Low-Temperature Silica

By Miguel A Heredia

During the 5^thweek of the year (January 26^thto February 01^st2026), at least 49 press releases were announced by companies working in Mexico, and 1 news publish by the media, with fifteen disclosing deals and corporate issues, fifteen announcing financial rounds, nine reporting resources and developments of their properties, four communicating production results, four commenting on Mexican issues, and three informing on exploration results. ON MEXICO ISSUES, Vizsla Silver provided information regarding a security incident at its Copala project in Concordia, Sinaloa. According to financial analysts, the market value of the mining companies on the stock exchange have risen by more than USD $500B. Luca Mining, Avino Silver & Gold, and Southern Silver reported the best drilling intercepts in Mexico on the fifth week of January, 2026. ON EXPLORATION, In Sonora, Colibri completed its Phase 1 reconnaissance RC drilling program at the El Plomo project, and Regency Silver informed that the first hole of its ongoing 2026 drill program at Dios Padre project has intersected sulphide-specularite supported breccia in multiple zones across a broad, non-continuous ~250m interval. In Sinaloa, Mercado Minerals commenced its geophysical surveys over its Copalito project. ON MINING, Santacruz Silver reported Q4 and full year 2025 production results from its Zimapan mine in Hidalgo. Discovery Silver announced that it will release its financial and operating results for the fourth quarter and full year 2025 prior to the market open on Thursday, February 19, 2026 (Cordero project, Chihuahua). Orogen Royalties provided an update and outlook regarding its exploration stage projects and royalties in 2026 (Ermitaño mine, Sonora). Guanajuato Silver reported 2025 production results from its Mexican operations. ON FINANCING, Highlander announced and closed a non-brokered private placement for gross proceeds of USD $40M (Mercedes mine, Sonora/Bear Creek Mining). Questcorp announced the appointment of Amandip Singh as an advisor to the Board (La Union project, Sonora). Chesapeake closed its previously announced bought deal public offering for gross proceeds of CAD $17,250,345, and closed a CAD $2.8M non-brokered private placement with participation of Eric Sprott (Metates project, Durango). Minera Alamos announced the upcoming sale of approximately 9.68M shares by a subsidiary of Equinox Gold to strategic investors, including their Executive Vice President, Corporate Development, Darren Blasutti (Santana project, Sonora). Silver Tiger announced a bought deal financing for gross proceeds of approximately CAD $0M and later on it increased to CAD $50M (El Tigre project, Sonora). Silverco announced a bought deal offering for gross proceeds of CAD $40M (Cusi mine, Chihuahua). J2 Metals upsized its previously announced non-brokered private placement and additional flow-through financing for gross proceeds of CAD $5.3M (Sierra Plata project, Estado de Mexico). Axo Copper announced a bought deal financing for gross proceeds of approximately CAD $25M and later on it upsized to approximately CAD $35M (San Antonio project, Sonora). Apollo Silver closed the second and final tranche of its previously announced non-brokered private placement for gross proceeds of CAD $12.5M (Cinco de Mayo project, Chihuahua). Oroco closed upsized bought deal public offering for gross proceeds of CAD $23M (Santo Tomas project, Sinaloa). Sierra Madre Gold and Silver closed the second and final tranche of its previously announced private placement for gross proceeds of USD $17,822,449 (Del Toro mine, Zacatecas). Silverco informed that it upsized its previously announced bought deal financing for gross proceeds of CAD $62.5M (Cusi mine, Chihuahua). Colibri announced that it has completed the conversion of CAD $600,995 of debt to units of the company (EP project, Sonora). ON RESOURCES AND DEVELOPMENT, Heliostar filed a Pre-Feasibility Study Technical Report for its Cerro del Gallo project in Guanajuato. Southern Silver reported assay results from four holes drilled at Puro Corazon claim in its Cerro Las Minitas project in Durango. Sierra Madre Gold and Silver secured a land use authorization and expanded its land holdings at Tlacotal project, Estado de Mexico. Avino released results from six holes drilled at its la Preciosa project in Durango. Luca Mining released drill results from its ongoing Phase 2 exploration program at its Campo Morado mine in Guerrero. Minaurum published at initial Mineral Resource Estimate for its Alamos Silver project in Sonora. Silver Dollar outlined 2026 plans at its La Joya project, Durango. Guanajuato Silver announced its ambitious consolidated drilling plans for 2026 at their five Mexican mine operations, with a total of approximately 75,000m of drilling expected. Mithril provided a summary of the Q4, 2025 exploration activities carried out at their Copalquin and La Dura properties in Durango. ON DEALS AND CORPORATE ISSUES, Gold Resource announced that it entered into a definitive arrangement agreement and plan of merger with Goldgroup (Don David mine, Oaxaca). Questcorp announced the appointment Amandip Singh as an adviser to the Board and granted incentive stock options to certain directors, officers, consultants and advisors (La Union project, Sonora). Axo Copper reported that it has completed the acquisition of the San Antonio project in Sonora from Osisko Development. Barksdale informed that it granted stock options to certain directors, officers, employees, and consultants of the company (San Javier project, Sonora). Silver Spruce informed on the resignation of Greg Davison from the Board of Directors and from his role as Vice-President Exploration (Pino de Plata, Chihuahua). Silverco provided additional information on the agreement to acquire Nuevo Silver and the La Negra mine in Queretaro. Oroco granted stock options to directors, officers, employees, and consultants of the company (Santo Tomas project, Sinaloa). Silver Spruce appointed Paul K Smith as Vice President of Exploration (Pino de Plata project, Chihuahua). Algo Grande informed that it will hold its annual general meeting of shareholders on February 25, 2026 and announced the appointment of Raymond Jannas to its Board of Directors (Adelita project, Sonora). Masivo Silver entered into a digital marketing services agreement with Senergy Comminications Capital Inc (Cerro Colorado, Sonora). Questcorp issued a news release to clarify its share arrangement following a review by the British Columbia Securities Commission (La Union project, Sonora). Empress Royalty granted restricted share units to Mr. Burns (Royalty in Tahuehueto, Durango). Mexican Gold granted stock options to certain directors, officers, and consultants of the company (Las Minas project, Veracruz). ON SOCIAL RESPONSIBILITY, No relevant news.

ON MEXICO ISSUES

Vizsla Silver Corp., provided information regarding a security incident at its Copala project in Concordia, Sinaloa. Ten individuals were taken during the incident. The incident is currently under investigation and information remains limited. As a precautionary measure, Vizsla Silver has temporarily suspended certain activities at and near the site.
According to financial analysts, The 10 largest publicly traded mining companies have registered a gain of USD $528.63 B in the last year. This increase in value is driven by a historic rally in the prices of gold and silver, and sustained demand for copper for the energy transition. The gold price has rebounded by more than 20% so far this year, and the silver price by around 63% in 2026. The 10 largest mining companies reached a combined market capitalization of USD $1.33 trillion as of January 28, 2026. Compared to January 2025, the same companies had a combined market value of USD $678.57B, representing an increase of 96.47% or USD $654.6B. Included in this list is Southern Copper Corporation, one of the world´s largest integrated copper producers, with mail operations in Peru and Mexico, which added USD $88.37B to its market capitalization. In January, 2026, the mining company´s value is projected at USD $162.3B. On the other hand, in the last year, Grupo Mexico became the largest company on the Mexican Stock Exchange by market capitalization exceeding USD $73.46B.
Luca Mining Corp., Avino Silver & Gold Mines Limited, and Southern Silver Exploration Corp., reported the best drilling intercepts in Mexico on the fifth week of January, 2026. Details are shown in the table below:

ON EXPLORATION

Colibri Resource Corporation completed its Phase 1 reconnaissance RC drilling program at the El Plomo project in Sonora, testing multiple priority gold targets. The RC program consisted of 22 holes totalling approximately 1,815m. Drill samples are currently being prepared for shipment to lab for analytical assays.
Regency Silver Corp., informed that the first hole of its ongoing 2026 drill program at Dios Padre project has intersected sulphide-specularite supported breccia in multiple zones across a broad, non-continuous ~250m interval. Analytical assays are pending, but in terms of geology, alteration, mineral species and abundance, the zones appear to compare favorably to previous drill holes that returned high grade mineralization.
Mercado Minerals Ltd., commenced its geophysical surveys over its Copalito project in Sinaloa. The first phase will comprise a high resolution drone magnetic survey followed by a drone LiDAR survey. The high-resolution magnetic survey will cover 1,885 hectares using 50m-line spacing and has been designed to map known veins and their extensions, as well as provide valuable data over previously unexplored areas of the property, while the drone LiDAR survey will cover 1,867 hectares to enhance topographic detail across the property, focusing on known vein systems, their potential extensions, and additional unexplored zones.

ON MINING

Santacruz Silver Mining Ltd., reported Q4 and full year 2025 production results from its Zimapan mine in Hidalgo. During Q4, 2025 the company milled 222,703 tonnes of 80 g/t Ag, 2.9% Zn, 0.7% Pb, and 0.26% Cu with metallurgical recoveries of 70%, 78%,78%, and 50% respectively to produce 403.3K Oz Ag, 11.22M Lb Zn, 2.77M Lb Pb, and 112K Lb Cu (1.02M Oz AgEq). In the full year 2025, Santacruz milled 893,067 tonnes of 82 g/t Ag, 2.5% Zn, 0.75% Pb, and 0.29% Cu with metallurgical recoveries of 75%, 78%, 85%, and 43% respectively, to produce 1.68M Oz Ag, 36.54M Lb Zn, 12.2M Lb Pb, and 2.37M Lb Cu (3.8M Oz AgEq).
Discovery Silver Corp., announced that it will release its financial and operating results for the fourth quarter and full year 2025 prior to the market open on Thursday, February 19, 2026 (Cordero project, Chihuahua).
Orogen Royalties Inc., provided an update and outlook regarding its exploration stage projects and royalties in 2026. Highlights from 2025 include over 37,800m of partner-funded drilling (estimated USD $30M expenditure), including over 21,000m of resource expansion and conversion drilling at the Navidad/Winter vein target and the Luna zone at the Ermitaño gold-silver mine in Sonora; reception of over USD $4.1M from the sale of projects and payments from exploration partners; and the establishment of four new royalties and three exploration alliances. The 2026 outlook anticipates twelve partner-funded drilling programs with an estimated 40,000m of drilling, excluding drilling plans at Ermitaño; three partner-funded exploration alliances will continue; six projects under option to industry partners; and new updates on resources, including at the Navidad/Winter Au-Ag veins at Ermitaño.
Guanajuato Silver Company Ltd., reported 2025 production results from its Mexican operations. In 2025, the Bolañitos mine in Guanajuato produced 608.4K Oz Ag and 15.3K Oz Au; while consolidated 2025 production from the Company’s four other mines, namely Topia in Durango, and El Cubo, VMC and San Ignacio in Guanajuato, totaled 1.24M Oz Ag, 10.3K Oz Au, 2.78M Lb Pb, and 3.38M Lb Zn.

ON FINANCING

Highlander Silver Corp., announced and closed a non-brokered private placement of 8,060,226 common shares at a price of CAD $6.80 per common shares for gross proceeds of USD $40M (Mercedes mine, Sonora/Bear Creek Mining). Gross proceeds will be used to fund the advancement of the company´s mineral projects and for working capital and corporate purposes.
Chesapeake Gold Corp., closed its previously announced bought deal public offering of 4,107,225 units of the company at a price of CAD $4.20 per unit for gross proceeds of CAD $17,250,345. It also closed a non- brokered private placement of 685,000 units at a price of CAD $4.2 per units for gross proceeds of 2,877,000. Net proceeds will be used to advance the company’s proprietary oxidative leach technology, the Metates and Lucy projects in Durango, and for general working capital.
Minera Alamos Inc., announced the upcoming sale of approximately 9.68M shares by a subsidiary of Equinox Gold to strategic investors, including their Executive Vice President, Corporate Development, Darren Blasutti. The shares are priced at CAD $5.80 each, raising over CAD $56M, with closing expected in early February 2026 (Santana project, Sonora).
Silver Tiger Metals Inc., announced a bought deal financing of 34,189,000 common shares of the company at a price of CAD $1.17 per common share for gross proceeds of approximately CAD $40M. Later on, it increased it to 42,736,000 common shares at a price of CAD $1.17 per common share for gross proceeds of approximately CAD $50M. The company plans to use the net proceeds to fund exploration and development expenditures at El Tigre project in Sonora, as well as for working capital and general corporate purposes.
Silverco Mining Ltd., announced a bought deal offering of 3,200,000 common shares at a price of CAD $12.50 per common share for gross proceeds CAD $40M. Later on, it upsized the previously announced bought deal financing offering to 4,000,000 common shares at a price of CAD $12.5 per common share for gross proceeds of CAD $62.5M. Net proceeds will be used for exploration, evaluation, and restart work on the Cusi mine in Chihuahua, as well as for general and administrative expenditures and working capital.
J2 Metals Inc., upsized its previously announced non-brokered private placement and additional flow-through financing for gross proceeds of CAD $5.3M, consisting of CAD $3.8M raised through the issuance of subscription receipts at a price of CAD $0.25 per subscription receipt, and CAD $1.5M raised through the issuance of flow-through subscription receipts at a price of CAD $0.35 per flow-through subscription receipt. Net proceeds will be used to explore and advance the company´s projects and for general corporate purposes (Sierra Plata project, Estado de Mexico).
Axo Copper Corp., announced a bought deal financing of 35,715,000 units at a price of CAD $0.70 per unit for gross proceeds of approximately CAD $25M and later on it upsized to 50,000,000 units at a price of CAD $0.70 for gross proceeds of approximately CAD $35M. The company plans to use the net proceeds for exploration and advancement of its La Huerta project in Jalisco and San Antonio project in Sonora.
Apollo Silver Corp., closed the second and final tranche of its previously announced non-brokered private placement of 2,500,000 units at a price of CAD $5 per unit for gross proceeds of CAD $12.5M. With the completion of this tranche, the offering is now fully subscribed for total gross proceeds of CAD $27,500,000. Part of the gross proceeds will be used to support community relations initiatives at Cinco de Mayo project in Chihuahua, cover ongoing property maintenance costs, and for general corporate purposes.
Oroco Resource Corp., closed upsized bought deal public offering of 60,526,340 units at a price of CAD $0.38 per unit for gross proceeds of CAD $23M. The company will use the net proceeds to fund commencement of Pre-Feasibility Study drilling at its Santo Tomas project in Sinaloa, advance baseline environmental and permitting work, and for general corporate working capital.
Sierra Madre Gold and Silver Ltd., closed the second and final tranche of its previously announced private placement of 13,709,576 subscriptions receipts at a price of USD $1.30 per subscription receipt for gross proceeds of USD $17,822,449. With the completion of this tranche, the offering is now fully subscribed for total gross proceeds of USD $57,500,690. Net proceeds will be used to fund the completion of the transaction, for exploration and development of Del Toro mine in Zacatecas, following completion of the transaction and for general working capital purposes.
Colibri Resource Corporation announced that it has completed the conversion of CAD $600,995 of debt to units of the company into equity through the issuance of units comprising common shares and warrants. This debt-to-equity conversion reduces the company’s debt load and enhances its capacity to raise additional capital. The completion of this transaction is pending final approval from the TSX Venture Exchange (EP project, Sonora).

ON RESOURCES AND DEVELOPMENT

Heliostar Metals Ltd., filed a Pre-Feasibility Study Technical Report for its Cerro del Gallo project in Guanajuato. It has an effective date of December 11, 2025.
Southern Silver Exploration Corp., reported assay results from four holes drilled at Puro Corazon claim in its Cerro Las Minitas project in Durango. Drilling highlights are shown in the table below:

The company informed that next steps are update the Mineral Resource Estimate of the Cerro Las Minitas project; followed by an update of the Preliminary Economic Assessment of the project in accordance with the provisions of National Instrument 43-101 and continue to advance baseline data collection and permit readiness review.

Sierra Madre Gold and Silver Ltd., received approval to change land use for a 34.7 hectares at its Tlacotal property in Estado de México, enabling it to be used for mining-related activities. The company also executed agreements to purchase additional land, including a 33.1 hectares adjacent area and private lands associated with the current tailings facility. This land is secured via a 30-year lease and the option to purchase will be exercised upon receipt of ownership transfer documentation. It supports the expansion of their operations, including potential mine development and tailings facility upgrades. The company plans to begin drilling activities in the second half of 2026 to further explore and develop the resource potential in the region, aiming to build out their production center and explore nearby veins.
Avino Silver & Gold Mines Ltd., released results from six holes totalling 1,400m drilled at its la Preciosa project in Durango, with the full 2025 drilling program, comprising 14 holes totalling approximately 3,500m drilled. Drilling highlights include hole PMLP 25-12 on La Gloria Vein with 0.65 g/t Au and 585 g/t Ag (637 g/t AgEq) over 4.90m, including 1.92 g/t Au and 2,218 g/t Ag (2,372 g/t AgEq) over 0.95m, including 1.91 g/t Au and 1,107 g/t Ag (1,260 g/t AgEq) over 0.77m; and hole PMLP 25-14 with 0.13 g/t Au and 72 g/t Ag (83 g/t AgEq) over 0.89m on Splay 1 Vein, plus 0.62 g/t Au and 340 g/t Ag (390 g/t AgEq) over 0.60m on Abundancia Vein. “The drill results exceeded grade expectations and verified the geometry of the current vein-based resource model”.
Luca Mining Corp., released drill results from its ongoing Phase 2 exploration program at its Campo Morado mine in Guerrero. Drilling highlights include hole CMRY-25-02 with 1.34 g/t Au, 115 g/t Ag, 0.47% Cu, 0.8% Pb, and 2.7% Zn (5.35 g/t AuEq) over 28.6m, including 1.31 g/t Au, 184 g/t Ag, 0.32% Cu, 1.4% Pb, and 4.6% Zn (7.18 g/t AuEq) over 11.2m, including 5.2 g/t Au, 219 g/t Ag, 0.85% Cu, 1.7% Pb, and 4.6% Zn (12.55 g/t AuEq) over 2.8m; and hole CMRY-25-06 with 1.36 g/t Au, 103 g/t Ag, 0.43% Cu, 0.6% Pb, and 2.2% Zn (4.87 g/t AuEq) over 29.5m, including 1.82 g/t Au, 131 g/t Ag, 0.4% Cu, 0.9% Pb, and 3% Zn (6.13 g/t AuEq) over 21m, including 12.27 g/t Au, 556 g/t Ag, 0.46% Cu, 3.5% Pb, and 6% Zn (25.38 g/t AuEq) over 2.2m. “Initial results indicate thick, gold- and silver-rich VMS mineralization at El Rey, an unmined deposit located approximately 200m from the Reforma deposit and close to existing underground infrastructure, supporting its potential inclusion in the longer-term Campo Morado mine plan”.
Minaurum Silver Inc., published at initial Mineral Resource Estimate (MRE) for its Alamos Silver project in Sonora. It consists of high-grade inferred resources of 5.37M tonnes grading 202 g/t Ag, 0.21 g/t Au, 0.43% Cu, 0.97% Pb, and 2% Zn and containing 34.8M Oz Ag, 35.6K Oz Au, 51M Lb Cu, 115M Lb Pb, and 238M Lb Zn (55.2M Oz AgEq). The MRE comprises portions of the Promontorio, Travesia, and Europa Vein zones, three of the twenty-six vein zones identified at the property. Minaurum is currently conducting a 50,000m core drilling program to expand the MRE at Europa and Promontorio-Travesia, while also completing step-out and infill drilling in additional vein zones including at San Jose, Quintera, Promontorio Sur, Pulpito-Cotera, and Minas Nuevas. The table below shows with more detail the MRE, with an effective day of January 8, 2026:

Silver Dollar Resources Inc., outlined 2026 plans at its La Joya project, Durango. The company is shifting its exploration strategy from potential open-pit to underground development, focusing on higher-grade underground mineralization. The focus is on targeting higher-grade underground mineralization within the 2 x 3 kilometer La Joya mineralized complex. Key activities include enhanced modeling of known high-grade areas, detailed underground and surface mapping and sampling, and the re-logging of selected historical drill core. The areas of focus include targets that demonstrate similarities to the nearby San Martin mine, known for significant silver mineralization. Five targets are identified for drilling to test for deep San Martin-type mineralization.
Guanajuato Silver Company Ltd., announced its ambitious consolidated drilling plans for 2026 at their five Mexican mine operations (Topia in Durango, and Bolañitos, El Cubo, Valenciana, and San Ignacio in Guanajuato), with a total of approximately 75,000m of drilling expected. This represents significant increases over previous years, specifically 731% more than 2025 and 1,660% more than 2024. The drilling will be divided into 45,000m of exploration drilling and 30,000m of infill drilling, aimed at establishing reserves, enhancing material definition, and expanding resource bases at various mines under its ownership in Mexico. The plan marks a strategic commitment to invest in resource growth and long-term production increases.
Mithril Silver and Gold Limited provided a summary of the Q4, 2025 exploration activities carried out at their Copalquin and La Dura properties in Durango. In 2025, Mithril made significant advancements in exploration activities at the Copalquin district. Throughout the year, drilling at Target 1 expanded the mineralized system and an update of the maiden resource at Target 1 is planned for Q2, following a 3,000m drill program to infill key areas in the mode. Target 5, with multiple, parallel NW trending veins hosted in the granodiorite intrusive in the southwest area of the district emerged as a promising silver-rich growth opportunity. Preparations were made for drilling at Target 3, which commenced in January 2026. On the other hand, additional exploration efforts included systematic mapping, sampling, and geophysical work are currently being carried out to strengthen the geological model across the district. The overall focus on these activities indicates a firm belief in Copalquin’s potential as a large, vertically extensive epithermal gold-silver system with mineralization defined over 9km strike length and 1,200m vertical extent, with multiple targets, a dominant east-west structural corridor, and multiple northwest-trending structures within the 70 square km mining concession area, suggesting a considerable resource growth potential. Finally, the company acquired La Dura mining concessions, which comprise five contiguous concessions totaling 2,052 hectares, located just 5 km from El Durazno and 20 km from the flagship Copalquin property. This area is noted for a significant Au-Ag sheeted to stockwork vein system associated with NW striking faults.

ON DEALS AND CORPORATE ISSUES

Gold Resource Corporation (GRC) announced that it entered into a definitive arrangement agreement and plan of merger with Goldgroup Mining Inc., whereby Goldgroup has agreed to acquire all the issued and outstanding shares of the company´s common stock. GRC´s stakeholders will receive 1.4476 common shares of Goldgroup for each share of GRC common stock as a result of a four-for-one share consolidation. Based on the closing prices of GRC’s common stock and Goldgroup’s common shares on January 23, 2026, the Exchange Ratio represents a value of USD $2.25 per share of GRC’s common stock, reflecting a 39% premium to GRC’s closing price on January 23, 2026. The Transaction values GRC’s common stock at approximately USD $372M on a fully-diluted in-the-money basis and based on the value of Goldgroup shares on January 23, 2026. The Transaction was unanimously approved by the boards of directors of Goldgroup and GRC (Don David mine, Oaxaca).
Questcorp Mining Inc., announced the appointment of Amandip Singh as an advisor to the Board. It also granted 4,400,000 incentive stock options to certain directors, officers, consultants, and advisors (La Union project, Sonora).
Axo Copper Corp., reported that it has completed the acquisition of Sapuchi Minera S de R.L. de C.V., from Osisko Development Corp. At closing of the Transaction, the Company issued 15,325,841 common shares of Axo Copper to Osisko Development and 7,655,250 Axo Shares to OR Royalties International Inc., , in accordance with the Securities Purchase Agreement and Share Issuance Agreement, respectively. Sapuchi Minera holds a 100% interest in the San Antonio Gold project in Sonora. Osisko Development is entitled to certain contingent deferred payments in connection with the sale, including a cash payment equal to 70% of any Mexican value‑added tax refund due or owing to Sapuchi Mexico in respect of any period ending on or before the closing date of the Transaction; upon the public filing by Axo of a feasibility study respecting the Project that is prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects, USD $2M, payable in cash or up to 9,398,496 Axo Shares, at Axo’s option, provided that if the issue price of such Axo Shares is below the November 21, 2025 closing price of the Axo Shares, the Company will receive 9,398,496 Axo Shares plus a cash payment equal to the shortfall between USD $2M and the US dollar-equivalent value of the Axo Shares received; and a cash payment of USD $2M, upon the first gold pour being completed at the Project.
Barksdale Resources Corp., informed that it granted stock options to certain directors, officers, employees, and consultants of the company to acquire an aggregate of 4,850,000 common shares in the capital of the company (San Javier project, Sonora).
Silver Spruce Resources Inc., informed on the resignation of Greg Davison from the Board of Directors and from his role as Vice-President Exploration (Pino de Plata, Chihuahua).
Silverco Mining Ltd., provided additional information on the agreement to acquire Nuevo Silver and the La Negra mine in Queretaro. Nuevo Silver does not currently hold title to the la Negra mine and it is a condition of closing of the acquisition that Nuevo Silver completes its purchase of the La Negra mine. Nuevo Silver raised over USD $30M through subscription receipts to fund the acquisition. The deal is subject to various conditions, including the completion of Nuevo Silver’s purchase of the mine, regulatory approvals, and the delivery of a technical report. The acquisition will be executed through Silverco issuing shares to Nuevo Silver shareholders, with the valuation driven upward by recent increases in silver prices and positive cash flow prospects at the La Negra Mine.
Oroco Resource Corp., granted a total of 7,050,000 incentive stock options to directors, officers, employees, and consultants of the company at an exercise price of CAD $0.85 per share with a term of three years (Santo Tomas project, Sinaloa).
Silver Spruce Resources Inc., appointed Paul K Smith as Vice President of Exploration, effective immediately (Pino de Plata project, Chihuahua).
Algo Grande Copper Corp., informed that it will hold its annual general meeting of shareholders on February 25, 2026 and announced the appointment of Raymond Jannas to its Board of Directors (Adelita project, Sonora).
Masivo Silver Corp., entered into a digital marketing services agreement with Senergy Comminications Capital Inc., to provide content creation, strategic messaging, Paid advertising, corporate communications support, and enhanced online visibility services to increase awareness of the company´s projects and strengthen engagement with current and prospective shareholders. Senergy has been retained for an initial period of two months, commencing on January 29, 2026, and Masivo has agreed to pay CAD $60K plus applicable taxes for the services provided during the term of the agreement (Cerro Colorado, Sonora).
Questcorp Mining Inc., issued a news release to clarify its share arrangement following a review by the British Columbia Securities Commission. On October 24, 2025, the company completed a non-brokered private placement, issuing 14,000,334 units at CAD $0.15 per unit for total gross proceeds of CAD $2,100,050. Additionally, Questcorp entered into a Sharing Agreement with Sorbie Bornholm LP for a notional amount of CAD $2M, in which the company will initially receive CAD $8K, with future payments determined over 24 months based on its share price performance. Notably, there are risks involved as no funds from the Sharing Agreement are secured, exposing the company to potential losses if Sorbie faces financial difficulties (La Union project, Sonora).
Empress Royalty Corp., granted 250,000 restricted share units at a deemed price of CAD $1.09 per unit to Mr. Burns, further to its appointment to the Board of Directors (Royalty in Tahuehueto, Durango).
Mexican Gold Mining Corp., granted stock options to certain directors, officers, and consultants of the company to acquire an aggregate of 3,650,000 common shares at an exercise price of CAD $0.16 per common share (Las Minas project, Veracruz).

ON SOCIAL RESPONSIBILITY

No relevant news.

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

On the picture below, low-temperature silica in a low-sulphidation epithermal vein system in a project in Durango, Mexico. Photo taken by Miguel A Heredia.

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

December 21, 2025December 21, 2025 / gambusinoprospectormexico / Leave a comment

Quartz hydrothermal breccia

By Miguel A Heredia

During the 51^stweek of the year (December 15^thto December 21^st2025), at least 43 press releases were announced by companies working in Mexico, with eighteen disclosing deals and corporate issues, ten announcing financial rounds, eight informing on exploration results, four communicating production results, two reporting resources and development of their properties, and one commenting on Mexican issues. ON MEXICO ISSUES, First Majestic and Pacifica Silver reported the best drilling intercepts in Mexico on the third week of December, 2025. ON EXPLORATION, In Sonora, Kenadyr (to be renamed Algo Grande Copper) filed a technical report for its Adelita project and Colibri reported drilling progress at its EP project. In Chihuahua, Kingsmen released high grade gold results from 527 samples collected at its Almoloya project and Advance Metals informed that its drilling program at Yoquivo is progressing well. In Durango, Pinnacle reported that it has prepared an inaugural underground drilling program for its El Potrero project, and Pacifica Silver released assay results from its drilling program at Claudia project. In Oaxaca, EV Resources finalized plans for a maiden drill program at its Los Lirios project and reported preliminary metallurgical recovery results. ON MINING, Starcore presented results for the second quarter ended October 31, 2025 (San Martin mine, Queretaro). Heliostar restarted mining operations in San Agustin, Durango. Silver Storm informed that it plans to restart operations at its la Parrilla mine in Durango by early 2026. ON FINANCING, Regency Silver announced second upsize of its previously announced brokered LIFE offering for gross proceeds of up to CAD $3.5M, and announced a concurrent non-brokered private placement for gross proceeds of CAD $87.5K (Dios Padre project, Sonora). Sonoro Gold notified about a fully-committed non-brokered private placement for gross proceeds of CAD $4M (Cerro Caliche project, Sonora). Kenadyr Metals Corp (to be renamed Algo Grande Copper) closed the third and final tranche for gross proceeds of $868,012.88 (Adelita project, Sonora). Southern Silver announced the closing of its previously announced bought deal LIFE offering for gross proceeds of CAD $6M (Cerro Las Minitas, Durango). Capitan Silver closed its previously announced bought deal offering for gross proceeds of CAD $23,006,497.50 (Cruz de Plata project, Durango). Fuerte Metals completed its previously announced brokered private placement for gross proceeds of CAD $17,249,933 (Cristina project, Chihuahua). GR Silver closed its previously announced bought deal offering for gross proceeds of CAD $20M (Plomosas project, Sinaloa). Sierra Madre announced a private placement for gross proceeds of up to USD $50M (La Guitarra mine, Estado de Mexico). Pinnacle closed a first tranche of a non-brokered private placement for gross proceeds of USD $1,067,532.94 (El Potrero project, Durango). ON RESOURCES AND DEVELOPMENT, First Majestic announced significant exploration success at its Santa Elena mine in Sonora. ON DEALS AND CORPORATE ISSUES, Orla announced the appointment of Joanna Pearson as Independent Non-Executive Director (Camino Rojo, Zacatecas). Teck and Anglo American announced that they received regulatory approval from the Government of Canada under the Investment Canada Act (ICA) for their merger of equals, which will form a new global critical minerals company named Anglo Teck (San Nicolas project, Zacatecas). Silver Wolf completed acquisition of Ana Maria and Laberinto projects in Durango. Fortune Bay provided an update regarding recent regulatory developments in the State of Chiapas, Mexico, that may affect the Company’s Rio Negro concession (Poma Rosa Project). Apollo informed on ongoing community engagement activities at its Cinco de Mayo project in Chihuahua. Fuerte Metals reported voting results from its annual general and special meeting of shareholders (Cristina project, Chihuahua). Agnico Eagle announced additional investment in Osisko Metals Incorporated (Pinos Altos, Chihuahua). Vizsla informed that it entered into an agreement to acquire from Minera Fresnillo strategic claims that surround its Panuco property in Sinaloa. Sierra Madre announced agreement to acquire the Del Toro mine in Zacatecas from First Majestic. Minaurum Gold informed that it has changed its name to Minaurum Silver (Alamos Silver project, Sonora). Bear Creek and Highlander entered into a definitive agreement to combine their respective business (Mercedes mine, Sonora). Kenadyr completes change of name to Alto Grande Copper (Adelita project, Sonora). Kootenay issued a statement in response to a request of OCT markets regarding recent promotional activities related to its common shares traded on the OTCQX marketplace (Columba project, Chihuahua). First Majestic announced the promotion of Mani Alkhafahi to President & Chief Corporate Development Officer, effective January 1, 2026 (Santa Elena and Ermitaño mines, Sonora). Mercado Minerals signed community agreement with local ejidos in Copalito, Sinaloa. Infinitum Copper reported voting results from its annual general and special meeting of shareholders. Chesapeake granted stock options to officers of the company (Metates project, Durango). ON SOCIAL RESPONSIBILITY, No relevant news.

ON MEXICO ISSUES

First Majestic Silver Corp., and Pacifica Silver Corp., reported the best drilling intercepts in Mexico on the third week of December, 2025. Details are shown in the table below:

ON EXPLORATION

Kenadyr Metals Corp (to be renamed Algo Grande Copper Corp) filed an independent NI43-101 technical report, dated effective August 15, 2025 for its Adelita project in Sonora.
Colibri Resource Corporation reported RC drilling progress at the San Perfecto target within its EP project in Sonora. To date, the company has completed 11 RC holes totalling approximately 906m at the San perfecto and Banco de Oro targets. Samples are currently being prepared to submit them to the lab for assays. First results are expected to be received in January 2026.
Kingsmen Resources Ltd., released high grade gold sampling results from its Almoloya project in Chihuahua. A total of 527 samples have been collected from historic underground workings and surface samples on the Juliettas prospect in the South Block. 28 samples out of 527 returned >6.16 g/t Au; 82 samples between 1.14 and 5.9 g/t Au; 168 samples between 0.13 and 1.02 g/t Au; and 249 samples < 0.13 g/t Au. The structures are from 50m to 400m in length, are up to 1.2m wide and are up to 200m deep. The gold mineralization occurs with calcite-dolomite-iron oxide-quartz-magnetite-pyrolusite/ psilomelane and pyrite in veins and stockworks. The host rock is limestone with moderate to strong marbling and recrystallization.
Advance Metals Limited informed that its drilling program at Yoquivo, Chihuahua is progressing rapidly. To date five drill holes have been completed with assay results pending. The new drilling includes down-dip extensional targets at Pertenencia below the existing Foreign Estimate. Drilling will continue in 2026 testing multiple additional targets including newly discovered veining that previously returned surface rock chip samples up to 1,594g/t AgEq. Additionally, a high-resolution airborne LiDAR survey has also recently been completed at the project, with processed data expected to be available shortly.
Pinnacle Silver and Gold Corp., reported that it has prepared an inaugural underground drilling program for its El Potrero project in Durango. To date, the plan is to drill approximately 2,600m in 112 holes and is expected to be completed in about six weeks. The underground drill program will commence after certain development work is completed to create enough room for the drill set ups and make sure that the drillers will have a safe working environment. This work will take about a month to complete.
Pacifica Silver Corp., released assay results from the first 10 of 29 drilling program at its Claudia project in Durango. Drilling highlights include hole25 CLAU039D with 0.20 g/t Au and 18 g/t Ag (35 g/t AgEq) over 13.35m, including 0.8 g/t Au and 119 g/t Ag (187 g/t AgEq) over 0.80m, plus 0.43 g/t Au and 91 g/t Ag (128 g/t AgEq) over 0.45m, plus 2.94 g/t Au and 313 g/t Ag (566 g/t AgEq) over 6.35m, including 6.4 g/t Au and 1,390 g/t Ag (1,941 g/t AgEq) over 1.30m, including 9.27 g/t Au and 1,905 g/t Ag (2,702 g/t AgEq) over 0.85m; and hole 25CLAU037D with 0.45 g/t Au and 46 g/t Ag (85 g/t AgEq) over 2.45m, including 1.15 g/t Au and 113 g/t Ag (211 g/t AgEq) over 0.35m, plus 2.29 g/t Au and 51 g/t Ag (248 g/t AgEq) over 10.5m, including 3.38 g/t Au and 74 g/t Ag (364 g/t AgEq) over 6.55m, including 20.3 g/t Au and 81 g/t Ag (1,827 g/t AgEq) over 0.60m. Both holes were drilled on Aguilareña-Tres Reyes Vein. To date, a total of 7,992m has been drilled in 29 holes and includes 3,584 m in 15 holes at Aguilareña Vein; 2,285m in 8 holes at the Guadalupe Vein; and 1,457m in 6 holes testing the Justina, West, Central and Pinolera Veins. The Company expects to conclude its Phase I drill program by the end of December 2025 and commence Phase II drilling in January 2026 with three active drill rigs on site.
EV Resources finalized plans for a maiden drill program at its Los Lirios project in Oaxaca and reported preliminary metallurgical recovery results. This Phase 1 drill program will consists of 1,500-2,000m and will test high-grade antimony beneath historical old workings along the Lirios Fault Zone over approximately 900m of strike within a broader 4kmmapped system. The drill program is a critical since step as it moves from surface exploration to subsurface definition, targeting a maiden JORC resource in Q3, 2026. It also reported exceptional preliminary metallurgical recovery results with 90.8% recovery established in preliminary metallurgical test work using a simple reagent-free , two stages gravity process, and 99.2% from a high-grade sulphide flotation test followed by regrinding of rougher concentrate and two-stages cleaning.

ON MINING

Starcore International Mines Ltd., presented results for the second quarter ended October 31, 2025 from its San Martin mine in Queretaro (all currency expressed in Canadian dollars). The company mined 52,000 tonnes of 1.33 g/t Au and 15 g/t Ag with metallurgical recoveries of 77.2% and 49.3% respectively, to produce 1.7K Oz Au and 11.9K Oz Ag (1,860 Oz AuEq). Starcore also reported revenues of $10.7M; cash of $9.8M; working capital of $7M; income from mining operations of $2.4M; loss of $0.7M; and EBITDA of $1.7M.
Heliostar Metals Ltd., announced that mining, crushing and conveying and stacking of ore onto the leach pad at San Agustin, Durango as recommenced. The restart is expected to produce about 45K Oz Au at an AISC of USD $1,990 per Oz AuEq, generating roughly USD $40M in cash flow at a USD $3,000/Oz Au price. Initial capital expenditures are estimated at USD $4.2M. Heliostar is concurrently advancing a 10,000‑15,000 m drilling program aimed at extending the oxide resource and lengthening the mine’s life. To date, 37 drill holes (≈3,300 m) have been completed, with assays pending. A previous operator reported high-grade oxide intercepts from the priority Corner SW target area, including 3.52 g/t Au over 32m in hole 14-SAGRC-196.
Heliostar Metals Ltd., announced that they have received positive media reports indicating that their La Colorada expansion project in Sonora, Mexico, is progressing. They applied for and are awaiting approval of a permit to expand the Veta Madre open pit, with an expectation for completion in early 2026. The permit review by the Mexican environmental agency SEMARNAT was smooth, with no questions raised during the mandatory 20-day period, so approval is expected soon. The company plans to restart open-pit mining at La Colorada in Q1 2026, as part of its broader strategy to grow into a mid-tier gold producer through resource development and expansion of operations in Mexico.
Silver Storm Mining Ltd., informed that it plans to restart operations at its la Parrilla mine in Durango for which it placed orders for new equipment and ventilation systems all set for early 2026. This includes underground mining equipment, development and production drills as well as ventilation system fans. This critical equipment is essential to advance toward the potential restart of operations as early as Q2, 2026 and unlocking the full potential of La Parrilla mine.

ON FINANCING

Regency Silver Corp., announced second upsize of its previously announced brokered LIFE offering for gross proceeds of up to CAD $3.5M from the issuance of 20,000,000 units at a price of CAD $0.175 per unit, and announced a concurrent non-brokered private placement of 500,000 units at a price of CAD $0.175 per unit for gross proceeds of CAD $87.5K. Later on, it announced that it closed its brokered private placement of units for aggregate gross proceeds of approximately CAD $3,991,000. The company also informed that it closed a concurrent non-brokered private placement of units for additional gross proceeds of CAD $87,500. Gross proceeds will be used for drilling on Dios Padre Project in Sonora and general working capital purposes.
Sonoro Gold Corp., notified about a fully-committed non-brokered private placement consisting of 20,000,000 units at a price of CAD $0.2 per unit for gross proceeds of CAD $4M. Funds will be used to advance its Cerro Caliche project in Sonora and for general working capital purposes.
Kenadyr Metals Corp (to be renamed) Algo Grande Copper closed the third and final tranche of 2,314,701 subscription receipts at a price of CAD $0.375 per subscription receipt for gross proceeds of CAD $868,012.88. Including the first and second tranche proceeds, the offering has raised CAD $3,824,400 in aggregate gross proceeds. The company plans to use the gross proceeds in exploration and property payment on the Adelita project in Sonora, salaries and consulting fees, marketing and investor relations, payment of existing accounts payable, loan repayments, and other general and administrative expenses, including legal, accounting and audit expenses.
Southern Silver Exploration Corp., announced the closing of its previously announced bought deal LIFE offering of 12,000,000 common shares at a price of CAD $0.5 per common share for gross proceeds of CAD $6M. Southern Silver will use the gross proceeds for the advancement of the Cerro Las Minitas project in Durango, as well as for working capital and general corporate purposes.
Capitan Silver Corp., closed its previously announced bought deal offering of an aggregate of 11,333,250 common shares at a price of CAD $2.03 for gross proceeds of CAD $23,006,497.50. Gross proceeds will be used to fund exploration activities at Cruz de Plata project in Durango, as well as for working capital and general corporate purposes.
Fuerte Metals Corporation completed its previously announced brokered private placement for gross proceeds of CAD $17,249,933. (Cristina project, Chihuahua).
GR Silver Mining Ltd., closed its previously announced bought deal offering issuing 66,666,832 units at a price of CAD $0.30 per unit for gross proceeds of CAD $20M. Net proceeds will be used for advancement of its Plomosas project in Sinaloa, and for working capital and general corporate purposes.
Sierra Madre Gold and Silver Ltd., announced a private placement of up to 38,462,000 subscription receipts at a price of USD $1.3 per subscription receipt for gross proceeds of up to USD $50M. “The company intends to use the net proceeds of the offering to fund the completion of the transaction, for exploration and development of Del Toro mine in Zacatecas, following completion of the transaction and for general working capital purposes” (La Guitarra mine, Estado de Mexico).
Pinnacle Silver and Gold Corp., closed a first tranche of a non-brokered private placement of 7,268,171 units at a price of USD $0.14 per unit for gross proceeds of USD $1,067,532.94. Gross proceeds will be used to advance El Potrero project in Durango, for project evaluations, and for general working capital.

ON RESOURCES AND DEVELOPMENT

First Majestic Silver Corp., and Orogen Royalties Inc., announced significant exploration success at its Santa Elena mine in Sonora, with expanded gold and silver mineralization at the Santo Niño and Navidad discoveries to over 1.1km along strike by 400m down-dip, with true thickness ranging from 2.5 to 5.0m in the case of Santo Niño, and to over 1.2km by 400m, with thickness ranging from 3.0-4.0m at Navidad. Orogen holds 2% net smelter return on the Ermitaño mine which is part of the Santa Elena mine complex. “During 2025, a total of 64,000m of exploration drilling was planned by First Majestic and the Company has completed approximately 66,800m to date, reflecting a decision to increase the targeted metres in a context of exploration success and the Company’s overarching growth strategy”. Key drilling highlights at Navidad target include hole EWUG-25-074 with 5.8 g/t Au and 126 g/t Ag over 8m. The company completed 11,190m of drilling at the Luna Zone to convert Inferred Mineral Resources to Indicated Mineral Resources. Preliminary mine planning studies for Santo Niño and Navidad are underway, exploring potential underground mining strategies. An internal scoping study for the Navidad vein suggests access via a ~3km underground ramp. Metallurgical testing confirmed excellent gold and silver recovery rates exceeding 95%, compatible with the Santa Elena processing plant. The company plans to increase the Santa Elena plant’s throughput from 3,200 to 3,500 tonnes per day by the end of 2026.

ON DEALS AND CORPORATE ISSUES

Orla Mining Ltd., announced the appointment of Joanna Pearson as Independent Non-Executive Director, effective immediately (Camino Rojo, Zacatecas).
Teck Resources Limited and Anglo American plc announced that they received regulatory approval from the Government of Canada under the Investment Canada Act (ICA) for their merger of equals, which will form a new global critical minerals company named Anglo Teck. Global headquarters will be located in Vancouver, BC in Canada and will be trading on the London Stock Exchange. Anglo Teck is committed to spend at least CAD $10B over 15 years in Canada. Other commitments include maintaining Canadian employment levels, supporting Canadian junior mining companies, establishing a Global Institute for Critical Minerals Research and Innovation (involving institutions in Canada, South Africa, and the UK), and continuing remediation and reclamation activities . The company also reaffirms its enduring commitment to South Africa (San Nicolas project, Zacatecas).
Silver Wolf Exploration Ltd., completed acquisition of Ana Maria and Laberinto projects in Durango. To acquire a 100% interest in the Ana Maria and Laberinto projects, the company issued to Avino Silver & Gold Mines Ltd, 2,000,000 common shares at a deemed price of CAD $0.20 per common share for an aggregate value of CAD 400K. Under the terms of the option agreement, Silver Wolf has issued a total of CAD $600K worth of common shares, satisfied by the issuance of 3,181,718 common shares at deemed price of CAD $0.20 and incurred over CAD $750K in exploration expenditures on the properties.
Fortune Bay Corp., provided an update regarding recent regulatory developments in the State of Chiapas, Mexico, that may affect the Company’s Rio Negro concession (Poma Rosa Project). On 19 Nov 2025, the Chiapas government decreed the “Zona Sujeta a Conservación Ecológica Mina Banderas” protected area, overlapping 11% of the Rio Negro concession, including part of the Campamento gold-silver deposit. Fortune Bay has filed an amparo in federal court contesting the decree on due-process, consultation and federal-vs-state jurisdiction grounds, seeking to preserve its mining rights. The company has also been making good progress working with local landowners for exploration agreements. No immediate impact on operations or finances is expected, but timing might be uncertain.
Apollo Silver Corp., informed on ongoing community engagement activities with the Ejido Benito Juarez at its Cinco de Mayo project in Chihuahua. The proposed agreement is to rescind a property access ban from 2012 and establish a long-term agreement for mineral exploration and mining at the Cinco de Mayo property to provide economic benefits, including over a 30-year period approximately USD $50M in annual payments, local employment opportunities, and support for community priorities. Community discussions are ongoing, with a general assembly planned for early 2026 to vote on the agreement.
Fuerte Metals Corporation reported voting results from its annual general and special meeting of shareholders. The company also appointed Kerry Sparkes and Scott J Hicks as technical advisors to the Board of Directors (Cristina project, Chihuahua).
Agnico Eagle Mines Limited announced additional investment in Osisko Metals Incorporated. It acquired 26,000,000 common shares of Osisko pursuant to a non-brokered private placement at a price of CAD $0.48 per common shares for total consideration of CAD $12,480,000 (Pinos Altos, Chihuahua).
Vizsla Silver Corp., informed that it entered into an agreement to acquire from Minera Fresnillo strategic claims that surround its Panuco property in Sinaloa. The agreement involves ten claims comprising 2,378 hectares along the highly prospective Panuco-San Dimas corridor. Seven of these claims comprising 1,734 hectares occur adjacent to the Panuco project, covering potential extensions of veins with known mineralization. Vizsla has agreed to pay USD $2M and issue 854,697 common shares (USD $4M) to Fresnillo as consideration for the claims.
Sierra Madre Gold and Silver Ltd., announced agreement to acquire the Del Toro mine in Zacatecas from First Majestic Silver Corp., for total consideration of up to USD $60M. Pursuant to the transaction, Sierra Madre will acquire a 100% interest in the 2,129 hectares Del Toro property that include three fully permitted underground mines, a 3,000 tonnes per day flotation processing circuit and numerous historic mines.
Minaurum Gold Inc., informed that it has changed its name to Minaurum Silver Inc. The company´s common shares will commence trading under its new name on the TSX Venture Exchange at market open on December 22, 2025 with the new name, new CUSIP and new ISIN numbers. The company´s stock symbols will remain “MGG” on the TSXV and “MMRGF” on the OTCQX (Alamos Silver project, Sonora).
Bear Creek Mining Corporation and Highlander Silver Corp., entered into a definitive agreement to combine their respective business to create leading growth company in the silver sector. “Bear Creek Shareholders will receive 0.1175 common shares in the capital of Highlander Silver in exchange for each Bear Creek Share held immediately prior to the effective time of the Arrangement. Upon completion of the Arrangement, existing holders of Highlander Shares and former Bear Creek Shareholders will own approximately 82% and 18% of the total issued and outstanding Highlander Shares, respectively, on a fully-diluted basis” (Mercedes mine, Sonora).
Kenadyr Metals Corp., completes change of name to Alto Grande Copper Corp., effective at market opening on or about December 23, 2025. Common shares of Alto Grande are expected to commence trading under the symbol “ALGR” on Tier 2 of the TSX Venture Exchange, upon satisfaction of all conditions of the company´s reactivation. The company also reported the acquisition of 100% interest in the Adelita project in Sonora, and the appointment of Gordon Neal to the Board of Directors.
Kootenay Silver Inc., issued a statement in response to a request of OCT markets regarding recent promotional activities related to its common shares traded on the OTCQX marketplace. The company clarified that it had engaged Sideways Frequency LLC (SFLLC), an independent third-party firm, to provide investor relations and marketing services for two three-month terms, paying a total of $500,000. SFLLC conducted promotional activities such as email campaigns, digital ads, and content creation, using publicly available information from Kootenay’s disclosures. Kootenay stated that it had editorial control over the promotional material for accuracy but was not directly involved in its creation or distribution. The company believes the increase in trading volume of its shares was primarily driven by rising silver prices, positive market conditions, and recent drill results, rather than the promotional activities. Kootenay confirmed that no management, directors, or major shareholders were involved in creating or distributing promotional materials, nor did they trade the company’s securities in the past 90 days (Columba project, Chihuahua).
First Majestic Silver Corp., announced the promotion of Mani Alkhafahi to President & Chief Corporate Development Officer, effective January 1, 2026.
Mercado Minerals Ltd., signed community agreement with Ejido Llano Grande and Ejido La Lapara in Copalito, Sinaloa. With the agreement signed, Mercado is positioned to advance and complete the drilling permit process. The company will pay an annual fee of MXP $100K effective January 1^st, 2026, with a one-year renewal option, and will be committed to repair segments of local roads utilized in its operations, supporting infrastructure improvements for the communities.
Infinitum Copper Corp., reported voting results from its annual general and special meeting of shareholders. In this annual meeting, shareholders approved the sale and disposition by the company to Kenadyr Metals Corp., of all the outstanding shares in the capital of Exploraciones Margarita S.A. de C.V.
Chesapeake Gold Corp., granted stock options to officers of the company to purchase an aggregate of 69,000 common shares of the company at a price of CAD $2.48 per common share for a five-year term expiring December 19, 2030 (Metates project, Durango).

ON SOCIAL RESPONSIBILITY

No relevant news.

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

On the picture below, a hydrothermal breccia cemented by FeOx-Cu carbonates-sulphides in an IOCG project in Sonora, Mexico. Photo taken by Miguel A Heredia.

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

October 25, 2025 / gambusinoprospectormexico / Leave a comment

Quartz Vein with Sulphides

By Miguel A Heredia

During the 43^rdweek of the year (October 20^thto October 26^th2025), at least 22 press releases were announced by companies working in Mexico, with ten disclosing deals and corporate issues, four announcing financial rounds, four communicating mining and production issues, two reporting resources and developments of their properties, and two informing on exploration results. ON MEXICO ISSUES, No relevant news. ON EXPLORATION, In Sonora, Tocvan announced the discovery of two new gold and silver targets with historic underground workings at their Gran Pilar project. In Estado de Mexico, Sierra Madre Gold and Silver commenced an exploration program at the East District of its Guitarra mine. ON MINING, Americas Gold and Silver reported Q3, 2025 consolidated production results, including its Cosala operation in Sinaloa. Gold Royalty presented Q3, 2025 results (Royalty on Cozamin mine, Zacatecas). Discovery Silver announced that it will release its Q3, 2025 results on November 13, 2025 (Cordero project, Chihuahua). ON FINANCING, Vortex closed a second tranche of its previously announced non-brokered private placement for gross proceeds of CAD $105K (Riqueza Marina and Zaachila projects, Oaxaca). Questcorp revised the terms of its previously announced non-brokered private placement (La Union project, Sonora). Sonoro Gold closed its previously announced oversubscribed non-brokered private placement for gross proceeds of CAD $4.1M (Cerro Caliche project, Sonora). Apollo Silver reported that it closed the first tranche of its previously announced upsized non-brokered private placement for gross proceeds of CAD $25,134,145 (Cinco de Mayo project, Chihuahua). ON RESOURCES AND DEVELOPMENT, Tocvan Ventures provided an update on its recent progress at its Gran Pilar project in Sonora. Silver Storm initiated rehabilitation activities at its La Parrilla mine in Durango, with the aim of restarting operations. DynaResource commissioned a new a new gravity gold recovery circuit at the San Jose de Gracia Project in Sinaloa. ON DEALS AND CORPORATE ISSUES, Empress Royalty announced the appointment of Daniel Burns to its Board of Directors (Royalty on Tahuehueto mine Durango). Sandstorm closed its previously announced plan of arrangement with Royal Gold (Cosala mine, Sinaloa). Pinnacle announced the appointment of Carlos Castro as Project Manager for El Potrero project in Durango. Quetzal Copper completed the acquisition of Silverco Mining (Cusi mine, Chihuahua). Torex completed the previously announced plan of arrangement to acquire Prime Mining (Los Reyes project, Sinaloa). Minera Alamos appointed Darren Blasutti as Executive Vice President, Corporate Development (Santana mine, Sonora). Starcore presented voting results of its annual general meeting of shareholders (San Martin mine, Queretaro). Southern Silver appointed Ramón Dávila to the Board of Directors (Cerro Las Minitas, Durango). Kingsmen secured an option to acquire a 100% interest in the Almoloya project in Chihuahua. ON SOCIAL RESPONSIBILITY, No relevant news.

ON MEXICO ISSUES

No relevant news.

ON EXPLORATION

Sierra Madre Gold and Silver Ltd., commenced a USD $3.5M exploration program at the East District of its Guitarra mine in Estado de Mexico. The East District includes historic mines and over 39km of mapped structures. The program aims to systematically map, survey, and analyze historic mine workings and structures to identify promising drill targets. After completing detailed surface mapping and structural analysis over approximately nine months, the company plans to conduct a 20,000 to 25,000m drill campaign over 12 to 18 months to evaluate the economic potential of identified targets. The funding for this phase is secured through a recent private placement, with the goal of unlocking additional resources in a historically under-explored area.
Tocvan Ventures Corp. announced the discovery of two new gold and silver targets within the North Alteration Zone with historic underground workings at their Gran Pilar project in Sonora. These targets are based on historic underground workings that indicate the presence of mineralized structures. Target 1 is located 700m west of existing drill targets and features approximately a 60-meter exposed section of underground adits and shafts with silicified vein breccia and intense phyllic alteration. Target 2 is situated 700m north of previous high-grade samples and includes a 50m section of historic shafts and waste dumps with argillic alteration and quartz veining. Both targets align with previous high-grade surface sample results, such as assays up to 3.2 g/t Au and 1,225 g/t Ag, suggesting significant mineralization potential. These discoveries validate the exploration model and provide new avenues for drilling and resource delineation, expanding the mineralized footprint in the North Block.

ON MINING

Americas Gold and Silver Corporation announced Q3, 2025 consolidated production results, including its Cosala operation in Sinaloa. The company reported 765K Oz Ag, and 2.3M Lb Pb. Americas Gold and Silver reported an unaudited consolidated cash balance of USD $39M.
Gold Royalty Corp., presented preliminary Q3, 2025 consolidated results. The company reported total revenue of USD $4.6M equating to 1,323 Oz AuEq (Royalty on Cozamin mine, Zacatecas).
Discovery Silver Corp., announced that it will release its Q3, 2025 results on November 13, 2025 (Cordero project, Chihuahua).

ON FINANCING

Vortex Metals Inc., closed a second tranche of its previously announced non-brokered private placement of 2,625,000 units at a price of CAD $0.04 per unit for gross proceeds of CAD $105K. The company raised CAD $700K in the first tranche by issuing 17,500,000 units at a price of CAD $0.04 per unit. To date, Vortex raised aggregate proceeds for CAD $805K through the sale of 20,125,000 units. Vortex intends to use the gross proceeds of the second tranche as follows: approximately 40% to pay for mining concession fees, approximately 40% to pay for exploration fees and the remaining 20% for general working capital purposes (Riqueza Marina and Zaachila projects, Oaxaca).
Questcorp Mining Inc., revised the terms of its previously announced non-brokered private placement and now will offer up to 23,333,334 units at a price of CAD $0.15 per unit for gross proceeds of up to CAD $3.5M. The company plans to use part of the gross proceeds for advancement of ongoing exploration and drill work at La Union project, in Sonora, as well as for general working capital purposes.
Sonoro Gold Corp., closed its previously announced oversubscribed non-brokered private placement of 20,500,000 units at a price of CADS $0.20 per unit for gross proceeds of CAD $4.1M. The company will use the net proceeds to fund ongoing development of its Cerro Caliche project in Sonora, including the commissioning of an updated Preliminary Economic Assessment and completing a final payment due under the Rosario option agreement. Funds will also be allocated for the change of land use payment required for mining operations in Mexico.
Apollo Silver Corp., reported that it closed the first tranche of its previously announced upsized non-brokered private placement for gross proceeds of CAD $25,134,145 through the issuance of 6,981,707 units at a price of CADS $3.6 per unit. The upsized offering totals CAD $26,775,648, with the final tranche of 455,973 Units for gross proceeds of $1,641,503 expected to close in the coming days. Apollo plans to use part of the net proceeds for support community relations initiatives at its Cinco de Mayo project in Chihuahua, property maintenance costs and for general corporate purposes.

ON RESOURCES AND DEVELOPMENT

Tocvan Ventures Corp., provided an update on its recent progress at its Gran Pilar project in Sonora. It highlighted mobilization activities for drilling, trenching, and ground preparation aimed to advancing exploration and pilot mine development across North and South Blocks, where surface work and geophysical surveys have outlined new targets. The North Block is a fresh area with promising signs, and the company is focusing on road access, site clearing, and trenching to unlock new mineral zones. The goal is to start initial drilling programs and interpret results from surveys and sampling to guide the next steps.
Silver Storm Mining Ltd., initiated rehabilitation activities at its La Parrilla mine in Durango, with the aim of restarting operations, which includes a 2,000 tonnes per day mill and three underground mines. Dynamic Engineer was awarded the contract for the rehabilitation. Key points include rehabilitation of several buildings, rehabilitation, maintenance, and installation of new equipment of the processing plant, replacement of the jaw crusher, relined of ball mills, and service and repair of motor systems, feed lines, conveyors, screens, and cyclones, partial rehabilitation of five leach tanks of the oxide leach and tailings plant, sulphide circuit expansion to increase capacity to 1,250 tonnes per day, and underground rehabilitation including drift cleaning, scaling, ventilation upgrade, and recommissioning of underground services.
DynaResource Inc., commissioned a new a new gravity gold recovery circuit at the San Jose de Gracia Project in Sinaloa. This circuit operates as a complementary process within the overall mineral processing flow, aiming to recover high-density gold particles that could be missed by other methods like flotation or leaching. Its purpose is to maximize overall gold recovery efficiency, reduce losses, and improve the project’s economic viability.

ON DEALS AND CORPORATE ISSUES

Empress Royalty Corp., announced the appointment of Daniel Burns to its Board of Directors effectively immediately (Royalty on Tahuehueto mine Durango).
Sandstorm Gold ltd., closed its previously announced plan of arrangement with Royal Gold Inc., in which Royalty will acquire all all of the issued and outstanding common shares of Sandstorm. Sandstorm´s shareholders will receive 0.0625 of a share of common stock of Royal Gold for each Sandstorm share held (Cosala mine, Sinaloa).
Pinnacle Silver and Gold Corporation announced the appointment of Carlos Castro as Project Manager for El Potrero project in Durango, while Jorge Ortega continues in the role of Exploration Manager.
Quetzal Copper Corp., completed the acquisition of Silverco Mining Corp., with Silverco and a subsidiary of the company, which resulted in the reverse takeover of Silverco for the company pursuant to the policies of the TSXV Venture Exchange (Cusi mine, Chihuahua).
Torex Gold Resources Inc., completed the previously announced plan of arrangement to acquire all of the issued and outstanding common shares of Prime Mining Corp. Prime Mining shareholders are entitled to receive 0.06 Torex common shares for each Prime Mining common share exchanged at closing of the transaction (Los Reyes project, Sinaloa).
Starcore International Mines Ltd., presented voting results of its annual general meeting of shareholders (San Martin mine, Queretaro).
Southern Silver Exploration Corp., appointed Ramón Dávila to the Board of Directors (Cerro Las Minitas, Durango).
Candelaria Mining Corp., provided an update regarding is management cease trade order (MCTO) announced on August 29, 2025 due to the failure to file audited financial statement by the August 28, 2025 deadline. The company expects to file the required documents by October 27, 2025, and will maintain the MCTO until then, providing bi-weekly updates as mandated (Caballo Blanco project, Veracruz).
Kingsmen Resources Ltd., secured an option to acquire a 100% interest in the Almoloya project in Chihuahua, located 30km west of its Las Coloradas project. The acquisition involves staged cash payments over an eight year period, with USD $325K to be paid in the first two years, with USD $75K due in the first year. The Almoloya project consolidates five mineral claims into a contiguous land package of 866.25 hectares and includes historic mines, such as Cigarrero and Las Juliettas. Kingsmen aims to revitalize these assets through exploration, focusing on high-grade mineralization in a large 12 x 14km hydrothermal system, hoping to advance the project quickly to drill ready status. The project has not seen systematic exploration since the early 2000s, leaving significant potential untapped.

ON SOCIAL RESPONSIBILITY

No relevant news.

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

On the picture below, quartz vein with sulphides from an intermediate sulphidation epithermal vein system in Sonora, Mexico. Photo taken by Miguel A Heredia.

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

October 11, 2025October 11, 2025 / gambusinoprospectormexico / Leave a comment

Rhyolite Dome

By Miguel A Heredia

During the 41^stweek of the year (October 6^thto October 12^th2025), at least 37 press releases were announced by companies working in Mexico, and one news published by the media, with fourteen announcing financial rounds, nine communicating mining and production issues, six disclosing deals and corporate issues, four reporting resources and developments of their properties, three informing on exploration results, and two commenting on Mexican issues. ON MEXICO ISSUES, Mining companies listed on the Mexican Stock Exchange (BMV) and Wall Street are expected to gain more than USD $250 billion in market value so far in 2025. Heliostar Metals and Torex Gold GR Silver and Kingsmen reported the best drilling intercepts in Mexico on the second week of October, 2025. ON EXPLORATION, In Sonora, Tocvan reported the early results from a drone magnetic survey at its Gran Pilar Gold-Silver project, and announced the discovery of a new target with historic underground workings in the North Alteration Zone. In Durango, Pacifica Silver identified new extensions to mineralized veins at its Claudia project, and provided details of a phase I drill program. ON MINING, Capstone announced that it will present its Q3, 2025 results on October 30, 2025 (Cozamin mine, Zacatecas). Goldgroup notified that it has successfully installed a second crushing circuit at its Cerro Prieto mine in Sonora. First Majestic reported Q3, 2025 production results from their Mexican operations. Endeavour presented Q3, 2025 production results from their Mexican mining operations (Bolañitos and Guanacevi in Guanajuato and Durango respectively). Altius provided a Q3, 2025 project generation update. Teck announced that it will present its Q3, 2025 results on October 22, 2025 (San Nicolas project, Zacatecas). Aura Minerals reported Q3, 2025 production results from its Aranzazu mine in Zacatecas. Torex Gold released strong Q3, 2025 production results from its Morelos Mine Complex in Guerrero. ON FINANCING, Mexican Gold Mining announced a non-brokered private placement for gross proceeds of up to CAD $850K (Las Minas project, Veracruz). Starcore reported that the $5M private placement previously announced has been oversubscribed (San Martin mine, Queretaro). Colibri announced that it intends to conduct two non-brokered private placements: one for gross proceeds of up to CAD $1.3M and a second for up to CAD $250K (Pilar and EP projects, Sonora). Vortex Metals closed its previously announced upsized non-brokered private placement for gross proceeds of CAD $700K, and then, due to interest from an existing strategic investor, it intends to close a second tranche for gross proceeds of CAD $105,000. (Zaachila and Riqueza Marina projects, Oaxaca) Silver Tiger closed its previously announced bough deal offering for gross proceeds of CAD $28,773,000 (El Tigre project, Sonora). Questcorp revised the terms of its previously announced non-brokered private placement and now will offer up to 7,500,000 units for gross proceeds of up to CAD $1.5M (La Union project, Sonora). Fuerte Metals closed its previously announced offering of subscription receipts for aggregate gross proceeds of CAD $57.5M (Cristina project, Chihuahua). Guanajuato Silver closed its previously announced bough deal public offering for gross proceeds of CAD $43.5M (El Cubo mine, Guanajuato). Pantera Silver announced a non-brokered private placement for gross proceeds of up to CADS $3.5M (Nuevo Taxco Silver project, Guerrero). Bear Creek announced drawdown of funds under Sandstorm note (Mercedes mine, Sonora). Silver Storm entered into a definitive agreement with Samsung C&T Hongkong Ltd and QSSC S.A.DE C.V. for a US $7.0 million offtake prepayment financing to restart operations at its La Parrilla Silver Mine Complex in Durango. US Antimony announced that it entered into a securities purchase agreement with a leading long-only mutual fund for aggregate proceeds of approximately USD $25M (Los Juarez project, Queretaro). ON RESOURCES AND DEVELOPMENT, Southern Silver initiated a drilling program at the Puro Corazon mine, which is adjacent to its 100% owned Cerro Las Minitas project in Durango, Mexico. Heliostar released results from the current 15,000m drill program at its Ana Paula project in Guerrero. Mithril reported exploration results from its Copalquin project in Durango. Torex Gold released results from drilling program at ELG underground, primarily focused on drilling around the El Limón Sur and Sub-Sill trends within its Morelos Mine Complex in Guerrero. ON DEALS AND CORPORATE ISSUES, Mithril notified to shareholders that its annual general meeting will be held on November 5, 2025 (Copalquin project, Durango). Pedro Resources announces the appointment of its CEO (Mapimi project, Durango). Quetzal Mining received conditional acceptance from the TSX Venture Exchange for its reverse takeover transaction with Silverco Mining Corp (Cusi mine, Chihuahua). Agnico announced that it acquired 5,000,000 subscription receipts of Fuerte Metals pursuant to a brokered private placement, at a price of CAD $1.65 per subscription receipt for a total consideration of CAD $8,250,000. Zacatecas Silver granted 5,000,000 stock options to its directors, officers, and consultants (Zacatecas Silver project, Zacatecas). ON SOCIAL RESPONSIBILITY, No relevant news.

ON MEXICO ISSUES

Mining companies listed on the Mexican Stock Exchange (BMV) and Wall Street are expected to gain more than USD $250 billion in market value so far in 2025. On the BMV, Grupo México, the world’s fourth-largest copper producer, is the mining company that has gained the most (USD $22.928 billion) in market value, totaling USD $59.98 billion. Its shares are up 42.89 % to MXP $141.36 this year. The company owned by Grupo BAL, Industrias Peñoles, gained USD $12.182 billion in market capitalization, reaching USD $124.533 billion. Its shares rose 199.51 % to MXP $797.29. Meanwhile, Minera Frisco added USD $2.182 billion and is worth USD $3.176 billion. Its shares increased 181.87 % to MXP $9.64 for the year. Fresnillo, a Peñoles subsidiary listed on the London Stock Exchange, earned USD $17.74 billion and has a total market value of USD $23.59 billion. Its shares rose 281 % to 2.36 pounds sterling, according to companiesmarketcap. The firms’ gains are driven by the price of gold, which reached a new all-time high above USD $4,000 per ounce, “benefiting from the weakness of the dollar, central bank purchases, and expectations of additional rate cuts in the United States.

Heliostar Metals Ltd., and Torex Gold Resources Inc., reported the best drilling intercepts in Mexico on the second week of October, 2025. Details are shown in the table below:

ON EXPLORATION

Tocvan Ventures Corp., reported the early results from a drone magnetic survey at its Gran Pilar Gold-Silver project in Sonora, and announced the discovery of a new target with historic underground workings in the North Alteration Zone.. The survey uncovered a major structural complex in the South Block, spanning approximately 2 by 2.5km. This complex exhibits magnetic signatures suggestive of magmatic activity and correlates strongly with past sampling up to 21.2 g/t Au and over 2,000 g/t Ag. These findings highlight new and expanded exploration targets, especially near areas with historical placer mining, and support the potential for deeper mineralization. The survey results validate geological models and provide a clear pathway for upcoming drill programs to evaluate the project’s mineral resources further. Tocvan also reported that it uncovered a new mineralized zone with 80m exposed section of old underground workings within the North Alteration Zone, with waste piles of silicified vein breccia material, and intense phyllic and argillic alteration. This zone features historic underground workings and extensive alteration patterns of approximately 3.2km long, indicating significant mineralization potential. Initial sampling has returned promising high-grade results for gold and silver, and the company plans to conduct further trenching, detailed mapping, and drilling to explore this largely underexplored area.
Pacifica Silver Corp., identified new high-priority drill targets based on assay results from 325 surface rock chips samples collected at its Claudia project in Durango. These samples yielded results up to 23.6 g/t Au and 480 g/t Ag confirming that the high-grade Au-Ag mineralization at the property is more extensive than previously recognized and may extend further south for another 300m towards the Mina de Oro vein system. Rock chips sample highlights include 111.2 g/t Au and 17 g/t Ag; 7.15 g/t Au and 143 g/t Ag; 2.74 g/t Au and 404 g/t Ag; 3.33 g/t Au and 311 g/t Ag; 2.03 g/t Au and 312 g/t Ag; 0.39 g/t Au and 408 g/t Ag; 1.83 g/t Au and 230 g/t Ag; and 2.19 g/t Au and 190 g/t Ag. The areas around Veta Justina and Mina Vieja are now considered new high-priority targets for drilling. The company also commenced a Phase I drill program, which aims to delineate and expand known mineralization at the northern extension of the Aguilareña, Guadalupana, and Veta Central veins and to drill high-priority, previously undrilled targets at the Mark Twain, Veta West and Veta Justina areas. To date it has completed 647m of drilling across the first three holes. Pacifica Silver plans to apply for permits to drill new targets as part of the program.

ON MINING

Capstone Copper Corp., announced that it will present its Q3, 2025 results on October 30, 2025 (Cozamin mine, Zacatecas).
Goldgroup Mining Inc., notified that it has successfully installed a second crushing circuit at its Cerro Prieto mine in Sonora, doubling the crushing capacity to over 4,500 tonnes per day. This expansion is part of a broader optimization strategy aimed at increasing gold production to over 24K Oz annually. Additionally, the company plans to implement a re-leaching project on existing heap leach pads, which could yield an extra 8K Oz Au per year, with initial production expected in the first quarter of 2026. The mine has been in production since 2013 accumulating over 10M tonnes of mineralized material on the leach pads. Ongoing exploration efforts are also underway to extend the mine’s life and enhance resource availability.
Luca Mining Corp., confirmed that its Tahuehueto mine in Durango is operating normally following an environmental inspection by Mexico’s PROFEPA (Federal Attorney for Environmental Protection). The inspection assessed compliance with the Environmental Impact Authorization issued by SEMARNAT (Secretariat of Environment and Natural Resources). PROFEPA requested clarification on a 0.3-hectare inactive area previously used for tailings storage, leading to a temporary closure notice for that section pending updated technical documentation. Luca Mining plans to create a remediation plan that will not disrupt ongoing operations. The company emphasizes its commitment to environmental compliance and transparency, stating that the temporary notice does not affect current production. Luca Mining continues to operate normally at both the Tahuehueto and Campo Morado mines, focusing on production and sustainability initiatives.
First Majestic Silver Corp., reported Q3, 2025 production results from their Mexican operations. The table below shows mine by mine production details:

Endeavour Silver Corp., presented Q3, 2025 production results from Bolañitos and Guanacevi mines in Guanajuato and Durango respectively, and provided an update on its Terronera project in Jalisco. At Terronera, the company processed between September 1 and September 23, 39,190 tonnes of material peaking at 2,162 tonnes in a single day and averaging 1,866 tonnes per day, with average metal recoveries of 82.8% for silver and 72.3% for gold. Since July 1, Terronera has produced approximately 212,043 Oz Ag and 6,256 Oz Au, processing 145,680 tonnes of material with average grades of 64 g/t Ag and 2.08 g/t Au. During the quarter, the mill achieved average metal recoveries of 70.7% for silver and 64.2% for gold. Mining operations at Terronera were temporarily impacted by an electrical problem in the SAG mill, but resumed successfully on September 30. In regards to Guanacevi and Bolañitos mines, the next table shows the Q3, 2025 production results by mine:

Altius Minerals Corporation provided a Q3, 2025 project generation update. Gross cash proceeds for the quarter totaled CAD $67.6M received from the Orogen Royalties Inc. Altius also received 9,889,490 new Orogen shares which were valued at approximately CAD $25M as of September 30, 2025, implying total transaction consideration at that date of more than $92M.
Teck Resources Limited announced that it will present its Q3, 2025 results on October 22, 2025 (San Nicolas project, Zacatecas).
Aura Minerals Inc., reported Q3, 2025 production results from its Aranzazu mine in Zacatecas. The company produced 6,707 Oz Au, 141,117 Oz Ag, 9.73M Lb Cu, and 105K Lb, or 21,534 Oz AuEq.
Torex Gold Resources Inc., released strong Q3, 2025 production results from its Morelos Mine Complex in Guerrero. The company reported a payable production of 119,034 Oz Au and AuEq sold of 118.082 Oz. Q3, 2025 operational results are shown in the table below:

ON FINANCING

Mexican Gold Mining Corp., announced a non-brokered private placement of up to 10,000,000 of units at a price of CAD $0.085 per unit for gross proceeds of up to CAD $850K. The company intends to use the gross proceeds as working capital for general corporate purposes (Las Minas project, Veracruz).
Starcore International Mines Ltd., reported that the $5M private placement previously announced has been oversubscribed due to the strong support from investor. Tranche 1 closed on September 26, 2025, raised CAD $2,661,788.75 through the issuance of 10,647,155 units, including common shares and warrants. Tranche 2 is also oversubscribed, and the company is no longer accepting subscriptions (San Martin mine, Queretaro).
Colibri Resource Corporation announced that it intends to conduct two non-brokered private placements: an equity offering of up to 8,666,666 units at a price of CAD $0.15 per unit for gross proceeds of up to CAD $1.3M, and a second of up to 250 convertible debenture units for gross proceeds of up to CAD $250K. The company plans to use the net proceeds to fund exploration at Pilar and EP projects in Sonora, and for general working capital.
Vortex Metals Inc., closed its previously announced upsized non-brokered private placement for gross proceeds of CAD $700K by the issuance of 17,500,000 units at a price of CAD $0.04 per unit, and then, due to interest from an existing strategic investor, it intends to close a second tranche of a maximum of 2,625,000 units at a price of CAD $CAD $0.04 per unit for gross proceeds of CAD $105,000. The company announced that 40% of the net proceeds will be used to pay mining concession 40% for exploration fees, and 20% for general working capital purposes. (Zaachila and Riqueza Marina projects, Oaxaca).
Silver Tiger Metals Inc., closed its previously announced bough deal offering of 39,962,500 shares at a price of CAD $0.72 for gross proceeds of CAD $28,773,000. The company plans to use the proceeds of the offering to fund exploration and development expenditures at the company’s El Tigre Project in Sonora, as well as for working capital and general corporate purposes.
Questcorp Mining Inc., revised the terms of its previously announced non-brokered private placement and now will offer up to 7,500,000 units at a price of CAD $0.20 per unit for gross proceeds of up to CAD $1.5M. Part of the net proceeds will be used for the advancement of the ongoing exploration and drilling program at La Union project in Sonora, and for general working capital purposes.
Fuerte Metals Corporation closed its previously announced offering for an aggregate of 34,848,485 subscription receipts at a price of CAD $1.65 per subscription receipt for gross proceeds of CAD $57.5M (Cristina project, Chihuahua).
Guanajuato Silver Company Ltd., closed its previously announced bough deal public offering of 87,000,000 units at a price of CAD $0.50 per unit for gross proceeds of CAD $43.5M. Gross proceeds will be used for sustaining and development capital for the Company’s four operating mines in Mexico, working capital and general corporate purposes (El Cubo mine, Guanajuato).
Pantera Silver Corp., announced a non-brokered private placement of up to 7,000,000 units at a price of CAD $0.75 per unit for gross proceeds of up to CAD $3.5M. The company intends to use the gross proceeds for exploration work, potential additional property acquisitions and general working capital (Nuevo Taxco Silver project, Guerrero).
Bear Creek Mining Corporation announced drawdown of funds in the amount of USD $1.2M under Sandstorm Gold Ltd., note. “The principal amount of the 2025 Sandstorm note is a maximum of USD $6.5M, of which the company may draw down up to USD $600K per month. An aggregate total of funds drawn to date is USD $5.4M and the remaining amount of up to USD $1.1M may be drawn down subject to prior approval by Sandstorm in its sole discretion. The draw will be used for general working capital purposes” (Mercedes mine, Sonora).
Silver Storm Mining Ltd, secured a USDS $7M offtake prepayment financing agreement for 18 months with Samsung C&T Hongkong Ltd and QSSC S.A. de C.V., at a 1-Month Secured Overnight Financing Rate + 4.75 %, to restart operations at its la Parrilla Silver Mine Complex in Durango. Samsung will purchase 100% of the lead-silver and zinc concentrates produced at La Parrilla for two years. The funds will be used for mill rehabilitation, underground development, and working capital.
US Antimony Corporation announced that it entered into a securities purchase agreement of 2,337,657 shares of common stock with a leading long-only mutual fund for aggregate proceeds of approximately USD $25M (Los Juarez project, Queretaro).

ON RESOURCES AND DEVELOPMENT

Southern Silver Exploration Corp., initiated a drilling program at the Puro Corazon mine, which is adjacent to its 100% owned Cerro Las Minitas project in Durango, Mexico. Current development at the mine extends for approximately 200m laterally and to 250m below surface. The exploration program aims to integrate the nine-hectare Puro Corazon claim into the larger project and includes up to 12,000 meters of core drilling using three drill rigs. Drilling will test the further projections of the mined mineralization both laterally for an additional 200m and to depths of up to 450 metres below surface where the mineralization then transitions across the claim boundary and into the modelled Skarn Front deposit. Drilling will also target the projection of up to six hangingwall structures identified outboard of the main mineralized Skarn Front zone which was previously identified in both historic drilling within the Puro Corazon claim and in Southern Silver’s own drilling outside the claim boundary. The program will also compile existing geological data, conduct new sampling in historic underground workings, and perform a LiDAR survey to assess the extent of underground mining. Currently, the Puro Corazon mine is privately operated, producing approximately sixty tonnes of ore per day, generating silver-lead and zinc concentrates. The drilling will target lateral projections of mineralization and depths of up to 450 meters below the surface, focusing on six identified hangingwall structures. Results from this drilling will be incorporated into an updated Technical Report and Preliminary Economic Assessment (PEA) scheduled for the first quarter of 2026.
Heliostar Metals Ltd., released results from the current 15,000m drill program at its Ana Paula project in Guerrero. Drilling highlights include holes AP-25-329 with 3.29 g/t Au over 12.75m, and 5.17 g/t Au over 6.4m, and 8.82 g/t Au over 88.05m including 13.03 g/t Au over 35.5m; hole AP-25-326 with 6.29 g/t Au over 2.2m, and 2.37 g/t Au over 7m, and 18.8 g/t Au over 1m, and 2.86 g/t Au over 23m, including 4.19 g/t Au over 14.3m; and hole AP-25-327 with 32.1 g/t Au over 1.25m, and 2.75 g/t Au over 21.7m, including 8.36 g/t Au over 1.5m, and 2.73 g/t Au over 62.65m, including 4.61 g/t Au over 20.5m, and 5.63 g/t Au over 5m. The program has the primary goal of converting inferred ounces to higher confidence classifications, as well as supporting the ongoing Feasibility Study and testing the next exploration targets around the Ana Paula deposit.
Mithril Silver and Gold Limited reported exploration results from its Copalquin project in Durango. A district wide aerial magnetic survey is to commence later this month. Systematic mapping and sampling are ongoing at Target 3 to define priority targets, with maiden drilling planned in the coming months. At Target 5, an initial 5,000m drilling program is underway around the Apomal historic mine, with the first nine holes completed. The drilling aims to explore areas down-dip and along strike from old mine workings. Assays are pending. Mapping and sampling extended the silver-rich target to over 2km by 2km. Underground sampling highlights include 2.02 g/t Au and 1,938 g/t Ag over 3.21m including 2 g/t Au and 3,300 g/t Ag over 1.40 from the Tasonera Mine Level 2; and 10.25 g/t Au and 895 g/t Ag over 0.6m, and 3.31 g/t Au and 219 g/t Ag over 0.9m from Los Martires. Surface sampling highlights include 3.89 g/t Au and 157 g/t Ag over 0.5m from La Candelaria; 0.145 g/t Au and 284 g/t Ag over 0.5m from La Tasolera; 3.75 g/t Au and 555 g/t Ag over 0.65m and 24.5 g/t Au and 670 g/t Ag over 0.6m from Apomal; and 4.69 g/t Au and 520 g/t Ag over 0.5m from Los Martires. All these results indicate a significant presence of high-grade gold and silver mineralization in the Target 5, with notable underground and surface sample assays, suggesting strong potential for further exploration and resource development in the Copalquin district.
Torex Gold Resources Inc., released results from drilling program at ELG underground, primarily focused on drilling around the El Limón Sur and Sub-Sill trends within its Morelos Mine Complex in Guerrero. Drilling highlights for two second order structures running parallel to both the El Limón Sur and Sub-Sill trends, El Limón Sur Trend and Sub-Sill Trend are shown in the next three table below respectively:

These new results continue to support the company’s target of extending the mine life of ELG Underground by identifying new structures of higher-grade mineralization, expanding resources, and replacing mined reserves.

ON DEALS AND CORPORATE ISSUES

Mithril Silver and Gold Limited notified to shareholders that its annual general meeting will be held on November 5, 2025 (Copalquin project, Durango).
Pedro Resources Ltd., announces the appointment of David McDonald as its CEO, effective October 1, 2025 (Mapimi project, Durango).
Quetzal Copper Inc., received conditional acceptance from the TSX Venture Exchange for its reverse takeover transaction with Silverco Mining Corp. The deal centers around round Silverco´s 100% stake in the Cusi mine in Chihuahua which features past producing mines and new exploration opportunities. Quetzal plans to rename itself Silverco Mining Ltd. and continue trading on the TSX Venture Exchange under the symbol “SICO”.
Sandstorm Gold Royaltys´ shareholders voted overwhelmingly to approve a plan of arrangement under which Royal Gold Inc., will acquire all of Sandstorm’s outstanding shares. The approval was secured by more than 98 % of the votes cast, meeting the required thresholds under Canadian securities regulations. The transaction is expected to close around October 20 2025. After completion, Sandstorm will delist from the Toronto and New York stock exchanges, cease reporting as a public issuer, and deregister its shares under U.S. securities law.
Agnico announced Mines Limited announced that it acquired 5,000,000 subscription receipts of Fuerte Metals pursuant to a brokered private placement, at a price of CAD $1.65 per subscription receipt for a total consideration of CAD $8,250,000.
Zacatecas Silver Corp., granted 5,000,000 stock options to its directors, officers, and consultants. Each option is exercisable at a price of CAD $0.11 per share for a period of five years from the date of grant (Zacatecas Silver project, Zacatecas).

ON SOCIAL RESPONSIBILITY

No relevant news.

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

On the picture below, flow banded rhyolite dome in Durango, Mexico. Photo taken by Miguel A Heredia.

Pan American Silver Completes Acquisition of MAG Silver

September 4, 2025 / gambusinoprospectormexico / Leave a comment

2025-09-04_pan american silver completes MAG acquisition Download

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

August 31, 2025 / gambusinoprospectormexico / Leave a comment

Phreatic Breccia

By Miguel A Heredia

During the 35^thweek of the year (August 25^thto August 31^st2025), at least 28 press releases were announced by companies working in Mexico, with nine announcing financial rounds, seven disclosing deals and corporate issues, five communicating production results, four reporting resources and developments of their properties, two informing on exploration results, an one commenting on Mexican issues. ON MEXICO ISSUES, Heliostar, Mithril, and Luca Mining reported the best drilling intercepts in Mexico on the fourth week of August, 2025. ON EXPLORATION, Minaurum announced that it is ramping up its exploration efforts at its Alamos Silver project in Sonora by adding more drill rigs to speed up their 10,000m infill drilling program. Kingsmen provided an update of the drilling progress on its Las Coloradas project in Chihuahua. ON MINING, Impact Silver reported Q2, 2025 financial results from their Mexican mine operations (Zacualpan, Estado de Mexico and Plomosas, Chihuahua). Orogen presented Q2, 2025 financial results from El Ermitaño mine in Sonora where it holds a 2% net smelter royalty. Luca Mining announced Q2 and H1, 2025 consolidated operating and financial results from their Campo Morado and Tahuehueto mines in Guerrero and Durango respectively. DynaResource reported Q2, 2025 results from its San Jose de Gracia mine in Sinaloa. Guanajuato Silver reported Q2, 2025 consolidated operating and financial results. ON FINANCING, Regency Silver due to strong investor demand upsized its previously announced brokered private placement offering to gross proceeds of CAD $3.58M (Dios Padre project, Sonora). Starcore announced a non-brokered private placement financing for gross proceeds of up to CAD $5M (Tortilla project, Queretaro). Goldgroup revised twice its previously announced non-brokered private placement offering to raise gross proceeds of up to CAD $4M (Cerro Prieto mine, Sonora). Sonoro Gold increased, in response to investors demand, its previously announced non-brokered private placement offering to 10,000,000 units for gross proceeds of CAD $1.5M (Cerro Caliche project, Sonora). Pacifica Silver closed the second tranche of its previously announced non-brokered private placement financing for gross proceeds of CAD $450K (Claudia project, Durango). United States Antimony announced a purchase agreement for a registered direct offering of common shares for gross proceeds of USD $18M (Madero smelter operation, Coahuila). Masivo closed the first tranche for gross proceeds of CAD $845K (Cerro Colorado project, Sonora). ON RESOURCES AND DEVELOPMENT, Heliostar released its first results from the current 15,000m drill program at its Ana Paula project in Guerrero. Luca Mining announced results from 6 surface drill holes and five underground drill holes from the Reforma Deposit in its Campo Morado project in Guerrero. Mithril provided an update regarding the ongoing activities at its Copalquin project in Durango. ON DEALS AND CORPORATE ISSUES, MAG Silver and Pan American Silver received approval from the Mexican Federal Economic Competition (COFECE) for Pan American to acquire all the shares of MAG Silver. Avino purchased and extinguished all of the outstanding royalties and contingent payment obligations to acquire 100% ownership of its La Preciosa project in Durango. Alamos Gold declared a quarter dividend of USD $0.025 per common share (Mulatos mine, Sonora). MAG Silver announced preliminary results regarding shareholder election for the form of consideration in the Pan American acquisition (Juanicipio mine, Zacatecas). Luca Mining acquired from Fresnillo plc a 100% interest in the Humaya 3 mining concession at its Tahuehueto property in Durango for USD $400K. DynaResource entered into an updated agreement with Ocean Partners UK for a credit line facility expansion and offtake extension (San Jose de Gracia mine, Sinaloa). ON SOCIAL RESPONSIBILITY, Alamos Gold released its 2024 annual ESG report (Mulatos mine, Sonora).

ON MEXICO ISSUES

Heliostar Metals Ltd., Mithril Silver and Gold Limited, and Luca Mining Corp., reported the best drilling intercepts in Mexico on the fourth week of August, 2025. Details are shown in the table below:

ON EXPLORATION

Minaurum Gold Inc., announced that it is ramping up its exploration efforts at its Alamos Silver project in Sonora by adding more drill rigs to speed up their 10,000m infill drilling program. The company has already drilled over 3,000m testing important veins like Promontorio, Europa-Guadalupe, and Travesia. Minaurum is aiming to deliver their first resource estimate soon.
Kingsmen Resources Ltd., provided an update of the drilling campaign progress at its Las Coloradas project in Chihuahua. The company has completed to date a maiden drill program of 3,227.2m in 12 core holes, testing short segments of the historic Soledad and Soledad vein systems and a geophysical target defined by induced polarization and magnetic surveys. Significant untested lengths remain, including the Saddle, Silvia and La Plata targets. Drill results to date have confirmed that mineralization extends along strike and beneath the water table, validating the geological model and suggesting a potential discovery, with assay results still pending.

ON MINING

Impact Silver Corp., reported Q2, 2025 financial results from their Mexican mine operations. At Zacualpan, Estado de Mexico, Impact processed 69,185 tonnes with an average grade of 158 g/t Ag to produce 295.1K Oz Ag and 237 Oz Au. At Plomosas mine, Chihuahua, the company processed 27,747 tonnes of 8.4% Zn, 4.6% Pb, and 30 g/t Ag to produce 3.91M Lb Zn, 889.3K Lb Pb, and 17.67K Oz Ag. Impact also presented consolidated financial results (all currency reported in Canadian dollars) reporting revenue of $9.8M; mine operating income before amortization and depletion of $1.6M; loss of $0.5M in deferred taxes; $1.1M in exploration, $0.6M in amortization; and $2M in depletion. The company also reported cash of $10.3M and $13.3M in working capital.
Orogen Royalties Inc., presented Q2, 2025 financial results from El Ermitaño mine in Sonora where it holds a 2% net smelter royalty (all amounts are in Canadian dollars unless otherwise stated). 269,830 tonnes of 55 g/t Ag and 2.54 h/t Au with metallurgical recoveries of 64% and 94% respectively were processed to produce 467 Oz AuEq. The company reported $2.1M royalty revenue from the sale of the 467 Oz AuEq produced at an average realized price of USD $3,280 per Oz Au; exploration expenses of $3.9M ; net income before taxes of $0.6M; net comprehensive loss of $0.2M; G&A expenses of $1.7M; cash flow of $1.8M; and working capital of $27.8M as of June 30, 2025.
Luca Mining Corp., announced Q2 and H1, 2025 consolidated operating and financial results from their Campo Morado and Tahuehueto mines in Guerrero and Durango respectively All amounts are in US dollars). In Q2, 2025 Luca Mining mined 250,879 tonnes and processed 253,717 tonnes (181,320 tonnes at Campo Morado and 72,397 tonnes at Tahuehueto) to produce 6,622 Oz Au, 279.8K Oz Ag, 2.2M Lb Pb, 11.96M Lb Zn, and 2.6M Lb Cu (17.86K Oz AuEq) and sold 5,445 Oz Au, 209.4K Oz Ag, 825K Lb Pb, 8.97M Lb Zn, and 1.81M Lb Cu at cash and AISC of $2,2775 and $3,310 per Oz AuEq sold respectively. In H1, 2025, the company mined 510,385 tonnes and processed 499,999 to produce 145,298 Oz Au, 630.5K Oz Ag, 4.6M Lb Pb, 23.5M Lb Zn, and 5.1M Lb Cu (39.15K Oz AuEq) and sold 12,165 Oz Au, 482.6K Oz Ag, 1.8M Lb Pb, 17.36M Lb Zn, and 3.64M Lb Cu at cash and AISC of $2,073 and $2,732 per Oz AuEq sold respectively. Luca also announced financial results for the period Q2, 2025 reporting revenues of $36.8M; mine operating cash flow of $9.1M; mine operating cash flow before taxes of $12.05M; negative net earnings of $3.23M; negative net free cash flow before working capital of $4.5M; EBITDA of $1.2M; and adjusted EBITDA of $5.8M. For the period H1, 2025, the company reported revenues of $75.4M; mine operating cash flow of $22.4M; mine operating cash flow before taxes of $27.8M; net earnings of $1.3M; net free cash flow before working capital of $4.9M; EBITDA of $8.7M; and adjusted EBITDA of $18.2M.
DynaResource Inc., reported Q2, 2025 results from its San Jose de Gracia mine in Sinaloa (all amounts are in US dollars). The company mined 74,002 tonnes and milled 66,834 tonnes of 3.63 g/t Au with a metallurgical recovery of 74.64% to produce 5,701 Oz Au. DynaResource reported revenue of $15.9M; total operating expenses of $13.14M; net operating income of $2.7M; net income of $0.5M; operating cash flow before change in non-cash working capital items of $2.85M; and cash flow used in operating activities of $1.14M.
Guanajuato Silver Company Ltd reported Q2, 2025 consolidated operating and financial results from their min operations in Guanajuato (El Cubo mines complex, Valenciana mines complex and San Ignacio mine), and Durango (Topia mine). Consolidated results are shown in the table below (all currency is expressed in US dollars):

ON FINANCING

Regency Silver Corp., due to strong investor demand upsized its previously announced brokered private placement offering to 35,847,250 units at a unit price of CAD $0.10 per unit on a post consolidation basis for gross proceeds of up to CAD $3.584,725M. The consolidation of the company’s common shares on a 1 new for 2 old basis is scheduled to be effective on or about August 26, 2025. Later on, the company announced four upsize of its previously announced brokered private placement financing to 40,000,000 units at a price of CAD $0.10 per unit for gross proceeds of CAD $4M. The purpose of the financing is to use the gross proceeds for drilling the Dios Padre project in Sonora, and for general working capital purposes.
Starcore International Mines Ltd., announced a non-brokered private placement financing of 20,000,000 units at a price of CAD $0.25 per unit for gross proceeds of up to CAD $5M. Gross proceeds will be used primarily towards bulk sampling and the development of the recently announced Tortilla project in Queretaro.
Goldgroup Mining Inc., revised its previously announced non-brokered private placement offering will still consists of up to 5,000,000 units at a price of CAD $0.80 per unit to raise gross proceeds of up to CAD $4M. Later on, Goldgroup revised the term again and now the offering will consists of up to 4,848,485 units at a price of CAD $0.825 per unit for CADS $4M in opposed to the 5,000,000 units at a price of CAD $0.80 previously disclosed. The proceeds will primarily fund the company’s efforts to optimize its Cerro Prieto mine in Sonora and pursue strategic acquisitions in the mining sector.
Sonoro Gold Corp., increased, in response to investors demand, its previously announced non-brokered private placement offering to 10,000,000 units for gross proceeds of CAD $1.5M. The offering price remains at CAD $0.15 per unit. Net proceeds will be used to fund the ongoing development of its Cerro Caliche project in Sonora, as well as for working capital.
Pacifica Silver Corp., closed the second tranche of its previously announced non-brokered private placement financing of 900,000 units at a price of CAD $0.50 for gross proceeds of CAD $450K. Together with the first tranche, Pacifica has raised a total of CAD $10M. Pacifica plans to use the gross proceeds for the upcoming exploration and drill work at its Claudia project in Durango, as well as general working capital.
United States Antimony Corporation announced a purchase agreement for a registered direct offering of common shares priced at USD $4.5 per share for gross proceeds of USD $18M from a single institutional investor. Nets proceeds will be used to buy more antimony, boosting their smelter´s production at Madero, Coahuila, working capital and potential acquisitions of other critical mineral companies or specific properties currently under review by management. The offering is expected to close around August 28, 2025, subject to customary conditions.
Masivo Silver Corp., closed partially the first tranche of a financial round for gross proceeds of CAD $845K but expects to raise up to CAD $1M. The private placement at CAD $0.06 with a half warrant at CAD $0.10 for a 12-month term will close on August 29, 2025. Masivo still has a CADS $75K drill credit in Mexico and expects to start drilling the Cerro Colorado project in Sonora in Q4, 2025.

ON RESOURCES AND DEVELOPMENT

Heliostar Metals Ltd., released its first results from the current 15,000m drill program at its Ana Paula project in Guerrero. Drilling highlights include holes AP-25-325 with 2.1 g/t Au over 13.1m, plus 3.31 g/t Au over 65.2m, including 6.29 g/t Au over 30.2m, plus 12.6 g/t Au over 4.5m, 2.25 g/t Au over 6m, and plus 6.43 g/t Au over 2.3m; hole AP-24-322 with 3.77 g/t Au over 21.2m, plus 6.67 g/t Au over 20.95m, plus 13.6 g/t Au over 14.75m, including 45.81 g/t Au over 3.85m, plus 2.14 g/t Au over 10.55m; and hole AP-24-323 with 7.81 g/t Au over 4m, plus 2.26 g/t Au over 11m, plus 8.72 g/t Au over 12.2m, including 24.4 g/t Au over 3.7m. Heliostar has completed 5,556m in 18 holes to date. “The program has the primary goal of converting inferred ounces to higher confidence classifications as well as supporting the ongoing Feasibility Study and testing the next exploration targets around the Ana Paula deposit”.
Luca Mining Corp., announced results from 6 surface drill holes and five underground drill holes from the Reforma Deposit in its Campo Morado project in Guerrero. Drilling highlights are shown in the table below:

Mithril Silver and Gold Limited provided an update regarding the ongoing activities at its Copalquin project in Durango. The company is conducting a fully funded 45,000m drilling program targeting multiple areas, including Target 1, Target 5, and target 3, with plans to add a third drill rig in early 2026. At target 1, the company has drilled La Soledad East intercepting in hole MTHLS25-35 high grade including 9.95 g/t Au and 45 g/t Ag (10.59 g/t AuEq) over 1.1m and hole MTH-LS25-36 with 3.21 g/t Au and 14 g/t Ag (3.41 g/t AuEq) over 0.5m, plus 8.63 g/t Au and 41 g/t Ag (9.21 g/t AuEq) over 3.3m, including 48.85 g/t Au and 92 g/t Ag (50.16 g/t AuEq9 over 0.5m; while at Zaragoza South it confirmed high-grade mineralization, in hole MTH-ZG25-037 including 6.4 g/t Au and 4,400 g/t Ag (4,848 g/t AgEq) over 0.57m, plus 3.49 g/t Au and 127 g/t Ag (371 g/t AgEq) over 0.66m; and Refugio West where step out drilling is targeting extensions towards El Gallo. At Target 3 Mithril is currently carrying out systematic mapping and sampling to define targets for a maiden drill program. At Target 5 (Apomal historic mine) drilling has commenced with three holes completed in a 5,000m program focused on testing veins along strike and a depth. Mithril aims to expand the resource footprint, conduct additional drilling and complete an aeromagnetic survey in Q4, 2025.

ON DEALS AND CORPORATE ISSUES

MAG Silver Corp., and Pan American Silver Corp., received approval from the Mexican Federal Economic Competition (COFECE) for Pan American to acquire all the shares of MAG Silver. The deal is expected to be closed by around September 4, 2025. MAG shareholders need to decide no later than 2:00 PM (Vancouver time) on August 27 whether they want to receive either USD $20.54 in cash for each MAG share held; or the default election of USD $0.0001 in cash and USD $0.755 of a common share of Pan American for each MAG share held.
Avino Silver & Gold Mines Ltd., purchased and extinguished all of the outstanding royalties and contingent payment obligations to acquire 100% ownership of its La Preciosa project in Durango. The company acquired the La Preciosa obligations from Deterra Royalties Limited for a total consideration of USD $22M, consisting of USD $13.25M upfront payment and an $8.75M deferred payment due within a year after initial production, and a payment of USD $0.25 per Oz AgEq of new mineral reserves discovered and declared outside of the current mineral resource area, subject to a cap of USD $50M.. It also acquired royalty obligations, which include a 1.25% net smelter returns royalty on the Gloria and Abundancia veins, and a 2% gross value returns royalty on the remainder of the La Preciosa resource. This acquisition allows Avino to eliminate these royalty burdens prior to commencing production.
Alamos Gold Inc., declared a quarter dividend of USD $0.025 per common share payable on September 25, 2025 to shareholders of record as of the close of business on September 11, 2025. The company has paid dividends for 16 consecutive years, including returning USD $32 million thus far in 2025 (Mulatos mine, Sonora
MAG Silver Corp., announced preliminary results regarding shareholder election for the form of consideration in the Pan American Silver Corp acquisition. Shareholders could elect to receive, either USD $20.54 cash or USD $0.001 cash plus 0.755 of a Pan American share per MAG share, subject to proration. The preliminary results show that approximately 1.71% of MAG shareholders elected to receive cash, about 30.55% chose shares of Pan American, and approximately 67.74% did not make a valid election and are deemed to have opted for shares. The final outcome will be determined after the final election results are certified. The transaction has received all necessary approvals and is expected to close around September 4, 2025. Due to proration, some shareholders may receive a combination of cash and shares regardless of their election choice. Following the arrangement, MAG Silver shares are expected to be delisted from the Toronto Stock Exchange and New York Stock Exchange American LLC, and application has been made to cease being a reporting issuer (Juanicipio mine, Zacatecas).
Luca Mining Corp., acquired from Fresnillo plc a 100% interest in the Humaya 3 mining concession for USD $400K. It comprises 2,507 hectares and directly surrounds to the Tahuehueto mine in Durango and is not subject to any underlying NSR royalties. The acquisition expands Luca´s land position by over 25% reaching approximately 10,000 hectares, providing new exploration prospects, especially since mineral veins hosting current mineral resources extend into the acquired mineral concession, supporting their growth strategy.
DynaResource Inc., entered into an updated agreement with Ocean Partners UK Limited for a credit line facility expansion and offtake extension (all amounts are expressed in US dollars). The concentrate credit line facility replaces the previous one and increase funding from $12.5M to $15M, includes a 6-months grace period on principal repayments, and features competitive interest rates. The offtake agreement for gold concentrate production from San Jose de Gracia mine in Sinaloa has been extended to December 31, 2030, with improved gold payability terms. These agreements aim to enhance working capital, support mine development, and optimize operations for long-term growth.

ON SOCIAL RESPONSIBILITY

Alamos Gold Inc., released its 2024 Environmental, Social, and Governance (ESG) report. Highlights include USD $1.5M invested in local community initiatives; zero significant environmental incidents; over 100,000 hours of employee training; 9% reduction in total scope 3 greenhouse gas emissions; 98% of procurement expense with in-country suppliers; and five consecutive years of compliance with the World Gold Council´s Responsible Gold Mining Principles (Mulatos mine, Sonora).

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

On the picture below, phreatic breccia in a low sulphidation epithermal vein system in a project in Guanajuato, Mexico. Photo taken by Miguel A Heredia.

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

August 3, 2025 / gambusinoprospectormexico / Leave a comment

sigmoidal en-echelon quartz vein

By Miguel A Heredia

During the 31^stweek of the year (July 28^thto August 03^rd 2025), at least 36 press releases were announced by companies working in Mexico, with sixteen disclosing deals and corporate issues, nine reporting resources and developments of their properties, five communicating production results, four announcing financing rounds, and two commenting on Mexican issues. ON MEXICO ISSUES, Almaden provided an update on its arbitration with Mexico under the Comprehensive Progressive Agreement for Trans-Pacific Partnership (CPTPP) because of actions that led to the loss of their Ixtaca project investment in Puebla. Impact Silver, Guanajuato Silver and Gold Resource reported the best drilling intercepts in Mexico on the fifth week of July, 2025. ON EXPLORATION, no relevant news. ON MINING, Americas Gold and Silver reported Q2, 2025 consolidated results (Cosala min, Sinaloa). Santacruz Silver Mining announced Q2, 2025 production results from its Zimapan mine in Hidalgo. Alamos Gold presented Q2, 2025 production and financial results from its Mulatos mine in Sonora. Starcore reported year end 2025 results from its San Martin mine in Queretaro. Agnico presented Q2, 2025 production results from its Pinos Altos mine in Chihuahua). ON FINANCING, GR Silver announced a CAD $12M bought deal LIFE offering of units (Plomosas project, Sinaloa). Masivo declared that is expects to close a CAD $1.2M funded round by Mid-August, 2025 (Cerro Colorado project, Sonora). Southern Silver closed its previously announced bought deal LIFE private placement for gross proceeds of CAD $15M (Cerro Las Minitas project, Durango). Sierra Madre closed the second and final tranche of its previously announced non-brokered private placement for gross proceeds of USD $1,750,000 (Guitarra mine, Estado de Mexico). ON RESOURCES AND DEVELOPMENT, Impact Silver released underground drill results from the Santo Domingo Zone at its Plomosas mine in Chihuahua. Guanajuato Silver announced high-grade gold intercepts at its Valenciana mine complex in Guanajuato. Agnico advanced in Q2, 2025 its Feasibility Study on San Nicolas project, Zacatecas, which remains in schedule to be completed by year-end. Tocvan received permit for all drilling and extraction to advance pilot mine development at its Gran Pilar project in Sonora. Kootenay finalized its first mineral resource estimate for the Columba Project in Chihuahua. Mithril Silver and Gold reported significant high-grade results from channel sampling at its Copalquin property in Durango. Vizsla Silver and Vizsla Royalties completed a regional HLEM geophysical survey and initial fieldwork across its Panuco district and newly acquired Santa Fe property in Sinaloa to identify new high-grade mineralization targets. Gold Resource released H1, 2025 drill results from its Don David gold mine in Oaxaca and reported operational improvements. ON DEALS AND CORPORATE ISSUES, Goldgroup announced that its common shares will commence trading on OTCQX under the symbol “GGAZF” (Cerro Prieto mine, Sonora). Silver Viper granted incentive stock options to directors, officers, and consultants (La Virginia project, Sonora). Sierra Madre announced that it has granted stock options to employees of La Guitarra Compañia Minera, certain directors, management, and consultants (La Guitarra mine, Estado de Mexico).Xali Gold provided an update on their Mexican projects (Sarape project, Sonora and El Oro, Estado de México). Guanajuato Silver announced the appointment of Rick Trotman as its Senior Vice President and granted stock options to officers and employees of the company (El Cubo mine, Valenciana mine complex, and San Ignacio mine, all located in Guanajuato). Sierra Metals presented voting results of its annual general and meeting of shareholders (Bolivar mine, Chihuahua). Royalties Inc., entered into an agreement to acquire USD $500K in shares of Music Royalties (Bilbao project, Zacatecas). Sonora Desert announced that TSX Venture Exchange has approved to change its name to Brasnova Energy Material Inc., (Cuatro Hermanos project, Sonora). Torex entered into a definitive agreement to acquire all the issued and outstanding common shares of Prime Mining (El Limon Guajes Mine Complex, Guerrero). Discovery Silver appointed its CFO (Cordero project, Chihuahua). Elemental Altus reported voting results from its annual general and special meeting and granted restricted share units stock options to directors (royalty on Mercedes mine, Sonora). Goldgroup retained Venture Liquidity to initiate its market-making service to provide assistance in maintaining an orderly trading market for the common shares of the company (Cerro Prieto mine, Sonora). Regency Silver reported voting results of its annual general and special meeting of shareholders (Dios Padre project, Sonora). Royalties Inc., provided an update on its dispute with Capstone over a 2% Net Smelter Royalty (NSR) on five mining concessions known as the “Portree claims” at the Cozamin mine in Zacatecas. Alpayana completed the privatization of Sierra Metals (Bolivar mine, Chihuahua). ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

Almaden Minerals Ltd., provided an update on its arbitration with Mexico under the Comprehensive Progressive Agreement for Trans-Pacific Partnership (CPTPP) because of actions that led to the loss of their Ixtaca project investment in Puebla. Mexico’s attempt to bifurcate (separate) the proceedings to delay the case was rejected by the arbitration panel. The company emphasized that the procedural delay was motivated by Mexico’s desire to postpone responses and prolong the process. Almaden, which formerly held 100% of the Ixtaca project, aims to resolve the dispute with an update expected in Q4, and remains cautious about risks related to Mexico’s rule of law and political environment.

Impact Silver Corp., Guanajuato Silver Company Ltd., and Gold Resource Corporation reported the best drilling intercepts in Mexico on the fifth week of July, 2025. in Mexico on the third week of July, 2025. Details are shown in the table below:

ON EXPLORATION

No relevant news.

ON MINING

Americas Gold and Silver Corporation announced Q2, 2025 consolidated results. It reported consolidated silver production of 689K Oz and unaudited consolidated cash balance as at June 30, 2025 of USD $61.7M without disclosing figures per mine operation (Cosala mine, Sinaloa).
Santacruz Silver Mining Ltd., announced Q2, 2025 production results from its Zimapan mine in Hidalgo. The company processed 224,162 tonnes of 77 g/t Ag, 2.6% Zn, 0.8% Pb, and 0.22% Cu with metallurgical recoveries of 7!%, 77%, 76%, and 45% respectively, to produce 398.3K Oz Ag, 10.13M Lb Zn, 2.81M Lb Pb, and 0.51M Lb Cu.
Alamos Gold Inc., presented Q2, 2025 production and financial results from its Mulatos mine in Sonora. The company produced 34.1K Oz Au and sold 32.85K Oz Au at total cash cost and AISC of USD $1,017 and USD $1,084 per Oz Au sold respectively. Cost of sales per Oz Au sold (included amortization) was USD $1,437. Alamos also reported revenue of USD $110.6M and adjusted EBITDA of USD $260.2M. The company also announced its production guidance for 2025 and expects to produce between 130K-150K Oz Au at total cash and AISC of USD $925-975 and USD $1,025-$1,075 per Oz Au sold respectively.
Starcore International Mines Ltd., reported year end 2025 results from its San Martin mine in Queretaro. The company milled 197.9K tonnes with averages grades of 1.58 g/t Au and 14 g/t Ag with metallurgical recoveries of 81.7% and 56.7% respectively to produce 8.3K Oz Au and 49.3K Oz Ag (8.9K Oz AuEq) at cash and AISC of USD $ 1,888 and USD $2,662 per Oz AuEq respectively. Starcore reported revenues of CAD $9.4M; income from mining operations of CAD $6.3M; income for the year of CAD $0.2M; and EBITDA of CAD $2.8M.
Agnico Eagle Mines Limited presented Q2, 2025 production results from its Pinos Altos mine in Chihuahua). The company milled 441K tonnes of 1.58 g/t Au to produce 21,363 Oz Au at a production cost of USD $2,367 per Oz Au; a total cash cost (co-product basis) of USD $2,440 per Oz Au; and a total cash cost (by-product basis) of USD $2,002 per Oz Au.

ON FINANCING

GR Silver Mining Ltd., announced a bought deal LIFE offering of 60,000,000 units at a price of CAD $0.20 per unit for gross proceeds of CAD $12M. Gross proceeds will be used to advance its Plomosas project in Sinaloa, working capital, and general corporate purposes.
Masivo Silver Corporation declared that is expects to close a CAD $1.2M funded round by Mid-August, 2025. With a drill credit of CAD $75K and part of the equity raised in the financial round, Masivo plans to start drilling at Cerro Colorado project in Sonora in Q4 2025 after finalizing agreements with Minera Goldzone and partners.
Southern Silver Exploration Corp., closed its previously announced bought deal LIFE private placement of 55,555,557 units at a price of CAD $0.27 per unit for gross proceeds of CAD $15M. Net proceeds will be used for the advancement of the Cerro Las Minitas project in Durango, as well as for working capital and general corporate purposes.
Sierra Madre Gold and Silver closed the second and final tranche of its previously announced non-brokered private placement, which consisted of 2,500,000 units at a price of USD $0.70 per unit for gross proceeds of USD $1,750,000. Funds raised in first and second tranches totalled USD $19, 500,600. The company intends to use the gross proceeds to expand the capacity of the Guitarra mine in Estado de Mexico, conduct a detailed exploration program, including drilling, at the East District, and for working capital and general corporate purposes.

ON RESOURCES AND DEVELOPMENT

Impact Silver Corp., released underground drill results from the Santo Domingo Zone at its Plomosas mine in Chihuahua. Assays results are shown in the table below.

Guanajuato Silver Company Ltd., announced high-grade gold intercepts at its Valenciana mine complex in Guanajuato. Drilling results are presented in the table below:

Agnico Eagle Mines Limited advanced in Q2, 2025 its Feasibility Study on San Nicolas project, Zacatecas, which remains in schedule to be completed by year-end. San Nicolas is 50/50 joint venture with Teck Resources Limited. The company also announced that it received an exploration permit authorizing additional drill pads across the property, and reported that Minas San Nicolas approved an USD $8.8M budget to conduct drilling activities focused on geotechnical, hydrological, and geological evaluation in proximity to the projected mine area.
Tocvan Ventures Corp., received permit for all drilling, trenching and extraction at Gran Pilar project, Sonora. The permits allow for 45 new drill pads enabling over 30,000m to expand resources and enhance the geological model as well as to explore high-grade target zones. It also includes 67 trenches across Gran Pilar for exploring and extraction of material for pilot mine. It pushes the company closer to running a 50,000 tonnes pilot mine development, refining their resource estimates, and to support its goal of advancing towards production.
Kootenay Silver Inc., finalized its first mineral resource estimate for the Columba Project in Chihuahua. A total of 17 epithermal veins that comprise the Columba vein system were included in the Mineral Resource Estimate (MRE). They’ve identified, at a base-case cut-off grade of 150 g/t Ag, inferred mineral resources of 5.92M tonnes grading 284 g/t Ag, 0.2% Pb, and 0.50% Zn. The MRE includes inferred mineral resources of 54.1M Oz Ag, 25.2 M Lb Pb, and 65.6M Lb Zn. The MRE is exclusive of mined out material (F Vein). Kootenay also mentioned that they´ve started a new phase of drilling to expand these mineralized zones even further.
Mithril Silver and Gold Limited reported significant high-grade results from channel sampling at its Copalquin property in Durango. Highlights include Target 6 with high-grade assays from channel sampling at the historical Santa Cruz underground mine, with notable results including 0.70m of 57.8 g/t Au and 2,120 g/t Ag; 0.80m of 17.4 g/t Au and 603 g/t Ag; 0.50m of 8.42 g/t Au and 188 g/t Ag; and 0.70m of 23.2 g/t Au and 755 g/t Ag; and Target 5 with surface channel sampling returning 0.5m of 27.9 g/t Au and 14 g/t Ag; 0.30m of 9.6 g/t Au and 608 g/t Ag. The mineralized corridors now cover an area of 2 km x 8 km with an elevation profile of 1,200 m within the 70 km² mining concession area. Mithril is fully funded to complete 45,000 meters of drilling over the next 12 months, with plans to commence drilling at Target 5 in mid-August 2025. 5. The results from both Targets 5 and 6 indicate a significant high-grade potential in the Copalquin District, which is developing into a notable gold-silver district in Mexico’s Sierra Madre trend. These highlights reflect the ongoing exploration success and the promising future of the Copalquin property.
Vizsla Silver Copor., and Vizsla Royalties Corp., announced preliminary results from a regional HLEM geophysical survey and initial fieldwork across its Panuco mining district and newly acquired Santa Fe property in Sinaloa. The HLEM survey at Panuco identified new near-surface anomalies including Santa Fe property, and supports resource expansion on known structures and proximal targets in Panuco West. Resource extension targets include Copala, Napoleon, HW4, La Luisa, and La Cruz Negra, each with potential for expansion through further drilling. Key exploration objectives for 2025 include completing +25,000 meters of drilling by the end of 2025, a TEM survey, district mapping, and generating near-mine drilling targets at Santa Fe. They’re focused on expanding their current Project #1 resource and hunting for a new major target, Project #2, using a range of techniques including drilling, mapping, and electromagnetic surveys. The work aims to better understand the structures controlling mineralization and identify fresh high-grade zones, especially around the Copala and Napoleon vein corridors. Their exploration focuses on structural controls such as NW-trending faults and vein corridors like Copala and Napoleon, which influence mineralization. The Santa Fe property’s infrastructure and prospective geology are expected to complement their ongoing district-wide exploration efforts. The Colorada-Napoleon intersection is a conceptual target supported by AI analysis and HLEM anomalies. 4 de Mayo shows high-grade silver intercepts, with HLEM geophysics identifying anomalies for follow-up drilling. San Jack and San Peter are parallel structures with quartz veining and hydrothermal alteration, with HLEM anomalies defining conductor anomalies over these targets. La Pipa is a high-grade shoot along the Animas vein system, with plans to drill +8,000 meters to follow up on the discovery. Camelia-San Dimas, San Fernando-Nacaral, El Roble, Oregano and La Wicha, and Jesusita-Palos Verdes are notable targets for testing. The San Enrique prospect comprises titled mining claims between Panuco and Santa Fe. LiDAR and airborne magnetic surveys show strong NW-trending lineaments, indicative of regional faults. Multispectral satellite imagery and a LiDAR survey will assist during target generation, with regional mapping and stream-sediment geochemistry planned. The La Garra-Metates District constrains silver-gold-rich epithermal veins. Rock chip samples returned silver equivalent grades greater than 200 g/t. The district holds strong potential for discovering high grade mineralization.
Gold Resource Corporation released H1, 2025 drill results from its Don David gold mine in Oaxaca, and reported operational improvements. Drilling highlights are shown in the table below:

In addition, Gold Resource has implemented several operational improvements at Don David Gold mine to enhance efficiency and productivity. The Company engaged Cominvi Servicios S.A. de C.V. for accelerated development, completing over 1,350m of underground work. New cut-and-fill mining methods were introduced to enhance grade and returns, alongside the ordering of a third dry stack filter press to boost processing throughput. A comprehensive review of the process plant is underway to optimize reagent use, which is expected to improve recoveries and increase the amount of payable metals. Initial trials have already shown promising results. These improvements are aimed at increasing operational efficiency, reducing costs, and maximizing shareholder value while integrating the newly defined vein systems into the mine’s short-term production plans.

ON DEALS AND CORPORATE ISSUES

Goldgroup Mining Inc., announced that its common shares will commence trading on OTCQX Best Market under the symbol “GGAZF”. The company maintains its primary listing on the TSX Venture Exchange under the symbol “GGA” (Cerro Prieto mine, Sonora).
Silver Viper Minerals Corp., granted 1,375,000 incentive stock options to directors, officers, and consultants to purchase up to 1,375,000 common shares. The incentive stock options have an exercise price of CAD $0.58 per share, expire five years from the date of grant, and vest immediately (La Virginia project, Sonora).
Sierra Madre Gold and Silver Ltd., announced that it has granted stock options to employees of La Guitarra Compañia Minera S.A. de C.V., certain directors, management, and consultants to purchase an aggregate of 2,750,000 common shares at a price of $0.73 per share for a period of years from the grant date (La Guitarra mine, Estado de Mexico).
Xali Gold Corp., declared that is pivoting their exploration efforts in South America, focusing on acquiring advanced-stage gold projects, while it continues moving forward with its Sarape project in Sonora where drilling is planned for Q4, 2025/Q1, 2026. The company also announced that they´ve run into issues at the El Oro project in Estado de Mexico, with nine concessions being declared cancelled. It could significantly impact Xali Gold´s operation by halting exploration and development activities on approximately 35% of the land package within the project area. Xali believes that these cancellations are unlawful because proper legal procedures were not followed; including failure to receive formal notices and the absence of a 60-day cure period as required by Mexican law. Xali Gold is actively reviewing legal options to contest or revoke the cancellations, which could mitigate potential operational disruptions if successful.
Masivo Silver Corp., provided an update on its Mexican projects. It announced that it is experiencing difficulties in obtaining financial information from its Mexican operations which has delayed the preparation of its annual financial statements and related filings (annual MD&A, CEO and CFO certifications, etc). The company has now completed the necessary financial and is in the process of completing the audit, which is expected to be finalized by August 31, 2025. Masivo has requested a voluntary management cease trade order (MCTO) to restrict trading in the company´s securities by insiders.
Guanajuato Silver Company Ltd., expanded its senior management team with the appointment of Rick Trotman as its Senior Vice President. The company also granted 2,200,000 stock options to officers and employees of the company at an exercise price of CAD $0.32. The stock options will expire on July 29, 2030 (El Cubo mine, Valenciana mine complex, and San Ignacio mine, all located in Guanajuato).
Sierra Metals Inc., presented voting results of its annual general and meeting of shareholders At the Meeting, Sierra Shareholders approved the amalgamation of Sierra Metals and a new wholly-owned subsidiary of the company, which will be incorporated shortly. The amalgamation constitutes the “subsequent acquisition transaction” contemplated by the offer of Alpayana Canada Ltd., to acquire all of the issued and outstanding common shares at an offer price of CAD $1.15 per common share that expired at 5:00 p.m. (Toronto time) on May 23, 2025 (Bolivar mine, Chihuahua).
Royalties Inc., entered into an agreement to acquire 8,333,333 shares of Music Royalties Inc., at a price of USD $0.50 per share for a value of USD $500K, (Bilbao project, Zacatecas).
Sonora Desert Copper Corporation announced that TSX Venture Exchange has approved to change its name to Brasnova Energy Material Inc., and will commence trading under the symbol “BEM” (Cuatro Hermanos project, Sonora).
Torex Gold Resources Inc., entered into a definitive agreement to acquire all the issued and outstanding common shares of Prime Mining Corporation. Prime shareholders will receive 0.060 of a Torex share for each Prime Mining share, representing an 18.5% premium. Upon completion, Prime shareholders will own approximately 10.7% of Torex. The deal enhances Torex’s asset portfolio in Mexico, notably adding Prime’s Los Reyes project, which has significant gold and silver resources. The transaction requires approval of at least 66⅔% of the votes cast by Prime Mining shareholders and securityholders, and a simple majority excluding votes from certain shareholders under MI 61-101. The transaction is subject to regulatory approvals, including TSX approval and Mexican antitrust clearance, and is expected to close in the second half of 2025. A termination fee of USD $12.5M is payable to Torex by Prime under certain circumstances if the transaction is not completed (El Limon Guajes Mine Complex, Guerrero).
Discovery Silver Corp., appointed its CFO effective immediately (Cordero project, Chihuahua).
Elemental Altus Royalties Corp., reported voting results from its annual general and special meeting and granted 360,000 restricted share units and 782,850 stock options to directors who join the company in 2025 (royalty on Mercedes mine, Sonora).
Goldgroup Mining Inc., retained Venture Liquidity Providers Inc., (VLP) to initiate its market-making service to provide assistance in maintaining an orderly trading market for the common shares of the company. Goldgroup has agreed to pay VLP CAD $5,000 per month for a period of 3 months. Following the initial term of 3 months, the agreement will automatically renew for successive additional 1-month terms and the agreement may be terminated at any time by the Goldgroup or VLP (Cerro Prieto mine, Sonora).
Regency Silver Corp., reported voting results of its annual general and special meeting of shareholders (Dios Padre project, Sonora).
Royalties Inc., provided an update on its dispute with Capstone over a 2% Net Smelter Royalty (NSR) on five mining concessions known as the “Portree claims” at the Cozamin mine in Zacatecas. The Third Commercial Court of Zacatecas ruled in favor of Minera Portree, affirming their ownership of a 2% NSR and ordering Capstone to pay royalties. Capstone has filed an appeal against the judgement, but Royalties Inc. believes the court’s decision is strong and that its claim to the royalty is legitimate. The judgment and ongoing legal process reinforce Royalties Inc.’s position in the dispute, emphasizing the asset’s significance and potential increase in value due to rising copper and silver prices. The 2% NSR on the Portree 1 claim, which represents up to 30% of the 1.5 km strike length of the Mala Noche Footwall Zone, could generate up to USD $2.5M annual cash flow, plus an estimated USD $9M in retroactive payments for production since 2019.
Alpayana S.A.C., completed the privatization of Sierra Metals Inc., through an amalgamation with its subsidiary, Amalco, resulting in Sierra Metals being a wholly owned private company. Shareholders exchanged their Sierra shares for Amalco shares, and Alpayana acquired all preferred shares, making Amalco fully owned by Alpayana. Consequently, Sierra Madre will be delisted from the Toronto Stock Exchange (Bolivar mine, Chihuahua).

ON SOCIAL RESPONSIBILITY

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

On the picture below, sigmoidal en-echelon hydrothermal quartz vein in a shear zone in an intermediate sulphidation epithermal vein system in a project in Chihuahua, Mexico. Photo taken by Miguel A Heredia.

Reyna Silver Announces Filing and Mailing of the Management Information Circular for Its Special Meeting of Securityholders to Approve the Acquisition by Torex Gold

July 21, 2025 / gambusinoprospectormexico / Leave a comment

2025-07-21_reyna silver announces filing and mailing of the management information circular for its special meeting of securityholders Download

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

July 20, 2025 / gambusinoprospectormexico / Leave a comment

Barite crystals

By Miguel A Heredia

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

ON MEXICO ISSUES

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

ON EXPLORATION

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

ON MINING

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

ON FINANCING

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

ON RESOURCES AND DEVELOPMENT

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

ON DEALS AND CORPORATE ISSUES

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

ON SOCIAL RESPONSIBILITY

No relevant news.

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

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

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