By Jorge Cirett

By Jorge Cirett
During the 26th week of the year (June 23rd to June 29th, 2025), companies working in Mexico presented 37 press releases. Four companies presented news on early-stage properties. No company presented operational updates. Eight companies reported on financial rounds; another company amended a significant loan facility; one more set the price on its securities; one closed on a significant loan facility, and two more started trading on another stock exchange, while one more granted options, another executed a loan agreement and another declared a dividend. One company presented drilling results from historical waste dumps and one more disclosed exploration results near its operating mine. A large operating gold company is acquiring an exploration company with silver plays in Mexico and USA, another company announced appointments to the board, two more contracted services, another five informed on their AGM’s and one more clarified on a proposed acquisition. ON MEXICO ISSUES, the Mexican president pointed that no new mining concessions are to be issued, while reassuring the mining industry that some mining permits are to be granted and confirming that the open pit ban proposal has been retired. ON EXPLORATION, In Sonora, Questcorp Mining commenced work at La Union; Tocvan Ventures released RC drilling results from Gran Pilar; Masivo Silver advances on the due diligence at Cerro Colorado. ON MINING, no relevant news. ON FINANCING, eight companies informed on financing rounds: Minaurum Gold (C$8 M), Silver Storm Mining (C$4 M), Vizsla Silver (US$100-$115 M), Reyna Silver (C$1.1 M), Endeavour Silver (US$135 M), Silver Viper (C$3.5 M), Kootenay Silver (C$20 M) and Masivo Silver (C$1 M). Endeavour Silver amended a credit facility, increasing its amount to up to US$115 M. Reyna Silver set the price of its securities related to the deal with Torex Gold. Vizsla Royalties and Santacruz Silver started trading on the Frankfurt Stock Exchange and the OTCQX Best Market respectively. Santacruz Mining granted incentive securities. Gold Resource executed a loan agreement for US$6.3 M. Sandstorm Gold declared a dividend. ON RESOURCES AND DEVELOPMENT, Heliostar Metals informed on its plan to process waste stockpiles while restarting open pit mining at La Colorada. DynaResource has two near-mine exploration plays at San Jose de Gracia. ON DEALS AND CORPORATE ISSUES, Torex Gold Resources is to acquire all shares of Reyna Silver. Chesapeake Gold appointed new members to the board. Vizsla Royalties hired a contractor for a digital marketing campaign. Orla Mining, Americas Gold and Silver, Discovery Silver, Almaden Minerals and Orogen Royalties informed on their AGM´s. Vortex Metals engaged a firm for environmental services for its Oaxaca projects. Roberto Resources clarified the acquisition terms of the Claudia project. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

Claudia Sheinbaum, president of Mexico, spoke on one of its daily conferences about the tight squeeze on mining permits by its government, pointing that some of these will be authorized once its environmental impact has been reviewed and reduced (no time line offered). She also stated that the ban on open pit mining proposal was retired because of its impracticality but reiterated that no new mining concessions are to be granted.

ON EXPLORATION

Questcorp. Mining Inc. commenced the first phase work program at its La Union project in Sonora. Questcorp is earning a 100% interest from Riverside Resources Inc. in the 2,520 ha property. The initial stage includes marking lines for an IP survey, sampling of limestone and dolomite host rocks for fluorescence study for vectoring, geological mapping of selected drill sites and sections on the IP lines and rock and soil sampling to identify additional targets. The project hosts carbonate replacement deposit style (CRD) mineralization hosted by “Neoproterozoic sedimentary rocks (limestones, dolomites, and siliciclastic sediments) overlying crystalline Paleoproterozoic rocks of the Caborca Terrane….. Mineralization occurs as polymetallic veins, replacement zones (mantos, chimneys), and shear zones with high-grade metal content, as shown in highlight grades of 59.4 grams per metric tonne (g/t) gold, 833 g/t silver, 11% zinc, 5.5% lead, 2.2% copper, along with significant hematite and manganese oxides…”
Pinnacle Silver and Gold Corp. provided an update on the Potrero project in Durango. The importance of a quartz feldspar porphyry dike is being recognized as it follows the same structure that hosts the mineralized quartz breccia vein system with some underground workings entirely within it. Additional channel sampling is now conducted in areas where access was previously restricted. “A program of combined underground and surface diamond drilling is being devised in order to systematically test the Dos de Mayo vein system”. A plant consultant reviewed the processing installations and will produce a report in the following weeks. “A permit consultant was taken to the project to initiate a site review for the purpose of permitting near term diamond drilling, mid-term mine development and site preparation, and future production”.
Tocvan Ventures Corp. announced reverse circulation (RC) drill results from the latest drill program at its Gran Pilar project in Sonora. Highlighted drill length results comprise 22.88 m @ 0.14 gpt Au, 5 gpt Ag (including 7.63 m @ 0.37 gpt Au, 12 gpt Ag); 42.70 m @ 0.14 gpt Au, 45 gpt Ag (including 10.68 m @ 0.11 gpt Au, 137 gpt Ag); 6.10 m @ 0.16 gpt Au; 12.20 m @ 0.14 gpt Au, 10 gpt Ag (including 4.58 m @ 0.34 gpt Au, 5 gpt Ag).
Masivo Silver Corp. is advancing on the due diligence to acquire the Cerro Colorado project in Sonora. Reported historic results from two 2015 drill holes by Minera Gold Zone. The two shallow holes targeted the southwestern margin of the Cerro Colorado system. Highlighted core length results comprise 29.65 m 0.062 gpt Au, 51 gpt Ag, 0.1% Pb, 0.6% Zn (including 5.05 m @ 0.262 gpt Au, 254 gpt Ag, 0.27% Cu, 0.4% Pb, 0.8% Zn; 2.95 m @ 0.395 gpt Au, 384 gpt Ag, 0.40% Cu, 0.4% Pb, 0.9% Zn; 2.45 m @ 0.432 gpt Au, 430 gpt Ag, 0.59% Cu, 0.4% Pb, 0.8% Zn); 35.80 m @ 23 gpt Ag, 0.4% Zn (including 3.15 m @ 0.188 gpt Au, 159 gpt Ag, 0.14% Cu, 0.3% Pb, 0.5% Zn and 0.60 m @ 0.705 gpt Au, 577 gpt Ag, 0.52% Cu, 0.8% Pb, 0.9% Zn). According to Masivo, “Cerro Colorado hosts a sub-epithermal polymetallic system, potentially related to breccia structures on the flank of a deeper porphyry system”.

ON MINING

No Relevant News.

ON FINANCING

Minaurum Gold Inc. entered into an agreement with Comark Securities Inc. pursuant to which Comark is to act as lead agent in connection with a “best efforts” private placement for aggregate gross proceeds of up to C$5 M (Alamos, Sonora).
Silver Storm Mining Ltd. intends to complete a non-brokered private placement for gross proceeds of up to C$2.6 M (La Parrilla, Durango).
Vizsla Silver Corp. entered into an agreement with Canaccord Genuity on behalf of itself and syndicate of underwriters, pursuant to which the underwriters have agreed to purchase, on a bought deal basis common shares for gross proceeds of US$100 M. The underwriters were granted an option for 30 days to buy an over-allotment for up to 15% of the offering. If the over allotment option is exercised in full, the total gross proceeds of the offering will be US$115 M (Panuco, Sinaloa).
Reyna Silver Corp. announced a financing concurrent with the definitive agreement on its acquisition by Torex Gold Resources Inc., under which Torex Gold has agreed to purchase C$1.1 M units in a non-brokered private placement. The proceeds of the private placement are to be used to make certain payments relating to its option agreements in Nevada (Batopilas, Chihuahua).
Minaurum Gold Inc. increased the size of the previously announced “best efforts” private placement for aggregate gross proceeds of up to C$8.0 M (Alamos, Sonora)
Endeavour Silver Corp. amended and restated the previously announced senior secured debt facility with ING Capital LLC and Societe Generale acting as joint lead arrangers. The credit facility was amended and restated to increase the principal amount of up to US$120 M by an additional US$15 M, bringing the aggregate principal amount up to US$135 M (Terronera, Jalisco).
Reyna Silver Corp. has set the price of the securities offered in connection with the non-brokered private placement previously announced, in connection with the agreement on which Torex Gold Resources Inc. is to acquire all shares of Reyna Silver. “The price of each Unit to be issued under the Private Placement has now been set at $0.095, and, as previously announced, each Unit will be comprised of one Share and one common share purchase warrant …exercisable … price of $0.13 per Purchaser Warrant ….” (GuiGui, Chihuahua).
Americas Gold and Silver Corp. closed its previously announced US$100 M senior secured debt facility provided by funds affiliated with SAF Group to fund spending at the Galena project in the US (Cosalá, Sinaloa).
Vizsla Royalties Corp. started trading on the Frankfurt Stock Exchange (Royalty on Panuco, Sinaloa).
Santacruz Silver Mining Ltd. has qualified to trade on the OTCQX Best Market, upgrading from the OTCQB Venture Market (Zimapán, Hidalgo).
Santacruz Silver Mining Ltd. granted 3.45 M stock options, deferred share units, 0.96 M restricted share units and 0.5 M performance share units to certain directors, officers, employees and consultants (Zimapán, Hidalgo).
Silver Viper Minerals Corp. closed its C$3.5 M non-brokered private placement (La Virginia, Sonora).
Gold Resource Corp. announced the execution of a loan agreement with Francisco Javier Reyes de la Campa and Jaluca Ltd. in the amount of US$6.3 M. In connection with the agreement the company also issued a common stock purchase warrant to an affiliate of Mr. Reyes de la Campa for up to 1.5 M shares at an exercise price of $0.65 (Don David, Oaxaca).
Sandstorm Gold Ltd. declared the second quarterly cash dividend for 2025 in the amount of C$0.02 per common share (Royalty on Cozamin, Zacatecas).
Kootenay Silver Inc. completed its previously announced and upsized bought deal public offering for gross proceeds of C$20 M (Columba, Chihuahua).
Silver Storm Mining Ltd. increased the previously announced non-brokered private placement from C$2.6 M to C$4 M. Proceeds are to be used at La Parrilla in Durango, for the procurement of mine processing flotation cells; to commence rehabilitation work of the processing facility including equipment purchase and refurbishment, labor and supplies; to order long lead items including deposits on mining equipment and ventilation fans; to fund ongoing operations for the next 12 months and for general corporate and working capital purposes (La Parrilla, Durango).
Masivo Silver Corp. announced a non-brokered private placement of up to C$1 M to fund exploration at one property in Mexico and another in the USA (Cerro Colorado, Sonora).

ON RESOURCES AND DEVELOPMENT

Heliostar Metals Ltd. released results from drilling the Truckshop stockpile at its La Colorada mine in Sonora. La Colorada was operated by El Dorado Gold Corp. in the 1990s, with the Truckshop stockpile deposited as a waste dump 400 m from the mine’s crushing circuit. Highlighted drill intercepts from 26 holes in the waste dump comprise 10.7 m @ 1.81 gpt Au, 10 gpt Ag; 19.80 m @ 0.30 gpt Au, 14 gpt Ag; 13.7 m @ 0.61 gpt Ag, 10 gpt Ag; 9.1 m @ 0.39 gpt Au, 18 gpt Ag; 7.6 m @ 0.54 gpt Au, 14 gpt Ag; 19.8 m @ 0.62 gpt Au, 32 gpt Ag; 9.1 m @ 0.86 gpt Au, 10 gpt Ag; 10.7 m @ 0.31 gpt Au, 10 gpt Ag; 35.1 m @ 0.19 gpt Au, 5 gpt Ag; 13.7 m @ 0.36 gpt Au, 8 gpt Ag; 10.7 m @ 0.28 gpt Au, 15 gpt Ag; 19.8 m @ 0.42 gpt Au, 5 gpt Ag; 13.7 m @ 0.24 gpt Au, 11 gpt Ag; 19.8 m @ 0.17 gpt Au, 9 gpt Ag. “the Company will now change the focus of drilling to test the larger El Dorado stockpile … If that drilling is successful, it may provide additional resources and cash flow similar to that currently being generated from the producing Junkyard reserve. The intention is to produce from these low-cost stockpiles to maximize cashflow ahead of primary mining from the open pit pushbacks”.
DynaResource Inc. updated on exploration activities at its San Jose de Gracia mine in Sinaloa. Two potential high-grade mineralized zones have been identified and are under evaluation for exploration and development potential. The Victoria vein was discovered on the hanging wall of the Tres Amigos vein system, is 1.5 m wide and has been followed along 110 m by drifting, grading between 7 to 8 gpt Au and currently is envisioned to potentially host around 25 K Oz Au in sulfide rich, chalcopyrite-sphalerite-galena bearing material. The Palos Chinos vein system has a conceptual exploration target of 90 K tonnes grading 5 to 6 gpt Au, with a potential to host 15 K Oz Au. Exploration drifts have encountered minor disseminated mineralization within the footwall of the Palos Chinos structure, with results of up to 7.6 m @ 7.4 gpt Au in channel sampling.

ON DEALS AND CORPORATE ISSUES

Torex Gold Resources Inc. entered into a definitive agreement to acquire all of the issued and outstanding common shares of Reyna Silver Corp. for an all-cash consideration of US$26 M (C$36 M) (Morelos Complex, Guerrero).
Reyna Silver Corp. entered into a definitive agreement with Torex Gold Resources Inc. pursuant to which Torex Gold has agreed to acquire all issued and outstanding common shares of Reyna Silver. Concurrently with the transaction, Torex Gold is participating in non-brokered private placement with Reyna Silver -see above in Financing- (GuiGui, Chihuahua).
Chesapeake Gold Corp. announced the election of Mr. Paul West-Sells to the board of directors together with the returning incumbent directors P. Randy Reifel, Randy Buffington, Doug Flegg, Lian Li, and John Perston. Mr. Jeff Stieber was also appointed to the board, while director Chris Falck is retiring and continuing as an advisor (Metates, Durango).
Vizsla Royalties Corp. entered into an agreement with Machai Capital Inc. for a digital marketing campaign “… including branding and content creation, data optimization services, search engine optimization, search engine marketing, lead generation, digital marketing, social media marketing, e-mail marketing and brand marketing” (Royalty on Panuco, Sinaloa).
Orla Mining Ltd. reported the voting results from its AGM with all nominees elected as directors (Camino Rojo, Zacatecas).
Americas Gold and Silver Corp. announced that all nominees listed in the management proxy circular were elected on its AGM, along with the passing of several other ordinary resolutions (Cosalá, Sinaloa).
Vortex Metals Inc. engaged “Pontones & Ledesma” based in Mexico City o to lead the company’s efforts in preparing environmental impact studies (EIA) at its projects Zaachila and Riqueza Marina in Oaxaca.
Discovery Silver Corp. announced results of its annual general meeting (AGM), electing all director nominees (Cordero, Chihuahua).
Roberto Resources Inc. clarified its disclosure on the proposed acquisition from Durango Gold Corp. of the Claudia project in Durango, as requested by the British Columbia Securities Commission. The company entered into an extension agreement for the due diligence period, until June 30, 2025. The company is to pay US$25 K and 10 M common shares at the closing, assume up to US$500 K in current accounts payables which includes mineral concession payments for US$465 K. Bonus payments to previous owner Silverstone Resources S.A. de C.V. as follows: if a measured and indicated resource is disclosed ranging from 1 to 500 K Oz AuEq, payment of US$7.0 M; 500 K to 1 M Oz AuEq, additional US$ 10.0 M; and 1 M to 1.5 M Oz AuEq, an additional US$2.0 M. Those gold discovery payments can be paid 50% in shares and 50% in cash. If no measures or indicated resources are published by the end of 2029, the project must be returned to Silverstone.
Almaden Minerals Ltd. informed all matters submitted to the shareholders were approved at their annual general meeting (Ixtaca, Puebla).
Orogen Royalties Inc. announced the plan of arrangement between the company and Triple Flag Precious Metals Corp. was approved on its annual general meeting (AGM), along with the election of all nominees to the board (Royalty on Ermitaño, Sonora).

ON SOCIAL RESPONSIBILITY

No Relevant News.

On the image below: Tectonic breccia within a fault zone in HQ core. Picture by Jorge Cirett.

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

May 18, 2025 / Gambusino Prospector / Leave a comment

By Jorge Cirett

During the 20^th week of the year (May 12^th to May 18^th, 2025), companies working in Mexico presented 33 press releases. For a second week in a row, not a single company informed on exploration work in early-stage projects. Nine companies reported quarterly operational/financial results. Two companies informed on financing rounds, one on the receipt of shares from a spin-off company, one another reported an agreement on services, one more declared a dividend, and a further one granted stock options. Two companies released drilling results of ongoing drilling at their operating properties. Two companies announced successful takeover bids for smaller companies. One company announced an appointment to the board. Another company announced the completion of the acquisition of 100% interest on a property, and the divestment of one more. Accordingly, one other company increased its ownership on a project and sold its stake on another one. Two companies provided updates on their MTCO’s. One more company is increasing its land position by acquiring one more adjacent project. One company’s shareholders are being advised to vote for a compensation plan. A company is launching three major initiatives. A large company is selling its interest on a company being taken over by another company. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, no relevant news. ON MINING, Orla Mining, Gold Resource, Prime Mining, Empress Royalty, Endeavour Silver, Starcore International, Altius Minerals, Avino Silver and Discovery Silver reported their quarterly/yearly results. ON FINANCING, two companies informed on financing rounds: Aztec Minerals (C$3.6 M) and GR Silver (C$1.85 M). Riverside Resources announced its shareholders are to receive shares from a spin-out company. Minaurum Gold announced services agreements. Sailfish Royalty declared a quarterly dividend and Osisko Development granted stock options and deferred shares. ON RESOURCES AND DEVELOPMENT, Luca Mining released drill results from underground drilling at Campo Morado, in Guerrero. Heliostar Metals presented results from drilling on the Creston pit, at its La Colorada mine in Sonora. ON DEALS AND CORPORATE ISSUES, Pan American Silver is acquiring all common shares on Mag Silver. Alpayana announced the successful take-over bid on Sierra Metals. Sonoran Desert announced an appointment to the board. Silver Spruce acquired the remaining 50% interest in the Jackie property in Sonora, from Colibri Resource. Colibri Resource is increasing its stake on the Diamante project to 60%. Santacruz Mining and Centenario Gold provided updates on their respective MTCO’s. First Majestic Silver is to have its AGM. Vizsla Silver is to acquire the Santa Fe property in Sinaloa, Sandstorm Gold informed on a positive recommendation to shareholders on the voting of a compensation plan. Oroco Resources announced three significant initiatives to impact on the Santo Tomas project in Sinaloa. Fresnillo plc sold most of its shares in Mag Silver. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

No Relevant News.

ON EXPLORATION

No Relevant News.

ON MINING

Orla Mining Ltd. announced results for the first quarter of 2025, including figures from its operations in Mexico. At Camino Rojo, in Zacatecas, the company stacked 1.7 M tonnes on the heaps, grading 0.78 gpt Au to produce 29,973 Oz Au at consolidated (in Mexico and USA) cash cost of $597 per Oz Au and an AISC of $845 per Oz Au. The company obtained US$140.7 M in revenue and held US184.2 M in cash and cash equivalents at the end of the period, with US$265.8 M in debt.
Gold Resource Corp. presented operational results for Q1 2025. At the Don David mine in Oaxaca, the company milled 56.9 K tonnes averaging 0.7 gpt Au, 169 gpt Ag, 0.18% Cu, 0.72% Pb, 1.68% Zn, to produce 903 Oz Au, 257.3 K Oz Ag, 54 tonnes Cu, 272 tonnes Pb, 699 tonnes Zn (or 3,394 Oz AuEq) at a total AISC of $3,252 per AuEq. Underground definition and grade control drilling progressed at the Three Sisters vein system, and some definition drilling was completed on the Marean, Santa Helena and Viridiana veins within the Arista system. The company had US$6.2 M dollars in working capital and US$4.9 M in cash at the end of the period.
Prime Mining Corp. reported operating and financial results for Q1 2025. The company made a review of the drilling highlights released during the period on the Z-T, Central and Fresnillo trends at its Los Reyes project in Sinaloa. Drilling was halted at the end of January, but six rigs remain in the property to resume drilling as soon as security improves. During the period the company spent C$3.6 M. Total cash at the end of the period was C$19.2 M and total liabilities amounted to C$1.4 M.
Empress Royalty Corp. announced financial and operating results for the first quarter of 2025. The company had royalty and stream revenue of US$2.74 M, for a total revenue of US$1.85 M. The positive cash flow of US$1.75 M, adjusted EBITDA of US$1.39 M and a net income of US$0.44 M (Royalty on Tahuehueto, Durango).
Endeavour Silver Corp. presented its financial and operating results for Q1 2025. During the period the company produced 1.2 M Oz Ag, 8,338 Oz Au (or 1.9 M Oz AgEq), at cash cost $15.89 per Oz Ag and an ASIC of $24.48 per Oz AgEq. Revenue was US$63.5 M, with mine operating cash flow of US$8.3 M. Cash position by the end of the period was $64.7 M, with a working capital of US$14.8 M.
Starcore International Mines Ltd. announced production results for the fourth quarter ended in April 2025. At the San Martin mine in Queretaro, 53.4 K tonnes were milled, averaging 1.57 gpt Au, 15.8 gpt Ag, recovering 81.72% Au, 56.63% Ag, to produce 2,342 Oz AuEq.
Altius Minerals Corp. reported first quarter 2025 revenue of C$12.6 M (Royalty on Cuale, Jalisco).
Avino Silver & Gold Mines Ltd. reported consolidated financial results for the first quarter of 2025. At Avino, in Durango, the company milled 167.9 K tonnes to produce 265.7 K Oz Ag, 2,225 Oz Au, 1.6 M Lb Cu (or 678.5 K Oz AgEq) at cash cost $12.62 and an AISC of $20.08. Revenue amounted to US$18.8 M, mine operating income to US$10.6 M, net income was US$5.6 M, and EBITDA US$9.7 M. By the end of the period the company had US$26.6 M, and a working capital of US$31.3 M. As previously informed, underground development work commenced at La Preciosa, in Durango.
Discovery Silver Corp. announced financial results for the first quarter of 2025. The report focused on the recent acquisition by Discovery of the Porcupine mine complex in Ontario, which resulted in a share price increase of 250%. As a result of the transaction with Newmont Corp. the number of shares of the company passed from 402 M at the end of March to 801 M on May 13, 2025. In Mexico, the company submitted the environmental impact assessment (Manifiesto de Impacto Ambiental, or MIA) in August 2023. “The Company has yet to receive a ruling on the technical review of the MIA. Based on favourable developments in Mexico since President Claudia Sheinbaum assumed office on October 1, 2024, including public comments acknowledging the importance foreign investment projects and the mining industry to the country’s economy, the Company remains confident that Cordero will receive MIA approval”.

ON FINANCING

Riverside Resources Inc. announced that on May 22, 2025, shareholders of Riverside will be entitled to receive one new common share of Riverside and one common share of Blue Jay Gold Corp. (Riverside’s spin-out subsidiary) for every five common shares of Riverside (“Riverside Shares”) held at the Effective Time (Cecilia, Sonora).
Minaurum Gold Inc. entered into agreements with Capital Analytica and National Inflation Association to provide marketing and communications services (Alamos Silver, Sonora).
Aztec Minerals Corp. closed an oversubscribed non-brokered private placement for aggregate gross proceeds of C$3.6 M (Cervantes, Sonora).
Sailfish Royalty Corp. declared the second quarterly cash dividend for 2025 in the amount of US$0.0125 per common share, payable on July 15, 2025, to Sailfish shareholders of record as of the close of business on June 30, 2025 (Gavilanes, Durango).
Osisko Development Corp. granted an aggregate 1.27 M stock options of the company to certain senior officers and non-executive employees of the company, and 229.6 K deferred shares to its independent directors (San Antonio, Sonora).
GRSilver Mining Ltd. increased its non-brokered private placement to aggregate gross proceeds of C$1.85 M (Plomosas, Sinaloa).

ON RESOURCES AND DEVELOPMENT

Luca Mining Corp. announced drill results from seven underground diamond holes of the 5,000 m exploration program at its Campo Morado mine in Guerrero. Highlighted core length (>90% true width) results comprise 4.1 m @ 0.57 gpt Au, 62 gpt Ag, 1.63% Cu, 0.3% Pb, 1.2% Zn; 7.8 m @ 0.64 gpt Au, 59 gpt Ag, 0.70% Cu, 0.4% Pb, 2.1% Zn; 2.6 m @ 0.30 gpt Au, 101 gpt Ag, 2.25% Cu, 0.1% Pb, 0.2% Zn; 5.5 m @ 0.71 gpt Au, 63 gpt Ag, 0.85% Cu, 0.4% Pb, 1.9% Zn; 3.3 m @ 2.14 gpt Au, 105 gpt Ag, 0.77% Cu, 0.7% Pb, 2.2% Zn; 15.80 m @ 2.21 gpt Au, 109 gpt Ag, 0.29% Cu, 0.8% Pb, 2.4% Zn (including 6.6 m @ 3.31 gpt Au, 178 gpt Ag, 0.50% Cu, 1.3% Pb, 4.1% Zn); 4.60 m @ 0.22 gpt Au, 38 gpt Ag, 1.26% Cu, 0.1% Pb, 1.2% Zn. Surface drilling is underway, including at Reforma and El Rey, with the first exploration at these deposits since 2010.
Heliostar Metals Ltd. announced additional results from an expanded 16,211 m drilling program at La Colorada, in Sonora. La Colorada restarted production in January 2025, “and the current drill program is intended to expand the mineral reserves ahead of an updated technical report and expansion decision planned for mid-2025”. The 25 holes in this release targeted mostly veins within the Creston pit. Highlighted results comprise 19.95 m @ 2.51 gpt Au, 98 gpt Ag; 56.60 m @ 2.88 gpt Au, 7 gpt Ag; 31.25 m @ 0.65 gpt Au, 35 gpt Ag; 20.90 m @ 3.63 gpt Au, 24 gpt Ag (including 4.05 m @ 17.80 gpt Au, 100 gpt Ag); 29.80 m @ 2.22 gpt Au, 22 gpt Ag (including 8.70 m @ 6.68 gpt Au); 29.30 m @ 1.08 gpt Au, 7 gpt Ag; 18.85 m @ 3.54 gpt Au, 5 gpt Ag; 23.20 m @ 14.40 gpt Au, 22 gpt Ag (including 0.85 m @ 381 gpt Au, 167 gpt Ag); 6.10 m @ 7.94 gpt Au, 3 gpt Ag; 10.70 m @ 0.77 gpt Au, 123 gpt Ag; 85.25 m @ 1.14 gpt Au, 4 gpt Ag. Results from the current drill program are being incorporated into a resource model. Historic stockpiles are to be drilled aiming to produce from these low-cost alternatives, as in the currently producing Junkyard stockpile. Later on the year the focus will shift to stepping out on the high-grade vein intercepts beneath and along strike from the open pits

ON DEALS AND COPRORATE ISSUES

Pan American Silver Corp. and Mag Silver Inc. entered into a definitive agreement to acquire all outstanding common shares of Mag Silver, owner of 44% interest on the Juanicipio mine in Zacatecas (the remaining 55% is owned by Fresnillo plc.). Mag shareholders will receive a total consideration of US$2.1 billion. “Consideration will be comprised of a mix of cash totaling $500 million and 0.755 Pan American shares per MAG share, subject to proration as detailed below. The consideration represents premiums of approximately 21% and 27%, respectively…” (Pan American Silver owns La Colorada, Zacatecas).
Alpayana S.A.C. announced the successful take-over bid to acquire control of Sierra Metals Inc. by paying C$1.15 in cash for share of the company. “Alpayana has satisfied the statutory minimum tender condition and will take immediately take-up and acquire 70.74% of the issued and standing shares of Sierra” (Bolivar, Chihuahua).
Sonoran Desert Corp. appointed Mr. Stephen Burega as president of the company.
Silver Spruce Resources Inc. informed on the acquisition of the remaining 50% interest in the Jackie project in Sonora from partner Colibri Resource Corp., and the relinquishment of its 25% interest in the Diamante project in Sonora.
Colibri Resource Corp. is increasing its ownership on the Diamante project to 60%, and selling its 50% interest on the Jackie project, both in Sonora.
Santacruz Silver Mining Ltd. provides a bi-weekly update on the status of the temporary management cease trade order granted on May 1, 2025 by the British Columbia Securities Commission under National Policy 12-203. “The Company reports that (i) other than as described herein, there are no changes to the information contained in the MCTO Announcement that would reasonably be expected to be material to an investor” (Zimapan, Hidalgo).
First Majestic Silver Corp. reminds its shareholders about the upcoming annual general meeting (AGM) of shareholders scheduled to take place on Tuesday, May 20, 2025, at 10:00 a.m. (Santa Elena, Sonora; San Dimas, Sinaloa; La Encantada, Coahuila).
Vizsla Silver Corp. entered into an agreement to acquire the 12,229 ha Santa Fe project in Sinaloa, located south of its Panuco project. The property comprises production and exploration concessions, including an operating 350 tpd flotation plant, and it’s fully covered with LIDAR and high-resolution aeromagnetic and radiometric surveys, as well as detailed IP geophysics on the mine area. “Previous drilling campaigns completed by Aurico Gold and Fortuna Mining in 2014 and 2020, respectively, outlined the high-grade shoot currently being mined but also reported anomalous silver intercepts in four other target areas”. Vizsla has the option to acquire production concessions in the property from several individuals and local companies in five years by spending US$4 M on exploration and making staged payments that aggregate to US$1.5 M and 1.37 M common shares in total. Exploration concessions can be purchased by making a US$1.43 M payment and a further 2.75 M shares to an individual on the effective date of the agreement. The individual will receive also the Cocos plant, and Vizsla is to pay 50% of mining duties due on the exploration concessions, which amounts to US$395 K.
Centenario Gold Corp. provided a default status report on its management cease trade order. The company confirmed “that there have been no material changes to the information contained in the Default Announcement or any other changes required to be disclosed under NP 12-203” (El Eden, Sinaloa).
Sandstorm Gold Ltd. informed that Institutional Shareholder Services Inc. updated its voting recommendations on the proposed amendments to the share-based compensation program to be voted at the company’s AGM on May 30, 2025. “ISS’ updated report now recommends shareholders vote FOR all management proposals to be voted on at the Meeting, including those proposals ISS previously recommended voting against” (royalties on Cosala, Sinaloa).
Oroco Resource Corp. announced three major initiatives: First, an application to expand the scope of the Santo Tomas mine plan, including the lateral shifting of the river adjacent to the North Zone of the project. Second, the engagement of environmental law firm Pontones & Ledezma. Third, the application to list its securities on the Toronto Stock Exchange (Santo Tomas, Sinaloa).
Fresnillo plc. announced its position regarding the recent announced acquisition of Mag Silver Corp. by Pan American Silver Corp.: “Fresnillo originally acquired its stake in MAG Silver as a strategic investment in a single-asset company to support the strong partnership at Juanicipio, one of the world’s premier silver mines where Fresnillo is the operator and majority owner. Under the terms of the Agreement, subject to approval of the transaction, Fresnillo’s shareholding of over 9% of MAG Silver would convert into a shareholding of less than 1% of Pan American, a diversified, multiasset precious metals mining company. This conversion of shares does not align with Fresnillo’s strategic investment objectives nor with the interests of its shareholders and therefore Fresnillo has sold the majority of its MAG Silver shares” (Fresnillo, Zacatecas).

ON SOCIAL RESPONSIBILITY

No Relevant News.

On the image below: Brecciated-silicified dike in Sonora. Picture by Jorge Cirett.

Oroco Announces Major Initiatives

May 15, 2025 / gambusinoprospectormexico / Leave a comment

2025-05-15_oroco announces major initiatives Download

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

April 6, 2025June 13, 2025 / Gambusino Prospector / Leave a comment

By Jorge Cirett

During the 14^th week of the year (March 31^st to April 6^th, 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 First Week of March 2025

March 9, 2025June 13, 2025 / Gambusino Prospector / Leave a comment

By Jorge Cirett

During the 10^th week of the year (March 3^rd to March 9^th, 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 11^th, 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 Third Week of February 2025

February 23, 2025June 13, 2025 / Gambusino Prospector / Leave a comment

By Jorge Cirett

During the 8^th week of the year (February 17^th to February 23^rd, 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 50^TMlist 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 50^TM 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 Fourth Week of January 2025

January 26, 2025June 13, 2025 / Gambusino Prospector / Leave a comment

By Jorge Cirett

During the 4^th week of the year (January 20^th to January 26^th, 2025), companies working in Mexico presented 26 press releases. Two companies informed on exploration on their properties, three companies presented quarterly reports and one updated on the refurbishment of an antimony smelter. Nine companies informed on financing rounds and two granted stock options. Two companies reported drilling results from producing mines and one more from an advanced property. A company resumed operations at its advanced property after a fatal accident. Two companies informed on senior staff changes. One company informed on another’s company acquisition process and one more informed on the TSX stand in relation to a take-over bid. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, in Sonora, Tocvan Ventures reported surface exploration results at its Gran Pilar project. In Nayarit, Angel Wing commenced drilling at La Reyna project. ON MINING, Capstone Gold, Avino Silver and Dyna Resource presented Q4 2024 results. US Antimony provided an operational update on its Madero smelter. ON FINANCING, companies that commenced or closed financing rounds include Defiance Silver (C$732 K), Colibri Resource (C$250 K), Zacatecas Silver (C$1.5 M), Capitan Silver (C$4.2 M), Goldgroup Mining (C$3.5 M), Gold Resource Corp. (US$2.5 M). Southern Silver Exploration (C$2.5 M), Silver Storm Mining (C$3.5 M), Mexican Gold (C$160 K). Sonoro Gold and Angel Wing Metals granted options to officers and directors. ON RESOURCES AND DEVELOPMENT, Vizsla Silver resumed limited operations after a fatal accident on Panuco, in Sinaloa. Sierra Metals reported drilling results from Bolivar, in Chihuahua. Mithril Silver and Gold presented drilling results from Copalquin, in Durango. First Majestic Silver released drilling results from San Dimas, in Durango. ON DEALS AND CORPORATE ISSUES, Zacatecas Silver and Infinitum Copper announced movements on their boards. Agnico Eagle acquired 94% of O3 Mining shares. Sierra Metals was notified by the TSX on relation to a take-over bid. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

No Relevant News.

ON EXPLORATION

Angel Wing Metals Inc. commenced a 1,500 m diamond drill program at La Reyna project in Nayarit. “The first phase of the program will include 10-12 holes aimed at confirming historical surface sampling grades, on strike continuity, orientation and depth of known mineralization, and artisanal mine workings”. Drilling is to focus on the Dolorosa, Zorrillo, San Ramon and El Polo targets.
Tocvan Ventures Corp. reported on surface exploration results from its 100% owned Gran Pilar project in Sonora. A total of 188 rock samples and 9 infill soil samples were analyzed from the Southern Block, with four new target areas within a 1.8 km long by 1.0 km wide zone. Another zone 2.1 km by 2.4 km remains to be sampled. Highlighted rock sample results comprise: 3.11 gpt Au, 18 gpt Ag, 0.5% Pb, 0.1% Zn; 2.74 gpt Au, 17 gpt Ag, 0.7% Pb; 2.71 gpt Au, 17 gpt Ag, 0.7% Pb, 0.1% Zn; 2.29 gpt Au, 24 gpt Ag, 0.9% Pb; 2.13 gpt Au, 0.1% Cu, 0.1% Zn; 1.45 gpt Au, 0.2% Zn; 1.12 gpt Au, 64 gpt Ag, 0.6% Pb; 1.09 gpt Au, 10 gpt Ag, 0.4% Cu; 0.88 gpt Au; 0.19 gpt Au, 0.7% Cu; 0.17 gpt Au, 0.7% Pb. High pathfinder numbers on rock sampling comprise up to 0.5% As, 312 ppm Mo and 98 ppm Sb. Nine infill soil samples returned up to 0.45 gpt Au, 8 gpt Ag, 110 ppm Cu, 671 ppm Pb, 147 ppm Zn, 463 ppm As, 3 ppm Mo. Diamond drilling continues on the Pilar project (JV with Colibri Resource Corp.) with core sample preparation ongoing of the 408 m already completed on four holes.

ON MINING

Capstone Copper Corp. announced consolidated production for 2024, including information from its operations in Mexico. During Q4 2024 the company produced 6,724 tonnes Cu at Cozamin, in Zacatecas, for a total yearly production of 24,906 tonnes Cu, out of a total of 141,698 tonnes Cu produced by their sulfide business. For 2025, guidance for Cozamin is similar to 2024, with 23 – 26 K tonnes Cu at cash cost $1.60 – $1.80.
Avino Silver & Gold Mines Ltd. presented Q4 and full year 2024 production results. At Avino, in Durango, 181.7 K tonnes were processed during the quarter, grading 56 gpt Ag, 0.59 gpt Au, 0.52% Cu, recovering 87% Ag, 74% Au, 86 % Cu, to produce 283.8 K Oz Ag, 2,560 Oz Au, 1.77 M Lb Cu (or 735 K Oz AgEq). For the year 648.8 K tonnes were processed, grading 61 gpt Ag, 0.51 gpt Au, 0.51% Cu, recovering 88% Ag, 71% Au, 87% Cu, to produce 1.1 M Oz Ag, 7,477 Oz Au, 6.2 M Lb Cu (or 2.65 M Oz AgEq). “Avino had approximately $26 million in cash at the end of 2024 and remains debt-free, excluding operating equipment leases”.
Fortuna Mining Corp. reported production results for the fourth quarter and full year 2024, including figures from its operations in Mexico. At San José, in Oaxaca, Fortuna milled 190 K tonnes during the quarter, at a rate of 2,437 tpd, grading 118 gpt Ag, 0.85 gpt Au, recovering 82.7% Ag, 82% Ag, to produce 594.4 K Oz Ag, 4,239 Oz Au. For the year, 735.6 K tonnes were milled at a rate of 2,138 tonnes per day, grading 125 gpt Ag, 0.89 gpt Au, recovering 86.1% Ag, 84.8% Au, to produce 2.55 M Oz Ag, 17,811 Oz Au. Last week the company announced the sale of the San José mine.
Dyna Resource Inc. announced its preliminary 2024 operating results and 2025 guidance. During the quarter Dyna mined 67.7 K tonnes, grading 4.12 gpt Au, recovering 76% Au to produce 6,775 Oz Au. For the year, 257.7 K tonnes were mined, averaging 4.07 gpt Au, recovering 76% Au to produce 25,677 Oz Au. For 2025 Dyna expects to produce 27,000 to 30,000 Oz Au, at an AISC of $1,850 to $2,050 per Oz Au, with US$2.5 to US$3 M in exploration expenditures.
United States Antimony Corp. provided an operational update on its Madero smelter in Coahuila. “Initial plans are for the Madero Smelter to process antimony ore in an amount approximating 100 tons per month”, starting next March. The company will repair and refurbish six of the seventeen furnaces at the smelter over the next month. The less than US$1 M capital expenditure program is also geared to more streamline antimony feedstock in a faster, more mechanical and less human interaction manner, allowing for increased throughput in the future.

ON FINANCING

Defiance Silver Corp. closed a first tranche of a non-brokered private placement for aggregate gross proceeds of C$732K (Zacatecas project, Zacatecas).
Colibri Resource Corp. intends to conduct a non-brokered private placement for gross proceeds for up to C$250 K (Diamante, Sonora).
Zacatecas Silver Corp. arranged a non-brokered private placement for total proceeds of C$1.5 M (Zacatecas Silver project, Zacatecas; Esperanza, Morelos).
Capitan Silver Corp. intends to raise up to C$4.2 M through a non-brokered private placement. “The Offering is expected be led by a strategic investment from the Jupiter Gold & Silver Fund” (Cruz de Plata, Durango).
Goldgroup Mining Inc. closed the non-brokered private placement previously announced. The company raised C$3.5 M in gross proceeds (Cerro Prieto, Sonora).
Gold Resource Corp. closed the registered offering for US$2.5 M in gross proceeds (Don David).
Angel Wing Metals Inc. granted 1.7 M stock options to directors of the company (La Reyna, Nayarit).
Southern Silver Exploration Corp. revised the terms of the previously announced non-brokered private placement, which is now to comprise gross proceeds of up to C$2.5 M (Cerro Las Minitas, Durango).
Silver Storm Mining Ltd. increased the size of its previously announced non-brokered private placement, for gross proceeds of up to C$3.5 M. First Majestic Silver (a significant shareholder) subscribed C$1.5 M in shares, which is considered a related party transaction (La Parrilla, Durango).
Mexican Gold Mining Corp. announced a non-brokered private placement to raise up to C$160 K (Las Minas, Veracruz).
Sonoro Gold Corp. granted options to certain directors, officers and consultants of the company (Cerro Caliche, Sonora).

ON RESOURCES AND DEVELOPMENT

Vizsla Silver Corp. resumed limited operations after the recent fatal accident at Panuco, in Sinaloa, to work in a test mine and advance towards a feasibility study.
Sierra Metals Inc. reported drill results for the 2024 drill program in the Marian Zone at the Bolivar mine in Chihuahua. Highlighted true width core intervals comprise 26.0 m @ 1.29% Cu, 0.34 gpt Au, 11 gpt Ag; 20.0 m @ 1.37% Cu, 0.31 gpt Au, 24 gpt Ag, 0.2% Zn; 9.5 m @ 0.85% Cu, 0.14 gpt Au, 24 gpt Au, 3.0% Zn; 10.0 m @ 1.26% Cu, 0.26 gpt Au, 40 gpt Ag, 8.3% Zn; 7.0 m @ 2.45% Cu, 0.42 gpt Au, 12 gpt Ag; 6.7 m @ 0.93% Cu, 0.22 gpt Au, 2 gpt Ag. Marian is a chalcopyrite, lesser bornite and pyrite mineralized body, interpreted as a feeder zone, cutting carbonate rocks previously affected by calc-silicate metasomatism. Mineralization is 9.0 to 26.4 m wide, with the current results having the potential to extend the ore body 300 m along strike and 600 m downdip.
Mithril Silver and Gold Ltd. continues drilling the Target 1 resource area at its Copalquin project in Durango. Highlighted core length intervals comprise: 7.37 m @ 4.16 gpt Au, 70 gpt Ag; 0.75 m @ 2.53 gpt Au, 60 gpt Ag; 7.65 m @ 0.23 gpt Au, 9 gpt Ag; 2.00 m @ 0.63 gpt Au, 61 gpt Ag; 5.00 m @ 0.53 gpt Au, 29 gpt Ag; 13.90 m @ 0.71 gpt Au, 35 gpt Ag (including 1.00 m @ 4.15 gpt Au, 195 gpt Ag). The company is to complete a resource estimate for the Target 1 by end of Q1 2025, and drilling is to commence with a second drill rig at the Target 2 area by April 2025.
First Majestic Silver Corp. released results from the 2024 drilling program at its San Dimas mine in Durango. Resource conversion and exploration drilling was performed on El Oro, Perez, Sinaloa, Santa Teresa, Rosario, Intermedia, Santa Regina, Santa Jessica and Nochebuena veins. Highlighted true length results comprise: 3.26 m @ 10.03 gpt Au, 1,996 gpt Ag; 2.30 m @ 6.28 gpt Au, 1,001 gpt Ag; 3.14 m @ 3.66 gpt Au, 485 gpt Ag; 5.06 m @ 2.00 gpt Au, 309 gpt Ag; 2.31 m @ 23.33 gpt Au, 1,045 gpt Ag; 2.97 m @ 6.61 gpt Au, 501 gpt Ag; 1.69 m @ 10.91 gpt Au, 796 gpt Ag; 1.64 m @ 8.31 gpt Au, 507 gpt Ag; 3.41 m @ 10.02 gpt Au, 359 gpt Ag; 5.86 m @ 3.11 gpt Au, 166 gpt Ag; 1.69 m @ 13.53 gpt Au, 211 gpt Ag.

ON DEALS AND CORPORATE ISSUES

Zacatecas Silver Corp. announced the appointment of Mr. Eric Vanderleeuw as chief executive officer and director and Mr. Mario Vetro as advisor (Zacatecas Silver project, Zacatecas; Esperanza, Morelos).
Infinitum Copper Corp. announced the resignation of Steve Robertson as chairman and as a director and Garrick Mendham as director of the company (La Adelita, Sonora).
Agnico Eagle Mines Ltd. and O3 Mining Inc. provided O3 Mining share Holders with a final reminder to tender to Agnico Eagle’s friendly all cash offer to acquire 100% of the common shares of O3 Mining at $1.67 per share, which expires on January 23, 2025 (Pinos Altos, Chihuahua).
Agnico Eagle Mines Ltd. announced the acquisition of 94.1% of the outstanding common shares of O3 Mining Inc., with expiry of the buy offer extended to February 3, 2025 (Pinos Altos, Chihuahua).
Sierra Metals Inc. was notified by the Toronto Stock Exchange (TSX) “that the TSX will defer its consideration of the acceptance of the Company’s shareholder rights plan dated December 30, 2024”. This is in relation to the un-solicited take-over bid by Alpayana S.A.C. for all of the common shares of Sierra Metals (Bolivar, Chihuahua).

ON SOCIAL RESPONSIBILITY

No Relevant news.

On the image below: Old mine working in the Sonoran Desert. Drone picture by Jorge Cirett.

GOLDGROUP ANNOUNCES WARRANT EXPIRY ACCELERATION

January 11, 2025 / gambusinoprospectormexico / Leave a comment

2024-01-10_goldgroup announces warrant expiry acceleration Download

The Mining and Exploration News in Mexico: Highlights on the Second Week of December 2024

December 15, 2024December 15, 2024 / Gambusino Prospector / Leave a comment

By Jorge Cirett

During the 50th week of the year (December 9th to December 15th, 2024), companies working in Mexico posted at least 28 press releases. Not a single company informed on exploration advances at its property, two companies presented quarterly results, one company was ordered to suspend operations, one more announced commercial production while another the re-start of heap stacking. Two companies informed on financing rounds, one on the granting of options, another on a share purchase plan, one on the evaluation of share consolidation and one more on the signing of service contracts. Six companies updated on drilling programs and one on a new MRE report for its property, one company started test mining and bulk sampling at its advanced property. One company published its annual handset book, two companies presented AGM results, three more announced appointments to the board, two companies informed on their amalgamation agreement, one more on the move of its headquarters and another one on the international arbitration proceedings against Mexico. One company published its sustainability report ON MEXICO ISSUES, Mexico is to review the proposed ban on open pit mining. ON EXPLORATION, no relevant news. ON MINING, GoGold Resources and Heliostar Metals presented quarterly reports. Torex Gold operations in Guerrero were mandated to halt by the government. Sierra Madre Gold and Silver announced commercial production at La Guitarra. Heliostar Metals intends to re-start stacking activities at La Colorada in Sonora. ON FINANCING, Tocvan Ventures and Quetzal Copper announced financing rallies for $2.1 M and C$3 M respectively. Sandstorm entered an automatic share purchase plan. Sierra Metals is considering a 20:1 share consolidation plan. Sierra Madre Gold and Silver granted stock options, Heliostar Metals signed services agreements with two companies, Defiance Silver made a clarification on the engagement of a service company. ON RESOURCES AND DEVELOPMENT, Silver Storm Mining released results from drilling at La Parilla, Mithril Silver and Gold updated on drilling at Copalquin, Defiance Silver announced a new MRE for Tepal, Pan American Silver reported drilling highlights for La Colorada and La Colorada Skarn, Prime Mining reported on expansion drilling at Los Reyes, Orla Mining updated on exploration at Camino Rojo. Fuerte Metals reported drilling results from Cristina, Vizsla Silver commenced test mining and bulk sampling at Panuco ON DEALS AND CORPORATE ISSUES, Elemental Altus Royalties published its annual handset handbook. Defiance Silver and Zacatecas Silver announced AGM’s results. Orla Mining and Luca Mining announced appointments to the board. Enduro Metals and Commander Resources announced its amalgamation agreement. US Antimony announced the move of its headquarters. Almaden Minerals informed on the international arbitration process under the TPP with Mexico. ON SOCIAL RESPONSIBILITY, Capstone Copper published its 2023 sustainability report.

ON MEXICO ISSUES

Mexico is to review the proposed bill to ban open pit mining, announced Claudia Shienbaum, Mexico’s president. The proposal was approved by the lower chamber of Congress in August, and also seeks to prohibit fracking and restrict water usage in areas of scarcity. She emphasized that the review will focus on ensuring environmental protection and is independent of corporate interests. “The Mexican Mining Chamber (Camimex) has voiced strong opposition to the proposed ban. Open-pit mining accounts for 60% of the value of Mexico’s national mining and metallurgical production. Camimex warns that the prohibition could lead to a 1% contraction in the country’s GDP and jeopardize nearly 200,000 jobs.”

ON EXPLORATION

No Relevant News.

ON MINING

Torex Gold Resources Inc. updated on the carbon monoxide accident that claimed the lives of two employees and one contractor and injured a second contractor. The company commenced its “own internal investigation to determine how, despite multiple levels of safety protocols and controls, such a tragedy could have occurred…. Two experienced individuals went into a restricted area where carbon monoxide was present, and in an effort to rescue their colleagues who suffered exposure, two other individuals entered the area as well. Three of the individuals passed away as a result, while the fourth was transported to a local hospital and is now at home recovering”.
Torex Gold Resources Inc. received notification from the DGM (Dirección General de Minas) that all activities are to be temporarily suspended at the Morelos property in Guerrero, “to support their inspection associated with the fatal incident at the El Limón Guajes underground mine” on December 5^th, 2024.
Sierra Madre Gold and Silver Ltd. announced that industrial production has started at the Guitarra mine processing plant in Estado de México. “The plant has been operating at 86% of the milling circuit nameplate capacity, or 516 wet metric tonnes per day, for the last two (2) months”. During October 13.2 K tonnes were processed to recover a concentrate containing 21.2 K Oz Ag, 295 Oz Au, and 13 K tonnes were processed in November to recover a concentrate containing 22.9 K Oz Ag, 363 Oz Au.
GoGold Resources Inc. announced financial results for the three months and full year ended on September 30, 2024. The company had revenue of US$36.5 M for the year on the sale of 1.4 M Oz AgEq, with net income of $1.6 M, production of 553.4 K Oz Ag, 8,700 Oz Au, 468 tonnes Cu, 316 tonnes Zn (or 1.48 M Oz AgEq), at cash cost of $17.62 per Oz AgEq and an AISC of $24.15. Cash of US$72.0 M at the end of the period.
Heliostar Metals Ltd. announced its intentions to recommence crushing and stacking in January 2025 of the historical Junkyard Stockpile at the Colorada Mine in Sonora. “The planned restart would initially augment and then replace the current gold production from residual leaching at the mine”. The stockpile is located close to the La Colorada crushing circuit, containing material mined from the Gran Central Pit in the mid to late 1990’s. “Drill holes were completed on a ~35-metre grid across the stockpile with some drill holes completed on a 7-metre grid for variability testing. In total, 57 holes totalling 2,290 metres were completed”.
Starcore International Mines Ltd. reported results for its Q2, ended in October 31, 2024. During the period the company processed 48.2 K tonnes at its San Martin mine in Queretaro, grading 1.1 gpt Au, 9.81 gpt Ag, recovering 80.3% Au, 49.2% Ag, to produce 1,400 Oz Au, 7.6 K Oz Ag (or 1,466 Oz AuEq) at cash cost $2,746 per Oz Au. “This quarter reflects the 2-month closure of mining operations due to the safety standards upgrades that were required by the Mexican Labor Department,,,” after a fatal accident at the mine. Cash on hand is C$3.7 M and working capital C$4.1 M.

ON FINANCING

Sierra Madre Gold and Silver Ltd. granted stock options to two new employees of the company to purchase an aggregate of 300 K common shares (La Guitarra, Estado de México).
Sandstorm Gold Ltd. entered into an automatic share purchase plan under its previously announced normal course issuer bid. The company’s at-the-market equity program for up to US$150 M of common shares expired in October with no shares being issued under the program. Sandstorm renewed its revolving credit agreement allowing the company to borrow up to US$625 M (Royalty in Cosalá, Sinaloa).
Tocvan Ventures Corp. closed a first tranche of its previously announced non-brokered private placement for gross proceeds of $2.1 M, including $1.8 M from Sorbie Bornholm LP, a UK based institutional investor (Gran Pilar, Sonora).
Sierra Metals Inc. is to hold a special meeting of shareholders on January 31, 2025, to seek authorization from shareholders to consider a consolidation of all the company’s issued and outstanding common shares on 1 to 20 ratio (Bolivar, Chihuahua).
Heliostar Metals Ltd. entered into an agreement with Triomphe Holdings Ltd. for an initial term of six months and C$120 K, and Investors News Network with a term of three months and C$25 K, for investor relations and communication services (Ana Paula, Guerrero).
Defiance Silver Corp. made a clarification on the engagement of Torrey Hills Capital Inc. to provide investor relation. Torrey is to receive a monthly payment of US$5 K per month for a minimum of four months (Tepal, Michoacan).
Quetzal Copper Corp. announced a non-brokered private placement for aggregate gross proceeds of up to C$3 M (Cristinas, Chihuahua).

ON RESOURCES AND DEVELOPMENT

Silver Storm Mining Ltd. released results from drilling at La Parrilla Silver Mine Complex, in Durango. Three high-grade zones within the Central Rosarios at the Rosario mine span 275 m in strike length down to a depth of ~600 m remaining open at depth. Highlighted core length intercepts comprise 1.50 m @ 74 gpt Ag, 2.4% Pb, 3.1% Zn; 1.00 m @ 22 gpt Ag, 0.4% Pb, 4.4% Zn; 0.60 m @ 354 gpt Ag, 0.09% Cu, 5.4% Pb, 2.0% Zn; 1.76 m @ 103 gpt Ag, 1.4% Pb, 1.4% Zn; 4.23 m @ 0.25 gpt Au, 150 gpt Ag, 2.6% Pb, 3.6% Zn (including 1.81 m @ 0.31 gpt Au, 296 gpt Ag, 4.3% Pb, 5.5% Zn).
Mithril Silver and Gold Ltd. provided an update on current drilling the Target 1 area at its Copalquin project in Durango. The first wo holes of this campaign are at the lab, the next on the way to the lab, two more are being logged and sampled and a sixth hole has been commenced. A maiden resource for the Target 1 area is scheduled for the end of Q1 2025. Two more areas are to be drilled once the ongoing municipal road upgrade by the company is completed, which will facilitate the 40,000 m of drilling planned for 2025.
Defiance Silver Inc. announced a mineral resource estimate (MRE) for its Tepal Au-Cu project in Michoacan. The open pit operation model comprises 111.7 M tonnes grading 0.19% Cu, 0.26 gpt Au, 1.55 gpt Ag, containing 473.9 M Lb Cu, 926 K Oz Au, 5.6 M Oz Ag as measured and indicated resources, and 124.4 M grading 0.16% Cu, 0.25 gpt Au, 1.46 gpt Ag, containing 451 M Lb Cu, 985 K Oz Au, 5.8 M Oz Ag. Molybdenum was not included due to insufficient metallurgical testwork, but moly grades are significant and its recovery will be assessed.
Pan American Silver Corp. provided its annual exploration update, including its Mexican operations. At La Colorada, in Zacatecas, 13 new veins have been discovered in the eastern portion of the property. Highlighted true width intercepts comprise 0.95 m @ 9,618 gpt Ag, 4.9% Pb, 4.8% Zn; 2.32 m @ 2,615 gpt Ag, 2.3% Pb, 5.2% Zn; 3.28 m @ 308 gpt Ag, 10.2% Pb, 13.1% Zn. The San Geronimo vein system covers now 550m along the strike by 450m vertical. From May to October almost 48,000 m of drilling have been carried out. At the nearby La Colorada Skarn “infill drilling reinforced confidence in the large, indicated mineral resource updated on June 2024”. Over 11,000 m of infill drilling have been completed since then with highlighted core length intervals comprising 273.1 m @ 54 gpt Ag, 0.8% Pb, 5.2% Zn; 62.55 m @ 84 gpt Ag, 2.0% Pb, 7.6% Zn; 60.25 m @ 85 gpt Ag, 7.0% Pb, 10.4% Zn.
Prime Mining Corp. reported expansion drilling results from its Los Reyes project in Sinaloa. The four holes tested Guadalupe East, on the south-east end of the Guadalupe Trend, and are not included in the mineral resource estimate (MRE) released in October. Highlighted true width intervals comprise 1.25 m @ 3.34 gpt Au, 617 gpt Ag (including 0.65 m @ 6.27 gpt Au, 1,160 gpt Ag); 0.95 m @ 14.25 gpt Au, 2,150 gpt Ag; 0.80 m @ 0.81 gpt Au, 1 gpt Ag; 2.35 m @ 1.80 gpt Au, 272 gpt Ag. The company has expanded its fiscal year 2024 program to 50,000 m from 40,0000 m, with “prioritization of targets on probability of resource development and generative area discovery potential”.
Orla Mining Ltd. provided an update on exploration of the Camino Rojo Extension, now referred to as Zone 22, at its Camino Rojo project in Zacatecas. Highlighted core length intercepts of 11,318 m in thirteen holes comprise: 4.90 m @ 4.54 gpt Au, 7 gpt Ag, 2.08% Zn; 6.60 m @ 1.01 gpt Au, 63 gpt Ag, 1.6% Cu, 0.1% Zn (including 1.20 m @ 3.08 gpt Au, 202 gpt Ag, 4.95% Cu, 0.2% Zn); 2.90 m @ 5.65 gpt Au, 27 gpt Ag, 0.1% Pb, 1.4% Zn; 4.90 m @ 4.54 gpt Au, 7 gpt Ag, 2.1% Zn; 2.70 m @ 30.70 gpt Au, 4 gpt Ag, 1.3% Zn (including 0.60 m @ 140.50 gpt Au, 9 gpt Ag, 0.16% Cu, 5.2% Zn); 2.00 m @ 0.83 gpt Au, 393 gpt Ag, 2.4% Pb, 8.8% Zn; 15.00 m @ 0.93 gpt Au, 25 gpt Ag, 0,91% Cu; 4.50 m @ 5.17 gpt Au, 215 gpt Ag, 0.14% Cu, 3.3% Pb, 4.6% Zn; 2.80 m @ 2.99 gpt Au, 269 gpt Ag, 0.16% Cu, 4.3% Pb, 6.8% Zn. Mineralization extends up to 800 m down-plunge from the resource pit. In addition to Au-Ag-Zn sulfide replacement and skarn mineralization, Zone 22 presents Cu-Au-Ag values associated to a felsic dike intersected primarily in the deepest down-plunge extension area.
Fuerte Metals Corp. reported results from five diamond holes at its Cristina project in Chihuahua. The holes reported are from the Los Ingleses and Mexico Libre vein systems, which returned true width intercepts of: 0.90 m @ 3.40 gpt Au, 6 gpt Ag, 0.1% Zn; 9.00 m @ 1.50 gpt Au, 42 gpt Ag, 0.18% Cu, 0.5% Pb, 2.5% Zn; 17.50 m @ 2.40 gpt Au, 23 gpt Ag, 0.5% Pb, 1.0% Zn (including 7.50 m @ 5.30 gpt Au, 40 gpt Ag, 0.16% Cu, 1.0% Pb, 2.0% Zn); 2.40 m @ 11.90 gpt Au, 69 gpt Ag, 0.25% Cu, 1.9% Pb, 4.0% Zn; 3.00 m @ 8.60 gpt Au, 95 gpt Ag, 0.40% Cu, 1.4% Pb, 6.2% Zn (including 1.80 m @ 14.20 gpt Au, 143 gpt Ag, 0.65% Cu, 2.2% Pb, 9.8% Zn). “Fuerte has now reported thirty holes totalling 7,936.5 metres of drilling as part of a 40-50 hole, 21,000 metre drill program”. An underground resource estimate will follow the completion of the 21,000 m program in Q3 2025.
Vizsla Silver Corp. commenced fully funded and fully permitted test mining and bulk sample program at its Panuco project in Sinaloa. The underground scope includes 1,070 m of ramp development, lateral access and ore extraction from the 460-level zone on the Copala structure, where approximately 10 K tonnes of high-grade material is to be mined. Surface infrastructure to be completed includes construction of portal facilities, access roads and laydown areas.

ON DEALS AND CORPORATE ISSUES

Elemental Altus Royalties Corp. published the 2024 edition of its Annual Handset Handbook, with information on the production, development and exploration stages royalties (Mercedes, Sonora).
Defiance Silver Corp. announced results from its AGM and the election of Pail A. Smith as director (Tepal, Michoacan; Zacatecas, Zacatecas).
Orla Mining Ltd. announced the appointment of Dr. Silvana Costa as Chief Sustainability Officer (Camino Rojo, Zacatecas).
Enduro Metals Corp. and Commander Resources Ltd. announced its amalgamation agreement pursuant to which Enduro and Commander will combine their operations creating a copper and gold explorer. Commander owns the Pedro project in Durango.
United States Antimony Corp. announced the move of its corporate headquarters to Dallas, Texas, from Thompson Falls, Montana. Additionally, Mr. Gary C. Evans assumed the chief executive role and continues as chairman of the board of directors, Mr. Joe Bardswich takes on the role of executive vice-president and chief mining engineer (Los Juarez, Queretaro).
Almaden Minerals Ltd. informed on the international arbitration proceedings under the comprehensive and progressive agreement for Trans-Pacific Partnership with Mexico. “The Claim is being prosecuted pursuant to the established and enforceable legal framework of the International Centre for Settlement of Investment Disputes. The Company is financing the Claim with up to US$9.5 million in non-recourse litigation funding”. The company and Mexico have appointed an arbitrator to the three-person arbitration panel, and the third and presiding arbitrator has also been appointed, with the first session held in Washington on November 20, 2024. “While the Company is vigorously pursuing this Claim, its preference is for a constructive resolution with Mexico that results in a positive outcome for all stakeholders” (Ixtaca, Puebla).
Luca Mining Corp. announced the appointment of Ramon Medoza Reyes, P. Eng as chief technical officer (Campo Morado, Guerrero).
Zacatecas Silver Corp. announced the results of its annual general meeting (AGM) and the resignation of Mr. John Lewins as a director of the company. Zacatecas Silver is evaluating upcoming exploration plans at the Zacatecas Silver project, that includes the Panuco Deposit, El Cristo vein system, San Gill breccia zone and Muleros zone. The company also holds the Esperanza project in Morelos, with 956 K Oz Au in resources in the measured and indicated categories and 277 K Oz Au as inferred.

ON SOCIAL RESPONSIBILITY

Capstone Copper Corp. published its 2023 sustainability report, highlighting its sustainable development strategy prioritizing climate, water, tailings, biodiversity and communities.

On the image below: Silicifed fault/vein ridges in Sonora. Drone picture by Jorge Cirett.

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