During the 11th week of the year (March 10th to March 16th 2025), at least 23 press releases were announced by companies working in Mexico, and 1 news published by the media, with six announcing financial rounds, six communicating production results, five disclosing deals and corporate issues, five reporting resources and development of theirs properties, one discussing social issues, and one commenting on Mexican issues. ON MEXICO ISSUES, Orex Minerals and Tocvan/Colibri reported the best drilling intercepts in Mexico on the second week of March, 2025. ON EXPLORATION, No relevant news. ON MINING, Endeavour reported Q4, and full-year 2024 consolidated results from their Mexican operations. Altius reported 2024 attributable royalty revenue of CAD $64M and adjusted earnings of CAD $12.7M (Cuale project, Jalisco). Avino reported Q4 and full-year 2024 production and financial results from its Avino mine in Durango. Equinox announced filing of 2024 audited financial statements (Los Filos mine, Guerrero). Sierra Metals announced that it plans to release the Q4 and full-year 2024 financial and operating results on March 26, 2025 (Bolivar mine, Chihuahua). Starcore reported results for the third quarter ended January 31, 2025 from its San Martin mine in Queretaro. ON FINANCING, Bear Creek closed a brokered private placement for gross proceeds of CAD $14.5M (Mercedes mine, Sonora). Goldgroup announced a non-brokered private placement for gross proceeds of up to $7M (Cerro Prieto mine, Sonora). Prismo closed its previously announced debt settlement transactions (Palos Verdes project, Sinaloa). Colibri announced extension of its non-brokered private placement closing date (Pilar project, Sonora). Reyna Silver closed a final tranche of its previously announced private placement for gross proceeds of CAD $169,729.95 (Batopilas project, Chihuahua). ON RESOURCESAND DEVELOPMENT, Colibri and its JV Partner Tocvan, released drill assays from the first two holes drilled in its recent ten holes diamond drilling program at Pilar project, Sonora. Fortuna Mining reported updated mineral resources for its San Jose mine in Oaxaca. Orex announced results from its Phase-VI diamond drilling program of 2,000.8m in 8 holes completed on its Coneto project in Durango. Bear Creek filed a technical report regarding its Mercedes mine in Sonora. ON DEALS AND CORPORATE ISSUES, Kootenay reported that it will commence to trade at OTCQX best market (Columba project, Chihuahua). Silver Dollar announced the appointment of its new president and CEO (La Joya property, Durango). Infinitum Copper announced the appointment of its new CEO and Director (La Adelita project, Sonora). First Majestic appointed a new member to its Board of Directors (Santa Elena mine, Sonora). Apollo engaged Danayi Capital, an arm’s-length service provider, to provide the company certain investor relations and digital marketing services (Cinco de Mayo project, Chihuahua). ON SOCIAL RESPONSIBILITY, Grupo Mexico has positioned itself as one of the best performing environmental, social, and governance companies in the industries in which it operates.
ON MEXICO ISSUES
Orex Minerals Inc., and Tocvan Ventures Corp / Colibri Resource Corporation reported the best drilling intercepts in Mexico on the second week of March, 2025. Details are shown in the table below:
ON EXPLORATION
No relevant news.
ON MINING
Endeavour Silver Corp., reported Q4, and full-year 2024 consolidated results from their Mexican operations (all currency is expressed in US dollars). In Q4, 2024, the company processed 165.6K tonnes to produce 824.5K Oz Ag and 9,075 Oz Au (1.55M Oz AgEq). It produced 817.3K payable Oz Ag and 8.9K payable Oz Au at cash and AISC of $13.68 and $27.33 respectively. Endeavour also reported revenue of $42.2M from the sale of 654.5K Oz Ag and 8,343 Oz Au at realized prices of $31.56/Oz Ag and $2,647/Oz Au. Net earnings (loss) were $1M; adjusted net earnings (loss) of $4.8M; mine operating earnings of $7.7M; mine operating cash flow before taxes of $13.1M; EBITDA of $4.4M; adjusted EBITDA of $8.5M, and working capital of $78.8M. In the full year 2024, the company processed 781.4K tonnes to produce 4.47M Oz Ag and 39.5K Oz Au (7.54M Oz AgEq). It produced 4.44M payable Oz Ag and 38.3K payable Oz Au at cash and AISC of $12.99 and $23.88 respectively. Endeavour also reported revenue of $217.6M from the sale of 4.65M Oz Ag and 38.5K Oz Au at realized prices of $27.39/Oz Ag and $2,397/Oz Au. Net earnings (loss) were ($3.51M); adjusted net earnings (loss) of $8M; mine operating earnings of $42.1M; mine operating cash flow before taxes of $72.3M; EBITDA of $10M; adjusted EBITDA of $52.7M, and working capital of $78.8M.
Altius Minerals Corporation reported 2024 attributable royalty revenue of CAD $64M, including CAD $ 11.7M for Q4, 2024, and adjusted earnings of CAD $12.7M. The company also declared a quarterly dividend of CAD $0.09 per share payable to all shareholders of record at the close of business on March 19, 2025. The dividend is expected to be paid on or about April 02, 2025 (Cuale project, Jalisco).
Avino Silver & Gold Mines Ltd., reported Q4 and full-year 2024 production and financial results from its Avino mine in Durango (all currency is expressed in US dollars). In Q4, 2024, the company milled 181,733 tonnes to produce 283.8K Oz Ag, 2.56K Oz Au, and 1.77M Lb Cu (735.6K Oz AgEq). The company sold 889.3K Oz AgEq at cash and AISC of $13.88 and $18.62 per Oz AgEq payable respectively. In the full-year 2024, Avino milled 648,774 tonnes to produce 1.11M Oz Ag, 7.48K Oz Au, and 6.2M Lb Cu (2.65M Oz AgEq). The company sold 2.6M Oz AgEq at cash and AISC of $14.84 and $20.57 per Oz AgEq payable respectively. The company also reported in Q4, 2024 revenues of $24.4M; mine operating income of $10.5M; net income of $5.1M; EBITDA of $9.1M; adjusted earnings of $9.95M; cash provided by operating activities of $15.5; mine operating cash flow before taxes of $11.88M; cash of $27.3M; and working capital of $25.2M. For the full year 2024, the company reported revenues of $66.2M; mine operating income of $23.2M; net income of $8.1M; EBITDA of $18.04M; adjusted earnings of $21.3M; cash provided by operating activities of $23.1; mine operating cash flow before taxes of $27.6M; cash of $27.3M; and working capital of $25.2M.
Equinox Gold Corp., announced filing of 2024 audited consolidated financial statements (all currency expressed in US dollar). The company reported revenues of $1,514M; cash and cash equivalent of $239.3M; cost of sales of $304M; income from operations of $237.96M; income before income taxes of $ 630.5M; and net income of $339.3M (Los Filos mine, Guerrero).
Sierra Metals Inc., announced that it plans to release the Q4 and full-year 2024 financial and operating results on March 26, 2025 (Bolivar mine, Chihuahua).
Starcore International Mines Ltd., reported results for the third quarter ended January 31, 2025 from its San Martin mine in Queretaro (all currency is expressed in Canadian dollars). The company milled 46.7K tonnes of 1.74 g/t Au and 11 g/t Ag with metallurgical recoveries of 87.4% and 49.1% respectively, to produce 2.2K Oz Au and 8.2K Oz Ag (2.3K Oz AuEq) at cash and AISC of $1,873 and $2,505 per Oz AuEq respectively. Starcore also reported revenues of $9M; earnings from mining operations and toll processing of $2.12M; and net income of 294K.
ON FINANCING
Bear Creek Mining Corporation closed a brokered private placement of 64,445,000 common shares at a price of CAD $0.225 per share for gross proceeds of CAD $14,500,125. The company intends to use net proceeds to support exploration and resource drilling at the company’s Mercedes mine in Sonora, to build a ventilation raise bore and secondary escape way at the Marianas deposit at Mercedes to ensure safe production and for general working capital purposes, the latter of which will include reducing Mercedes’ trade payables over the next quarter.
Goldgroup Mining Inc., announced a non-brokered private placement of up to 23,333,334 units at a price of $0.30 per unit, for gross proceeds of up to $7M, the same that later on the company upsized to 25,833,334 units at a price of $0.30 per unit, for gross proceeds of up to $7.75M. Net proceeds will be used for improvements at Cerro Prieto mine in Sonora, to update a PEA at Pinos property in Zacatecas, for debt reduction, and for general working capital.
Prismo Metals Inc., closed its previously announced debt settlement transactions, pursuant to which the company has issued to the creditors an aggregate of 4,451,175 common shares of the company at a price ranging from $0.075 to $0.23 per common share in full and final settlement of accrued and outstanding indebtedness in the aggregate amount of approximately $464,409 (Palos Verdes project, Sinaloa).
Colibri Resource Corporation announced extension of its non-brokered private placement closing date. The company obtained consent from TSX Venture Exchange to extend the closing date for a second tranche to on or before March 28, 2025. The offering is for the sale of up to 10,000,000 units at a price of $0.025 per unit, for total gross proceeds of up to $250K (Pilar project, Sonora).
Reyna Silver Corp., closed a final tranche of its previously announced private placement of 2,623,066 units at a price of CAD $0.075 per unit for gross proceeds of CAD $169,729.95. The company intends to use the proceeds from the offering for ongoing exploration, maintenance and development of the company’s properties and general working capital and corporate purposes (Batopilas project, Chihuahua).
ON RESOURCES AND DEVELOPMENT
Colibri Resource Corporation and its JV Partner Tocvan Ventures Corp., released drill assays from the first two holes drilled in its recent ten holes diamond drilling program at Pilar project, Sonora. The most significant intercept was encountered in hole JES-25-104 with 1.27 g/t Au and 1 g/t Ag over 83.45m, including 10.31 g/t Au and 5 g/t Ag over 9.72m, including 60.6 g/t Au and 13 g/t Ag over 1.62m. Hole JES-25-103 intersected 0.09 g/t Au, 8 g/t Ag, and 0.54% Cu over 34.70m, including 0.15 g/t Au, 12 g/t Ag, and 0.9% Cu over 9.60m, including 0.4 g/t Au, 39 g/t Ag, and 2.56% Cu over 3.70m.
Fortuna Mining Corp., reported updated mineral resources for its San Jose mine in Oaxaca. As of December 31, 2024, the San Jose mine has measured and indicated resources of 1.2M tonnes with grades of 160 g/t Ag and 1.15 g/t Au to contain 6.1M Oz Ag and 44K Oz Au (119K Oz AuEq), and inferred resources of 1.05M tonnes of 164 g/t Ag and 1.23 g/t Au, containing 5.6M Oz Ag and 42K Oz Au (110K Oz AuEq). “The San Jose mine was placed on care and maintenance on December 24, 2024, as the company decided to enter a strategic process to divest of the non-core asset. On January 15, 2025, the company announced it had entered into a binding agreement with Minas del Balsas S.A. de C.V. (MdB), a private Mexican company, for the sale of the San Jose mine. On March 6, 2025, the company terminated the acquisition agreement with MdB and is now continuing with the sale process to divest the asset”.
Orex Minerals Inc., announced results from its Phase-VI diamond drilling program of 2,000.8m in 8 holes completed on its Coneto project in Durango. The Loma Verde target area was the focus of such drilling program. Drilling highlights (true widths reported) include holes BCO-85 with 0.75 g/t Au and 173 g/t Ag (3.02 g/t AuEq or 230 g/t AgEq) over 15m, including 1.37 g/t Au and 419 g/t Ag (6.88 g/t AuEq or 523 g/t AgEq) over 4.60m; and hole BCO-89 with 1.17 g/t Au and 87 g/t Ag (2.32 g/t AuEq or 176 g/t AgEq9 over 4.75m, including 5.01 g/t Au and 397 g/t Ag (9.07 g/t AuEq or 738 g/t AgEq) over 0.75m, plus 1.70 g/t Au and 180 g/t Ag (4.05 g/t AuEq or 309 g/t AgEq) over 3.94m, including 5.42 g/t Au and 603 g/t Ag (13.35 g/t AuEq or 1,105 g/t AgEq) over 0.87m.
Bear Creek Mining Corporation filed a technical report regarding its Mercedes mine in Sonora. The Mercedes Report supports the updated Mercedes Mineral Resource and Mineral Reserve estimates announced by the Company on January 29, 2025.
ON DEALS AND CORPORATE ISSUES
Kootenay Silver Inc., reported that it will commence to trade at OTCQX best market under the ticker symbol “KOOYF” effective at the opening of trading on Wednesday, March 12, 2025 (Columba project, Chihuahua).
Silver Dollar Resources Inc., announced the appointment of its new president and CEO (La Joya property, Durango).
Infinitum Copper Corp., announced the appointment of its new CEO and Director (La Adelita project, Sonora).
First Majestic Silver Corp., announced the appointment of a new member to its Board of Directors, effective march 13, 2025 (Santa Elena mine, Sonora).
Apollo Silver Corp., engaged Danayi Capital Corp., an arm’s-length service provider, to provide the company certain investor relations and digital marketing services. Under a digital marketing agreement dated March 13, 2025 (the “Agreement”), Danayi will provide digital media, marketing strategies, and advertising for a trial period of one month at a fee of USD$50K (Cinco de Mayo project, Chihuahua).
ON SOCIAL RESPONSIBILITY
Grupo Mexico S.A.B de C.V, has positioned itself as one of the best performing environmental, social, and governance companies in the industries in which it operates. For the fourth consecutive year, Grupo Mexico has been included in the Sustainability Yearbook 2025, a distinction awarded by the rating agency S&P Global to the companies with the best performance in the Corporate Sustainability Assessment, one of the most rigorous in the world. Grupo Mexico is among the top 15% of companies in the Mining and Metals sector, thanks to its performance in key areas such as environmental management systems, biodiversity, energy, human rights, water, transparency, and disclosure.
Content like what you have just read can be seen at https://gambusinoprospector.com/ and at LinkedIn’s Mexico Mineral Exploration Group.
On the picture above, massive pyrite in an IOCG project in Sonora, Mexico. Photo taken by Miguel A Heredia.
During the 10th week of the year (March 3rd to March 9th, 2025), companies working in Mexico presented 25 press releases. One company informed on exploration on its property and three companies presented quarterly and/or full year 2024 reports. Two companies informed on financing rounds, one on re-purchase of shares and one more on its addition to the SP/ASX 200 Index. One company released drilling results, another two expanded on 2025 exploration/drilling plans and two more companies filed technical reports on their properties. PDAC week being PDAC week, six companies announced appointments to the board, one more is installing a review of its financing options, one more notified on its AGM and two more on acquisitions. ON MEXICO ISSUES, for the first time in several years, a more favorable environment for the mining industry in Mexico can be glimpsed from the participation of several government figures on the PDAC 2025 Convention held in Toronto. ON EXPLORATION, in Chihuahua, Kingsmen Resources informed on the geochemistry of surface samples at Las Coloradas. ON MINING, Elemental Altius Royalties, Fortuna Mining and Prime Mining presented Q4 and/or full year 2024 reports. ON FINANCING, Oroco Resource and Canuc Resource informed on financing tranches for C$2.3 M and C$500 K respectively. Pan American Silver can purchase up to 18 M of its shares. Capstone Copper informed of its addition to the SP/ASX 200 Index. ON RESOURCES AND DEVELOPMENT, Mithril Silver and Gold presented drilling results from Copalquin, in Durango. Capitan Silver is planning a 10,000 m RC drilling campaign at Cruz de Plata, Durango. GR Silver Mining is resuming drilling at San Marcial (part of its Plomosas project), in Sinaloa. Gold Resource released a technical report on its Don David mine in Oaxaca. Apollo Silver filed a technical report with historical resources on the Cinco de Mayo project in Chihuahua. ON DEALS AND CORPORATE ISSUES, Santacruz Silver Mining, Elemental Altus Royalties, Plata Latina Minerals, Luca Mining and Heliostar Metals announced appointments to the board. Bear Creek Mining initiates a strategic review on financial options, Minera Alamos informed on its annual general meeting. Discovery Silver informed on the special meeting of shareholders regarding the acquisition of the Porcupine project in Canada. Masivo Silver signed a non-binding LOI to acquire the Cerro Colorado project in southern Sonora. Goldgroup Mining informed on its agreement to acquire the Pinos project in Zacatecas. ON SOCIAL RESPONSIBILITY, no relevant news.
ON MEXICO ISSUES
PDAC 2025 Insights on Mexico. With significant government attendance and a more favorable message there is a cautiously optimistic mood in the Mexican mining industry. Faster permitting times are expected, along with the emission on the first half of the year of the rulebook that is to guide the application of the 2023 mining law. An exploration system in partnership with the government is probably not going to work.
ON EXPLORATION
Kingsmen Resources Ltd. reported additional results from the exploration program at its Las Coloradas project in Chihuahua. The company published geochemical maps for different elements of surface rock samples on the La Silvia and La Plata zones, north of the La Soledad structure. The geochemical signatures “are interpreted to indicate different pulses of mineralization and possibly indications of different styles of mineralization along and at depth in the two structures.
ON MINING
Elemental Altius Royalties Corp. informed on record preliminary revenue in 2024 from its portfolio of royalties, without figures per property. During 2024 the company had revenue of US$21.6 M, based on the sales of approximately 8,990 Oz AuEq (holds royalties on Mercedes, Sonora).
Avino Silver & Gold Mines Ltd. plans to present its Q4 and year end 2024 financial results on March 11th, 2025 (Avino, Durango).
Fortuna Mining Corp. reported financial and operating results for Q4 and full year 2024, without disclosing figures by operation. The company produced 455,958 Oz AuEq in the year at consolidated cash cost of $1,640 per Oz AuEq and AISC of $1,772 per Oz AuEq. In the year the attributable net income was US$128.7 M and the attributable adjusted net income US$ 144 M (San Jose, Oaxaca, recently sold).
Prime Mining Corp. reported its operating and financial results for 2024. Prime Mining informed on health and safety protocols, community engagement and environmental strategy, exploration highlights, mineral resource increase and drilling activities during 2024. At the end of the period the company had C$19 M in cash.
ON FINANCING
Oroco Resource Corp. announced the closing of a non-brokered private placement raising gross proceeds of C$2.3 M (Santo Tomás, Sinaloa).
Masivo Silver Corp. released on February 26, 2025, a press release dated June 10, 2024, announcing the closing of a second and final tranche of a non-brokered private placement raising total gross proceeds of C$1.04 M. A couple of days later, on February 28, 2025, a second press release (see below, on the Deals section) clarified the release (El Colomo, Sinaloa).
Pan American Silver Corp. is to renew its normal course issuer bid to purchase up to 18.1 M of its common shares, which represents up to 5% of the issued and outstanding shares of the company (La Colorada, Zacatecas).
Capstone Copper Corp. announced that the CHESS Depositary Interests of the company will be added to the Standard & Poors /ASX 200 Index by the S&P Dow Jones (Cozamin, Zacatecas).
Canuc Resource Corp. announced terms of a non-brokered private placement financing which is a condition of the arrangement agreement with MacDonald Mines Exploration Inc. on which Canuc is to purchase all outstanding shares of MacDonald Mines Inc. Canuc is required to complete equity financing for a minimum of C$500 K (San Javier, Sonora).
ON RESOURCES AND DEVELOPMENT
Mithril Silver and Gold Ltd. announced results from the drilling program aimed at producing a maiden resource on Target 1 at its Copalquin project in Durango. Highlighted core length intervals from four holes comprise 4.95 m @ 20.5 gpt Au, 1,8133 gpt Ag (including 0.55 m @ 110 gpt Au, 7,530 gpt Ag); 0.56 m @ 22.8 gpt Au, 1,425 gpt Ag; 3.77 m @ 1.42 gpt Au, 101 gpt Ag; 4.85 m @ 1.47 gpt Au, 165 gpt Ag; 2.55 m @ 9.97 gpt Au, 572 gpt Ag (including 1.00 m @ 20.7 gpt Au, 1,130 gpt Ag); 0.25 m @ 15.2 gpt Au, 786 gpt Ag; 7.40 m @ 1.59 gpt Au, 65 gpt Ag; 0.50 m @ 13.25 gpt Au, 584 gpt Ag; 1.75 m @ 1.29 gpt Au, 41 gpt Ag. A further six holes were completed in February, results pending.
Capitan Silver Corp. informed on the 2025 exploration plans at its Cruz de Plata project in Durango. A 10,000 m reverse circulation program prioritizing definition and step out drilling of high-grade mineralization at the Jesus Maria area, including on the recently acquired claims from Fresnillo plc., step out drilling along the Gully Fault zone to the NE, develop new targets on parallel mineralized structures and the completion of an updated MRE for the Capitan Hill gold deposit, expected to be completed in Q2 2025.
GR Silver Mining Ltd. is resuming field exploration and step out drilling targeting potential resource expansion at the San Marcial area of its Plomosas project in Sinaloa. The drill program aims to expand the mineralization footprint up to 350 m NW from the current San Marcial resource area while continuing surface exploration and mapping encouraged by the identification of outcropping silver-carrying hydrothermal breccias.
Gold Resource Corp. released the technical report summary for the Don David mine in Oaxaca. The report uses “the mining disclosure standards of Subpart 229.1300 of Regulation S-K Disclosure as required by the United States Securities and Exchange Commission (SEC)”. The report summarizes the results of the 12,760 m in 87 holes drilling campaign that replaced 110% of the mineral reserves held on December 2023, highlighting the importance of the Three Sisters vein system.
Apollo Silver Corp. filed a technical report on the Cinco de Mayo property in Chihuahua, in an earn-in option agreement with Mag Silver Corp. The 25,113-ha project (251.1 square km) includes two deposits, located four kilometers apart, with historic mineral resources. The Upper Manto deposit includes 12.4 M tonnes @ 0.24 gpt Au, 132 gpt Ag, 6.5% Zn, 2.9% Pb, containing 96 K Oz Au, 52.7 M Oz Ag, 1.8 M Lb Zn, 0.8 M Lb Pb in inferred resources. The Pozo Seco deposit comprises 29 M tonnes @ 0.147% Mo, 0.25 gpt Au, containing 94 M Lb Mo, 230 K Oz Au in indicated resources and 23.4 M tonnes @ 0.103% Mo, 0.17 gpt Au, containing 53.3 M Lb Mo, 129 K Oz Au.
ON DEALS AND CORPORATE ISSUES
Santacruz Silver Mining Ltd. announced the appointment of Mr. Eduardo Torrecillas as chief operating officer (Zimapan, Hidalgo).
Elemental Altus Royalties Corp. announced the appointment of Sandeep Singh as an independent non-executive director (Royalty on Mercedes, Sonora).
Plata Latina Minerals Corp. appointed Lance Newman and Rod Pace to its board of directors (just sold royalty on Naranjillo, Guanajuato).
Luca Mining Corp. announced Mr. Adam Melynk has joined Luca as VP corporate development (Campo Morado, Guerrero).
Bear Creek Mining Corp. has initiated a “Strategic Review” on the financial options available to the company, also announcing the engagement of Mr. Christian Milau as a strategic advisor to assist on the Strategic Review. On a different press release, Bear Creek announced the retirement of Mr. Andrew Swarthout and Ms. Sandra Daycock, and the appointment of Peter C. Mitchel and Ian Grundy to the board (Mercedes, Sonora).
Heliostar Metals Ltd. announced the commencement of Ms. Vitalina Lyssoun as chief financial officer (Ana Paula, Guerrero).
Minera Alamos Inc. announced all matters were overwhelmingly voted in favor at its annual and special general meeting (AGM) of shareholders (Santana, Sonora).
Masivo Silver Corp. signed a non-binding LOI to acquire the Cerro Colorado Au-Ag-Cu project, 11 km north of the Piedras Verdes mine in Sonora. The transaction on the 2,649 ha project with Minera GoldZone S.A. de C.V. will become binding upon completion of due diligence. Work completed in the property includes mapping, sampling, soil survey and IP geophysics survey programs. “A series of 8 drill holes are being modeled by Mexican Senior Geologist Rafael Gallardo. Masivo will use its $75,000 drill credit with a Mexican Drill company for this drill program”.
Discovery Silver Corp. filed its notice of meeting and information circular and related materials in connection with the special meeting of holders of common shares of the company to consider the issuance of common shares relating to the previously announced acquisition of Newmont’s Porcupine Complex in Canada (Cordero, Chihuahua).
Goldgroup Mining Inc. entered into an agreement with Candelaria Mining Corp. to acquire the Pinos project in Zacatecas. As part of the agreement Goldgroup is to settle US$2.7 M in a loan facility, make a US$89 K payment within five days of receiving all necessary approvals from the TSXV, make a US$89 k cash payment on the delivery of the Apolo shares to the company or six months after receipt of the TSXV approval, and issue 717 K common shares of the company at $0.40.
ON SOCIAL RESPONSIBILITY
No Relevant News.
On the image below: Sheeted dikes on a Sonoran project. Drone picture by Jorge Cirett.
During the 9th week of the year (February 24th to March 02nd 2025), at least 33 press releases were announced by companies working in Mexico, with eleven disclosing deals and corporate issues, ten announcing financing rounds, seven reporting resources and development of their properties, seven announcing financing rounds, six disclosing deals and corporate issues, three informing on exploration results, and one communicating production results, and one commenting on Mexican issues. ON MEXICO ISSUES, Torex Gold, Tocvan, Prime Mining, Southern Silver, and Minaurum Gold reported the best drilling intercepts in Mexico on the fourth week of February, 2025. ON EXPLORATION, In Sonora, Riverside provided updates on H1, 2025 exploration programs of its Cuarentas, Ariel, and Union projects, and Minaurum reported results from its ongoing drilling program at its Alamos Silver project. In Sinaloa, Prismo provided an update on its Palos Verdes project. ON MINING, Heliostar reported Q4, 2024 financial results from their Mexican operations. ON FINANCING, Capitan Mining closed its previously announced private placement for gross proceeds of CAD $5.3M (Cruz de Plata project, Durango). Mexican Gold announced a non-brokered private placement for gross proceeds of CAD $160K (Las Minas project, Veracruz). Mithril confirmed that 7,000,000 ordinary shares will be released from escrow (Copalquin project, Durango). Oroco upsized its oversubscribed private placement and received $2,303,555.75 in gross proceeds (Santo Tomas project, Sinaloa). Pinnacle closed a non-brokered private placement for gross proceeds of $800K (Potrero project, Durango). Sailfish declared Q1, 2025 dividend and announced dividend reinvestment plan (Gavilanes project, Durango). Southern Silver closed a non-brokered private placement for gross proceeds of $3,583,680.03 (Cerro Las Minitas, Durango). Alamos Gold declared quarterly dividend (Mulatos mine, Sonora). Aura declared and approved the payment of a dividend respect of its Q4, 2024 financial results (Aranzazu mine, Zacatecas). Reyna Silver closed a third tranche of its previously announced non-brokered private placement for gross proceeds of CAD $106.5K (Batopilas project, Chihuahua). ON RESOURCESAND DEVELOPMENT, Torex reported drilling results from Media Luna West and Media Luna East in its Morelos Mine Complex in Guerrero. Southern Silver reported results from six core holes totalling 2,395m from its Q4, 2024 “proof of concept” drilling being conducted at its Cerro Las Minitas in Durango. Tocvan released results of 4 RC holes totalling 776.2m drilled at its Pilar project in Sonora. Prime Mining reported generative drilling results of 14 holes completed at its Los Reyes project in Sinaloa. Mammoth Resources announced plans to initiate small-scale gold-silver production at its Tenoriba project in Chihuahua. Guanajuato Silver completed development to high-grade Santo Niño Vein in san Ignacio mine, Guanajuato. GoGold announced the filing of NI 43-101feasibility study technical report at its Los Ricos South project in Jalisco. ON DEALS AND CORPORATE ISSUES, Equinox Gold and Calibre Mining entered into a definitive arrangement agreement to merge, forming New Equinox Gold (Los Filos mine, Guerrero). Apolo Silver appointed a new member to its Board of Directors (Cinco de Mayo project, Chihuahua). Pinnacle signed a definitive agreement for option to acquire El Potrero project in Durango. Chesapeake announced the appointment of its Chief Metallurgical Officer (Metates project, Durango). Plata Latina declared that a wholly subsidiary of Fresnillo plc has exercised its right to purchase the NSR on the Naranjillo property, Guanajuato. Roberto Resources announced a proposed acquisition of the Claudia Gold and Silver Project in Durango. Canasil announced the appointment of a new member to its Board of Directors and its CFO (Nora project, Durango). Defiance Silver entered into an agreement for six month for investor relations services (San Acacio project, Zacatecas). Masivo Silver signed a letter of intent to acquire Cerro Colorado project in Sonora. Xali Gold entered into a binding letter of intent to option the Sarape project in Sonora. ON SOCIAL RESPONSIBILITY,no relevant news.
ON MEXICO ISSUES
Torex Gold Resources Inc., Tocvan Ventures Corp., Prime Mining Corp., Southern Silver Exploration Corp., and Minaurum Gold Inc., reported the best drilling intercepts in Mexico on the fourth week of February, 2025. Details are shown in the table below:
ON EXPLORATION
Riverside Resources Inc., provided updates on H1, 2025 exploration programs of its Cuarentas, Ariel, and Union projects in Sonora, and on additional projects and partnerships. At Cuarentas project, Riverside has identified four priority drill targets using geochemical, geophysical, and mapping techniques. The project is drill-permitted and has a history of high-grade mining. At Ariel project, the company is focused on a large, undrilled porphyry copper system, with surface indicators suggesting deeper copper potential. Recent work includes mapping and geochemical sampling in the area. At Union project, Riverside has identified a high-grade carbonate replacement deposit with potential for a deeper porphyry system. It has been identified as a high-priority target for future exploration campaigns. Other projects in Riverside´s portfolio include the Suaqui Verde project, which is currently under option to Sothern Empire, and the neighboring Suaqui Grande copper project, which Riverside retains 100% ownership of. “Exploration efforts for H1 2025 continue across multiple projects, with further results expected from Ceciliaproject and other key targets. Riverside also remains actively engaged in joint venture discussions, welcoming potential partnerships to advance its exploration programs”.
Minaurum Gold Inc., reported results from its ongoing drilling program, which have further expanded the Promontorio vein zone and confirmed consistent grade continuity at the Alamos Silver Project, Sonora. Drilling highlights are shown in the table below:
Prismo Metals Inc., provided an update on its Palos Verdes project in Sinaloa, where this property involves a collaborative drilling program between Prismo Metals and Vizsla Silver Corp. This is the fourth phase of drilling and was focusing on three main targets to trace the mineralized vein system. The drilling began in September 2024, with two holes completed to test the down-dip extension of previously identified high-grade mineralization. However, the program faced challenges, including slow progress and budget constraints, leading to a curtailment in late November 2024, with assay results still pending.
ON MINING
Heliostar Metals Ltd., reported Q4, 2024 financial results from their Mexican operations (all currency expressed in Canadian dollars). The company produced 5,429 Oz Au from re-leaching of the heap leach piles at la Colorada and San Agustin mines located in Sonora and Durango respectively, with some additional contribution from residual production from the heap leach pads at the Castillo mine in Durango. Heliostar sold 5,145 Oz Au (5,277 Oz AuEq) at cash cost and AISC of $1,755 and $2,089 per Oz AuEq respectively. Cost of sales was $1,849 per Oz AuEq. The company also reported revenues of $19.5M; mine operating earnings of $9.56M; gain on bargain purchase of $90.4M; exploration expenses of $2.8M; net (loss) earnings of $84.4M or $0.41 per share; cash and cash equivalents as of December 31, 2024 of $7.7M; total assets of $174.7M; and working capital of $51.97M.The company had a debt facility of up to USD $10M but all debt was fully re-paid by February 2025. Heliostar also provided 2025 production and costs guidance. At La Colorada, Sonora, it expects to produce between 17K-23.3K Oz Au and 42.5K-51K Oz Ag (17.5K-23.8K Oz AuEq) at cash and AISC of USD $1,800-$1,950 and USD $1,850-$1975 per Oz AuEq respectively. At San Agustin, Durango, Heliostar expects to produce between 8.5K-11K Oz Au at cash and AISC of USD $1,500-$1,650 and USD $1,700-$1850 per Oz AuEq respectively. At San Agustin re-start, the company expects to produce between 4.5K-5.7K Oz Au and 34K-43K Oz Ag (5K-6.2K Oz AuEq) at cash and AISC of USD $2,350-$2,500 and USD $2,900-$3,035 per Oz AuEq respectively.Heliostaralso reported consolidated figures and expects to produce between 30K-40K Oz Au and 76.5K-94.5 Oz Ag (31K-41K Oz AuEq) at cash and AISC of USD $1,800-$1,950 and USD $1,950-2,100 per Oz AuEq.
ON FINANCING
Capitan Silver Corp., Mining closed its previously announced private placement of 13,250,000 units at a price of CAD $0.40 per unit for gross proceeds of CAD $5.3M. Net proceeds will be used to fund exploration activities at its Cruz de Plata project in Durango, additional consolidation opportunities as well as to fund working capital, and general corporate expenses.
Mexican Gold Mining Corp., announced a non-brokered private placement for gross proceeds of CAD $160K through the issuance of 4,000,000 units at a price of CAD $0.04 per unit. Net proceeds will be used to fund claim fee payments and continuing operations of Las Minas project in Veracruz, as well as to fund to fund annual OTCQB listing fees, payment of outstanding invoices, and for general working capital.
Mithril Silver and Gold Limited confirmed that 7,000,000 ordinary shares will be released from escrow on March 4, 2025 at the conclusion of the four months from issue hold period (Copalquin project, Durango).
Oroco Resource Corp., upsized its oversubscribed private placement and received $2,303,555.75 in gross proceeds by the issuance of 9,214,223 units at a price of $ 0.25 per unit. Net proceeds will be used for the advancement of the Santo Tomas project in Sinaloa, as well as working capital, corporate marketing, and other general corporate purposes.
Pinnacle Silver and Gold Corp.,closed a non-brokered private placement and the associated staged option to acquire up to a 100% interest in the Potrero property in Durango, Mexico, for gross proceeds of $800K through the issuance of 20,000,000 units at a price of $0.06 per unit. Gross proceeds will be used for exploration and development of the Potrero Project, Durango, payment of the back-taxes, and for working capital.
Sailfish Royalty Corp., declared Q1, 2025 dividend of USD $0.0125 per share, payable on April 15, 2025. It also introduced a Dividend Reinvestment Plan (DRIP) which allows shareholders to reinvest their dividends into additional shares. Participation in the DRIP is optional and does not affect cash dividend payouts unless shareholders choose to participate. Future dividends will be determined at the discretion of the Board based on the company’s financial situation and other relevant factors (Gavilanes project, Durango).
Southern Silver Exploration Corp., closed a non-brokered private placement for gross proceeds of $3,583,680.03 through the issuance of 19,909,335 units at a price of $0.18 per unit. Net proceeds will be used for working capital, the continued advancement and development of the Cerro Las Minitas property, Durango and the compilation of data and exploration of the newly acquired Nazas property, Durango, in preparation for permitting and drill testing of the property later in 2025.
Alamos Gold Inc., declared a quarterly dividend of USD $0.025 per common share, payable on March 27, 2025 to shareholders. The company has paid dividends for 15 consecutive years, including returning USD $41M to shareholders in 2024 (Mulatos mine, Sonora)
Aura Minerals Inc., declared and approved the payment of a dividend of USD $0.25 per common share (approximately USD $18.3M in total) respect of its Q4, 2024 financial results. The dividend will be paid on March 14, 2025 (Aranzazu mine, Zacatecas).
Reyna Silver Corp., closed a third tranche of its previously announced non-brokered private placement of 1,420,000 units at a price of CAD $0.075 per unit for gross proceeds of CAD $106.5K. Gross proceeds of the third tranche will be used for ongoing exploration, maintenance and development of the company´s properties and general working capital and corporate purposes. In aggregate, the company has issued 37,749,899 units for aggregate gross proceeds of CAD $2,831,242.43 to date in the offering, inclusive of the first closing, second closing and third closing.
ON RESOURCES AND DEVELOPMENT
Torex Gold Resources Inc., reported drilling results from Media Luna West and Media Luna East in Guerrero. The ongoing drilling program is focused on unlocking additional near-mine opportunities at the Media Luna Cluster in order to further enhance and extend the production profile of the Morelos Complex. Drilling highlights include hole ML24-1043DB collared at Media Luna West, with 3.16 g/t Au, 2 g/t Ag, and 0.04% Cu (3.25 g/t AuEq) over 1.3m, plus 13.36 g/t Au, 2 g/t Ag, and 0.01% Cu (13.4 g/t AuEq) over 28.4m, including 22.66 g/t Au, 3 g/t Ag, and 0.02% Cu (22.73 g/t AuEq) over 13.1m, including 20.2 g/t Au and 1 g/t Ag (20.22 g/t AuEq) over 1m, and including 23.7 g/t Au, 3 g/t Ag, and 0.03% Cu (23.79 g/t AuEq) over 1m; and hole MLE-003 collared at Media Luna East, with 4.89 g/t Au, 49 g/t Ag, and 2.11% Cu (8.92 g/t AuEq) over 60.9m, plus 14.73 g/t Au, 26 g/t Ag, and 2.0% Cu (18.28 g/t AuEq) over 12m, including 28.82 g/t Au, 23 g/t Ag, and 2.3% Cu (32.83 g/t AuEq) over 4.4m, plus 18.84 g/t Au, 158 g/t Ag, and 4.52% Cu (28.12 g/t AuEq) over 18.3m. The advanced exploration drilling program at Media Luna West has defined a mineralized footprint of 600m by 400m with multiple high-grade intercepts, and the initial drill testing at Media Luna East returned strong results, with multiple high-grade intercepts, many with copper grades in excess of 2%.
Southern Silver Exploration Corp., reported results from six core holes totalling 2,395m from its Q4, 2024 “proof of concept” drilling being conducted at its Cerro Las Minitas in Durango. “Drilling tested gaps within the current block model, lateral extensions of the mineralization and successfully intersected thick intervals of mineralized skarn in a hole which tested the depth projection of the main mineralized shoot of the South Skarn deposit”. The best drill intercept was encountered in hole 24CLM-198 with 19 g/t Ag, 1 g/t Au, 0.1% Pb, and 0.1% Zn (105 g/t AgEq) over 1.8m, including 51 g/t Ag, 4.1 g/t Au, 0.1% Pb, and 0.2% Zn (393 g/t AgEq) over 0.3m, plus 124 g/t Ag, 5.2 g/t Au, 4% Pb, and 0.4% Zn (682 g/t AgEq) over 0.9m, plus 135 g/t Ag, 1 g/t Au, 0.1% Cu, 0.6% Pb, and 0.3% Zn (267 g/t AgEq) over 0.7m, plus 81 g/t Ag, 0.2 g/t Au, 0.1% Cu, 0.4% Pb, and 3.9% Zn (267 g/t AgEq) over 5.6m, plus 61 g/t Ag, 0.1 g/t Au, 0.6% Cu, and 0.4% Zn (155 g/t AgEq) over 18.5m, including 97 g/t Ag, 0.1 g/t Au, 0.7% Cu, 0.1% Pb, and 0.7% Zn (222 g/t AgEq) over 12.6m, and including 154 g/t Ag, 0.2 g/t Au, 5.6% Cu, and 0.1% Zn (834 g/t AgEq) over 0.6m.
Tocvan Ventures Corp., released results of 4 RC holes totalling 776.2m drilled at its Pilar project in Sonora on the 100% controlled expansion area immediately north of known mineralized trends. It was the first ever drill program on this area and the scout drilling intersected anomalous gold and silver. The best drill intercept was encountered in hole JES-24-101 with 0.61 g/t Au and 1 g/t Ag over 106.8m, including 3.06 g/t Au and 2 g/t Ag over 19.8m, including 19.39 g/t Au and 4 g/t Ag over 3.1m. “Recent soil sampling further north on the trend returned 519 ppb Au, more drilling will be planned on these corridors to further evaluate the full potential of area. Recent surface sampling and mapping has indicated mineralization continues 700 m north and 2,000 m east of this area”.
Prime Mining Corp., reported generative drilling results of 14 holes completed at Fresnillo and mariposa targets within its Los Reyes project in Sinaloa. Drilling highlights (true widths reported) include holes 24NB-75 with 1.82 g/t Au and 13 g/t Ag (1.99 g/t AuEq) over 9.6m, including 18.4 g/t Au and 125 g/t Ag (20.02 g/t AuEq) over 0.8m, plus 1.56 g/t Au and 30 g/t Ag (1.95 g/t AuEq) over 0.7m, plus 5.03 g/t Au and 82 g/t Ag (6.09 g/t AuEq) over 0.8m; hole 24NB-71 with 1.12 g/t Au and 2 g/t Ag (1.15 g/t AuEq) over 1.2m, plus 2.52 g/t Au and 24 g/t Ag (2.83 g/t AuEq) over 6.2m, including 5.38 g/t Au and 47 g/t Ag (5.99 g/t AuEq) over 2.8m, plus 5.47 g/t Au and 46 g/t Ag (6.07 g/t AuEq) over 1.1m; hole 24NB-69 with 1.08 g/t Au and 30 g/t Ag (1.46 g/t AuEq) over 9.8m, including 5.35 g/t Au and 109 g/t Ag (6.76 g/t AuEq) over 1.4m, plus 0.49 g/t Au and 16 g/t Ag (0.69 g/t AuEq) over 7.8m, including 1.55 g/t Au and 37 g/t Ag (2.03 g/t AuEq) over 0.9m; and hole 24FRE-29 with 1.14 g/T Au and 8 g/t Ag (1.24 g/t AuEq) over 1.2m, plus 1.17 g/t Au and 22 g/t Ag (1.45 g/t AuEq) over 6.8m, including 1.76 g/t Au and 39 g/t Ag (2.26 g/t AuEq) over 1.9m, including 1.93 g/t Au and 29 g/t Ag (2.31 g/t AuEq) over 1.5m. These results are not included in the October 15, 2024 Mineral Resource Estimate.
Mammoth Resources Corp., announced plans to initiate small-scale gold-silver production at its Tenoriba project in Chihuahua. The company is investigating custom milling and heap leaching scenarios. It is exploring opportunities to process mineralized material at a nearby 200-tonne per day flotation mill, which is under construction. The company is working with environmental consultants to investigate permitting pathways for mineral extraction, which could include either custom milling or small-scale heap leaching. Permitting could be approved in six months for heap leaching if the pad is under two hectares and uses non-cyanide dissolution methods. Preliminary tests using cyanide dissolution showed up to 90% gold recoveries. The current high gold prices, nearing USD $3,000 per ounce, have heightened their enthusiasm for these projects, as they could provide cash flow and valuable data to support further exploration efforts targeting a nearly 2M Oz Au resource at Tenoriba.
Guanajuato Silver Company Ltd., completed development to high-grade Santo Niño Vein in san Ignacio mine, Guanajuato. The 430 Ramp has reached the Purisima vein where mining activity has been initiated. The advance of the ramp then continued to the west approximately another 10m where the Santo Nino vein was contacted. The Santo Nino vein offers the Company access to an entirely new mining area with comparatively higher gold content. “Exploration at San Ignacio for 2025 will focus on infill drilling in the Melladito North area, exploring deeper extensions to the Nombre de Dios veins, and evaluating additional veins to the west of Santo Nino, supported by geophysics and geological surface mapping.
GoGold Resources Inc., announced the filing of NI 43-101 feasibility study (FS) technical report at its Los Ricos South project in Jalisco. The FS includes a re-engineered 2,000 tonne per day underground mine plan compared to the Preliminary Economic Assessment (PEA) which was released in September 2023 and incorporates an updated Mineral Resource Estimate (MRE). Highlights of the FS, with a silver price of USD $26.8/Oz, gold price of USD $2,330/Oz, and copper price of USD $4/Lb include (all figures in US dollars): an after-tax net present value (using a discount rate of 5%) of $355M, with an after-tax IRR of 34%; 15 year mine life producing a total of 80M payable Oz AgEq, consisting of 41M Oz Ag, 424K Oz Au, and 11M Lb Cu; initial capital cost of $227M, including $21M in contingency costs, over an expected two year build, and sustaining capital cost of $100M over the life of mine(LOM); average operating cash cost of $9.91 per Oz AgEq, and all in sustain cost (AISC) of $11.19 per Oz AgEq over the first 5 years of production, with average AISC of $12.32 per Oz AgEq over the underground mine life; average annual production of 7.3M Oz AgEq over first 5 years; successful conversion of Mineral Resources to Proven and Probable Mineral Reserves totalling 10.2M tonnes grading 276 g/t AgEq containing 91M Oz AgEq, including 7.5M underground tonnes grading 326 g/t AgEq; and average underground mining width of 11 metres using bulk mining method of longitudinal sublevel long-hole mining.
ON DEALS AND CORPORATE ISSUES
Equinox Gold Corp., and Calibre Mining Corp., entered into a definitive arrangement agreement to merge, forming New Equinox Gold, which will become the second largest gold producer in Canada. Equinox will acquire all the issued and outstanding common shares of Calibre pursuant to a court-approved plan of arrangement. The combined company is expected to produce approximately 950K Oz Au in 2025, not including production from Valentine in Newfoundland & Labrador, Canada or Los Filos in Guerrero, Mexico. “Calibre shareholders will receive 0.31 Equinox common shares for each Calibre common share held immediately prior to the effective time of the transaction. Upon completion of the transaction, existing Equinox shareholders and former Calibre shareholders will own approximately 65% and 35% of the outstanding common shares of the combined company, respectively, on a fully diluted in-the-money basis. The implied market capitalization of the combined company is estimated at CAD $7.7 B”.
Apolo Silver Corp., appointed a new member to its Board of Directors. The company granted an aggregate of 300K incentive stock options to its new Director (Cinco de Mayo project, Chihuahua).
Pinnacle Silver and Gold Corp., signed a definitive agreement for option to acquire a 100% interest in the El Potrero project in Durango, spanning 1,074 hectares. Pinnacle plans to explore and develop the property, leveraging its experienced management team and aiming for production in a cost-effective manner. The transaction for acquiring the El Potrero project is structured as a staged earn-in, allowing Pinnacle to progressively acquire a 100% interest in the property through a series of cash payments and share issuances, totaling approximately USD $7.5 million in cash and 3.5M shares. Key terms include an initial payment of USD $50K cash and 500K shares upon signing the definitive agreement (DA); USD $200K in cash and 1M shares at 8 months from signing; USD $750K cash and 1M shares at a year of signing; USD $1M cash for a 50% interest when the plant is upgraded and all permits are received or 4 years from signing; USD $1.5M cash for an additional 20% interest 1 year after commencing production or 5 years from signing; USD $3M cash for another 20% totaling 90% interest 2 years after commencing production or 7 years from signing; a contingent bonus of USD $1M cash and 1M shares if a Mineral Resource Estimate of at least 350K Oz Au is established; and a royalty of 2% NSR on the remaining interest held by the vendor after Pinnacle completes the acquisition. Pinnacle will also pay back taxes estimated at USD $183K for the property through a payment plan with Mexican authorities.
Prismo Metals Inc., has previously announced a notice of termination of Los Pavitos project option agreement with Minera Cascabel, as the company is currently unable to support the project due to market conditions and ongoing funding requirements. This decision reflects a strategic move to focus resources on more promising projects.
Chesapeake Gold Corp., announced the appointment of its Chief Metallurgical Officer, effective February 26, 2025 (Metates project, Durango).
Plata Latina Minerals Corporation declared that a wholly subsidiary of Fresnillo plc has exercised its right to purchase the 3% NSR on the Naranjillo property, Guanajuato, for a total of USD $6M. The transaction is expected to close before the end of March, 2025.
Roberto Resources announced a proposed acquisition of the Claudia Gold and Silver Project in Durango, Mexico, which covers an 11,876-hectare area with known high-grade gold and silver mineralization. Previous drilling campaigns identified multiple mineralized zones and indicated the potential for significant discoveries along various structures, specifically the Aguilareña and Guadalupana veins. The company plans to conduct further exploration and drilling after the acquisition is complete, aiming to enhance its understanding and development of the project. Key terms of the agreement include a payment of USD $25K in cash at closing, the issuance of 10M shares to an escrow agent, which will be distributed to Durango´s shareholders, an assumption up to USD $500K in current accounts payable related to the project; and an obligation to make a bonus payment if a measured and indicated resource exceeds 500K Oz Au.
Canasil Resources Inc., announced the appointment of a new member to its Board of Directors and its CFO (Nora project, Durango).
Defiance Silver Corp., entered into an agreement for six months with Triomphe Holdings Ltd. (dba Capital Analytica) for investor relations services, effective March 1, 2025 for a fee of $120K. The company also granted 2,888,500 stock options to employees and directors at an exercise price of $0.22, with a five-year term and three-year vesting schedule. Additionally, various other equity incentives, including 643,500 Deferred Share Units were granted to certain Directors, 55,000 Performance Share Units were granted to certain employees, and 252,475 Restricted Share Units, were also granted to certain employees (San Acacio project, Zacatecas).
Masivo Silver Corp., signed a letter of intent to acquire the Cerro Colorado project in Sonora, which is located near significant mining operations, including the Piedras Verdes copper mine. The Cerro Colorado project consists of two mineral concessions covering a total of 2,649 hectares. Initial exploration activities, including mapping, sampling, and induced polarization on an area where strong brecciation with strong phyllic alteration, mainly sericite and iron oxides is observed. This initial exploration campaign has revealed promising mineralization, with historical samples showing high grades of silver and gold, such as 2,200 g/t Ag and 4.57 g/t Au in an old collapsed tunnel; 1,840 g/t Ag, 4.8 g/t Au, 3.06% Cu, 4.5% Pb and 2.92 % Zn in another collapsed tunnel; and a trench that returned 7.2m true-wide with 0.75 g/t Au, 159 g/t Ag, 0.24% Cu, 0.52 % Pb, and 0.29% Zn. The company plans to drill 8 holes to utilize a $75K drill credit for the upcoming drilling program.
Xali Gold Corp., entered into a binding letter of intent to option the Sarape project in Sonora, from Advanced Lithium Corp. The Sarape project covers 57 square kilometers within a promising mining district known for high-grade silver and gold deposits, including proximity to SilverCrest´s Las Chispas Mine. The project exhibits significant exploration potential with extensive mineralization and favorable geological characteristics associated with low-sulphidation epithermal deposits. Xali Gold plans to implement an accelerated exploration program and sees immense potential for the discovery of deeper high-grade mineralization. The acquisition involves earning a 90% interest in the Sarape Project through a series of stages; an initial payment of 1M shares to Advanced Lithium upon signing the definitive agreement; cash payments totaling CAD $450K in stages to fund exploration drilling, not exceeding 10% of each financing; partial earn-in of 51% interest in Sarape once Xali has completed 10,000m of drilling and issuing 26.6M shares; second earn-in of 70% interest in Sarape by completing an additional 5,000m of drilling and issuing an additional 21M shares, along with complete cash payments of the CAD $450K; A final interest of 90% in Sarape upon completing an additional 5,000m of drilling (cumulative total of 20,000m) and an additional 91.4M shares are issued (total of 104M which is 50% of shares outstanding on date of signing). Xali Gold anticipates the timing for the earn-in of the 90% interest to be between 12-18 months post regulatory approval. The Project is subject to a 1.5% Net Smelter Return, with no current buyout option.
ON SOCIAL RESPONSIBILITY
No relevant news.
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On the picture above, orogenic quartz vein in an orogenic gold project in Sonora, Mexico. Photo taken by Miguel A Heredia.
During the 8th week of the year (February 17th to February 23rd, 2025), companies working in Mexico presented 28 press releases. Two companies informed on exploration on their properties and nine companies presented quarterly and full year 2024 reports. Two companies informed on financing rounds and two more about its inclusion on the list of top performing TSX companies. One company released the 2024 MRE for several deposits, while one more filed a previously released MRE. Three companies released drilling results from their advanced companies and one more elaborated on its plans for 2025. Two companies announced senior board position changes. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, in Chihuahua, Kingsmen Resources completed a review on the geochemistry of surface samples. In Durango, Silver Wolf Exploration released results from drilling at Ana Maria. ON MINING, Sandstorm Gold, Pan American Silver, Alamos Gold, Coeur Mining, Torex Gold, Capstone Copper, Starcore International, First Majestic Silver and Newmont presented Q4 and full year 2024 reports. ON FINANCING, Quetzal Copper and Tocvan Ventures informed on the closing of financing tranches for C$487.5 K and C$1.05 M respectively. Luca Mining and Heliostar Metals informed on its inclusion on the list of top performing companies in the TSX. ON RESOURCES AND DEVELOPMENT, Alamos Gold presented the MRE for five properties within the Mulatos district in Sonora. Prime Mining disclosed its 2025 program for Los Reyes, in Sinaloa. Endeavour Silver reported drilling results from La Luz area at its Bolañitos producing property in Guanajuato. Vizsla Silver filed the MRE report on Panuco, in Sinaloa. Luca Mining released results from drilling at Tahuehueto, in Durango. Heliostar Metals reported results from the drilling program at Ana Paula, in Guerrero. ON DEALS AND CORPORATE ISSUES, Centenario Gold and US Antimony announced movements on their boards of directors. ON SOCIAL RESPONSIBILITY, Guanajuato Silver Co. informed on diverse initiatives it is taking on the communities nearby to its operations in Durango and Guanajuato.
ON MEXICO ISSUES
No Relevant News.
ON EXPLORATION
Silver Wolf Exploration Ltd. announced results of the drill program on El Soldado claim at the Ana Maria project in Durango. A total of 17 holes and 2,560 m were drilled, testing the continuity of the carbonate replacement deposits and breccia structures observed. Highlighted core length intercepts comprise 1.0 m @ 1.91% Zn; 6.05 m @ 0.25% Pb, 0.45% Zn (including 0.85 m @ 52 gpt Ag, 0.4% Pb, 2.2% Zn). The “inaugural drill program was successful in identifying significant subvertical breccias (“Chimney” bodies) with extensive hydrothermal mineralization and dolomitization underlying the historical Silver, Lead, and Zinc (Ag-PbZn) workings at El Soldado”. The Ana Maria project is adjacent to the significant past producer Ojuela mine.
Kingsmen Resources Ltd. completed a review of the geochemistry of samples collected from the Soledad and Soledad II vein systems at its Las Coloradas project in Chihuahua. The variations of pathfinder elements with silver are interpreted to indicate different pulses of mineralization. The potential for intrusion-related and skarn mineralization has not been explored to date.
ON MINING
Sandstorm Gold Ltd. released its financial results for the quarter and year ended in December 2024. Without disclosing by operation, the company had a total yearly revenue of US$176.3 M, or 72,810 Oz Au (holds royalties on Cosalá, Sinaloa).
Pan American Silver Corp. provided fourth quarter and yearly 2024 results and its outlook production for 2025. The company generated US$196.2 M in cash flow in Q4 and US$445.1 M in 2024, producing 21.1 M Oz Ag, 892.5 K Oz Au in the year at $14.30 per Oz Ag and $1,203 per Oz Au in the year. At the end of the period Pan American had a working capital of US$1,033.4 M, inclusive of cash and short-term investments of US$887.3 M, and a total debt of US$803 M. For 2025 the company forecasts production of 5.5 – 5.8 M Oz Ag at La Colorada in Zacatecas and 0.9 – 1.0 M Oz Ag, 28 – 31 K Oz Au at Dolores, in Chihuahua.
Alamos Gold Inc. reported Q4 and full year 2024 results. The company produced 567 K Oz Au in 2024, at total cash cost of $927 per Oz Au and an AISC of $1,281 per Oz Au. At Mulatos, in Sonora, 205 K Oz Au were produced in the year. Cash and cash equivalents of US$327.2 M at the end of 2024.
Coeur Mining Inc. announced Q4 2024 and full year financial results. During the year the company produced 341,852 Oz Au, 11.4 M Oz Ag at cash cost $1,203 per Oz Au and $16.55 per Oz Ag. Coeur generated US$1.1 B in revenue in 2024. Closed on February 14, 2025, the 1.58 B acquisition of SilverCrest Metals (Las Chispas, Sonora). Guidance of 16.7-20.3 M Oz Ag, 380,000-440,000 Oz Au for 2025. At Palmarejo, in Chihuahua, 1.76 M tonnes were milled in 2024, averaging 2.18 gpt Au, 141 gpt Ag, recovering 93% Au, 85% Ag, to produce 108,666 Oz Au, 6.78 M Oz Ag, at cash cost $892 per Oz Au, $14.28 per Oz Ag, generated US$138.1 M in cash flow, while investing US$13.2 M in exploration. “Seven rigs were active during the quarter, with three rigs focused on step-out drilling along the western extension of the Hidalgo corridor. A new mineralized structure discovered in 2024 called the Libertad Footwall has demonstrated splays and breccias similar to those contained at Guadalupe and Independencia. Exploration drilling successfully traced these Libertad structures over 750 meters along strike. In addition, the 2024 drill program at Hidalgo and Libertad was a significant contributor to inferred resource growth. Successful exploration also led to a maiden resource at the San Juan target and an extension of the Guadalupe zone”.
Torex Gold Resources Inc. reported Q4 and full year 2024 financial and operational results. Annual production was 452,523 Oz Au (or 461,420 Oz AuEq), with a gold recovery of 90.6%, total cash cost of $940 per Oz Au and an AISC of $1,156 per Oz Au. Achieved a mining rate of 2,092 tonnes per day from ELG (El Limon-Guajes) underground. Net income of US$134.6 M, adjusted net earnings of US$224.3 M and readjusted EBITDA of US$541.1 M, with net cash generated from operating activities of US$449 M. Negative free cash flow of US$122.9 M as a direct result of US$449.0 M invested in the Media Luna project, which stood at 94% completion at the end of the period. Closed the year with US$331.5 M, including US$110.2 M in cash and US$221 available on credit facilities (Morelos Complex, Guerrero).
Capstone Copper Corp. informed on financial results for Q4 and full year 2024. The company had a net income in 2024 of US$82.9 M, an adjusted EBITDA of US$496 M, operating cash flow of US$414.8 M, net debt of US$742.0 M, availability of US$506.4 M comprising US$132.4 M in cash and US$374 M on a credit facility. The consolidated copper production in 2024 was 184,460 tonnes of Cu at cash cost $2.56 per Lb Cu. At Cozamin, in Zacatecas, 24,907 tonnes of copper were produced during the period, at cash cost $1.75 per Lb Cu (the lowest for Capstone operations).
Starcore International Mines Ltd. announced production results for the third quarter 2025, ended January 2025. At San Martin, in Querétaro, 46.7 K tonnes were milled, averaging 1.74 gpt Au, 11.08 gpt Ag, recovering 82.44% Au, 49.1% Ag, to produce 2,268 Oz AuEq.
First Majestic Silver Corp. announced consolidated financial results for Q4 and full year 2024. The company produced 8.4 M Oz Ag, 156,542 Oz Ag (or 21.7 M Oz AgEq), realized US$138.6 M in free cash flow, with revenues of US$560.6 M, EBITDA of US$127.1 and ended the year with 2,595 Oz Au, 539.2 K Oz Ag valued at US$22.4 M. On January 16, 2025 the company completed the acquisition of Gatos Silver Inc. for a consideration of US$1.07 M in shares.
Newmont Corp. reported fourth quarter and full year 2024. The company reported US$3.4 B of net income in 2024, generated US$6.4 B of cash from operating activities, reported US$2.9 B in free cash flow, produced 5.7 M Oz Au and 1.9 M Oz AuEq (Cu, Ag, Pb, Zn) for a total of 6.8 M attributable Oz Au. During the year Peñasquito (in Zacatecas) produced 390 K Oz Au, 28 M Oz Ag, 90 K tonnes Pb, 236 K tonnes Zn. Cash cost was $930 per Oz Au, $11.50 per Oz Ag, $1,080 per Lb Pb, $1,430 per Lb Zn. The AISC was $1,210 per Oz Au, $15.0 per Oz Ag, $1,290 per Lb Pb, $1,890 per Lb Zn. The cash cost and the AISC are expected to increase during 2025. “Peñasquito gold production is expected to increase in 2025, as mining is expected to be from the higher gold content Peñasco pit for the first half of 2025.Gold production in 2025 is expected to be approximately 60 percent weighted to the first half of the year… co-product production of silver, lead and zinc is expected to decline from 2024 levels due to reduced mining in the Chile Colorado pit as this polymetallic mine progresses through its planned sequence”.
ON FINANCING
Quetzal Copper Corp. closed the third tranche of a previously announced non-brokered flow-through and non-flow-through private placement, for gross proceeds of C$487.5 K. In total the company raised gross proceeds of C$2.44 M (Las Cristinas, Chihuahua).
Quetzal Copper Corp. announced the extension to complete its previously announced non-flow-through portion of its non-brokered private placement, until February 28, 2025 (Las Cristinas, Chihuahua).
Luca Mining Corp. informed on its inclusion in the 2025 TSX Venture 50TM list of top performing companies (Tahuehueto, Durango; Campo Morado, Guerrero).
Tocvan Ventures Corp. closed the final tranche of its previously announced non-brokered private placement for gross proceeds of C$1.05 M (Pilar and Gran Pilar, Sonora).
Teck Resources Ltd. has declared “an eligible dividend of $0.125 per share on its outstanding Class A common shares and Class B subordinate voting shares, to be paid on March 31, 2025 to shareholders of record at the close of business on March 14, 2025” (San Nicolás, Zacatecas).
Heliostar Metals Ltd. announced it has been included in the 2024 TSX Venture 50TM list of top performing companies (Ana Paula, Guerrero; La Colorada, Sonora).
Alamos Gold Inc. reported mineral reserves and resources to the end of 2024. Of a total of 13.95 M Oz Au in reserves by the company, 1.39 M stand in the Mulatos district in Sonora. The total amount of reserves and resources at Mulatos is 2.13 M Oz Au, distributed in the Mulatos mine, Puerto del Aire, La Yaqui Grande, Cerro Pelon and Carricito deposits, as can be seen below. The project is heading to more underground operations with the Puerto del Aire and Cerro Pelon higher grade sulfides. A total of US$19 M is budgeted for exploration in 2025, including 15,000 m of drilling at the GAP-Victor area and PDA extension, and 20,000 m planned at Cerro Pelon.
Prime Mining Corp. disclosed its 2025 outlook for its Los Reyes project in Sinaloa. An initial 40,000 m of drilling is planned to identify extensions to know structures and further discovery areas, working toward a preliminary economic assessment (PEA), “refining the metallurgical, geotechnical, mine planning and development parameters for project development, including process and underground mining optimization, infrastructure assessment and permitting requirements”. Drilling halted in late January due to safety issues on large areas of Sinaloa, but due to resume as soon as these concerns ease, with the drill rigs are still on-site. In October of last year Prime filed a mineral resource estimate with 2.19 M Oz AuEq in indicated resources and 817 K AuEq in inferred resources.
Endeavour Silver Corp. reported drill results from its exploration program at the Bolañitos mine in Guanajuato. The program was focused on the La Luz vein, with intersections that provide opportunities to extend mine-life. Highlighted true width intercepts comprise 1.02 m @ 1.17 gpt Au, 449 gpt Ag; 1.67 m @ 0.41 gpt Au, 183 gpt Ag; 0.95 m @ 2.03 gpt Au, 70 gpt Ag; 1.62 m @ 2.43 gpt Au, 1,063 gpt Ag (including 0.34 m @ 9.61 gpt Au, 4,070 gpt Ag); 2.49 m @ 3.15 gpt Au, 71 gpt Ag. “… eight drill holes totaling 2,000 metres has outlined high-grade mineralization over 100 metres in length to a depth of 200 metres. The area remains open to the south and to depth. Drilling will continue in the area for the first half of 2025”.
Vizsla Silver Corp. filed an independent technical report containing an updated mineral resource estimate (MRE) on the Panuco project in Sinaloa.
Luca Mining Corp. released results from the first four underground diamond drill holes on the ongoing 5,000 m exploration drill program at its Tahuehueto mine in Durango. The objective of the campaign is to define vertical and lateral extents of known mineralization within the Creston and Perdido vein systems. Highlighted core length intervals comprise 1.8 m @ 0.95 gpt Au, 60 gpt Ag, 1.11% Cu, 0.2% Pb, 0.2% Zn; 22.3 m @ 1.47 gpt Au, 42 gpt Ag, 0.44% Cu, 1.5% Pb, 2.3% Zn (Including 7.9 m @ 2.59 gpt Au, 68 gpt Ag, 0.68% Cu, 2.3% Pb, 2.7% Zn); 0.9 m @ 0.09 gpt Au, 18 gpt Ag, 0.21% Cu, 0.9% Pb, 4.0% Zn; 2.3 m @ 2.37 gpt Au, 0.1% Pb, 0.3% Zn; 7.2 m @ 0.37 gpt Au, 41 gpt Ag, 0.26% Cu, 1.8% Pb, 0.9% Zn; 1.7 m @ 0.09 gpt Au, 22 gpt Ag, 0.29% Cu, 2.1% Pb, 2.0% Zn.
Heliostar Metals Ltd. announced results from drilling at its Ana Paula project in Guerrero. The drilling program focus was on expanding the High Grade Panel and test step-out targets at depth beneath this zone. Highlighted core-length results comprise 161.0 m @ 4.26 gpt Au (including 30.0 m @ 10.1 gpt Au); 23.0 m @ 4.15 gpt Au (including 3.0 m @ 21.4 gpt Au); 4.6 m @ 7.91 gpt Au; 68.5 m @ 1.44 gpt Au; 24.0 m @ 5.10 gpt Au (including 3.0 m @ 10.9 gpt Au and 5.15 m @ 14.0 gpt Au); 3.80 m @ 2.43 gpt Au; 1.0 m @ 4.99 gpt Au; 66.85 m @ 3.12 gpt Au (including 15.7 @ 10.4 gpt Au); 13.0 m @ 3.50 gpt Au.
ON DEALS AND CORPORATE ISSUES
Centenario Gold Corp. announced the resignation of Alain Charest as CEO of the company. “Alain will continue to represent the Company as both a board member, VP Exploration and an active adviser to the Company”. Doug Fulcher, current president of the company has been appointed CEO (Eden, Sinaloa).
United States Antimony Corp. announced the appointment of Mr. Rodney Blakestead as Vice President of the Mining Division and Leo Jackson as Vice President of the Mexican Antimony Division (Los Juarez, Querétaro).
ON SOCIAL RESPONSIBILITY
Guanajuato Silver Company Ltd. informed it is sponsoring a clinic in Topia, Durango, has treated 350 patients, and the Cata clinic in Guanajuato a further 700 persons. Furthermore “Water at the mines is largely recycled, while essential water services are often provided to rural communities. With priority placed on schools, kindergartens, and community spaces…”. Among other initiatives, the company is also committed to generating zero biodiversity loss from operations.
On the image below: Sometimes following structures from a distance is not that difficult. Drone picture by Jorge Cirett.
During the 3rd week of the year (January 13th to January 19th 2025), at least 36 press releases were announced by companies working in Mexico, with thirteen disclosing deals and corporate issues, eight announcing financing rounds, eight reporting resources and development of their properties, six communicating production results, and one commenting on Mexican issues. ON MEXICO ISSUES, Prime Mining, Kootenay Silver, and Impact Silver reported the best drilling intercepts in Mexico on the third week of January, 2025. ON EXPLORATION, no relevant news. ON MINING, Alamos Gold announced that it plans to release its Q4 and year-end 2024 financial results on February 19, 2025 (Mulatos mine, Sonora). Pan American Silver reported Q4, 2024 production results from their Mexican mining operations (La Colorada, Zacatecas and Dolores, Chihuahua). Sierra Metals announced Q4, and end-year 2024 production results from its Bolivar mine in Chihuahua. SilverCrest reported Q4 and end-year 2024 production results from its Las Chispas mine in Sonora. Endeavour provided 2025 production and cost guidance for Guanacevi and Bolañitos mines located in Durango and Guanajuato states respectively. Alamos reported Q4 and annual 2024 production results for its Mulatos mine, Sonora, and provided three years operating guidance. Torex Gold provided operational guidance and updated five-year production outlook (Morelos Complex, Guerrero). ON FINANCING, Goldgroup announced a non-brokered private placement for gross proceeds of up to $3.5M (Cerro Prieto mine, Sonora). Barksdale reported that it is seeking approval from the Toronto Stock Exchange to amend its secured convertible debentures held by Delbrook Capital Advisors Inc (San Javier project, Sonora). Silver Viper announced share consolidation (La Virginia project, Sonora). Quetzal Copper reported an extension to its non-brokered private placement (Cristinas project, Chihuahua). Royalties Inc., closed a non-brokered private placement for gross proceeds of $180K (Bilbao project, Zacatecas). Minera Alamos announced Auramet loan extension (Santana mine, Sonora). Goldgroup completed the acquisition of a loan facility to acquire all shares of Minera Apolo (Cerro Prieto mine, Sonora). Silver Storm closed the third tranche of its non-brokered private placement financing for gross proceeds of CAD $784,500 (La Parrilla mine, Durango). ON RESOURCESAND DEVELOPMENT, Luca Mining commenced a 5,000m underground diamond drilling program at Campo Morado mine, Guerrero. Avino commenced underground development at its La Preciosa mine in Durango. GoGold announced results of Los Ricos project, Jalisco Feasibility Study. Heliostar Metals filed technical reports on the La Colorada operations in Sonora, San Agustin operations in Durango, and San Antonio project in Baja California Sur. Prime Mining reported expansion drilling results from its Los Reyes project, Sinaloa. Kootenay released results of seven holes drilled at its Columba project in Chihuahua. Impact Silver reported results from its ongoing drill program in the Juarez mine area of its Plomosas mine, Chihuahua. ON DEALS AND CORPORATE ISSUES, Infinitum Copper announced the appointment of a new member to its Board of Directors (La Adelita project, Sonora). Luca Mining declared that it has been invited to participate in a 2025 Mining Conference presented by Maxim Group LLC (Tahuehueto project, Durango). Capstone announced the appointment of a new member to its Board of Directors (Cozamine mine, Zacatecas). SilverCrest mailed and filed meeting material for its special meeting of shareholders (Las Chispas mine, Sonora). Fortuna Mining entered into a binding letter agreement to sell its non-core San Jose mine, Oaxaca to Minas del Balsas Luca Mining announced it has been named to the 2025 OTCQX® Best 50 (Campo Morado mine, Guerrero). Sierra Metals rejected a hostile takeover bid from Alpayana S.A.C. (Bolivar mine, Chihuahua). SilverCrest announced the appointments of their Senior Vice President Operations and Senior Vice President Corporate Development (Las Chispas mine, Sonora). Luca Mining granted stock options to its Chief Technology Officer (Campo Morado mine, Guerrero). MAG Silver announced the retirement of a member of its Investor Relations team (Juanicipio mine, Zacatecas). First Majestic completed the acquisition of Gatos Silver. Inomin commenced initial discussions with companies interested in partnering or acquiring its la Gitana project in Oaxaca. Agnico Eagle offered O3 Mining shareholders $1.67 per share in cash, representing a 58% premium over O3’s closing price on December 11, 2024 (Pinos Altos mine, Chihuahua). ONSOCIAL RESPONSIBILITY, no relevant news.
ON MEXICO ISSUE
Prime Mining Corp., Kootenay Silver Inc., and Impact Silver Corp., reported the best drilling intercepts in Mexico on the third week of January, 2025. Details are shown in the table below:
ON EXPLORATION
No relevant news.
ON MINING
Alamos Gold Inc., announced that it plans to release its Q4 and year-end 2024 financial results on February 19, 2025 (Mulatos mine, Sonora).
Pan American Silver Corp., reported Q4, 2024 production results from their Mexican mining operations. The company produced in Q4, 2024 a total of 1.6M Oz Ag and 0.7K Oz Au at La Colorada mine, Zacatecas for an end-year 2024 of 4.88M Oz Ag while at Dolores mine, Chihuahua, it produced 424K Oz Ag in Q4, 2024 and 17.9K Oz Au for an end-year 2024 of 1.7M Oz Ag and 72.3K Oz Au.
Sierra Metals Inc., announced Q4, and end-year 2024 production results from its Bolivar mine in Chihuahua. In the period Q4, 2024, Sierra Metals processed 452,613 tonnes of 0.77% Cu, 16 g/t Ag and 0.32 g/t Au with metallurgical recoveries of 91.2%, 84.32%, and 66.67% respectively to produce 7M Lb Cu, 196K Oz Ag, and 3K Oz Au. In the full fiscal year 2024, the company processed 1,626,440 tonnes of 0.84% Cu, 19 g/t Ag, and 0.38 g/t Au, with metallurgical recoveries of 91.36%, 83.03%, and 67.01% respectively, to produce 27.45M Lb Cu, 812K Oz Ag, and 13.4K Oz Au. Sierra metals also provided its 2025 production guidance and expect to produce between 25.1-27.4M Lb Cu, 680-740K Oz Ag, and 8.1-13.4K Oz Au, at cash and AISC of $2.64-$2.77 and $3.45-$3.62 per Lb CuEq respectively.
SilverCrest Metals Inc., reported Q4 and end-year 2024 production results from its Las Chispas mine in Sonora. During Q4, 2024 it mined 127,278 tonnes and milled 113,594 tonnes with a grade of 3.89 g/t Au and 385 g/t Ag with metallurgical recoveries of 98.4% both to produce 13.9K Oz Au and 1.38M Oz Ag. The company sold 15.1K Oz Au and 1.45M Oz Ag at averages prices of USD $2,647 per Oz Au and USD $31.26 per Oz Ag. In Oz AgEq it processed an average grade of 694 g/t AgEq to produce 2.5M Oz AgEq and sold 2.65M Oz AgEq. In the end-year 2024, SilverCrest mined 437,263 tonnes and milled 439,387 tonnes with a grade of 4.28 g/t Au and 410 g/t Ag with metallurgical recoveries of 98.5% and 98.2% respectively, to produce 58.9K Oz Au and 5.66M Oz Ag. The company sold 59.8K Oz Au and 5.75M Oz Ag at averages prices of USD $2,356 per Oz Au and USD $28.03 per Oz Ag. In Oz AgEq it processed an average grade of 745 g/t AgEq to produce 10.35M Oz AgEq and sold 10.5M Oz AgEq.
Endeavour Silver Corp., provided 2025 production and cost guidance for Guanacevi and Bolañitos mines located in Durango and Guanajuato states respectively. At Guanacevi, Durango, the company expects to process between 1,000-1,100 tonnes per day to produce 3.9-4.4M Oz Ag and 11-13.5K Oz Au (4.8-5.5M Oz AgEq). At Bolañitos, Guanajuato, Endeavour expects to process 1,100-1,200 tonnes per day, to produce between 0.6-0.8M Oz Ag and 19.5-20.5K Oz Au (2.2-2.4M Oz AgEq). Consolidated cash costs and all-in sustaining costs (AISC) for Guanaceví and Bolañitos in 2025 are estimated to be USD $16.00- USD $17.00 per oz silver and USD $25.00-USD $26.00 per oz silver, respectively, net of gold by-product credits.
Alamos Gold Inc., reported Q4 and annual 2024 production results for its Mulatos mine, Sonora, and provided three years operating guidance (currency is expressed in US dollars). In Q4, 2024, the company produced 38.9K Oz Au from Mulatos mine, for a total production in the full year 2024 of 205K Oz Au. 2025 guidance for Mulatos mine is expected to be in the range of 130-140K Oz Au, at cash and AISC of $925-$975 and $1,025-$1,075 per Oz Au produced respectively. 2026 and 2027 guidance for Mulatos mine is expected to be in the range of 120-130K Oz Au, and 125-135K respectively.
Torex Gold Resources Inc., provided its 2025 operational guidance and updated five-year production outlook for its Morelos Complex in Guerrero (currency expressed in US dollars). 2025 payable production is expected to be between 400-450K Oz AuEq, down from 460-480K Oz AuEq in 2024, primarily due to scheduled four-week processing plant shutdown. Total CAPEX are projected at $175-195M, with sustaining capital at $85-95M and non-sustaining capital at $90-100M. The company plans to drill 124,500m to improve resource definition, particularly in the Media Luna area. The company plans to maintain annual AuEq production at least 450K Oz from 2025 through 2030, supported by the Media Luna project and the anticipated start-up of the EPO project in late 2026.
ON FINANCING
Goldgroup Mining Inc., announced a non-brokered private placement of up to 35,000,000 units of the company at a price of $0.10 per unit for gross proceeds of up to $3.5M. Each unit will consists of one common share and one-half common share purchase warrant, with each full warrant being exercisable to purchase one common share at a price of $0.15 for 24 months from the date of issuance. Gross proceeds will be used to advance its Cerro Prieto project in Sonora, for general working purposes and debt reduction.
Barksdale Resources Corp., reported that it is seeking approval from the Toronto Stock Exchange Venture (TSXV) to amend its secured convertible debentures held by Delbrook Capital Advisors Inc. The proposed amendments include extending the maturity date to December 31, 2025 and reducing the conversion price from $0.55 to $0.18 per share. Additionally, Barksdale plans to issue 8,000,000 new detachable common share purchase warrants to Delbrook, as the previous warrants expired unexercised on December 31, 2024. The company is also pursuing a securities-for-debt settlement to address accrued interest on the debentures, totaling 151,643.84, by issuing 1,045,819 units at a deemed price of $0.145 per unit. Any subsequent interest accrued under the Debentures after December 31, 2024 shall be payable until January 17, 2025 in accordance with the terms and conditions of the Debentures and the policies of the TSXV. These actions aim to strengthen Barksdale’s financial position and facilitate ongoing projects in base metal exploration (San Javier project, Sonora).
Silver Viper Minerals Corp., announced share consolidation announced a share consolidation, converting ten pre-consolidation common shares into one post-consolidation common share, effective January 15, 2025. Registered shareholders will receive letters of transmittal with instructions for exchanging their shares, while those holding shares via direct registration system will not need to take any action. Prior to the consolidation, the company had 194,771,623 common shares outstanding, which will reduce to approximately 19,477,163 shares post-consolidation (La Virginia project, Sonora).
Quetzal Copper Corp., reported an extension to its non-brokered private placement offering, now set to close by February 17, 2025. The company plans to sell up to 6,666,666 units at CAD $0.15 each, aiming for gross proceeds of up to CAD $1M, and up to 11,764,705 flow-through units at CAD $0.17 each for up to CAD $2M. Each unit includes one common share and a half warrant, allowing the purchase of additional shares at CAD $0.25 for 24 months. The proceeds will be used for exploration and development activities related to their projects in British Columbia and Mexico (Cristinas project, Chihuahua).
Royalties Inc., closed a non-brokered private placement of 6M shares at a price of $0.03 per share for gross proceeds of $180K to cover overhead in Canada and property taxes and litigation expenses in Mexico in 2025 (Bilbao project, Zacatecas).
Minera Alamos Inc., received conditional approval from the Toronto Stock Exchange Venture (TSXV) settle the amount of USD $400K due to Auramet International, Inc. and Auramet Capital Partners, L.P. to extend the date by which certain conditions of the original loan agreement dated October 27, 2023 need to be satisfied from November 29th, 2024 to May 29th, 2025. For full consideration of the USD $400K extension fee payment, the TSXV has conditionally accepted the company’s proposal to issue 1,901,648 common shares at a deemed price of CAD $0.2949 per share (Santana mine, Sonora).
Goldgroup Mining Inc., completed the acquisition of a loan facility to acquire all shares of Minera Apolo S.A. de C.V. Minera Apolo is s the 100% owner of the fully permitted for construction Pinos property in Zacatecas. In consideration for the acquisition of the loan facility, the company proposes to issue 50M common shares paid pro rata to the members of the Creditor Group, the payment of cash consideration of USD $0.5M within 18 months of the closing date of the agreement entered in connection with the acquisition of the loan facility, and a payment of USD $1.5M in contingent consideration which is only due upon the completion of certain criteria, including a positive pre-feasibility study at the Pinos project, the advancement of the project into commercial production, publishing an updated 43-101 with greater than 200K Oz of contained gold equivalent ounces for the Pinos project, or the Company’s owned interest in the Pinos project falling to less than 51%. The completion of this transaction is subject to receipt of all necessary approvals, including approval of the TSX Venture Exchange (Cerro Prieto mine, Sonora).
Silver Storm Mining Ltd., closed the third tranche of its non-brokered private placement financing for gross proceeds of CAD $784,500. The third tranche included a CAD $500K investment from current significant shareholder Eric Sprott. To date under the Offering, the Company has raised total gross proceeds of CAD $1,290,420. Net proceeds will be used to complete its upcoming NI43-101 resource statement and for general corporate and working capital purposes (La Parrilla mine, Durango).
ON RESOURCES AND DEVELOPMENT
Luca Mining Corp., commenced a 5,000m underground diamond drilling program consisting in 25 holes to target the addition of mineral resources from under-drilled zones proximal to existing underground production areas as well as the identification of mineralization within previously untested areas with high potential for the discovery of new mineral resources to the near and medium term mine plan at its Campo Morado mine in Guerrero. It is the first drilling campaign in Campo Morado in over a decade.
Avino Silver & Gold Mines Ltd., commenced underground development at its La Preciosa mine in Durango, following receipt of all required permits for mining operations. The development of a 350m mine access and haulage decline is designed to intercept the high grade La Gloria and Abundancia veins. Development for the first phase at La Preciosa is expected to be under $5M and will be funded from cash reserves.
GoGold Resources Inc., announced results of Los Ricos project, Jalisco Feasibility Study (all currency expressed in US dollars). Highlights include an after tax net present value, using a discount rate of 5% of $355M, with an after-tax IRR of 28%; a NPV, using a discount rate of 5% of $ 469 at approximate spot metal silver price of $30 per Oz and gold price of $2,608 per Oz; 15-year mine life producing a total of 80M Oz payable AgEq, consisting of 41M Oz Ag, 424K Oz Au, and 11M Lb Cu; Initial capital costs of $227M, including $21M in contingency costs, over an expected two year build, and sustaining capital costs of $100M over the life of mine; average operating cash costs of $9.94/Oz AgEq, and all in sustaining costs (AISC) of $11.19/Oz AgEq over first 5 years of production, with average AISC of $12.32/Oz AgEq over the underground mine life; average annual production of 7.3M Oz AgEq oz over first 5 years; successful conversion of Mineral Resources to Proven and Probable Mineral Reserves totalling 10.2M tonnes grading 276 g/t AgEq containing 91M Oz AgEq, including 7.5M underground tonnes grading 326 g/t AgEq; and average underground mining width of 11m using bulk mining method of longitudinal sub-level long-hole mining.
Heliostar Metals Ltd., filed technical reports on the La Colorada operations in Sonora, San Agustin operations in Durango, and San Antonio project in Baja California Sur. La Colorada, Sonora shows a NPV of USD $25.9M using a discount rate of 5%; an IRR of USD $11.9M; a CAPEX of USD $53.9M; and 287K total ounces produced at a USD $2,000/Oz gold price. El Crestón expansion at La Colorada is expected to produce over 50K Oz Au per year. Current drill program (five drill rigs) is targeting lower CAPEX and increased production for updated technical report planned for mid-2025. San Agustin, Durango shows a NPV of USD $12.7M using a discount rate of 5%; an IRR of USD $156.1M; a CAPEX of USD $4.2M; and 45K total ounces produced at a USD $2,100/Oz gold price. Upon receipt of permit, expected in 2025, the company will undertake drilling to potentially extend the mine life from oxide gold production and is reviewing the projects sulphide potential. San Antonio, Baja California Sur PEA shows a NPV of USD $398.7M using a discount rate of 5%; an IRR of USD $40.7M; a CAPEX of USD $131.3M; and 1.1M total ounces produced at a USD $1,900/Oz gold price. Mineral resource of 1.6M Oz Au at San Antonio project creates attractive optionality with high grade, low CAPEX, sub-USD $1,100/Oz AISC and long mine life.
Prime Mining Corp., reported expansion drilling results from Tahonitas within its Los Reyes project, Sinaloa. Drilling highlights (true width reported) include holes 24TA-149 with 2.23 g/t Au and 266 g/t Ag (5.67 g/t AuEq) over 4.2m, including 3.94 g/t Au and 429 g/t Ag (9.49 g/t AuEq) over 2.1m; hole TA24-144 with 1.36 g/t Au and 20 g/t Ag (1.62 g/t AuEq) over 15.2m, including 1.17 g/t Au and 28 g/t Ag (1.54 g/t AuEq) over 0.8m, and including 4.22 g/t Au and 55 g/t Ag (4.94 g/t AuEq) over 3.7m; and hole 24TA-153 with 2.55 g/t Au and 184 g/t Ag (4.93 g/t AuEq) over 3.3m, including 7.09 g/t Au and 541 g/t Ag (14.09 /t AuEq) over 1.1m, plus 0.72 g/t Au and 15 g/t Ag (0.92 g/t AuEq) over 19.2m, including 2.23 g/t Au and 46 g/t Ag (2.82 g/t AuEq) over 2.4m.
Kootenay Silver Inc., released results of seven holes drilled at its Columba project in Chihuahua. Drilling highlights (true widths reported) include holes CDH-24-183 on F-Vein with 210 g/t Ag, 0.1% Pb, and 0.4% Zn over 14.7m, including 1,440 g/t Ag, 0.5% Pb, and 2.5% Zn over 0.36m, and 468 g/t Ag, 0.4% Pb, and 1.1% Zn over 3.05m, including 811 g/t Ag, 0.6% Pb, and 1.8% Zn over 0.46, and 1,050 g/t Ag, 0.9% Pb, and 2.9% Zn over 0.46m, plus some intercepts on FW to F-Vein with 82 g/t Ag, 0.05% Pb, and 0.1% Zn over 7.36m, including 905 g/t Ag, 0.6% Pb, and 0.3% Zn over 0.17m; and hole CDH-24-177 on D-Vein with 130 g/t Ag, 0.06% Pb, and 0.1% Zn over 7.6m, including 222 g/t Ag, 0.1% Pb, and 0.2% Zn over 3.50m. The results are a continuation of ongoing drill testing of those three trends.
Impact Silver Corp., reported results from its ongoing underground drill program in the Juarez mine area of its Plomosas mine, Chihuahua. Drilling highlights (true widths reported) include holes UGMJ-2420 with 14.1% Zn, 1.6% Pb, and 12 g/t Ag over 2.2m, including 26.1% Zn, 3% Pb, and 23 g/t Ag over 0.9m; hole UGMJ-2415 with 30.1 % Zn, 2.7% Pb, and 19 g/t Ag over 1.2m, plus 18.91% Zn, 0.1% Pb, and 13 g/t Ag over 0.4m, plus 10.2% Zn, 5.4% Pb, and 26 g/t Ag over 1.2m; and hole UGMJ-2422 with 30.1% Zn, 10.1% Pb, and 40 g/t Ag over 1.1m.
ON DEALS AND CORPORATE ISSUES
Infinitum Copper Corp., announced the appointment of a new member to its Board of Directors and the resignation of one of its Directors (La Adelita project, Sonora).
Luca Mining Corp., declared that it has been invited to participate in the 2025 Mining and Supplying Critical Minerals & Precious Metals Conference presented by Maxim Group LLC (Tahuehueto project, Durango).
Capstone Copper Corp., announced the appointment of a new member to its Board of Directors (Cozamine mine, Zacatecas).
SilverCrest Metals Inc., mailed and filed meeting material for its special meeting of shareholders, where securityholders will be asked to pass a special resolution approving an arrangement with Coeur Mining Inc, whereby SilverCrest shareholders will receive 1.6022 shares of Coeur common stock for each SilverCrest share (Las Chispas mine, Sonora).
Fortuna Mining Corp., entered into a binding letter agreement to sell its 100% interest in Compañía Minera Cuzcatlán S.A. de C.V., to Minas del Balsas S.A. de C.V. Compañia Minera Cuzcatlan is the owner of San Jose mine, Oaxaca and Minas del Balsas will acquire 100% interest by paying USD $2M on closing of the transaction; a further USD $2M payable on the first anniversary of closing the transaction; a final USD $2M on the second anniversary of closing the transaction; and the right to receive up to approximately USD $11M upon the completion of certain conditions. Additionally, Fortuna will retain a 1% NSR on production from the San Jose mine concession, for a 5-year term as of the start of production.
Luca Mining Corp., announced it has been named to the 2025 OTCQX® Best 50, a ranking of top performing companies traded on the OTCQX Best Market last year (Campo Morado mine, Guerrero).
Sierra Metals Inc., rejected a hostile takeover bid from Alpayana S.A.C., stating that the offered price of CAD $0.85 per share undervalues the company. The Board of Directors, supported by over 50% of shareholders, believes the bid does not reflect Sierra’s growth potential, particularly in light of increasing copper demand and the company’s operational successes. They recommend that shareholders take no action to reject the bid and emphasize the company’s strong prospects for future value creation. The Board is also exploring other strategic alternatives to maximize shareholder value (Bolivar mine, Chihuahua).
SilverCrest Metals Inc., announced the appointments of their Senior Vice President Operations and Senior Vice President Corporate Development (Las Chispas mine, Sonora).
Luca Mining Corp., granted 500K stock options exercisable at a price of $0.58 to its Chief Technology Officer and expires five years from the date of their issuance. A second tranche of 100K options, exercisable at $0.58 has been granted to one other eligible person in accordance with Luca’s omnibus equity incentive plan. These options are exercisable over a period of two years (Campo Morado mine, Guerrero).
MAG Silver Corp., announced the retirement of a member of its Investor Relations team (Juanicipio mine, Zacatecas).
First Majestic Silver Corp., completed the acquisition of Gatos Silver Inc., pursuant to the agreement and plan of merger previously announced. Both companies announced that they received all necessary shareholder approvals at the respective special meetings of each company’s shareholders. With the transaction now complete, the Gatos Silver shares will cease trading and will be delisted from the New York Stock Exchange and the Toronto Stock Exchange.
Inomin Mines Inc., commenced initial discussions with companies interested in partnering or acquiring its la Gitana project in Oaxaca. Drilling at La Gitana has outlined a significant gold-silver deposit open to expansion.
Agnico Eagle Mines Limited offered O3 Mining Inc., shareholders $1.67 per share in cash, representing a 58% premium over O3’s closing price on December 11, 2024. The offer expires on January 23, 2025, and has been unanimously recommended by O3 Mining’s Board and Special Committee. Approximately 39% of O3’s outstanding shares are already committed through Lock-up Agreements. Shareholders are encouraged to tender their shares promptly to ensure timely processing.
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 above, actinolite from an IOCG project in Sonora, Mexico. Photo taken by Miguel A Heredia.
During the 2nd week of the year (January 6th to January 12th, 2025), companies working in Mexico presented 28 press releases. Two companies informed on drilling at their JV property, one royalty company updated on yearly results, seven companies presented quarterly releases. Two companies informed on financing rounds, one other granted deferred share units, one more repurchased a convertible debenture and another is to accelerate the expiry of warrants. One company updated the mineral resource estimate for its advanced project, another presented two press releases on the drilling of its property. One more provided an update on its mine development. Two companies updated on 2024 activities, two on appointments to the board, and one more on the engagement of a contractor. One company informed on a contractor’s employee fatality at its advanced project. ON MEXICO ISSUES, David A. Giles, former exploration head of Fresnillo plc deceased on January 10th, 2024. ON EXPLORATION, in Sonora, Tocvan Ventures and Colibri Resource informed on the drilling of their Pilar JV property. ON MINING, Sandstorm Gold presented Q4 2024 results, First Majestic Silver, GoGold Resources, Equinox Gold, Endeavour Silver, Gatos Silver and Aura Minerals presented Q4 2024 production results. Sierra Madre Gold and Silver announced commercial production at the Guitarra mine, in Estado de Mexico. ON FINANCING, GR Silver Mining granted deferred share units to non-executive directors. Gold Resource and Southern Silver Exploration informed on financing rounds. Luca Mining is repurchasing a convertible debenture, reducing its debt by US$5.8 M. Goldgroup Mining is accelerating the expiry of warrants. ON RESOURCES AND DEVELOPMENT, Vizsla Silver updated the MRE on Panuco, in Sinaloa. Silver Storm Mining presented two press releases with drilling results from La Parrilla, in Durango. Endeavour Silver updated on development at its Terronera project in Jalisco. ON DEALS AND CORPORATE ISSUES, Aztec Minerals provided an update on activities at Cervantes, in Sonora. Impact Silver updated on activites at Plomosas, in Chihuahua, and at Zacualpan, in Estado de Mexico. Alamos Gold and Osisko Development announced appointments to the board. Mithril Silver and Gold engaged a key contractor. Vizsla Silver informed on the fatality involving a contractor’s employee at its Panuco project in Sinaloa. ON SOCIAL RESPONSIBILITY, no relevant news.
ON MEXICO ISSUES
David A. Giles, former exploration head of Fresnillo plc, deceased on January 10, 2024. He spent most of his career in Mexico and was key on the development of core properties aiding the company to become an international significant player.
ON EXPLORATION
Tocvan Ventures Corp. announced the commencement of diamond drilling at its Gran Pilar project in Sonora. “An initial nine core drill holes are budgeted and pre-paid through an existing credit with partial joint venture partner, Colibri Resources Corp. (Colibri). Tocvan and Colibri share 51/49 percent interest in the 105-hectare area that contains Pilar’s Main Zone, core drilling will be focused on the JV area across the Main Zone to build out a robust geological model needed for resource estimation”. Four RC drill holes were completed prior to the holiday break, totaling 776.2 m.
Colibri Resource Corp. announced that the company and its partner Tocvan Ventures Corp. commenced a diamond drill program of up to 1,250 m focused on the Main Zone target at the Pilar project in Sonora (See post above).
ON MINING
Sandstorm Gold Ltd. sold 72,800 attributable Oz AuEq in 2024, realizing a preliminary revenue of US$176.3 M. During Q4 2024 the company sold 17,700 attributable AuEq Oz, realizing a preliminary revenue of US47.4 M (Cerro Prieto, San Francisco, Santa Elena and Mercedes, Sonora; Cosalá, Sinaloa).
First Majestic Silver Corp. produced 2.4 M Oz Ag, 39,506 Oz Au (or 5.7 M Oz AgEq) during Q4 2024. For the full year total production was 8.4 M Oz Ag, 156,542 Oz Au (or 21.7 M Oz AgEq). At Santa Elena, in Sonora, 10 drill rigs (eight surface, two underground) completed 18,04 m of drilling, whereas at San Dimas, in Durango, 12 rigs (three surface, nine underground) completed 29,954 m and at La Encantada, in Coahuila, three rigs (two surface, one underground) completed 3,044 m.
GoGold Resources Inc. produced on the last quarter of 2024, 226.3 K Oz Ag, 3,213 Oz Au, 121 tonnes Cu, 161 tonnes Zn (or 551.3 K Oz AgEq) at its Parral Tailings project. “Parral’s SART Zinc circuit, which was completed in 2024, has exceeded expectations on both base metal production and has increased the leachability of gold and silver in the heap as well, which is driving the 36% increase in production which we saw this quarter”. For 2025 the company expects to release Los Ricos South definitive feasibility study (DFS), receive the underground mining permits for Los Ricos South, make Los Ricos South construction decision after receiving permits and financing in place, and upgrade Los Ricos North project with more drilling, advancing engineering and technical reports.
Equinox Gold Corp. reported the production of 213,960 Oz Au in Q4 2024, without disclosing the amount by mine. At Los Filos, in Guerrero, 170,370 Oz Au were produced during 2024. Equinox Gold ended the year with US240 M and US$105 M available to draw on its revolving credit facility, plus another US$100 M undrawn accordion feature. During the quarter the company reduced its debt by US$180 M.
Endeavour Silver Corp. reported the production of 4.47 M Oz Ag, 39,047 Oz Au (or 7.6 M Oz AgEq) on 2024. For the quarter 824.5 K Oz Ag, 9,075 Oz Au (or 1.6 M Oz AgEq) were produced. At Guanaceví, in Durango, 58.8 K tonnes were processed in the quarter at a rate of 639 tpd, grading 440 gpt Ag, 1.53 gpt Au, recovering 86.4% Ag, 90.7% Au to recover 718.8 K Oz Ag, 2,622 Oz Au. At Bolañitos, in Guanajuato, 106.8 K tonnes were processed at a rate of 1,161 tpd, grading 36 gpt Ag, 1.95 gpt Au, recovering 85.5% Ag, 96.4% Au. Production resumed full capacity at Guanaceví, after the mill trunnion failure in August.
Sierra Madre Gold and Silver Ltd. announced full commercial production at its Guitarra Mine Complex in Estado de Mexico. “The processing plant, underground mine, and all aspects of the operation have now been running at the current capacity of 500 wet metric tonnes per day for the past 90 days”. During the test mining 1,292.5 tonnes of concentrate averaging 2,594.2 gpt Ag, 34.93 gpt Au were shipped, with 94.6 tonnes remaining in inventory.
Gatos Silver Inc. announced production results for Q4 and year 2024 at its 70% owned Cerro Los Gatos mine in Chihuahua. The company milled 305.8 K tonnes at a rate of 3,324 tpd during the quarter, grading 294 gpt Ag, 0.26 gpt Au, 2.17% Pb, 4.28% Zn, recovering 89.4% Ag, 51.2% Au, 88.0% Pb, 63.3% Zn, to produce 2.58 M Oz Ag, 1,330 Oz Au, 12.9 M Lb Pb, 18.3 M Lb Zn. For the full year, 1.19 M tonnes were milled at a rate of 3,255 tpd, grading 284 gpt Ag, 0.29 gpt Au, 2.00% Pb, 4.22% Zn, recovering 88.9% Ag, 50.4% Au, 88.6% Pb, 63.0% Zn, to produce 9.68 M Oz Ag, 5,553 Oz Au, 46.4 M Lb Pb, 69.7 M Lb Zn.
Aura Minerals Inc. announced preliminary production results for Q4 2024, including information from its operation in Mexico. During the quarter the Aranzazu mine in Zacatecas produced 6,987 Oz Au, 146.7 K Oz Ag, 9.4 M Lb Cu (23,379 Oz Au). For full year 2024, 26,578 Oz Au, 539.5 K Oz Ag, 37 M Lb Cu (97,558 Oz AuEq) were produced at the site.
ON FINANCING
GR Silver Mining Ltd. granted a total of 145,452 deferred share units to the company’s non-executive directors for director’s fees relating to the quarter ended on December 2024 (Plomosas, Sinaloa).
Gold Resource Corp.is pursuing a registered direct offering to raise up to US$2.5 M (Don David, Oaxaca).
Luca Mining Corp. along with an arm’s-length third-party corporation, Jaluca Ltd. reached an agreement with Urion Holdings (Malta) Ltd. (Trafigura Mexico Subsidiary) to repurchase 100% of Luca’s US$5.8 M convertible debenture held by Urion. “Luca and Jaluca are purchasing 43% and 57% of the Debenture, respectively, for a total purchase price of US$7.2 million or at an as if converted basis of CAD$0.4338 per share, a discount of over 25% to Luca’s closing share price on the TSX-V on January 3, 2025 of $0.58“. Correspondingly, US$5.8 M in debt will be removed from Luca’s balance sheet, and Luca will have 221.4 M shares outstanding after completion. As a result, Luca will be US$11.1 M in debt, with US$6.75 M in cash, aiming to be debt free by the end of 2025 (Campo Morado, Guerrero).
Southern Silver Exploration Corp. extended the closing of the previously announced non-brokered private placement for up to C$2.2 M (Cerro Las Minitas, Durango).
Goldgroup Mining Inc. elected to accelerate the expiry of outstanding common share purchase warrants originally issued under financings completed in September and November of 2024 (Cerro Prieto, Sonora).
ON RESOURCES AND DEVELOPMENT
Vizsla Silver Corp. updated the mineral resource estimate for its Panuco project in Sinaloa. In the new report measured and indicated resources are increased by 43%, with 91% of the value in precious metals. Measured and indicated resources comprise 13 M tonnes grading 307 gpt Ag, 2.49 gpt Au, 0.27% Pb, 0.85% Zn (534 gpt AgEq or 6.23 gpt AuEq), containing 127.8 M Oz Ag, 1.04 M Oz Au, 34.9 K tonnes Pb, 110.2 K tonnes Zn (222.4 M Oz AgEq or 2.74 M Oz AuEq). Inferred resources comprise 10.5 M tonnes averaging 219 gpt Ag, 1.96 gpt Au, 0.30% Pb, 1.01% Zn (412 gpt AagEq or 4.91 gpt AuEq), containing 73.6 M Oz Ag, 660 K Oz Au, 31.2 K tonnes Pb, 106.2 K tonnes Zn (138.7 M Oz AgEq or 1.65 M Oz AuEq). This base case envisions an underground mining operation with a cut-off grade of 150 gpt AgEq, metal prices of $26.00/Oz Ag, $1,975/Oz Au, $2,425/tonne Pb, $2,976/tonne Zn. A mining cost of US$45.00/t rock and processing, treatment and refining, transportation and G&A cost of US$50.00/t of mineralized material.
Silver Storm Ltd. released results from its Phase 2 drilling program on the San Nicolas and C550 Zones at its La Parrilla property in Durango. Highlighted core length intervals comprise 7.00 m @ 273 gpt Ag, 0.5% Pb, 0.5% Zn (including 0.50 m @ 389 gpt Ag, 0.2% Pb, 0.8% Zn and 2.50 m @ 507 gpt Ag, 0.9% Pb, 0.1% Zn); 1.02 m @ 606 gpt Ag, 0.3% Pb, 0.1% Zn at the San Nicolas Zone, where sulfide mineralization is consists of pyrite, galena, sphalerite, acanthite, and native silver, and 3.83 m @ 0.17 gpt Au, 72 gpt Ag, 1.7% Pb, 3.1% Zn; 7.20 m @ 0.55 gpt Au, 113 gpt Ag, 1.5% Pb, 2.8% Zn (including 2.50 m @ 0.73 gpt Au, 177 gpt Ag, 2.2% Pb, 4.3% Zn); 7.20 m @ 0.29 gpt Au, 240 gpt Ag, 5.4% Pb, 5.7% Zn, on the C550 Zone, with galena, sphalerite, pyrite, pyrrhotite, and arsenopyrite mineralization.
Endeavour Silver Corp. provided an update on the development of its Terronera project in Jalisco. Delivery delays were experienced during December of critical parts structural steel components, impacting the expected commissioning timelines. “Following Mexico’s lifting of the transport restrictions, critical steel deliveries and installation resumed this week”. The tailings dam is ready for use, above ground stockpiles are nearing capacity, stope preparation continues in multiple levels and the SAG and ball mills have been tested.
Vizsla Silver Corp. provided an update on the development of its principal asset, the net smelter royalty on the Panuco project in Sinaloa, owned by Vizsla Silver Corp. (See post above).
Silver Storm Ltd. announced drill results from 10 drill holes testing the C460 Zone within the Quebradillas mine at its La Parrilla property in Durango. Highlighted core length intervals comprise 18.04 m @ 364 gpt Ag, 4.3% Pb, 5.0% Zn (including 3.10 m @ 941 gpt Ag, 9.70% Pb, 10.1% Zn and 2.0 m @ 941 gpt Ag, 10.0% Pb, 13.0% Zn), 2.03 m @ 608 gpt Ag, 7.6% Pb, 5.3% Zn (including 1.03 m @ 1,158 gpt Ag, 13.8% Pb, 9.1% Zn); 4.79 m @ 0.40 gpt Au, 267 gpt Ag, 2.3% Pb, 3.7% Zn; 0.90 m @ 62 gpt Ag, 1.3% Pb, 9.3% Zn; 2.00 m @ 0.42 gpt Au, 13 gpt Ag, 0.11% Pb, 5.3% Zn; 7.00 m @ 1.66 gpt Au, 29 gpt Ag, 0.2% Pb, 7.8% Zn (including 2.00 m @ 4.53 gpt Au, 25 gpt Ag, 0.2% Pb, 13.4% Zn); 5.08 m @ 21 gpt Ag, 0.3% Pb, 4.4% Zn; 5.52 m @ 52 gpt Ag, 0.2% Pb, 12.2% Zn (including 2.02 m @ 0.16 gpt Au, 75 gpt Ag, 0.3% Pb, 22.0% Zn). At the C460 Zone mineralization is comprised of pyrite, pyrrhotite, galena, sphalerite, arsenopyrite, acanthite, and freibergite.
ON DEALS AND CORPORATE ISSUES
Aztec Minerals Corp. provided an update to shareholders of 2024 activities at its Cervantes project in Sonora. During 2024 were reported the final results of 1,646 m late 2023 RC drilling campaign, with the first drilling campaign in six years partially outlining an oxide gold cap to a porphyry copper discovery at the California zone. Also, two private placement financings totaling CAD$3.7 M were closed. For the first half of 2025 surface exploration is to continue at Cervantes, in preparation for potential continued step out drilling.
Impact Silver Corp. informed on 2024 milestones. At Plomosas, in Chihuahua, achieved substantial operational progress on the property acquired on Q2/2023, operating by Q3 2023 at 70% of design capacity, and strong drilling exploration results. A Tesla Battery Energy and System with solar capabilities was contracted for the Plomosas mine. The Royal Mines of Zacualpan District generated $6.1 M in revenue in Q3 2024, and the new Kena vein was discovered in the property with a drill intercept of 17.30 m @ 213 gpt Ag, presenting substantial exploration upside.
Alamos Gold Inc. announced the appointment of J. Robert S. Prichard as chair of the board of directors (Mulatos, Sonora).
Osisko Development Corp. announced the appointment of David Rouleau as vice president, project development (San Antonio, Sonora).
Altius Minerals Corp. provided an update on its project generation business activities, and its public junior equities portfolio. The corporation currently holds 19.6% interest on Orogen Royalties, same that owns the royalty on the Ermitaño deposit in Sonora.
Mithril Silver and Gold Ltd. engaged Daneil Kunz Associates, LLC to provide additional support for the advance of the Copalquin project in Durango. Drilling is already underway, aiming to complete 35,000 m on 2025.
Vizsla Silver Corp. announced that a landslide impacted one of the exploration drill pads, claiming the life of an employee of Bylsa Drilling S.A. de C.V., a contractor at Vizsla’s Panuco project in Sinaloa.
ON SOCIAL RESPONSIBILITY
No Relevant news.
On the image below: Fault-Vein ridge in the Sonoran Desert. Drone picture by Jorge Cirett.
During the 50th week of the year (December 9th to December 15th, 2024), companies working in Mexico posted at least 28 press releases. Not a single company informed on exploration advances at its property, two companies presented quarterly results, one company was ordered to suspend operations, one more announced commercial production while another the re-start of heap stacking. Two companies informed on financing rounds, one on the granting of options, another on a share purchase plan, one on the evaluation of share consolidation and one more on the signing of service contracts. Six companies updated on drilling programs and one on a new MRE report for its property, one company started test mining and bulk sampling at its advanced property. One company published its annual handset book, two companies presented AGM results, three more announced appointments to the board, two companies informed on their amalgamation agreement, one more on the move of its headquarters and another one on the international arbitration proceedings against Mexico. One company published its sustainability report ON MEXICO ISSUES, Mexico is to review the proposed ban on open pit mining.ON EXPLORATION, no relevant news. ON MINING, GoGold Resources and Heliostar Metals presented quarterly reports. Torex Gold operations in Guerrero were mandated to halt by the government. Sierra Madre Gold and Silver announced commercial production at La Guitarra. Heliostar Metals intends to re-start stacking activities at La Colorada in Sonora. ON FINANCING, Tocvan Ventures and Quetzal Copper announced financing rallies for $2.1 M and C$3 M respectively. Sandstorm entered an automatic share purchase plan. Sierra Metals is considering a 20:1 share consolidation plan. Sierra Madre Gold and Silver granted stock options, Heliostar Metals signed services agreements with two companies, Defiance Silver made a clarification on the engagement of a service company. ON RESOURCES AND DEVELOPMENT, Silver Storm Mining released results from drilling at La Parilla, Mithril Silver and Gold updated on drilling at Copalquin, Defiance Silver announced a new MRE for Tepal, Pan American Silver reported drilling highlights for La Colorada and La Colorada Skarn, Prime Mining reported on expansion drilling at Los Reyes, Orla Mining updated on exploration at Camino Rojo. Fuerte Metals reported drilling results from Cristina, Vizsla Silver commenced test mining and bulk sampling at Panuco ON DEALS AND CORPORATE ISSUES, Elemental Altus Royalties published its annual handset handbook. Defiance Silver and Zacatecas Silver announced AGM’s results. Orla Mining and Luca Mining announced appointments to the board. Enduro Metals and Commander Resources announced its amalgamation agreement. US Antimony announced the move of its headquarters. Almaden Minerals informed on the international arbitration process under the TPP with Mexico. ON SOCIAL RESPONSIBILITY, Capstone Copper published its 2023 sustainability report.
ON MEXICO ISSUES
Mexico is to review the proposed bill to ban open pit mining, announced Claudia Shienbaum, Mexico’s president. The proposal was approved by the lower chamber of Congress in August, and also seeks to prohibit fracking and restrict water usage in areas of scarcity. She emphasized that the review will focus on ensuring environmental protection and is independent of corporate interests. “The Mexican Mining Chamber (Camimex) has voiced strong opposition to the proposed ban. Open-pit mining accounts for 60% of the value of Mexico’s national mining and metallurgical production. Camimex warns that the prohibition could lead to a 1% contraction in the country’s GDP and jeopardize nearly 200,000 jobs.”
ON EXPLORATION
No Relevant News.
ON MINING
Torex Gold Resources Inc. updated on the carbon monoxide accident that claimed the lives of two employees and one contractor and injured a second contractor. The company commenced its “own internal investigation to determine how, despite multiple levels of safety protocols and controls, such a tragedy could have occurred…. Two experienced individuals went into a restricted area where carbon monoxide was present, and in an effort to rescue their colleagues who suffered exposure, two other individuals entered the area as well. Three of the individuals passed away as a result, while the fourth was transported to a local hospital and is now at home recovering”.
Torex Gold Resources Inc. received notification from the DGM (Dirección General de Minas) that all activities are to be temporarily suspended at the Morelos property in Guerrero, “to support their inspection associated with the fatal incident at the El Limón Guajes underground mine” on December 5th, 2024.
Sierra Madre Gold and Silver Ltd. announced that industrial production has started at the Guitarra mine processing plant in Estado de México. “The plant has been operating at 86% of the milling circuit nameplate capacity, or 516 wet metric tonnes per day, for the last two (2) months”. During October 13.2 K tonnes were processed to recover a concentrate containing 21.2 K Oz Ag, 295 Oz Au, and 13 K tonnes were processed in November to recover a concentrate containing 22.9 K Oz Ag, 363 Oz Au.
GoGold Resources Inc. announced financial results for the three months and full year ended on September 30, 2024. The company had revenue of US$36.5 M for the year on the sale of 1.4 M Oz AgEq, with net income of $1.6 M, production of 553.4 K Oz Ag, 8,700 Oz Au, 468 tonnes Cu, 316 tonnes Zn (or 1.48 M Oz AgEq), at cash cost of $17.62 per Oz AgEq and an AISC of $24.15. Cash of US$72.0 M at the end of the period.
Heliostar Metals Ltd. announced its intentions to recommence crushing and stacking in January 2025 of the historical Junkyard Stockpile at the Colorada Mine in Sonora. “The planned restart would initially augment and then replace the current gold production from residual leaching at the mine”. The stockpile is located close to the La Colorada crushing circuit, containing material mined from the Gran Central Pit in the mid to late 1990’s. “Drill holes were completed on a ~35-metre grid across the stockpile with some drill holes completed on a 7-metre grid for variability testing. In total, 57 holes totalling 2,290 metres were completed”.
Starcore International Mines Ltd. reported results for its Q2, ended in October 31, 2024. During the period the company processed 48.2 K tonnes at its San Martin mine in Queretaro, grading 1.1 gpt Au, 9.81 gpt Ag, recovering 80.3% Au, 49.2% Ag, to produce 1,400 Oz Au, 7.6 K Oz Ag (or 1,466 Oz AuEq) at cash cost $2,746 per Oz Au. “This quarter reflects the 2-month closure of mining operations due to the safety standards upgrades that were required by the Mexican Labor Department,,,” after a fatal accident at the mine. Cash on hand is C$3.7 M and working capital C$4.1 M.
ON FINANCING
Sierra Madre Gold and Silver Ltd. granted stock options to two new employees of the company to purchase an aggregate of 300 K common shares (La Guitarra, Estado de México).
Sandstorm Gold Ltd. entered into an automatic share purchase plan under its previously announced normal course issuer bid. The company’s at-the-market equity program for up to US$150 M of common shares expired in October with no shares being issued under the program. Sandstorm renewed its revolving credit agreement allowing the company to borrow up to US$625 M (Royalty in Cosalá, Sinaloa).
Tocvan Ventures Corp. closed a first tranche of its previously announced non-brokered private placement for gross proceeds of $2.1 M, including $1.8 M from Sorbie Bornholm LP, a UK based institutional investor (Gran Pilar, Sonora).
Sierra Metals Inc. is to hold a special meeting of shareholders on January 31, 2025, to seek authorization from shareholders to consider a consolidation of all the company’s issued and outstanding common shares on 1 to 20 ratio (Bolivar, Chihuahua).
Heliostar Metals Ltd. entered into an agreement with Triomphe Holdings Ltd. for an initial term of six months and C$120 K, and Investors News Network with a term of three months and C$25 K, for investor relations and communication services (Ana Paula, Guerrero).
Defiance Silver Corp. made a clarification on the engagement of Torrey Hills Capital Inc. to provide investor relation. Torrey is to receive a monthly payment of US$5 K per month for a minimum of four months (Tepal, Michoacan).
Quetzal Copper Corp. announced a non-brokered private placement for aggregate gross proceeds of up to C$3 M (Cristinas, Chihuahua).
ON RESOURCES AND DEVELOPMENT
Silver Storm Mining Ltd. released results from drilling at La Parrilla Silver Mine Complex, in Durango. Three high-grade zones within the Central Rosarios at the Rosario mine span 275 m in strike length down to a depth of ~600 m remaining open at depth. Highlighted core length intercepts comprise 1.50 m @ 74 gpt Ag, 2.4% Pb, 3.1% Zn; 1.00 m @ 22 gpt Ag, 0.4% Pb, 4.4% Zn; 0.60 m @ 354 gpt Ag, 0.09% Cu, 5.4% Pb, 2.0% Zn; 1.76 m @ 103 gpt Ag, 1.4% Pb, 1.4% Zn; 4.23 m @ 0.25 gpt Au, 150 gpt Ag, 2.6% Pb, 3.6% Zn (including 1.81 m @ 0.31 gpt Au, 296 gpt Ag, 4.3% Pb, 5.5% Zn).
Mithril Silver and Gold Ltd. provided an update on current drilling the Target 1 area at its Copalquin project in Durango. The first wo holes of this campaign are at the lab, the next on the way to the lab, two more are being logged and sampled and a sixth hole has been commenced. A maiden resource for the Target 1 area is scheduled for the end of Q1 2025. Two more areas are to be drilled once the ongoing municipal road upgrade by the company is completed, which will facilitate the 40,000 m of drilling planned for 2025.
Defiance Silver Inc. announced a mineral resource estimate (MRE) for its Tepal Au-Cu project in Michoacan. The open pit operation model comprises 111.7 M tonnes grading 0.19% Cu, 0.26 gpt Au, 1.55 gpt Ag, containing 473.9 M Lb Cu, 926 K Oz Au, 5.6 M Oz Ag as measured and indicated resources, and 124.4 M grading 0.16% Cu, 0.25 gpt Au, 1.46 gpt Ag, containing 451 M Lb Cu, 985 K Oz Au, 5.8 M Oz Ag. Molybdenum was not included due to insufficient metallurgical testwork, but moly grades are significant and its recovery will be assessed.
Pan American Silver Corp. provided its annual exploration update, including its Mexican operations. At La Colorada, in Zacatecas, 13 new veins have been discovered in the eastern portion of the property. Highlighted true width intercepts comprise 0.95 m @ 9,618 gpt Ag, 4.9% Pb, 4.8% Zn; 2.32 m @ 2,615 gpt Ag, 2.3% Pb, 5.2% Zn; 3.28 m @ 308 gpt Ag, 10.2% Pb, 13.1% Zn. The San Geronimo vein system covers now 550m along the strike by 450m vertical. From May to October almost 48,000 m of drilling have been carried out. At the nearby La Colorada Skarn “infill drilling reinforced confidence in the large, indicated mineral resource updated on June 2024”. Over 11,000 m of infill drilling have been completed since then with highlighted core length intervals comprising 273.1 m @ 54 gpt Ag, 0.8% Pb, 5.2% Zn; 62.55 m @ 84 gpt Ag, 2.0% Pb, 7.6% Zn; 60.25 m @ 85 gpt Ag, 7.0% Pb, 10.4% Zn.
Prime Mining Corp. reported expansion drilling results from its Los Reyes project in Sinaloa. The four holes tested Guadalupe East, on the south-east end of the Guadalupe Trend, and are not included in the mineral resource estimate (MRE) released in October. Highlighted true width intervals comprise 1.25 m @ 3.34 gpt Au, 617 gpt Ag (including 0.65 m @ 6.27 gpt Au, 1,160 gpt Ag); 0.95 m @ 14.25 gpt Au, 2,150 gpt Ag; 0.80 m @ 0.81 gpt Au, 1 gpt Ag; 2.35 m @ 1.80 gpt Au, 272 gpt Ag. The company has expanded its fiscal year 2024 program to 50,000 m from 40,0000 m, with “prioritization of targets on probability of resource development and generative area discovery potential”.
Orla Mining Ltd. provided an update on exploration of the Camino Rojo Extension, now referred to as Zone 22, at its Camino Rojo project in Zacatecas. Highlighted core length intercepts of 11,318 m in thirteen holes comprise: 4.90 m @ 4.54 gpt Au, 7 gpt Ag, 2.08% Zn; 6.60 m @ 1.01 gpt Au, 63 gpt Ag, 1.6% Cu, 0.1% Zn (including 1.20 m @ 3.08 gpt Au, 202 gpt Ag, 4.95% Cu, 0.2% Zn); 2.90 m @ 5.65 gpt Au, 27 gpt Ag, 0.1% Pb, 1.4% Zn; 4.90 m @ 4.54 gpt Au, 7 gpt Ag, 2.1% Zn; 2.70 m @ 30.70 gpt Au, 4 gpt Ag, 1.3% Zn (including 0.60 m @ 140.50 gpt Au, 9 gpt Ag, 0.16% Cu, 5.2% Zn); 2.00 m @ 0.83 gpt Au, 393 gpt Ag, 2.4% Pb, 8.8% Zn; 15.00 m @ 0.93 gpt Au, 25 gpt Ag, 0,91% Cu; 4.50 m @ 5.17 gpt Au, 215 gpt Ag, 0.14% Cu, 3.3% Pb, 4.6% Zn; 2.80 m @ 2.99 gpt Au, 269 gpt Ag, 0.16% Cu, 4.3% Pb, 6.8% Zn. Mineralization extends up to 800 m down-plunge from the resource pit. In addition to Au-Ag-Zn sulfide replacement and skarn mineralization, Zone 22 presents Cu-Au-Ag values associated to a felsic dike intersected primarily in the deepest down-plunge extension area.
Fuerte Metals Corp. reported results from five diamond holes at its Cristina project in Chihuahua. The holes reported are from the Los Ingleses and Mexico Libre vein systems, which returned true width intercepts of: 0.90 m @ 3.40 gpt Au, 6 gpt Ag, 0.1% Zn; 9.00 m @ 1.50 gpt Au, 42 gpt Ag, 0.18% Cu, 0.5% Pb, 2.5% Zn; 17.50 m @ 2.40 gpt Au, 23 gpt Ag, 0.5% Pb, 1.0% Zn (including 7.50 m @ 5.30 gpt Au, 40 gpt Ag, 0.16% Cu, 1.0% Pb, 2.0% Zn); 2.40 m @ 11.90 gpt Au, 69 gpt Ag, 0.25% Cu, 1.9% Pb, 4.0% Zn; 3.00 m @ 8.60 gpt Au, 95 gpt Ag, 0.40% Cu, 1.4% Pb, 6.2% Zn (including 1.80 m @ 14.20 gpt Au, 143 gpt Ag, 0.65% Cu, 2.2% Pb, 9.8% Zn). “Fuerte has now reported thirty holes totalling 7,936.5 metres of drilling as part of a 40-50 hole, 21,000 metre drill program”. An underground resource estimate will follow the completion of the 21,000 m program in Q3 2025.
Vizsla Silver Corp. commenced fully funded and fully permitted test mining and bulk sample program at its Panuco project in Sinaloa. The underground scope includes 1,070 m of ramp development, lateral access and ore extraction from the 460-level zone on the Copala structure, where approximately 10 K tonnes of high-grade material is to be mined. Surface infrastructure to be completed includes construction of portal facilities, access roads and laydown areas.
ON DEALS AND CORPORATE ISSUES
Elemental Altus Royalties Corp. published the 2024 edition of its Annual Handset Handbook, with information on the production, development and exploration stages royalties (Mercedes, Sonora).
Defiance Silver Corp. announced results from its AGM and the election of Pail A. Smith as director (Tepal, Michoacan; Zacatecas, Zacatecas).
Orla Mining Ltd. announced the appointment of Dr. Silvana Costa as Chief Sustainability Officer (Camino Rojo, Zacatecas).
Enduro Metals Corp. and Commander Resources Ltd. announced its amalgamation agreement pursuant to which Enduro and Commander will combine their operations creating a copper and gold explorer. Commander owns the Pedro project in Durango.
United States Antimony Corp. announced the move of its corporate headquarters to Dallas, Texas, from Thompson Falls, Montana. Additionally, Mr. Gary C. Evans assumed the chief executive role and continues as chairman of the board of directors, Mr. Joe Bardswich takes on the role of executive vice-president and chief mining engineer (Los Juarez, Queretaro).
Almaden Minerals Ltd. informed on the international arbitration proceedings under the comprehensive and progressive agreement for Trans-Pacific Partnership with Mexico. “The Claim is being prosecuted pursuant to the established and enforceable legal framework of the International Centre for Settlement of Investment Disputes. The Company is financing the Claim with up to US$9.5 million in non-recourse litigation funding”. The company and Mexico have appointed an arbitrator to the three-person arbitration panel, and the third and presiding arbitrator has also been appointed, with the first session held in Washington on November 20, 2024. “While the Company is vigorously pursuing this Claim, its preference is for a constructive resolution with Mexico that results in a positive outcome for all stakeholders” (Ixtaca, Puebla).
Luca Mining Corp. announced the appointment of Ramon Medoza Reyes, P. Eng as chief technical officer (Campo Morado, Guerrero).
Zacatecas Silver Corp. announced the results of its annual general meeting (AGM) and the resignation of Mr. John Lewins as a director of the company. Zacatecas Silver is evaluating upcoming exploration plans at the Zacatecas Silver project, that includes the Panuco Deposit, El Cristo vein system, San Gill breccia zone and Muleros zone. The company also holds the Esperanza project in Morelos, with 956 K Oz Au in resources in the measured and indicated categories and 277 K Oz Au as inferred.
ON SOCIAL RESPONSIBILITY
Capstone Copper Corp. published its 2023 sustainability report, highlighting its sustainable development strategy prioritizing climate, water, tailings, biodiversity and communities.
On the image below: Silicifed fault/vein ridges in Sonora. Drone picture by Jorge Cirett.
