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Mexico’s Best Silver Drilling Intercepts in 2025

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During 2025 thirty-four companies presented silver results from drilling programs in forty-five deposits located in eleven states.

GoGold Resources tops the table below with a 21.25 m interval averaging 2,077 gpt Ag from Los Ricos South in Jalisco, followed by Palmarejo, Pitarrilla, Plomosas-San Marcial, La Colorada, Campo Morado, La Preciosa, and Don David, all with grade*meter results over 10,000 gpt*m.

Epithermal systems dominate the list, with 34 out of 45 deposits in the list belonging to this category. Intermediate sulfidation epithermal deposits, the most common, include Los Ricos South (Jalisco), Pitarrilla (Durango), Plomosas-San Marcial (Sinaloa), La Colorada (Zacatecas), La Preciosa (Durango), Don David (Oaxaca), Columba (Chihuahua), Alamos Silver (Sonora), Zacualpan (Estado de México), El Tigre (Sonora), Cusi (Chihuahua), Los Gatos (Chihuahua), Tahuehueto, (Durango), Los Reyes (Sinaloa), Las Coloradas (Chihuahua), La Reyna (Nayarit) and Plomosas (Chihuahua). Intermediate sulfidation epithermal deposits with some evidence of low sulfidation mineralization comprise Cruz de Plata (Durango) and Panuco (Sinaloa), while Cristina (Chihuahua) and Gran Pilar (Sonora) are likely intermediate sulfidation epithermal mineralization distal to porphyry copper systems.

Low sulfidation epithermal deposits include Copalquin (Durango), San Dimas (Durango), La Colorada (Sonora), Santa Elena-Navidad (Sonora), Las Chispas (Sonora), Coneto (Durango), Claudia (Durango), Bolañitos (Guanajuato), Santa Elena-Luna (Sonora), Santa Elena-Santo Niño (Sonora), San Ignacio (Guanajuato) and El Cubo (Guanajuato). Palmarejo (Chihuahua), which displays the second-best intercept in second in the table, present mainly low sulfidation mineralization with local intermediate sulfidation style input.

Five of six skarn deposits, Media Luna, EPO, El Limón, ELG Underground and Media Luna West are part of the Guerrero Gold Belt, and only one, Bolívar is in Chihuahua. Cerro Las Minitas in Durango presents skarn and carbonate replacement deposit (CRD) mineralization. La Parrilla in Durango and Camino Rojo in Zacatecas present skarn, CRD and intermediate sulfidation epithermal mineralization styles.

Campo Morado in Guerrero is the only project present in the table that belongs to the volcanogenic massive sulfide (VMS) deposit classification.

Seventy percent of the silver intercepts of the table are sourced in four states: Durango (10), Chihuahua (8), Sonora (8) and Guerrero (6).

#Mexico #Mining #Exploration #Minerals #Silver #Drilling

The Mining and Exploration News in Mexico; Highlights on the Fourth Week of January 2026

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By Jorge Cirett

During the 4th week of the year (January 19th to January 25th, 2026), companies working in Mexico released 43 press releases. Six companies informed on early-stage properties work, eight more presented quarterly reports and one informed on an illegal blockade. Eight companies presented news on financing rounds, one on trading on a new market, one on the halting of trading and one more on a favorable ranking. Six companies presented updates on advanced properties, while nine companies informed on deals and corporate issues. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, in Sonora, Questcorp Mining and partner Riverside Resources released favorable channel sample results from La Unión;  Tocvan Ventures released drilling results from the North Block at its Gran Pilar project. In Chihuahua, Kingsmen Resources released drilling results from Las Coloradas; Mammoth Resources is working in planning and permitting a resource definition drilling campaign at Tenoriba. In Durango, Pinnacle Silver and Gold released underground sampling results from El Potrero. In Oaxaca, EV Resources is mobilizing a rig to Los Lirios. ON MINING, Luca Mining, Orla Mining, Gold Resource, Pan American Silver, GoGold Resources, Americas Gold and Silver, Gold Royalty and Avino Silver and Gold Mines presented quarterly reports. Gold Resource reported an illegal blockade at its Don David mine in Oaxaca. ON FINANCING, four companies informed on financing rounds: Canasil Resources (C$0.5 M), Apollo Silver (C$15 M), Kootenay Silver (C$16.5 M), and Pacifica Silver (C$23 M). Silver Spruce Resources corrected a previous offering note. Santacruz Silver Mining commenced trading on the Nasdaq Capital Market. Silverco Mining halted trading on the TSX. Guanajuato Silver and Luca Mining were named to the 2026 OTCQX Best 50. EV Resources received A$0.6 M from the sale of an Australian property. ON RESOURCES AND DEVELOPMENT, Kootenay Silver is to conduct a PEA on La Cigarra. Vizsla Silver updated on 2025 work at Panuco, and plans for 2026. Capitan Silver commenced a 60,000 m drilling campaign at Cruz de Plata. Mithril Silver and Gold released drilling results from Coplaquin. Alamos Gold presented drilling results from the PDA, Cerro Pelón and Halcón deposits in the Mulatos district. Silver Tiger Metals filed an updated PFS on the Stockwork zone and a PEA on the underground at El Tigre project. ON DEALS AND CORPORATE ISSUES, Bear Creek Mining informed on the incoming meeting of shareholders to resolve its arrangement with Highlander Silver. Mammoth Resources elected board directors at its AGM. Regency Silver optioned the La India concession near its Dios Padre project in Sonora. Silverco Mining is acquiring Nuevo Silver, owner of la Negra mine in Querétaro. Southern Empire Resources acquired the Pedro project in Durango from Enduro Metals. Radius Gold continues discussions with Pan American Silver to advance the Amalia project in Chihuahua. Silver Viper Minerals announced an appointment to the board.  ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • No Relevant News. 

ON EXPLORATION

  • Kingsmen Resources Corp. released results from three diamond drill holes on the Soledad structure at its Las Coloradas project in Chihuahua. Two of the holes intersected old workings, with the remaining hole intercepting 15.7 m of core length averaging 0.04 gpt Au, 46 gpt Ag, 9.9% Pb, 0.7% Zn (including 7.7 m @ 0.08 gpt Au, 89 gpt Ag, 1.8% Pb, 1.2% Zn, which includes 0.60 m @ 0.867 gpt Au, 848 gpt Ag, 18.2% Pb, 11.7% Zn). “The geological sequence consists of variably sheared and interbedded arenite and lutite…. Alteration comprises green chlorite-epidote-nontronite and sericite with pyrite-calcite veinlets, sphalerite-(galena) veinlets, grey to white bleaching +/- disseminated pyrite (mm-cm) size.
  • Mammoth Resources Corp. is advancing steps towards the planning and permitting to complete a resource definition drill program at its Tenoriba project in Chihuahua. The company also intends to proceed with studies to confirm potential gold-silver recoveries from a coarser fraction heap leach metallurgical test and to define high-grade areas to source material for a pilot plant operation.
  • EV Resources Ltd. announced the mobilization of drilling equipment to its Los Lirios antimony project in Oaxaca. The 1,500-2,000 m drill program targets high-grade Sb mineralization beneath historical workings along the Lirios fault zone, testing for both veins and carbonate replacement targets on 900 m of the 9 km long system.
  • Pinnacle Silver and Gold Corp. released underground sampling results from the Estrella vein at its El Potrero project in Durango. Channel sampling identified two mineralized zones within the 42 m long workings, one of 5.49 gpt Au, 48 gpt Ag across 0.72 m and another yielding 1.87 gpt Au, 51 gpt Ag, averaging 1.1 m in width. The identification of high-grade Au-Ag mineralization at La Estrella is significant, as it lies 500 m from the main Dos de Mayo structure and is topographically 300 to 400 m above, with “… brecciated, lattice bladed and banded textures”. 
  • Questcorp Mining Corp. and partner Riverside Resources Inc. reported results from channel sampling at La Unión, in Sonora. A 30 m continuous channel sample oblique to strike along the decline wall at La Unión mine averaged 20 gpt Au, 226 gpt Ag. The companies continue to forward the CRD and sediment hosted mineralization models for the property.
  • Tocvan Ventures Corp. released drilling results from its maiden (reverse circulation?) drill program on the North block at its Gran Pilar project in Sonora, five kilometers north of the South Block/Main Zone. Highlighted results from five drill holes comprise 7.64 m @ 23 gpt Ag (including 1.53 m @ 92 gpt Ag); 7.63 m @ 18.8 gpt Ag, 0.1% Zn; 10.71 m @ 0.3% Zn; 3.06 m @ 20 gpt Ag, 0.5% Pb, 0.3% Zn. Other elements were as high as 0.13% Cu, 170 ppm As, 276 ppm Sb.

ON MINING

  • Luca Mining Corp. provided its production report for Q4 2025, and achieved its revised full-year 2025 production guidance. During 2025 Campo Morado in Guerrero produced 8,735 Oz Au, 1 M Oz Ag, 4,921 tonnes Pb, 38,740 tonnes Zn, 8,895 tonnes Cu, while Tahuehueto in Durango produced 17,410 Oz Au, 316.1 K Oz Ag, 4,000 tonnes Pb, 6,472 tonnes Zn, 1,185 tonnes Cu, for a consolidated production of 26,144 Oz Au, 1.33 M Oz Ag, 8,921 tonne Pb, 45,212 tonnes Zn, 10,081 tonnes Cu. Payable production ranged between 70 and 82% of metals. During the quarter 5,836 m of drilling were completed, for a total of 22,855 m in the year, with an investment of US$3.8 M. The company’s cash position at the end of the period was US$25.1 M. 
  • Orla Mining Ltd. provided an operational update for the fourth quarter and year 2025. The company produced a total of 95,405 Oz Au in the quarter and 300,620 Oz Au in the year from its operations in Mexico and the US. At Camino Rojo in Zacatecas, 1.86 M tonnes of ore were stacked grading 0.47 gpt Au to produce 19,587 Oz Au during the quarter, and stacked 8.94 M tonnes of ore grading 0.54 gpt Au to produce 96,764 Oz Au in the year.
  • Gold Resource Corp. announced preliminary fourth quarter production from its Don David mine in Oaxaca. During the period 85.9 K tonnes were milled at a rate of 1,305 tpd, grading 0.96 gpt Au, 298 gpt Au, 0.16% Cu, 0.58% Pb, 1.22% Zn, to produce 1,993 Oz Au, 687.5 K Oz Ag, 87 tonnes Cu, 306 tonnes Pb, 750 tonnes Zn. “During the quarter, the Company’s production profile has transitioned into more of a silver producer, accounting for about 80% of its revenue….. a total gold equivalent (AuEq) ounces of 10,413”. For the full year, the company produced 23,125 Oz AuEq. 
  • Pan American Silver Corp. presented preliminary 2025 results, with a total of 22.8 M Oz Ag, 742,200 Oz Au consolidated production. In Mexico the company produced during the fourth quarter 1.61 M Oz Ag, 1,100 Oz Au at La Colorada (Zacatecas), 1.91 M Oz Ag, 4,800 Oz Au at Juanicipio (Zacatecas), 0.11 M Oz Ag, 5,400 Oz Au at Dolores (Chihuahua). For the year production was 6.02 M Oz Ag, 4,600 Oz Au at La Colorada, 2.49 M Oz Ag, 6,700 Oz Au at Juanicipio, 5.4 M Oz Ag, 37,600 Oz Au at Dolores, with 61% of Ag and 6.5% Au consolidated production coming from Mexico. Guidance for 2026 is 25-27 M Oz Ag, 700,000-750,000 Oz Au, with a budgeted US$55 M on brownfield exploration, US$ 55 M on project related exploration and US$-22-25 M on regional exploration in Brazil, Mexico, Canada and Chile.
  • Americas Gold and Silver Corp. had consolidated production of 2.65 M Oz Ag in 2025. At Cosalá, in Sinaloa, 463 K Oz Ag were produced in the quarter, for a total of 1.19 M Oz Ag during the year. The rest of the production was from its USA operations.
  • GoGold Resources Inc. reported production for the quarter ended December 31, 2025. At its Parral operations in Chihuahua, the company produced 205.1 K Oz Ag, 2,914 Oz Au, 96 tonnes Cu, 150 tonnes Zn, or 456.2 K Oz AgEq.
  • Gold Royalty Corp. released preliminary fourth quarter 2025 results. Total revenue, land agreement proceeds and interest was US$5.2 M (revenue of US$4.2 M), or 1,255 Oz AuEq. For 2025, total revenue, land agreement and proceeds and interest added up to US$17.7 M (revenue of US$13.9 M), or 5,173 Oz AuEq (royalty on Cosalá, Sinaloa).
  • Gold Resource Corp. announced that an illegal blockade is underway at its mine in Oaxaca. Employees of terminated contractors on Union membership affiliation grounds established an illegal mine-access blockade. “This dispute is between the union and four contractors who were previously affiliated with the union. This is not a dispute between the Company and the union nor between the Company and the four contractors” (Don David, Oaxaca).
  • Avino Silver & Gold Mines Ltd. reported full year 2025 production of 1.16 M Oz Ag, 7,621 Oz Au, 5.67 M Lb Cu, or 2.6 M Oz AgEq. During the year 724,940 K tonnes were processed at Avino, in Durango, averaging 0.44 gpt Au, 56 gpt Ag, 0.42% Cu, recovering 73% Au, 84% Ag, 84% Cu, to produce 7,544 Oz Au, 1.1 M Oz Ag, 5.67 M Lb Cu (or 2.55 M Oz AgEq). At La Preciosa, 19 kilometers from Avino, 12 K tonnes were processed, averaging 0.32 gpt Au, 191 gpt Ag, recovering 62% Au, 66% Ag, to produce 77 Oz Au, 48.2 K Oz Ag (or 54.9 K Oz AgEq). The company commenced extraction, haulage and processing of mineralized development material from La Preciosa during the fourth quarter 2025. Avino Silver had US$100 M in cash at the end of 2025.  

ON FINANCING

  • Canasil Resources Inc. announced a private placement for a total of C$500 K in gross proceeds. Insiders of the Company subscribed for a total of 2.5 M shares, which constitutes a related party transaction  (Nora, Durango).
  • Silver Spruce Resources Inc. corrected a previous press-release that stated 976 K units offered, to 9.76 M units (Pinos, Chihuahua).
  • Santacruz Silver Mining Ltd. has commenced trading on the Nasdaq Capital Market. (Zimapán, Hidalgo).
  • Silverco Mining Ltd. announced the halting of its common shares on January 21, 2026, at the request of the TSX Venture Exchange to facilitate the review of the binding letter with Nuevo Silver Inc. (Cusi, Chihuahua).
  • Apollo Silver Corp. closed the final tranche of its previously announced non-brokered private placement for aggregate gross proceeds of C$15 M. Eric Sprott, through 2176423 Ontario Ltd.  participated with C$12.5 M, taking its stake in the company to 10.3% of outstanding shares on a non-diluted basis and 15.8% on a partially diluted basis, assuming the exercise of such warrants (Cinco de Mayo, Chihuahua).
  • Kootenay Silver Inc. announced an engagement letter with Red Cloud Securities Inc. as lead underwriter pursuant to which the underwriters have agreed to purchase shares of the company on a bought deal basis in a private placement for C$10 M in gross proceeds. The underwriters have the option to buy shares at the same price for gross proceeds of C$1.5 M before the closing of the placement (Columba, Chihuahua).
  • Guanajuato Silver Co. has been named to the 2026 OTCQX Best 50, a ranking of top performing companies traded on the OTCQX Best Market last year (El Cubo, Guanajuato).
  • Kootenay Silver Inc. increased the size of its previously announced “bought deal”  private placement from C$10 M to C$16.5 M in gross proceeds. The underwriters have the option to buy shares for another C$1.5 M in gross proceeds.(undisclosed projects, Mexico).
  • Luca Mining Corp. has been named to the 2026 OTCQX Best 50,  a ranking of top performing companies traded on the OTCQX Best Market last year (Campo Morado, Guerrero).
  • EV Resources. confirmed the receipt of A$600 K in cash from the sale of a project in Australia. The funds are to be used in the upcoming drill program at Los Lirios antimony project in Oaxaca.
  • Pacifica Silver Corp. closed its previously announced upsized, private placement offering for aggregate gross proceeds of C$23 M (Claudia, Durango).

ON RESOURCES AND DEVELOPMENT

  • Kootenay Silver Inc. engaged  engineering firms Sacré-Davey Engineering Inc. and Canenco Consulting Corp. to conduct a preliminary economic assessment (PEA) on its La Cigarra project in Chihuahua. The pit constrained mineral resource totals 51.6 M Oz Ag in the measured and indicated categories in 15.7 M tonnes averaging 0.07 gpt Au, 102 gpt Ag, 0.16% Pb, 0.21% Zn and 11 M Oz Ag on the inferred category in 3.4 M tonnes averaging 0.06 gpt Au, 102 gpt Ag, 0.2% Pb, 0.19% Zn. 
  • Vizsla Silver Corp. informed that during 2025 the company published a feasibility study (FS) on the Panuco project in Sinaloa, with $1.8 B after-tax NPV. 11% IRR and a 7-month payback period, with annual production of 17.4 M Oz AgEq over 9.4 years, securing financing with over US$450 M in cash and advanced test mine operations to 700 m depth. For 2026, Vizsla plans to begin construction following receipt of environmental permits (expected mid-year), complete 60,000 m of drilling on the district, advance detailed engineering and contractor selection and continue exploration on newly acquired properties.
  • Capitan Silver Corp. commenced a 60,000 m drilling campaign of diamond and reverse circulation (RC) drilling for 2026 at its Cruz de Plata project in Durango. The company informed that during 2025 the company raised C$29 M, restarted drilling operations, the first since 2023, extending mineralization by 250 m, increased Capitan Hill resources to 525,000 Oz Au, bought the main royalty on the project for US$1 M, and acquired claims from Fresnillo, consolidating and increasing the land position by 85%. For 2026 Capitan Silver launched a drilling campaign, expanding from one RC rig to three core rigs and one RC rig, with focus on several targets including the 3.7 km Jesús María trend and infill drilling at Capitan Hill to upgrade resources. An airborne geophysical survey is planned, as well as mechanical trenching.
  • Mithril Silver and Gold Ltd. released drilling results from expansive resource drilling at Target 1 within the Copalquin project in Durango. Drilling extended 300 m west the mineralized structure and 300 m down dip on the Refugio 1 structure. Highlighted core length intercepts comprise 3.95 m @ 1.37 gpt Au, 22 gpt Ag; 3.05 m @ 1.68 gpt Au, 107 gpt Ag (including 0.5 m @ 9.6 gpt Au, 612 gpt Ag); 2.8 m @ 2.29 gpt Au, 60 gpt Ag; 4.4 m @ 2.18 gpt Au, 15 gpt Ag (including 0.5 m @ 15.5 gpt Au, 66 gpt Ag); 1.55 m @ 2.11 gpt Au, 6 gpt Ag; 1.35 m @ 21.94 gpt Au, 357 gpt Ag (including 0.5 m @ 57.65 gpt Au, 924 gpt Ag); 5.45 m @ 0.78 gpt Au, 36 gpt Ag.
  • Alamos Gold Inc. updated on drilling results within the Mulatos District in Sonora, where exploration has shifted from targeting oxides to higher grade sulfide mineralization. “A total of $20 million was spent on exploration in the Mulatos District in 2025, similar to spending in 2024. The near-mine and regional drilling program totalled 56,117 m in 170 holes. This included 13,779 m of surface exploration drilling in 58 holes at the GAP-Victor and PDA targets at PDA, and 21,394 m in 56 holes at Cerro Pelon. Regional exploration drilling totalled 20,944 m in 56 holes …” with the Halcon discovery being part of the latter program.  At Cerro Pelón, drill intersects comprise 23.85 m @ 5.60 gpt Au; 5.93 m TW @ 5.85 gpt Au; 15.15 m @ 6.58 gpt Au; 8.67 m TW @ 6.64 gpt Au; 14.10 m @ 4.28 gpt Au; 4.25 m @ 12.95 gpt Au; 7.20 m @ 6.13 gpt Au; 2.75 m @ 6.05 gpt Au. At PDA (Puerto del Aire) drill intersects comprise 8.97 m @ 13.64 gpt Au; 15.60 m @ 3.72 gpt Au; 15.61 m @ 4.27 gpt Au; 14.92 m @ 4.85 gpt Au; 6.92 m @ 8.79 gpt Au; 7.10 m @ 5.77 gpt Au; 2.91 m @ 15.00 gpt Au; 0.81 m @ 43.70 gpt Au. At Halcon drill intersects comprise 47.60 m @ 3.04 gpt Au (including 4.50 m @ 7.78 gpt Au; 3.75 m @ 13.41 gpt Au); 37.35 m @ 3.53 gpt Au (including 10.20 m @ 8.13 gpt Au); 31.50 m @ 3.46 gpt Au (including 6.00 m @ 5.56 gpt Au); 19.00 m @ 3.88 gpt Au (including 3.40 m @ 10.08 gpt Au).
  • Silver Tiger Metals Inc. filed two studies, a preliminary economic assessment (PEA) on the underground at El Tigre and an updated prefeasibility study (PFS) on the Stockwork Zone for its El Tigre project in Sonora. The PEA proposes a base-case Ag price of US$38 per Oz and of US$3,200 per Oz Au, with After-Tax (NPV 5%) of US$ 304 M and After-Tax IRR of 42.8% and a payback period of 2.6 years. The study envisages 15-year UG mine life with 3-year historical tailings processing  to recover 34 M Oz Ag, 130 K Oz Au (or 38 M Oz AgEq, or 453 K Oz AuEq), producing an average of 2.1 M Oz Ag, 8 K Oz Au per year. The updated PFS with the same base-case metal prices includes an After-Tax (NPV 5%) of US$456 M with an After-Tax IRR of 65.7% with a 1.4 years payback period, 10-year mine life recovering 9 M Oz Ag, 408 K Oz Au (or 43 M Oz AgEq, or 509 K Oz Au), producing an average of 4.8 M Oz AgEq or 56.5 K Oz AuEq. 

ON DEALS AND CORPORATE ISSUES

  • Bear Creek Mining Corp. filed its notice of meeting, management information circular and related documents with securities regulators in connection with the special meeting of shareholders of Bear Creek to approve the proposed plan of arrangement with Highlander Silver Corp. and the interest deferral agreements entered into between the company and each of Royal Gold Inc. and Equinox Gold Corp. The proxy voting deadline is February 17, 2026 (Mercedes, Sonora).
  • Mammoth Resources Corp. announced shareholders at its annual general meeting (AGM) elected Thomas Atkins, Paul O’Brien, Jose Antonio Berlanga Balderas, Edgardo Espinosa Velasco, Jose Antonio Berlanga Lopez, and Richard Simpson as directors and appointed Kresto GTA, Chartered Accountants as auditors of the company (Tenoriba, Chihuahua). 
  • Regency Silver Corp. entered into an agreement to option the 4,823 ha La India mining concession located 10 km to the north of its Dios Padre project in Sonora. The claim hosts Early cretaceous andesitic volcanic rocks that are proximal to late cretaceous plutonic rocks associated with Laramide age porphyries in the district. The deal involves an initial US$60 K payment and staged payment totalling US$580 K over five years , as well as to pay US$145 K in owed taxes. A payment of US$1 M is due upon the publication of a mineral resource estimate over 1 M Oz Au. The vendors are entitled to a 2% NSR, on which the company has the right to purchase half by paying US$1 M. 
  • Silverco Mining Ltd. entered into a binding letter to acquire Nuevo Silver Inc., which recently entered into a share purchase agreement to acquire 100% of the producing La Negra mine in Querétaro. Holders of Nuevo Silver shares will be issued 16.8 M Silverco shares, and upon completion former holders of Silverco shares will hold 34% of Silverco shares. Silverco will also assume US11 M in debt associated with La Negra mine, US$12.5 M in milestone payments due in Q1 2027 and US$5 M in contingent payments potentially due between Q1 2027 and Q1 2028. “La Negra is currently operating at approximately 55% capacity”.
  • Southern Empire Resources Corp. completed the acquisition of the 1,750 ha Pedro gold project in Durango, from Enduro Metals Corp. The company issued Enduro 2 M common shares, agreeing to a future milestone payment of US$2 M upon production commencement, with Enduro retaining a 2% NSR. The project area displays “hematite-stained, silica-rich ridges of angular chalcedony fragments and silicified sedimentary rocks within a coarse breccia” with values of up to 2.3 gpt Au”. Geology, alteration and geochemistry mapped at Pedro are indicative of a potential low-sulphidation epithermal vein system, with some indications of possible Carlin style mineralization. Previous drilling intercepted up to 15.2 m averaging 0.577 gpt Au. “Fortuna Mining Corp. (Fortuna) has informed Southern Empire that it has resumed its 3,500 m core drilling program at the Centauro Gold Project, located 100 km northwest of Pedro”. Fortuna acquired the option rights for Centauro from Southern Empire in 2025.
  • Radius Gold Inc. informed that between “2019 and 2022, Radius and joint venture partner Pan American Silver Corp. completed 67 drill holes for 23,058 meters of diamond drilling at the Amalia Project, in Chihuahua, with multiple targets remaining untested. “Pan American held the right to earn 65 % interest under an existing option agreement. As operator Pan American Silver suspended work on the property during merger negotiations with Yamana in 2022. Radius continues discussions with Pan American with the objective of agreeing a pathway forward for the Amalia … ” project.
  • Silver Viper Minerals Corp. announced the appointment of Mr. Rakesh Malhotra as chief financial officer (La Virginia, Sonora).

ON SOCIAL RESPONSIBILITY

  • No Relevant News. 

On the image below: Quartz veining cut by late specularite veins in volcanosedimentary rocks, HQ core. Picture by Jorge Cirett.

The Mining and Exploration News in Mexico; Highlights on the Fourth Week of December 2025

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By Jorge Cirett

During the 54th week of the year (December 22th to December 28th, 2025), companies working in Mexico presented 15 press releases. There was no relevant news either on early-stage properties or mining. Two companies presented news on financing rounds, one on consolidation of shares, two on increased market activity and one on the granting of stock options. Three companies presented updates on advanced properties. Five companies informed on deals and corporate issues. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, no relevant news. ON MINING, no relevant news. ON FINANCING, two companies informed on financing rounds: Apollo Silver (C$25 M) and Captain Silver (C$6 M). Chesapeake Gold and Silverco Mining informed on increased market activity. Centenario Gold consolidated its shares on a 10:1 basis. Impact Silver granted stock options. ON RESOURCES AND DEVELOPMENT, Heliostar Metals filed a PEA on Ana Paula, in Guerrero. Tocvan Ventures informed on advances on its planned pilot mine for Gran Pilar in Sonora. Mithril Silver and Gold presents an exploration update for Coplaquin, in Durango. ON DEALS AND CORPORATE ISSUES, the TSX approved the acquisition of the Bolañitos mine in Guanajuato by Guanajuato Silver Company. Royalties Inc. informed on the latest development on the Cozmin royalties legal saga. J2 Metals is optioning the Sierra Plata property in Guerrero from Impact Silver. Goldgroup Mining acquired all the shares of the company controlling the San Francisco mine in Sonora. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • Editor’s Commentary: Mexico The Mexican mining industry is enduring challenging times, battling an in-house restrictive regulatory environment while precious metal prices break all records in the World scene. Unfortunately for Mexico, the present government has in its DNA dogmatic ideologic chains that prevent really positive changes, immersed as it is in its quest to centralize power. Good examples on this endeavour are the recently approved law on water rights, which heavily restricts the granting and exchange of extraction permits, and the intention to change the electoral law in order to make it more difficult for the opposition to challenge the MORENA party rule. The current administration regulatory environment in mining is not good, or even clear, but it has to be said that it is better than under the past administration and that the president seems to have the will to improve it. While the rule book for applying the 2023 law in mining is still being drawn, long awaited permits that allow for open pit expansions and tailings dam construction have begun to flow. Reflecting the overall global economy uncertainties and higher commodity prices, 2025 ends with an optimistic mood for the worldwide mining industry with some of that optimism spilling over into the Mexican side by means of a steady inflow of funds during the last few months to the coffers of  junior companies with properties in Mexico. Expect more drilling in 2026, and the development of some properties that have been on the shelves for some time now.

ON EXPLORATION

  • No Relevant News.

ON MINING

  • No Relevant News.

ON FINANCING

  • Apollo Silver Corp. announced a non-brokered private placement for aggregate gross proceeds of  C$25 M. Only Eric Sprott and a fund managed by Jupiter Asset Management are participating in the Offering, with each subscribing half the offering, after which the Jupiter Fund is to own 12.1% of the shares on Apollo Silver, and Eric Sprott 9.6% (Cinco de Mayo, Chihuahua).
  • Chesapeake Gold Corp. announces that at the request of CIRO, the company’s management is unaware of any material change that would account for the recent increase in market activity (Metates, Durango).
  • Captain Silver Corp. entered into a subscription agreement with Schroder Investment Management Ltd. on which Schroder has agreed to purchase on a non-brokered  private placement basis 2.96 M shares of the company, for gross proceeds of C$6 M. (Cruz de Plata, Durango).
  • Centenario Gold Corp. announced the approval by the TSX Venture Exchange of the consolidation of its issued and outstanding common shares on a 10:1 (ten to one) basis. The consolidation will become effective at the opening of the market on December 30, 2025  (Edén, Sinaloa).
  • Silverco Mining Ltd. announced that at the request of CIRO, Silverco confirms that the company’s management “is unaware of any material change in the Company’s operations that would account for the recent increase in market activity” (Cinco de Mayo, Chihuahua).
  • Impact Silver Corp. granted to directors, officers, consultants and employees of the company, stock options to purchase a total of 4.8 M common shares at a price of $0.42 per common share (Zacualpan, Estado de México).

ON RESOURCES AND DEVELOPMENT

  • Heliostar Metals Ltd. filed a preliminary economic assessment (PEA) technical report for its Ana Paula project, in Guerrero.
  • Tocvan Ventures Corp. has started sampling for pilot mine feed at the South Block of its Gran Pilar project in Sonora. The company also received local community council approval for the pilot mine development. Clearing and leveling for the heap leach pile and containment ponds has started.
  • Mithril Silver and Gold Ltd. presented an update on exploration. At Copalquin, in Durango, the company focused during 2025 on two of six main targets: Target 1 and Target 5. In 2026 Target 3 is also to be a priority, and a third drill rig is to be added. Currently there is a laboratory back log on assays for 20 holes, and samples from12 more have been dispatched in the last two weeks. A 25,000 m drill campaign is programmed for 2026. At the recently acquired 2,000 ha La Dura concession, 15 km away, LIDAR surveying has been completed and a district scale aerial magnetic survey is scheduled for January 2026. 

ON DEALS AND CORPORATE ISSUES

  • Guanajuato Silver Company Ltd.  received conditional approval from the TSX Venture Exchange to proceed with the acquisition of the Bolañitos mine, in Guanajuato, from Endeavour Silver Corp.
  • Royalties Inc. reported that Capstone Copper Corp. filed a direct Amparo with the Federal Collegiate Tribunal, granting a suspension of the sentence  on the Court decision that Capstone had improperly transferred to themselves royalties without consent, authorization or payment on the production from certain mining concessions at the Cozamin mine in Zacatecas. The company believes Capstone actions are intended to delay the outcome.
  • Impact Silver Corp. executed a letter of intent to option to J2 Metals Inc. 22 Km2 of its 211 Km2  Zacualpan District in Guerrero. J2 renamed the optioned area as Sierra Plata Silver-Antimony project, and may earn 100% interest by making staged payment to Impact by issuing C$250 K in shares within 3 days of the TSX approval, C$1.35 M in exploration expenditures over three years and staged annual payments to Impact totalling up to 6.5 M shares of J2, with up to 25% of the share value to be paid in cash or up to C$375 K in cash over three years with J2 being responsible to keep the mining concessions in good standing. Impact is to retain a 1.5% NSR royalty with J2 having the right to buy 0.75% upon payment of C$1.5 M.
  • J2 Metals Inc. entered into a 3-year option (details above) with Impact Silver Corp. to acquire the 2,200 ha Sierra Plata project in the Zacualpan District in Guerrero. Sierra Plata is located 10 Km from Taxco, hosts five past-producing silver mines, including part of the three-level San Miguel mine, with historic grab samples of up to 414 gpt Ag, 0.45 gpt Au in “quartz-hosted argentite with galena and pyrite displaying classic epithermal textures”. The project is adjacent to, and structurally continuous with, historic antimony mineralization.
  • Goldgroup Mining Inc. announced it has acquired all of the issued and outstanding A and B shares of Molimentales del Noroeste, S.A. de C.V., the company holding the San Francisco mine in Sonora,  through a “Concurso Mercantil” process (restructuring proceeding equivalent to Chapter 11 in the United States). Prior to the filing of the Plan of Arrangement, Goldgroup acquired 60.2% of the debts owed to certain major creditors for US$8.5 M of which US$7.5 M has been paid to date and the balance of US$1 M will be paid to complete the acquisition. Goldgroup has agreed to pay US$2.6 M in three equal installments in December 2026, 2027 and 2028 to the remaining creditors holding 39.8% of the recognized debt in addition to all outstanding mining concession fees, taxes, fees owed to the National Water Commission, supplier debts and other expenses  currently estimated at MX$170 M (approximately US$9.3 M).

ON SOCIAL RESPONSIBILITY

  • No Relevant News. 

On the image below: Garnets and chlorite in a volcano sedimentary rock sequence, HQ core. Picture by Jorge Cirett.

Detonan más de 11 mil mdd de inversión al liberar permisos para proyectos mineros

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Por Christopher Calderóndiciembre 11, 2025 | 2:00 hrs

La liberación acelerada de permisos ambientales y de agua en México reactivó proyectos mineros por más de 11 mil millones de dólares, que tendrán impactos en Zacatecas, Sonora, Chihuahua y Durango.

Fernando Aboitiz, jefe de la Unidad de Coordinación de Actividades Extractivas, indicó que cerca de 65 por ciento del rezago se ha procesado y que la normalización podría llegar a mediados de 2026, lo que detonaría inversiones de…..

To continue reading follow the next link:

https://www.elfinanciero.com.mx/empresas/2025/12/11/detonan-mas-de-11-mil-mdd-de-inversion-al-liberar-permisos-para-proyectos-mineros

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

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By Jorge Cirett

During the 48th week of the year (November 24th to November 30th, 2025), companies working in Mexico presented 28 press releases.  One company informed about exploration advances on early-stage properties. Three companies reported third quarter 2025 results. Eleven companies presented news on financing rounds or share matters. Four companies presented updates on advanced properties/mines. Eight companies informed on deals and corporate issues. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, in Durango, Pinnacle Silver and Gold informed on a LiDAR survey at El Potrero. ON MINING, Orogen Royalties, Guanajuato Silver Company, Royalties Inc. and Impact Silver presented third quarter 2025 reports. ON FINANCING, nine companies informed on financing rounds: Silver Viper Minerals (C$17 M), GoGold Resources (C$125 M), Vizsla Silver (US$300 M), Silver Wolf Exploration (C$2.1 M), Pinnacle Silver and Gold (C$2.5 M), Kingsmen Resources (C$4.2 M), Silver Tiger Metals (C$40 M), Avino Silver & Gold (US$60 M) and GoGold Resources (C$143.75 M). Elemental Royalty is to start trading on the Nasdaq. Regency Silver granted stock options to acquire 4.5 M shares. ON RESOURCES AND DEVELOPMENT, Heliostar Metals released results from drilling at Ana Paula, in Guerrero. In a separate press release, Heliostar informed on the filing of a technical report for La Colorada, in Sonora. Silver Dollar Resources reported underground sample results from La Joya, in Durango. Minaurum Gold completed the 10,000 m phase I drilling campaign at Alamos Silver in Sonora, and is starting the 25,000 m phase II. ON DEALS AND CORPORATE ISSUES, Guanajuato Silver Company is to acquire the Bolañitos mine in Guanajuato from Endeavour Silver. Osisko Development entered into a securities purchase agreement to sell its San Antonio project in Sonora to Axo Copper. Apollo Silver, Minaurum Gold and Mithril Silver and Gold engaged marketing services providers. Santacruz Silver held its AGM. Proxy advisory firms recommended Teck Resources shareholders to vote for the merger with Anglo American. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

No Relevant News.

ON EXPLORATION

  • Pinnacle Silver and Gold Corp. informed an airborne LiDAR survey has been flown over El Potrero in Durango, covering the 1,100 ha property. The resulting high-resolution topographic study will aid mapping “features such as structures and lithological contacts that can be related to mineralization but may not be exposed at surface”.

ON MINING

  • Orogen Royalties Inc. released Q3 2025 results. Net income before tax of C$1.3 M, a net comprehensive income of C$0.65 M, royalty revenue of C$2.3 M, general and administrative expenses of C$1.4 M, cash flow of C$2.2 M and a working capital of C$21.64 M (royalty on Ermitaño, Sonora).
  • Guanajuato Silver Company Ltd. announced financial information and production results for Q3 2025. Working capital of  C$11.3 M, positive operating cash flow of C3 M. and US$11.6 M of cash and cash equivalents by the end of the period. Consolidated production during the quarter from the Topia mine (Durango), El Cubo Mines Complex (Guanajuato), The Valenciana Mines Complex (Guanajuato), and the San Ignacio mine (Guanajuato) from 85 K tonnes mined, 85 K tonne milled averaging 0.91 gpt Au, 103 gpt Ag, recovering 81.1% Au, 86.7% Ag to produce 2,025 Oz Au, 245.4 K Oz Ag, 597.3 K Lb Pb, 741.6 K Lb Zn (or 457.5 K Oz AgEq) at cash cost $32.10 per Oz AgEq and an AISC of $40.64 per Oz AgEq. During the period 1,403 m were drilled at Villaplando/El Cubo, 642 m at San Ignacio and 395 m at Topia.
  • Impact Silver Corp. announced financial and operating results for the third quarter 2025. The company reported revenue of C$10.7 M. At Zacualpan, in Estado de Mexico, the Guadalupe mill processed 35.4 K tonnes averaging 157 gpt Ag to produce 150.4 K Oz Ag. At Plomosas, in Chihuahua, 10 K tonnes were produced grading 30 gpt Ag, 4.5% Pb, 8.3% Zn. ”the mine successfully commissioned a new lead oxide recovery circuit following extensive metallurgical testing. This new system has been performing well, recovering up to 60% of lead oxide material which occurs locally in the mine that was previously unrecoverable by the prior operator”. 

ON FINANCING

  • Silver Viper Minerals Corp. raised the maximum size of its previously announced non-brokered private placement to C$17 M (La Virginia, Sonora).
  • Elemental Royalty Corp. announced its common shares are to start trading on the Nasdaq capital market (royalty on Mercedes, Sonora).
  • GoGold Resources Inc. filed a final short form prospectus pursuant to its C$125 M bought deal public offering (Los Ricos South, Jalisco).
  • Vizsla Silver Corp. closed its previously announced offering of 5% convertible senior unsecured notes due 2031 for an aggregate principal amount of US$300 M. The company has now twice the capital requirement to bring the Panuco project in Sinaloa into production and continue district-scale exploration.
  • Silver Wolf Exploration Ltd. closed the non-brokered private placement for aggregate gross proceeds of C$2.1 M. Avino Silver & Gold Mines Ltd. acquired 5 M shares, taking its stake in the company to 11.65% on a non-diluted basis and to 16.5% on a fully-diluted basis   (Ana Maria, Durango).
  • Pinnacle Silver and Gold Corp. arranged a non-brokered private placement to raise gross proceeds of up to C$2.5 M (El Potrero, Durango).
  • Kingsmen Resources Ltd. closed its non-brokered private placement, raising C$4.2 M. (Las Coloradas, Chihuahua).
  • Silver Tiger Metals Inc. closed its previously announced bought deal offering of common shares of the company, for gross proceeds of C$40 M (El Tigre, Sonora).
  • Avino Silver & Gold Mines Ltd. filed a prospectus supplement to the company’s short form base shelf prospectus dated May 26, 2025 with the securities commission in each of the provinces and territories of Canada pursuant to which the company may, at its discretion and from time to time, distribute common shares up to the aggregate sales amount of US$60 M (Avino, Durango).
  • GoGold Resources Inc. closed its previously announced bought deal offering for aggregate gross proceeds of C$143.75 M. This includes proceeds from the full exercise of a 15% over-allotment option (Los Ricos South, Jalisco).
  • Royalties Inc. reported results for the third quarter of 2025. During the period the company generated revenue of US$41.2 K, while operating expenses totaled US$111.7 K. At the end of the period total assets were US$2.8 M (pursuing royalty on Cozamin, Zacatecas).
  • Regency Silver Corp. granted stock options to acquire 4.5 M common shares of the company to directors, officers, employees and consultants. (Dios Padre, Sonora).

ON RESOURCES AND DEVELOPMENT

  • Heliostar Metals Ltd. released additional results from the current drilling program at Ana Paula, in Guerrero. Drilling is designed to better define the overall east-west orientation of the High Grade Panel zone, with 44 holes and 12,615 m drilled to date. Highlighted core length intervals comprise 48.5 m @ 5.48 gpt Au (including 3.2 m @ 20.8 gpt Au); 70.65 m @ 9.38 gpt Au; 26.6 m @ 4.78 gpt Au; 83.2 m @ 17.30 gpt Au (including 46.65 m @ 27.30 gpt Au); 92.05 m @ 4.33 gpt Au; 35.55 m @ 6.73 gpt Au; 18.35 m @ 7.94 gpt Au; 65.15 m @ 5.39 gpt Au; 10.2 m @ 13.60 gpt Au.
  • Silver Dollar Resources Inc. reported underground sample results and preliminary geologic modelling to shift from open pit to underground at its La Joya project in Durango. Results from twelve samples 0.26 to 1.10 m in width were as high as 0.6 gpt Au, 1,800 gpt Ag, 13.9% Cu, 0.1% Pb, 0.5% Zn..
  • Heliostar Metals Ltd. filed an updated technical report on its operating La Colorada mine, in Sonora. . 
  • Minaurum Gold Inc. completed the 10,000 m phase I infill resource drill program and commenced the 25,000 m phase II resource expansion drill program at the Alamos Silver project in Sonora. “The program will include step-out holes at the Europa and Travesia silver shoots, as well as additional drilling at the historic Quintera and Minas Nuevas mines and the more recent discoveries at Promontorio Sur, Cotera, Pulpito, and San Jose vein zones”. 

ON DEALS AND CORPORATE ISSUES

  • Guanajuato Silver Company Ltd. entered into a definitive agreement to acquire the Bolañitos mine in Guanajuato, from Endeavour Silver Corp. for total consideration of up to US$50 M. A total upfront consideration at closing of US$30 M in cash and US$10 M in Guanajuato Silver’s common shares. Two more contingent payments are to be made, US$5 M upon achieving production of 2 M Oz AgEq and 4 M Oz AgEq, 50% in cash and 50% in shares. Bolañitos consists of 26 mining concessions totaling 2,537 ha, including the San Miguel, La Luz and Lucero producing mines and the Golondrinas mine, scheduled to restart production early in 2026. The property has 534 K tonnes grading 2.8 gpt Au, 101 gpt Ag containing 42,600 Oz Au, 4.6 M Oz Ag of mineral reserves, 453 K tonnes grading 2.3 gpt Au, 110 gpt Ag containing 34,000 Oz Au, 1.6 M Oz Ag of measured and indicated resources and 1.7 M tonnes grading 2.5 gpt Au, 141 gpt Ag, containing 132,200 Oz Au, 7.5 M Oz Ag in inferred resources. Bolañitos produced 25,230 Oz Au, 452.6 K Oz Ag (2.47 M Oz AgEq) in 2024.
  • Osisko Development Corp. entered into a securities purchase agreement with Axo Copper Corp. to sell its 100% interest in the 11,338 ha San Antonio project in Sonora. Upon closing of the transaction Osisko will receive shares of Axo Copper for a total of 9.99% of the company and a cash payment equal to 70% of any Mexican value added tax refund due. Upon the filing of a feasibility study (FS), Osisko will receive US$2 M, in cash or Axo shares. Upon the first gold pour, Osisko will receive US$2 M in cash or shares of Axo. When Axo raises more than US$10 M in equity financings, Osisko is to receive the Axo shares needed to keep its 9.99% ownership. An amended and restated stream agreement was signed between Axo and OR Royalties Inc. entitling OR Royalties to 4.99% of the issued shares of Axo, with the designated percentage of payable precious metals set at 7.15%, the transfer payments for metal deliveries set to 30% of spot prices and contingent payments set at 50, 100 and 150 K Oz Au production marks, up to an aggregate of US$8.55 M, payable in gold deliveries and subject to the 30% transfer payment.
  • Apollo Silver Corp. engaged Equedia Network Corp. to provide communications and advisory services in accordance with the policies of the TSX Venture Exchange and applicable securities laws (Cinco de Mayo, Chihuahua).
  • Santacruz Silver Mining Ltd. reported that all matters were approved at its annual general and special meeting of shareholders held on November 25, 2025 (Zimapán, Hidalgo).
  • Teck Resources Ltd. announced that independent proxy advisory firms Institutional Shareholder Services Inc. and Glass Lewis & Co. have recommended that Teck shareholders vote “FOR” the company’s merger of equals with Anglo American plc  (San Nicolás, Zacatecas).
  • Minaurum Gold Inc. entered into agreements with Capital Analytica and National Inflation Association to extend marketing and communication services agreements (Alamos Silver, Sonora).
  • Royalties Inc. reported that on November 4, 2025 the Civil Chamber of the Superior Tribunal of Justice of Zacatecas upheld Royalties Inc. entitlement to royalties and rejected the appeals filed by defendants Raúl González Anaya and Capstone Gold S.A. de C.V. “The next step is the calculation and the collection of the amount owed on the 2% NSR on past production from the Portree claim under the tailings pond” (pursues royalty on Cozamin, Zacatecas).
  • Mithril Silver and Gold Ltd. engaged the services of ICP Securities Inc. to provide automated market making services for a monthly fee of C$7.5 K. Additionally, Ignite Partners was engaged for a six months investor engagement services and Small Caps IR to deliver professional investor relations services for a fee of AU$3 K per month. The company has retained Departures Capital to provide ongoing digital media marketing services (Copalquin, Durango).  

ON SOCIAL RESPONSIBILITY

  • No Relevant News. 

On the image below: Epithermal quartz veining on volcanosedimentary rocks, HQ core. Picture by Jorge Cirett.

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

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By Jorge Cirett

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

ON MEXICO ISSUES

No Relevant News.

ON EXPLORATION

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

ON MINING

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

ON FINANCING

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

ON RESOURCES AND DEVELOPMENT

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

ON DEALS AND CORPORATE ISSUES

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

ON SOCIAL RESPONSIBILITY

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