770 g/t Ag approx) and a broader zone of 138 g/t AgEq over 13.35m, confirming potential for high-grade, shallow mineralization near historic ASARCO mining areas. The mineralization includes massive sulfides with sphalerite, galena, arsenopyrite, and pyrrhotite, and shows strong pathfinder elements like antimony, bismuth, and indium, indicating a large, underexplored system. The project covers a historic district with multiple untested structures, and only a small part has been explored. Kingsmen plans to analyze additional drill holes and continues to assess the district’s extensive mineral potential. The company emphasizes the significance of these results in confirming the presence of high-grade silver mineralization and the potential for further discoveries in this prolific mining district.
Pinnacle Silver and Gold Corp., discovered a new vein called El Capulin at its Potrero project in Durango that along with the surface sampling conducted above the Pinos Cuates and Dos de Mayo mines reinforces the idea that a robust low-sulphidation epithermal vein system with significant gold-silver mineralization has been identified at the property. Surface sampling has extended the high-grade-gold and silver mineralization over a vertical distance of up to 80m above the Los Cuates and Dos de Mayo mines, with grades of up to 2,280 g/t Ag and 1,444 g/t Ag, suggesting vertical zonation with silver increasing upwards. Also, sampling on the newly discovered El Capulin vein, with a strike length of 375m, returned values up to 6.27 g/t Au and 99 g/t Ag. This vein lies parallel to Dos de Mayo, 200m away. In addition, mapping at the La Dura mine could extend the Dos de Mayo vein strike length to 500m, with the vein traced for 1,600m overall. All these results add a lot of potential to the El Potrero property.

ON MINING

Guanajuato Silver Company Ltd., made significant upgrades to its mining fleet at its El Cubo and Valenciana mines in Guanajuato, including the delivery of three new low-profile trucks, three scooptrams, and three ordered “Torino” haulage trucks to arrive later. These modern vehicles are designed for enhanced safety, stability, and efficiency underground, aiming to improve operational reliability, increase production, and optimize fleet utilization. The company emphasized that these investments are critical to supporting long-term growth and operational success.

ON FINANCING

Masivo Silver Corp., increased its previously announced non-brokered private placement due to strong investor demand from 16,666,667 to 33,333,334 units for gross proceeds from CAD $1M to CAD $2M. The offering will be priced at CAD $0.06 per unit (Cerro Colorado project, Sonora).
Silver Storm Mining Ltd., closed its previously announced bought deal private placement of 55,065,000 units at a price of CAD $0.25 for gross proceeds of CAD $13,766,250. The company plans to use the net proceeds to advance the restart of the La Parrilla mine in Durango, as well as for general corporate purposes and working capital.
Sandstorm Gold Royalties announced that proxy advisory firms recommended Sandstorm shareholders vote in favor of the proposed arrangement with Royal Gold Inc, scheduled for October 9, 2025. Under the deal, Sandstorm shareholders will receive 0.0625 shares of Royal Gold for each Sandstorm share. The Board of Directors of Sandstorm unanimously supports the vote for the arrangement resolution.
Aztec Minerals Corp., announced a bought deal private placement offering of 21,300,000 common shares of the company at a price of CAD $0.235 per offered share for gross proceeds of CAD $5M, but later on it announce an upsize of the bought deal to 37,020,000 common shares at a price of CAD $0.235 for gross proceeds of CAD $8,699,700. Part of the gross proceeds will be used to conduct exploration work at the Cervantes project in Sonora, as well as for general working capital purposes.
Zacatecas Silver Corp., closed the first tranche of its previously announced private placement for gross proceeds of CAD $2,306,960 by issuing a total of 38,449,335 units at a price of CAD $0.06 per unit. The company plans to use the net proceeds to fund a drilling campaign on its Zacatecas Silver project in Zacatecas.
Oroco Resource Corp., announced a non-brokered private placement of up to 18,000,000 units at a price of USD $0.20 for gross proceeds of up to USD $3.6M. Oroco will use the net proceeds for the advancement of its Santo Tomas project in Sinaloa, as well as for working capital and other general corporate purposes.
Questcorp Mining Inc., informed that it will offer up to 17,500,000 units at a price of CAD $0.20 per unit in a non-brokered private placement for gross proceeds of up to CAD $3.5M. The company plans to use part of the gross proceeds for advancement of ongoing exploration and drill work at the La Union Gold and Silver Project in Sonora, and for general working capital purposes.
Kenadyr Metals Corp., closed the second tranche of its previously announced non-brokered private placement of 1,959,665 subscription receipts of Kenadyr at a price of CAD $0.37 per subscription receipt for gross proceeds of CAD $734,874.38. In addition to the first tranche closing proceeds of CAD $2,281,513.75, the Offering has raised CAD $3,800,000. The company will used the proceeds to fund payment obligations and exploration expenditures relating to the Adelita Project in Sonora, and for general working capital purposes.

ON RESOURCES AND DEVELOPMENT

Guanajuato Silver Company Ltd., made significant upgrades to its mining fleet at its El Cubo and Valenciana mines in Guanajuato, including the delivery of three new low-profile trucks, three scooptrams, and three ordered “Torino” haulage trucks to arrive later. These modern vehicles are designed for enhanced safety, stability, and efficiency underground, aiming to improve operational reliability, increase production, and optimize fleet utilization. The company emphasized that these investments are critical to supporting long-term growth and operational success.
GR Silver Mining Ltd., released drilling results from the San Marcial area at its Plomosas project in Sinaloa. Drill hole SMS25-10A intersected two distinct mineralized zones in the Parallel Breccia Target, including374 g/t Ag over 9m with high-grade intervals of 1,542 g/t Ag, 1.4% Cu, and 0.62% W over 1m, and 1.44 g/t Au over 33m, with a high-grade interval of 32.1 g/t Au over 1.2m. This drill hole is the farthest southeast drilled in the Parallel Breccia Target, confirming continuity of the mineralized structure over at least 500m from the Resource Area and supporting exploration models linking silver mineralization to a porphyry-style geological setting. The presence of high-grade Ag-Au zones, along with anomalous Cu and W grades, revealed intense high-temperature alteration minerals and epithermal-style quartz-calcite stockwork zones, suggesting proximity to a porphyry-related system and providing valuable vectoring tools for future exploration and strong potential for further resource expansion at San Marcial, particularly in the NE-SW structural trend.

ON DEALS AND CORPORATE ISSUES

Canasil Resources Inc., received confirmation from the TSX Venture Exchange for the reinstatement of trading effective at the opening, Thursday, September 25, 2025 (Sandra project, Sonora).
Orla Mining Ltd., announced the resignation of one of its member of the Board of Directors who was Newmont Corporation´s nominee to the Board. The resignation is effective immediately (Camino Rojo mine, Zacatecas).
Questcorp Mining Inc., posted that it was invited to present on the Emerging Growth Conference Thursday September 25th, 2025 (La Union project, Sonora).
Regency Silver Corp., notified that it will be presenting at the Centurion One Capital 3^rd Annual Bahamas Summit (Dios Padre project, Sonora).
Oroco Resource Corp., invited shareholders, investors, and stakeholders to a live virtual interactive session on Wednesday, September 24, 2025 to provide an update on the Santo Tomas project in Sinaloa, including management, permitting progress, community engagement, and next steps toward project advancement.
Apollo Silver Corp., informed that it has engaged Capital Analytical to provide marketing and social media services for an initial six-month term for a fee of USD $120K, payable in two tranches. The company also announced the appointment of its current CEO to the Board of Directors, effective immediately (Cinco de Mayo project, Chihuahua).
Oroco Resource Corp., announced the appointment of Faysal Rodriguez to its Board of Directors (Santo Tomas project, Sinaloa).
Candelaria Mining Corp., provided an update on its previously disclosed management cease trade order announced on August 29, 2025. The company is working expeditiously on the steps required to complete the Annual Financial Filings and expects to be able to file the Annual Financial Filings on or before October 3, 2025. (Caballo Blanco project, Veracruz).
Masivo Silver Corp., announced that it is progressing with its Mexican mining property acquisitions, including Cerro Colorado in Sonora; however the company is under a management cease trade order because they could not file their annual financial statements and reports, primarily caused by difficulties obtaining financial data from Mexican operations. The company expects to complete its audits by September 30 and is following regulatory guidelines while working through the delay, with no indications of insolvency or material issues.
Silver Storm Mining Ltd., informed that it has granted stock options to certain directors, officers, employees and consultants of the company, to purchase an aggregate of 37,000,000 common shares of the company at the price of CAD $0.25 per share for a period of five years from date of grant (Mina La Parrilla, Durango).

ON SOCIAL RESPONSIBILITY

No relevant news.

Content like what you have just read can be seen at https://gambusinoprospector.com/ and at LinkedIn’s Mexico Mineral Exploration Group.

On the picture below, flow banded rhyolite dome in an intermediate sulphidation epithermal vein system in a project in Chihuahua, Mexico. Photo taken by Miguel A Heredia.

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

September 20, 2025 / Gambusino Prospector / Leave a comment

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

ON MEXICO ISSUES

No Relevant News.

ON EXPLORATION

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

ON MINING

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

ON FINANCING

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

ON RESOURCES AND DEVELOPMENT

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

ON DEALS AND CORPORATE ISSUES

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

ON SOCIAL RESPONSIBILITY

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

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

Capitan Silver Strengthens Management Team and Board with Key Hires

September 16, 2025 / gambusinoprospectormexico / Leave a comment

2025-09-165_capitan announces key appointments Download

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

August 24, 2025August 24, 2025 / Gambusino Prospector / Leave a comment

By Jorge Cirett

During the 34th week of the year (August 18th to August 24th, 2025), companies working in Mexico presented 33 press releases. One company presented exploration advances on its early-stage property. Five companies presented quarterly reports. Ten companies presented news on financing rounds and share-related issues. Three companies presented drilling results from their advanced properties. One company received a key acceptance of a surface rights agreement. Fifteen companies informed on deals and corporate issues. ON MEXICO ISSUES, The SGM has been given the first orders by the Economy Ministry to perform exploration activities in three projects. ON EXPLORATION, In Sonora, Questcorp informed on its drill program at La Union. ON MINING, Starcore International Mines, Elemental Altus Royalties, Santacruz Silver Mining, Sailfish Royalty and Sierra Madre Gold and Silver released Q2 2025 results. ON FINANCING, six companies informed on financing rounds: Regency Silver (C$2.5 M, upsized to C$3.1 M), Mammoth Resources (C$980 K), Sonoro Gold (C$525 K), Goldgroup Mining (C$4 M), Pacifica Silver (C$10 M) and Guanajuato Silver Company (C$18 M). Sonoro Gold informed on the terms of a loan. Apollo Silver and Kootenay Silver granted stock options. ON RESOURCES AND DEVELOPMENT, Sonoro Gold received acceptance by the TSX for the surface rights agreement at Cerro Caliche. Avino Silver and Gold reported drilling results from La Preciosa. First Majestic Silver disclosed results from drilling at San Dimas. GR Silver Mining announced drilling results from its Plomosas project. ON DEALS AND CORPORATE ISSUES, Silver Dollar Resources and Canasil Resources informed on their AGMs. Pacifica Silver, United States Antimony, Kootenay Silver, Tocvan Ventures and Colibri Resource announced appointments to the board. Apollo Silver engaged a service provider. Mag Silver informed on its acquisition by Pan American Silver. Reyna Silver and Torex Gold updated on its acquisition by Torex. Xali Gold informed on its status under the TSX and on the cancellation of claims at El Oro. Capitan Silver acquired mining concessions from Fresnillo plc at Cruz de Plata. EV Resources signed an MOU with Wogen Resources and Xcelsior Capital Advisors. Galore Resources updated on its Los Gemelos and Duraznillo projects. ON SOCIAL RESPONSIBILITY, no relevant news

ON MEXICO ISSUES

The Economy Ministry (Secretaría de Economía) emitted three exploration orders to the Mexican Geological Survey (Servicio Geológico Mexicano, or SGM). The orders posted In the Official Gazette (Diario Oficial de la Federación) grant the SGM the initial exploration works at Las Granadas (Estado de México), La Soledad (in Durango) and Delia (in Sonora). (Note by the editor.- This is a feeble attempt by the government to try to make function an exploration system depicted in the new mining law that basically is unworkable in any meaningful way, other than that of plain demagogy).

ON EXPLORATION

Questcorp Mining Inc. announced the completion of 25% of the planned 1,200 to 1,500 m drill program at La Union, in Sonora.

ON MINING

Starcore International Mines Ltd. announced production results for the first fiscal quarter ended July 2025. At its San Martin mine in Queretaro, the company milled 54.3 K tonnes averaging 1.47 gpt Au, 12.9 gpt Ag, recovering 77.4% Au, 54.8% Ag, to produce 2,130 gpt AuEq. “During the quarter, the CIL (carbon-in-leach) process for carbonaceous ore was fine-tuned and necessary adjustments were made to optimize the process”.
Elemental Altus Royalties Corp. announced its operating and financial results for Q2 2025. The company had revenue of US$9.1 M, adjusted revenue of US$105 M, operating cash flow plus Caserones dividend of US$14.4 M, attributable 3,184 Oz Au Eq and adjusted EBITDA of US$8.8 M, with guidance revenue increased to US$35 M to US$40 M (Royalty on Mercedes, Sonora).
Santacruz Silver Mining Ltd. reported its financial and operating results for Q2 2025. The company had revenue of US$73.3 M, gross profit of US$25.3 M, net income of US$21.0 M, adjusted EBITDA of US$26.8 M, working capital of US$60.3 M and cash and short and long term investments of US$57.8 M. The company produced 3.55 M Oz AgEq on its mines in Mexico and South America at an AISC of $22.95 per Oz AgEq (Zimapán, Hidalgo).
Sailfish Royalty Corp. announced operating and financial results for the second quarter of 2025. During the period Sailfish earned US$626 K in royalties, earning 8 Oz Au, 1,672 Oz Ag from stream interests. Total revenue was US$713.2 K, for a gross profit of US$687 K, net income of US$185.3 K, declaring a quarterly dividend of US$0.0125 per common share (royalty on Gavilanes, Durango).
Sierra Madre Gold and Silver Ltd. provided financial results for Q2 2025. During the period the company had net revenue of US$5.36 M, adjusted EBITDA of US$1.46 M and a gross profit of US$1.29 M. At La Guitarra in Estado de México, 41.2 K tonnes were milled, recovering 76.6% Ag, 78% Au, to produce 66 K Oz Ag, 1,001 Oz Au. Sierra Madre closed the first and second tranches of a C$19.5 M brokered private placement during the quarter.

ON FINANCING

Sonoro Gold Corp. announced the completion of cash payments of US$3.12 M to a lessor, satisfying the financial obligations in year 1 of the agreement. The company will issue 5 M common shares to the lessor at a deemed issue price of CAD $0.15 Common Share. “Funding for year-1 payment requirements under the Agreement was financed by unsecured shareholder loans aggregating to US $2,900,000 (the “Loans”) by Company directors, bearing annual interest of 10%, plus a 7% lending fee” (Cerro Caliche, Sonora).
Apollo Silver Corp. approved the annual grant of 4.41 M stock options, restricted share units and deferred share units to certain employees, officers, directors and consultants (Cinco de Mayo, Chihuahua).
Regency Silver Corp. upsized its previously announced best efforts brokered private placement led by Centurion One Capital Corp. for aggregate gross proceeds of up to C$2.5 M (Dios Padre, Sonora).
Mammoth Resources Corp. received approval from the TSX Venture Exchange for a final closing for gross proceeds of C$980 K (Tenoriba, Chihuahua).
Sonoro Gold Corp. announced a non-brokered private placement offering for gross proceeds of C$525 K (Cerro Caliche, Sonora).
Kootenay Silver Inc. announced stock purchase options have been granted to a consultant to purchase up to 250 K shares of Kootenay at a price of $1.19 per common share for a period of two years. (Columba, Chihuahua).
Pacifica Silver Corp. closed the first tranche of its previously announced C$10 M non-brokered private placement financing. Participants included Vizsla Silver Corp., First Majestic Silver Corp., Silver Corp. Metals Inc. and 2176423 Ontario Ltd. (Claudia, Durango).
Goldgroup Mining Inc. arranged a non-brokered private placement for gross proceeds of up to C$4 M (Cerro Prieto, Sonora).
Guanajuato Silver Company Ltd. announced the closing of its previously announced non-brokered listed issuer financing exemption (LIFE) private placement for aggregate gross proceeds of C$18 M. “In connection with the Offering, the Finders received a cash commission of $520,463.92, and 1,727,904 nontransferable finder’s warrants”. Certain directors and officers acquired an aggregate of 2.1 M units for gross proceeds of C$630 K (El Cubo, Guanajuato).
Regency Silver Corp. upsized its previously announced best efforts brokered private placement for aggregate gross proceeds of C$3.1 M (Dios padre, Sonora).

ON RESOURCES AND DEVELOPMENT

Sonoro Gold Corp. received the final acceptance from the TSX Venture Exchange for the surface rights lease agreement for the Company’s Cerro Caliche Gold Project in Sonora, Mexico.
Avino Silver & Gold Mines Ltd. reported results from 1,100 m of drilling in four twin holes at La Preciosa, Durango. The positive results are from La Abundancia and La Gloria veins. Highlighted true width intervals comprise 7.90 m @ 1.92 gpt Au, 1,638 gpt Ag (including 1.84 @ 0.61 gpt Au, 5,006 gpt Ag); 14.80 @ 0.38 gpt Au, 257 gpt Ag (including 5.04 m @ 0.72 gpt Au, 594 gpt Ag); 6.42 m @ 0.46 gpt Au, 544 gpt Ag; 3.45 m @ 0.44 gpt Au, 970 gpt Ag (including 1.17 m @ 0.64 gpt Au, 1,936 gpt Ag); 3.41 m @ 0.36 gpt Au, 398 gpt Ag. “Mineralization at the La Preciosa is hosted within multiple discrete poly-phase quartz veins, often displaying banded, smoky, drusy, and chalcedonic textures. Also, in each stage, there is variably crustiform banded fracture fill/breccia cement mineralogy”.
Colibri Resource Corp. congratulated its joint venture partner, Tocvan Ventures Corp., on receiving permit approval for a 50 K tonnes pilot mine facility located in close proximity to the Pilar project, a 49% Colibri – 51% Tocvan joint venture.
First Majestic Silver Corp. reported drilling results from its exploration program at the San Dimas mine in Durango. The drilling program is focused in exploring for new veins, expand and upgrade mineral resources, highlighted true width results comprise 0.75 m @ 9.94 gpt Au, 546 gpt Ag; 0.95 m @ 5.35 gpt Au, 302 gpt Ag; 0.89 m @ 7.77 gpt Au, 357 gpt Ag; 5.17 m @ 7.66 gpt Au, 357 gpt Ag; 1.59 m @ 13.07 gpt Au, 762 gpt Ag; 2.12 m @ 8.38 gpt Au, 282 gpt Ag; 3.57 m @ 15.93 gpt Au, 1,112 gpt Ag; 2.35 m @ 4.67 gpt Au, 289 gpt Ag; 1.06 m @ 23.70 gpt Au, 578 gpt Ag; 3.80 m @ 3.27 gpt Au,151 gpt Ag; 2.53 m @ 9.65 gpt Au, 121 gpt Ag.
GR Silver Mining Ltd. announced drilling results from its step-out drill program adjacent to the San Marcial deposit mineral resource area within the Plomosas project in Sinaloa. Highlighted core length intervals comprise 11.1 m @ 0.08 gpt Au, 64 gpt Ag; 22.9 m @ 0.06 gpt Au, 11 gpt Ag; 19.9 m @ 0.10 gpt Au, 206 gpt Ag (including 3.7 m @ 0.20 gpt Au, 511 gpt Ag and 4.2 m @ 0.10 gpt Au, 322 gpt Ag). All theses intervals contain between 0.1% to 0.8% Pb and between 0.1% to 0.9% Zn. “Drilling is ongoing with two diamond drill rigs, focusing on the SE Deep Extension target and the Parallel Breccia target.”.

ON DEALS AND CORPORATE ISSUES

Silver Dollar Resources Inc. informed that all resolutions put forth at the company’s annual general meeting (AGM), held on August 15, were approved by its shareholders (La Joya, Durango).
Pacifica Silver Corp. announced the appointment of Sophie Hsia to the board of directors and released results of its AGM (Claudia, Durango).
Apollo Silver Corp. engaged Creative Direct Marketing Group, Inc., an arm’s-length service provider, to provide marketing and advertising services for a total of US$1.62 M, payable in tranches (Cinco de Mayo, Chihuahua).
Colibri Resource Corp. announced thatJamie Lavigne has resigned from his position as director of the company. The company appointed Mark Smethurst, P. Geo, MSc, CFA-Level III Candidate, to the Board of Director (EP project, Sonora).
Canasil Resources Inc. announced shareholders voted in favor of all matters brought before its annual general meeting (AGM) held on August 7, 2025 (La Esperanza, Durango-Zacatecas).
Mag Silver Corp. announced today that, other than Mexican competition approval (COFECE), all required key approvals and authorizations to consummate the acquisition by Pan American Silver Corp. have been obtained. “If the COFECE Approval is obtained and all closing conditions are satisfied or waived, the Arrangement is expected to be completed in the third quarter of 2025. Following completion of the Arrangement, the MAG Shares are expected to be delisted from the Toronto Stock Exchange and NYSE American LLC” (Juanicipio, Zacatecas).
United States Antimony Corp. announced the addition of General John M. Keane, as an independent director to USAC’s board of directors (Juarez, Queretaro).
Kootenay Silver Inc. appointed Ron Miller as a director of the company (Columba).
Reyna Silver Corp. announced the completion of the previously announced plan of arrangement with Torex Gold Resources Inc.. pursuant to which Torex acquired all of the issued and outstanding shares of Reyna Silver (GuiGui, Chihuahua).
Torex Gold Resources Inc. announced the completion of the plan of arrangement with Reyna Silver Corp. (Morelos Complex, Guerrero).
Tocvan Ventures Corp. appointed Christopher Gordon as head of corporate development (Pilar, Sonora).
Xali Gold Corp. filed its audited annual financial statements. “The TSX Venture Exchange (“TSX.V”) is currently conducting a Listing Review of Xali Gold, which is a normal part of the review process after trading has been halted in a Company. The Company is working to resume trading as soon as possible”. The company is trying to overturn the cancellation of several mineral concessions at El Oro, Estado de México.
Capitan Silver Corp. executed a definitive agreement to acquire a strategic land package at its Cruz de Plata project in Durango. The property consists of 2,171.4 ha in seven mining concessions adjacent to and surrounding Cruz de Plata. The acquisition from Fresnillo plc involves the payment of an initial US$2 M (paid) and US$2 M payable on or before the second anniversary of the closing, with no royalties or share payments.
EV Resources Ltd. executed a try-party memorandum of understanding (MOU) with Wogen Resources Ltd. and Xcelsior Capital Advisors Ltd. Subject to a definitive agreement Wogen and XCLR will engage on a US$2–3 million secured debt facility to advance Los Lirios antimony project in Oaxaca towards production, and Wogen will be granted exclusive rights to offtake antimony products from Los Lirios, and Wogen and XCLR will provide EVR with technical input and market intelligence.
Galore Resources Inc. announced that it will host its annual and special general meeting of shareholders on October 23, 2025. The company has received interest in supporting development at Los Gemelos and Duraznillo in Zacatecas; however, recent proposals were not aligned with the long-term interests of shareholders. Discussions with other potential partners remain ongoing. “At Duraznillo, previously announced drilling was suspended due to delays in committed funding, following unforeseen circumstances with an investor group”.

ON SOCIAL RESPONSIBILITY

No relevant news.

On the image below: Chlorite-Epidote alteration in quartz monzonite on HQ core. Picture by Jorge Cirett.

Canasil Resources Inc. Announces Results of Annual General Meeting

August 19, 2025 / gambusinoprospectormexico / Leave a comment

2025-08-19_canasil announces voting results_AGM Download

Apollo Silver Engages CDMG for Marketing Services

August 18, 2025 / gambusinoprospectormexico / Leave a comment

2025-08-18_apollo silver engages CDMG for marketing services Download

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

August 10, 2025August 10, 2025 / Gambusino Prospector / Leave a comment

By Jorge Cirett
During the 32nd week of the year (August 04th to August 10th, 2025), companies working in Mexico presented 36 press releases. Two companies presented news on two early-stage properties. Nine companies presented quarterly operational updates, one informed on actions to be taken on a pit wall failure and one more reported steady commissioning progress. Six companies reported on financial rounds. One company is drawing funds from a loan facility, another one received a cease trade order, while another company is voluntarily delisting from the TSX, another one is paying a dividend, a further one is changing its stock options plan and finally another is retracting amendments to outstanding debentures. One company received a key operational permit and one more informed on actions to be taken regarding a recent pit failure. Five companies informed on deals and corporate issues. ON MEXICO ISSUES, Mexico advanced several positions in the Fraser Institute Attractiveness Index. ON EXPLORATION, In Sonora, Aztec Minerals informed on surface exploration work at Cervantes; Questcorp Mining and Riverside Resources commenced a drilling program at La Union. ON MINING, Capstone Copper, Aura Minerals, Gold Resource, Torex Gold, Go Gold Resources, Pan American Silver, Gold Royalty, Coeur Mining, and Sandstorm Gold released Q2 2025 results. Orla Mining informed on actions to be taken on its recent pit wall failure. Endeavour Silver reported steady progress at Terronera in Jalisco. ON FINANCING, nine companies informed on financing rounds: Gold Group Mining (C$12 M), Aura Minerals (US$21.75 M), Pinnacle Silver and Gold (C$1.7 M), Minera Alamos (C$110 M), Prismo Metals (C$385 K) and Alamos Gold (US$500 M). Aura Minerals is to pay a dividend and delist from the TSX. Bear Creek Mining has drawn down US$0.6 M from a loan facility and Colibri Resource is not proceeding with debenture amendments. Xali Gold has been notified of a cease trade order. ON RESOURCES AND DEVELOPMENT, Guanajuato Silver received a key explosives permit for its Pinguico project in Guanajuato. Orla Mining provided an update on exploration and definition drilling on the extension of the Sulfide zone at its Camino Rojo mine in Zacatecas. ON DEALS AND CORPORATE ISSUES, Fresnillo plc is acquiring the Los Coyotes project in Sonora from Orogen Royalties. Pan American Silver made an appointment to the board. Angel Wing Metals presented results of its AGM. Minera Alamos is acquiring several properties in Nevada for Equinox Gold. ON SOCIAL RESPONSIBILITY, Oroco Resource signed a cooperation agreement with Mexico’s government program “Sembrando Vida” for supporting local initiatives near its Santo Tomas project in Sinaloa.

ON MEXICO ISSUES

México advanced from the 78 to the 49 position (from 82 constituencies evaluated) in the Fraser Institute Attractiveness Index. The Index is 60% based in the geological potential and 40% in the political perception. Mexico climbed almost 18 points supported by its geological potential (from 37.5 to 64.29 points) and a little bit less by its political perception (35 to 40 points). The index is based in a poll that included answers from 2,289 exploration and development companies.

ON EXPLORATION

Aztec Minerals Corp. updated on 2025 exploration work realized at its 3,649 ha Cervantes project in Sonora. Field crews collected 151 outcrop and subcrop samples, extending “the known extent of the California Au-Cu porphyry system another 0.5 kms to the east, finding and confirming new prospects with porphyry related mineralization with results of up to 15.6 gpt Au, 177.3 gpt Ag, and 8,062 ppm Cu in the adjoining target areas of Brasil, Estrella, California East, California North, and Purisima East”. Small outcrops of B-type vein stockworking and disseminated mineralization in quartz feldspar porphyry along with hydrothermal breccias were found on the rugged terrain up to 0.5 km to the east of the California target.
Questcorp Mining Inc. commenced drilling on its 25 square Km La Union project in Sonora. The 1,500 m diamond drill program across six holes is being carried out by vendor and operator Riverside Resources Inc. Four areas are to be tested: Union Main mine, North Union mine, Cobre and Central Union. The project is a carbonate replacement deposit (CRD) project “hosted by Neoproterozoic sedimentary rocks (limestones, dolomites, and siliciclastic sediments) overlying crystalline Paleoproterozoic rocks of the Caborca Terrane”

ON MINING

Capstone Copper Corp. reported financial results for the second quarter 2025. The company had a consolidated Cu production of 57,416 tonnes at cash cost $2.45 per Lb Cu., with a net income of US$24 M, adjusted net income of US$27.5 M, adjusted EBITDA of US$ 215.6 M, operating cash flow of US212.4 M and the net debt decreasing to US$691.9 M. At Cozamin, in Zacatecas, the company produced 6,509 tonnes Cu at $1.49 per Lb Cu during the period.
Endeavour Silver Corp. reported steady progress at its Terronera mine in Jalisco. The company milled 57 K tonnes at the site at an average rate of 1,841 tpd, with recoveries of 71% Ag, 67% Au while processing lower grade ore. “Higher-grade material is scheduled for processing soon, while optimization efforts continue. The introduction of higher-grade material is expected to directly enhance recoveries”.
Orla Mining Ltd. updated on the recent pit wall event at its Camino Rojo mine in Zacatecas. The comprehensive assessment determined that “The material movement was bounded by two faults acting as release features from increased pore pressure due to rainfall and the steepness of the interwall angle… The north wall will be re-established at a lower overall slope at single 10 metre benches”. The pit wall is to be pushed back 50 to 80 m, to remove approximately 9 M tonnes, material that is expected to average 0.74 gpt Au and will be crushed and stacked on the heap.
Aura Minerals Inc. filed audited consolidated financial statements for Q2 2025. The company had a consolidated production of 64,033 Oz AuEq at a cash cost of $1,146 per Oz Au, an AISC of $1,149 per Oz Au, with a net revenue of US$190.4 M, gross profit of US$103.9 M, EBITDA of US$106.2 M, net income of US$8.1 M, adjusted net income of US$36.8 M. At Aranzazu, in Zacatecas, 22,290 Oz AuEq were produced at cash cost $1,110 per Oz AuEq, an AISC of $1,514 per Oz AuEq, for a revenue of US$62.5 M and a gross profit of US$31.5 M.
Gold Resource Corp. announced its second quarter operational results from its Don David mine in Oaxaca. During the period 63.5 K tonnes were milled, averaging 0.56 gpt Au, 115 gpt Ag, 0.13% Cu, 0.88% Pb, 2.72% Zn, to produce 758 Oz Au, 196.4 K Oz Ag, 50 tonnes Cu, 373 tones Pb, 1,380 tonnes Zn at cash cost $4,017 per Oz AuEq and an AISC of $5,458 per Oz AuEq. Productivity is being hindered by the lack of equipment to work several mining faces simultaneously. The company had US$10.4 M in working capital and US$12.7 M in cash at the end of the period.
Torex Gold Resources Inc. reported financial and operational results for Q2 2025. During the period the company produced at its Morelos Complex in Guerrero 82,856 Oz AuEq at an AISC of $2,103 per Oz AuEq, to have US$83.2 M in net income, adjusted net earnings of US$43.8 M, EBITDA of US$114.1 M and adjusted EBITDA of US$117.7 M, generating US$67.8 M in net cash and US$95.3 M before changes in non-cash operating working capital.
GoGold Resources Inc. announced financial results for the quarter ending in June 2025. From the operation of the Parral tailings in Chihuahua, the company obtained revenue of US$17.7 M, operating income of US$4.6 M, net income of US8.2 M and cash flow of US7.2 M. At the Parral tailings project in Chihuahua 402.9 K tonnes were stacked, 527.9 K Oz AgEq sold with a cash cost of $17.21 and an AISC of $22.78.
Pan American Silver Corp. reported unaudited results for the second quarter. The company produced 5.1 M Oz Ag, 178,700 Oz Au to obtain US$811 M in revenue, net earnings of US$189.6 M, mine operating earnings of US$273.3 M and adjusted earnings of US$155.4 M. Cash flow from operations was US$293.4 M with US$233 M of free cash flow. Consolidated cash cost was $19.69 per Oz Ag and $1,611 per Oz Au. At La Colorada, in Zacatecas, 1.5 M Oz Ag, 1,300 Oz Au were produced at an AISC of $24.18 per Oz Ag, while at Dolores, in Chihuahua, 0.29 Moz Ag, 10,100 Oz Au were produced at an AISC of $811 per Oz Au. The company entered into a definitive agreement to acquire all shares of Mag Silver Corp. (Juanicipio, Zacatecas).
Gold Royalty Corp. filed its operating and financial results for Q2, 2025. The company had US$3.8 M in revenue during the period, a net loss of US$829 K, with an adjusted EBITDA of US$2.36 M and an adjusted net loss of US$66 K (Royalty on Cozamin, Zacatecas).
Coeur Mining Inc. reported second quarter 2025 financial results. During the period the company had a consolidated production of 108,487 Oz Au, 4.7 M Oz Ag, at a cash cost $1,260 per Oz Au, $13.41 per Oz Ag. for a revenue of US480.7 M, a net income of US$70.7 M, an adjusted net income of US$127.4, EBITDA of US$203.0 M, adjusted EBITDA of US$243 .5 M, free cash flow of US$146.2 M while holding a total debt of US$380.7 M. At Las Chispas, in Sonora, 118.4 tonnes were milled, grading 4.67 gpt Au, 414 gpt Ag, recovering 93.8% Au, 94.4% Ag, to produce 16,271 Oz Au, 1.49 M Oz Ag at cash cost $894 per Oz Au, $8.94 per Oz Ag. At Palmarejo, in Chihuahua, 483.9 K tonnes were milled, averaging 1.93 gpt Au, 134 gpt Ag, recovering 92.9% Au, 88.6% Ag, to produce 27,272 Oz Au, 1.74 M Oz Ag at a cash cost of $888 per Oz Au, $14.39 per Oz Ag. The 2025 production guidance includes 42,500 to 52,500 Oz Au, 4.25 M to 5.25 M Oz Ag at Las Chispas and 95,000 to 105,000 Oz Au, 5.4 M to 6.5 M Oz Ag at Palmarejo.
Sandstorm Gold Ltd. released its financial results for the second quarter 2025. The company obtained revenue of US$51.4 M during the period, with 1,098 Oz AuEq attributable, cash flow of US$37.7 M, a net income of US$16.9 M, with an operating margin of $2,981 per Oz AuEq (Cosala, Sinaloa).

ON FINANCING

Aura Minerals Inc. intends to commence an application for a voluntary delisting of the common shares from the Toronto Stock Exchange (TSX), following the completion of listing on the Nasdaq on July 16, 2025 (Aranzazu, Zacatecas).
Bear Creek Mining Corp. announced that pursuant to the promissory note issued by a wholly owned subsidiary of Sandstorm Gold Ltd. funds in the amount of US$0.6 M were drawn down by the company on August 1, 2025. “The principal amount of the 2025 Sandstorm Note is a maximum of US$6.5 million, of which the Company may draw down up to US$600,000 per month. An aggregate total of funds drawn to date is US$4.2 million and the remaining amount of up to US$2.3 million may be drawn down subject to prior approval by Sandstorm in its sole discretion” (Mercedes, Sonora).
Goldgroup Mining Inc. closed the previously announced C$12 M private placement. Mr. Eric Sprott, through 2176423 Ontario Ltd., acquired approximately $1.5 M of shares. Following completion of the private placement Mr. Eric Sprott owns 29.8 M shares and 15.8 M warrants, representing 10.5% of the outstanding shares on a non-diluted basis and 15.2% on a partially diluted basis, assuming the exercise of warrants (Cerro Prieto, Sonora).
Aura Minerals Inc. declared the payment of a dividend “of US$0.33 per share, achieving a 7.4% dividend yield, including share buybacks, over the last twelve months…” (Aranzazu, Zacatecas).
Chesapeake Gold Corp. adopted a fixed up to 10%” stock option plan to replace its prior “rolling up to 10%” stock option plan. “Under the terms of the Fixed Plan, the Company may issue up to 7,209,338 common shares of the Company pursuant to the exercise of outstanding options granted to eligible persons under the Fixed Plan” (Metates, Durango).
Aura Minerals Inc. closed the sale of “897,134 common shares as a result of the partial exercise of the underwriters’ option to purchase additional shares granted to them in connection with the U.S. initial public offering pursuant to a registration statement on Form F-1 filed with the U.S. Securities and Exchange Commission (“SEC”) at the public offering price of US$24.25 per common share, less underwriting discounts and commissions…. The principal purposes of this offering are to transfer Aura’s principal listing venue to a stock exchange in the United States equity market, which the Company believes will increase the liquidity of its common shares, as well as strengthen and diversify its shareholder base through broader access to global capital markets” (Note of compiler: The not stated gross proceeds of the financing can be calculated as US$21.75 M) (Aranzazu, Zacatecas).
Colibri Resource Corp. announced that it will not be proceeding with certain amendments to its outstanding debentures, related common share purchase warrants and finder’s fee options as announced on its July 16, 2025 news release (EP, Sonora).
Xali Gold Corp. informed that the British Columbia Securities Commission has notified the company that it has issued a cease trade order (FFCTO). “The FFCTO was issued as a result of the Company’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, 2025….. The Company expects to be able to file the Annual Filings as required and resume trading within the next 3 or 4 days” (El Oro, Estado de Mexico).
Pinnacle Silver and Gold Corp. announced the closing its non-brokered private placement to raise gross proceeds of C$1.7 M. “Finder’s fees consisting of $20,622 in cash commission and 343,700 non-transferable finder’s warrants were paid in connection with the offering” (El Potrero, Durango).
Minera Alamos Inc. entered into an agreement with Stifel Canada, as lead underwriter and sole bookrunner, on behalf of a syndicate of underwriters in connection with a bought deal private placement offering for gross proceeds of C$110 M which under certain circumstances may be increased to an additional C$25 M (Santana, Sonora).
Prismo Metals Inc. proceeded with an upsized closing of its previously announced non-brokered private placement for gross proceeds of C$385 K (Palos Verdes, Sinaloa).
Alamos Gold Inc. filed a base shelf prospectus with the Ontario Securities Commission. The base shelf prospectus qualifies the issuance of up to US$500 M of class A common shares, debt securities, warrants and subscription receipts of the company. The Base Shelf Prospectus is effective for a period of 25 months (Mulatos, Sonora).

ON RESOURCES AND DEVELOPMENT

Guanajuato Silver Company Ltd. received a key explosives permit for its Pinguico project in Guanajuato. Restarting of drifting along the mineralized San Jose structure towards the Pinguico underground stockpile (historic backfill) is expected in Q4, 2025. The company expects to find economic mineralization during the development work, material that will be sent to the El Cubo processing plant.
Orla Mining Ltd. provided an exploration update on Zone 22 extensions of the Sulphides Zone at its Camino Rojo mine in Zacatecas. The 15,000 m infill drill program was launched in early 2025 and completed in mid-July, returning consistently high-grade Au-Ag-Zn results. “This press release provides results from 16 of 21 drill holes and 9,470 metres drilled as part of the 2025 infill drilling program, and 7 drill holes and 5,278 metres from the final portion of the 2024 program”. The company has expanded the program by an additional 5,000 m in 2025. Highlighted core length intervals comprise 2.1 m @ 21.20 gpt Au, 115 gpt Ag, 0.13% Cu, 1.2% Pb, 5.8% Zn; 1.5 m @ 142 gpt Au; 14.7 m @ 3.0 gpt Au, 15 gpt Ag, 0.26% Cu, 0.6% Zn; 1.6 m @ 13.60 gpt Au, 38 gpt Ag, 0.11% Cu, 0.2% Pb, 14.3% Zn; 4.4 m @ 9.06 gpt Au, 62.1 gpt Ag, 0.22% Cu, 0.2% Pb, 8.3% Zn; 10.50 m @ 9.42 gpt Au, 16 gpt Ag, 0.4% Zn (including 1 m @ 72.30 gpt Au, 4 gpt Ag, 0.5% Zn); 9.8 m @ 8.00 gpt Au, 11 gpt Ag, 1.5% Zn; 1.50 m @ 21.00 gpt Au, 44 gpt Ag, 0.2% Cu, 0.1% Pb, 1.7% Zn; 1.50 m @ 14.00 gpt Au, 168 gpt Ag, 0.11% Cu, 2.4% Pb, 6.0% Zn; 11.60 m @ 4.77 gpt Au, 17 gpt Ag, 0.12% Cu, 2.2% Zn.

ON DEALS AND CORPORATE ISSUES

Orogen Royalties Inc. signed a purchase and sale agreement with Fresnillo plc whereby Fresnillo has acquired the Los Coyotes project in Sonora. “To acquire a 100% interest in the Los Coyotes project, Fresnillo will pay Orogen US$118,000 on signing (received) and US$1 million on the commencement of commercial production. Orogen will retain a 1% net smelter return (“NSR”) royalty”. The property comprises six claims covering 600 ha with multiple sub parallel subvertical structures and replacements within a limestone interbedded with Laramide age andesites.
Pan American Silver Corp. appointed Mr. Pablo Marcet to its board of directors La Colorada, Zacatecas).
Angel Wing Metals Inc. informed shareholders voted in favor of the election of all directors nominees and in favor of all matters present in the Annual General Meeting (AGM) circular (La Reyna, Nayarit).
Minera Alamos Inc. entered into a definitive agreement to acquire Calibre USA Holding Ltd. from Equinox Gold Corp. for total consideration of US$115 M. Calibre USA holds a 100% economic interest in the producing Pan Gold Mine, Gold Rock Project and Illipah Project located in Nevada. “Pan is a heap leach gold operation producing approximately 40 koz….. Post-Transaction, the Company’s asset base when fully developed will hold the potential to produce, in aggregate, over 175 koz gold annually based on the current development plans for Copperstone, Cerro de Oro and Gold Rock”. Jason Kosec is joining the leadership team of Minera Alamos as chairman with a mandate to lead the Company’s strategic growth initiatives and capital markets presence (Santana, Sonora; Cerro de Oro, Zacatecas).

ON SOCIAL RESPONSIBILITY

Oroco Resource Corp. signed a cooperation agreement with Sembrando Vida, a flagship environmental and social program of the Government of Mexico. “Through this collaboration, Oroco will provide material, logistical, and advisory support for local initiatives, including native tree planting, land recovery, and training for program participants” (Santo Tomás, Sinaloa).

On the image below: Quartz-chlorite lined veinlet with feld-K alteration halo on HQ core. Picture by Jorge Cirett.

Chesapeake Gold Adopts Fixed Stock Option Plan

August 6, 2025 / gambusinoprospectormexico / Leave a comment

2025-08-06_chesapeake adopts fixed stock option plan Download

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

August 3, 2025 / gambusinoprospectormexico / Leave a comment

sigmoidal en-echelon quartz vein

By Miguel A Heredia

During the 31^stweek of the year (July 28^thto August 03^rd 2025), at least 36 press releases were announced by companies working in Mexico, with sixteen disclosing deals and corporate issues, nine reporting resources and developments of their properties, five communicating production results, four announcing financing rounds, and two commenting on Mexican issues. ON MEXICO ISSUES, Almaden provided an update on its arbitration with Mexico under the Comprehensive Progressive Agreement for Trans-Pacific Partnership (CPTPP) because of actions that led to the loss of their Ixtaca project investment in Puebla. Impact Silver, Guanajuato Silver and Gold Resource reported the best drilling intercepts in Mexico on the fifth week of July, 2025. ON EXPLORATION, no relevant news. ON MINING, Americas Gold and Silver reported Q2, 2025 consolidated results (Cosala min, Sinaloa). Santacruz Silver Mining announced Q2, 2025 production results from its Zimapan mine in Hidalgo. Alamos Gold presented Q2, 2025 production and financial results from its Mulatos mine in Sonora. Starcore reported year end 2025 results from its San Martin mine in Queretaro. Agnico presented Q2, 2025 production results from its Pinos Altos mine in Chihuahua). ON FINANCING, GR Silver announced a CAD $12M bought deal LIFE offering of units (Plomosas project, Sinaloa). Masivo declared that is expects to close a CAD $1.2M funded round by Mid-August, 2025 (Cerro Colorado project, Sonora). Southern Silver closed its previously announced bought deal LIFE private placement for gross proceeds of CAD $15M (Cerro Las Minitas project, Durango). Sierra Madre closed the second and final tranche of its previously announced non-brokered private placement for gross proceeds of USD $1,750,000 (Guitarra mine, Estado de Mexico). ON RESOURCES AND DEVELOPMENT, Impact Silver released underground drill results from the Santo Domingo Zone at its Plomosas mine in Chihuahua. Guanajuato Silver announced high-grade gold intercepts at its Valenciana mine complex in Guanajuato. Agnico advanced in Q2, 2025 its Feasibility Study on San Nicolas project, Zacatecas, which remains in schedule to be completed by year-end. Tocvan received permit for all drilling and extraction to advance pilot mine development at its Gran Pilar project in Sonora. Kootenay finalized its first mineral resource estimate for the Columba Project in Chihuahua. Mithril Silver and Gold reported significant high-grade results from channel sampling at its Copalquin property in Durango. Vizsla Silver and Vizsla Royalties completed a regional HLEM geophysical survey and initial fieldwork across its Panuco district and newly acquired Santa Fe property in Sinaloa to identify new high-grade mineralization targets. Gold Resource released H1, 2025 drill results from its Don David gold mine in Oaxaca and reported operational improvements. ON DEALS AND CORPORATE ISSUES, Goldgroup announced that its common shares will commence trading on OTCQX under the symbol “GGAZF” (Cerro Prieto mine, Sonora). Silver Viper granted incentive stock options to directors, officers, and consultants (La Virginia project, Sonora). Sierra Madre announced that it has granted stock options to employees of La Guitarra Compañia Minera, certain directors, management, and consultants (La Guitarra mine, Estado de Mexico).Xali Gold provided an update on their Mexican projects (Sarape project, Sonora and El Oro, Estado de México). Guanajuato Silver announced the appointment of Rick Trotman as its Senior Vice President and granted stock options to officers and employees of the company (El Cubo mine, Valenciana mine complex, and San Ignacio mine, all located in Guanajuato). Sierra Metals presented voting results of its annual general and meeting of shareholders (Bolivar mine, Chihuahua). Royalties Inc., entered into an agreement to acquire USD $500K in shares of Music Royalties (Bilbao project, Zacatecas). Sonora Desert announced that TSX Venture Exchange has approved to change its name to Brasnova Energy Material Inc., (Cuatro Hermanos project, Sonora). Torex entered into a definitive agreement to acquire all the issued and outstanding common shares of Prime Mining (El Limon Guajes Mine Complex, Guerrero). Discovery Silver appointed its CFO (Cordero project, Chihuahua). Elemental Altus reported voting results from its annual general and special meeting and granted restricted share units stock options to directors (royalty on Mercedes mine, Sonora). Goldgroup retained Venture Liquidity to initiate its market-making service to provide assistance in maintaining an orderly trading market for the common shares of the company (Cerro Prieto mine, Sonora). Regency Silver reported voting results of its annual general and special meeting of shareholders (Dios Padre project, Sonora). Royalties Inc., provided an update on its dispute with Capstone over a 2% Net Smelter Royalty (NSR) on five mining concessions known as the “Portree claims” at the Cozamin mine in Zacatecas. Alpayana completed the privatization of Sierra Metals (Bolivar mine, Chihuahua). ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

Almaden Minerals Ltd., provided an update on its arbitration with Mexico under the Comprehensive Progressive Agreement for Trans-Pacific Partnership (CPTPP) because of actions that led to the loss of their Ixtaca project investment in Puebla. Mexico’s attempt to bifurcate (separate) the proceedings to delay the case was rejected by the arbitration panel. The company emphasized that the procedural delay was motivated by Mexico’s desire to postpone responses and prolong the process. Almaden, which formerly held 100% of the Ixtaca project, aims to resolve the dispute with an update expected in Q4, and remains cautious about risks related to Mexico’s rule of law and political environment.

Impact Silver Corp., Guanajuato Silver Company Ltd., and Gold Resource Corporation reported the best drilling intercepts in Mexico on the fifth week of July, 2025. in Mexico on the third week of July, 2025. Details are shown in the table below:

ON EXPLORATION

No relevant news.

ON MINING

Americas Gold and Silver Corporation announced Q2, 2025 consolidated results. It reported consolidated silver production of 689K Oz and unaudited consolidated cash balance as at June 30, 2025 of USD $61.7M without disclosing figures per mine operation (Cosala mine, Sinaloa).
Santacruz Silver Mining Ltd., announced Q2, 2025 production results from its Zimapan mine in Hidalgo. The company processed 224,162 tonnes of 77 g/t Ag, 2.6% Zn, 0.8% Pb, and 0.22% Cu with metallurgical recoveries of 7!%, 77%, 76%, and 45% respectively, to produce 398.3K Oz Ag, 10.13M Lb Zn, 2.81M Lb Pb, and 0.51M Lb Cu.
Alamos Gold Inc., presented Q2, 2025 production and financial results from its Mulatos mine in Sonora. The company produced 34.1K Oz Au and sold 32.85K Oz Au at total cash cost and AISC of USD $1,017 and USD $1,084 per Oz Au sold respectively. Cost of sales per Oz Au sold (included amortization) was USD $1,437. Alamos also reported revenue of USD $110.6M and adjusted EBITDA of USD $260.2M. The company also announced its production guidance for 2025 and expects to produce between 130K-150K Oz Au at total cash and AISC of USD $925-975 and USD $1,025-$1,075 per Oz Au sold respectively.
Starcore International Mines Ltd., reported year end 2025 results from its San Martin mine in Queretaro. The company milled 197.9K tonnes with averages grades of 1.58 g/t Au and 14 g/t Ag with metallurgical recoveries of 81.7% and 56.7% respectively to produce 8.3K Oz Au and 49.3K Oz Ag (8.9K Oz AuEq) at cash and AISC of USD $ 1,888 and USD $2,662 per Oz AuEq respectively. Starcore reported revenues of CAD $9.4M; income from mining operations of CAD $6.3M; income for the year of CAD $0.2M; and EBITDA of CAD $2.8M.
Agnico Eagle Mines Limited presented Q2, 2025 production results from its Pinos Altos mine in Chihuahua). The company milled 441K tonnes of 1.58 g/t Au to produce 21,363 Oz Au at a production cost of USD $2,367 per Oz Au; a total cash cost (co-product basis) of USD $2,440 per Oz Au; and a total cash cost (by-product basis) of USD $2,002 per Oz Au.

ON FINANCING

GR Silver Mining Ltd., announced a bought deal LIFE offering of 60,000,000 units at a price of CAD $0.20 per unit for gross proceeds of CAD $12M. Gross proceeds will be used to advance its Plomosas project in Sinaloa, working capital, and general corporate purposes.
Masivo Silver Corporation declared that is expects to close a CAD $1.2M funded round by Mid-August, 2025. With a drill credit of CAD $75K and part of the equity raised in the financial round, Masivo plans to start drilling at Cerro Colorado project in Sonora in Q4 2025 after finalizing agreements with Minera Goldzone and partners.
Southern Silver Exploration Corp., closed its previously announced bought deal LIFE private placement of 55,555,557 units at a price of CAD $0.27 per unit for gross proceeds of CAD $15M. Net proceeds will be used for the advancement of the Cerro Las Minitas project in Durango, as well as for working capital and general corporate purposes.
Sierra Madre Gold and Silver closed the second and final tranche of its previously announced non-brokered private placement, which consisted of 2,500,000 units at a price of USD $0.70 per unit for gross proceeds of USD $1,750,000. Funds raised in first and second tranches totalled USD $19, 500,600. The company intends to use the gross proceeds to expand the capacity of the Guitarra mine in Estado de Mexico, conduct a detailed exploration program, including drilling, at the East District, and for working capital and general corporate purposes.

ON RESOURCES AND DEVELOPMENT

Impact Silver Corp., released underground drill results from the Santo Domingo Zone at its Plomosas mine in Chihuahua. Assays results are shown in the table below.

Guanajuato Silver Company Ltd., announced high-grade gold intercepts at its Valenciana mine complex in Guanajuato. Drilling results are presented in the table below:

Agnico Eagle Mines Limited advanced in Q2, 2025 its Feasibility Study on San Nicolas project, Zacatecas, which remains in schedule to be completed by year-end. San Nicolas is 50/50 joint venture with Teck Resources Limited. The company also announced that it received an exploration permit authorizing additional drill pads across the property, and reported that Minas San Nicolas approved an USD $8.8M budget to conduct drilling activities focused on geotechnical, hydrological, and geological evaluation in proximity to the projected mine area.
Tocvan Ventures Corp., received permit for all drilling, trenching and extraction at Gran Pilar project, Sonora. The permits allow for 45 new drill pads enabling over 30,000m to expand resources and enhance the geological model as well as to explore high-grade target zones. It also includes 67 trenches across Gran Pilar for exploring and extraction of material for pilot mine. It pushes the company closer to running a 50,000 tonnes pilot mine development, refining their resource estimates, and to support its goal of advancing towards production.
Kootenay Silver Inc., finalized its first mineral resource estimate for the Columba Project in Chihuahua. A total of 17 epithermal veins that comprise the Columba vein system were included in the Mineral Resource Estimate (MRE). They’ve identified, at a base-case cut-off grade of 150 g/t Ag, inferred mineral resources of 5.92M tonnes grading 284 g/t Ag, 0.2% Pb, and 0.50% Zn. The MRE includes inferred mineral resources of 54.1M Oz Ag, 25.2 M Lb Pb, and 65.6M Lb Zn. The MRE is exclusive of mined out material (F Vein). Kootenay also mentioned that they´ve started a new phase of drilling to expand these mineralized zones even further.
Mithril Silver and Gold Limited reported significant high-grade results from channel sampling at its Copalquin property in Durango. Highlights include Target 6 with high-grade assays from channel sampling at the historical Santa Cruz underground mine, with notable results including 0.70m of 57.8 g/t Au and 2,120 g/t Ag; 0.80m of 17.4 g/t Au and 603 g/t Ag; 0.50m of 8.42 g/t Au and 188 g/t Ag; and 0.70m of 23.2 g/t Au and 755 g/t Ag; and Target 5 with surface channel sampling returning 0.5m of 27.9 g/t Au and 14 g/t Ag; 0.30m of 9.6 g/t Au and 608 g/t Ag. The mineralized corridors now cover an area of 2 km x 8 km with an elevation profile of 1,200 m within the 70 km² mining concession area. Mithril is fully funded to complete 45,000 meters of drilling over the next 12 months, with plans to commence drilling at Target 5 in mid-August 2025. 5. The results from both Targets 5 and 6 indicate a significant high-grade potential in the Copalquin District, which is developing into a notable gold-silver district in Mexico’s Sierra Madre trend. These highlights reflect the ongoing exploration success and the promising future of the Copalquin property.
Vizsla Silver Copor., and Vizsla Royalties Corp., announced preliminary results from a regional HLEM geophysical survey and initial fieldwork across its Panuco mining district and newly acquired Santa Fe property in Sinaloa. The HLEM survey at Panuco identified new near-surface anomalies including Santa Fe property, and supports resource expansion on known structures and proximal targets in Panuco West. Resource extension targets include Copala, Napoleon, HW4, La Luisa, and La Cruz Negra, each with potential for expansion through further drilling. Key exploration objectives for 2025 include completing +25,000 meters of drilling by the end of 2025, a TEM survey, district mapping, and generating near-mine drilling targets at Santa Fe. They’re focused on expanding their current Project #1 resource and hunting for a new major target, Project #2, using a range of techniques including drilling, mapping, and electromagnetic surveys. The work aims to better understand the structures controlling mineralization and identify fresh high-grade zones, especially around the Copala and Napoleon vein corridors. Their exploration focuses on structural controls such as NW-trending faults and vein corridors like Copala and Napoleon, which influence mineralization. The Santa Fe property’s infrastructure and prospective geology are expected to complement their ongoing district-wide exploration efforts. The Colorada-Napoleon intersection is a conceptual target supported by AI analysis and HLEM anomalies. 4 de Mayo shows high-grade silver intercepts, with HLEM geophysics identifying anomalies for follow-up drilling. San Jack and San Peter are parallel structures with quartz veining and hydrothermal alteration, with HLEM anomalies defining conductor anomalies over these targets. La Pipa is a high-grade shoot along the Animas vein system, with plans to drill +8,000 meters to follow up on the discovery. Camelia-San Dimas, San Fernando-Nacaral, El Roble, Oregano and La Wicha, and Jesusita-Palos Verdes are notable targets for testing. The San Enrique prospect comprises titled mining claims between Panuco and Santa Fe. LiDAR and airborne magnetic surveys show strong NW-trending lineaments, indicative of regional faults. Multispectral satellite imagery and a LiDAR survey will assist during target generation, with regional mapping and stream-sediment geochemistry planned. The La Garra-Metates District constrains silver-gold-rich epithermal veins. Rock chip samples returned silver equivalent grades greater than 200 g/t. The district holds strong potential for discovering high grade mineralization.
Gold Resource Corporation released H1, 2025 drill results from its Don David gold mine in Oaxaca, and reported operational improvements. Drilling highlights are shown in the table below:

In addition, Gold Resource has implemented several operational improvements at Don David Gold mine to enhance efficiency and productivity. The Company engaged Cominvi Servicios S.A. de C.V. for accelerated development, completing over 1,350m of underground work. New cut-and-fill mining methods were introduced to enhance grade and returns, alongside the ordering of a third dry stack filter press to boost processing throughput. A comprehensive review of the process plant is underway to optimize reagent use, which is expected to improve recoveries and increase the amount of payable metals. Initial trials have already shown promising results. These improvements are aimed at increasing operational efficiency, reducing costs, and maximizing shareholder value while integrating the newly defined vein systems into the mine’s short-term production plans.

ON DEALS AND CORPORATE ISSUES

Goldgroup Mining Inc., announced that its common shares will commence trading on OTCQX Best Market under the symbol “GGAZF”. The company maintains its primary listing on the TSX Venture Exchange under the symbol “GGA” (Cerro Prieto mine, Sonora).
Silver Viper Minerals Corp., granted 1,375,000 incentive stock options to directors, officers, and consultants to purchase up to 1,375,000 common shares. The incentive stock options have an exercise price of CAD $0.58 per share, expire five years from the date of grant, and vest immediately (La Virginia project, Sonora).
Sierra Madre Gold and Silver Ltd., announced that it has granted stock options to employees of La Guitarra Compañia Minera S.A. de C.V., certain directors, management, and consultants to purchase an aggregate of 2,750,000 common shares at a price of $0.73 per share for a period of years from the grant date (La Guitarra mine, Estado de Mexico).
Xali Gold Corp., declared that is pivoting their exploration efforts in South America, focusing on acquiring advanced-stage gold projects, while it continues moving forward with its Sarape project in Sonora where drilling is planned for Q4, 2025/Q1, 2026. The company also announced that they´ve run into issues at the El Oro project in Estado de Mexico, with nine concessions being declared cancelled. It could significantly impact Xali Gold´s operation by halting exploration and development activities on approximately 35% of the land package within the project area. Xali believes that these cancellations are unlawful because proper legal procedures were not followed; including failure to receive formal notices and the absence of a 60-day cure period as required by Mexican law. Xali Gold is actively reviewing legal options to contest or revoke the cancellations, which could mitigate potential operational disruptions if successful.
Masivo Silver Corp., provided an update on its Mexican projects. It announced that it is experiencing difficulties in obtaining financial information from its Mexican operations which has delayed the preparation of its annual financial statements and related filings (annual MD&A, CEO and CFO certifications, etc). The company has now completed the necessary financial and is in the process of completing the audit, which is expected to be finalized by August 31, 2025. Masivo has requested a voluntary management cease trade order (MCTO) to restrict trading in the company´s securities by insiders.
Guanajuato Silver Company Ltd., expanded its senior management team with the appointment of Rick Trotman as its Senior Vice President. The company also granted 2,200,000 stock options to officers and employees of the company at an exercise price of CAD $0.32. The stock options will expire on July 29, 2030 (El Cubo mine, Valenciana mine complex, and San Ignacio mine, all located in Guanajuato).
Sierra Metals Inc., presented voting results of its annual general and meeting of shareholders At the Meeting, Sierra Shareholders approved the amalgamation of Sierra Metals and a new wholly-owned subsidiary of the company, which will be incorporated shortly. The amalgamation constitutes the “subsequent acquisition transaction” contemplated by the offer of Alpayana Canada Ltd., to acquire all of the issued and outstanding common shares at an offer price of CAD $1.15 per common share that expired at 5:00 p.m. (Toronto time) on May 23, 2025 (Bolivar mine, Chihuahua).
Royalties Inc., entered into an agreement to acquire 8,333,333 shares of Music Royalties Inc., at a price of USD $0.50 per share for a value of USD $500K, (Bilbao project, Zacatecas).
Sonora Desert Copper Corporation announced that TSX Venture Exchange has approved to change its name to Brasnova Energy Material Inc., and will commence trading under the symbol “BEM” (Cuatro Hermanos project, Sonora).
Torex Gold Resources Inc., entered into a definitive agreement to acquire all the issued and outstanding common shares of Prime Mining Corporation. Prime shareholders will receive 0.060 of a Torex share for each Prime Mining share, representing an 18.5% premium. Upon completion, Prime shareholders will own approximately 10.7% of Torex. The deal enhances Torex’s asset portfolio in Mexico, notably adding Prime’s Los Reyes project, which has significant gold and silver resources. The transaction requires approval of at least 66⅔% of the votes cast by Prime Mining shareholders and securityholders, and a simple majority excluding votes from certain shareholders under MI 61-101. The transaction is subject to regulatory approvals, including TSX approval and Mexican antitrust clearance, and is expected to close in the second half of 2025. A termination fee of USD $12.5M is payable to Torex by Prime under certain circumstances if the transaction is not completed (El Limon Guajes Mine Complex, Guerrero).
Discovery Silver Corp., appointed its CFO effective immediately (Cordero project, Chihuahua).
Elemental Altus Royalties Corp., reported voting results from its annual general and special meeting and granted 360,000 restricted share units and 782,850 stock options to directors who join the company in 2025 (royalty on Mercedes mine, Sonora).
Goldgroup Mining Inc., retained Venture Liquidity Providers Inc., (VLP) to initiate its market-making service to provide assistance in maintaining an orderly trading market for the common shares of the company. Goldgroup has agreed to pay VLP CAD $5,000 per month for a period of 3 months. Following the initial term of 3 months, the agreement will automatically renew for successive additional 1-month terms and the agreement may be terminated at any time by the Goldgroup or VLP (Cerro Prieto mine, Sonora).
Regency Silver Corp., reported voting results of its annual general and special meeting of shareholders (Dios Padre project, Sonora).
Royalties Inc., provided an update on its dispute with Capstone over a 2% Net Smelter Royalty (NSR) on five mining concessions known as the “Portree claims” at the Cozamin mine in Zacatecas. The Third Commercial Court of Zacatecas ruled in favor of Minera Portree, affirming their ownership of a 2% NSR and ordering Capstone to pay royalties. Capstone has filed an appeal against the judgement, but Royalties Inc. believes the court’s decision is strong and that its claim to the royalty is legitimate. The judgment and ongoing legal process reinforce Royalties Inc.’s position in the dispute, emphasizing the asset’s significance and potential increase in value due to rising copper and silver prices. The 2% NSR on the Portree 1 claim, which represents up to 30% of the 1.5 km strike length of the Mala Noche Footwall Zone, could generate up to USD $2.5M annual cash flow, plus an estimated USD $9M in retroactive payments for production since 2019.
Alpayana S.A.C., completed the privatization of Sierra Metals Inc., through an amalgamation with its subsidiary, Amalco, resulting in Sierra Metals being a wholly owned private company. Shareholders exchanged their Sierra shares for Amalco shares, and Alpayana acquired all preferred shares, making Amalco fully owned by Alpayana. Consequently, Sierra Madre will be delisted from the Toronto Stock Exchange (Bolivar mine, Chihuahua).

ON SOCIAL RESPONSIBILITY

No relevant news.

Content like what you have just read can be seen at https://gambusinoprospector.com/ and at LinkedIn’s Mexico Mineral Exploration Group.

On the picture below, sigmoidal en-echelon hydrothermal quartz vein in a shear zone in an intermediate sulphidation epithermal vein system in a project in Chihuahua, Mexico. Photo taken by Miguel A Heredia.

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