By Jorge Cirett

During the 50th week of the year (December 8th to December 14th, 2025), companies working in Mexico presented 28 press releases. One company informed about exploration advances on its early-stage property. One company reported results for its fiscal year. Seven companies presented news on financing rounds, and one each on consolidation of shares, dividends and new market listings. Six companies presented updates on advanced properties/mines. Four companies informed on deals and corporate issues. ON MEXICO ISSUES, the backlog in permitting is being reduced, not as fast as the industry requires, but it is a signal by the government that more investment is wanted. ON EXPLORATION, in Sonora, Colibri Resource commenced an RC drilling campaign at the EP project. ON MINING, GoGold Resources announced financial results for its fiscal year. ON FINANCING, six companies informed on financing rounds: Capitan Silver (C$20 M), Gold Royalty (US$103.5 M), First Majestic Silver (US$350 M), Minera Alamos (C$3.5 M), Minaurum Gold (25 M), Regency Silver (C$3 M). Santacruz Silver Mining consolidated its shares on a 4:1 basis. Vizsla Royalties graduated to the OTCQX. Sailfish Royalties declared a quarterly dividend. ON RESOURCES AND DEVELOPMENT, Regency Silver informed on the drilling at Dios Padre, in Sonora. Vizsla Silver filed the FS on the Panuco project, in Sinaloa. Silverco Mining presented an updated MRE for its Cusi project, Chihuahua. Impact Silver released results from underground drilling at its Plomosas mine, in Chihuahua. Heliostar Metals completed a PFS on Cerro del Gallo project , in Guanajuato. Coeur Mining provided an update on 68,000 m of drilling at Palmarejo, in Chihuahua. ON DEALS AND CORPORATE ISSUES, Teck Resources shareholders voted FOR in the merger with Anglo American, same that received the needed government approval on the week. Pinnacle Gold and Silver received conditional approval by the TSX to pay all finders fees associated with the El Potrero option agreement in Durango. Defiance Silver had its AGM. Kingsmen Resources contracted promotional services. ON SOCIAL RESPONSIBILITY, Fortune Bay announced its formal Environmental, Social & Governance (ESG) Policy (Poma Rosa, Chiapas).

ON MEXICO ISSUES

Fernando Aboitiz, head of the Extractive Activities Coordinating Unit from the Economy Secretariat, pointed that nearly 65% of the backlog on permitting for mining activities has been cleared, and that mid 2026 it could be normalized. At the beginning of this presidential term 176 projects were paused, to date 110 have been authorized and 66 are pending. States like Zacatecas, Sonora, Chihuahua and Durango are to be among the most benefited by the issuing of permits.

ON EXPLORATION

Colibri Resource Corp. has commenced a reverse circulation drilling campaign at its 4,766 ha EP project in Sonora.

ON MINING

GoGold Resources Inc. announced financial results for the year ending September 30, 2025. During the period, 416.6 K tonnes were stacked at its Parral operations, selling 2.14 M Oz Ag, produced at cash cost $18.35 per Oz AgEq and an AISC of $23.72 per Oz AgEq. The company had revenue of US$72.5 M, an operating income of US$17.1 M, and net income of US$17.3 M.

ON FINANCING

Capitan Silver Corp. entered into deal with a syndicate of underwriters led by Stifel Canada in connection with a “bought deal” private placement offering for aggregate gross proceeds of C$20 M. A cash commission of 6% of the gross proceeds shall be paid to the underwriters (Cruz de Plata, Durango).
Gold Royalty Corp. entered into an agreement with National Bank Capital Markets, BMO Capital Markets, and RBC Capital Markets as joint bookrunners, on behalf of a syndicate of underwriters that are to purchase on a bought deal basis, common shares of the company for aggregate gross proceeds of US$70 M (royalty on Coazamin, Zacatecas).
Santacruz Silver Mining Ltd. announced the consolidation of its shares on a four to 1 (4:1) basis on December 10, 2025, subject to final approval by the TSX Venture Exchange (Zimapán, Hidalgo).
First Majestic Silver Corp. announced the closing of its previously announced US$300 M offering of unsecured convertible senior notes due in 2031, and the concurrent closing of an additional US$50 M aggregate principal amount of notes pursuant to the exercise in full of the over-allotment option granted to the initial purchasers of the notes (San Dimas, Durango).
Gold Royalty Corp. increased the size of its previously announced bought deal financing for aggregate gross proceeds of US$90 M. The company granted the underwriters an over-allotment option to purchase up to an additional 15% of the common shares issued on the offering, for additional gross proceeds of up to US$103.5 M (royalty on Cozamin, Zacatecas).
Minera Alamos Inc. closed its previously announced private placement offering for gross profits of C$3.5 M (Santana, Sonora).
Minaurum Gold Inc. completed its previously announced “best efforts” private placement, for C$25 M in gross proceeds, which included the exercise in full of the agents’ option. Cormark Securities Inc. acted as lead agent, on behalf of itself and a syndicate of agents including Beacon Securities Ltd. and Canaccord Genuity Corp. The company paid the agents a C$1.4 M cash commission and issued 3.95 M purchase warrants. In addition, a cash fee of C$11.2 K was paid and issued 31.3 K broker warrants to an arm’s length finder (Alamos Silver, Sonora).
Regency Silver Corp. entered into an agreement with Centurion One Capital Corp. as lead agent and sole bookrunner with a brokered private placement to raise up to C$2 M. Later on the week the offering was upsized to C$3 M in gross profits (Dios Padre, Sonora).
Vizsla Royalties Corp. graduated to trade on the OTCQX Best Market (royalty on Panuco, Sinaloa).
Sailfish Royalties Inc. declared a quarterly dividend of US$0.0125 per share, to be payable on July 15, 2026 (royalty on Gavilanes, Durango).

ON RESOURCES AND DEVELOPMENT

Regency Silver Corp. informed a new drill hole intersected 23.7 m of sulfide-specularite breccia similar to the breccia hosting high-grade Au-Cu-Ag mineralization 35 m updip and along strike from a previous hole at its Dios Padre project in Sonora. Four holes totalling 2,476 m have been completed since early October 2025. ”… the mineralized shingle breccia typically hosting mineralization is found on both sides of a new intersection of Quartz-Feldspar porphyry … ”.
Vizsla Silver Corp. filed the feasibility study (FS) on the Panuco project, in Sinaloa, “which highlights 17.4 M Oz AgEq of annual production over an initial 9.4-year mine life, an after-tax NPV(5%) of US$1.8B, 111% IRR and a 7-month payback at US$35.50/oz Ag and US$3,100/oz Au”.
Silverco Mining Ltd. presented an updated mineral resource estimate (MRE) for its Cusi project in Chihuahua. The study notes 4.89 M tonnes grading 206 gpt Ag, 0.15 gpt Au, 0.73% Pb, 0.86% Zn (262 gpt AgEq), containing 32.4 M Oz Ag, 24 K Oz Au, 78.3 M Lb Pb, 92.8 M Lb Zn (41.2 M Oz AgEq) in measured and indicated resources and 4.07 M tonnes grading 172 gpt Ag, 0.17 gpt Au, 0.89% Pb, 1.20% Zn (243 gpt AgEq), containing 22.5 M Oz Ag, 22.2 K Oz Au, 79.5 M Lb Pb, 107.5 M Lb Zn (31.7 M Oz AgEq).
Impact Silver Corp. released further results from its underground drill program in the Santo Domingo zone at its Plomosas mine in Chihuahua. Highlighted true width intercepts comprise 0.84 m @ 35 gpt Ag, 6.5% Pb, 26.3% Zn; 2.07 m @ 24 gpt Ag, 9.4% Pb, 10.6% Zn; 4.95 m @ 23 gpt Ag, 7.4% Pb, 13.8% Zn (including 1.33 m @ 29 gpt Ag, 11.3% Pb, 18.2% Zn); 0.58 m @ 45 gpt Ag, 18.3% Pb; 20.3% Zn; 3.15 m @ 9 gpt Ag, 5.1% Pb, 5.0% Zn. “All these Santo Domingo drill intersections lie outside the JORC mineral resource blocks published by the previous operator”.
Heliostar Metals Ltd. completed an updated prefeasibility study (PFS) for its Cerro del Gallo project in Guanajuato. The current mineral reserve base is 2.27 M Oz AuEq, with the study outlining a 15.3 year mine life producing 85,700 Oz AuEq per year at cash cost $1,252 per Oz AuEq and an AISC of $1,390 per Oz AuEq and a CAPEX of US$195.3 M to bring it into production. “At the base case gold price of $2,300 per ounce, this results in an after-tax NPV of $424M, an IRR of 33.1% and a payback period of 2.3 years”. The study envisages a 6 M tonne per year open pit mining operation with ore crushed and stacked with cyanide leaching. “Copper and silver dissolved in solution will be recovered through a sulphidization, acidification, recycling, and thickening”.
Coeur Mining Inc. provided an update on the 2025 exploration campaign at its Palmarejo complex in Chihuahua. Approximately 68,000 m of drilling have been completed by eleven rigs on the 30,000 ha property. The program identified numerous resource growth opportunities through a balance of near-mine and district-scale exploration. The Hidalgo Libertad, San Juan veins have been extended along strike by 500 m, 300 m and 150 m respectively, continuity confirmed between the Independencia Norte and Independencia South zones and drilling confirmed mineralization along 900 m of strike along the 4 km Camuchin-Escondida trend. Highlighted true width intercepts comprise 10.4 m @ 4.10 gpt Au, 1,517 gpt Ag (including 1.50 m @ 15.40 gpt Au, 4,957 gpt Ag); 17.9 m @ 4.20 gpt Au, 1,870 gpt Ag (including 9.1 m @ 7.10 gpt Au. 3,610 gpt Ag); 10.5 m @ 4.10 gpt Au, 1,928 gpt Ag; 5.2 m @ 14.70 gpt Au, 4,527 gpt Ag; 3.7 m @ 18.60 gpt Au, 778 gpt Ag; 22.2 m @ 6.70 gpt Au, 26 gpt Ag (including 4.80 m @ 14 gpt Au, 33 gpt Ag).

ON DEALS AND CORPORATE ISSUES

Teck Resources Ltd. informed its shareholders overwhelmingly voted to approve the special resolution involving the merger with Anglo American plc. Later on the week Teck obtained a final order from the Supreme Court of British Columbia approving the previously-announced plan of arrangement under section 192 of the Canada Business Corporations Act, authorizing the merger of equals of Anglo American and Teck (50% San Nicolas, Zacatecas).
Pinnacle Silver and Gold Corp. received conditional TSX Venture Exchange approval for all finders fee shares associated with the staged option of the El Potrero project in Durango. “a Finder’s Fee of 4% of the measurable benefit of each installment payment will be paid to Juan Jose Camacho, who is arm’s length to the issuer and the vendor”. Payments include 71.6 K shares on February 2025, 40 K shares and US$8,000 on November 2025, 40 K shares and US$30 K on February 2026, US$40 K when the plant is sufficiently upgraded and all permits received to commence production, or 4 years from signing, US$60 K one year after commencing production, or 5 years from signing, US$120 K two years after commencing production or 7 years from signing. And a contingent payment of US$40 K and 40 K shares upon the establishment of a NI-43-101 350 K Oz AuEq in the inferred category or better.
Defiance Silver Corp. announced shareholders approved all matters presented at its annual general and special meeting (Zacatecas Silver, Zacatecas).
Kingsmen Resources Ltd. entered into a service agreement with Resource Stock Digest of Round Rock, Texas, to provide certain promotional services (Las Coloradas, Chihuahua).

ON SOCIAL RESPONSIBILITY

Fortune Bay Corp. announced the adoption of its formal Environmental, Social & Governance (ESG) Policy, highlighting a community-centered approach, responsible environmental practices, transparency and straight talk, governance and ethical conduct and local economic participation (Poma Rosa, Chiapas).

On the image below: Specularite veining on volcanic sedimentary rocks, HQ core. Picture by Jorge Cirett.

VIZSLA SILVER FILES FEASIBILITY STUDY TECHNICAL REPORT ON THE PANUCO PROJECT

December 9, 2025 / gambusinoprospectormexico / Leave a comment

2025-12-09_vizsla silver files feasibility study technical report on the panuco project_sin Download

Heliostar Files Updated Technical Report for the La Colorada Mine

November 28, 2025 / gambusinoprospectormexico / Leave a comment

2025-11-28_heliostar files updated technical report for the la colorada mine_son Download

The Mining and Exploration News in Mexico; Highlights on the Second Week of November 2025

November 16, 2025November 16, 2025 / Gambusino Prospector / Leave a comment

By Jorge Cirett

During the 46th week of the year (November 10th to November 16th, 2025), companies working in Mexico presented 32 press releases. Five companies informed about exploration advances on early-stage properties. Five companies provided operational figures for the quarter. Eight companies presented news on financing rounds or share matters. Seven companies presented updates on advanced properties/mines. Seven companies informed on deals and corporate issues. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, in Sonora, Questcorp Mining and Riverside Resources completed drilling at La Union; Tocvan Ventures informed on ongoing drilling at Gran Pilar. In Durango, Pinnacle Silver and Gold released sampling results at El Potrero; Silver Dollar Resources reported surface sampling results from the Nora project. ON MINING, Altius Minerals, Orla Mining, Americas Gold and Silver, Bear Creek Mining and Sierra Madre Gold and Silver presented third quarter 2025 reports. ON FINANCING, six companies informed on financing rounds: Questcorp Mining (C$2.1 M), GoGold Resources (C$125 M), Prismo Metals (C$1.74 M), Silver Tiger Metals (C$40 M), Americas Gold and Silver (US$115 M), Kingsmen Resources (C$4 M). Mithril Silver and Gold informed on the release of shares from escrow. ON RESOURCES AND DEVELOPMENT, Capitan Silver reported RC drilling results from Cruz de Plata, in Durango. Zacatecas Silver signed surface access agreements for its Zacatecas Silver project in Zacatecas. Silverco Mining released drilling results from Cusi, in Chihuahua. Vizsla Silver presented the feasibility report on Panuco, in Sinaloa. Luca Mining announced a three-year exploration program for its Campo Morado and Tahuehueto properties in Guerrero and Durango respectively. Discovery Silver presented an update on the Cordero property, in Chihuahua. ON DEALS AND CORPORATE ISSUES, Teck Resources is to have a special meeting of shareholders to seek the approval of a merger with Anglo American. Osisko Development intends to re-submit permit applications for the San Antonio project in Sonora. Elemental Altus Royalties and Emex Royalty closed the merger of the companies. Elemental Altus is to change name to Elemental Royalty Corp. Fuerte Metals announced additions to the board. Silver Spruce signed an amending agreement with Colibri Resource on the acquisition of Colibri’s 50% interest on the Jackie property in Sonora. Mexican Gold Mining acquired the Tatatila project in Veracruz from Chesapeake Gold. Xali Gold sold the El Oro tailings project to Kappes, Cassiday and Associates. ON SOCIAL RESPONSIBILITY, Alamos Gold informed on community support in the Mulatos District of Sonora.

ON MEXICO ISSUES

No Relevant News.

ON EXPLORATION

Questcorp Mining Inc. and Riverside Resources Inc. completed the first phase of drilling at the La Union project in Sonora. Over 1,600 m of drilling in 12 diamond drill holes across six targets have been completed, including La Union mine, the Famosa mine area, Famosa Mag, Union Norte, Cobre and Luis. Assays Pending.
Tocvan Ventures Corp. informed on the current drilling at the 2,200 ha Gran Pilar project in Sonora. The program is designed to test a 3.2 km by 1.5 km target zone with strong geochemical and geological signatures.
Silver Dollar Resources Inc. reported the latest surface sample assay results and receipt of a drill permit for its Nora property in Durango. Channel sampling 1,500 m on strike of the Candy vein returned up to 12.5 m @ 39 gpt Ag, 0.4% Pb, 2.3% Zn; 4.3 m @ 27 gpt Ag, 0.1% Pb, 0.8% Zn; 2.3 m @ 46 gpt Ag, 0.1% Pb, 0.4% Zn. Mineralization appears to be widely disseminated within an oxidation zone over 100m wide, with strong pervasive iron and manganese oxides with trace galena.
Pinnacle Silver and Gold Corp. provided sampling results from La Dura mine at El Portrero project in Durango. “The identification of another zone of gold-silver extends the mineralized strike length along the Dos de Mayo vein structure to almost 500 metres…. Of those 146 samples, 40 were taken from the two small adits. The mineralized zone identified was sampled by six composite channels along an exposed 12 metre strike length, and has an average width of 1.3 metres and average grades of 1.98 g/t Au and 98 g/t Ag, with individual grades up to 4.51 g/t Au and 269 g/t Ag over 0.5 metres.

ON MINING

Altius Minerals Corp. reported its Q3 2025 revenue at C$17.2 M and attributable royalty revenue of C$21.4 M, with adjusted EBITDA of C$13. 2 M. “During the quarter the Corporation made debt repayments of $11 million including a $9 million voluntary repayment on its revolving facility and $2 million of scheduled repayments on its term facility, paid cash dividends of $4.2 million and issued 12,850 shares under the dividend reinvestment plan” (royalty on Cuale, Jalisco).
Orla Mining Ltd. announced the results for the third quarter 2025, including figures from its operations in Mexico. During the quarter, over 0.7 M tonnes of ore and 2.4 M tonnes of waste (Strip ratio 3.34:1) were moved at Camino Rojo, in Zacatecas. “This higher strip ratio was a result of the pit wall event that occurred during the quarter. As stabilization activities began, a new ramp was established that required the removal of overburden material and waste material which resulted in a higher than normal strip ratio”. A total of 2.8 M tonnes of ore grading 0.40 gpt Au were stacked on the heap leach, producing 22,050 Oz Au.
Americas Gold and Silver Corp. reported consolidated financial and operational results for the quarter ended September 30, 2025, including figures from its Mexican operations. Consolidated production during the quarter of 765 K Oz Ag, or 877 K Oz AgEq. At Cosalá, in Sinaloa, the company produced 325 K Oz Ag, at cash cost $23.87. “The Cosalá Operations increased capital spending on the EC120 Project, incurring $3.8 million during Q3-2025 ($2.9 million during Q2-2025)”. The company had US$39 M in cash at the end of Q3.
Sierra Madre Gold and Silver Ltd. provided financial results for the quarter ended September 30, 2025. During the period the company obtained revenues of US$5.52 M, gross profit of US$1.7 M. The company had an all-in-sustaining costs (AISC) of US$34.42 per Oz AgEq. Current assets, including cash totaled US$19.5 M by the end of the period. “Sierra Madre announced plans for a two-stage plant expansion at La Guitarra. The first phase would grow capacity by more than 50%, to 750 tpd – 800 tpd, by Q2 2026. A subsequent expansion would increase capacity to …. 1,200 tpd – 1,500 tpd, by Q3 2027”.
Bear Creek Mining Corp. reported its interim consolidated financial results for the three months ended September 30, 2025. At the Mercedes mine in Sonora, 76.2 K tonnes were mined averaging 2.84 gpt Au, 79.5 tonnes milled averaging 2.53 gpt Au, recovering 96% Au to produce 6,219 Oz Au, 18.9 K Oz Ag at cash cost $3,161 per Oz Au and an AISC of $3,563 per Oz Au. The company had revenue of US$22.5 M and a comprehensive loss after taxes of US$30.8 M. “Actively continued the strategic review process … to explore and evaluate the strategic and financial options available to the Company with the ultimate view of enhancing value”.

ON FINANCING

Questcorp Mining Inc. completed the first tranche of its non-brokered private placement for gross proceeds of C$2.1 M. A portion of the units issued, representing C$2 M are held pursuant to a sharing agreement entered into with an institutional investor, Sorbie Bornholm LP. (Nueva Union, Sonora).
GoGold Resources Inc. entered into an agreement with a syndicate of underwriters led by BMO Capital Markets, to buy on a bought deal basis units for gross proceeds of C$125 M (Los Ricos South and North, Jalisco).
Questcorp Mining Inc. announced that Sorbie BornholmLP has undertaken an initial investment in the company with a gross investment of C$2 M (Nueva Union, Sonora).
Prismo Metals Inc. upsized and closed its previously announced non-brokered private placement for gross proceeds of C$1.74 M (Palos Verdes, Sinaloa).
Mithril Silver and Gold Ltd. confirmed that 31.94 M shares of the company will be released from escrow on 25 November 2015. (Copalquin, Durango).
Silver Tiger Metals Inc. entered into an agreement with a syndicate of underwriters led by BMO Capital Markets and Stifel Nicolaus Canada as joint bookrunners under which the underwriters have agreed to buy on bought deal basis common shares of the company for gross proceeds of C$40 M (El Tigre, Sonora).
Americas Gold and Silver Corp. increased the size of its “bought deal” private placement to aggregate gross proceeds of US$115 M. The company granted the underwriters an option to purchase additional common shares for additional gross proceeds of up to US$17.3 M (Cosalá, Sinaloa).
Kingsmen Resources Ltd. increased the previously announced non-brokered private placement to raise up to C$4 M (Las Coloradas, Chihuahua).

ON RESOURCES AND DEVELOPMENT

Capitan Silver Corp. reported assay results from the reverse circulation drill program at its Cruz de Plata project in Durango. Highlighted drill length intervals from six holes comprise 6.10 m @ 0.77 gpt Au, 276 gpt Ag (including 1.50 m @ 1.51 gpt Au, 644 gpt Ag); 35.10 m @ 0.05 gpt Au, 57 gpt Ag, 0.2% Pb, 0.4% Zn; 1.50 m @ 0.04 gpt Au, 251 gpt Ag, 1.2% Pb, 2.3% Zn; 6.10 m @ 0.14 gpt Au, 202 gpt Ag, 0.5% Pb, 1.1% Zn (including 1.50 m @ 0.16 gpt Au, 596 gpt Ag, 1.1% Pb, 2.5% Zn); 25.90 m @ 0.21 gpt Au, 232 gpt Ag (including 1.50 m @ 1.57 gpt Au, 1,760 gpt Ag). A total of 57 drill holes have been completed across the Jesus Maria trend, Gully Fault, and new, early-stage targets in the property .
Zacatecas Silver Corp. entered into a new community access agreement with Ejido Panuco at its Zacatecas Silver project in Zacatecas. The company also signed a drill contract with Major Drilling for an initial 4,000 m of angled diamond drilling.
Silverco Mining Ltd. reported initial assay results from its 15,000 m 2025 diamond drill program at the Cusi past producing property, in Chihuahua. The drill program is primarily focused on expanding the potential of its San Miguel target, with holes in 50 m step outs. Highlighted core length intervals comprise: 3.80 m @ 0.08 gpt Au, 351 gpt Ag, 1.5% Pb, 0.5% Zn; 1.10 m @ 0.76 gpt Au, 741 gpt Ag, 0.2% Pb, 0.4% Zn; 1.10 m @ 0.31 gpt Au, 658 gpt Ag, 2.0% Pb, 5.1% Zn; 2.70 m @ 0.57 gpt Au, 245 gpt Ag, 4.4% Pb, 4.7% Zn; 1.40 m @ 1.98 gpt Au, 1,830 gpt Ag, 4.5% Pb, 3.8% Zn; 3.10 m @ 0.43 gpt Au, 817 gpt Ag, 7.4% Pb, 7.4% Zn; 8.60 m @ 0.21 gpt Au, 240 gpt Ag, 0.6% Pb, 0.7% Zn.
Vizsla Silver Corp. announced positive results from its feasibility study (FS) on the Panuco project in Sinaloa. The study encompasses a 3,300 tpd underground operation for the first three years, expanding to 4,000 tpd in year 4, with a life of mine (LOM) average of 17.4 M Oz AgEq (10.1 M Oz Ag, 83 K Oz Au), with years 1-5 averaging 20.1 M Oz AgEq (12.1 M Oz Ag, 92 K Oz Au) at cash cost US$8.56 per Oz AgEq and AISC of US$10.61 per Oz AgEq. The pre-production capital expenditure is US$238.7 M with an after-tax NPV(5%) of US$$1,802 M and 111% IRR at precious metals prices of US$3,100 per Oz Au, US$35.50 per Oz Ag. Mineral reserves stand at 12.8 M tonnes @ 249 gpt Ag, 2.01 gpt Au (416 gpt AgEq), containing 102.7 M Oz Ag, 829 K Oz Au (171.2 M Oz AgEq). At the Copala area, measured and indicated resources stand at 7.26 M tonnes @ 2.70 gpt Au, 420 gpt Ag, 0.1% Pb, 0.2% Zn (635 gpt AgEq), containing 630 K Oz Au, 98 M Oz Ag, 16 M Lb Pb, 30 M Lb Zn (148.1 M Oz AgEq), and inferred resources of 3.55 M tonnes @ 1.96 gpt Au, 341 gpt Ag, 0.2% Pb, 0.3% Zn (507 gpt AgEq), containing 224 K Oz Au, 38.9 M Oz Ag, 15 M Lb Pb, 25 M Lb Zn (57.7 M Oz AgEq). At the Napoleon area measured and indicated resources stand at 5.70 M tonnes @ 2.22 gpt Au, 162 gpt Ag, 0.5% Pb, 1.7% Zn (405 gpt AgEq), containing 406 K Oz Au, 29.8 M Oz Ag, 61 M Lb Pb, 213 M Lb Zn (74.3 M Oz AgEq), and inferred resources of 6.25 M tonnes @ 2.00 gpt Au, 152 gpt Ag, 0.4% Pb, 1.5% Zn (368 gpt AgEq), containing 403 K Oz Au, 30.6 M Oz Ag, 52 M Lb Pb, 204 M Lb Zn (73.9 M Oz AgEq). Total measured plus inferred resources add up to 1.66 M Oz Au, 197.3 M Oz Ag (354 M Oz AgEq).
Luca Mining Corp. announced a three-year US$25 M exploration program across its Campo Morado and Tahuehueto mines, in Guerrero and Durango respectively. The program includes 80,000 m of surface and underground diamond drilling to expand and define gold resources and the use of AI based systems on >30 years of drilling, geologic and geophysical exploration data. At Campo Morado 38 priority targets have been identified, including Reforma Deeps. At Tahuehueto, near-mine and brownfields drilling to extend the Crestón, Perdido, and Santiago structures along strike and depth.
Discovery Silver Corp. presented an overview on the Cordero property in Chihuahua. The property was acquired in 2019, with over US$100 M invested since then. The last FS report was released on March 2024, comprising average annual production of 37 M Oz AgEq over the first 12 years of the 19 years mine life., at an AISC of $12.50 per Oz AgEq in years 1 to 8, a base case NPV of $1.2 B at metal prices of $1,600 per Oz Au, $22 per Oz Ag, $1.0 per Lb Pb, $1.2 per Lb Zn, with an initial capital expenditure of US$606 M. The mineral reserve contains 302 M Oz Ag, 840 k Oz Au, 3.0 B Lb Pb, 5.2 B Lb Zn. The company is assessing the use of natural gas as power source and evaluating the potential to establish solar farms, as well ongoing discussions with the various governmental bodies involved in issuing the permits for the project.
Zacatecas Silver Corp. finalized the land-access agreements from private owners for the upcoming drill program at its Zacatecas Silver project in Zacatecas. “the Company will move forward with its SEMARNAT permit applications to initiate drilling”.

ON DEALS AND CORPORATE ISSUES

Teck Resources Ltd. announced the filing of meeting materials for the special meeting of shareholders, to be held on December 9, 2025, seeking the approval of merger between equals with Anglo American (San Nicolas, Zacatecas).
Osisko Development Corp. informed on its third quarter 2025 review that the San Antonio project in Sonora remains in care and maintenance. “The approval process for mining permits appears to be gaining traction, specifically for open-pit mining in the country, and the Company intends to re-submit its two permit applications in the foreseeable future”.
Elemental Altus Royalties Corp. and EMEX Royalty Corp. announced the closing of the merger of the companies. Elemental Altus is to change name to Elemental Royalty Corp. (royalty on Mercedes, Sonora).
Fuerte Metals Corp. announced the addition of Chris Beer, Dawson Proudfoot and Sandip Rana to the board of directors. The company granted 6.98 M incentive stock options and 2.6 M bonus shares to certain officers, employees and directors of the company (Cristina, Chihuahua).
Silver Spruce Resources Inc. signed an amending agreement with Colibri Resource Corp. on November 12, 2025 in respect of the proposed acquisition of Colibri’s 50% interest in the Jackie project, in Sonora. “In consideration for Colibri’s 50% interest in the Project, Silver Spruce will issue 166,667 common shares to Colibri at a price of $0.15 per share based on the closing price per share on November 10, 2025 and grant a 1% Net Smelter Return royalty on any future production from the Project”.
Mexican Gold Mining Corp. has acquired 100% of the title and interest of the 3,824 ha Tatatila project in Veracruz. “The Tatatila concessions surround or are adjacent to Mexican Gold’s Las Minas Project”. The company issued Chesapeake Gold Corp. 4.45 M common shares of the company and 1.5% NSR royalty.
Xali Gold Corp. announced that Xali Gold and Kappes, Cassiday and Associates (KCA) agreed to finalize a definitive agreement whereby Xali Gold will transfer all of their rights related to the mine tailings from El Oro, Estado de México. Mine Tailings in El Oro, Mexico. The Agreement gives KCA the right to process and sell precious metals recovered from the tailings in return for a 4% NSR gross royalty, less any royalties due, but not less than 3% gross royalty. “KCA maintains the right to purchase 1% of the royalty from Xali Gold for US$1,000,000 at any time … continuing until production commences, a minimum royalty payment of US$50,000 is to be paid every 6 months”.

ON SOCIAL RESPONSIBILITY

No Relevant News.

On the image below: Specularite stockwork in volcanosedimentary rock, HQ core. Picture by Jorge Cirett.

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

November 9, 2025 / gambusinoprospectormexico / Leave a comment

Quartz Vein hosted in volcanic rocks

By Miguel A Heredia

During the 45^thweek of the year (November 3^rdto November 9^th2025), at least 33 press releases were announced by companies working in Mexico, with thirteen disclosing deals and corporate issues, eight communicating mining and production issues, five announcing financial rounds, four informing on exploration results, and three reporting resources and developments of their properties. ON MEXICO ISSUES, No relevant news. ON EXPLORATION, In Sonora, Colibri retained CANMEX to conduct its next phase of drilling at the EP project, and Kenadyr provided an update on its Adelita copper-gold-silver project. In Chihuahua, Advance Metals confirmed high grade silver-gold in previously unsampled core at its Yoquivo project. In Sinaloa, Mithril provided exploration results and an update for multiple targets at its Copalquin project. ON MINING, Santacruz Silver reported consolidated production results for the period Q3, 2025 and year to date (Zimapan mine, Hidalgo). First Majestic reported Q3, 2025 production and financial results from its Mexican mine operations. Aura Minerals presented Q3, 2025 consolidated production and financial results, including figures from its Aranzazu mine in Zacatecas. Gold Resource released Q3, 2025 production and financial results from its Don David Gold mine in Oaxaca. Torex Gold announced Q3, 2025 production and financial results from its Morelos complex in Guerrero. Gold Royalty released Q3, 2025 consolidated financial results (royalty on Cozamin mine, Zacatecas). Avino Silver & Gold presented Q3, 2025 production and financial results from its Avino mine in Durango. Endeavour Silver announced Q3, 2025 consolidated production and financial results, including its Guanacevi and Bolañitos mines in Durango and Guanajuato respectively. ON FINANCING, Colibri closed a first tranche of its previously announced non-brokered private placement for gross proceeds of CAD $1,350,722, and a second tranche for gross proceeds of CAD $140,980 (EP project, Sonora). Kingsmen announced a non-brokered private placement for gross proceeds of up to CAD $3,003,750 (Las Coloradas project, Chihuahua). Silver Storm declared that it has fully drawn USD $7.0M under the previously announced Prepaid Offtake Financing Facility with Samsung (La Parrilla mine, Durango). Oroco closed a first tranche of its non-brokered private placement announced on September 24, 2025 for gross proceeds of USD $1,530,999 (Santo Tomas project, Sinaloa). ON RESOURCES AND DEVELOPMENT, Goldgroup filed an updated NI43-101 technical report on its Cerro Prieto gold mine in Sonora. Silver Tiger announced the receipt of all required approvals and permits to construct the El Tigre Stockwork Silver-Gold project in Sonora. Heliostar released a Preliminary Economic Assessment (PEA) for its Ana Paula underground gold project in Guerrero. ON DEALS AND CORPORATE ISSUES, Osisko Development announced the appointment of Scott Smith as Vice President, Exploration (San Antonio Gold project, Sonora). Mithril reported voting results of its annual general meeting of shareholders (Copalquin project, Durango). Elemental Altus announced that shareholders have overwhelmingly approved all resolutions at its special meeting (Royalty on Mercedes mine, Sonora). Aura Minerals declared dividend based on Q3, 2025 results (Aranzazu mine, Zacatecas). Orogen granted stock options to directors, officers, employees, and consultants (Ermitaño mine, Sonora). Torex announced its initial return of capital program, which includes a quarterly dividend of CAD $0.15 per share and discretionary share repurchases through its normal course issuer bid (El Limon Guajes and Media Luna properties, Guerrero). Almadex provided an overview of its diversified portfolio of royalties on precious and base metal projects throughout North America. Silver Viper entered into two independent agreements to support ongoing digital marketing and trading-liquidity efforts (La Virginia project, Sonora). Mammoth announced the appointment of three new directors to strengthen its leadership team (Tenoriba project, Chihuahua). Royalties Inc reported that it won a major court battle in the Civil Chamber of the Superior Tribunal of Justice of Zacatecas against Capstone. Apollo Silver announced that the US Department of Interior added silver to the 2025 list of critical minerals. Inomin granted stock options to directors and two advisers of the company. Silver Viper entered into a capital market consulting agreement with Insight Capital Partners (La Virginia project, Sonora). ON SOCIAL RESPONSIBILITY, No relevant news.

ON MEXICO ISSUES

No relevant news.

ON EXPLORATION

Colibri Resource Corporation retained CANMEX Perforaciones y Servicios SA de CV to conduct its next phase of drilling at the EP project in Sonora. The program will be focused on the undrilled San Perfecto and Banco de Oro target areas.
Kenadyr Metals Corp., provided an update on its Adelita copper-gold-silver project in Sonora. The company is preparing to commence Phase 1 exploration activities, including drilling and detailed geophysical surveys at the Cerro Grande skarn zone, following receipt of all necessary permits, including a 20-year mining license. The deal with Infinitum Copper (80%) and Minaurum Gold (20%) is basically done; just waiting on final TSXV approval, and financing is almost wrapped up with a last tranche expected soon. Overall, the project is positioned for active exploration with long-term development potential.
Advance Metals Limited confirmed high grade silver-gold in previously unsampled core at its Yoquivo project. More than 6,300m of unsampled core in the Pertenencia Zone has been identified, representing greater than 50% of the historic drilling completed. First batch of sample results comprising 222.7m of core across 11 holes in the southern portion of Pertenencia Zone has confirmed the untested potential, returning grades of up to 370g/t Ag & 6.2g/t Au. Sampling from holes drilled in 2022 include holes YQ-022-025 with 480 g/t AgEq over 2.05m, including 848 g/t AgEq over 1.1m, and hole YQ-022-002 with 115 g/t AgEq over 4.45m, including 249 g/t AgEq over 0.95m. Multiple additional batches of previously untested core are currently awaiting assay results.
Mithril Silver and Gold Limited provided exploration results and an update for multiple targets at its Copalquin project. Target 5 in the southwest area of Copalquin, which is still in the early stages of exploration but showing great promise that could significantly impact the district´s resource potential, returned impressive silver-gold drill intercepts, including a standout hit of 1,714 g/t AgEq over 1m. Drilling highlights include hole AP25-003 with 2.28 g/t Au and 500 g/t Ag (660 g/t AgEq) over 2.75m, including 5.8 g/t Au and 1,308 g/t Ag (1,714 g/t AgEq) over 1m; hole AP25-005 with 1.71 g/t Au and 246 g/t Ag (366 g/t AgEq) over 3.35m, including 5.35 g/t Au and 771 g/t Ag (1,146 g/t AgEq) over 1.05m; and hole AP25-006 with 4.55 g/t Au and 409 g/t Ag (728 g/t AgEq) over 1,25m, plus 2.41 g/t Au and 447 g/t Ag (616 g/t AgEq) over 0.90m, plus 1.51 g/t Au and 321 g/T AgEq) over 0.80m. To date, 13 drilled holes have been completed at Target 5 with assay results received for the first eight holes. On the other hand, channel sampling at Tasolera mine returned high grade results, including 2 g/t Au and 3,300 g/t Ag (3,440 g/t AgEq) over 1.4m. This target is

rapidly emerging as a major silver zone. Only around 5% of the related vein system has been tested so far, meaning there´s plenty more ground to cover. Ongoing exploration mapping and channel sampling is on progress to expand its footprint. At Target 3, preparations are underway for drilling, supported by ongoing mapping and sampling efforts. This target is a large, highly prospective gold-silver zone with multiple high-grade surface samples and extensive mapped veins. At Target 1 (El Refugio-La Soledad), which hosts the maiden JORC mineral resource estimate, an ongoing drilling program is underway aiming to expand this existing resources by testing its western extensions and deep zones. At Target 6, new targets, including old workings have been identified with some recent sampling and mapping, indicating potential for future exploration. In general, drilling keeps revealing solid gold-silver mineralization, and the company is moving fast with more holes planned in multiple areas of the district.

ON MINING

Santacruz Silver Mining Ltd., reported its consolidated production results for the period Q3, 2025 and year to date (Zimapan mine, Hidalgo). The table below shows figures for the Zimapan mine in Hidalgo:

First Majestic Silver Corp., reported Q3, 2025 production and financial results from its Mexican mine operations. The first table below shows consolidated financial results, and the second production figures by mine operation:

Aura Minerals Inc., presented Q3, 2025 consolidated production and financial results from its mine operations. The table below shows production and financial results from its Aranzazu mine in Zacatecas:

Gold Resource Corporation released Q3, 2025 production and financial results from its Don David Gold mine in Oaxaca. The company milled 65,131 tonnes with grades of 1.11 g/t Au, 250 g/t Ag, 0.16% Cu, 0.6% Pb, and 1.6% Zn to produce 1,646 Oz Au, 453.05K Oz Ag, 73 tonnes Cu, 241 tonnes Pb, and 784 tonnes Zn. Gold Resource sold 1,422 Oz Au, 417.7K Oz Ag (6,298 Oz AuEq), 67 tonnes Cu, 212 tonnes Pb, and 645 tonnes Zn at averages realized prices of USD $3,546/Oz Au, USD $41.39/Oz Ag, USD $9,690/tonne Cu, USD $1,937/tonne Pb, and USD $2,841/tonne Zn. Total cash and all in sustaining cost (AISC) after co-product credits were $2,166 and USD $2,983 per Oz AuEq respectively. It also reported a net loss of USD $4.7M; a working capital of USD $12.8M and cash and cash equivalent of USD $9.8 as of September 30, 2025.
Torex Gold Resources Inc., announced Q3, 2025 production and financial results from its Morelos complex in Guerrero (all amounts are expressed in US dollars). The company produced 95,058 Oz Au, 485.2K Oz Ag and 14M Lb Cu or 119,034 payable Oz AuEq and sold 118,082 oz AuEq at average realized prices of $3,548 Oz Au or $3,536 Oz AuEq. Total cash and all in sustaining costs (AISC) were $1,297 and $1,658 per Oz AuEq respectively. Torex also reported revenue of $416.4M; cost of sales of $207.3M; earnings from mine operations of $209.1M; net income of $114.4M; adjusted net earnings of $103.4M; EBITDA of $235.3M; adjusted EBITDA of $239.3M; net cash generated from operating activities of $186.8M; net cash generated from operating activities before changes in non-cash operating working capital of $204M; free cash flow of $112.5M; cash and cash equivalents of $107.1M; and an available liquidity of $289M.
Gold Royalty Corp., released Q3, 2025 consolidated financial results, including its 1% NSR royalty in Cozamin mine in Zacatecas. “On October 30, 2025, Capstone Copper Corp. reported copper production of 6,145 thousand tonnes of copper at Cozamin in the third quarter 2025, 2% higher than the same period of 2024 as mine sequencing resulted in higher grades. It stated that Cozamin’s copper production is trending towards the upper end of its previously disclosed 2025 production guidance of 23,000 to 26,000 tonnes as well as the lower end of costs. Production is expected by Capstone to be consistently weighted through the year”.
Avino Silver & Gold Mines Ltd., presented Q3, 2025 production and financial results from its Avino mine in Durango (All amounts are expressed in US dollars). The company milled 188,757 tonnes to produce 263.2K Oz Ag, 1,935 Oz Au and 1.31M Lb Cu or 580.8K Oz AgEq and sold 562.6K Oz AgEq at cash and all in sustaining cost (AISC) of $17.09 and $24.06 per Oz AgEq respectively. Avino also reported revenue of $21.04M; mine operating income of $9.9M; net income of $7.7M; EBITDA of $11.46M; adjusted earnings of $11.64M; cash provided by operation activities of $8.33M; mine operating cash flow before taxes of $11.05M; cash of $57.3M; and a working capital of $50.8M.
Endeavour Silver Corp., announced Q3, 2025 consolidated production and financial results, including its Guanacevi and Bolañitos mines in Durango and Guanajuato respectively (all currency is expressed in US dollars). At Guanacevi, Durango, the company processed 99,340 tonnes to produce 1.02M Oz Ag at cash cost of $22.98 per Oz Ag and an AISC of $31.09 per Oz Ag. The company sold 1.28M Oz AgEq. At Bolañitos, Guanajuato, it processed 105,153 tonnes to produce 137K Oz Ag at cash cost of $(11.47) per Oz Ag and AISC of $27.22 per Oz Ag. The company sold 471.2K Oz AgEq.

ON FINANCING

Colibri Resource Corporation closed a first tranche of its previously announced non-brokered private placement of 9,004,816 units at a price of CAD $0.15 per unit for gross proceeds of CAD $1,350,722. A second tranche was closed through the sale of 939,867 units at a price of CADS $0.15 per unit for gross proceeds of CAD $140,980. Combined with tranche 1 the company has raised gross proceeds of CAD $1,491,702. Net proceeds will be used to advance exploration at Colibri´s flagship Mexican gold projects, including Pilar and EP projects in Sonora as well as for general working capital.
Kingsmen Resources Ltd., announced a non-brokered private placement of up to 2,225,000 units at a price of CAD $1.35 per unit for gross proceeds of up to CAD $3,003,750. The company plans to use the gross proceeds to advance its Las Colorada project in Chihuahua and for working capital.
Silver Storm Mining ltd., declared that it has fully drawn USD $7.0M under the previously announced Prepaid Offtake Financing Facility with Samsung C&T Hongkong Ltd. and QSSC, S.A. de C.V. Silver Storm will use the proceeds for rehabilitation and preparation at its la Parrilla mine in Durango, including mill rehabilitation and upgrading, underground development, and for general corporate and working capital purposes.
Oroco Resource Corp., closed a first tranche of its non-brokered private placement announced on September 24, 2025 through the sale of 7,654,995 units at a price of USD $0.2 per unit for gross proceeds of USD $1,530,999. Net proceeds will be used to advance the Santo Tomas project in Sinaloa toward its plan Pre-Feasibility study, and for general corporate purposes.

ON RESOURCES AND DEVELOPMENT

Goldgroup Mining Inc., filed an updated NI43-101 technical report on its Cerro Prieto gold mine in Sonora. The technical report provides independent assessment of the Mineral Resources Estimates at a cut-off grade of 0.2 g/t Au of the Esperanzas Deposit within the Cerro Prieto mine, which includes the La Esperanza and Nueva Esperanza contiguous zones. Measured and indicated resources as of April 4, 2025 are 3.13M tonnes of 0.37 g/t Au for a total of 37.21K Oz Au, while inferred resources are 131.5K tonnes of 0.36 for a total of 1,504 Oz Au.
Silver Tiger Metals Inc., announced the receipt of all required approvals and permits from the Mexican Federal Environmental Department (SEMARNAT) to construct the El Tigre Stockwork Silver-Gold project in Sonora. Now, the company is ready to advance the project toward construction.
Heliostar Metals Ltd., released a Preliminary Economic Assessment (PEA) for its Ana Paula underground gold project in Guerrero (all amounts are expressed in US dollars). The PEA for Ana Paula outlines a nine-year underground gold mine with an expectation to produce approximately 875K Oz Au over nine years, averaging about 101K Oz Au per year. The project demonstrates strong economics, with a base case post-tax NPV of $426M, and IRR of 28%, and a payback period of about 2.9 years at a gold price of $2,400/Oz. Upside case is $1B and IRR over 50% with quicker payback if gold hits $3,800/Oz. Heliostar is boosting some of the lowest AIUSC (around $1,011/Oz), ranking in the bottom 13% globally. Initial capital costs are estimated at $300M. Heliostar plans to fast-track development, including accelerating completion of the underground decline, ongoing exploration drilling, engineering, permit amendments, and feasibility study, with plans to bring Ana Paula into production in 2028.

ON DEALS AND CORPORATE ISSUES

Osisko Development Corp., announced the appointment of Scott Smith as Vice President, Exploration, effective November 1, 2025 (San Antonio Gold project, Sonora).
Mithril Silver and Gold Limited reported voting results of its annual general meeting of shareholders (Copalquin project, Durango).
Elemental Altus Royalties Corp., announced that shareholders have overwhelmingly approved all resolutions at its special meeting (Royalty on Mercedes mine, Sonora).
Aura Minerals Inc., declared dividend of USD $0.48 per common share and USD $0.16 per Brazilian Depositary Receipts based on Q3, 2025 results. The dividend will be paid to shareholders on November 21, 2025 (Aranzazu mine, Zacatecas).
Orogen Royalties Inc., granted 2,000,000 incentive stock options to directors, officers, employees, and consultants. The stock options have a life of five years, an exercise price of CAD $2.2, and will be vest over three years (Ermitaño mine, Sonora).
Torex Gold Resources Inc., announced its initial return of capital program, which includes a quarterly dividend of CAD $0.15 per share and have repurchased CAD $7.2M in shares through its normal course issuer bid. The company is prioritizing returning value to shareholders while maintaining investments in growth projects across Mexico and Nevada (El Limon Guajes and Media Luna properties, Guerrero).
Almadex Minerals Ltd., provided an overview of its diversified portfolio of royalties on precious and base metal projects throughout North America. Almadex’s Mexican properties include several royalties across different states, notably in Chihuahua, Veracruz, Oaxaca, and Sinaloa. These assets primarily consist of NSR royalties ranging from 1.5% to 2.0%, covering a mix of gold-silver, copper-gold, and epithermal systems. Royalty interests in Mexico include La Bufa in Chihuahua (2% NSR / operator: Endeavour Silver Corp), which covers gold-silver mineralization in a prolific silver belt; Caballo Blanco in Veracruz (1.5% NSR operator: Candelaria Mining), a near surface oxide gold-silver deposit with significant exploration potential; El Cobre in Veracruz (1.75% NSR operator: Azucar Minerals Ltd), a large copper-gold porphyry alteration system with multiple mineralized centers; Cerro Colorado in Oaxaca (2% NSR operator: Gold Resource Corp), a near surface oxide gold-silver project close to existing operations; El Encuentro in Sinaloa (2% NSR operator: Mc Ewing Mining Inc), located in a productive gold-silver belt, offering potential for resource expansion; El Fuego in Oaxaca(2% NSR operator: Gold Resource Corp), similar structural setting as other deposits, indicating future development prospects; and Los Venados in Sonora (2% NSR operator: Alamos Mining Inc), prospective for epithermal and porphyry mineralization, acquired recently, and located near operating mines. Overall, these properties give Almadex exposure to a diverse range of mineral systems and districts in Mexico, with several in significant, potentially high-growth areas for precious and base metals.
Silver Viper Minerals Corp., entered into two independent agreements to support ongoing digital marketing and trading-liquidity efforts. Nordcore Media LLC will provide digital advertising and online marketing services will receive only cash, while Red Cloud Securities Inc., will use its best efforts to maintain reasonable trading liquidity in Silver Viper´s common shares on the TSX will receive a fixed monthly cash fee (La Virginia project, Sonora).
Mammoth Resources Corp., announced the appointment of three new directors: Jose Antonio Berlanga Balderas, Jose Antonio Berlanga Lopez, and Edgardo Espinoza Velasco, and a new CEO, Paul Rozek, to strengthen its leadership team. Mammoth also granted incentive stock options to directors, officers, and contractors to boost ongoing development efforts at its Tenoriba gold-silver project in Chihuahua and other nearby metal production plans.
Royalties Inc., reported that it won a major court battle in the Civil Chamber of the Superior Tribunal of Justice of Zacatecas against Capstone, confirming their rights to royalties from a mining contract dating back to 2002. The appellate court in Zacatecas, Mexico upheld the initial ruling that said Capstone and others improperly sold royalties without proper authorization, and now they have to pay legal costs too. The case is officially closed, and the company expects Capstone to cooperate in sorting out the payments owed.
Apollo Silver Corp., announced that the US Department of Interior added silver to the 2025 list of critical minerals. This is the first time that silver is recognized as having growing importance to US economic and national security.
Inomin Mines Inc., granted 830,000 stock options to directors and two advisers of the company. The options are exercisable until November 7, 2030, at a price of CADS $0.09 per common share and vest immediately.
Silver Viper Minerals Corp., entered into a capital market consulting agreement with Insight Capital Partners Inc., to support the company´s capital markets visibility and investor communication efforts. Insight will receive a monthly cash fee of CAD $17,500 plus applicable Harmonized Sales Tax (HST), payable in advance (La Virginia project, Sonora).

ON SOCIAL RESPONSIBILITY

No relevant news.

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

On the picture below, quartz vein hosted in volcanic rocks from an intermediate sulphidation epithermal vein system in Chihuahua, Mexico. Photo taken by Miguel A Heredia.

Heliostar Presents Stronger Economics at the La Colorada Mine in Updated Technical Report

October 17, 2025 / gambusinoprospectormexico / Leave a comment

2025-10-17_heliostar presents stronger economics at the la colorada mine in updated technical report Download

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

July 20, 2025 / gambusinoprospectormexico / Leave a comment

Barite crystals

By Miguel A Heredia

During the 29^thweek of the year (July 13^thto July 20^th 2025), at least 38 press releases were announced by companies working in Mexico, with fifteen disclosing deals and corporate issues, fifteen announcing financing rounds, three reporting resources and developments of their properties, two communicating production results, two informing on exploration results, and one commenting on Mexican issues. ON MEXICO ISSUES, Torex Gold and Minaurum Gold reported the best drilling intercepts in Mexico on the third week of July, 2025. ON EXPLORATION, In Sonora, Minaurum Gold reported drill results from a new vein zone target at the Promontorio Sur within its Alamos project. In Zacatecas and San Luis Potosi, Silver Valley Metals re-initiated exploration at the Mexi-Can Potash-Lithium project. ON MINING, Altius reported Q2, 2025 expected attributable royalty revenue of CAD $12M (Llano de Nogal project, Sonora). Bear Creek reported Q2, 2025 production results from its Mercedes mine in Sonora. ON FINANCING, Vizsla Silver announced that after it completed bought deal offering of 33,334,000 common shares at a price of USD $3 per share, the underwriters have purchased an additional 5,000,100 common shares for gross proceeds of USD $15,000,300 (Panuco project, Sinaloa). Pinnacle arranged a non-brokered private placement for gross proceeds of USD $1.2M (El Potrero project, Durango). Sierra Madre entered into a best offer private placement for gross proceeds of up to USD $10M, which later on it upsized of up to USD $16.5M (La Guitarra mine, Estado de Mexico). Southern Silver announced bought deal LIFE private placement for gross proceeds of CAD $8M, the same that later on it upsized to CAD $13M (Cerro Las Minitas project, Durango). Mammoth upsized its previously announced non-brokered private placement to up to CAD $980K (Tenoriba project, Chihuahua). Roberto Resources announced a non-brokered private placement for gross proceeds of CAD $1M (Claudia project, Durango). Aura Minerals published that it priced and closed its US initial public offering of 8,100,510 common shares at a price of USD $24.25 per share (Aranzazu mine, Zacatecas). Colibri announced that it intends to amend terms of outstanding debentures, warrants, and finder’s options issued in 2023 (Gran Pilar project, Sonora). Capitan Silver generated CAD $6.6M through the accelerated exercise of warrants (Cruz de Plata project, Durango). Garibaldi closed a non-brokered private placement for gross proceeds of CAD $1M (Tonichi project, Sonora). Goldgroup announced a non-brokered private placement for gross proceeds of up to 15,000,000 units at a price of CAD $0.80 per unit for gross proceeds of up to CAD $12M (Pinos project, Zacatecas). Prismo Metals upsized and closed its previously announced private placement for gross proceeds of CAD $575K (Palos Verdes project, Sinaloa). ON RESOURCES AND DEVELOPMENT, Starcore shared an update on its San Juan Nepomuceno or Tortilla project in Queretaro. Orla filed an updated NI 43-101 technical report on Camino Rojo mine in Zacatecas. Torex Gold reported drill results from its EPO deposit within the El Limon Guajes and Media Luna mine complex in Guerrero. ON DEALS AND CORPORATE ISSUES, Apollo Silver entered into an investor relations agreement with Matthews Investments (Cinco de Mayo project, Chihuahua). Vizsla Royalties announced its participation at the Emerging Growth Conference (Panuco project, Sinaloa). US Antimony provided an update on its antimony supply effort for its Madero smelter in Coahuila. GR Silver announced incentive plan grants to eligible persons in accordance with the Omnibus Long-Term Incentive Plan (Plomosas project, Sinaloa). Defiance Silver signed a definitive agreement to acquire all issued and outstanding common shares of Green Earth Metals (San Acacio project, Zacatecas). Almaden announces intention to migrate Canadian stock exchange listing from TSX to TSX Venture Exchange (Ixtaca project, Puebla). Candelaria Mining reported voting results from its annual general meeting of shareholders. Roberto Resources completed the acquisition of the Claudia project in Durango and announced change of its name to Pacific Silver. Pinnacle declared that it has engaged the services of an independent trading group to provide market-making services (Potrero project, Durango). Oroco entered into an option agreement to acquire a 100% interest in the Vainilla mineral concession located in the Choix mining district in Sinaloa. Starcore announced significant corporate developments (San Martin mine, Queretaro). Minera Alamos reported voting results from its annual general meeting of shareholders (Santana mine, Sonora). Almadex announced completion of gold loan repayment by Almaden (El Cobre project, Veracruz). ( ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

Torex Gold Resources Inc., and Minaurum Gold Inc., reported the best drilling intercepts in Mexico on the third week of July, 2025. Details are shown in the table below:

ON EXPLORATION

Silver Valley Metals Corp., re-initiated exploration at the Mexi-Can Potash-Lithium project in Zacatecas and San Luis Potosi. The company will be conducting metallurgical studies on potash extraction, focusing on the extraction of sulphate of potash from surface sediments across all salars within the project area; will undertake auger drilling to assess the depth and extents of sedimentary basins across the project´s salars; will initiate hydrological testing to gain a clear understanding of the geochemical and physical properties of near-surface brines across all salars; and will carry out a geophysical program to map subsurface structures and identify high-potential zones for deeper brine targets.
Minaurum Gold Inc., reported drill results from a new vein zone target at the Promontorio Sur within its Alamos project in Sonora. The 1.5 km-long vein zone is an unmined extension of a 3.5km long Promontorio-Quintera structural-grade vein system trend, with significant historical silver production nearby, which has produced over 70M Oz Ag at Promontorio mine and over 100M Oz Ag at La Quintera mine. Promontorio and Promontorio Sur also indicate a significant skarn/carbonate replacement (CRD) mineralization hosted by limestone in the footwall of the vein zones. The lead-zinc (gold) skarn/CRD event appears to have occurred later than the epithermal silver-copper mineralization and represents a large target. Drilling results are shown in the table below:

ON MINING

Altius Minerals Corporation reported Q2, 2025 expected attributable royalty revenue of CAD $12M (Llano de Nogal project, Sonora).
Bear Creek Mining Corporation reported Q2, 2025 production results from its Mercedes mine in Sonora. The company mined 91.945 tonnes and processed 89,488 tonnes of 2.88 g/t Au with a metallurgical recovery of 96% to produce 7,973 Oz Au and 33,932 Oz Ag.

ON FINANCING

Vizsla Silver Corp., announced that after it completed bought deal offering of 33,334,000 common shares at a price of USD $3 per share, the underwriters have purchased an additional 5,000,100 common shares for gross proceeds of USD $15,000,300. Gross proceeds will be used to advance the exploration and development of the Panuco project in Sinaloa, exploration of the Santa Fe project, which is adjacent to Panuco project, potential future acquisitions, as well as for working capital and general corporate purposes.
Pinnacle Silver and Gold Corp., arranged a non-brokered private placement of up to 20,000,000 units at a price of USD $0.06 per unit for gross proceeds of USD $1.2M. Net proceeds will be used to advance El Potrero project in Durango, and for general working capital.
Sierra Madre Gold and Silver Ltd., entered into a best offer private placement of up to 14,290,000 units at a price of USD $0.70 per unit for gross proceeds of up to USD $10M. Later on, the company upsized the previously announced private placement to up to 23,572,000 units at a price of usd $0.70 for gross proceeds of up to USD $16,500,400 Gross proceeds will be used to expand the capacity of the La Guitarra mine, Estado de Mexico, and for working capital and general corporate purposes.
Southern Silver Exploration Corp., announced bought deal LIFE private placement with a sole underwriter and bookrunner which has agreed to purchase for resale 29,629,630 units at a price of CAD $0.27 for gross proceeds of CAD $8M. Later on, Southern Silver upsized the previously announced bought deal private placement to 48,148,149 units at a price of CAD $0.27 for gross proceeds of CAD $13M. The company plans to use the net proceeds for the advancement of the Cerro Las Minitas project in Durango, as well as for working capital and general corporate purposes.
Mammoth Resources Corp., upsized its previously announced non-brokered private placement of up to 30,000,000 units at an offering price of CAD $0.025 per unit for gross proceeds of up to CAD $750K to up to 39,000,000 units for gross proceeds of up to CAD $980K. Gross proceeds will be used to advance the Tenoriba project in Chihuahua, to evaluate potential project acquisitions and support working capital needs.
Roberto Resources Inc., announced a non-brokered private placement of 2,500,000 units at a price of CAD $0.40 per unit for gross proceeds of CAD $1M. Gross proceeds will be used for general working capital and future payables related to the acquisition of the Claudia project in Durango.
Aura Minerals Inc., published that it priced and closed its US initial public offering of 8,100,510 common shares at a price of USD $24.25 per share. The principal purposes of this offering are to transfer Aura’s principal listing venue to a stock exchange in the US equity market, which the Company believes will increase the liquidity of its common shares, as well as strengthen and diversify its shareholder base through broader access to global capital markets. Aura plans to use the gross proceeds to continue strengthening its business, to provide incremental liquidity and financial flexibility to support the execution of its current strategic growth initiatives, to provide exploration initiatives to expand mineral reserves and resources of its portfolio, and for general corporate purposes (Aranzazu mine, Zacatecas).
Colibri Resource Corporation announced that it intends to amend terms of outstanding debentures, warrants, and finder’s options issued in 2023. The amendments include extending maturity dates for two years and reducing conversion/exercise prices from CAD $0.50 to CAD $0.25, with an alternative option to convert at CAD $0.15. The amendments include an accelerated expiry clause if the company’s stock price exceeds CAD $0.30 for ten consecutive days, and insider holdings are exempt from certain regulatory requirements. These changes aim to strengthen Colibri’s balance sheet and support its Pilar project development in Sonora.
Capitan Silver Corp., generated CAD $6.6M through the accelerated exercise of 13,250,000 warrants, with an exercise price of CAD $0.50 (Cruz de Plata project, Durango).
Garibaldi Resources Corp., closed a non-brokered private placement of 14,401,988 units at a price of CAD $0.07 per unit for gross proceeds of CAD $1M. Gross proceeds will be used for exploration and working capital purposes.
Goldgroup Mining Inc., announced a non-brokered private placement for gross proceeds of up to 15,000,000 units at a price of CAD $0.80 per unit for gross proceeds of up to CAD $12M. Net proceeds will be primarily dedicated to the diligent assessment and strategic pursuit of acquisition opportunities (Pinos project, Zacatecas).
Prismo Metals Inc., upsized and closed its previously announced private placement of 5,000,000 to 11,500,000 units at an issue price of CAD $0.05 per unit for gross proceeds of CAD $575K. Prismo intends to use the gross proceeds for general corporate purposes (Palos Verdes project, Sinaloa).

ON RESOURCES AND DEVELOPMENT

Starcore International Mines Ltd., shared an update on its San Juan Nepomuceno or Tortilla project in Queretaro. The project comprises six mineral claims covering a historical mine with exploration potential. During the due diligence process, Starcore conducted cyanidation tests on samples that averaged 2.15 g/t Au, 968 g/t Ag, 0.01% Cu, 0.4% Pb, and 0.1% Zn, showing gold and silver metallurgical recoveries of 79.85% and 84.75% respectively using the carbon-in-leach (CIL) process, demonstrating effective processing of the mineralized ore. The project with historical mining activity remains open at-depth with substantial lateral extension potential.
Orla Mining Ltd., filed an updated NI 43-101 technical report on Camino Rojo mine in Zacatecas to include the initial Underground Mineral Resource Estimate.
Torex Gold Resources Inc., reported drill results from its EPO deposit within the El Limon Guajes and Media Luna mine complex in Guerrero. “Drilling in the northern area of EPO to date in 2025 has been focused on the northern block of the west-northwest La Avispa fault, which controls a dike swarm of an estimated width of 150 to 200 m that represents a discontinuity between the main EPO mineralized zone to the south and its northern extension within the hanging wall of the fault. The current mineralization footprint in the north extends approximately 500 x 200 m with a west-northwest strike that has a significant vertical continuity ranging between 15 m to over 100 m between the interpreted boundaries of the favourable alteration zone that vertically extends for ~200 m. The lateral continuity of the mineralization is defined by the spacing between the dikes that varies from approximately 5 to 35 m, defining several mineralized blocks. Mineralization remains open to the north following the favourable alteration zone “. Drilling highlight are shown in the table below:

ON DEALS AND CORPORATE ISSUES

Apollo Silver Corp., entered into an investor relations agreement with Matthews Investments to provide Investor Relations services to the company. In consideration, Matthews will receive CAD $7K per month, payable monthly in arrears, for an initial term of three months, with the option for the Company to renew on a quarterly basis thereafter (Cinco de Mayo project, Chihuahua)
Vizsla Royalties Corp., announced its participation at the Emerging Growth Conference on July 16, 2025, a live interactive online event which will give existing shareholders and the investment community the opportunity to interact with the company´s President and CEO (Panuco project, Sinaloa).
US Antimony Corporation (USAC) provided an update on its antimony supply effort for its Madero smelter in Coahuila. Last March, 2024, USAC decided to stop their own mining operations in Mexico due to economic and regulatory challenges but continues to build strategic relationships with other companies seeking access to Mexican antimony deposits. Recently, USAC restarted the Madero Smelter in April 2025, following a substantial increase in antimony prices (over 500%). The company is actively negotiating new supplies and contracts, including a definitive agreement with Bolivian suppliers for initial shipments of approximately 10 tonnes, ramping up to 150 tonnes per month by early 2026. Additionally, USAC is exploring other potential sources in Mexico and attracting foreign interest, particularly from Chinese entities, amid limited new concessions from the Mexican government. USAC owns significant assets, including a flotation facility and the only operating smelter in Mexico, which provide strong negotiating leverage.
GR Silver Mining Ltd., announced incentive plan grants to eligible persons in accordance with the Omnibus Long-Term Incentive Plan. GR Silver granted an aggregate 3,837,205 Performance Share Units (PSU) to certain executive officers of the company (Plomosas project, Sinaloa).
Defiance Silver Corp., signed a definitive agreement to acquire all issued and outstanding common shares of Green Earth Metals Inc (GEMS). GEMS is a privately held company based on British Columbia with a portfolio of three copper-silver projects in Sonora. Defiance issued an aggregate of 4,954,613 common shares to the shareholders of GEMS at a deemed price of CAD $0.255 per Defiance share in exchange for all issued and outstanding GEMS shares, based on an exchange ratio of one Defiance share for every 4.52 GEMS shares, for a total consideration of CAD $1,263,426 (San Acacio project, Zacatecas).
Almaden Minerals Ltd., announces intention to migrate Canadian stock exchange listing from TSX to TSX Venture Exchange. In order to complete this migration, the company has applied to voluntarily delist its shares from the TSX, and has received conditional approval from the TSXV to list its shares as a Tier 2 Mining Issuer. Almaden expects the delisting from the TSX to occur at the close of business on August 12, and the listing on the TSXV to commence at the open of business on August 13, 2025 (Ixtaca project, Puebla).
Candelaria Mining Corp., reported voting results from its annual general meeting of shareholders.
Roberto Resources Inc., completed the acquisition of the Claudia project in Durango, pursuant to the binding letter agreement previously announced on June 30, 2025. Roberto Resources also announced that it changed its name to Pacifica Silver Corp., “to better reflect its overall business strategy to acquire and advance highly prospective precious metals projects in the Americas”. It also plans to change the symbol of its common shares to “PSIL”.
Pinnacle Silver and Gold Corp., declared that it has engaged the services of an independent trading group (ITG) to provide market-making services. Under the agreement, ITG will receive compensation of CAD $5K per month, payable monthly in advance. The agreement is for an initial term of one month and will renew for additional one-month terms unless terminated (Potrero project, Durango).
Oroco Resources Corp., entered into an option agreement through its wholly-owned Mexican subsidiary Minera Xochipala S.A. de C.V., to acquire a 100% interest in the Vainilla mineral concession which surrounds their Santo Tomas Project in Sinaloa by paying an initial USD $75K and 100,000 common shares to Aztec Zinc de Mexico S.A. de C.V., with semi-annual payments of USD $25K and 100,000 common shares thereafter. To exercise the option, Oroco must pay USD $500K and issue 2,000,000 shares. Upon completion, a 1.5% Net Smelter Returns royalty will be granted to third parties, and Xochipala will be responsible for concession duties during the option period. Vainilla covers about 2,974 hectares and hosts multiple mineralized zones, including skarns and breccia pipes, situated along a promising porphyry copper belt. The acquisition enhances Oroco’s control over the region, offering immediate exploration opportunities for copper and related metals, and complements their existing Santo Tomás project both geologically and strategically, supported by local government initiatives.
Starcore International Mines Ltd., announced significant corporate developments. On July 8, 2025, shareholders will receive one share of EU Gold Mining Inc. for every two shares of Starcore upon approval of the spin-out of exploration interests in Côte d’Ivoire. On July 10, 2025, Starcore secured a ten-year lease for San Juan Nepomuceno, a historical silver mine in Queretaro, gaining access to minerals and surrounding claims in a promising area. On July 14, 2025, the company confirmed its use of carbon-in-leach (CIL) processing technology at the San Martin mine in Queretaro, enhancing mineral recovery, aiming to increase shareholders value, as shown by recent metallurgical tests.
Silver Storm Mining Ltd., completed its acquisition of Till Capital through a court-approved plan of arrangement, resulting in Till shareholders receiving 16.36 Silver Storm units, with each unit comprising a common share, a warrant, and a contingent value rights (CVRs) tied to a potential sale of a stake in IG Far East LLC (the CVR contingent event). Silver Storm issued 52,211,558 unit shares, 13,052,890 warrants, and 52,211,558 CVRs to former Till shareholders, resulting in a new total of outstanding shares and warrants for Silver Storm. Following the deal, Silver Storm now holds a significantly expanded share structure, and Till’s previous directors and officers have resigned. This arrangement positions Silver Storm to potentially benefit from future asset sales and operational developments.
Minera Alamos Inc., reported voting results from its annual general meeting of shareholders (Santana mine, Sonora).
Almadex Minerals Ltd., announced completion of gold loan repayment by Almaden Minerals Ltd. The repayment involves the return to Almadex of 397 Oz Au plus the payment of USD $5,194,354 (El Cobre project, Veracruz).

ON SOCIAL RESPONSIBILITY

No relevant news.

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

On the picture below, large barite crystals in an intermediate sulphidation epithermal vein system in a project in Chihuahua, Mexico. Photo taken by Miguel A Heredia.

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

June 1, 2025August 27, 2025 / Gambusino Prospector / Leave a comment

By Jorge Cirett

During the 22nd week of the year (May 26th to June 1st, 2025), companies working in Mexico presented 24 press releases. One company presented exploration plans for its property. Seven companies reported quarterly/yearly operational/financial results. Two companies informed on financing rounds, one on its share repurchase program, one another filed due annual financials and is seeking to reestablish trading, one more company declared a quarterly dividend, another company halted trading and one more provided a bi-weekly status report. One company released drilling results of ongoing drilling at one of its operating properties. One other company is proposing amendments to its restricted share unit plan, two more companies reported AGM’s results, one other is to produce a PEA on its property, two more companies announced appointments to the board and another company informed on its lawsuit regarding royalties from mining concessions, finally, another company announced amendments to the option agreement on its property. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, in Sonora, Aztec Minerals announced drilling at its Cervantes property in 2025. ON MINING, Impact Silver, Bear Creek Mining, Luca Mining, Guanajuato Silver Company, Sailfish Royalty, Santacruz Silver Mining and Royalties Inc. presented operating/financial quarterly/yearly results. ON FINANCING, two companies informed on financing rounds: GR Silver Mining (C$1.84 M) and Silver Storm Mining (C$8 M). Coeur Mining authorized a US$75 M share repurchase program. Canasil Resources filed its 2023 and 2024 annual reports on SEDAR+ and is requesting the revocation of a CTO. Alamos Gold declared a quarterly dividend. Mithril Silver and Gold halted trading on ASX. Centenario Gold provided a bi-weekly default status report. ON RESOURCES AND DEVELOPMENT, First Majestic Silver reported a second significant discovery of vein-hosted mineralization within a year at the Santa Elena property in Sonora. ON DEALS AND CORPORATE ISSUES, Torex Gold Resources is to discuss an amendment to the company’s restricted share unit plan. Avino Silver & Gold Mines and Sandstorm Gold informed on their respective AGM’s. Prime Mining is to produce a PEA for its Los Reyes project in Sinaloa. Guanajuato Silver Company and Alamos Gold made appointments to the board. Royalties Inc. updated on the Capstone royalty’s lawsuit. Sandstorm Gold presented AGM’s results. Silver Spruce Resources amended the option agreement on the Pino de Plata property in Chihuahua. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

No Relevant News.

ON EXPLORATION

Aztec Minerals Corp. announced plans for a two-phase 2025 exploration program at its Cervantes project in Sonora. The program is focused on the California East, California North and the Brasil targets of the 3,649 ha Cu-Au porphyry property. “The primary objectives … are to continue to define the open pit, heap leach gold potential of the porphyry oxide cap at California, test the down dip extensions of the phyllic alteration in the Qfp intrusive for deeper copper-gold porphyry sulfide mineralization underlying the oxide cap, and test for extensions of mineralization”.

ON MINING

Impact Silver Corp. announced its financial and operating results for Q1 2025. During the period revenue of C$10.7 M was obtained, EBITDA reached C$1.0 M and the net loss for the quarter was C$0.1 M. At the quarter-end the company had C$6.6 M in cash and no structural debt. At the Zacualpan property in Estado de Mexico, 35 K tonnes averaging 157 gpt were milled to produce 149.4 K Oz Ag. At the Plomosas mine in Chihuahua, an average of 159 tpd throughput was achieved, in track to reach the targeted design capacity of 200 tpd later in 2025.
Bear Creek Mining Corp. reported interim consolidated financial results for Q1 2025. During the period the company mined 102.9 K tonnes averaging 3.00 gpt Au, processed 105.6 K tonnes averaging 2.56 gpt Au, recovered 95% Au to produce 8,262 Oz Au, 36.5 K Oz Ag at its Mercedes mine in Sonora. Revenue was US$23.7 M, with a loss after taxes of US$13.3 M. Also during the period 2,469 m of mine development were completed. At the end of March the company held cash and cash equivalents totaling US$6.7 M, a net working capital deficiency was US$88.2 M. “material uncertainty remains in relation to the ability of the Company to achieve the operating results and cash flow generation from the Mercedes mine necessary to avoid seeking additional financing, which gives rise to significant doubt about the Company’s ability to continue as a going concern. There can be no assurance that the steps management is taking to improve the Company’s liquidity will be successful”.
Luca Mining Corp. reported Q1 2025 production and financial results. Consolidated production from the Campo Morado mine in Guerrero and the Tahuehueto mine in Durango from 259.5 K tonnes and 246.3 K tonnes milled was 7,677 Oz Au, 350.7 K Oz Ag, 2.4 M Lb Pb, 11.6 M Lb Zn, 2.5 M Lb Cu (or 21,293 Oz AuEq), at cash cost $1,896 Oz AuEq and an AISC of US$2,251 per Oz AuEq. Revenue was US$38.6 M, a net free cashflow of US$11.7 M and an EBITDA of US$7.6 M. Luca’s cash and cash equivalents are currently US$24.6 M, with a debt of US$8.5 M.
Guanajuato Silver Company Ltd. announced financial and production results for Q1 2025. At its El Cubo mines complex, Valenciana mines complex and the San Ignacio mine in Guanajuato, and from the Topia mine in Durango, a consolidated total of 123.6 K tonnes were mined, 128.1 K tonnes milled to produce 380.4 K Oz Ag, 3,347 Oz Au, 699.3 K Lb Pb, 909 K Lb Zn (0r 738 K Oz AgEq). Consolidated cost per Oz AgEq produced was $19.84, $15.90 at El Cubo, $25.90 at Valenciana, $18.09 at Topia, with a consolidated EBITDA of $24.98, $17.82 at El Cubo, $29.13 at Valenciana, $18.40 at San Ignacio and $23.41 at Topia. Revenue was US$21.3 M, with a mine operating income of US$4.8 M, a mine cashflow of US$ 6.3 M, an EBITDA of US$1.1 M and a net loss of US$2.3 M. The working capital is a negative US$17.8 M.
Sailfish Royalty Corp. presented its operating and financial results for the first quarter of 2025. The company had revenues of US$587 K, a gross profit of US$562 K and a net loss of US$75.7 K (Gavilanes, Durango).
Santacruz Silver Mining Ltd. reported its financial and operating results for the year 2024, including figures from its operations in Mexico. At Zimapan, in Hidalgo, 849.8 K tonnes were processed, averaging 82 gpt Ag, 2.46% Zn, 0.75% Pb, 0.29% Cu, recovering 75% Ag, 78% Zn, 85% Pb, 43% Cu, to produce 1.68 M Oz Ag, 16.3 K tonnes Zn, 5.5 K tonnes Pb, 1.1 K tonnes Cu (or 4.35 M Oz AgEq, 23% of Santacruz’ total production). The company produced a total of 18.78 M Oz AgEq in the year, at a cash cost of $21.90 per Oz AgEq, and an AISC of $26.01 per Oz AgEq, obtaining US$283 M in revenues, a gross profit of US$57.2 M, net income of US$164.5 M, an adjusted EBITDA of US$52.6 M. By the end of the period the company had US$35.7 M in cash and cash equivalents and US$46. M in working capital.
Royalties Inc. reported its results for the first quarter of 2025. The company generated dividend and royalty income of US$26.9 K, with US$58.7 K total expenses. Total assets at the end of the period were US$1.34 M, mostly representing investments in the music industry. “As at March 31, 2025, the Company had cash of $141,375 to settle current liabilities of $99,819, excluding a US$2,000,000 contingent liability of a Mexico subsidiary to a defunct company, which the Company is working on to legally cancel” (Bilbao, Zacatecas).

ON FINANCING

Coeur Mining Inc. authorized a US$75 M share repurchase program effective through May 31, 2026 (Palmarejo, Chihuahua).
GR Silver Mining Ltd. closed its non-brokered private placement for gross proceeds of C$1.84 M (Plomosas, Sinaloa).
Canasil Resources Inc. completed the 2023 and 2024 audited financial statements and has filed its 2023 and 2024 annual reports on SEDAR+ on May 28, 2025. “The Company has initiated the steps required towards revocation of the Cease Trade Order (CTO) in order to return to normal trading” (Nora, Durango).
Silver Storm Mining Ltd. increased the size of the previously announced best-efforts private placement from C$6 M to gross proceeds of C$8 M. “The Company intends to use the net proceeds from the Offering to commence rehabilitation work of the La Parrilla processing facility, order long lead items required to restart La Parrilla, fund ongoing operations for the next twelve months, and for general corporate and working capital purposes” (La Parrilla, Durango).
Alamos Gold Inc. declared a quarterly dividend of US$0.025 per common share (Mulatos, Sonora).
Mithril Silver and Gold Ltd. securities will be placed on trading halt on ASX until June 3, 2025, at the request of Mithril, pending the release of an announcement (Copalquin, Durango).
Centenario Gold Corp. provided a bi-Weekly default status report regarding its management cease trade order (MCTO). “The Company anticipates that the Annual Filings will be filed on or before June 30, 2025.” (Eden, Durango).

ON RESOURCES AND DEVELOPMENT

First Majestic Silver Corp. reported a second significant discovery of vein-hosted mineralization within a year at the Santa Elena property in Sonora, and shared additional drilling results from the Navidad discovery. Exploration drilling 900 m south of the Santa Elena processing plant discovered the Santo Niño epithermal quartz-adularia vein, tracing the vein for over one km and 400 m down-dip. “Confirmed mineralization spans more than 600 m along strike and approximately 200 m down dip, and the upside potential is open in multiple directions …. By drilling beneath the masking andesitic cover into the prospective rhyolite horizon, geologists intercepted the Santo Niño vein and delineated zones of high-grade mineralization”. Highlighted true-width intercepts comprise 1.91 m @ 8.38 gpt Au, 248 gpt Ag (including 0.43 m @ 27.50 gpt Au, 641 gpt Ag); 12.34 m @ 1.65 gpt Au, 113 gpt Ag; 1.84 m @ 4.81 gpt Au, 94 gpt Ag in the new Santo Niño vein, and 6.81 m @ 14.77 gpt Au, 642 gpt Ag; 5.89 m @ 11.11 gpt Au, 215 gpt Ag; 2.47 m @ 21.22 gpt Au, 1,093 gpt Ag; 1.19 m @ 29.51 gpt Au, 919 gpt Ag; 1.17 m @ 24.99 gpt Au, 435 gpt Ag in the Winter vein and 1.61 m @ 4.74 gpt Au, 209 gpt Ag; 3.75 m @ 6.06 gpt Au, 103 gpt Ag; 9.05 m @ 3.31 gpt Au, 55 gpt Ag in the Navidad vein. Nine drill rigs remain active in the property.

ON DEALS AND COPRORATE ISSUES

Torex Gold Resources Inc. announced that an amendment to the company’s restricted share unit plan will be included in the matters to be presented to shareholders at the annual and special meeting of shareholders to be held on June 18, 2025 (Morelos Complex, Guerrero).
Avino Silver & Gold Mines Ltd. reported shareholders voted in favor of all matters at its AGM held on May 27, 2025 (Avino and La Preciosa, Durango).
Prime Mining Corp. selected Ausenco Engineering Canada ULC to lead the work for a preliminary economic assessment (PEA) on its Los Reyes project in Sinaloa. Currently Los Reyes has an estimate of 49 M tonnes averaging 0.95 gpt Au, 34.2 gpt Ag, containing 1.49 M Oz Au, 54 M Oz Ag as indicated resources and 17.2 M tonnes averaging 0.97 gpt Au, 39 gpt Ag, containing 0.54 M Oz Au, 21.6 M Oz Ag as inferred resources.
Guanajuato Silver Company Ltd. appointed Mr. Dan Oliver, current director, as lead independent director of the board of directors (El Cubo, Guanajuato).
Royalties Inc. presented an update on the Capstone lawsuit. Since 2020 the company has been in a dispute with Capstone Copper Corp. over the ownership of a 2% NSR on five concessions that are now part of thew Cozamin mine in Zacatecas. In April of 2025 the final arguments were filed with the court in Zacatecas, and a decision is expected to be rendered in June 2025. The company estimates that the claim in dispute represents US$1.5 M in potential cash flow per year plus the amount owed on production from 2019.
Sandstorm Gold Royalties/Sandstorm Gold Ltd. presented the voting results of its AGM (Royalties on Cosala, Sinaloa).
Alamos Gold Inc. released its AGM’s results, and announced the appointment of Alexander Christopher, Chana Martineau, and Richard McCreary to the board of directors (Mulatos, Sonora).
Silver Spruce Resources Inc. amended the option agreement on the Pino de Plata property in Chihuahua. “The revised terms include a USD$10,000 cash payment on signing and a future sales participation right set at 10% (ten percent) for the Option period of three years. The participation right is calculated as a percentage of the gross proceeds from any transaction wherein Silver Spruce Resources sells an interest, either in whole or in part, in the project”. The company intends to complete a 2025 drill program, providing an arrangement for access with the landowner is achieved.

ON SOCIAL RESPONSIBILITY

Pan American Silver Corp. released its 2024 Sustainability report, outlining Pan American’s approach and performance in environmental, social and governance (ESG) matters (La Colorada, Zacatecas).

On the image below: Dike seen through brecciated-silicified dike in Sonora. Picture by Jorge Cirett.

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

May 11, 2025 / gambusinoprospectormexico / Leave a comment

Slickensides related to a shear zone

By Miguel A Heredia

During the 19^thweek of the year (May 5^thto may 11^th 2025), at least 39 press releases were announced by companies working in Mexico, and one news published by the media, with twelve disclosing deals and corporate issues, eleven communicating production results, seven announcing financing rounds, five reporting resources and developments of their properties, three commenting on Mexican issues, and two informing on exploration results. ON MEXICO ISSUES, Vizsla Silver announced that it has resumed all field work activities at its Panuco project in Sinaloa. Carlos Pavón Campos, leader of the Miners’ Union “Frente”, asserted that the USD $55M belongs to the workers, confirmed by a recent ruling against the union led by Napoleón Gómez Urrutia. Fuerte Metals, Tocvan Ventures, Kootenay Silver, and Guanajuato Silver reported the best drilling intercepts in Mexico on the second week of May, 2025. ON EXPLORATION, In Chihuahua, Kingsmen reported the reported the construction of drill pads in preparation for a diamond drilling program, which will involve 14 proposed drill holes at its Las Coloradas project, and Kootenay released latest drill results from its Columba project. Sierra Metals presented Q1, 2025 consolidated financial results (Bolivar mine, Chihuahua). ON MINING, Impact Silver reported full year 2024 production and financial results from Zacualpan and Plomosas mines in Estado de Mexico and Chihuahua respectively. GoGold reported Q1, 2025 production and financial results from its Parral Tailings property in Chihuahua. Sierra Madre announced Q1, 2025 results (La Guitarra mine, Estado de Mexico). Pan American Silver reported Q1, 2025 unaudited operational results (La Colorada mine, Zacatecas-Durango). First Majestic announced Q1, 2025 operating and cost performance results for each of their four producing mines in Mexico. Torex reported Q1, 2025 production and financial results from its Morelos mine complex in Guerrero. Americas Gold and Silver announced Q1, 2025 production results from its Cosala mine in Sinaloa. Equinox reported Q1, 2025 consolidated operating results. United States Antimony presented Q1, 2025 production and financial results (Madero antimony smelter, Coahuila). MAG Silver released Q1, 2025 production and financial results from its Juanicipio mine in Zacatecas. ON FINANCING, Aura declared and approved a payment of a dividend of USD $0.40 per common share (Aranzazu mine, Zacatecas). Discovery Silver filed a final short form base shelf prospectus with Canadian securities regulatory authorities, replacing its previous prospectus from March 2023 (Cordero project, Chihuahua). Capstone increased its revolving credit facility from USD $700M to USD $1 B and extended the maturity to May 2029 (Cozamine mine, Zacatecas). GR Silver announced a non-brokered private placement of up to 12M units for gross proceeds of up to $1.56M (Plomosas project, Sinaloa). Bear Creek announced the issuance of a secured promissory note to Sandstorm Gold for up to USD $6.5M, with monthly draws of up to USD $600K (Mercedes mine, Sonora). Goldgroup closed its previously announced non-brokered private placement for CADS $15M (Cerro Prieto mine, Sonora). ON RESOURCES AND DEVELOPMENT, Fuerte Metals reported results from the most recent five holes drilled at its Cristina project, Chihuahua. Osisko Development declared that San Antonio project in Sonora remains in care and maintenance and the Board of Directors has authorized a strategic review. Endeavour commenced wet commissioning at its Terronera property in Jalisco. Guanajuato Silver provided an exploration update on El Cubo and San Ignacio mines in Guanajuato. ON DEALS AND CORPORATE ISSUES, Apollo announced the appointment of its CEO and President (Cinco de Mayo project, Chihuahua). Newmont notified that its Executive Vice President and Chief Operating officer has been promoted to President and Chief Operating Officer (Peñasquito mine, Zacatecas). Canuc and Macdonald Mines reported a delay in the previously announced transaction whereby Canuc will acquire all the shares of Macdonald Mines (San Javier project, Sonora). Silver Storm entered into a definitive arrangement agreement whereby Silver Storm will acquire 100% of the issued and outstanding shares of Till Capital (La Parrilla mine, Durango). Sierra Metals provided and update regarding Alpayana S.A.C’s increased takeover bid of CAD $1.15 per share, citing extensive conditions and uncertainties attached to the offer that may never be satisfied (Bolivar mine, Chihuahua). Santacruz made the second payment of USD $7.5M to Glencore (Zimapan mine, Hidalgo). Chesapeake announced the resignation of one of its Directors (Metates project, Durango). Riverside and Questcorp Mining executed a definitive option agreement for La Union project in Sonora. Osisko Development reported voting results of its annual general meeting of shareholders (San Antonio project, Sonora). Canuc acquired all of the issued and outstanding shares of Macdonald Mines (San Javier project, Sonora). Silver Viper announced an agreement to acquire the Cimarron project in Sinaloa. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

Vizsla Silver Corp., announced that it has resumed all field work activities at its Panuco project in Sinaloa due to improvement of the security conditions in the region. Ongoing programs include test mine development, geotechnical drilling, exploration drilling, mapping and geophysical surveys.
Carlos Pavón Campos, leader of the Miners’ Union “Frente”, asserted that the USD $55M in question belongs to the workers, confirmed by a recent ruling against the union led by Napoleón Gómez Urrutia. Pavón who worked with Napoleón Gómez Urrutia point out that the judicial process has removed Grupo Mexico and Scotiabank from the trust, leaving the responsibility solely with the union. He highlighted that the ruling mandates the union to cover any payment discrepancies for workers who received between MXP $60-80K. He also mentioned that the three emblematic strikes, which have lasted almost 18 years, are no longer effective. In Cananea, workers have returned to work and many have already been paid. In San Martín, Zacatecas, most have also returned to work, and in Taxco, Guerrero, the company had requested the termination of the collective bargaining agreement due to the lack of mineral reserves. Pavón emphasizes that the workers still waiting to return are in a precarious situation, as the mine has no reserves and many of the original workers have aged or passed away.
Fuerte Metals Corporation, Tocvan Ventures Corp., Kootenay Silver Inc., and Guanajuato Silver Company Ltd., reported the best drilling intercepts in Mexico on the second week of May 2025. Details are shown in the table below:

ON EXPLORATION

Kingsmen Resources Ltd., reported the construction of drill pads in preparation for a diamond drilling program at Las Coloradas project, Chihuahua, which will involve 14 proposed drill holes targeting the Soledad and Soledad II structures. The drilling is expected to commence in May and continue through July 2025.
Kootenay Silver Inc., released latest drill results from its Columba project. Drilling highlights are shown in the table below:

Compilation and validation of the completed database is underway in advance of work toward calculation of a maiden resource expected to primarily include F, D and B-Vein.

ON MINING

Impact Silver Corp., reported full year 2024 production and financial results from Zacualpan and Plomosas mines in Estado de Mexico and Chihuahua respectively. At Zacualpan, Estado de Mexico, the company processed 136,280 tonnes of 161 g/t Ag to produce 595.3K Oz Ag and 135 Oz Au. Impact reported a total of 592.8 Oz Ag sold in 2024. At Plomosas mine, Chihuahua, the company mined 39,169 tonnes and processed 13,633 tonnes of 12.2% Zn, 7.3% Pb, and 47 g/t Ag to sell 6.1M Lb Zn, 1.3M Lb Pb, and 35K Oz Ag. Impact reported revenue of $31.9M and at the end of the year, the company had $7.1M in cash, $9.0M in working capital and no long-term debt.
GoGold Resources Inc., reported Q1, 2025 production and financial results from its Parral Tailings mine in Chihuahua (all currency reported in US dollars). The company announced 377,516 tonnes stacked to produce 210.3K Oz Ag, 3,279 Oz Au, 347.2K Lb Cu, and 358.4K Lb Zn (555.5K Oz AgEq) at cash and AISC of $17.85 and $22.98 respectively. GoGold also reported revenue of $17.6M at an average realized price of $31.7 per Oz AgEq; cost of sales including depreciation of $11.1M; operating income of $3.8M; net income of $3.4M; cash flow from operations of $5.1M; and cash as of march 31, 2025 of $78.3M.
Sierra Madre Gold and Silver Ltd., announced Q1, 2025 results from la Guitarra mine in Estado de Mexico (all amounts are expressed in US dollars). The company milled 39,167 tonnes to produce 70.2K Oz Ag and 1K Oz Au (165K Oz AgEq). Sierra Madre also reported revenue of $4.8M; gross profit of $1.2M; cash generated from operations of $535K; and cash including current assets of $4.3M.
Sierra Metals Inc., presented Q1, 2025 consolidated financial results (all amounts are expressed in US dollars). The company reported for its Bolivar mine in Chihuahua, cost of sales of $22.8M; a total cash cost of $17.3M; cash cost per tonne processed of $40.94; and cash and AISC of $2.51 and $3.16 per Lb CuEq respectively.
Pan American Silver Corp., reported Q1, 2025 unaudited operational results for its La Colorada mine in Zacatecas-Durango and Dolores mine in Chihuahua. At La Colorada mine, the company produced 1.39M Oz Ag and 1.2K Oz Au at AISC of USD $19.72 per Oz Ag produced. At Dolores mine, Pan American produced 349K Oz Ag and 14K Oz Au at AISC of $569 per Oz Au.
First Majestic Silver Corp., announced Q1, 2025 operating and cost performance results for each of their four producing mines in Mexico (all amounts are expressed in US dollars). Figures are shown in the table below:

The company also presented consolidated financial results reporting revenue of $243.9M; mine operating earnings of $63.8M; cash flow from operations $110M; free cash flow of $43.5M; EBITDA of $98.8M; net earnings of 6.2M; cash and AISC of $13.68 and $19.24 respectively per Oz AgEq; working capital of $404.8M; and cash and restricted cash balance of $462.6M.

Torex Gold Resources Inc., reported Q1, 2025 production and financial results from its Morelos mine complex in Guerrero (all amounts are expressed in US dollars). The company produced 558.3K Oz Au (59.6K Oz AuEq) and sold 60.6K Oz AuEq at a realized price of $2,793 per Oz. Torex reported revenue of $170M; AISC of $1,405 per Oz AuEq; cost of sales of $94.1M; net income of $39M; adjusted net earnings of $91.8M; EBITDA of $88.1M; and adjusted EBITDA of $91.8M.
Americas Gold and Silver Corporation announced Q1, 2025 production results from its Cosala mine in Sinaloa (all amounts are expressed in US dollars). The company produced 132K Oz Ag, 6,7M Lb Zn and 1.6M Lb Pb at cash and AISC of $17.86 and $27.29 respectively per Oz Ag produced. The company reported revenue of 2.3M and a cost of sales of $11M.
Equinox Gold Corp., reported Q1, 2025 consolidated operating results. The company produced 145.3K Oz Au and sold 147.9K Oz Au at an average realized price of USD $2,858 per Oz Au. “Accordingly, the company announced on April 1, 2025 that operations at Los Filos mine in Guerrero are suspended indefinitely. The company has not included any production from Los Filos in its 2025 Guidance. Layoffs at Los Filos have been proceeding; however, the company will retain the staff required to maintain its environmental obligations and secure the company-owned infrastructure at the mine site. Commencing April 1, 2025, Los Filos is being reported as a development project.
United Sates Antimony Corporation presented Q1, 2025 production and financial results (all amounts are expressed in US dollars). The company reported revenue of $7M, gross profit of $2.4M; operating expenses of $2M; antimony sales of $5.9M; and cash position of $18.7M (Madero antimony smelter, Coahuila).
MAG Silver Corp., released Q1, 2025 production and financial results on a 100% basis from its Juanicipio mine in Zacatecas (all amounts are expressed in US dollars). MAG Silver holds 44% and Fresnillo plc 56%. The company mined 347,467 tonnes and processed 337,017 with average grades of 430 g/t Ag, 1.24 g/t Au, 1.6% Pb, and 2.9% Zn (660 g/t AgEq) to produce 3.98M Oz Ag, 8.72K Oz Au, 9.52M Lb Pb, and 12.1M Lb Zn (5.48M Oz AgEq) at cash and AISC of $8.50 and $10.64 respectively per Oz Ag sold. MAG also reported cost of sales of $175.2M; gross profit of $121M; net income before taxes of $115.2M; net income of $76.9M; operating cash flow of $86.4M; and free cash flow of $77.4M. As at March 31, 2025, Juanicipio had working capital of $178.8M, including cash of $130.6M.

ON FINANCING

Aura Minerals Inc., declared and approved a payment of a dividend of USD $0.40 per common share based on Q1, 2025 results (Aranzazu mine, Zacatecas).
Discovery Silver Corp., filed a final short form base shelf prospectus with Canadian securities regulatory authorities, replacing its previous prospectus from March 2023. This new prospectus allows the company to offer up to CAD $500M in various securities over a 25-month period, providing financial flexibility for future business developments. The company, which focuses on precious metals, has significant exposure to silver through its Cordero project in Chihuahua and has recently acquired the Porcupine Complex from Newmont Corporation, enhancing its position as a Canadian gold producer.
Capstone Copper Corporation increased its revolving credit facility from USD $700M to USD $1 B, with a USD $200M accordion, and extended the maturity to May 2029. The company plans to refinance some project debt using proceeds from recent senior unsecured notes. This enhances the company’s financial flexibility and simplifies its debt maturity profile (Cozamine mine, Zacatecas).
GR Silver Mining Ltd., announced a non-brokered private placement of up to 12M units at a price of $0.13 per unit for gross proceeds of up to $1.56M. Gross proceeds will be used for exploration targeting resource expansion in the San Marcial Area of the Plomosas project in Sinaloa, and for general working capital.
Bear Creek Mining Corporation announced the issuance of a secured promissory note to Sandstorm Gold Ltd., for up to USD $6.5M, with monthly draws of up to USD $600K. The note bears a 7% interest rate, matures in September 2028, and can potentially be converted into shares. The loan is secured by interests in Bear Creek’s Mercedes mine in Sonora and other assets, with approval from the TSX Venture Exchange pending. The company plans to use revenue from its Mercedes Mine to service the debt.
Goldgroup Mining Inc., closed its previously announced non-brokered private placement of 27,272,727 units at a price of CAD $0.55 per unit for CADS $15M. The company will use the net proceeds for near mine exploration at Cerro Prieto mine in Sonora, mine capital equipment and production improvements, Pinos project PEA update in Zacatecas, debt reduction, ongoing assessment of acquisition opportunities and general corporate working capital purposes.
Silver Storm Mining Ltd., announced that it is advancing its plans to restart the La Parrilla mine in Durango, by securing non-binding proposals for multi-year lead and zinc concentrate off-take agreements and associated prepayment or structured finance facilities ranging from USD $15M to USDS $17M, with a duration of 36-48 months. The company is progressing toward formalizing these agreements, which are essential for providing near-term funding and supporting the mine’s restart operations. The proposals are subject to customary conditions, including due diligence and contractual agreements

ON RESOURCES AND DEVELOPMENT

Fuerte Metals Corporation reported results from the most recent five holes drilled at its Cristina project, Chihuahua. Drilling highlights (true widths reported) include holes ACD-25-266 with 2.3 g/t Au, 22 g/t Ag, 0.02% Zn, 0.01% Pb, and 0% Cu (2.59 g/t AuEq) over 10.5m, including 9 g/t Au, 90 g/t Ag, 0.02% Zn, 0.02% Pb, and 0.01% Cu (10.33 g/t AuEq) over 2.4m, plus 0.8 g/t Au, 9 g/t Ag, 0.3% Zn, 0.1% Pb, and 0.02% Cu (1.07 g/t AuEq) over 18m, including 6.9 g/t Au, 88 g/t Ag, 0.02% Zn, 0.01% Pb, and 0.03% Cu (8.19 g/t AuEq) over 0.9m; and hole ACD-25-269 with 0.4 g/t Au, 6 g/t Ag, 0.3% Zn, 0.1% Pb, and 0.04% Cu (0.71 g/t AuEq) over 95m, including 0.9 g/t Au, 91 g/t Ag, 7.6% Zn, 2% Pb, and 0.4% Cu (7.01 g/t AuEq) over 1.4m, and including 4.6 g/t Au, 12 g/t Ag, 1.3% Zn, 0.4% Pb, and 0.05% Cu (5.55 g/t AuEq) over 2.1m, and including 4.8 g/t Au, 13 g/t Ag, 0.1% Zn, 0.02% Pb, and 0.02% Cu (5.03 g/t AuEq) over 1.1m, and including 4.6 g/t Au, 12 g/t Ag, 1.3% Zn, 0.4% Pb, and 0.05% Cu (5.55 g/t AuEq) over 3.6m. Fuerte has now reported fifty holes totalling 13,754.7 metres of drilling from the current program.
Osisko Development Corp., declared that San Antonio project in Sonora remains in care and maintenance and the Board of Directors has authorized a strategic review. “The approval process for mining permits appears to be gaining traction, specifically for open-pit mining in the country, and the Company intends to re-submit its two permit applications this year”.
Endeavour Silver Corp., commenced wet commissioning at its Terronera project in Jalisco, making a significant milestone toward full-scale production. This phase involves testing plant performance with water and slurry to ensure equipment and systems operate correctly. The company continues to monitor performance closely, with plans to ramp up feed and production rates as the process progresses, reflecting its ongoing commitment to advancing the project efficiently and safely.
Tocvan Ventures Corp., released significant initial results from its reverse circulation drilling program at the Gran Pilar project in Sonora. The latest drilling has identified a high-grade corridor, with drillhole JES-25-114 returning 0.34 g/t Au and 4 g/t Ag over 129.63m, including 1.02 g/t Au and 10 g/t Ag over 41.18m, including 5.43 g/t Au and 39 g/t Ag over 6.1m, including 15.85 g/t Au and 140 g/t Ag over 1.53m, plus 0.84 g/t Au and 14 g/t Ag, plus 0.17 g/t Au and 2 g/t Ag over 6.1m. This discovery is part of the company’s ongoing efforts to expand known mineralization in the area, which is characterized by a geophysical anomaly extending 250 meters vertically. The company is currently focused on a 100% controlled expansion area, with results pending for seven additional drill holes, including follow-ups on previously high-grade intersections.
Guanajuato Silver Company Ltd., provided an exploration update on El Cubo and San Ignacio mines in Guanajuato. At El Cubo, the company is conducting an underground diamond drilling campaign with the goal of confirming lateral and vertical continuity of reported drill results of the San Luis Vein orebody. Drilling highlights (true widths reported) include holes SL-25-02 with 0.07 g/t Au and 7 g/t Ag (13 g/t AgEq) over 0.23m, plus 0.27 g/t Au and 78 g/t Ag (102 g/t AgEq) over 0.24m, plus 0.91 g/t Au and 319 g/t Ag (401 g/t AgEq) over 0.52m; hole SL-25-03A with 0.69 g/t Au and 143 g/t Ag (205 g/t AgEq) over 0.85,including 1.31 g/t Au and 298 g/t Ag (416 g/t AgEq) over 0.32m, plus 0.56 g/t Au and 96 g/t Ag (146 g/t AgEq) over 0.60m, plus 0.69 g/t Au and 315 g/t Ag (377 g/t AgEq) over 0.21m; hole SL-25-04 with 1.27 g/t Au and 248 g/t Ag (362 g/t AgEq) over 0.72m; and hole SL-25-05 with 0.11 g/t Au and 35 g/t Ag (45 g/t AgEq) over 0.30m, plus 0.11 g/t Au and 45 g/t Ag (55 g/t AgEq) over 0.24m, plus 0.87 g/t Au and 496 g/t Ag (574 g/t AgEq) over 0.08m. For 2025, Guanajuato Silver plans to drill a total of 6,500m in approximately 30 holes, targeting the San Luis Vein and other structures at El Cubo. At San Ignacio, a geophysical study consisting of a combined Induced Polarization (IP) survey and a Controlled-Source-Audio-Frequency MagnetoTellurics (CSAMT) survey has been completed by Zonge to the west of the Santo Niño mining block, which will aid in further exploration activities, including drilling at this highly prospective area west of the Santo Nino vein mining block, which has demonstrated comparatively high gold content. The company expects to share results from the Zonge geophysical study soon.

ON DEALS AND CORPORATE ISSUES

Apollo Silver Corp., announced the appointment of Ross McElroy as its CEO and President, effectively immediate (Cinco de Mayo project, Chihuahua).
Newmont Corporation notified that its Executive Vice President and Chief Operating officer has been promoted to President and Chief Operating Officer (Peñasquito mine, Zacatecas).
Canuc Resources Corporation and Macdonald Mines Exploration Inc., reported a delay in the previously announced transaction whereby Canuc will acquire all the shares of Macdonald Mines (San Javier project, Sonora).
Silver Storm Mining Ltd., entered into a definitive arrangement agreement whereby Silver Storm will acquire 100% of the issued and outstanding shares of Till Capital Corp. Transaction will provide Silver Storm with approximately CAD $6.2M in additional liquidity to support restarting its La Parrilla property in Durango. The deal has been unanimously approved by both companies’ boards and is expected to close shortly after the shareholder meeting in July 2025. This acquisition also gains Silver Storm a portfolio of mineral investments and royalties, including a significant interest in Silver Predator and various exploration assets and royalties.
Sierra Metals Inc., provided and update regarding Alpayana S.A.C’s increased takeover bid of CAD $1.15 per share, citing extensive conditions and uncertainties attached to the offer that may never be satisfied. After an independent review and strategic analysis, the Sierra Metal´s Board considers the revised offer to be the best available alternative, but remains cautious due to the offer’s conditional nature. Shareholders are encouraged to review upcoming details carefully before the offer deadline on May 12, 2025 (Bolivar mine, Chihuahua).
Santacruz Silver Mining Ltd., made the second payment of USD $7.5M to Glencore to exercise its acceleration option and satisfy the base purchase price related to the Bolivian assets acquisition (Zimapan mine, Hidalgo).
Chesapeake Gold Corp., announced the resignation of one of its Directors, effective immediately, to pursue other opportunities (Metates project, Durango).
Riverside Resources Inc., and Questcorp Mining Inc., executed a definitive option agreement whereby Questcorp will acquire 100% interest in La Union project in Sonora. Questcorp completed a NI 43-101 report and will work to reach the conditions to earn 100% ownership of the property. Riverside will secure up to CAD $5.5M in exploration funding to advance the property.
Osisko Development Corp., reported voting results of its annual general meeting of shareholders (San Antonio project, Sonora).
Canuc Resources Corporation acquired all of the issued and outstanding shares of Macdonald Mines Exploration Ltd., Canuc issued an aggregate of 73,768,343 shares and shareholders of Macdonald Mines received 1.497 Canuc shares for each Macdonald Mines Share aggregate of 1,200,000 BMK warrants (San Javier project, Sonora).
Silver Viper Minerals Corp., announced an agreement to acquire the Cimarron project in Sinaloa, from CSAC Holdings Inc. and its shareholders. This acquisition aligns with Silver Viper’s strategy to expand its portfolio of high-quality gold, silver, and copper assets in Mexico. Silver Viper has agreed to acquire all of the outstanding common shares of CSAC from the vendors in exchange for 9M common shares of Silver Viper. The Cimarron Project is situated in a well-established mining area and has a history of extensive drilling, indicating potential for further exploration and development. Silver Viper plans to focus on three key areas within the project and believes trenching could help identify additional drill targets. The transaction is subject to various conditions, including regulatory approvals and due diligence, with closing expected to occur soon after these conditions are met.

ON SOCIAL RESPONSIBILITY

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On the picture above, slickensides related to a shear zone in a prospect in Sonora, Mexico. Photo taken by Miguel A Heredia.

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