Technical Report NI 43-101

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

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By Jorge Cirett

During the 14th week of the year (March 31st to April 6th, 2025), companies working in Mexico presented 30 press releases. Not a single company informed on early exploration at its property. One company announced the start of commercial production. Six companies informed on financing rounds, one on the granting of options, another on DTC eligibility and one more on an extension for warrant exercising. Two companies informed on the start of drilling campaigns at their advanced projects, one on a new discovery in an advanced project, another on the near completion of construction of a mine, two more released their 2024 MRE’s and the filing of technical reports, and one more on drilling results on its operating mine. A company announced the spin-out of a subsidiary, one more the suspension of mining operations due to the failure to obtain a community’s permit, another informed on the sale of its Mexican subsidiary, one more on its government liaisons, another  advised its shareholders to take no action in a hostile take-over bid, one more optioned a mining property and one more informed on the advance of its property portfolio. ON MEXICO ISSUES, according to the AIMMGM, the federal government gave the greenlight to 27 permits. Vizsla Silver paused exploration at Panuco, in Sinaloa, on security concerns.  ON EXPLORATION, no relevant news. ON MINING, Luca Mining announced commercial production at Tahuehueto, in Durango. ON FINANCING, companies announcing different stages of financing rounds include Canuc Resource (C$2.3 M), Endeavour Silver (US$45 M), Heliostar Metals (C$75 M), Silver Tiger (C$15 M), GoGold Resources (C$86.2 M) and Fortune Bay (C$2.8 M); Royalties Inc. announced its shares are eligible through DTC, Impact Silver proposed to extend the expiry date of warrants, GR Silver granted incentive options. ON RESOURCES AND DEVELOPMENT, Heliostar Metals is to commence a drilling campaign at Ana Paula, in Guerrero. Capitan Mining commenced an RC drilling campaign at Cruz de Plata, in Durango. Vizsla Silver announced the discovery of mineralization six kilometers from the current MRE at Panuco, in Sinaloa; Endeavour Silver informed the Terronera Mine in Jalisco is in the final stages of construction; Aura Minerals reported the 2024 MRE for the Aranzazu Mine in Zacatecas, and filed the report; Gold Resource released high-grade polymetallic underground drilling results from the Don David Mine in Oaxaca. First Majestic released MRE’s on its four operating mines in Mexico.  ON DEALS AND CORPORATE ISSUES, Riverside Resources announced the spin-out Blue Jay Gold obtained the needed final order. Equinox Gold indefinitely suspended operations at Los Filos Mine in Guerrero, for lack of a community permit. Golden Minerals sold its Mexican subsidiary. Oroco Resource informed on meetings with government executives. Sierra Metals advised its shareholders not to take action on a hostile take-over bid. Masivo Silver optioned the Cerro Colorado property in Southern Sonora. Empress Royalty informed on the advance of its portfolio with a new property coming into production. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • According to the AIMMGM (Asociación de Ingenieros de Minas, Metalurgistas y Geólogos), the federal government has given the green light to at least 27 permits on the mining industry. Furthermore, the president of the CAMIMEX (Cámara Minera de México), Pedro Rivero, stated that dialog with the Mexican authorities has been very productive. Camimex works alongside the government on the development of the rulebook that is to guide the application of the Mining Law approved in April 2023. This rulebook is expected to be produced during the second quarter of 2025.
  • Vizsla Silver Corp. announced the pause of field work at its Panuco project in Sinaloa, due to current security conditions in the area.

ON EXPLORATION

  • No Relevant News.

ON MINING

  • Luca Mining Corp. announced commercial production at its Tahuehueto mine in Durango, releasing also its production guidance for 2025 at Tahuehueto and Campo Morado, in Guerrero. At Tahuehueto the processing plant can process 1,000 tpd and is currently producing at 82% capacity. The company presented two production tables for 2025: one with 85,000 – 100,000 Oz AuEq produced metal and another with 65,000 – 80,000 Oz AuEq of payable metal during the year. “The Company anticipates generating between $30 million and $40 million in free cash flow2 before working capital adjustments for the year”.
  • Alamos Gold Inc. plans to release its Q1 2025 financial results on April 30, 2025 (Mulatos, Sonora).

ON FINANCING

  • Canuc Resources Corp. closed the first tranche of its previously announced private placement financing, with gross proceeds of C$2.3 M. “Proceeds will be used for expenses associated with completing the acquisition of MacDonald Mines Exploration Ltd. and for the exploration and development of the Company’s new and existing exploration and development assets” (San Javier, Sonora).
  • Endeavour Silver Corp. upsized its previously announced bought deal of common shares for gross proceeds of US$45 M. The net proceeds of the offering will be used to fund a portion of the cash component of a mining company in Peru (Terronera, Jalisco).
  • GR Silver Mining Ltd. granted 860 K incentive stock options to certain employees and consultants, 400 K incentive stock options to certain executive officers and 154.8 K deferred share units to the company’s non-executive directors for director’s fees relating to Q1 2025 (Plomosas, Sinaloa).
  • GoGold Resources Inc. filed a short form prospectus pursuant to its C$75 M bought deal public offering of common shares (Los Ricos, Jalisco).
  • Royalties Inc. announced that its common shares are now eligible for electronic clearing and settlement in the United States through the Depository Trust Company (DTC). “DTC eligibility streamlines the trading process, making it more efficient for investors and brokers” (Royalties on Bilbao, Zacatecas).
  • Silver Tiger Metals Inc. filed a final short form prospectus with the securities commissions in each of the provinces of Canada, except Quebec, in connection with its bought deal public offering of common shares intended to raise up to C$15 M. If an over-allotment option is exercised in full, the aggregate gross proceeds would rise to C$17.2 M (El Tigre, Sonora).
  • GoGold Resources Inc. closed the previously announced bought deal offering, for aggregate gross proceeds of C$86.2 M (Los Ricos South, Jalisco).
  • Impact Silver Corp. proposed the extension by 18 months of 33.4 M warrants expiring in 2025. Such an extension is subject receipt of TSX Venture Exchange approval (Plomosas, Chihuahua).
  • Fortune Bay Corp. intends to complete a non-brokered private placement for aggregate gross proceeds of up to C$2.8 M (Ixhuatan, Chiapas).

ON RESOURCES AND DEVELOPMENT

  • Heliostar Metals Ltd. is to mobilize two drill rigs in April to commence a 15,000 m drilling campaign at Ana Paula, in Guerrero. The drill program will focus on infill drilling, testing the extent of satellite zones and test exploration targets north of the Parallel Panel.
  • Capitan Silver Corp. commenced drilling at its Cruz de Plata project in Durango. The initial 10,000 m of reverse circulation (RC) drilling is to focus on definition and step out drilling at Jesus Maria and its extension into the recently acquired Fresnillo claim, step out drilling along the Gully Fault zone to the northeast and drill targets on parallel mineralized structures to the north of Jesus Maria. “In total there are 8 silver mineralized structures that have been identified at Cruz de Plata for a cumulative strike of 7km”.
  • Vizsla Silver Corp. announced the discovery of high-grade mineralization on the Animas vein system, six km to the northeast of the Copala resource area, within its 7,190 ha Panuco project in Sinaloa. Highlighted true width high-grade intervals within a broader mineralization envelope below historic mine workings comprise 5.85 m @ 4.26 gpt Au, 653 gpt Ag (including 1.31 m @ 4.00 gpt Au, 1,190 gpt Ag and 1.13 m @ 14.10 gpt Au, 1,398 gpt Ag); 2.60 m @ 2.00 gpt Au, 457 gpt Ag, 0.1% Pb, 0.2% Zn (including 1.09 m @ 3.42 gpt Au, 814 gpt Ag, 0.1% Pb, 0.2% Zn).
  • Endeavour Silver Corp. informed its Terronera Mine in Jalisco is in the final construction stages. Highlights include advances in the commissioning of the upper platform process plant, testing of the crushing, grinding, flotation and tailing thickening circuit (producing 2 tonnes of concentrate), concentrate filter pre-commissioning, tailing filter mechanical assembly completed, tailing storage facility nearly complete, the first production stope has been mined and backfilled and surface run-of-mine and crushed stockpiles reached 40 K tonnes.
  • Aura Minerals Inc. reported updated mineral reserves and mineral resources for its four operating mines, including the Aranzazu mine in Zacatecas. “Infill and deep drilling campaigns from 2018 to 2024 in the Glory Hole (GH) zone have been successful in extending known mineralization…. Drilling campaigns in 2024 confirmed the extension of skarn mineralization in the Esperanza zone, with promising copper and gold grades”. Proven and probable reserves comprise 11.5 M tonnes averaging 0.64 gpt Au, 1.04% Cu, 17 gpt Ag, containing 237 K Oz Au, 264.1 M Lb Cu, 6.1 M Oz Ag. Measured and indicated resources comprise 20.1 M tonnes averaging 0.76 gpt Au, 1.18% Cu, 19 gpt Ag, containing 493,885 Oz Au, 521.9 M Lb Cu, 12.3 M Oz Ag. Inferred resources comprise 5.6 M tonnes averaging 0.44 gpt Au, 0.82% Cu, 14 gpt Ag, containing 78,808 Oz Au, 101.9 M Lb Cu, 2.5 M Oz Ag.
  • Gold Resource Corp. released a summary of the 2024 exploration drill results from its Don David Mine in Oaxaca. The program focused on underground infill and expansion drilling within the Three Sisters and Gloria vein systems as well as in veins of the North Arista system. Highlighted true-with results comprise 4.70 m @ 14.13 gpt Au, 125 gpt Ag, 0.32% Cu, 2.8% Pb, 7.1% Zn; 12.30 m @ 3.97 gpt Au, 71 gpt Ag, 0.29% Cu, 2.3% Pb, 4.2% Zn; 8.03 m @ 0.60 gpt Au, 40 gpt Ag, 0.17% Cu, 2.3% Pb, 4.9% Zn; 3.89 m @ 5.86 gpt Au, 33 gpt Ag, 0.24% Cu, 1.6% Pb, 6.2% Zn; 6.00 m @ 1.36 gpt Au, 372 gpt Ag, 0.60% Cu, 1.1% Pb, 2.6% Zn; 4.48 m @ 2.08 gpt Au, 1,299 gpt Ag, 0.32% Cu, 0.6% Pb, 1.5% Zn; 8.72 m @ 1.69 gpt Au, 298 gpt Ag, 0.24% Cu, 1.0% Pb, 2.1% Zn; 5.53 m @ 0.19 gpt Au, 28 gpt Ag, 0.12% Cu, 0.8% Pb, 5.6% Zn; 5.33 m @ 1.89 gpt Au, 746 gpt Ag, 0.21% Cu, 0.8% Pb, 1.5% Zn.
  • Aura Minerals Inc. filed updated technical reports of its mines, including the one on the Aranzazu Mine in Zacatecas. “In 2024, the Mine produced 77.6 thousand tonnes (kt) of concentrate from 1,229 kt of mill feed with average grades of 1.5% Cu, 0.83 g/t Au, and 22 g/t Ag”.
  • First Majestic Silver Corp. announced the 2024 mineral reserve and mineral resource estimates for its mines, including its Mexican operations. First Majestic is currently mining at Cerro Los Gatos (70% attributable to First Majestic) in Chihuahua, San Dimas in Durango, Santa Elena in Sonora and La Encantada in Coahuila. Total contained metals in Mexico amount to 2.61 M Oz Au, 303.3 M Oz Ag, 74 M Lb Cu, 751 M Lb Pb, 1,430 M Lb Zn (or 633.7 M Oz AgEq). The company also owns the Jerrit Canyon Mine in USA, with 1.9 M Oz Au in measured and indicated resources and 1.9 M Oz Au in inferred resources.

ON DEALS AND CORPORATE ISSUES

  • Alamos Gold Inc. filed its annual information form and 2024 annual report on Form 40-F, including its audited financial statements for 2024 with the SEC on EDGAR as well as on SEDAR+ (Mulatos, Sonora).
  • Riverside Resources Inc. announced that the spin-out of its subsidiary Blue Jay Gold Corp. has been approved by shareholders, with completion expected in late H1. Riverside will continue to focus on its royalty generation and project generator model in the Americas, while Blue Jay is to pursue exploration and development of several projects in Ontario (Cecilia, Sonora).
  • Equinox Gold Corp. has indefinitely suspended operations at its Los Filos mine in Guerrero, following the expiry of its land access agreement with the community of Carrizalillo at the end of March. “EquinoxGold has been engaged in collaborative discussions with the three communities that host the mine since November 2023. Consensus on terms was reached in January 2025, and new long-term agreements were subsequently ratified and signed with the Mezcala and Xochipala communities. To date, Carrizalillo has not signed a new long-term agreement with the Company”.
  • Golden Minerals Co. sold its wholly owned subsidiary, Minera de Cordilleras S. de R.L. de C.V. to a privately held Mexican company for consideration of US$600 Ka (previously held Rodeo, in Durango).
  • Oroco Resource Corp. informed of its meeting with Sinaloa’s governor Ruben Rocha and other senior state government officials. “The Governor recognizes the project’s potential for responsible development, investment, and long-term economic growth, and confirmed the potential contribution of the Santo Tomás Project to the future of the state economy, particularly that of the Municipality of Choix”. This meeting followed prior meetings in Mexico City with the undersecretary of economy Rosendo Gutierrez and Jose Aboitiz, Head of Extractives Activities Coordination Unit and Luz Hiram Olimpia, Director General of Mining Development, aimed to prepare for the incorporation of the Santo Tomas project into the Key Development Projects Registry of the Economy’s Mining Coordination Office (Santo Tomás, Sinaloa).
  • Riverside Resources Inc. informed that the Supreme Court of British Columbia has granted the final order involving the spin-out of its equity interest in its subsidiary Blue JayGold Corp., that is to focus on projects in Ontario (Cecilia, Sonora).
  • Sierra Metals Inc. acknowledged the press release by Alpayana S.A.C. announcing an intention to update its previously announced unsolicited all-cash takeover bid to acquire all of the issued and outstanding common shares of Sierra Metals. The company advises shareholders to TAKE NO ACTION at this time (Bolivar, Chihuahua).
  • Canasil Resources Inc. announced that DeVisser Gray LLP, Vancouver, has agreed to act as the Company’s auditors, replacing the previous auditors Davidson & Company LLP (Nora, Durango).
  • Masivo Silver Corp. completed the signing of an arms-length agreement to acquire the Cerro Colorado project from a private owner and Minera GoldZone S.A. de C.V. and partners. The project is located 11 km north of the Piedras Verdes open pit mine in Sonora. Upon completing the agreement Masivo will grant 300 K shares; pay US$60 K and either 1 M Masivo shares or US$100 K on the first anniversary; pay US$70 K  and either 1.5 M Masivo shares or US$150 K on the second anniversary; pay US$80 K and either 2 M Masivo shares or US$200 K on the third anniversary; pay US$100 K and either 2.5 M shares or US$250 K on the fourth anniversary. GoldZone and partners will retain 1.5% NSR, which Masivo can buy for US$1 M.
  • Empress Royalty Corp. informed on the advance to commercial production of the Tahuehueto mine in Durango by Luca Mining (see above), on which Empress has a 100% silver stream.

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

On the image below: Flow banded felsic dike on a Sonora Desert project. Picture by Jorge Cirett.

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

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By Jorge Cirett

During the 12th week of the year (March 17th to March 23rd, 2025), companies working in Mexico presented 25 press releases. Four companies informed on exploration on three properties, three companies presented quarterly and/or full year 2024 reports and two companies provided updates on their operations. Five companies informed on financing rounds and one more on the granting of options. Two companies informed on the filing of its case against Mexico on an international institution. ON MEXICO ISSUES, Almaden Minerals and Almadex Minerals filed a legal suit against Mexico on the CPTPP for US$1.06 billion. ON EXPLORATION, in Sonora, Tocvan Ventures and Colibri Resource informed on drilling at Gran Pilar/El Pilar. in Durango, Pinnacle Silver and Gold informed on underground sampling at El Potrero; Silver Wolf Exploration updated on work at Ana Maria. ON MINING, Orla Mining, United States Antimony and Orogen Royalties presented Q4 and/or full year 2024 reports. Sierra Metals recommend to its shareholders to reject an unsolicited bid and Starcore International Mines is to process carbonaceous ore at its San Martin plant in Queretaro. ON FINANCING, companies announcing different stages of financing rounds include Pantera Silver (C$9.5 M), Goldgroup Mining (C$7 M), Heliostar Metals ((C$17 M), Capstone Copper (US$500 M), Gogold Resources (C$75 M). VVC Exploration granted incentive options. ON RESOURCES AND DEVELOPMENT, Fuerte Metals reported drilling results from Cristina, in Chihuahua. Mithril Silver and Gold released results from drilling at Copalquin, in Durango. Torex Gold Resources released resource estimates for the different deposits at its Morelos Complex in Guerrero.  ON DEALS AND CORPORATE ISSUES, Inomin Mines has to amend the technical report on La Gitana, in Oaxaca. VVC Exploration, Silver Spruce Resources and Bear Creek Mining announced movements on their boards. Almaden Minerals and Almadex Minerals filed for international arbitration against Mexico under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • Almaden Minerals and Almadex Minerals filed a lawsuit against Mexico under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) for US$1.06 billion.

ON EXPLORATION

  • Pinnacle Silver and Gold Corp. provided results from underground sampling as part of the due diligence work completed before acquiring the El Potrero project in Durango. Sampling of veins containing grey black ginguro bands in the Pinos Cuates mine returned 0.9 m @ 9.32 gpt Au, 254 gpt Ag; 0.8 m @ 8.21 gpt Au, 153 gpt Ag; 1.4 m @ 7.92 gpt Au, 63 gpt Ag; 0.3 m @ 6.71 gpt Au, 113 gpt Ag. “… the historic workings stretching over a 500 metre strike length and the absence of any drilling or other modern exploration implies significant potential for resource development on a strong epithermal vein system”. Work to be realized in the property includes a Lidar survey for topography and structural interpretations, rehabilitation of numerous underground workings followed by its mapping and sampling, as well as surface mapping to trace the vein system.
  • Tocvan Ventures Corp. and partner Colibri Resource Corp. released results from two more holes drilled at its El Pilar (within Gran Pilar) project in Sonora. Highlighted core length intervals comprise 97.35 m @ 0.65 gpt Au, 4 gpt Ag (including 66.0 m @ 0.95 gpt Au, 5 gpt Ag, which includes 36.30 m @ 1.59 gpt Au, 8 gpt Ag, which includes 3.00 m @ 5.75 gpt Au, 6 gpt Ag and 1.20 m @ 15.35 gpt Au, 4 gpt Ag); 122.20 m @ 0.03 gpt Au, 1 gpt Ag (including 9.60 m @ 0.15 gpt Au).  Ten core drillholes totaling 1,167.5 meters were completed earlier this year within the majority owned (51%) Main Zone held in partnership with Colibri. “… the Company is outlining a permitting and operations strategy for a pilot facility at Pilar”.
  • Silver Wolf Exploration Ltd. provided highlights on 2024 work and the outlook for 2025 on its Ana Maria project in Durango. During 2024 2,560 m were drilled in 17 holes, analyzing 1,234 samples, confirming the presence of large chimney-style breccias and CRD-style mineralization. “These results will be integrated into the geological model, more mapping and sampling will be applied to other high potential areas of the property where chimney breccias have been identified on surface. Silver Wolf is looking forward to drill-test new targets”.

ON MINING

  • Sierra Metals Inc. provided a corporate update on operations, including on the Bolivar mine in Chihuahua. The board of directors continues to recommend shareholders reject the hostile take-over bid launched by a subsidiary of Alpayana S.A.C. Further improvements to drive lower costs in 2025 and an expected AISC at around $3.38 per Lb CuEq for Bolivar.
  • Starcore International Mines Ltd. announced the results of the in-plant test of the CIL circuit to treat carbonaceous ore at its San Martin mine and processing plant in Queretaro. The firm Kappes, Cassiday & Associates conducted the in-plant test for one month and processed approx. 2,000 tonnes of carbonaceous ore, grading 2.2 gpt Au, 20.7 gpt Ag, with the plant able to recover over 80% Au, 63 % Ag from these ores (… we plan to follow the test by processing 100 tonnes/day of the carbonaceous ore as part of regular plant production, gradually increasing to 180 tonnes/day within a few months”.
  • Orla Mining Ltd. announced results for Q4 and year 2024. In Q4 2024 the Camino Rojo Oxide mine produced 26,531 Oz Au by mining 50.2 K tpd and stacking 18.5 K tpd averaging 0.94 gpt Au at cash cost $550 and an AISC of $826 per Oz Au. In the year 136,748 Oz Au were produced, for a revenue of US$343.9 M, net income of US$89.0 M and US$152.7 M in free cash flow. By the end of the period the company had US$96.6 M in cash and cash equivalents, with US$8.3 M in debt. Camino Rojo Extension is now named Zone 22, and during the year drilling identified mineralization up to 0.9 km from the current resource, with the system open down plunge and at depth. An initial inferred resource in this zone is planned to be completed in Q2 2025 and integrated into the underground resources of the Camino Rojo sulfide deposit.
  • Orogen Royalties Inc. reported a total revenue of C$9.9 M for year 2024, including 34% increase in Ermitaño royalty revenue of $7.9 M. the company has a royalty on the Ermitaño deposit, being mined by First Majestic as part of its Santa Elena project in Sonora.
  • United States Antimony Corp. reported fiscal and operational results for 2024. Revenues were US$14.9 M, resulting in gross profits of US$6.8 M. The company ended 2024 with US$18.2 M in cash and cash equivalents and US$327 K of debt. “. As we announced late last year, we are firing up our Madero Smelter in Mexico this month with new international antimony material arriving today at a key port in Mexico. Additional raw antimony inventory is on the water being shipped to Mexico. All necessary improvements to furnaces at Madero have been completed on time and below budget. We see this business becoming a key contributor to our financial results in the remaining three quarters of 2025” (Los Jaurez, Queretaro).

ON FINANCING

  • Pantera Silver Corp. announced 4.74 M share purchase warrants were exercised for total proceeds of C$948 K (Nuevo Taxco, Guerrero).
  • Goldgroup Mining Inc. closed the first tranche of a non-brokered private placement for C$7 M in gross proceeds. Mr. Eric Sprott, through 2176423 Ontario Ltd. acquired C$6.75 M in shares. “Following completion of the Private Placement, Mr. Sprott will beneficially own and control 22,500,000 Common Shares and 11,250,000 Warrants representing 12.5% of the outstanding Shares on a non-diluted basis and 17.6% of the outstanding Shares on a partially diluted basis assuming the exercise of such Warrants” (Cerro Prieto, Sonora).
  • VVC Exploration Corp. announced the granting of incentive stock options to directors, officers and consultants to the company (Samalayuca, Chihuahua).
  • Heliostar Metals Ltd. entered into an amended agreement with Cormark Securities Inc. and Velocity Trade Capital Ltd., as co-lead underwriters on behalf of a syndicate of underwriters, to purchase on a bought deal private placement basis 17 M common shares for gross proceeds of C$17 M (Ana Paula, Guerrero).
  • Capstone Copper Corp. launched an offering of US$500 M aggregate principal amount of senior notes due 2033, for latter on the week upsizing the offering to US$600 M aggregate principal amount of 6.750% senior notes due 2033. “The Company intends to apply the gross proceeds from the sale of the Notes to repay project financing debt at its Mantoverde S.A. subsidiary, to pay down debt on the Company’s senior secured revolving credit facility, and for general corporate purposes” (Cozamin, Zacatecas).
  • GoGold Resources Inc. entered into an agreement with a syndicate of underwriters led by BMO Capital Markets under which the underwriters have agreed to buy on bought deal basis C$75 M in common shares of the company (Los Ricos Sur, Jalisco).

ON RESOURCES AND DEVELOPMENT

  • Fuerte Metals Corp. reported results from ten holes of a drilling program at its Cristina project in Chihuahua. A total of 10,314 m in 40 holes have been drilled in the 21,000 m drill program. Highlighted true width intervals comprise 27.0 m @ 0.5 gpt Au, 60 gpt Ag, 0.03% Cu, 0.2% Pb, 0.7% Zn (including 1.9 m @ 1.1 gpt Au, 239 gpt Ag, 0.11% Cu, 0.9% Pb, 2.8% Zn; 22.5 m @ 0.75 gpt Au, 70 gpt Ag, 0.03% Cu, 0.4% Pb, 1.1% Zn (including 2.6 m @ 1.4 gpt Au, 233 gpt Ag, 0.10% Cu, 0.6% Pb, 2.3% Zn). “The forty holes completed to date since 2024 have successfully defined a series of continuous higher grade zones extending over several hundred vertical metres within the main Guadalupe vein, and now within the Los Ingleses and Mexico Libre vein systems”.
  • Mithril Silver and Gold Ltd. released results from six holes on the ongoing drill program at its Copalquin project in Durango. Highlighted core length intercepts comprise 3.35 m @ 26.5 gpt Au, 1,046 gpt Ag; 0.65 m @ 12.1 gpt Au, 292 gpt Ag; 0.50 m @ 3.53 gpt Au, 3 gpt Ag; 5.00 m @ 5.08 gpt Au, 22 gpt Ag (including 1.00 m @ 16.7 gpt Au, 73 gpt Ag); 0.84 m @ 1.78 gpt Au, 36 gpt Ag; 3.62 m @ 9.62 gpt Au, 55 gpt Ag (including 0.72 m @ 45.5 gpt Au, 221 gpt Ag); 0.46 m @ 4.11 gpt Au, 84 gpt Ag; 1.99 m @ 4.29 gpt Au, 73 gpt Ag (including 0.50 m @ 15.4 gpt Au, 214 gpt Ag); 2.75 m @ 1.23 gpt Au, 81 gpt Ag (including 0.50 m @ 5.16 gpt Au, 334 gpt Ag). The holes at La Soledad in the Target 1 resource area intercepted multiple veins with higher grades than the known mineral resource. Drilling on Target 2, El Peru/Las Brujas will commence in April 2025. Mithril program is to complete 35,000 m of drilling during 2025.
  • Torex Gold Resources Inc. reported year-end 2024 mineral reserves and resources for the Morelos Complex, in Guerrero, which includes the producing El Limón Guajes Mine Complex (consisting of the ELG Open Pits and ELG Underground), Media Luna Underground mine, development phase EPO Underground deposit, and surface stockpiles. The company plans to produce at least 450 K Oz Au per year through 2030. As can be seen on the tables below, the Morelos Complex has 45.7 M tonnes @ 5.06 gpt AuEq in measured and indicated resources and 16.5 M tonnes @ 4.22 gpt AuEq in inferred resources, containing 7.43 M Oz AuEq and 2.24 M Oz Au respectively.
  • Inomin Mines Inc. informed that following a technical disclosure review by the British Columbia Securities Commission, the technical report of 2020 on its La Gitana project in Oaxaca does not comply with current NI 43-101 standards, and should not be relied upon, until an amended compliant report is prepared.
  • VVC Exploration Corp. announced the appointment of Mr. Bill Kerrigan as president and chief operating officer. “Mr. Kerrigan will continue to be President of Plateau Helium Corporation. Mr. James A. Culver will remain as CEO of VVC “(Samalayuca, Chihuahua).
  • Silver Spruce Resources Inc. appointed Paul K. Smith and William Fleming to the company’s advisory board (Pino de Plata, Chihuahua).
  • Bear Creek Mining Corp. announced that Andrew Swarthout and Sandra Daycock have retired from the board of directors. “Further to Bear Creek’s news releases on March 4, 2025 and March 11, 2025, Equinox, Sandstorm and the Company continue to advance definitive documentation related to (i) the amending agreements with each of Sandstorm and Equinox to temporarily defer certain interest payments under certain outstanding debt arrangements (the “Debt Amendments”); and (ii) the extension of up to US$6.5 million in additional credit to the Company from Sandstorm” (Mercedes, Sonora).
  • Almaden Minerals Ltd. announced the filing of its memorial submission relating to its international arbitration proceedings under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) with the United Mexican States (Mexico). “Almaden is pursuing this Claim together with Almadex Minerals Ltd)… Prior to the illegal acts of Mexico which resulted in the complete loss of the investment, Almaden held 100% of the Ixtaca precious metals project in Mexico….. while Almadex held a 2.0% NSR royalty on the Project….. The Claimants filed their Request for Arbitration in June, 2024, and the three-person arbitration panel has now been formed…. Based on a valuation by an independent quantum expert, the Claimants are seeking damages of US$1.06 billion, in the aggregate. This number will be further updated as the Claim proceeds, to reflect future movements in precious metal prices, exchange rates, interest rates, and other factors”. For a complete description of the case explained by Almaden, please see the press release at: https://gambusinoprospector.com/wp-content/uploads/2025/03/2025-03-21_almaden-files-memorial-documentation-for-US-1.06-B-damages-claim-against-mexico.pdf .
  • Almadex Minerals Ltd. filed its memorial submission relating to its international arbitration proceedings under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) with the United Mexican States. Almadex is pursuing this Claim together with Almaden Minerals Ltd. in the terms set above.

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

On the image below: Drilling under the scarp on a Sonoran project. Drone picture by Jorge Cirett.

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

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Massive Pyrite

By Miguel A Heredia

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

ON MEXICO ISSUES

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

ON EXPLORATION

  • No relevant news.

ON MINING

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

ON FINANCING

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

ON RESOURCES AND DEVELOPMENT

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

ON DEALS AND CORPORATE ISSUES

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

ON SOCIAL RESPONSIBILITY

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

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

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

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

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By Jorge Cirett

During the 10th week of the year (March 3rd to March 9th, 2025), companies working in Mexico presented 25 press releases. One company informed on exploration on its property and three companies presented quarterly and/or full year 2024 reports. Two companies informed on financing rounds, one on re-purchase of shares and one more on its addition to the SP/ASX 200 Index. One company released drilling results, another two expanded on 2025 exploration/drilling plans and two more companies filed technical reports on their properties. PDAC week being PDAC week, six companies announced appointments to the board, one more is installing a review of its financing options, one more notified on its AGM and two more on acquisitions. ON MEXICO ISSUES, for the first time in several years, a more favorable environment for the mining industry in Mexico can be glimpsed from the participation of several government figures on the PDAC 2025 Convention held in Toronto. ON EXPLORATION, in Chihuahua, Kingsmen Resources informed on the geochemistry of surface samples at Las Coloradas. ON MINING, Elemental Altius Royalties, Fortuna Mining and Prime Mining presented Q4 and/or full year 2024 reports. ON FINANCING, Oroco Resource and Canuc Resource informed on financing tranches for C$2.3 M and C$500 K respectively. Pan American Silver can purchase up to 18 M of its shares. Capstone Copper informed of its addition to the SP/ASX 200 Index. ON RESOURCES AND DEVELOPMENT, Mithril Silver and Gold presented drilling results from Copalquin, in Durango. Capitan Silver is planning a 10,000 m RC drilling campaign at Cruz de Plata, Durango. GR Silver Mining is resuming drilling at San Marcial (part of its Plomosas project), in Sinaloa. Gold Resource released a technical report on its Don David mine in Oaxaca. Apollo Silver filed a technical report with historical resources on the Cinco de Mayo project in Chihuahua.  ON DEALS AND CORPORATE ISSUES, Santacruz Silver Mining, Elemental Altus Royalties, Plata Latina Minerals, Luca Mining and Heliostar Metals announced appointments to the board. Bear Creek Mining initiates a strategic review on financial options, Minera Alamos informed on its annual general meeting. Discovery Silver informed on the special meeting of shareholders regarding the acquisition of the Porcupine project in Canada. Masivo Silver signed a non-binding LOI to acquire the Cerro Colorado project in southern Sonora. Goldgroup Mining informed on its agreement to acquire the Pinos project in Zacatecas. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • PDAC 2025 Insights on Mexico. With significant government attendance and a more favorable message there is a cautiously optimistic mood in the Mexican mining industry. Faster permitting times are expected, along with the emission on the first half of the year of the rulebook that is to guide the application of the 2023 mining law. An exploration system in partnership with the government is probably not going to work.

ON EXPLORATION

  • Kingsmen Resources Ltd. reported additional results from the exploration program at its Las Coloradas project in Chihuahua. The company published geochemical maps for different elements of surface rock samples on the La Silvia and La Plata zones, north of the La Soledad structure. The geochemical signatures “are interpreted to indicate different pulses of mineralization and possibly indications of different styles of mineralization along and at depth in the two structures.

ON MINING

  • Elemental Altius Royalties Corp. informed on record preliminary revenue in 2024 from its portfolio of royalties, without figures per property. During 2024 the company had revenue of US$21.6 M, based on the sales of approximately 8,990 Oz AuEq (holds royalties on Mercedes, Sonora).
  • Avino Silver & Gold Mines Ltd. plans to present its Q4 and year end 2024 financial results on March 11th, 2025 (Avino, Durango).
  • Fortuna Mining Corp. reported financial and operating results for Q4 and full year 2024, without disclosing figures by operation. The company produced 455,958 Oz AuEq in the year at consolidated cash cost of $1,640 per Oz AuEq and AISC of $1,772 per Oz AuEq. In the year the attributable net income was US$128.7 M and the attributable adjusted net income US$ 144 M (San Jose, Oaxaca, recently sold).
  • Prime Mining Corp. reported its operating and financial results for 2024. Prime Mining informed on health and safety protocols, community engagement and environmental strategy, exploration highlights, mineral resource increase and drilling activities during 2024. At the end of the period the company had C$19 M in cash.   

ON FINANCING

  • Oroco Resource Corp. announced the closing of a non-brokered private placement raising gross proceeds of C$2.3 M (Santo Tomás, Sinaloa).
  • Masivo Silver Corp. released on February 26, 2025, a press release dated June 10, 2024, announcing the closing of a second and final tranche of a non-brokered private placement raising total gross proceeds of C$1.04 M. A couple of days later, on February 28, 2025, a second press release (see below, on the Deals section) clarified the release (El Colomo, Sinaloa).
  • Pan American Silver Corp. is to renew its normal course issuer bid to purchase up to 18.1 M of its common shares, which represents up to 5% of the issued and outstanding shares of the company (La Colorada, Zacatecas).
  • Capstone Copper Corp. announced that the CHESS Depositary Interests of the company will be added to the Standard & Poors /ASX 200 Index by the S&P Dow Jones (Cozamin, Zacatecas).
  • Canuc Resource Corp. announced terms of a non-brokered private placement financing which is a condition of the arrangement agreement with MacDonald Mines Exploration Inc. on which Canuc is to purchase all outstanding shares of MacDonald Mines Inc. Canuc is required to complete equity financing for a minimum of C$500 K (San Javier, Sonora).

ON RESOURCES AND DEVELOPMENT

  • Mithril Silver and Gold Ltd. announced results from the drilling program aimed at producing a maiden resource on Target 1 at its Copalquin project in Durango. Highlighted core length intervals from four holes comprise 4.95 m @ 20.5 gpt Au, 1,8133 gpt Ag (including 0.55 m @ 110 gpt Au, 7,530 gpt Ag); 0.56 m @ 22.8 gpt Au, 1,425 gpt Ag; 3.77 m @ 1.42 gpt Au, 101 gpt Ag; 4.85 m @ 1.47 gpt Au, 165 gpt Ag; 2.55 m @ 9.97 gpt Au, 572 gpt Ag (including 1.00 m @ 20.7 gpt Au, 1,130 gpt Ag); 0.25 m @ 15.2 gpt Au, 786 gpt Ag; 7.40 m @ 1.59 gpt Au, 65 gpt Ag; 0.50 m @ 13.25 gpt Au, 584 gpt Ag; 1.75 m @ 1.29 gpt Au, 41 gpt Ag. A further six holes were completed in February, results pending.
  • Capitan Silver Corp. informed on the 2025 exploration plans at its Cruz de Plata project in Durango. A 10,000 m reverse circulation program prioritizing definition and step out drilling of high-grade mineralization at the Jesus Maria area, including on the recently acquired claims from Fresnillo plc., step out drilling along the Gully Fault zone to the NE, develop new targets on parallel mineralized structures and the completion of an updated MRE for the Capitan Hill gold deposit, expected to be completed in Q2 2025.
  • GR Silver Mining Ltd. is resuming field exploration and step out drilling targeting potential resource expansion at the San Marcial area of its Plomosas project in Sinaloa. The drill program aims to expand the mineralization footprint up to 350 m NW from the current San Marcial resource area while continuing surface exploration and mapping encouraged by the identification of outcropping silver-carrying hydrothermal breccias.
  • Gold Resource Corp. released the technical report summary for the Don David mine in Oaxaca. The report uses “the mining disclosure standards of Subpart 229.1300 of Regulation S-K Disclosure as required by the United States Securities and Exchange Commission (SEC)”. The report summarizes the results of the 12,760 m in 87 holes drilling campaign that replaced 110% of the mineral reserves held on December 2023, highlighting the importance of the Three Sisters vein system.
  • Apollo Silver Corp. filed a technical report on the Cinco de Mayo property in Chihuahua, in an earn-in option agreement with Mag Silver Corp. The 25,113-ha project (251.1 square km) includes two deposits, located four kilometers apart, with historic mineral resources. The Upper Manto deposit includes 12.4 M tonnes @ 0.24 gpt Au, 132 gpt Ag, 6.5% Zn, 2.9% Pb, containing 96 K Oz Au, 52.7 M Oz Ag, 1.8 M Lb Zn, 0.8 M Lb Pb in inferred resources. The Pozo Seco deposit comprises 29 M tonnes @ 0.147% Mo, 0.25 gpt Au, containing 94 M Lb Mo, 230 K Oz Au in indicated resources and 23.4 M tonnes @ 0.103% Mo, 0.17 gpt Au, containing 53.3 M Lb Mo, 129 K Oz Au.

ON DEALS AND CORPORATE ISSUES

  • Santacruz Silver Mining Ltd. announced the appointment of Mr. Eduardo Torrecillas as chief operating officer (Zimapan, Hidalgo).
  • Elemental Altus Royalties Corp. announced the appointment of Sandeep Singh as an independent non-executive director (Royalty on Mercedes, Sonora).
  • Plata Latina Minerals Corp. appointed Lance Newman and Rod Pace to its board of directors (just sold royalty on Naranjillo, Guanajuato).
  • Luca Mining Corp. announced Mr. Adam Melynk has joined Luca as VP corporate development (Campo Morado, Guerrero).
  • Bear Creek Mining Corp. has initiated a “Strategic Review” on the financial options available to the company, also announcing the engagement of Mr. Christian Milau as a strategic advisor to assist on the Strategic Review. On a different press release, Bear Creek announced the retirement of Mr. Andrew Swarthout and Ms. Sandra Daycock, and the appointment of Peter C. Mitchel and Ian Grundy to the board (Mercedes, Sonora).
  • Heliostar Metals Ltd. announced the commencement of Ms. Vitalina Lyssoun as chief financial officer (Ana Paula, Guerrero).
  • Minera Alamos Inc. announced all matters were overwhelmingly voted in favor at its annual and special general meeting (AGM) of shareholders (Santana, Sonora).
  • Masivo Silver Corp. signed a non-binding LOI to acquire the Cerro Colorado Au-Ag-Cu project, 11 km north of the Piedras Verdes mine in Sonora. The transaction on the 2,649 ha project with Minera GoldZone S.A. de C.V. will become binding upon completion of due diligence. Work completed in the property includes mapping, sampling, soil survey and IP geophysics survey programs. “A series of 8 drill holes are being modeled by Mexican Senior Geologist Rafael Gallardo. Masivo will use its $75,000 drill credit with a Mexican Drill company for this drill program”.
  • Discovery Silver Corp. filed its notice of meeting and information circular and related materials in connection with the special meeting of holders of common shares of the company to consider the issuance of common shares relating to the previously announced acquisition of Newmont’s Porcupine Complex in Canada (Cordero, Chihuahua).
  • Goldgroup Mining Inc. entered into an agreement with Candelaria Mining Corp. to acquire the Pinos project in Zacatecas. As part of the agreement Goldgroup is to settle US$2.7 M in a loan facility, make a US$89 K payment within five days of receiving all necessary approvals from the TSXV, make a US$89 k cash payment on the delivery of the Apolo shares to the company or six months after receipt of the TSXV approval, and issue 717 K common shares of the company at $0.40.

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

On the image below: Sheeted dikes on a Sonoran project. Drone picture by Jorge Cirett.

The Mining and Exploration News in Mexico: Highlights on the Fourth Week of February, 2025

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Orogenic Quartz Vein

By Miguel A Heredia

During the 9th week of the year (February 24th to March 02nd 2025), at least 33 press releases were announced by companies working in Mexico, with eleven disclosing deals and corporate issues, ten announcing financing rounds, seven reporting resources and development of their properties, seven announcing financing rounds, six disclosing deals and corporate issues, three informing on exploration results, and one communicating production results, and one commenting on Mexican issues.  ON MEXICO ISSUES, Torex Gold, Tocvan, Prime Mining, Southern Silver, and Minaurum Gold reported the best drilling intercepts in Mexico on the fourth week of February, 2025. ON EXPLORATION, In Sonora, Riverside provided updates on H1, 2025 exploration programs of its Cuarentas, Ariel, and Union projects, and Minaurum reported results from its ongoing drilling program at its Alamos Silver project.  In Sinaloa, Prismo provided an update on its Palos Verdes project.  ON MINING, Heliostar reported Q4, 2024 financial results from their Mexican operations. ON FINANCING, Capitan Mining closed its previously announced private placement for gross proceeds of CAD $5.3M (Cruz de Plata project, Durango). Mexican Gold announced a non-brokered private placement for gross proceeds of CAD $160K (Las Minas project, Veracruz). Mithril confirmed that 7,000,000 ordinary shares will be released from escrow (Copalquin project, Durango).  Oroco upsized its oversubscribed private placement and received $2,303,555.75 in gross proceeds (Santo Tomas project, Sinaloa). Pinnacle closed a non-brokered private placement for gross proceeds of $800K (Potrero project, Durango).  Sailfish declared Q1, 2025 dividend and announced dividend reinvestment plan (Gavilanes project, Durango). Southern Silver closed a non-brokered private placement for gross proceeds of $3,583,680.03 (Cerro Las Minitas, Durango). Alamos Gold declared quarterly dividend (Mulatos mine, Sonora). Aura declared and approved the payment of a dividend respect of its Q4, 2024 financial results (Aranzazu mine, Zacatecas).  Reyna Silver closed a third tranche of its previously announced non-brokered private placement for gross proceeds of CAD $106.5K (Batopilas project, Chihuahua). ON RESOURCES AND DEVELOPMENT, Torex reported drilling results from Media Luna West and Media Luna East in its Morelos Mine Complex in Guerrero. Southern Silver reported results from six core holes totalling 2,395m from its Q4, 2024 “proof of concept” drilling being conducted at its Cerro Las Minitas in Durango. Tocvan released results of 4 RC holes totalling 776.2m drilled at its Pilar project in Sonora. Prime Mining reported generative drilling results of 14 holes completed at its Los Reyes project in Sinaloa. Mammoth Resources announced plans to initiate small-scale gold-silver production at its Tenoriba project in Chihuahua.  Guanajuato Silver completed development to high-grade Santo Niño Vein in san Ignacio mine, Guanajuato. GoGold announced the filing of NI 43-101feasibility study technical report at its Los Ricos South project in Jalisco. ON DEALS AND CORPORATE ISSUES, Equinox Gold and Calibre Mining entered into a definitive arrangement agreement to merge, forming New Equinox Gold (Los Filos mine, Guerrero). Apolo Silver appointed a new member to its Board of Directors (Cinco de Mayo project, Chihuahua). Pinnacle signed a definitive agreement for option to acquire El Potrero project in Durango. Chesapeake announced the appointment of its Chief Metallurgical Officer (Metates project, Durango). Plata Latina declared that a wholly subsidiary of Fresnillo plc has exercised its right to purchase the NSR on the Naranjillo property, Guanajuato. Roberto Resources announced a proposed acquisition of the Claudia Gold and Silver Project in Durango. Canasil announced the appointment of a new member to its Board of Directors and its CFO (Nora project, Durango). Defiance Silver entered into an agreement for six month for investor relations services (San Acacio project, Zacatecas). Masivo Silver signed a letter of intent to acquire Cerro Colorado project in Sonora. Xali Gold entered into a binding letter of intent to option the Sarape project in Sonora. ON SOCIAL RESPONSIBILITY,  no relevant news.

ON MEXICO ISSUES

  • Torex Gold Resources Inc., Tocvan Ventures Corp., Prime Mining Corp., Southern Silver Exploration Corp., and Minaurum Gold Inc., reported the best drilling intercepts in Mexico on the fourth week of February, 2025. Details are shown in the table below:

ON EXPLORATION

  • Riverside Resources Inc., provided updates on H1, 2025 exploration programs of its Cuarentas, Ariel, and Union projects in Sonora, and on additional projects and partnerships. At Cuarentas project, Riverside has identified four priority drill targets using geochemical, geophysical, and mapping techniques. The project is drill-permitted and has a history of high-grade mining. At Ariel project, the company is focused on a large, undrilled porphyry copper system, with surface indicators suggesting deeper copper potential. Recent work includes mapping and geochemical sampling in the area. At Union project, Riverside has identified a high-grade carbonate replacement deposit with potential for a deeper porphyry system. It has been identified as a high-priority target for future exploration campaigns. Other projects in Riverside´s portfolio include the Suaqui Verde project, which is currently under option to Sothern Empire, and the neighboring Suaqui Grande copper project, which Riverside retains 100% ownership of.  “Exploration efforts for H1 2025 continue across multiple projects, with further results expected from Cecilia project and other key targets. Riverside also remains actively engaged in joint venture discussions, welcoming potential partnerships to advance its exploration programs”.
  • Minaurum Gold Inc., reported results from its ongoing drilling program, which have further expanded the Promontorio vein zone and confirmed consistent grade continuity at the Alamos Silver Project, Sonora. Drilling highlights are shown in the table below:
  • Prismo Metals Inc., provided an update on its Palos Verdes project in Sinaloa, where this property involves a collaborative drilling program between Prismo Metals and Vizsla Silver Corp. This is the fourth phase of drilling and was focusing on three main targets to trace the mineralized vein system. The drilling began in September 2024, with two holes completed to test the down-dip extension of previously identified high-grade mineralization. However, the program faced challenges, including slow progress and budget constraints, leading to a curtailment in late November 2024, with assay results still pending.

 ON MINING

  • Heliostar Metals Ltd., reported Q4, 2024 financial results from their Mexican operations (all currency expressed in Canadian dollars). The company produced 5,429 Oz Au from re-leaching of the heap leach piles at la Colorada and San Agustin mines located in Sonora and Durango respectively, with some additional contribution from residual production from the heap leach pads at the Castillo mine in Durango. Heliostar sold 5,145 Oz Au (5,277 Oz AuEq) at cash cost and AISC of $1,755 and $2,089 per Oz AuEq respectively. Cost of sales was $1,849 per Oz AuEq.  The company also reported revenues of $19.5M; mine operating earnings of $9.56M; gain on bargain purchase of $90.4M; exploration expenses of $2.8M; net (loss) earnings of $84.4M or $0.41 per share; cash and cash equivalents as of December 31, 2024 of $7.7M; total assets of $174.7M; and working capital of $51.97M.The company had a debt facility of up to USD $10M but all debt was fully re-paid by February 2025. Heliostar also provided 2025 production and costs guidance. At La Colorada, Sonora, it expects to produce between 17K-23.3K Oz Au and 42.5K-51K Oz Ag (17.5K-23.8K Oz AuEq) at cash and AISC of USD $1,800-$1,950 and USD $1,850-$1975 per Oz AuEq respectively. At San Agustin, Durango, Heliostar expects to produce between 8.5K-11K Oz Au at cash and AISC of USD $1,500-$1,650 and USD $1,700-$1850 per Oz AuEq respectively. At San Agustin re-start, the company expects to produce between 4.5K-5.7K Oz Au and 34K-43K Oz Ag (5K-6.2K Oz AuEq) at cash and AISC of USD $2,350-$2,500 and USD $2,900-$3,035 per Oz AuEq respectively.Heliostaralso reported consolidated figures and expects to produce between 30K-40K Oz Au and 76.5K-94.5 Oz Ag (31K-41K Oz AuEq) at cash and AISC of USD $1,800-$1,950 and USD $1,950-2,100 per Oz AuEq.

ON FINANCING

  • Capitan Silver Corp., Mining closed its previously announced private placement of 13,250,000 units at a price of CAD $0.40 per unit for gross proceeds of CAD $5.3M. Net proceeds will be used to fund exploration activities at its Cruz de Plata project in Durango, additional consolidation opportunities as well as to fund working capital, and general corporate expenses.
  • Mexican Gold Mining Corp., announced a non-brokered private placement for gross proceeds of CAD $160K through the issuance of 4,000,000 units at a price of CAD $0.04 per unit. Net proceeds will be used to fund claim fee payments and continuing operations of Las Minas project in Veracruz, as well as to fund to fund annual OTCQB listing fees, payment of outstanding invoices, and for general working capital.
  • Mithril Silver and Gold Limited confirmed that 7,000,000 ordinary shares will be released from escrow on March 4, 2025 at the conclusion of the four months from issue hold period (Copalquin project, Durango).
  • Oroco Resource Corp., upsized its oversubscribed private placement and received $2,303,555.75 in gross proceeds by the issuance of 9,214,223 units at a price of $ 0.25 per unit. Net proceeds will be used for the advancement of the Santo Tomas project in Sinaloa, as well as working capital, corporate marketing, and other general corporate purposes.
  • Pinnacle Silver and Gold Corp., closed a non-brokered private placement and the associated staged option to acquire up to a 100% interest in the Potrero property in Durango, Mexico, for gross proceeds of $800K through the issuance of 20,000,000 units at a price of $0.06 per unit. Gross proceeds will be used for exploration and development of the Potrero Project, Durango, payment of the back-taxes, and for working capital.
  • Sailfish Royalty Corp., declared Q1, 2025 dividend of USD $0.0125 per share, payable on April 15, 2025. It also introduced a Dividend Reinvestment Plan (DRIP) which allows shareholders to reinvest their dividends into additional shares. Participation in the DRIP is optional and does not affect cash dividend payouts unless shareholders choose to participate. Future dividends will be determined at the discretion of the Board based on the company’s financial situation and other relevant factors (Gavilanes project, Durango).
  • Southern Silver Exploration Corp., closed a non-brokered private placement for gross proceeds of $3,583,680.03 through the issuance of 19,909,335 units at a price of $0.18 per unit. Net proceeds will be used for working capital, the continued advancement and development of the Cerro Las Minitas property, Durango and the compilation of data and exploration of the newly acquired Nazas property, Durango, in preparation for permitting and drill testing of the property later in 2025.
  • Alamos Gold Inc., declared a quarterly dividend of USD $0.025 per common share, payable on March 27, 2025 to shareholders. The company has paid dividends for 15 consecutive years, including returning USD $41M to shareholders in 2024 (Mulatos mine, Sonora)
  • Aura Minerals Inc., declared and approved the payment of a dividend of USD $0.25 per common share (approximately USD $18.3M in total) respect of its Q4, 2024 financial results. The dividend will be paid on March 14, 2025 (Aranzazu mine, Zacatecas).
  • Reyna Silver Corp., closed a third tranche of its previously announced non-brokered private placement of 1,420,000 units at a price of CAD $0.075 per unit for gross proceeds of CAD $106.5K. Gross proceeds of the third tranche will be used for ongoing exploration, maintenance and development of the company´s properties and general working capital and corporate purposes. In aggregate, the company has issued 37,749,899 units for aggregate gross proceeds of CAD $2,831,242.43 to date in the offering, inclusive of the first closing, second closing and third closing.

ON RESOURCES AND DEVELOPMENT

  • Torex Gold Resources Inc., reported drilling results from Media Luna West and Media Luna East in Guerrero. The ongoing drilling program is focused on unlocking additional near-mine opportunities at the Media Luna Cluster in order to further enhance and extend the production profile of the Morelos Complex. Drilling highlights include hole ML24-1043DB collared at Media Luna West, with 3.16 g/t Au, 2 g/t Ag, and 0.04% Cu (3.25 g/t AuEq) over 1.3m, plus 13.36 g/t Au, 2 g/t Ag, and 0.01% Cu (13.4 g/t AuEq) over 28.4m, including 22.66 g/t Au, 3 g/t Ag, and 0.02% Cu (22.73 g/t AuEq) over 13.1m, including 20.2 g/t Au and 1 g/t Ag (20.22 g/t AuEq) over 1m, and including 23.7 g/t Au, 3 g/t Ag, and 0.03% Cu (23.79 g/t AuEq) over 1m; and hole MLE-003 collared at Media Luna East, with 4.89 g/t Au, 49 g/t Ag, and 2.11% Cu (8.92 g/t AuEq) over 60.9m, plus 14.73 g/t Au, 26 g/t Ag, and 2.0% Cu (18.28 g/t AuEq) over 12m, including 28.82 g/t Au, 23 g/t Ag, and 2.3% Cu (32.83 g/t AuEq) over 4.4m, plus 18.84 g/t Au, 158 g/t Ag, and 4.52% Cu (28.12 g/t AuEq) over 18.3m. The advanced exploration drilling program at Media Luna West has defined a mineralized footprint of 600m by 400m with multiple high-grade intercepts, and the initial drill testing at Media Luna East returned strong results, with multiple high-grade intercepts, many with copper grades in excess of 2%.
  • Southern Silver Exploration Corp., reported results from six core holes totalling 2,395m from its Q4, 2024 “proof of concept” drilling being conducted at its Cerro Las Minitas in Durango. “Drilling tested gaps within the current block model, lateral extensions of the mineralization and successfully intersected thick intervals of mineralized skarn in a hole which tested the depth projection of the main mineralized shoot of the South Skarn deposit”. The best drill intercept was encountered in hole 24CLM-198 with 19 g/t Ag, 1 g/t Au, 0.1% Pb, and 0.1% Zn (105 g/t AgEq) over 1.8m, including 51 g/t Ag, 4.1 g/t Au, 0.1% Pb, and 0.2% Zn (393 g/t AgEq) over 0.3m, plus 124 g/t Ag, 5.2 g/t Au, 4% Pb, and 0.4% Zn (682 g/t AgEq) over 0.9m, plus 135 g/t Ag, 1 g/t Au, 0.1% Cu, 0.6% Pb, and 0.3% Zn (267 g/t AgEq) over 0.7m, plus 81 g/t Ag, 0.2 g/t Au, 0.1% Cu, 0.4% Pb, and 3.9% Zn (267 g/t AgEq) over 5.6m, plus 61 g/t Ag, 0.1 g/t Au, 0.6% Cu, and 0.4% Zn (155 g/t AgEq) over 18.5m, including 97 g/t Ag, 0.1 g/t Au, 0.7% Cu, 0.1% Pb, and 0.7% Zn (222 g/t AgEq) over 12.6m, and including 154 g/t Ag, 0.2 g/t Au, 5.6% Cu, and 0.1% Zn (834 g/t AgEq) over 0.6m.
  • Tocvan Ventures Corp., released results of 4 RC holes totalling 776.2m drilled at its Pilar project in Sonora on the 100% controlled expansion area immediately north of known mineralized trends. It was the first ever drill program on this area and the scout drilling intersected anomalous gold and silver. The best drill intercept was encountered in hole JES-24-101 with 0.61 g/t Au and 1 g/t Ag over 106.8m, including 3.06 g/t Au and 2 g/t Ag over 19.8m, including 19.39 g/t Au and 4 g/t Ag over 3.1m.  “Recent soil sampling further north on the trend returned 519 ppb Au, more drilling will be planned on these corridors to further evaluate the full potential of area. Recent surface sampling and mapping has indicated mineralization continues 700 m north and 2,000 m east of this area”.
  • Prime Mining Corp., reported generative drilling results of 14 holes completed at Fresnillo and mariposa targets within its Los Reyes project in Sinaloa. Drilling highlights (true widths reported) include holes 24NB-75 with 1.82 g/t Au and 13 g/t Ag (1.99 g/t AuEq) over 9.6m, including 18.4 g/t Au and 125 g/t Ag (20.02 g/t AuEq) over 0.8m, plus 1.56 g/t Au and 30 g/t Ag (1.95 g/t AuEq) over 0.7m, plus 5.03 g/t Au and 82 g/t Ag (6.09 g/t AuEq) over 0.8m; hole 24NB-71 with 1.12 g/t Au and 2 g/t Ag (1.15 g/t AuEq) over 1.2m, plus 2.52 g/t Au and 24 g/t Ag (2.83 g/t AuEq) over 6.2m, including 5.38 g/t Au and 47 g/t Ag (5.99 g/t AuEq) over 2.8m, plus 5.47 g/t Au and 46 g/t Ag (6.07 g/t AuEq) over 1.1m; hole 24NB-69 with 1.08 g/t Au and 30 g/t Ag (1.46 g/t AuEq) over 9.8m, including 5.35 g/t Au and 109 g/t Ag (6.76 g/t AuEq) over 1.4m, plus 0.49 g/t Au and 16 g/t Ag (0.69 g/t AuEq) over 7.8m, including 1.55 g/t Au and 37 g/t Ag (2.03 g/t AuEq) over 0.9m; and hole 24FRE-29 with 1.14 g/T Au and 8 g/t Ag (1.24 g/t AuEq) over 1.2m, plus 1.17 g/t Au and 22 g/t Ag (1.45 g/t AuEq) over 6.8m, including 1.76 g/t Au and 39 g/t Ag (2.26 g/t AuEq) over 1.9m, including 1.93 g/t Au and 29 g/t Ag (2.31 g/t AuEq) over 1.5m. These results are not included in the October 15, 2024 Mineral Resource Estimate.
  • Mammoth Resources Corp., announced plans to initiate small-scale gold-silver production at its Tenoriba project in Chihuahua. The company is investigating custom milling and heap leaching scenarios. It is exploring opportunities to process mineralized material at a nearby 200-tonne per day flotation mill, which is under construction. The company is working with environmental consultants to investigate permitting pathways for mineral extraction, which could include either custom milling or small-scale heap leaching. Permitting could be approved in six months for heap leaching if the pad is under two hectares and uses non-cyanide dissolution methods. Preliminary tests using cyanide dissolution showed up to 90% gold recoveries. The current high gold prices, nearing USD $3,000 per ounce, have heightened their enthusiasm for these projects, as they could provide cash flow and valuable data to support further exploration efforts targeting a nearly 2M Oz Au resource at Tenoriba.
  • Guanajuato Silver Company Ltd., completed development to high-grade Santo Niño Vein in san Ignacio mine, Guanajuato. The 430 Ramp has reached the Purisima vein where mining activity has been initiated. The advance of the ramp then continued to the west approximately another 10m where the Santo Nino vein was contacted. The Santo Nino vein offers the Company access to an entirely new mining area with comparatively higher gold content.  “Exploration at San Ignacio for 2025 will focus on infill drilling in the Melladito North area, exploring deeper extensions to the Nombre de Dios veins, and evaluating additional veins to the west of Santo Nino, supported by geophysics and geological surface mapping. 
  • GoGold Resources Inc., announced the filing of NI 43-101 feasibility study (FS) technical report at its Los Ricos South project in Jalisco. The FS includes a re-engineered 2,000 tonne per day underground mine plan compared to the Preliminary Economic Assessment (PEA) which was released in September 2023 and incorporates an updated Mineral Resource Estimate (MRE). Highlights of the FS, with a silver price of USD $26.8/Oz, gold price of USD $2,330/Oz, and copper price of USD $4/Lb include (all figures in US dollars): an after-tax net present value (using a discount rate of 5%)  of $355M, with an after-tax IRR of 34%; 15 year mine life producing a total of 80M payable Oz AgEq, consisting of 41M Oz Ag, 424K Oz Au, and 11M Lb Cu; initial capital cost of $227M, including $21M in contingency costs, over an expected two year build, and sustaining capital cost of $100M over the life of mine(LOM); average operating cash cost of $9.91 per Oz AgEq, and all in sustain cost (AISC) of $11.19 per Oz AgEq over the first 5 years of production, with average AISC of $12.32 per Oz AgEq over the underground mine life; average annual production of 7.3M Oz AgEq over first 5 years; successful conversion of Mineral Resources to Proven and Probable Mineral Reserves totalling 10.2M tonnes grading 276 g/t AgEq containing 91M Oz AgEq, including 7.5M underground tonnes grading 326 g/t AgEq; and average underground mining width of 11 metres using bulk mining method of longitudinal sublevel long-hole mining.

ON DEALS AND CORPORATE ISSUES

  • Equinox Gold Corp., and Calibre Mining Corp., entered into a definitive arrangement agreement to merge, forming New Equinox Gold, which will become the second largest gold producer in Canada. Equinox will acquire all the issued and outstanding common shares of Calibre pursuant to a court-approved plan of arrangement. The combined company is expected to produce approximately 950K Oz Au in 2025, not including production from Valentine in Newfoundland & Labrador, Canada or Los Filos in Guerrero, Mexico.  “Calibre shareholders will receive 0.31 Equinox common shares for each Calibre common share held immediately prior to the effective time of the transaction. Upon completion of the transaction, existing Equinox shareholders and former Calibre shareholders will own approximately 65% and 35% of the outstanding common shares of the combined company, respectively, on a fully diluted in-the-money basis. The implied market capitalization of the combined company is estimated at CAD $7.7 B”.
  • Apolo Silver Corp., appointed a new member to its Board of Directors. The company granted an aggregate of 300K incentive stock options to its new Director (Cinco de Mayo project, Chihuahua).
  • Pinnacle Silver and Gold Corp., signed a definitive agreement for option to acquire a 100% interest in the El Potrero project in Durango, spanning 1,074 hectares. Pinnacle plans to explore and develop the property, leveraging its experienced management team and aiming for production in a cost-effective manner. The transaction for acquiring the El Potrero project is structured as a staged earn-in, allowing Pinnacle to progressively acquire a 100% interest in the property through a series of cash payments and share issuances, totaling approximately USD $7.5 million in cash and 3.5M shares. Key terms include an initial payment of USD $50K cash and 500K shares upon signing the definitive agreement (DA); USD $200K in cash and 1M shares  at 8 months from signing; USD $750K cash and 1M shares at a year of signing; USD $1M cash for a 50% interest when the plant is upgraded and all permits are received or 4 years from signing; USD $1.5M cash for an additional 20% interest 1 year after commencing production or 5 years from signing;  USD $3M cash for another 20% totaling 90% interest 2 years after commencing production or 7 years from signing; a contingent bonus of USD $1M cash and 1M shares if a Mineral Resource Estimate of at least 350K Oz Au is established; and a royalty of 2% NSR on the remaining interest held by the vendor after Pinnacle completes the acquisition. Pinnacle will also pay back taxes estimated at USD $183K for the property through a payment plan with Mexican authorities.
  • Prismo Metals Inc., has previously announced a notice of termination of Los Pavitos project option agreement with Minera Cascabel, as the company is currently unable to support the project due to market conditions and ongoing funding requirements. This decision reflects a strategic move to focus resources on more promising projects.
  • Chesapeake Gold Corp., announced the appointment of its Chief Metallurgical Officer, effective February 26, 2025 (Metates project, Durango).
  • Plata Latina Minerals Corporation declared that a wholly subsidiary of Fresnillo plc has exercised its right to purchase the 3% NSR on the Naranjillo property, Guanajuato, for a total of USD $6M. The transaction is expected to close before the end of March, 2025.
  • Roberto Resources announced a proposed acquisition of the Claudia Gold and Silver Project in Durango, Mexico, which covers an 11,876-hectare area with known high-grade gold and silver mineralization. Previous drilling campaigns identified multiple mineralized zones and indicated the potential for significant discoveries along various structures, specifically the Aguilareña and Guadalupana veins. The company plans to conduct further exploration and drilling after the acquisition is complete, aiming to enhance its understanding and development of the project. Key terms of the agreement include a payment of USD $25K in cash at closing, the issuance of 10M shares to an escrow agent, which will be distributed to Durango´s shareholders, an assumption up to USD $500K in current accounts payable related to the project; and an obligation to make a bonus payment if a measured and indicated resource exceeds 500K Oz Au.
  • Canasil Resources Inc., announced the appointment of a new member to its Board of Directors and its CFO (Nora project, Durango).
  • Defiance Silver Corp., entered into an agreement for six months with Triomphe Holdings Ltd. (dba Capital Analytica) for investor relations services, effective March 1, 2025 for a fee of $120K. The company also granted 2,888,500 stock options to employees and directors at an exercise price of $0.22, with a five-year term and three-year vesting schedule. Additionally, various other equity incentives, including 643,500 Deferred Share Units were granted to certain Directors, 55,000 Performance Share Units were granted to certain employees, and 252,475 Restricted Share Units, were also granted to certain employees (San Acacio project, Zacatecas).
  • Masivo Silver Corp., signed a letter of intent to acquire the Cerro Colorado project in Sonora, which is located near significant mining operations, including the Piedras Verdes copper mine. The Cerro Colorado project consists of two mineral concessions covering a total of 2,649 hectares. Initial exploration activities, including mapping, sampling, and induced polarization on an area where strong brecciation with strong phyllic alteration, mainly sericite and iron oxides is observed. This initial exploration campaign has revealed promising mineralization, with historical samples showing high grades of silver and gold, such as 2,200 g/t Ag and 4.57 g/t Au in an old collapsed tunnel; 1,840 g/t Ag, 4.8 g/t Au, 3.06% Cu, 4.5% Pb and 2.92 % Zn in another collapsed tunnel; and a trench that returned 7.2m true-wide with 0.75 g/t Au, 159 g/t Ag, 0.24% Cu, 0.52 % Pb, and 0.29% Zn. The company plans to drill 8 holes to utilize a $75K drill credit for the upcoming drilling program.
  • Xali Gold Corp., entered into a binding letter of intent to option the Sarape project in Sonora, from Advanced Lithium Corp. The Sarape project covers 57 square kilometers within a promising mining district known for high-grade silver and gold deposits, including proximity to SilverCrest´s Las Chispas Mine. The project exhibits significant exploration potential with extensive mineralization and favorable geological characteristics associated with low-sulphidation epithermal deposits. Xali Gold plans to implement an accelerated exploration program and sees immense potential for the discovery of deeper high-grade mineralization. The acquisition involves earning a 90% interest in the Sarape Project through a series of stages; an initial payment of 1M shares to Advanced Lithium upon signing the definitive agreement; cash payments totaling CAD $450K in stages to fund exploration drilling, not exceeding 10% of each financing;  partial earn-in of 51% interest in Sarape once Xali has completed 10,000m of drilling and issuing 26.6M shares; second earn-in of 70% interest in Sarape by completing an additional 5,000m of drilling and issuing an additional 21M shares, along with complete cash payments of the CAD $450K; A final interest of 90% in Sarape upon completing an additional 5,000m of drilling (cumulative total of 20,000m) and an additional 91.4M shares are issued (total of 104M which is 50% of shares outstanding on date of signing). Xali Gold anticipates the timing for the earn-in of the 90% interest to be between 12-18 months post regulatory approval.  The Project is subject to a 1.5% Net Smelter Return, with no current buyout option.

ON SOCIAL RESPONSIBILITY

  • No relevant news.

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

On the picture above, orogenic quartz vein in an orogenic gold project in Sonora, Mexico. Photo taken by Miguel A Heredia.

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

/ Gambusino Prospector / Leave a comment

By Jorge Cirett

During the 8th week of the year (February 17th to February 23rd, 2025), companies working in Mexico presented 28 press releases. Two companies informed on exploration on their properties and nine companies presented quarterly and full year 2024 reports. Two companies informed on financing rounds and two more about its inclusion on the list of top performing TSX companies. One company released the 2024 MRE for several deposits, while one more filed a previously released MRE. Three companies released drilling results from their advanced companies and one more elaborated on its plans for 2025. Two companies announced senior board position changes. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, in Chihuahua, Kingsmen Resources completed a review on the geochemistry of surface samples. In Durango, Silver Wolf Exploration released results from drilling at Ana Maria. ON MINING, Sandstorm Gold, Pan American Silver, Alamos Gold, Coeur Mining, Torex Gold, Capstone Copper, Starcore International, First Majestic Silver and Newmont presented Q4 and full year 2024 reports. ON FINANCING, Quetzal Copper and Tocvan Ventures informed on the closing of financing tranches for C$487.5 K and C$1.05 M respectively. Luca Mining and Heliostar Metals informed on its inclusion on the list of top performing companies in the TSX. ON RESOURCES AND DEVELOPMENT, Alamos Gold presented the MRE for five properties within the Mulatos district in Sonora. Prime Mining disclosed its 2025 program for Los Reyes, in Sinaloa. Endeavour Silver reported drilling results from La Luz area at its Bolañitos producing property in Guanajuato. Vizsla Silver filed the MRE report on Panuco, in Sinaloa. Luca Mining released results from drilling at Tahuehueto, in Durango. Heliostar Metals reported results from the drilling program at Ana Paula, in Guerrero.  ON DEALS AND CORPORATE ISSUES, Centenario Gold and US Antimony announced movements on their boards of directors. ON SOCIAL RESPONSIBILITY, Guanajuato Silver Co. informed on diverse initiatives it is taking on the communities nearby to its operations in Durango and Guanajuato.

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

  • Silver Wolf Exploration Ltd. announced results of the drill program on El Soldado claim at the Ana Maria project in Durango. A total of 17 holes and 2,560 m were drilled, testing the continuity of the carbonate replacement deposits and breccia structures observed. Highlighted core length intercepts comprise 1.0 m @ 1.91% Zn; 6.05 m @ 0.25% Pb, 0.45% Zn (including 0.85 m @ 52 gpt Ag, 0.4% Pb, 2.2% Zn). The “inaugural drill program was successful in identifying significant subvertical breccias (“Chimney” bodies) with extensive hydrothermal mineralization and dolomitization underlying the historical Silver, Lead, and Zinc (Ag-PbZn) workings at El Soldado”. The Ana Maria project is adjacent to the significant past producer Ojuela mine.
  • Kingsmen Resources Ltd. completed a review of the geochemistry of samples collected from the Soledad and Soledad II vein systems at its Las Coloradas project in Chihuahua. The variations of pathfinder elements with silver are interpreted to indicate different pulses of mineralization. The potential for intrusion-related and skarn mineralization has not been explored to date.

ON MINING

  • Sandstorm Gold Ltd. released its financial results for the quarter and year ended in December 2024. Without disclosing by operation, the company had a total yearly revenue of US$176.3 M, or 72,810 Oz Au (holds royalties on Cosalá, Sinaloa).
  • Pan American Silver Corp. provided fourth quarter and yearly 2024 results and its outlook production for 2025. The company generated US$196.2 M in cash flow in Q4 and US$445.1 M in 2024, producing 21.1 M Oz Ag, 892.5 K Oz Au in the year at $14.30 per Oz Ag and $1,203 per Oz Au in the year. At the end of the period Pan American had a working capital of US$1,033.4 M, inclusive of cash and short-term investments of US$887.3 M, and a total debt of US$803 M. For 2025 the company forecasts production of 5.5 – 5.8 M Oz Ag at La Colorada in Zacatecas and 0.9 – 1.0 M Oz Ag, 28 – 31 K Oz Au at Dolores, in Chihuahua.
  • Alamos Gold Inc. reported Q4 and full year 2024 results. The company produced 567 K Oz Au in 2024, at total cash cost of $927 per Oz Au and an AISC of $1,281 per Oz Au. At Mulatos, in Sonora, 205 K Oz Au were produced in the year. Cash and cash equivalents of US$327.2 M at the end of 2024.
  • Coeur Mining Inc. announced Q4 2024 and full year financial results. During the year the company produced 341,852 Oz Au, 11.4 M Oz Ag at cash cost $1,203 per Oz Au and $16.55 per Oz Ag. Coeur generated US$1.1 B in revenue in 2024. Closed on February 14, 2025, the 1.58 B acquisition of SilverCrest Metals (Las Chispas, Sonora). Guidance of 16.7-20.3 M Oz Ag, 380,000-440,000 Oz Au for 2025. At Palmarejo, in Chihuahua, 1.76 M tonnes were milled in 2024, averaging 2.18 gpt Au, 141 gpt Ag, recovering 93% Au, 85% Ag, to produce 108,666 Oz Au, 6.78 M Oz Ag, at cash cost $892 per Oz Au, $14.28 per Oz Ag, generated US$138.1 M in cash flow, while investing US$13.2 M in exploration. “Seven rigs were active during the quarter, with three rigs focused on step-out drilling along the western extension of the Hidalgo corridor. A new mineralized structure discovered in 2024 called the Libertad Footwall has demonstrated splays and breccias similar to those contained at Guadalupe and Independencia. Exploration drilling successfully traced these Libertad structures over 750 meters along strike. In addition, the 2024 drill program at Hidalgo and Libertad was a significant contributor to inferred resource growth. Successful exploration also led to a maiden resource at the San Juan target and an extension of the Guadalupe zone”.
  • Torex Gold Resources Inc. reported Q4 and full year 2024 financial and operational results. Annual production was 452,523 Oz Au (or 461,420 Oz AuEq), with a gold recovery of 90.6%, total cash cost of $940 per Oz Au and an AISC of $1,156 per Oz Au.  Achieved a mining rate of 2,092 tonnes per day from ELG (El Limon-Guajes) underground. Net income of US$134.6 M, adjusted net earnings of US$224.3 M and readjusted EBITDA of US$541.1 M, with net cash generated from operating activities of US$449 M. Negative free cash flow of US$122.9 M as a direct result of US$449.0 M invested in the Media Luna project, which stood at 94% completion at the end of the period. Closed the year with US$331.5 M, including US$110.2 M in cash and US$221 available on credit facilities (Morelos Complex, Guerrero).
  • Capstone Copper Corp. informed on financial results for Q4 and full year 2024. The company had a net income in 2024 of US$82.9 M, an adjusted EBITDA of US$496 M, operating cash flow of US$414.8 M, net debt of US$742.0 M, availability of US$506.4 M comprising US$132.4 M in cash and US$374 M on a credit facility. The consolidated copper production in 2024 was 184,460 tonnes of Cu at cash cost $2.56 per Lb Cu. At Cozamin, in Zacatecas, 24,907 tonnes of copper were produced during the period, at cash cost $1.75 per Lb Cu (the lowest for Capstone operations).
  • Starcore International Mines Ltd. announced production results for the third quarter 2025, ended January 2025. At San Martin, in Querétaro, 46.7 K tonnes were milled, averaging 1.74 gpt Au, 11.08 gpt Ag, recovering 82.44% Au, 49.1% Ag, to produce 2,268 Oz AuEq.
  • First Majestic Silver Corp. announced consolidated financial results for Q4 and full year 2024. The company produced 8.4 M Oz Ag, 156,542 Oz Ag (or 21.7 M Oz AgEq), realized US$138.6 M in free cash flow, with revenues of US$560.6 M, EBITDA of US$127.1 and ended the year with 2,595 Oz Au, 539.2 K Oz Ag valued at US$22.4 M. On January 16, 2025 the company completed the acquisition of Gatos Silver Inc. for a consideration of US$1.07 M in shares.
  • Newmont Corp. reported fourth quarter and full year 2024. The company reported US$3.4 B of net income in 2024, generated US$6.4 B of cash from operating activities, reported US$2.9 B in free cash flow, produced 5.7 M Oz Au and 1.9 M Oz AuEq (Cu, Ag, Pb, Zn) for a total of 6.8 M attributable Oz Au. During the year Peñasquito (in Zacatecas) produced 390 K Oz Au, 28 M Oz Ag, 90 K tonnes Pb, 236 K tonnes Zn. Cash cost was $930 per Oz Au, $11.50 per Oz Ag, $1,080 per Lb Pb, $1,430 per Lb Zn. The AISC was $1,210 per Oz Au, $15.0 per Oz Ag, $1,290 per Lb Pb, $1,890 per Lb Zn. The cash cost and the AISC are expected to increase during 2025. “Peñasquito gold production is expected to increase in 2025, as mining is expected to be from the higher gold content Peñasco pit for the first half of 2025.Gold production in 2025 is expected to be approximately 60 percent weighted to the first half of the year… co-product production of silver, lead and zinc is expected to decline from 2024 levels due to reduced mining in the Chile Colorado pit as this polymetallic mine progresses through its planned sequence”.

ON FINANCING

  • Quetzal Copper Corp. closed the third tranche of a previously announced non-brokered flow-through and non-flow-through private placement, for gross proceeds of C$487.5 K. In total the company raised gross proceeds of C$2.44 M (Las Cristinas, Chihuahua).
  • Quetzal Copper Corp. announced the extension to complete its previously announced non-flow-through portion of its non-brokered private placement, until February 28, 2025 (Las Cristinas, Chihuahua).
  • Luca Mining Corp. informed on its inclusion in the 2025 TSX Venture 50TM list of top performing companies (Tahuehueto, Durango; Campo Morado, Guerrero).
  • Tocvan Ventures Corp. closed the final tranche of its previously announced non-brokered private placement for gross proceeds of C$1.05 M (Pilar and Gran Pilar, Sonora).
  • Teck Resources Ltd. has declared “an eligible dividend of $0.125 per share on its outstanding Class A common shares and Class B subordinate voting shares, to be paid on March 31, 2025 to shareholders of record at the close of business on March 14, 2025” (San Nicolás, Zacatecas).
  • Heliostar Metals Ltd. announced it has been included in the 2024 TSX Venture 50TM list of top performing companies (Ana Paula, Guerrero; La Colorada, Sonora).
  • Alamos Gold Inc. reported mineral reserves and resources to the end of 2024. Of a total of 13.95 M Oz Au in reserves by the company, 1.39 M stand in the Mulatos district in Sonora. The total amount of reserves and resources at Mulatos is 2.13 M Oz Au, distributed in the Mulatos mine, Puerto del Aire, La Yaqui Grande, Cerro Pelon and Carricito deposits, as can be seen below. The project is heading to more underground operations with the Puerto del Aire and Cerro Pelon higher grade sulfides. A total of US$19 M is budgeted for exploration in 2025, including 15,000 m of drilling at the GAP-Victor area and PDA extension, and 20,000 m planned at Cerro Pelon.
  • Prime Mining Corp. disclosed its 2025 outlook for its Los Reyes project in Sinaloa. An initial 40,000 m of drilling is planned to identify extensions to know structures and further discovery areas, working toward a preliminary economic assessment (PEA), “refining the metallurgical, geotechnical, mine planning and development parameters for project development, including process and underground mining optimization, infrastructure assessment and permitting requirements”.  Drilling halted in late January due to safety issues on large areas of Sinaloa, but due to resume as soon as these concerns ease, with the drill rigs are still on-site. In October of last year Prime filed a mineral resource estimate with 2.19 M Oz AuEq in indicated resources and 817 K AuEq in inferred resources.
  • Endeavour Silver Corp. reported drill results from its exploration program at the Bolañitos mine in Guanajuato. The program was focused on the La Luz vein, with intersections that provide opportunities to extend mine-life. Highlighted true width intercepts comprise 1.02 m @ 1.17 gpt Au, 449 gpt Ag; 1.67 m @ 0.41 gpt Au, 183 gpt Ag; 0.95 m @ 2.03 gpt Au, 70 gpt Ag; 1.62 m @ 2.43 gpt Au, 1,063 gpt Ag (including 0.34 m @ 9.61 gpt Au, 4,070 gpt Ag); 2.49 m @ 3.15 gpt Au, 71 gpt Ag. “… eight drill holes totaling 2,000 metres has outlined high-grade mineralization over 100 metres in length to a depth of 200 metres. The area remains open to the south and to depth. Drilling will continue in the area for the first half of 2025”.
  • Vizsla Silver Corp. filed an independent technical report containing an updated mineral resource estimate (MRE) on the Panuco project in Sinaloa.
  • Luca Mining Corp. released results from the first four underground diamond drill holes on the ongoing 5,000 m exploration drill program at its Tahuehueto mine in Durango. The objective of the campaign is to define vertical and lateral extents of known mineralization within the Creston and Perdido vein systems. Highlighted core length intervals comprise 1.8 m @ 0.95 gpt Au, 60 gpt Ag, 1.11% Cu, 0.2% Pb, 0.2% Zn; 22.3 m @ 1.47 gpt Au, 42 gpt Ag, 0.44% Cu, 1.5% Pb, 2.3% Zn (Including 7.9 m @ 2.59 gpt Au, 68 gpt Ag, 0.68% Cu, 2.3% Pb, 2.7% Zn); 0.9 m @ 0.09 gpt Au, 18 gpt Ag, 0.21% Cu, 0.9% Pb, 4.0% Zn; 2.3 m @ 2.37 gpt Au, 0.1% Pb, 0.3% Zn; 7.2 m @ 0.37 gpt Au, 41 gpt Ag, 0.26% Cu, 1.8% Pb, 0.9% Zn; 1.7 m @ 0.09 gpt Au, 22 gpt Ag, 0.29% Cu, 2.1% Pb, 2.0% Zn.
  • Heliostar Metals Ltd. announced results from drilling at its Ana Paula project in Guerrero. The drilling program focus was on expanding the High Grade Panel and test step-out targets at depth beneath this zone. Highlighted core-length results comprise 161.0 m @ 4.26 gpt Au (including 30.0 m @ 10.1 gpt Au); 23.0 m @ 4.15 gpt Au (including 3.0 m @ 21.4 gpt Au); 4.6 m @ 7.91 gpt Au; 68.5 m @ 1.44 gpt Au; 24.0 m @ 5.10 gpt Au (including 3.0 m @ 10.9 gpt Au and 5.15 m @ 14.0 gpt Au); 3.80 m @ 2.43 gpt Au; 1.0 m @ 4.99 gpt Au; 66.85 m @ 3.12 gpt Au (including 15.7 @ 10.4 gpt Au); 13.0 m @ 3.50 gpt Au. 

ON DEALS AND CORPORATE ISSUES

  • Centenario Gold Corp. announced the resignation of Alain Charest as CEO of the company. “Alain will continue to represent the Company as both a board member, VP Exploration and an active adviser to the Company”. Doug Fulcher, current president of the company has been appointed CEO (Eden, Sinaloa).
  • United States Antimony Corp. announced the appointment of Mr. Rodney Blakestead as Vice President of the Mining Division and Leo Jackson as Vice President of the Mexican Antimony Division (Los Juarez, Querétaro).

ON SOCIAL RESPONSIBILITY

  • Guanajuato Silver Company Ltd. informed it is sponsoring a clinic in Topia, Durango, has treated 350 patients, and the Cata clinic in Guanajuato a further 700 persons. Furthermore “Water at the mines is largely recycled, while essential water services are often provided to rural communities. With priority placed on schools, kindergartens, and community spaces…”. Among other initiatives, the company is also committed to generating zero biodiversity loss from operations. 

On the image below: Sometimes following structures from a distance is not that difficult. Drone picture by Jorge Cirett.

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

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Actinolite

By Miguel A Heredia

During the 3rd week of the year (January 13th to January 19th 2025), at least 36 press releases were announced by companies working in Mexico, with thirteen disclosing deals and corporate issues, eight announcing financing rounds, eight reporting resources and development of their properties, six communicating production results, and one commenting on Mexican issues.  ON MEXICO ISSUES, Prime Mining, Kootenay Silver, and Impact Silver reported the best drilling intercepts in Mexico on the third week of January, 2025. ON EXPLORATION, no relevant news. ON MINING, Alamos Gold announced that it plans to release its Q4 and year-end 2024 financial results on February 19, 2025 (Mulatos mine, Sonora). Pan American Silver reported Q4, 2024 production results from their Mexican mining operations (La Colorada, Zacatecas and Dolores, Chihuahua). Sierra Metals announced Q4, and end-year 2024 production results from its Bolivar mine in Chihuahua. SilverCrest reported Q4 and end-year 2024 production results from its Las Chispas mine in Sonora. Endeavour provided 2025 production and cost guidance for Guanacevi and Bolañitos mines located in Durango and Guanajuato states respectively. Alamos reported Q4 and annual 2024 production results for its Mulatos mine, Sonora, and provided three years operating guidance. Torex Gold provided operational guidance and updated five-year production outlook (Morelos Complex, Guerrero). ON FINANCING, Goldgroup announced a non-brokered private placement for gross proceeds of up to $3.5M (Cerro Prieto mine, Sonora). Barksdale reported that it is seeking approval from the Toronto Stock Exchange to amend its secured convertible debentures held by Delbrook Capital Advisors Inc (San Javier project, Sonora). Silver Viper announced share consolidation (La Virginia project, Sonora). Quetzal Copper reported an extension to its non-brokered private placement (Cristinas project, Chihuahua).  Royalties Inc., closed a non-brokered private placement for gross proceeds of $180K (Bilbao project, Zacatecas). Minera Alamos announced Auramet loan extension (Santana mine, Sonora). Goldgroup completed the acquisition of a loan facility to acquire all shares of Minera Apolo (Cerro Prieto mine, Sonora). Silver Storm closed the third tranche of its non-brokered private placement financing for gross proceeds of CAD $784,500 (La Parrilla mine, Durango). ON RESOURCES AND DEVELOPMENT, Luca Mining commenced a 5,000m underground diamond drilling program at Campo Morado mine, Guerrero. Avino commenced underground development at its La Preciosa mine in Durango. GoGold announced results of Los Ricos project, Jalisco Feasibility Study. Heliostar Metals filed technical reports on the La Colorada operations in Sonora, San Agustin operations in Durango, and San Antonio project in Baja California Sur. Prime Mining reported expansion drilling results from its Los Reyes project, Sinaloa. Kootenay released results of seven holes drilled at its Columba project in Chihuahua. Impact Silver reported results from its ongoing drill program in the Juarez mine area of its Plomosas mine, Chihuahua.  ON DEALS AND CORPORATE ISSUES, Infinitum Copper announced the appointment of a new member to its Board of Directors (La Adelita project, Sonora). Luca Mining declared that it has been invited to participate in a 2025 Mining Conference presented by Maxim Group LLC (Tahuehueto project, Durango). Capstone announced the appointment of a new member to its Board of Directors (Cozamine mine, Zacatecas). SilverCrest mailed and filed meeting material for its special meeting of shareholders (Las Chispas mine, Sonora). Fortuna Mining entered into a binding letter agreement to sell its non-core San Jose mine, Oaxaca to Minas del Balsas Luca Mining announced it has been named to the 2025 OTCQX® Best 50 (Campo Morado mine, Guerrero). Sierra Metals rejected a hostile takeover bid from Alpayana S.A.C. (Bolivar mine, Chihuahua). SilverCrest announced the appointments of their Senior Vice President Operations and Senior Vice President Corporate Development (Las Chispas mine, Sonora). Luca Mining granted stock options to its Chief Technology Officer (Campo Morado mine, Guerrero). MAG Silver announced the retirement of a member of its Investor Relations team (Juanicipio mine, Zacatecas). First Majestic completed the acquisition of Gatos Silver. Inomin commenced initial discussions with companies interested in partnering or acquiring its la Gitana project in Oaxaca. Agnico Eagle offered O3 Mining shareholders $1.67 per share in cash, representing a 58% premium over O3’s closing price on December 11, 2024 (Pinos Altos mine, Chihuahua). ON SOCIAL RESPONSIBILITY,  no relevant news.

ON MEXICO ISSUE

  • Prime Mining Corp., Kootenay Silver Inc., and Impact Silver Corp., reported the best drilling intercepts in Mexico on the third week of January, 2025. Details are shown in the table below:

ON EXPLORATION

  • No relevant news.

ON MINING

  • Alamos Gold Inc., announced that it plans to release its Q4 and year-end 2024 financial results on February 19, 2025 (Mulatos mine, Sonora).
  • Pan American Silver Corp., reported Q4, 2024 production results from their Mexican mining operations. The company produced in Q4, 2024 a total of 1.6M Oz Ag and 0.7K Oz Au at La Colorada mine, Zacatecas for an end-year 2024 of 4.88M Oz Ag while at Dolores mine, Chihuahua, it produced 424K Oz Ag in Q4, 2024 and 17.9K Oz Au for an end-year 2024 of 1.7M Oz Ag and 72.3K Oz Au.
  • Sierra Metals Inc., announced Q4, and end-year 2024 production results from its Bolivar mine in Chihuahua. In the period Q4, 2024, Sierra Metals processed 452,613 tonnes of 0.77% Cu, 16 g/t Ag and 0.32 g/t Au with metallurgical recoveries of 91.2%, 84.32%, and 66.67% respectively to produce 7M Lb Cu, 196K Oz Ag, and 3K Oz Au. In the full fiscal year 2024, the company processed 1,626,440 tonnes of 0.84% Cu, 19 g/t Ag, and 0.38 g/t Au, with metallurgical recoveries of 91.36%, 83.03%, and 67.01% respectively, to produce 27.45M Lb Cu, 812K Oz Ag, and 13.4K Oz Au. Sierra metals also provided its 2025 production guidance and expect to produce between 25.1-27.4M Lb Cu, 680-740K Oz Ag, and 8.1-13.4K Oz Au, at cash and AISC of $2.64-$2.77 and $3.45-$3.62 per Lb CuEq respectively.
  • SilverCrest Metals Inc., reported Q4 and end-year 2024 production results from its Las Chispas mine in Sonora. During Q4, 2024 it mined 127,278 tonnes and milled 113,594 tonnes with a grade of 3.89 g/t Au and 385 g/t Ag with metallurgical recoveries of 98.4% both to produce 13.9K Oz Au and 1.38M Oz Ag. The company sold 15.1K Oz Au and 1.45M Oz Ag at averages prices of USD $2,647 per Oz Au and USD $31.26 per Oz Ag. In Oz AgEq it processed an average grade of 694 g/t AgEq to produce 2.5M Oz AgEq and sold 2.65M Oz AgEq. In the end-year 2024, SilverCrest mined 437,263 tonnes and milled 439,387 tonnes with a grade of 4.28 g/t Au and 410 g/t Ag with metallurgical recoveries of 98.5% and 98.2% respectively, to produce 58.9K Oz Au and 5.66M Oz Ag. The company sold 59.8K Oz Au and 5.75M Oz Ag at averages prices of USD $2,356 per Oz Au and USD $28.03 per Oz Ag. In Oz AgEq it processed an average grade of 745 g/t AgEq to produce 10.35M Oz AgEq and sold 10.5M Oz AgEq.
  • Endeavour Silver Corp., provided 2025 production and cost guidance for Guanacevi and Bolañitos mines located in Durango and Guanajuato states respectively. At Guanacevi, Durango, the company expects to process between 1,000-1,100 tonnes per day to produce 3.9-4.4M Oz Ag and 11-13.5K Oz Au (4.8-5.5M Oz AgEq).  At Bolañitos, Guanajuato, Endeavour expects to process 1,100-1,200 tonnes per day, to produce between 0.6-0.8M Oz Ag and 19.5-20.5K Oz Au (2.2-2.4M Oz AgEq). Consolidated cash costs and all-in sustaining costs (AISC) for Guanaceví and Bolañitos in 2025 are estimated to be USD $16.00- USD $17.00 per oz silver and USD $25.00-USD $26.00 per oz silver, respectively, net of gold by-product credits.
  • Alamos Gold Inc., reported Q4 and annual 2024 production results for its Mulatos mine, Sonora, and provided three years operating guidance (currency is expressed in US dollars). In Q4, 2024, the company produced 38.9K Oz Au from Mulatos mine, for a total production in the full year 2024 of 205K Oz Au. 2025 guidance for Mulatos mine is expected to be in the range of 130-140K Oz Au, at cash and AISC of $925-$975 and $1,025-$1,075 per Oz Au produced respectively. 2026 and 2027 guidance for Mulatos mine is expected to be in the range of 120-130K Oz Au, and 125-135K respectively.
  • Torex Gold Resources Inc., provided its 2025 operational guidance and updated five-year production outlook for its Morelos Complex in Guerrero (currency expressed in US dollars). 2025 payable production is expected to be between 400-450K Oz AuEq, down from 460-480K Oz AuEq in 2024, primarily due to scheduled four-week processing plant shutdown. Total CAPEX are projected at $175-195M, with sustaining capital at $85-95M and non-sustaining capital at $90-100M. The company plans to drill 124,500m to improve resource definition, particularly in the Media Luna area. The company plans to maintain annual AuEq production at least 450K Oz from 2025 through 2030, supported by the Media Luna project and the anticipated start-up of the EPO project in late 2026.   

ON FINANCING

  • Goldgroup Mining Inc., announced a non-brokered private placement of up to 35,000,000 units of the company at a price of $0.10 per unit for gross proceeds of up to $3.5M. Each unit will consists of one common share and one-half common share purchase warrant, with each full warrant being exercisable to purchase one common share at a price of $0.15 for 24 months from the date of issuance. Gross proceeds will be used to advance its Cerro Prieto project in Sonora, for general working purposes and debt reduction.
  • Barksdale Resources Corp., reported that it is seeking approval from the Toronto Stock Exchange Venture (TSXV) to amend its secured convertible debentures held by Delbrook Capital Advisors Inc. The proposed amendments include extending the maturity date to December 31, 2025 and reducing the conversion price from $0.55 to $0.18 per share. Additionally, Barksdale plans to issue 8,000,000 new detachable common share purchase warrants to Delbrook, as the previous warrants expired unexercised on December 31, 2024. The company is also pursuing a securities-for-debt settlement to address accrued interest on the debentures, totaling 151,643.84, by issuing 1,045,819 units at a deemed price of $0.145 per unit. Any subsequent interest accrued under the Debentures after December 31, 2024 shall be payable until January 17, 2025 in accordance with the terms and conditions of the Debentures and the policies of the TSXV. These actions aim to strengthen Barksdale’s financial position and facilitate ongoing projects in base metal exploration (San Javier project, Sonora).
  • Silver Viper Minerals Corp., announced share consolidation announced a share consolidation, converting ten pre-consolidation common shares into one post-consolidation common share, effective January 15, 2025. Registered shareholders will receive letters of transmittal with instructions for exchanging their shares, while those holding shares via direct registration system will not need to take any action. Prior to the consolidation, the company had 194,771,623 common shares outstanding, which will reduce to approximately 19,477,163 shares post-consolidation (La Virginia project, Sonora).
  • Quetzal Copper Corp., reported an extension to its non-brokered private placement offering, now set to close by February 17, 2025. The company plans to sell up to 6,666,666 units at CAD $0.15 each, aiming for gross proceeds of up to CAD $1M, and up to 11,764,705 flow-through units at CAD $0.17 each for up to CAD $2M. Each unit includes one common share and a half warrant, allowing the purchase of additional shares at CAD $0.25 for 24 months. The proceeds will be used for exploration and development activities related to their projects in British Columbia and Mexico (Cristinas project, Chihuahua).
  • Royalties Inc., closed a non-brokered private placement of 6M shares at a price of $0.03 per share for gross proceeds of $180K to cover overhead in Canada and property taxes and litigation expenses in Mexico in 2025 (Bilbao project, Zacatecas).
  • Minera Alamos Inc., received conditional approval from the Toronto Stock Exchange Venture (TSXV) settle the amount of USD $400K due to Auramet International, Inc. and Auramet Capital Partners, L.P. to extend the date by which certain conditions of the original loan agreement dated October 27, 2023 need to be satisfied from November 29th, 2024 to May 29th, 2025. For full consideration of the USD $400K extension fee payment, the TSXV has conditionally accepted the company’s proposal to issue 1,901,648 common shares at a deemed price of CAD $0.2949 per share (Santana mine, Sonora).
  • Goldgroup Mining Inc., completed the acquisition of a loan facility to acquire all shares of Minera Apolo S.A. de C.V. Minera Apolo is s the 100% owner of the fully permitted for construction Pinos property in Zacatecas. In consideration for the acquisition of the loan facility, the company proposes to issue 50M common shares paid pro rata to the members of the Creditor Group, the payment of cash consideration of USD $0.5M within 18 months of the closing date of the agreement entered in connection with the acquisition of the loan facility, and a payment of USD $1.5M in contingent consideration which is only due upon the completion of certain criteria, including a positive pre-feasibility study at the Pinos project, the advancement of the project into commercial production, publishing an updated 43-101 with greater than 200K Oz of contained gold equivalent ounces for the Pinos project, or the Company’s owned interest in the Pinos project falling to less than 51%. The completion of this transaction is subject to receipt of all necessary approvals, including approval of the TSX Venture Exchange (Cerro Prieto mine, Sonora).
  • Silver Storm Mining Ltd., closed the third tranche of its non-brokered private placement financing for gross proceeds of CAD $784,500. The third tranche included a CAD $500K investment from current significant shareholder Eric Sprott. To date under the Offering, the Company has raised total gross proceeds of CAD $1,290,420. Net proceeds will be used to complete its upcoming NI43-101 resource statement and for general corporate and working capital purposes (La Parrilla mine, Durango).

ON RESOURCES AND DEVELOPMENT

  • Luca Mining Corp., commenced a 5,000m underground diamond drilling program consisting in 25 holes to target the addition of mineral resources from under-drilled zones proximal to existing underground production areas as well as the identification of mineralization within previously untested areas with high potential for the discovery of new mineral resources to the near and medium term mine plan at its Campo Morado mine in Guerrero. It is the first drilling campaign in Campo Morado in over a decade.
  • Avino Silver & Gold Mines Ltd., commenced underground development at its La Preciosa mine in Durango, following receipt of all required permits for mining operations. The development of a 350m mine access and haulage decline is designed to intercept the high grade La Gloria and Abundancia veins. Development for the first phase at La Preciosa is expected to be under $5M and will be funded from cash reserves.
  • GoGold Resources Inc., announced results of Los Ricos project, Jalisco Feasibility Study (all currency expressed in US dollars). Highlights include an after tax net present value, using a discount rate of 5%  of $355M, with an after-tax IRR of 28%; a NPV, using a discount rate of 5%  of $ 469 at approximate spot metal silver price of $30 per Oz and gold price of $2,608 per Oz; 15-year mine life producing a total of 80M Oz payable AgEq, consisting of 41M Oz Ag, 424K Oz Au, and 11M Lb Cu; Initial capital costs of $227M, including $21M in contingency costs, over an expected two year build, and sustaining capital costs of $100M over the life of mine; average operating cash costs of $9.94/Oz AgEq, and all in sustaining costs (AISC) of $11.19/Oz AgEq over first 5 years of production, with average AISC of $12.32/Oz AgEq over the underground mine life; average annual production of 7.3M Oz AgEq oz over first 5 years; successful conversion of Mineral Resources to Proven and Probable Mineral Reserves totalling 10.2M tonnes grading 276 g/t AgEq containing 91M Oz AgEq, including 7.5M underground tonnes grading 326 g/t AgEq; and average underground mining width of 11m using bulk mining method of longitudinal sub-level long-hole mining.
  • Heliostar Metals Ltd., filed technical reports on the La Colorada operations in Sonora, San Agustin operations in Durango, and San Antonio project in Baja California Sur. La Colorada, Sonora shows a NPV of USD $25.9M using a discount rate of 5%; an IRR of USD $11.9M; a CAPEX of USD $53.9M; and 287K total ounces produced at a USD $2,000/Oz gold price. El Crestón expansion at La Colorada is expected to produce over 50K Oz Au per year. Current drill program (five drill rigs) is targeting lower CAPEX and increased production for updated technical report planned for mid-2025. San Agustin, Durango shows a NPV of USD $12.7M using a discount rate of 5%; an IRR of USD $156.1M; a CAPEX of USD $4.2M; and 45K total ounces produced at a USD $2,100/Oz gold price. Upon receipt of permit, expected in 2025, the company will undertake drilling to potentially extend the mine life from oxide gold production and is reviewing the projects sulphide potential. San Antonio, Baja California Sur PEA shows a NPV of USD $398.7M using a discount rate of 5%; an IRR of USD $40.7M; a CAPEX of USD $131.3M; and 1.1M total ounces produced at a USD $1,900/Oz gold price. Mineral resource of 1.6M Oz Au at San Antonio project creates attractive optionality with high grade, low CAPEX, sub-USD $1,100/Oz AISC and long mine life.
  • Prime Mining Corp., reported expansion drilling results from Tahonitas within its Los Reyes project, Sinaloa. Drilling highlights (true width reported) include holes 24TA-149 with 2.23 g/t Au and 266 g/t Ag (5.67 g/t AuEq) over 4.2m, including 3.94 g/t Au and 429 g/t Ag (9.49 g/t AuEq) over 2.1m; hole TA24-144 with 1.36 g/t Au and 20 g/t Ag (1.62 g/t AuEq) over 15.2m, including 1.17 g/t Au and 28 g/t Ag (1.54 g/t AuEq) over 0.8m, and including 4.22 g/t Au and 55 g/t Ag (4.94 g/t AuEq) over 3.7m; and hole 24TA-153 with 2.55 g/t Au and 184 g/t Ag (4.93 g/t AuEq) over 3.3m, including 7.09 g/t Au and 541 g/t Ag (14.09 /t AuEq) over 1.1m, plus 0.72 g/t Au and 15 g/t Ag (0.92 g/t AuEq) over 19.2m, including 2.23 g/t Au and 46 g/t Ag (2.82 g/t AuEq) over 2.4m.
  • Kootenay Silver Inc., released results of seven holes drilled at its Columba project in Chihuahua. Drilling highlights (true widths reported) include holes CDH-24-183 on F-Vein with 210 g/t Ag, 0.1% Pb, and 0.4% Zn over 14.7m, including 1,440 g/t Ag, 0.5% Pb, and 2.5% Zn over 0.36m, and 468 g/t Ag, 0.4% Pb, and 1.1% Zn over 3.05m, including 811 g/t Ag, 0.6% Pb, and 1.8% Zn over 0.46, and 1,050 g/t Ag, 0.9% Pb, and 2.9% Zn over 0.46m, plus some intercepts on FW to F-Vein with 82 g/t Ag, 0.05% Pb, and 0.1% Zn over 7.36m, including 905 g/t Ag, 0.6% Pb, and 0.3% Zn over 0.17m; and hole CDH-24-177 on D-Vein with 130 g/t Ag, 0.06% Pb, and 0.1% Zn over 7.6m, including 222 g/t Ag, 0.1% Pb, and 0.2% Zn over 3.50m. The results are a continuation of ongoing drill testing of those three trends.
  • Impact Silver Corp., reported results from its ongoing underground drill program in the Juarez mine area of its Plomosas mine, Chihuahua. Drilling highlights (true widths reported) include holes UGMJ-2420 with 14.1% Zn, 1.6% Pb, and 12 g/t Ag over 2.2m, including 26.1% Zn, 3% Pb, and 23 g/t Ag over 0.9m; hole UGMJ-2415 with 30.1 % Zn, 2.7% Pb, and 19 g/t Ag over 1.2m, plus 18.91% Zn, 0.1% Pb, and 13 g/t Ag over 0.4m, plus 10.2% Zn, 5.4% Pb, and 26 g/t Ag over 1.2m; and hole UGMJ-2422 with 30.1% Zn, 10.1% Pb, and 40 g/t Ag over 1.1m.

ON DEALS AND CORPORATE ISSUES

  • Infinitum Copper Corp., announced the appointment of a new member to its Board of Directors and the resignation of one of its Directors (La Adelita project, Sonora).
  • Luca Mining Corp., declared that it has been invited to participate in the 2025 Mining and Supplying Critical Minerals & Precious Metals Conference presented by Maxim Group LLC (Tahuehueto project, Durango).
  • Capstone Copper Corp., announced the appointment of a new member to its Board of Directors (Cozamine mine, Zacatecas).
  • SilverCrest Metals Inc., mailed and filed meeting material for its special meeting of shareholders, where securityholders will be asked to pass a special resolution approving an arrangement with Coeur Mining Inc, whereby SilverCrest shareholders will receive 1.6022 shares of Coeur common stock for each SilverCrest share (Las Chispas mine, Sonora).
  • Fortuna Mining Corp., entered into a binding letter agreement to sell its 100% interest in Compañía Minera Cuzcatlán S.A. de C.V., to Minas del Balsas S.A. de C.V. Compañia Minera Cuzcatlan is the owner of San Jose mine, Oaxaca and Minas del Balsas will acquire 100% interest by paying USD $2M on closing of the transaction; a further USD $2M payable on the first anniversary of closing the transaction; a final USD $2M on the second anniversary of closing the transaction; and the right to receive up to approximately USD $11M upon the completion of certain conditions. Additionally, Fortuna will retain a 1% NSR on production from the San Jose mine concession, for a 5-year term as of the start of production.
  • Luca Mining Corp., announced it has been named to the 2025 OTCQX® Best 50, a ranking of top performing companies traded on the OTCQX Best Market last year  (Campo Morado mine, Guerrero).
  • Sierra Metals Inc., rejected a hostile takeover bid from Alpayana S.A.C., stating that the offered price of CAD $0.85 per share undervalues the company. The Board of Directors, supported by over 50% of shareholders, believes the bid does not reflect Sierra’s growth potential, particularly in light of increasing copper demand and the company’s operational successes. They recommend that shareholders take no action to reject the bid and emphasize the company’s strong prospects for future value creation. The Board is also exploring other strategic alternatives to maximize shareholder value (Bolivar mine, Chihuahua).
  • SilverCrest Metals Inc., announced the appointments of their Senior Vice President Operations and Senior Vice President Corporate Development (Las Chispas mine, Sonora).
  • Luca Mining Corp., granted 500K stock options exercisable at a price of $0.58 to its Chief Technology Officer and expires five years from the date of their issuance. A second tranche of 100K options, exercisable at $0.58 has been granted to one other eligible person in accordance with Luca’s omnibus equity incentive plan. These options are exercisable over a period of two years (Campo Morado mine, Guerrero).
  • MAG Silver Corp., announced the retirement of a member of its Investor Relations team (Juanicipio mine, Zacatecas).
  • First Majestic Silver Corp., completed the acquisition of Gatos Silver Inc., pursuant to the agreement and plan of merger previously announced. Both companies announced that they received all necessary shareholder approvals at the respective special meetings of each company’s shareholders. With the transaction now complete, the Gatos Silver shares will cease trading and will be delisted from the New York Stock Exchange and the Toronto Stock Exchange.
  • Inomin Mines Inc., commenced initial discussions with companies interested in partnering or acquiring its la Gitana project in Oaxaca. Drilling at La Gitana has outlined a significant gold-silver deposit open to expansion.
  • Agnico Eagle Mines Limited offered O3 Mining Inc., shareholders $1.67 per share in cash, representing a 58% premium over O3’s closing price on December 11, 2024. The offer expires on January 23, 2025, and has been unanimously recommended by O3 Mining’s Board and Special Committee. Approximately 39% of O3’s outstanding shares are already committed through Lock-up Agreements. Shareholders are encouraged to tender their shares promptly to ensure timely processing.

ON SOCIAL RESPONSIBILITY

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On the picture above, actinolite from an IOCG project in Sonora, Mexico. Photo taken by Miguel A Heredia.