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.

Royal Gold to Acquire Sandstorm Gold and Horizon Copper and Reinforce its Position as a Leading North American Gold-Focused Streaming and Royalty Company

July 7, 2025 / gambusinoprospectormexico / Leave a comment

2025-07-07 royal gold to acquire sandstorme gold and copper horizon Download

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

June 22, 2025 / gambusinoprospectormexico / Leave a comment

The Sierra Madre Occidental, Chihuahua, Mexico.

By Miguel A Heredia

During the 25^thweek of the year (June 16^thto June 22^th 2025), at least 38 press releases were announced by companies working in Mexico, and 2 news published by the media, with twenty one disclosing deals and corporate issues, eight announcing financing rounds, three reporting resources and development of their properties, three commenting on Mexican issues, three discussing social issues, two informing on exploration results, and none communicating production results. ON MEXICO ISSUES, The Secretary of Economy, Marcelo Ebrard stated that the Mexican mining states are the new focus to strengthen the sector and ensure that extracted metals and minerals are transformed into value-added products. Marcelo Ebrard, Secretary of Economy declared that mining has become fashionable due to global geopolitical changes, marking a shift from the previous administration’s policies. Axo Copper reported the best drilling intercepts in Mexico on the third week of June, 2025. ON EXPLORATION, In Jalisco, Axo Copper initiated a 15,000m phase II drilling program at its la Huerta Copper project, as well as reported high grade assay results on surface sampling. ON MINING, No relevant news. ON FINANCING, Guanajuato Silver updated their gold loan terms with Ocean Partners UK Ltd, (Cubo, Valenciana, and San Ignacio mines, Guanajuato). Pinnacle announced a shares-for-debt transaction to conserve capital and improve its balance sheet (Potrero project, Durango). Southern Empire announced a fully subscribed non-brokered private placement for gross proceeds of $100K (Pedro Gold project, Durango). Prime reported that 97% of its CAD $1.15 warrants due June 12, 2025 have been exercised, increasing its cash balance to approximately CAD $33M (Los Reyes project, Sinaloa). Kootenay announced a CAD $12M bought deal public offering to support the advancement of its Columba project in Chihuahua, the same that later on was upsized to CAD $17, 400,600. Silver Viper informed that it plans a concurrent non-brokered private placement of up to 6,666,667 units at a price of CAD $0.30 per unit, following a strong investor interest. Defiance Silver closed its LIFE offering and concurrent non-brokered private placement for gross proceeds of CAD $16.5M (San Acacio project, Zacatecas). ON RESOURCES AND DEVELOPMENT, Kootenay delivered maiden mineral resource estimate at its 100% owned Columba project in Chihuahua. Tocvan reported that it is advancing its Gran Pilar project in Sonora, with a pilot mine facility designed to process 50,000 tonnes of material. Vizsla provided an update on the Copala test mine at its Panuco project in Sinaloa. ON DEALS AND CORPORATE ISSUES, Santacruz Silver announces the appointment of its CFO (Zimapán mine, Hidalgo). Discovery Silver made management changes (Cordero project, Chihuahua). Aura presented voting results of its annual general meeting of shareholders (Aranzazu mine, Zacatecas). Guanajuato Silver confirmed that the expiry date for the 4,550,000 warrants issued to Ocean Partners UK Ltd., is March, 2028 (Cubo, Valenciana, and San Ignacio mines, Guanajuato). Osisko Development appointed a new member to its Board of Directors (San Antonio Gold project, Sonora). Mithril announced the retirement of two Non-Executive Directors (Copalquin project, Durango). Minaurum appointed Ruben Molina as Senior Project Manager for the Alamos Silver project, Sonora and three additional seasoned geologists. Equinox and Calibre completed its previously announced business combination (Los Filos mine, Guerrero). Colibri reported voting results of its annual general meeting of shareholders (Pilar project, Sonora). Elemental Altus announced changes to its Board of Directors (Mercedes mine, Sonora). MAG Silver presented voting results of its annual general meeting of shareholders (Juanicipio mine, Zacatecas). Torex announced results of its annual general and special meeting of shareholders (El Limon Guajes mine complex, Guerrero). Gold Resource appointed a new member to its Board of Directors (Don David Gold mine, Oaxaca). Sierra Madre announced voting results of its annual general meeting of shareholders (La Guitarra mine, Estado de Mexico). Royalties Inc., achieved a significant legal victory through its subsidiary, Minera Portree in a commercial lawsuit against Capstone Copper (Cozamine mine, Zacatecas). Aloro announced voting results of its annual general and special meeting of shareholders (Los Venados project, Sonora). MAG Silver reported that their shareholders received a recommendation to vote for the plan of arrangement with Pan American Silver (Juanicipio mine, Zacatecas). Prime announced voting results of its annual general and special meeting of shareholders (Los Reyes project, Sinaloa). Silver Viper completed the acquisition of the Cimarron project in Sinaloa. Infinitum Copper signed a definitive agreement to sell its interest on Adelita project in Sonora. ON SOCIAL RESPONSIBILITY, Guanajuato Silver reported that it has been recognized as a Mexico´s Socially responsible Enterprise in 2024 (Cubo, Valenciana, and San Ignacio mines, Guanajuato). MAG Silver published its fourth annual sustainability report (Juanicipio mine, Zacatecas).

ON MEXICO ISSUES

The Secretary of Economy, Marcelo Ebrard, stated that the Mexican mining states are the new focus to strengthen the sector and ensure that extracted metals and minerals are transformed into value-added products. The event held in Mexico City was attended by the governors of Sonora, Alfonso Durazo, and Zacatecas, David Monreal, two states with a mining vocation, as well as representatives from academia and the sector, who highlighted the importance of a coordinated strategy between the federal government, universities, and the private sector. The government aims to retain economic and technological benefits domestically through initiatives like the Mexico 2025 Mining Education Committee, which fosters industry-academia collaboration. Specifically, efforts are underway to advance lithium production, particularly in Sonora, with support from federal and state authorities, though some projects such as the Sonora Sustainable Energy Plan are still in exploration phases.
Marcelo Ebrard, Secretary of Economy declared that mining has become fashionable due to global geopolitical changes, marking a shift from the previous administration’s policies. Ebrard highlighted the need for Mexico to scale up its capabilities in the mining industry, particularly in refining minerals like copper, to support industries like automotive. He emphasized the importance of implementing a policy of will to address challenges in obtaining critical minerals in a world with geopolitical tensions, citing silicon for semiconductors as an example.
Axo Copper Corp., reported the best drilling intercepts in Mexico on the third week of June 2025. Details are shown in the table below:

ON EXPLORATION

Axo Copper Corp., initiated a 15,000m phase II drilling program at its la Huerta Copper project in Jalisco. One drill is currently on site and initiating the first drillholes targeting the main La Huerta Trend in an area with a NE-SW strike length of approximately 1km, starting at Las Marias Zone and stepping out to the north along strike towards the Cornelio target. The first hole is expected to be finished in approximately two weeks, with assays being released in the first half of July. In addition, Axo reported that recent exploration efforts, including mapping and sampling, have identified a new area at La Huerta South, approximately 3km from the main Huerta Trend where surface sampling yielded high-grade assay results, with multiple samples returning > 10% Cu, particularly within N-S and E-W fault structures in andesitic volcanic rocks. Sampling along the 1km long N-S structure has returned results such as 7% Cu, 10.8% Cu, and 10.5% Cu, with numerous other showings above 2% Cu, while the approximately 500m long E-W structure returned highlighted values of 3.6% and 2.6%. In both structures Cu mineralization consists of chalcopyrite and bornite hosted in andesites.

ON MINING

No relevant news.

ON FINANCING

Guanajuato Silver Company Ltd., updated their gold loan terms with Ocean Partners UK Ltd, with more manageable monthly repayments tied to their gold production, plus some stock warrants involved. “The new Gold Credit Facility, as of today’s date, has an outstanding balance of 7,182 Oz Au bullion, with two-thirds since April 2025 to be repaid over 36 months through fixed monthly installments of 131.7 Oz Au bullion, representing approximately 10% of Guanajuato Silver’s modelled monthly gold production. In addition, the company will issue to Ocean Partners 4,550,000 non-transferable warrants exercisable into one common share of the Company with an exercise price of CAD $0.24. Each warrant has a 36-month term that expires on June 16, 2028. The warrants, and the common shares issuable upon exercise, are subject to a statutory hold period that ends on October 17, 2025 (Cubo, Valenciana, and San Ignacio mines, Guanajuato).
Pinnacle Silver and Gold Corp., announced a shares-for-debt transaction to conserve capital and improve its balance sheet. The company will issue 2,491,667 shares at a price of CAD $0.06 per share to settle a debt of CAD $149,500, pending approval from the TSX Venture Exchange. This issuance includes shares to directors and officers, which qualifies as a related party transaction, with the company relying on exemptions due to the transaction’s value being under 25% of its market capitalization (Potrero project, Durango).
Southern Empire Resources Corp., announced a fully subscribed non-brokered private placement of 2M units at a price of CAD $0.05 per unit for gross proceeds of CAD $100K. Net proceeds will be used for administrative costs associated with Southern Empire´s mineral properties in Mexico as well as working capital purposes (Pedro Gold project, Durango).
Prime Mining Corp., reported that 97% of its CAD $1.15 warrants due June 12, 2025 have been exercised, increasing its cash balance to approximately CAD $33M. This funding will support the advancement of the Los Reyes gold-silver project in Sinaloa, Mexico. The company plans to complete a Preliminary Economic Assessment (PEA) by Q3 2025 and continue exploration activities, including drilling and geological mapping, despite a temporary pause due to security concerns in the area.
Kootenay Silver Inc., announced a CAD $12M bought deal public offering by the sale of 11,430,000 units at a price of CAD $1.05 per unit, which was upsized later on to CAD $17,400,600 by the sale of 16,572,000 units at a price of CAD $1.05 per unit. Net proceeds will be used for advancement of its Columba project in Chihuahua, working capital and general corporate purposes.
Silver Viper Minerals Corp., informed that it plans a concurrent non-brokered private placement of up to 6,666,667 units at a price of CAD $0.30 per unit, following a strong investor interest. The gross proceeds, expected to reach up to CAD $6M combined with a previous offering, will fund drilling and exploration at La Virginia project in Sonora, working capital, and general corporate needs.
Defiance Silver Corp., closed a financing round, raising about CAD $16.5M through both brokered and non-brokered offerings. The company sold units combining shares and warrants, with plans to use the money mainly to complete a mineral resource estimate at its San Acacio project in Zacatecas, to make periodic cash option payments on its Tepal project in Michoacán, and to provide general working capital to support general operations.

ON RESOURCES AND DEVELOPMENT

Kootenay Silver Inc., delivered maiden mineral resource estimate (MRE) at its 100% owned Columba project in Chihuahua. A total of 17 epithermal veins that comprise the Columba vein system were included in the MRE. The company reported inferred resources of 5.92M tonnes of 284 g/t Ag, 0.2% Pb, and 0.5% Zn for a total of 54.1M Oz Ag, 25.2M Lb Pb, and 65.6M Lb Zn. Kootenay stated that all the mineralized veins which are 5-6m width have an excellent continuity and remain open to expansion along strike, to depth or both.
Tocvan Ventures Corp., reported that it is advancing its Gran Pilar project in Sonora, with a pilot mine facility designed to process 50,000 tonnes of material. The pilot leaching pad will utilize a hydrometallurgical process with sodium cyanide to extract gold and silver, supported by robust environmental monitoring systems. The project has expanded to over 21 km², enhancing operational flexibility. Tocvan is finalizing budgets and timelines for the facility, targeting development in 2025, while permitting and additional drilling are ongoing. The company is positioned to leverage record-high gold prices and is in the process of securing project financing for the pilot facility.
Vizsla Silver Corp., provided an update on the Copala test mine at its Panuco project in Sinaloa. As of June 2025, mining progress includes advancing about 125 meters down a decline at a steady rate, with favorable ground conditions. “This portal will ultimately become the main access for future mining. Every meter brings us closer to the 10,000-tonne bulk sample location and positions us for efficient resource conversion/expansion drilling from underground, and for the ultimate mine development and ramp-up”. Additionally, Vizsla aims to enhance resource evaluation and optimize mining design through ongoing development. A focus on local hiring has expanded the workforce, and infrastructure improvements have been initiated for better operational and safety management. Overall, the company is on track to complete its test mine phase by year-end.

ON DEALS AND CORPORATE ISSUES

Santacruz Silver Mining Ltd., announces the appointment of its new CFO, been effective immediately (Zimapan mine, Hidalgo).
Discovery Silver Corp., made management changes announcing the appointment of a Senior Vice Presidents, Legal, and Sustainability, and a Senior Vice President, Corporate Development. The company also announced the promotions of its Executive Vice President, Business Development & Growth, a Senior Vice President, Investor Relations, and a Vice President, Mineral Processing (Cordero project, Chihuahua).
Defiance Silver Corp., finalized a six-year agreement that granted the company the rights to conduct surface exploration, drilling, and engineering studies at its Tepal project in Michoacan. The agreement also enables the company to collect essential data required for the submission of permit applications to advance the development of the project. Defiance will make annual cash payments indexed to the annual inflation in Mexico, and issue common shares with a total annual value of USD $40K/year to the surface rights holder. For the upcoming year, the company will issue 201,452 common shares at a deemed price of CAD $0.27per share to the counterparty. Over the six-year terms, the total number of shares issued will not exceed 1.4M.
Aura Minerals Inc., presented voting results of its annual general meeting of shareholders (Aranzazu mine, Zacatecas).
Guanajuato Silver Company Ltd., confirmed that the expiry date for the 4,550,000 warrants issued to Ocean Partners UK Ltd., is March, 2028 (Cubo, Valenciana, and San Ignacio mines, Guanajuato).
Osisko Development Corp., appointed an independent Director to its Board of Directors effective immediately (San Antonio Gold project, Sonora).
Mithril Silver and Gold Limited announced the retirement of two Non-Executive Directors with effect from 30 June 2025 (Copalquin project, Durango).
Minaurum Gold Inc., appointed Ruben Molina as Senior Project Manager for the Alamos Silver project, Sonora and three additional seasoned geologists will be joining who previously worked alongside him, including in the capacities as Chief Geologist, Senior Geologist-Prospecting, and Resource Modeling Geologist.
Equinox Gold Corp., and Calibre Mining Corp., completed its previously announced business combination pursuant to which Equinox has acquired all of the issued and outstanding common shares of Calibre (Los Filos mine, Guerrero).
Colibri Resource Corporation reported voting results of its annual general meeting of shareholders (Pilar project, Sonora).
Elemental Altus Royalties Corp., announced changes to its Board of Directors effective immediately, reflecting the acquisition of a 37.8% stake in the company by Tether Investments S.A. de C.V. , and the right to acquire a total of 51.8% of the company’s issued and outstanding common shares (Mercedes mine, Sonora).
MAG Silver Corp., presented voting results of its annual general and special meeting of shareholders (Juanicipio mine, Zacatecas).
Torex Gold Resources Inc., announced results of its annual general and special meeting of shareholders (El Limon Guajes mine complex, Guerrero).
Gold Resource Corporation appointed a new member to its Board of Directors (Don David Gold mine, Oaxaca).
Sierra Madre Gold and Silver Ltd., announced voting results of its annual general meeting of shareholders (La Guitarra mine, Estado de Mexico).
Royalties Inc., achieved a significant legal victory through its subsidiary, Minera Portree de Zacatecas S.A. de C.V. (MPZ), in a commercial lawsuit against Capstone Copper Corp. The Third Commercial Court of Zacatecas ruled in favor of MPZ, declaring a 2019 rights assignment contract invalid and reaffirming MPZ’s entitlement to a 2% net smelter royalty from mining concessions at the Cozamin mine in Zacatecas. The court ordered Capstone and its subsidiary to pay royalties for various concessions, with amounts to be determined later, while a claim for damages was dismissed due to insufficient evidence.
Aloro Mining Corp., announced voting results of its annual general and special meeting in which the approval of the sale of its Los Venados property in Sonora, was approved by the shareholders of the company.
MAG Silver Corp., reported that Institutional Shareholders Services Inc., recommended that MAG shareholders vote for the special resolution approving the previously announced plan of arrangement with Pan American Silver Corp (Juanicipio mine, Zacatecas).
Prime Mining Corp., announced voting results of its annual general and special meeting of shareholders. “The company is targeting the delivery of a Preliminary Economic Assessment reflecting a high return, high margin, low capital and long-life project at Los Reyes project in Sinaloa, based on drilling to the end of 2024 and extensive technical work completed to-date. The PEA is targeted for completion in Q3, 2025”.
Silver Viper Minerals Corp., completed the acquisition of the Cimarron project in Sinaloa from CSCA Holdings Inc., by issuing 9,000,000 of common shares at a price of CAD $0.20 per share.
Infinitum Copper Corp., signed a definitive agreement to sell its interest on Adelita project, Sonora. The company sold its Mexican subsidiary, Exploraciones Margarita S.A. de C.V., which holds an 80% interest in the Cerro Grande property in Sonora to Kenadyr Metals Corp. The transaction involves Kenadyr acquiring 100% of the subsidiary for CAD $100K in cash and 1,842,719 common shares. Additionally, if Kenadyr raises up to CAD $3.5M in equity financing within 12 months post-closing, Infinitum will receive additional shares to maintain a 9.0% ownership in Kenadyr. The deal is subject to TSX Venture Exchange and shareholder approvals.

ON SOCIAL RESPONSIBILITY

Guanajuato Silver Company Ltd., reported that it has been recognized as a Mexico´s Socially responsible Enterprise in 2024, reflecting its strong community engagement and environmental efforts. The company met high standards in environment, social responsibility, and governance (Cubo, Valenciana, and San Ignacio mines, Guanajuato).
MAG Silver Corp., published its fourth annual sustainability report. MAG Silver’s 2024 sustainability efforts are focused on safety, environmental protection, and social responsibility. The company reported a decline in safety incidents, invested over 102,000 hours in safety training, and achieved zero significant environmental incidents. They developed human rights due diligence tool and have a positive social license at the Larder Project. Additionally, their board now includes 38% women directors, surpassing their diversity targets. Overall, MAG emphasizes safety, environmental stewardship, social engagement, and diversity to support its long-term sustainability goals(Juanicipio mine, Zacatecas).

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

On the picture above, the imposing panoramic view of the Sierra Madre Occidental in Chihuahua, Mexico. Photo taken by Miguel A Heredia.

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

May 11, 2025 / gambusinoprospectormexico / Leave a comment

Slickensides related to a shear zone

By Miguel A Heredia

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

ON MEXICO ISSUES

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

ON EXPLORATION

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

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

ON MINING

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

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

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

ON FINANCING

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

ON RESOURCES AND DEVELOPMENT

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

ON DEALS AND CORPORATE ISSUES

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

ON SOCIAL RESPONSIBILITY

No relevant news.

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

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

The Mining and Exploration News in Mexico: Highlights on the Fourth Week of September, 2024

September 29, 2024 / gambusinoprospectormexico / Leave a comment

Vuggy Silica

By Miguel A Heredia

During the 39^thweek of the year (September 23^rdto September 29^th 2024), at least 28 press releases were announced by companies working in Mexico, and 7 news published by the media, with nine disclosing deals and corporate issues, eight announcing financing rounds, eight commenting on Mexican issues, three reporting resources and development of their properties, three communicating production and financial results, three informing on exploration results, and one discussing social issues. ON MEXICO ISSUES, The marine exploration company Odyssey, in which Carlos Ancira had a shareholding, won to the Mexican government, a USD $37.1M arbitration within the NAFTA. Andrés Manuel López Obrador (AMLO)expropriated from Vulcan Materials a port and a quarry in Quintana Roo, which deepened tensions days before he leaves office. Andrés Manuel Lopez Obrador (AMLO), in a last surprise “play” before concluding his mandate fulfilled his warning and finally took control of a port and a quarry owned by the American company Vulcan Materials, with which maintains a dispute for several years now. AMLO concludes his government with the expropriation of the land and port of the Calica mine, property of the American company Vulcan Materials Company in Quintana Roo. Metal prices hit highs and boost mining companies in the stock market. Kootenay Silver reported the best drilling intercepts in Mexico on the fourth week of September, 2024. ON EXPLORATION, In Chihuahua, Kootenay released results from five drill holes at its Columba project, and Quetzal Copper reported completion of the phase one exploration and drilling program at it’s the Cristinas project. In Sinaloa, Prismo commenced a 1,250m drill program at its Palos Verdes project. ON MINING, Agnico Eagle announced that it willreport its Q3, 2024 results on October 30, 2024 (Pinos Altos mine, Chihuahua). Sierra Madre Gold and Silver announced that it has generated over USD $2.4M in revenues from its test mining and milling operations at the La Guitarra mine complex in the state of Mexico. ON FINANCING, Luca Mining announced the successful completion of its brokered private placement, raising a total of CAD $11.3M through a combination of 19,000,000 Listed Issuer Financing Exemption (LIFE) units and an increased non-brokered private placement of 6,126,167 units due to high demand (Campo Morado mine, Guerrero and Tahuehueto mine, Durango). Sonora Desert Copper amended its private placement financing (Cuatro Hermanos project, Sonora). Vizsla Silver announced the closing of over-allotment option in full (Panuco project, Sinaloa). VVC reported a 1-year extension for 57,567,800 Series AG share purchase warrants (Gloria project, Chihuahua). Sonoro Gold closed an over-subscribed non-brokered private placement for gross proceeds of CAD $875K (Cerro Caliche project, Sonora). Goldgroup closed a non-brokered private placement for gross proceeds of CAD$775K (Cerro Prieto mine, Sonora). Luca Mining announced that it closed its fully subscribed brokered private placement for gross proceeds of CAD $8.55M (Campo Morado mine, Guerrero, and Tahuehueto mine, Durango). Royalties Inc., closed a non-brokered private placement for gross proceeds of $105K (Bilbao project, Zacatecas). ON RESOURCES AND DEVELOPMENT, Starcore announced an increase of its Mineral Reserves and Mineral Resources for its San Martin mine in Queretaro as of April 30, 2024. Los Gatos Silver disclosed and updated Mineral Reserves Estimate and Mineral Resource Estimate for its Cerro Los Gatos mine in Chihuahua, and reported an updated mine of life plan. Southern Silver announced a 6,000m drill program at its Cerro Las Minitas project in Durango. ON DEALS AND CORPORATE ISSUES, Sandstorm Gold declared quarterly cash dividend for 2024 (Mercedes Mine, Sonora). Torex announced the appointment of a new member to its Board of Directors (El Limon-Guajes mine complex, Guerrero). (Vizsla Royalties granted stock options to directors, officers, employees, and consultants of the company (Panuco project, Sinaloa). Prime Mining announced the appointment of a new member to its Board of Directors (Los Reyes project, Sinaloa). Silver Storm provided a bi-weekly update on September 24, 2024, regarding its management cease trade order (MCTO) issued by the British Columbia Securities Commission (La Parrilla mine, Durango). Guanajuato Silver provided an update on the acquisition of El Cubo mine in Guanajuato from Endeavor Silver. Apollo Silver entered into an exploration, earn-in and option agreement with MAG Silver to acquire the Cinco de Mayo project in Chihuahua. Southern Silver granted incentive stock options to various directors, officers, and consultants (Cerro Las Minitas project, Durango). Florida Canyon provided an update on its Mexican transaction, which involves the sale of its interests in several mines to Heliostar Metals Ltd. ON SOCIAL RESPONSIBILITY, Vizsla Silver released its second annual sustainability report (Panuco project, Sinaloa).

ON MEXICO ISSUE

The marine exploration company Odyssey Marine Exploration, in which Carlos Ancira, the former president of Altos Hornos de México S.A.B. de C.V., had a shareholding, won an arbitration from the Mexican government protected by NAFTA/TW investor protection. The company was seeking damages in the amount of just over USD $2.3 B and what was finally achieved after the lawsuit was USD $37.1M. The former president of Altos Hornos bought a shareholding in Odyssey for USD $3M in 2015 through his investment vehicle´s Epsilon. The intention of Ancira and its partners was to dredge the seabed of the Gulf of Ulloa, Baja California, on the north Pacific Coast. To extract phosphate, an input used to manufacture fertilizers, a business to which the businessman was dedicated through its firm Agronitrogenados, sold at an extra cost to PEMEX, a scandal that kept the former president of the oil company Emilio Lozoya in jail. Unfortunately, it is a victory that Ancira could not savor, who in September 2021 sold his shareholding in Odyssey, in part to raise the money he promised as a reparation agreement to the Mexican government (in favor of PEMEX) for the Agronitrogenados operation, cause for which he was even detained in the North Prison of CDMX.
Andrés Manuel López Obrador (AMLO) expropriated from Vulcan Materials a port and a quarry in Quintana Roo, which deepened tensions days before he leaves office. The government of Mexico declared the land south of Cancun and Playa del Carmen as a protected natural area via decree in the Official Gazette of the Federation, this a few hours after US legislators sought to dissuade such a measure. Vulcan´s shares fell 1.03% to USD $249.73 during the morning of September 24, 2024. Vulcan had previously said the AMLO´s government actions are illegal and that it would add the latest measures to an ongoing arbitration case in the International Center for Settlement of Investment Disputes of the World Bank. It marks another movement by AMLO (a staunch nationalist) against private business. A new congress with a supermajority of Morena and allies in both chambers began its term last September and since then they have approved a reform of the Judiciary that has raised fear among capitals in Mexico. Claudia Sheinbaum, who will takes office on October 1, 2024 has not publicly commented on the Vulcan issue since her landslide victory, but a year ago said she hoped the company would accept AMLO´s offer to buy its land for MXP $6,500M. Last year, Vulcan sought intervention from Joe Biden administration against what it saw as the threat of a government takeover of the Riviera Maya property. It said that a valuation made by the Mexican government deeply undervalued the assets. On September 23, 2024, a bipartisan group of US senators proposed legislation to pressure Mexico to retract its expropriation plan. Vulcan is not the only foreign company that has sought legal recourse after government intervention. In December, Mexico took control of operations of a hydrogen processing plant owned by French industrial gases maker Air Liquid. Last year, AMLO announced plans to buy USD $6B worth of energy assets from Iberdrola after the Spain Company faced political hostility from Mexico that affected its permits and supply. AMLO also ordered the cancellation of projects including an airport and a brewery plan during his term. The US ambassador to Mexico, Ken Salazar, warned that companies may lose confidence in Mexico as an investment destination as a result of the judicial reform promoted by congress this month. The change eliminates a check on government power by making federal judges democratically elected, including in the Supreme Court of Justice of the Nation (SCJN).
Andrés Manuel Lopez Obrador (AMLO), in a last surprise “play” before concluding his mandate fulfilled his warning and finally took control of a port and a quarry owned by the American company Vulcan Materials, with which maintains a dispute for several years now. On September 23, 2024, the head of the executive published a declaration of a protected natural area of an area of more than 53,000 hectares south of Cancun and Playa del Carmen, where the land occupied by Vulcan and an open pit mine of the foreign company are located, dedicated to the extraction of limestone through its subsidiary Calizas Industriales del Carmen (Calica). Vulcan said in a statement that the expropriation of the land and port owned by the company is another escalation and constitutes a new violation of Mexico´s commitments under North American trade agreements, and added that this illegal measure will have a chilling and long-term effect on trade and investment relations between USA and Mexico.
AMLO concludes his government with the expropriation of the land and port of the Calica mine, property of the American company Vulcan Materials Company in Quintana Roo, involved in a conflict that has kept it without operations in Mexico for three years. The announcement of the expropriation is not a good sign to attract investment to Mexico and could damage business confidence. In the decree published last September 23, 2024 in the Official Gazette of the Federation, the Mexican government justifies its decision by citing the fourth article of the Constitution in its fifth paragraph, which establishes that “every person has the right to a healthy environment for their development and well-being, so the State will guarantee respect for this right.” Furthermore, it invokes article 27 of the Constitution in its third paragraph, which states that “the nation will at all times have the right to impose on private property the modalities dictated by the public interest.” The decree of the federal Executive declares a protected natural area the area located south of Cancun and Playa del Carmen, where the Vulcan lands are located under the Sac-Tun firm (formerly Calica). The measure is intended to prevent the construction company from extracting limestone from the land it owned for decades and which the AMLO government previously tried to acquire without success. The American company not only considers the expropriation of its investments in Quintana Roo illegal, but also warns of a direct conflict with provisions of the T-MEC. The reason is that the investment chapter of the Treaty between Mexico, the United States and Canada states that “no party shall expropriate or nationalize a covered investment, either directly or indirectly through equivalents to expropriation or nationalization,” except in the following cases: For reasons of public utility; in a non-discriminatory manner; through the payment of prompt, adequate and effective compensation, and in accordance with due legal process. The investment chapter contains provisions on expropriation and compensation, which must provide investors with certainty that their properties and positions will be respected, and guarantee non-discriminatory treatment and prompt, effective and adequate compensation, in cases where that their rights are substantially affected by the actions of the State. According to experts consulted, the Calica issue is very serious, since there are no precedents for similar cases since NAFTA. Although expropriation is not a good sign to attract investment to Mexico and can damage business confidence, this week two large American companies confirmed investment announcements in the country totaling USD $2.9 B.
Metal prices hit highs and boost mining companies in the stock market, with the price of silver rising to its highest level in almost 12 years, taking advantage of gold’s rally to all-time highs, as interest rate cuts from Major central banks fueled investment interest in precious metals. Silver futures rose 0.91% on the Chicago Stock Exchange, to USD $32.31 an ounce, after reaching their highest since December 2012, of USD $32.71. Spot gold rose 0.5% to USD $2,670.52 an ounce, having hit an all-time high of USD $2,685.42 earlier in the day. US gold futures for December delivery advanced 0.39% to USD $2,694.9. Copper prices rose to their highest level in nearly 16 weeks, boosted by hopes of firmer demand for metals after China announced fiscal stimulus measures following an easing of monetary policy to boost its sluggish economy. Three-month copper on the London Metal Exchange (LME) broke the psychological level of USD $10,000 per metric ton, touching the highest level since June 7. This Thursday it gained 3.53% to USD $10,084. The securities of the main mining companies operating in Mexico led the gains in Thursday’s session (September 24, 2024) on the Mexican Stock Exchange. The securities of Grupo México and Industrias Peñoles rose 4.18 and 4.23%, respectively. Shares of Grupo México, an industrial conglomerate with interests in the mining and rail transportation industries, are trading at MXP $112.68, their highest level since May 21, 2024. The shares of Industrias Peñoles were quoted at MXP $292.35, their highest level since April 19, 2024. Meanwhile, Fresnillo shares on the BMV rose 21.69%, while those listed in London advanced 2.74 %. With Thursday’s movement, Grupo México gained MXP $35,655M pesos in market capitalization, going from MXP $842,026M to MXP $877,681M in one day. Industrias Peñoles gained MXP $4,714M in market value, going from MXP $111,488M to MXP $116,202M.
Kootenay Silver Inc., reported the best drilling intercepts in Mexico on the fourth week of September, 2024. Details are shown in the table below:

ON EXPLORATION

Kootenay Silver Inc., released results from five drill holes at its Columba project in Chihuahua. The batch reported comprises two step-out holes and three “infill” holes designed to test a large gap in drilling on the D-Vein. Drilling continues to hit high grades of silver, over good widths and has now expanded the D-Vein strike length to 1,275 meters from 450 meters at the beginning of the program. Drilling highlights(true width reported) include holes CDH-24-165 with 739 g/t Ag, 0.3% Pb, and 1% Zn over 0.32m, plus 96 g/t Ag, 0.1% Pb, and 0.3% Zn over 18.18m, including 395 g/t Ag, 0.4% Pb, and 1.8% Zn over 2.37m, including 844 g/t Ag, 0.9% Pb, and 9.5% Zn over 0.37m; and hole CDH-24-166 with 176 g/t Ag, 0.1% Pb, and 0.4% Zn over 21.85m, including 1,020 g/t Ag, 1% Pb, and 2.5% Zn over 0.76m, plus 303 g/t Ag, 0.2% Pb, and 0.7% Zn over 6.87m, including 593 g/t Ag, 0.3% Pb, and 1.8% Zn over 1.91m, including 1,095 g/t Ag, 0.7% Pb, and 5.7% Zn over 0.40m.
Quetzal Copper Corp., reported completion of the phase one exploration and drilling program at it’s the Cristinas project in Chihuahua. Quetzal completed three drillholes and a downhole EM (electromagnetic) survey to follow-up on targets generated by surface mapping, sampling, and fixed loop EM surveys. “Each hole evaluated prospective conductors defined by the geophysical surveys. Unfortunately, the limited copper mineralization encountered does not justify further exploration at this time”.
Prismo Metals Inc., commenced a 1,250m drill program at its Palos Verdes project in Sinaloa. The goal is to explore the vein system to the west of the fault below the zone of bonanza grade intercepts from the previous campaigns.

ON MINING

Agnico Eagle Mines Limited announced that it willreport its Q3, 2024 results on October 30, 2024 after normal trading hours (Pinos Altos mine, Chihuahua).
Sierra Madre Gold and Silver Ltd., announced that it has generated over USD $2.4M in revenues from its test mining and milling operations at the La Guitarra mine complex in the state of Mexico, with an average daily production rate of 350 tonnes over the past 30 days. The test mining has been ongoing since June 25, 2024, processing a total of 27,990 tonnes of material. The company aims to increase production to 400 tonnes per day and eventually reach commercial production of 500 tonnes per day by the end of the year. The concentrate grades for silver and gold range from 2,752 g/t to 3,442 g/t Ag and 28.65 to 38.45 g/t Au.
Guanajuato Silver Company Ltd., announced that it produced over 3M Oz AgEq at its El Cubo mine in Guanajuato, triggering a USD $1M contingent payment to Endeavour Silver Corp. as part of the 2021 acquisition of El Cubo for USD $15M.

ON FINANCING

Luca Mining Corp., announced the successful completion of its brokered private placement, raising a total of CAD $11.3M through a combination of 19,000,000 Listed Issuer Financing Exemption (LIFE) units and an increased non-brokered private placement of 6,126,167 units due to high demand. Key investors include Term Oil Inc. and CEO Dan Barnholden. The funds will be used for ongoing improvements at the Campo Morado mine in Guerrero, exploration drilling at Campo Morado, Guerrero and Tahuehueto, Durango, and general corporate purposes. The financings are set to close on or about September 26, 2024, pending necessary approvals.
Sonora Desert Copper Corporation amended its private placement financing. It cancelled 1,700,000 of the $0.10 units issued, for a revised total of funds raised of $840,750 (was $1,010,750) and shares and warrants issued 8,407,500 (was 10,107,500). The company cancelled 1,700,000 common shares and 1,700,000 common share purchase warrants which had been issued to a subscriber who, subsequent to the closing, withdrew their subscription (Cuatro Hermanos project, Sonora).
Vizsla Silver Corp., announced the closing of over-allotment option in full, generating additional gross proceeds of CAD $9.75M. Net proceeds of the offering will be used to advance the exploration, drilling and development of the company’s Panuco project, as well as for working capital and general corporate purposes.
VVC Exploration Corporation reported a 1 year extension for 57,567,800 Series AG share purchase warrants, presently expiring on September 30, 2024. “The warrants, exercisable at $0.075 per share, were issued pursuant to a Private Placement in September 2020 with a 3-year expiry and were extended last September for an additional year. The warrants have been out-of-the-money for some time. If approved by the TSXV, the warrants will expire on September 30, 2025” (Gloria project, Chihuahua).
Sonoro Gold Corp., closed an over-subscribed non-brokered private placement of 17.5M units at a price of CAD $0.05 per unit for gross proceeds of CAD $875K. Net proceeds will be used to fund the ongoing development of its Cerro Caliche project in Sonora, and for general working capital purposes (Cerro Caliche project, Sonora).
Goldgroup Mining Inc., closed a non-brokered private placement of 15.5M units at a price of CAD $0.05 per unit for gross proceeds of CAD$775K. Net proceeds will be used to increase crushing capabilities from 2,250 tpd to 4,500 tpd at the Company’s Cerro Prieto heap leach gold mine in Sonora, and for general working capital requirements.
Luca Mining Corp., announced that it closed its fully subscribed brokered private placement for gross proceeds of CAD $8.55M by the issuance and sale of 19M units at a price of CAD $0.45 per unit. The funds will be used for ongoing improvements at the Campo Morado mine in Guerrero, exploration drilling at Campo Morado, Guerrero and Tahuehueto, Durango, and general corporate purposes.
Royalties Inc., closed a non-brokered private placement of 3M common shares at a price of $0.035 per share for gross proceeds of $105K. Funds will be used to cover overhead and Mexico expenses (Bilbao project, Zacatecas).

ON RESOURCES AND DEVELOPMENT

Starcore Mines International Ltd., announced an increase of its Mineral Reserves and Mineral Resources for its San Martin mine in Queretaro as of April 30, 2024. The updated mineral reserves and mineral resources estimates are reported net of the production from the San Martin property (see tables below):

Los Gatos Silver Inc., disclosed and updated Mineral Reserve Estimate and Mineral Resource Estimate for its Cerro Los Gatos mine (CLG) in Chihuahua. The company has 70% interest in the Los Gatos JV, which in turn owns the Cerro Los Gatos mine. Mineral Reserve and Mineral Resource by category with an effective day July 1, 2024 are summarized in the next tables:

The company also reported a strong free cash flow throughout the updated life of mine (LOM), with a mine life extended to the end of 2032, which adds two years of additional reserves and a 36% increase in AgEq production compared with the prior LOM plan; a low by-product AISC of $6.29 per Oz of payable of silver, and co-product AISC of $14.89 per Oz of payable silver equivalent; an average annual after-tax free cash flow of $80M, resulting in an after-tax NPV of $539M based on 2024 reserve price assumptions at a silver price of $23/Oz; an average annual after-tax free cash flow of $111M, resulting in an after-tax NPV5 of $760M, at a silver price of $30/Oz or an average annual after-tax free cash flow of $136M, resulting in an after-tax NPV5 of $935M, at a silver price of $35/Oz; and an average annual production over the LOM of 6.1M Oz Ag, 67M Lb Zn and 50M Lb Pb, or 12.9M Oz AgEq production.

Southern Silver Exploration Corp., announced a 6,000m drill program at its Cerro Las Minitas project in Durango. Goal of the drill program is to “demonstrate further lateral projections of shallow high-grade mineralization adjacent to planned mine and mill infrastructure in the area of the Eastern Deposits (South Skarn, Mina La Bocona and North Felsite), which also would provide additional tonnage for extraction early in any planned mining schedule. Further drilling beyond the 6,000m current program would test down-dip of the known eastern deposits which could further enhance the continued resource potential of the project”. The program is anticipated to commence in the coming weeks.

ON DEALS AND CORPORATE ISSUES

Sandstorm Gold Royalties declared quarterly cash dividend for 2024in the amount of $0.02per common share to shareholders of record as of the close of business on October 15, 2024. The dividend will be paid on October 25, 2024 (Mercedes Mine, Sonora).
Torex Gold Resources Inc., announced the appointment of a new member to its Board of Directors, effective October 1, 2024 (El Limon-Guajes mine complex, Guerrero).
Vizsla Royalties Corp., granted 1,961,000 stock options at an exercise price of $1.86 to directors, officers, employees, and consultants of the company. The Options are exercisable for a period of five years and will vest over the next two years (Panuco project, Sinaloa).
Prime Mining Corp., announced the appointment of a new member to its Board of Directors (Los Reyes project, Sinaloa).
Silver Storm Mining Ltd., provided a bi-weekly update on September 24, 2024, regarding its management cease trade order (MCTO) issued by the British Columbia Securities Commission. The MCTO was announced due to delays in filing the company’s annual financial statements and related documents for the fiscal year ending March 31, 2024, primarily caused by complexities in the acquisition of the La Parrilla assets in Durango. The company has until September 27, 2024, to complete its annual filings and expects to file interim filings shortly thereafter. The MCTO does not affect the ability of other shareholders to trade the company’s securities.
Guanajuato Silver Company Ltd., announced that in order to comply with the acquisition or El Cubo from Endeavour Silver Corp., for USD $15M, the transaction included contingent payment that would see Endeavour paid an additional USD $1M once 3M Oz AgEq had been produced at El Cubo. As part of the agreement, Guanajuato Silver can settle half of this payment with 2,753,265 common shares at CAD $0.245 each. Endeavour will settle the remaining balance with approximately 2,720,000 shares at CAD $0.25 each. Ocean Partners UK Limited will also accept shares for USD $1.8M in outstanding payments under the Gold Loan Credit Facility. All settlements are subject to TSX Venture Exchange approval and a four-month hold period.
Apollo Silver Corp., entered into an exploration, earn-in and option agreement with MAG Silver Corp., and its subsidiary Minera Pozo Seco S.A.de C.V. (MPS), to acquire the Cinco de Mayo project in Chihuahua. The agreement allows Apollo Silver to acquire MAG’s subsidiary, MPS, which owns the Project’s mineral concessions, contingent on obtaining necessary licenses and completing 20,000m of drilling within five years. The company will issue common shares to MAG equivalent to 19.9% upon exercising the option and will manage all exploration activities.
Southern Silver Exploration Corp., granted incentive stock options to various directors, officers, and consultants to purchase 6.5M common shares of the company at an exercise price of $0.31 per share, exercisable for a period of five years (Cerro Las Minitas project, Durango).
Florida Canyon Gold Inc., provided an update on its Mexican Transaction, which involves the sale of its interests in the San Agustin mine and El Castillo mine in Durango, La Colorada mine in Sonora, Cerro del Gallo project in Guanajuato, and San Antonio project in Baja California Sur to Heliostar Metals Ltd. The transaction is expected to close in Q4, 2024, pending necessary approvals, including from Mexico’s Federal Economic Competition Commission (COFECE). Additionally, Florida Canyon has filed management information circular for a special meeting on October 25, 2024, where shareholders will vote on a proposed arrangement with Integra Resources Corp., which aims to acquire all outstanding Florida Canyon shares at a specified exchange ratio. The completion of both the Mexican Transaction and the arrangement is subject to various approvals and customary closing conditions

ON SOCIAL RESPONSIBILITY

Vizsla Silver Corp., released its second annual sustainability report, highlighting the Company’s ongoing commitment to Environmental, Social and Governance (ESG) practices. The company cultivated approximately 4,000 native trees, accounting for 15 different species that will serve in future restoration activities; provided essential medical care to nearly 550 community members; invested nearly CAD $100K in the local community, bringing our cumulative total investment to over CAD $400K; and initiated the process of updating their social impact assessment and formalizing the Social Management Plan (Panuco project, Sinaloa).

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

On the picture above, core showing vuggy silica in a high-sulphidation epithermal system in a project in Jalisco, Mexico. Photo taken by Miguel A Heredia.

The Mining and Exploration News in Mexico: Highlights on the Third Week of July, 2024

July 21, 2024 / gambusinoprospectormexico / Leave a comment

Vuggy Quartz

By Miguel A Heredia

During the 29^thweek of the year (July 15^thto July 21^st 2024), at least 28 press releases were announced by companies working in Mexico, and 2 news published by the media, with ten disclosing deals and corporate issues, five announcing financing rounds, five communicating production and financial results, three commenting on Mexican issues, three reporting resources and development of their properties, two informing on exploration results, and two discussing social issues. ON MEXICO ISSUES, Rafael Rebollar, general director of Industrias Peñoles, declared that the mining industry in Mexico has been affected due it awaits response on environmental permits. The Government of Mexico is preparing a preliminary report with arguments to declare that Vulcan Materials’ Calica mine in Quintana Roo is located within a “protected natural area”, which represents a possible expropriation of its land. Tocvan /Colibri reported the best drilling intercepts in Mexico on the third week of July, 2024. ON EXPLORATION, In Chihuahua, Kingsmen announced that it has completed an evaluation and interpretation of the ground magnetic data covering the entire Las Coloradas project area. In Durango, Silver Wolf provided an update on its Ana Maria project. ON MINING, Americas Gold and Silver reported Q2, 2024 production results at its Cosalá operation mine in Sinaloa.Avino Silver & Gold Mines released production results for the Q2, 2024 at their Avino and La Preciosa mines in Durango. First Majestic announced Q2, 2024 production results from their Mexican operations, and provided an updated guidance for H2 and full year 2024. Bear Creek reported Q2, 2024 production results at its Mercedes mine in Sonora. ON FINANCING, Aztec Minerals announced a non-brokered private placement financing for gross proceeds of up to CAD $1.5M (Cervantes project, Sonora). Garibaldi applied to the TSX Venture Exchange to extend warrant expiry dates (Tonichi project, Sonora). Regency Silver announced a non-brokered private placement financing for gross proceeds of up to CAD $2.5M (Dios Padre project, Sonora). Sailfish reported that the TSX Venture Exchange has accepted a notice filed by the Company of its intention to make a Normal Course Issuer Bid to be transacted through the facilities of the Exchange (Gavilanes project, Durango). Vizsla Royalties entered into a debt settlement agreement dated July 3, 2024 with Vizsla Silver Corp to settle outstanding debt of CAD $1,609,312 owing from Vizsla Royalties to Vizsla Silver (Panuco project, Sinaloa). ON RESOURCES AND DEVELOPMENT, Tocvan and its JV Colibri reported results of five RC drill holes from its El Pilar project in Sonora. Bendito Resources acquired a flotation plan and is finalizing economic studies for critical minerals production from its Oposura project, Sonora. ON DEALS AND CORPORATE ISSUES, Alamos Gold entered into a gold sale prepayment agreement for total consideration of USD $116 million in exchange for the delivery of 49,384 ounces in 2025 (Mulatos mine, Sonora). Golden Minerals announced that it has received payment in full of $2.5M plus VAT for the sale of its Velardeña Mine and associated facilities. Sierra Madre announced that it has secured a binding off-take agreement for 100% of concentrate sales from its La Guitarra mine, Mexico. US Antimony reported the appointment of its Vice President of the company´s Antimony Division (Los Juarez project, Queretaro). GR Silver closed the transaction to acquire 100% of the issued and outstanding shares of Marlin Gold Mining Ltd (Plomosas, Sinaloa). Florida Canyon entered into a binding agreement to sell its interests in the San Agustin mine, El Castillo mine, La Colorada mine, Cerro del Gallo project and San Antonio project (collectively the “Mexican Business Unit”) to Heliostar Metals Ltd. Florida Canyon advised the market that processes are underway to review strategic alternatives to maximize shareholder value on the Mexican business unit (El Castillo mine, Durango). Florida Canyon announced it has commenced trading on the TSX Venture Exchange (El Castillo mine, Durango). Heliostar entered into a binding agreement with Florida Canyon Gold Inc (FCGI) to acquire a 100% interest in all of FCGI’s mining assets in Mexico for consideration of USD $5M. Sierra Metals announced the completion of the sale of the Cusi mine and surrounding mineral concessions located in Chihuahua. ON SOCIAL RESPONSIBILITY, SilverCrest and Alamos Gold released their 2023 ESG report (Las Chispas mine, Sonora and Mulatos mine, Sonora respectively).

ON MEXICO ISSUE

Rafael Rebollar, general director of Industrias Peñoles, declared that the mining industry in Mexico has been affected due it awaits response on environmental permits that must be granted by the federal government for tailings deposits, a system that collects all the waste from the mining process, once the waste has been separated from minerals. Failure to grant it could lead to the suspension of operations of some mining units. For his part, Carlos Pavón Campos, general secretary of the Mining Metallurgical Union FRENTE, said that mines throughout the country face restrictions on tailings dams, which represents a risk. He cited the case of Fresnillo and Velardeña as an example. He commented that in Velardeña, there are around 600 unionized workers and that a fundamental part of the mines are the tailings dams.
The Government of Mexico is preparing a preliminary report with arguments to declare that Vulcan Materials’ Calica mine in Quintana Roo is located within a “protected natural area”, which represents a possible expropriation of its land. The report will be evaluated for 30 days by the governments of the state of Quintana Roo, as well as by social organizations, indigenous communities and universities, reported the Secretariat of Environment and Natural Resources (Semarnat) in a statement sent on Thursday. Vulcan Materials said in May that it received an offer from the Government of Mexico that “substantially undervalues” its property. According to Andres Manuel Lopez Obrador, the Administration offered to buy the firm’s assets on the Caribbean coast for USD $2B. Last May, U.S. senators warned that Mexico’s expropriation of Vulcan land would force them to consider “all available resources” to prevent “the theft of this property,” according to a letter officials sent to the Mexican Foreign Minister Alicia Bárcena.
Tocvan Ventures Corp., and JV Colibri Resource Corp., reported the best drilling intercepts in Mexico on the third week of July, 2024. Details are shown in the table below:

ON EXPLORATION

Kingsmen Resources Ltd., announced that it has completed an evaluation and interpretation of the ground magnetic data covering the entire Las Coloradas project area in Chihuahua. It has identified two prominent magnetic bodies within a halo of weaker magnetics, and are interpreted to be shallow and probably linked to intrusives. Very positively, the structural picture appears to define a cymoid loop, a feature that generates multiple dilation zones that may host mineralization in both NW- and NE-trending zones along strike and at depth. These will be targets for drill testing. The project is prospective for epithermal precious metal, skarn and porphyry mineralization.
Silver Wolf Exploration Ltd., provided an update on its Ana Maria project in Durango. The company has been planning the upcoming drill program at the El Soldado Claim at the Ana Maria project. “Activities that have been completed to date include: preparing and fine tuning the drill targets, finalizing drilling and QA/QC procedures, selecting a drill contractor to conduct the drilling work, updating and revising the drill budget to reflect the change in Mexican Peso and inflationary costs, finalizing access agreements with the local communities for drilling activities, staffing the appropriate positions to conduct the program with contractors and employees”.

ON MINING

Americas Gold and Silver Corporation reported Q2, 2024 production results at its Cosalá operation mine in Sinaloa. It focused on mining the Main Zone at the San Rafael Mine and produced approximately 170K Oz Ag, 8.9M Lb Zn, and 2.6M Lb Pb. Silver production from the Cosalá Operations is expected to increase quarter-over-quarter.
Avino Silver & Gold Mines Ltd., released production results for the Q2, 2024 at their Avino and La Preciosa mines in Durango. At Avino, the company processed 130,983 tonnes of 71 g/t Ag, 0.49 g/t Au, and 0.51% Cu with metallurgical recoveries of 88%, 70%, and 88% respectively, to produce 262.9K Oz Ag, 1,456 Oz Au, and 1.3M Lb Cu. At La Preciosa, it processed 9.951 tonnes of 133 g/t Ag and 0.28 g/t Au with metallurgical recoveries of 71% and 63% respectively, to produce 30.1K Oz Ag and 58 Oz Au.
First Majestic Silver Corp., announced Q2, 2024 production results from their Mexican operations. Table below shows mine by mine results:

The Company’s financial results for the second quarter of 2024 are scheduled to be released on Thursday, August 1, 2024. The company also provided an updated guidance for H2 and full year 2024. Tables below show mine by mine details:

Bear Creek Mining Corporation reported Q2, 2024 production results at its Mercedes mine in Sonora. The company processed 95,727 tonnes of 3.23 g/t Au, with a metallurgical recovery of 93% to produce 9,304 Oz Au and 40,893 Oz Ag.
Minera Alamos Inc., provided a brief operations update for its Santana gold mine in Sonora. The company initiated mining and stacking operations at the Nicho Main Zone of its Santana mine. As of the end of June, approximately 900 Oz Au have been stacked on the leach pad, with expectations to increase output to 1,300-1,500 ounces in the coming month. The company is improving access to the mineralization and plans to activate additional trucks to enhance operational efficiency. The average gold grade is around 0.9 g/t, and optimization efforts are underway to improve blasting and crushing processes. Overall, the operations are progressing well, with a focus on returning to a steady state of production as gold prices strengthen.

ON FINANCING

Aztec Minerals Corp., announced a non-brokered private placement financing of up to 8,333,334 units of the Company at a price of CAD $0.18 per unit for gross proceeds of up to CAD $1.5M. Part of the gross proceeds will be used to fund ongoing expenses at the Cervantes Project in Sonora, and for general working capital and corporate expenses.
Garibaldi Resources Corp., applied to the TSX Venture Exchange to extend warrant expiry dates. The original term of the Warrants was two years, of which 2,664,472 warrants (the “FT Warrants”) currently expire on July 22, 2024 and 181,250 warrants (the “NFT Warrants”) currently expire on September 16, 2024. The Company proposes to extend the expiry date for a one year period to July 22, 2025 for the FT Warrants and to September 16, 2025 for the NFT Warrants. None of the Warrants to be amended were issued to finders or agents. No other terms of the Warrants are to be amended and the exercise price remains at $0.55 (Tonichi project, Sonora).
Regency Silver Corp., announced a non-brokered private placement financing for gross proceeds of up to CAD $2.5M, consisting of 16.6M units at a price of CAD $0.15 per unit. Gross proceeds will be used for the upcoming drill program on the company´s Dios Padre project in Sonora, and for general working capital.
Sailfish Royalty Corp., reported that the TSX Venture Exchange has accepted a notice filed by the Company of its intention to make a Normal Course Issuer Bid to be transacted through the facilities of the Exchange. The notice provides that the company may, during the 12-month period commencing July 22, 2024 and ending July 21, 2025, purchase up to 3,539,756 common shares of the company in total, being approximately 5% of the total number of shares outstanding as at July 16, 2024 (Gavilanes project, Durango).
Vizsla Royalties Corp., entered into a debt settlement agreement dated July 3, 2024 with Vizsla Silver Corp to settle outstanding debt of CAD $1,609,312 owing from Vizsla Royalties to Vizsla Silver by issuing 32,186,240 common shares of the company to Vizsla Silver at a deemed price of CAD $0.05 per common share (Panuco project, Sinaloa).

ON RESOURCES AND DEVELOPMENT

Tocvan Ventures Corp., and its JV Colibri Resource Corp., reported results of five RC drill holes from its El Pilar project in Sonora. Drilling highlights include hole JES-24-95 with 0.15 g/t Au, 1 g/t Ag, and 0.4% Zn over 76.25m, including 0.19 g/t Au, 2 g/t Ag, and 1.49% Zn over 16.78m, including 0.16 g/t Au, 3 g/t Ag, and 2.78% Zn over 7.63m, plus 0.83 g/t Au, 1g/t Ag, and 0.12% Z over 5.09m, and hole JES-24-94 with 0.06 g/t Au and 2 g/t Ag over 120.48m, including 0.09 g/t Au, 3 g/t Ag, and 0.15% Zn over 64.05m, including 0.17 g/t Au, 5 g/t Ag, and 0.22% Zn over 24.04m, including 1.26 g(/t Au, 37 g/t Ag, 0.55% Pb, and 1.16% Zn over 1.53m, plus 0.46 g/t Au, 26 g/t Ag, 0.12% Pb, and 0.57% Zn over 1.52m, plus 0.37 g/t Au, 5 g/t Ag, 0.6% Pb, and 3.05% Zn over 3.05m. Results for three drillholes are currently pending analysis.
Bendito Resources Inc., acquired a flotation plan and is finalizing economic studies for critical minerals production from its Oposura project, Sonora. The company also acquired stationary and mobile equipment, including laboratory equipment, primary and secondary mining equipment, blast hole and exploration drills, and other necessary support equipment typically used at mine sites. “The general arrangement of the mine site and related agency approvals are ongoing ahead of anticipated earth and civil works later this year. It is expected that the plant will be operational at the Oposura site in the second half of 2025”.

ON DEALS AND CORPORATE ISSUES

Alamos Gold Inc., entered into a gold sale prepayment agreement for total consideration of USD $116 million in exchange for the delivery of 49,384 ounces in 2025. The proceeds of the gold prepayment were used to eliminate gold forward purchase contracts, previously entered into by Argonaut Gold, totalling 179,417 ounces in 2024 and 2025 with an average price of USD $1,838 per ounce. As part of the recently closed acquisition of Argonaut, Alamos inherited Argonaut’s hedge book which included gold forward purchase contracts totaling 329,417 ounces between 2024 and 2027. The average forward prices on the contracts ranged between USD $1,821 and USD $1,860 per ounce (Mulatos mine, Sonora).
Golden Minerals Company announced that it has received payment in full of $2.5M plus VAT for the sale of its Velardeña Mine and associated facilities and title has been transferred to a privately held Mexican company. Further and in connection with the Agreements, there has been a delay in the closing of the Minera William agreement entered into to sell the oxide processing plant and the water wells, located in Durango State, Mexico. To date, the Company has received partial payments in the amount of $373,000 for these assets. The remaining $2,627,000, plus VAT on the full sale price, was due on July 1.
Sierra Madre Gold and Silver Ltd., announced that it has secured a binding off-take agreement with Swiss-based global minerals trader MRI Trading AG for 100% of concentrate sales from its La Guitarra mine, Mexico.
US Antimony Corporation reported the appointment of its Vice President of the company´s Antimony Division (Los Juarez project, Queretaro).
GR Silver Mining Ltd., closed the transaction to acquire 100% of the issued and outstanding shares of Marlin Gold Mining Ltd. Marlin is a private British Columbia company which owns, amongst other assets, Oro Gold de Mexico, S.A. de C.V., a private Mexican company that owns 100% of nine concessions, including the past producing La Trinidad mine, located adjacent to the Company’s core Plomosas project, Sinaloa.
Florida Canyon Gold Inc., entered into a binding agreement to sell its interests in the San Agustin mine, El Castillo mine, La Colorada mine, Cerro del Gallo project and San Antonio project (collectively the “Mexican Business Unit”) to Heliostar Metals Ltd. At closing, Heliostar will pay cash consideration of USD $5M to the Corporation. In addition, the Corporation is entitled to cash generated by the Mexican Business Unit prior to July 11, 2024 and cash of USD $5M generated from operating cash flow after July 16, 2024, subject to a minimum of USD $2M of net working capital being left in the Mexican Business Unit on closing.
Florida Canyon Gold Inc., advised the market that processes are underway to review strategic alternatives to maximize shareholder value on the Mexican business unit (El Castillo mine, Durango).
Florida Canyon Gold Inc., announced it has commenced trading on the TSX Venture Exchange. Common shares of the company will commence trading on the TSXV at the opening of the market on July 16, 2024, under the symbol “FCGV” (El Castillo mine, Durango).
Heliostar Metals Ltd., entered into a binding agreement with Florida Canyon Gold Inc (FCGI) to acquire a 100% interest in all of FCGI’s mining assets in Mexico for consideration of USD $5M. The projects being acquired were recently spun out from Argonaut Gold Inc. Pursuant to the transaction, Heliostar will acquire those FCGI subsidiaries which collectively own 100% of the following properties: La Colorada Mine, located in Sonora, producing gold from residual leaching of gold while on care and maintenance; San Agustin Mine (formerly the El Castillo Complex), an open pit heap leach gold mine, San Agustin, and a closed open pit heap leach gold mine, El Castillo, located in Durango; Cerro del Gallo, an advanced gold development project located in Guanajuato; and San Antonio, an advanced gold development project located in Baja California Sur. The transaction is expected to close in October 2024. “As a condition to closing of the transaction, Heliostar and FCGI will enter into an agreement eliminating (a) up to USD $20M in contingent payments, which become payable to FCGI pursuant to the agreement under which Heliostar acquired the Ana Paula Project, and (b) up to USD $150M in conditional option payments and the issuance of a 2% net smelter returns royalty on the San Antonio Project, which might have become payable pursuant to the agreement under which Heliostar acquired an option on the San Antonio Project”.
Sierra Metals Inc., announced the completion of the sale of the Cusi mine and surrounding mineral concessions located in Chihuahua to Minera San Bernabé, S.A. de C.V., a subsidiary of Silverco Mining Corp. (SMC). The company sold the Cusi Mine for USD $2.5M in cash and a 2.0% net smelter royalty in respect of the Cusi Mine granted in favour of Sierra Metals. SMC has the right to purchase one-half of the royalty at any time in exchange for a cash payment to Sierra Metals of USD $5.0M.

ON SOCIAL RESPONSIBILITY

SilverCrest Metals Inc., released its 2023 ESG report, which primarily focuses on its Las Chispas mine in Sonora, and also encompasses the surrounding communities in which it operates.
Alamos Gold Inc., released its 2023 ESG report, which outlines the company’s progress on its ESG performance in 2023 across its operations, projects and offices (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 above, vuggy silica in a high sulphidation epithermal system in a project in Jalisco, Mexico. Photo taken by Miguel A Heredia.

The Mining and Exploration News in Mexico: Highlights on the Third Week of April, 2024

April 21, 2024 / gambusinoprospectormexico / Leave a comment

Quartz Vein with Sulphides

By Miguel A Heredia

During the 16^thweek of the year (April 15^thto April 21^st, 2024), at least 31 press releases were announced by companies working in Mexico, with seven reporting resources and development of their properties, six announcing financing rounds, six informing on exploration results, six communicating production results, five disclosing deals and corporate issues, and one commenting on Mexican issues. ON MEXICO ISSUES, Fortuna Silver, Prime Mining, Silver Tiger, Goldgroup, and Impact Silver reported the best drilling intercepts in Mexico on the third week of April, 2024. ON EXPLORATION, In Sonora, Tocvanhas discovered an expansive set of mineralized trends of veining and epithermal style alteration with elevated Au, Ag, As, Sb, Pb and Zn in its Greater Pilar gold-silver project, and Silver Spruce along with its JV partner Colibri announced the commencement of the 2024 drilling program at Diamante project. In Chihuahua, Kingsmen has reported high-grade samples from the Soledad II vein structure on the Las Coloradas project. In Sinaloa, Vizsla entered into an agreement to acquire two large claims comprising 10,667 hectares. In Durango, Silver Dollar reported surface sampling results from its Nora property. In Zacatecas, Defiance announced that it has delineated a high grade polymetallic and precious metal systems at its Lucita project. ON MINING, Bear Creek, Impact Silver, First Majestic, Avino, Gold Resource, and Sierra Metals reported production and/or financial results from their Mexican mine operations. ON FINANCING, Infinitum Copper announced completion of share consolidation and provided an update on private placement (La Adelita project, Sonora). Minaurum reported a brokered private placement for gross proceeds of up to CAD $6M (Alamos Silver project, Sonora). Reyna Silver announced a non-brokered Listed Issuer Financing Exemption (LIFE) for gross proceeds of CAD $1M (Guigui and Batopilas projects, Chihuahua). Vortex increased its previously announced non-brokered private placement to up to $1.75M (Riqueza Marina and Zaachila projects, Oaxaca). Capitan Silver closed its private placement of common shares for gross proceeds of CAD $2M (Cruz de Plata project, Durango). Tocvan filed an amendment and restated offering document in connection with its previously announced non-brokered private placement (Pilar project, Sonora). ON RESOURCES AND DEVELOPMENT, Fortuna Silver reported drill results on its Yessi exploration program at the San Jose mine in Oaxaca. Minera Alamos provided an operations update on its Santana mine in Sonora. Prime Mining reported generative drilling results from its Los Reyes project in Sinaloa. Guanajuato Silver filed updated technical reports on SEDAR+ (Valenciana, San Ignacio, and El Cubo in Guanajuato and Topia in Durango). Silver Tiger provided an update on the pre-feasibility study drilling program on the Stockwork gold deposit on its El Tigre project in Sonora. Goldgroup reported drill results from its Cerro Prieto property, Sonora. Impact Silver reported results from its ongoing drilling program at the Tres Amigos Zone at its Plomosas mine, Chihuahua. ON DEALS AND CORPORATE ISSUES, Quetzal Copper announced the acquisition of Las Cristinas project, Chihuahua. Xali signed a letter of intent to enter a purchase agreement with Kappes, Cassiday & Associates on the Mexican Mine Tailings Reprocessing Project at El Oro in Mexico State. Solaris Resources received approval to list its common shares on the New York Stock Exchange (NYSE) (La Verde property, Michoacan). Silver Bull reported results from its annual general meeting of shareholders (Sierra Mojada project, Coahuila). Endeavour announced the appointment of a new member to its Board of Directors (Terronera, Jalisco). ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUE

Fortuna Silver, Prime Mining, Silver Tiger Metals Inc., Goldgroup, and Impact Silver reported the best drilling intercepts in Mexico on the third week of April, 2024. Details are shown in the table below:

ON EXPLORATION

Tocvan Ventures Corp., has discovered an expansive set of mineralized trends and an area of 1,500m by 800m of veining and epithermal style alteration with elevated Au, Ag, As, Sb, Pb and Zn in its Greater Pilar gold-silver project in Sonora. The sampling has identified the source rocks for placer mining activity and expanded the known footprint of mineralization of the Greater Pilar system. Highlights from sampling include 7.3 g/t Au with 177 g/t Ag; 5.5 g/t Au with 80 g/t Ag; and 1.8 g/t Au with 389 g/t Ag. The area has seen no previous systematic exploration and remains open to the east and the north. The company plans to evaluate these areas and prepare a drilling plan to test the targets. The Pilar property is interpreted as a structurally controlled low-sulfidation epithermal system hosted in andesite rocks that has returned some of the region’s best drill results.
Silver Spruce Resources Inc., along with its JV partner Colibri Resource Corporation announced the commencement of the 2024 drilling program at Diamante project in Sonora. It will test the Pillado polymetallic target and will consist of 1,050m in ten core holes.
Kingsmen Resources Ltd., has reported high-grade samples from the Soledad II vein structure on the Las Coloradas project in Chihuahua, detecting both gold and silver mineralization. A total of 32 residual mineralization samples were tested, with four areas of “high-grade silver mineralization” detected on the main Soledad II structure and one on a NE-cross structure. Highlights include 9 samples with > 300 g/t AgEq; 4 > 200 g/t AgEq; 3 > 100 g/t AgEq; and 8 > 0.58 g/t Au. The mineralization is likely to extend below a water table at a depth of around 125 metres, and blind extensions to the existing mineralized structures and new structures could be probable at depth.
Vizsla Silver Corp., entered into an agreement to acquire El Richard and San Enrique (San Enrique prospect), two large claims comprising 10,667 hectares located south and partially adjacent to the company’s Panuco project in Sinaloa. The area shows promising geological features such as dome complexes, quartz veining, and breccias. With preliminary geophysical surveys completed, Vizsla Silver plans to conduct further exploration activities to aid in drill targeting. This acquisition aligns with the company’s strategy to expand its presence in the Sinaloa Silver Belt and enhance its exploration portfolio. The San Enrique prospect offers significant upside potential and complements Vizsla Silver’s existing projects in the region, positioning the company as a key player in silver exploration and development in Mexico. Pursuant to the acquisition agreement, the company has agreed to issue an aggregate of USD $650K in common shares in the capital of the company, at the exchange rate and market price applicable on the effective date, plus any applicable value added tax to the seller.
Silver Dollar Resources Inc., reported surface sampling results from its Nora property in Durango. Highlights include twenty one samples grading over > 100 g/t Ag; ten samples > 200 g/t Ag; four samples > 500 g/t Ag; and two samples > 1,000 g/t Ag. Sample R-053 returned 29.61 g/t Au over 0.35m, confirming the presence of high-grade gold in the Candy vein structure. Sample RM-1009 returned 2,215 g/t Ag over 0.8m, and sample RM-1013 retuned 1,212 g/t Ag over 1m, confirming the presence of high-grade silver in the Candy vein structure. Five samples returned grades > 1% Cu, with two > 3% Cu. Elevated levels of Zn (seven samples > 1% Zn) and Pb (twenty samples > 1% Pb) are also encouraging as they seem to be the best pathfinders for geochemistry.
Defiance Silver Corp., announced that it has delineated a high grade polymetallic and precious metal systems at its Lucita project in Zacatecas. Lucita North showcases polymetallic mineralization with high-grade silver and anomalous to high-grade lead, zinc, gold, and copper. The Gloria-Aurora-Plomosa system is a key target due to its significant surface geochemical anomalies. Individual surface sampling highlights include Gloria Zone sample 430012 with 331 g/t Ag, 0.15 Au, 6.9% Pb, 14.7% Zn, and 0.35% Cu; sample 430009 with 552 g/t Ag and 1.34% Pb; Aurora Zone sample 430179 with 298 g/t Ag, 3.15% Pb, and 0.1% Zn; sample 430027 with 795 g/t Ag; Plomosa Zone sample 430106 with 652 g/t Ag, 0.32 g/t Au, 6.5% Pb, 2.3% Zn, and 0.0% Cu; Lucero Vein sample 110785: 460 g/t Ag, 4.76 g/t Au, 6.3% Pb, 31.5 % Zn, and 0.87% Cu. Lucita South features low-sulfidation epithermal vein systems with high-grade silver and gold. Individual surface sampling highlights include Paty Vein sample 4208 with 2,350 g/t Ag and 0.27 Au; Lucita Vein sample 110895 with 497 g/t Ag and 1.28 g/t Au; and Palenque Vein sample 110834 with 712 g/t Ag and 0.26 g/t Au.

ON MINING

Bear Creek Mining Corporation reported Q1, 2024 production results from its Mercedes mine in Sonora. The company mined 106,365 tonnes and processed 109,880 tonnes of 3.69 g/t Au with metallurgical recoveries of 94% to produce 12,128 Oz Au and 44,040 Oz Ag.
Impact Silver Corp., reported year-end 2023 production and financial results from its Zacualpan mining district, Mexico State and Plomosas mine, Chihuahua. At Zacualpan mining district, the company milled 147,444 tonnes of 160 g/t Ag to produce 637,514 Oz Ag and sold 636,655 Oz Ag and 780 Oz Au. It reported revenue of $136.62 per tonne sold and direct costs of $130.58 per production tonne. At Plomosas, the company reported 3,744 tonnes of 13.8% Zn during Q4, 2024 after acquiring the mine and reported revenue of $141.51 per tonne milled. Impact also reported 2023 consolidated results reporting $20-8M in revenue; an operation loss of 0.6M; after investing exploration expenditures of $8.5M; and net loss of $7.6M. The company has no long-term debt.
First Majestic Silver Corp., announced Q1, 2024 production results from their Mexican mines. The table below shows mine by mine production:

The company is planning to release its first quarter 2024 unaudited financial results and announce details regarding its first quarter dividend payment on May 8, 2024.

Avino Silver & Gold Mines Ltd., reported Q1, 2024 production results from its Avino mine, Durango. The company milled 169,595 tonnes of 52 g/t Ag, 0.47 g/t Au, and 0.43% Cu with metallurgical recoveries of 88%,70%, and 84% respectively, to produce 250.&K Oz Ag, 1,788 Oz Au, and 1.35M Lb Cu (629.3K Oz AgEq).
Gold Resource Corporation announced Q1, 2024 production results from its Arista mine, Oaxaca. The company milled 116,616 tonnes of 2.51 g/t Au, 109 g/t Ag, 0.45% Cu, 1.6% Pb, and 4.3% Zn to produce 7,676 Oz Au, 370,768 Oz Ag, 909,400 Lb Cu, 2,963,520 Lb Pb, and 9,403,520 Lb Zn and sold 3,557 Oz Au, 216,535 Oz Ag, 501,360 Lb Cu, 1,494,080 Lb Pb, and 3.767,680 Lb Zn at average metal prices realized of USD $2,094 per Oz Au, USD $23 per Oz Ag, USD $8,546 per tonne Cu, USD $1,977 per tonne Pb, and USD $2,482 per tonne Zn.
Sierra Metals Inc., reported Q1, 2024 production results from its Bolivar mine in Chihuahua. The company processed 398,230 tonnes of 0.98% Cu, 20 g/t Ag, and 0.47 g/t Au with metallurgical recoveries of 92.66%, 81.46%, and 66.54% respectively to produce 7.96M Lb Cu, 204K Oz Ag, and 4K Oz Au.

ON FINANCING

Infinitum Copper Corp., announced completion of share consolidation and provided an update on private placement. Infinitum Copper Corp. has successfully completed a share consolidation, with a ratio of two pre-consolidation common shares for one post-consolidation common share. This consolidation will reduce the total number of outstanding common shares from 74,563,040 to approximately 37,281,520. The move aims to enhance the company’s flexibility and attractiveness to a wider investor base. The company’s securities will trade under the symbol “INFI” on the TSX Venture Exchange, signifying increased market appeal. Additionally, the company will provide further updates on its private placement following the consolidation (La Adelita project, Sonora).
Minaurum Gold Inc., reported a brokered private placement for gross proceeds of up to CAD $6M from the sale of 24M units of the company at a price of CAD $0.25 per unit. Each unit will consist of one common share of the company and one half of one common share purchase warrant. The company intends to use the net proceeds from the offering to complete a National Instrument 43-101 resource at the Alamos Silver project, to continue exploration drilling and for working capital and general corporate purposes.
Reyna Silver Corp., announced a non-brokered Listed Issuer Financing Exemption (LIFE) for gross proceeds of up to CAD $1M from the sale of 6.25M units at a price of CAD $0.16 per unit. Each unit will consist of one common share of the company and one common share purchase warrant. Part of the gross proceeds will be used for the exploration of Guigui and Batopilas projects, Chihuahua.
Vortex Metals Inc., increased its previously announced non-brokered private placement to up to $1.75M from the sale of 19,444,444 units at a price of $0.09 per unit. Each unit will be comprised of one common share in the capital of the company and one-half of one non-transferable common share purchase warrant (Riqueza Marina and Zaachila projects, Oaxaca).
Capitan Silver Corp., closed its private placement of common shares for gross proceeds of CAD $2,020,000 from the sale of 13,466,667 shares at a price of CAD $0.15 per share. Gross proceeds will be used to continue to advance the Cruz de Plata gold-silver project in Durango, evaluate potential acquisitions as well as to fund working capital and general corporate expenses.
Tocvan Ventures Corp, filed an amendment and restated offering document in connection with its previously announced non-brokered private placement pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106. The amended document was redated after the company addressed regulatory comments regarding available working capital. The company expects to close the offering within the upcoming days, subject to obtaining all necessary corporate and regulatory approvals.

ON RESOURCES AND DEVELOPMENT

Fortuna Silver Mines Inc., reported drill results on its Yessi exploration program at the San Jose mine in Oaxaca. Drilling highlights (true width reported) include holes SJO-1444 with 6.68 g/t Au and 793 g/t Ag (1,327 g/t AgEq) over 3m, including 27.15 g/t Au and 2,963 g/t Ag (5,135 g/t AgEq) over 0.3m; hole SJO-1447 with 1.41 g/t Au and 182 g/t Ag (295 g/t AgEq) over 4.8m, including 1.62 g/t Au and 244 g/t Ag (374 g/t AgEq) over 0.65m, including 5.76 g/t Au and 880 g/t Ag (1,341 g/t AgEq) over 0.50m; hole SJO-1455A with 0.9 g/t Au and 107 g/t Ag (179 g/t AgEq) over 17.5m, including 1.25 g/t Au and 135 g/t Ag (236 g/t AgEq) over 7.7m, plus 1.73 g/t Au and 196 g/t Ag (335 g/t AgEq) over 2m, including 2.89 g/t Au and 335 g/t Ag (366 g/t AgEq) over 1m, plus 1.22 g/t Au and 162 g/t Ag (260 g/t AgEq) over 1.1m, including 7.21 g/t Au and 417 g/t Ag (1,494 g/t AgEq) over 0.1m; hole SJO-1458 with 2.11 g/t Au and 284 g/t g (453 g/t AgEq) over 4.8m, including 2.61 g/t Au and 285 g/t Ag (494 g/t AgEq) over 0.4m, including 4.32 g/t Au and 644 g/t Ag (990 g/t AgEq) over 0.7m, including 4.59 g/t Au and 508 g/t Ag (875 g/t AgEq) over 0.7m, including 3.19 g/t Au and 478 /t Ag (733 g/t AgEq) over 0.8m; and hole SJO-1460 with 1.16 g/t Au and 98 g/t Ag (191 g/t AgEq) over 1,3m, plus 6.29 g/t Au and 533 g/t Ag (1,036 g/t AgEq) over 8.10m, including 3.67 g/t Au and 531 g/t Ag (825 g/t AgEq) over 1m, including 18.41 g/t Au and 1,437 g/t Ag (2,910 g/t AgEq) over 2.4m. “Drilling on the Yessi vein has continued with the dual objectives of firstly testing for the limits of the Yessi vein and secondly infilling the drill spacing to support initial resource estimation and mining studies”.
Minera Alamos Inc., provided an operations update on its Santana mine in Sonora. The company is progressing with the operational ramp-up at its Santana gold mine in Sonora, Mexico. The contractor has mobilized at the mine site, preparing for mining activity at the Nicho Main zone. Equipment maintenance and road preparation are underway to enhance operational flexibility. New sampling procedures and controls are being implemented to optimize conditions for the Nicho Main zone, with a focus on maximizing gold recoveries. The company is also testing a new dust suppressant system to improve air quality and reduce water consumption. Overall, the mining plans at the Nicho Main zone aim to increase mining and stacking activities, with initial benefits expected in Q3 of 2024.
Prime Mining Corp., reported drilling results from its Los Reyes project in Sinaloa. These results are from 2024 drilling at the Las Primas generative target. Highlights include (true widths reported) holes 24LP-30 with 0.8 g/t Au and 75 g/t Ag (1.77 g/t AuEq) over 9.6m, including 1.73 g/t Au and 182 g/t Ag (4.08 g/t AuEq) over 2.8m, plus 1.09 g/t Au and 96 g/t Ag (2.33 g/t AuEq) over 2.2m, including 1.49 g/t Au and 129 g/t Ag (3.16 g/t AuEq) over 1.3m, plus 1.26 g/t Au and 75 g/t Ag (2.23 g/t AuEq) over 5.7m, including 4.99 g/t Au and 278 g/t Ag (8.59 g/t AuEq) over 1.2m, plus 2.22 g/t Au and 187 g/t Ag (4.64 g/t AuEq) over 3m, plus 4.07 g/t Au and 598 g/t Ag (11.81 g/t AuEq) over 3m, including 6.77 g/t Au and 1,007 g/t Ag (19.8 g/t AuEq) over 1.7m; hole 24LP-33 with 0.58 g/t Au and 53 g/t Ag (1.27 g/t AuEq) over 7m, including 1.6 g/t Au and 201 g/t Ag (4.2 g/t AuEq) over 1.6m, plus 1.44 g/t Au and 153 g/t Ag (3.42 g/t AuEq) over 9.4m, including 1.94 g/t Au and 196 g/t Ag (4.48 g/t AuEq) over 5m, and including 1.57 g/t Au and 201 g/t Ag (4.17 g/t AuEq) over 1.5m, plus 0.92 g/t Au and 80 g/t Ag (1.96 g/t AuEq) over 5.7m, including 2.63 g/t Au and 245 g/t Ag (5.8 g/t AuEq) over 1.6m, plus 0.68 g/t Au and 76 g/t Ag (1.67 g/t AuEq) over 3.8m, including 1.31 g/t Au and 148 g/t Ag (3.23 g/t AuEq) over 1.5; hole 24LP-24 with 0.83 g/t Au and 71 g/t Ag (1.75 g/t AuEq) over 3.7m; and hole 24LP-28 with 1.21 g/t Au and 42 g/t Ag (1.75 g/t AuEq) over 3.8m, including 1.78 g/t Au and 75 g/t Ag (2.75 g/t AuEq) over 2.1m.
Guanajuato Silver Company Ltd., filed updated National Instrument 43-101 technical reports on SEDAR+. The updated technical reports cover the Valenciana, San Ignacio, and El Cubo in Guanajuato, and Topia in Durango.
Silver Tiger Metals Inc., provided an update on the pre-feasibility study drilling program on the Stockwork gold deposit on its El Tigre project in Sonora. Drilling highlights include holes ET-23-527 with 0.55 g/t Au and 17 g/t Ag (0.78 g/t AuEq or 58 g/t AgEq) over 74m, including 0.90 g/t Au and 96 g/t Ag (2.19 g/t AuEq or 164 g/t AgEq) over 9.2m, including 1.04 g/t Au and 5 g/t Ag (1.11 g/t AuEq or 83 g/t AgEq) over 25.2m; hole ET-23-529 with 0.91 g/t Au and 6 g/t Ag (0.99 g/t AuEq or 74 g/t AgEq) over 42.5m, including 1.09 g/t Au and 7 g/t Ag (1.18 g/t AuEq or 89 g/t AgEq) over 33m, including 1.57 g/t Au and 1 g/t Ag (1.58 g/t AuEq or 119 g/t AgEq) over 8m, including 1.27 g/t Au and 11 g/t Ag (1.42 g/t AuEq or 106 g/t AgEq) over 18m; hole ET-23-530 with 0.51 g/t Au and 2 g/t Ag (0.54 g/t AuEq or 41 g/t AgEq) over 10.9m, plus 0.68 g/t Au and 4 g/t Ag (0.73 g/t AuEq or 55 g/t AgEq) over 56.9m, including 0.86 g/t Au and 5 g/t Ag (0.92 g/t AuEq or 69 g/t AgEq) over 27.7m, including 0.93 g/t Au and 6 g/t Ag (1.01 g/t AuEq or 76 g/t AgEq) over 18.7m; and hole ET-23-18 with 0.69 g/t Au and 5 g/t Ag (0.76 g/t AuEq or 57 g/t AgEq) over 19m, plus 0.40 g/t Au and 2 g/t Ag (0.43 g/t AuEq or 32 g/t AgEq) over 35m, plus 0.07 g/t Au and 67 g/t Ag (0.96 g/t AuEq or 72 g/t AgEq) over 16.9m, including 0.2 g/t Au and 487 g/t Ag (6.7 g/t AuEq or 502 g/t AgEq) over 2m, and 0.08 g/t Au and 102 g/t Ag (1.44 g/t AuEq or 108 g/t AgEq) over 3m. Silver Tiger has completed 23,000m of a 25,000m drilling program focused on expanding the Mineral Resource, up-grading the classification, completing metallurgical test work and geotechnical studies as it progresses from an exploration to a development project. The pre-feasibility study progress is on schedule for publication in H2-2024.
Goldgroup Mining Inc., reported drill results from its Cerro Prieto property in Sonora. To date there are 17 core holes in Nueva Esperanza Zone, of which 8 core holes have no economic value. Drilling highlights are shown in the table below:

Impact Silver Corp., reported results from its ongoing drilling program at the Tres Amigos Zone at its Plomosas mine, Chihuahua. Drilling highlights include holes TASC-24-28 with 10.2% Zn, 0.5% Pb, and 8 g/t Ag over 8.6m, including 14.7% Zn, 0.7% Pb, and 11 g/t Ag over 5.5m, including 23.6% Zn, 0.8% Pb, and 15 g/t Ag over 2.6m, including 30.1% Zn, 0.9% Pb, and 14 g/t Ag over 1.1m; hole TASC-24-29 with 10.5% Zn, 5.5% Pb, and 32 g/t Ag over 1.85m, including 17.9% Zn, 10.2% Pb and 5 g/t Ag over 1.5m; and hole TASC-24-32 with 4.2% Zn, 2.4% Pb, and 13 g/t Ag over 11.7m, including 30.1% Zn, 18% Pb, and 84 g/t Ag over 0.8m. “The Tres Amigos Zone remains open for expansion and drilling is continuing. High priority targets have been identified for drilling elsewhere on the property”.

ON DEALS AND CORPORATE ISSUES

Quetzal Copper Corp., announced the acquisition of Las Cristinas project, Chihuahua. The company entered into an agreement with Polaris Resources S.A. de C.V. (Property Vendors), to acquire all the issued and outstanding shares of Polaris and must make a USD $50K payment to Polaris by April 9, 2025. Quetzal will also assume the responsibility to make the underlying option payments on the Cristinas Project to the Property Vendors as follows: (i) cash payments of USD $100K on each of May 12, 2024, May 12, 2025, and May 12, 2026, to the Vendors; (ii) the issuance of USD $500K worth of common shares of Quetzal on each of May 12, 2025, May 12, 2026, and May 12, 2027, to the Vendors; and (iii) complete USD $1M in exploration on the Cristinas Project on or before December 31, 2025.
Xali Gold Corp., signed a letter of intent (LOI) to enter a purchase agreement with Kappes, Cassiday & Associates (KCA) on the Mexican Mine Tailings Reprocessing Project at El Oro in Mexico State. In order to earn 100% interest in the El Oro Tailings Project, KCA has agreed to pay Xali Gold USD $25K on signing; an additional USD $25K three months after signing the LOI agreement; and USD $!00K six months after signing the LOI agreement. This agreement entails royalty payments, with KCA paying Xali Gold a gross royalty of 4% of sales income from gold and silver produced, with the option to buy a 1% royalty for USD $1M. KCA will also make minimum royalty payments until a total of USD $1M has been paid to Xali Gold. Additionally, KCA will pay the Municipality of El Oro an 8% Net Profits Interest on production. The project contains significant inferred resources of gold and silver. The agreement allows Xali Gold to pay outstanding mineral rights fees and fund exploration at the El Oro Project.
Solaris Resources Inc., received approval to list its common shares on the New York Stock Exchange (NYSE) under the symbol “SLSR”. Concurrent with the start of trading on the NYSE, the company’s common shares will cease trading on the OTCQB Venture Market (La Verde property, Michoacan).
Silver Bull Resources Inc., reported results from its annual general meeting of shareholders (Sierra Mojada project, Coahuila).
Endeavour Silver Corp., announced the nomination of a new member to its Board of Directors (Terronera, Jalisco).

ON SOCIAL RESPONSIBILITY

No relevant news.

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

On the picture above, quartz vein in an intermediate sulphidation epithermal vein system in a project in Sonora, Mexico. Photo taken by Miguel A Heredia.

The Mining and Exploration News in Mexico: Highlights on the Third Week of July 2023

July 23, 2023 / Gambusino Prospector / Leave a comment

By Jorge Cirett During the 29^thweek of the year (July 17^th to July 23^rd, 2023), 21 companies working in Mexico posted news releases. Two companies informed on exploration work at its properties and five more reported second quarter 2023 results. One company informed on the closing of a private placement, while six companies reported on work at their advanced properties and six more informed on acquisitions, company’s plans and issues. ON MEXICO ISSUES, mining companies are reflecting the changes in the business environment by making strategic moves, including diversification of the countries they operate in. The coal mine in Coahuila that registered two fatalities during the week had suspension orders since 2022. Mining organization and experts question LitioMx ability to operate, and its almost non-existent budget. ON EXPLORATION, in Sonora, Regency Silver informed on drilling at Dios Padre; Prismo Metals reported on the trenching program at Los Pavitos. In Sinaloa, Prismo Metals informed on drilling at Palos Verdes. ON MINING, Americas Gold and Silver, Bear Creek Mining, First Majestic Silver, Golden Minerals and Avino Silver released production results for Q2 2023. ON FINANCING, Guanajuato Silver announced a bought deal private placement with a sole underwriter. ON RESOURCES AND DEVELOPMENT, Aura Minerals provided an exploration update for Aranzazu, in Zacatecas. First Majestic Silver reported exploration results from San Dimas, in Durango, and from Santa Elena, in Sonora. Heliostar Metals released drilling results from Ana Paula, in Guerrero, including the strongest gold intercept for Mexico in the year. GoGold Resources released drilling results from the Main Area of the Los Ricos South project in Jalisco. Gatos Silver updated on resource definition drilling at its Cerro Los Gatos property in Chihuahua. Endeavour Silver provided a construction update for its Terronera project in Jalisco. ON DEALS AND CORPORATE ISSUES, Riverside Resources provided an outlook of its ongoing activities, including a strengthening of its diversification out from Mexico. Radius Gold informed on the extension of the exclusivity agreement with Fresnillo PLC on the Plata Verde project, in Chihuahua. Newmont included several references to the suspension of activities at Peñasquito, in Zacatecas, on its Q2 2023 report. Golden Tag Resources updated on the La Parrilla (Durango) acquisition from First Majestic. Excellon Resources announced the sudden termination of the acquisition process of La Negra project in Queretaro by the vendor. Sierra Metals informed the conclusion of the “Special Committee” formed last year to tackle the challenging circumstances the company is addressing. ON SOCIAL RESPONSIBILITY, no relevant news. ON MEXICO ISSUES

Editor comments. The hostile stance at the mining industry since the instauration of the present federal administration in Mexico, which culminated with the passing of a mining law that is to practically stop any new exploration plays and make current operations riskier, is rendering results, with companies consolidating plans in their search for greener pastures. Riverside Resources is one of the few companies explicitly making public their diversification plans out from Mexico, but they are certainly not alone. Great Panther Silver is a company that bailed out before the president made the legal move to reflect its personal stance in the industry. Other companies are understandably doing the same, although the widespread anti-mining position in many countries generates second thoughts on the issue.
The Secretaría de Trabajo y Previsión Social (STPS-Work Bureau) pointed that the las visit to the Minera Fuga, in Coahuila, was in August 2022. During the review dangerous conditions were detected. Two workers died last week on the mine after falling 10 meters when the hoist winch failed. STPS ruled access restrictions and limitation of operations, which are still in force, “any operation of the mine is out of the law”.
Mining organizations and experts raise doubts on LitioMx ability to operate. Only US$2 M have been budgeted for exploration and evaluation of lithium deposits in 2023 and 2024. Just Bacanora Lithium has invested more than US$450 M in the definition of resources in its lithium-clay deposit in Sonora, as an example of the unreasonable amounts directed to the search for lithium. This is a large deposit with a questionable economic viability, as lithium is associated to clays, and an economic process to extract the lithium still has to be proved. In the World, 85% of lithium is mined from brines in dry lakes, and the rest from hard-rock pegmatites.

ON EXPLORATION

Regency Silver Corp. announced the completion of the phase 1 of the 2023 drilling program at its Dios Padre project in Sonora. Nine holes were drilled as follow up to the one that intercepted 35.8 m @ 6.84 gpt Au, 0.88% Cu, 22 gpt Ag and 9.8 m @ 13.97 gpt Au, 1.1% Cu, 50 gpt Ag on the 2022 program. Eight of nine holes intersected the target breccia zone down-dip and along strike, with the breccia appearing to widen with depth. A megacrystic quartz-feldspar porphyry appears to be the primary control for copper mineralization, with the high-grade sulfide breccia on the footwall of the porphyry. “The shallower intersections are more pyrite dominant with deeper intersections containing more specularite. Chalcopyrite appears to be highest in abundance where the breccia is proximal to the lower contact of the quartz-feldspar porphyry”. Final results will be released after reception and evaluation.
Prismo Metals Inc. reported that the trenching program at Los Pavitos property in Sonora has been completed. Results for 303 of the 347 samples collected from trenches have been received. “The trenching was generally focused on areas with little outcrop along strike from areas with quartz veining and high-grade surface assays”. Highlighted results comprise 6.4 m @ 0.1 gpt Au; 19.0 m @ 2.2 gpt Au, 23 gpt Ag (including 4.0 m @ 10.3 gpt Au, 104 gpt Ag) at Auras, 18.5 m @ 0.2 gpt Au; 2.1 m @ 1.7 gpt Au; 8.0 m @ 0.5 gpt Au; 7.8 m @ 2.3 gpt Au, 13 gpt Ag; 2.5 m @ 0.9 gpt Au, 70 gpt Ag; 17.70 m @ 0.13 gpt Au at Santa Cruz and 1.40 m @ 0.74 gpt Au at Española.
Prismo Metals Inc. is in the process of completing a 2,500 m drill program on its Palos Verdes project, in Sinaloa. The program was designed to test areas without previous drill access. Eight holes have been completed for a total of 1,500 m and assays have been received for the first seven holes. Results are expected to be announced next week.

ON MINING

Americas Gold and Silver Corp. provided Q2-2023 production results. The Cosalá operations in Sinaloa produced 335 K Oz Ag, 3.9 M Lb Pb, 9.9 M Lb Zn, benefitting from higher grade Ag areas in the upper zone of the San Rafael mine.
Bear Creek Mining Corp. announced production results for the second quarter of 2023. At the Mercedes mine in Sonora, 9,199 Oz Au, 39.8 K Oz Ag were produced by mining 121.5 K tonnes, processing 125.1 K tonnes grading 2.41 gpt Au, with a recovery of 94.54% Au during the period. Cut and fill mining was revised to room and pillar mining at San Martin and sub-level caving and sub-level stoping at Marianas. “Tonnes mined from the San Martin deposit are expected to double from 400 to 800 tonnes per day during Q3 2023 as the available working faces increase. The San Martin deposit contains 289k tonnes in Measured and Indicated Resources at an average grade of 6.6 g/t gold and is projected to account for roughly 50% of Mercedes’ gold production in the second half of the year”.
First Majestic Silver Corp. released Q2 2023 production results. In Mexico, the company produced 2.63 M Oz Ag, 40,858 Oz Au (5.97 M Oz AgEq) from its operations at San Dimas in Durango, Santa Elena in Sonora and La Encantada in Coahuila. During the period 16 drill rigs were active in Mexico, eight at San Dimas (16,588 m of drilling), six at Santa Elena (16,373 m of drilling) and two (1,950 m of drilling) at La Encantada. For the year First Majestic aims to produce between 10.5 and 11.2 M Oz Ag and between 169 to 180 K Oz Au at cash cost between $12.33 and $12.71 and an AISC between $17.23 and $17.66.

Golden Minerals Co. reported production figures for Q2 2023. At Rodeo, in Durango, 154.4 K tonnes were mined, 54.3 K tonnes processed at a rate of 603 tonnes per day, averaging 1.6 gpt Au, 9 gpt Ag, recovering 72.6% Au, 75.5% Ag, to produce 2,081 Oz Au, 11.5 K Oz Ag. The company also sold 656 tonnes of Au-rich pyrite concentrate, 118 tonnes of Ag-rich lead concentrate and 63 tonnes of Zn concentrate, produced from mineralized material from the Velardeña properties (also in Durango), material that was mined and stockpiled during 2022 as part of the test-mining program.
Avino Silver & Gold Mines Ltd. announced production results for Q2 2023. At the Avino mine in Durango, 157.4 K tonnes were milled averaging 53 gpt Ag, 0.44 gpt Au, 0.49% Cu, recovering 87% Ag, 68% Au, 84% Cu, to produce 232.4 K Oz Ag, 1,520 Oz Au, 1.44 M Lb Cu, or 587.3 K Oz AgEq. Recent news includes the best drill intercept in the long history of the mine, and drilling results that probe the continuity of mineralization 1.1 km downdip from the surface outcrop. Metallurgical testing at the Oxide Tailings project has been completed, taking the resource to 5.7 M tonnes containing 17.4 M Oz AgEq. The Dry-Stack tailing facility is complete and operational.

ON FINANCING

Guanajuato Silver Co. announced a bought deal private placement with Cantor Fitzgerald Canada as the sole underwriter, for gross proceeds of C$8 M. “The Corporation shall pay to the Underwriter a cash commission equal to 6.0% of the gross proceeds of the Offering and 6.0% broker warrants based on the number of Units sold in the Offering” (El Cubo and Valenciana, Guanajuato).

ON RESOURCES AND DEVELOPMENT

Aura Minerals Inc. provided an exploration update from its properties, including from its operations at Aranzazu, in Zacatecas. Aura Silver controls 11,000 ha in the project area, and only 5% of the mineral claims have been drilled. Exploration efforts have focused on extending the life of mine (LOM) and building the basis for an increase in production capacity. Currently Aura has a LOM of seven years based on mineral reserves only. Several early stages targets have been identified, including “new copper-gold skarns, manto type polymetallic mineralization, and high-grade gold/silver veins”. For 2023, 29,400 m of drilling are intended to be completed, focusing on testing the continuity of the GH and Cabrestante areas, with drilling also planned for the El Cobre and Aranzazu extensions.
First Majestic Silver Corp. reported exploration results from San Dimas in Durango and Santa Elena (Ermitaño Zone) in Sonora. At San Dimas, true width drilling intercepts from the Sinaloa North-Elia vein, the Santa Teresa vein and the Perez vein include 3.88 m @ 8.38 gpt Au, 763 gpt Ag; 0.98 m @ 5.84 gpt Au, 396 gpt Ag; 4.12 m @ 14.98 gpt Au, 89 gpt Ag; 5.69 m @ 5.41 gpt Au, 883 gpt Ag; 3.05 m @ 4.58 gpt Au, 740 gpt Ag; At Santa Elena, resource conversion holes, in addition to intercepts in the Ermitaño vein, multiple holes intersected mineralization in secondary veins located in the hanging and footwall of the Ermitaño vein, returning true width intercepts of 15.55 m @ 5.98 gpt Au, 222 gpt Ag; 13.3 m @ 4.27 gpt Au, 127 gpt Ag; 6.42 m @ 13.73 gpt Au, 150 gpt Ag; 1.96 m @ 3.39 gpt Au, 56 gpt Ag.
Heliostar Metals Ltd. reported drill results from two additional holes at the Ana Paula project in Guerrero. “The current drill program continues to demonstrate higher overall grades over broad widths relative to the current mineral resource” in Heliostar’s quest to evaluate the possible development of an underground mine. Highlighted core length intervals comprise 241.95 m @ 9.06 gpt Au (including 31.5 m @ 21.5 gpt Au; 35.2 m @ 23.6 gpt Au and 9.9 m @ 42.4 gpt Au); 104.1 m @ 6.14 gpt Au (including 19.5 m @ 15.1 gpt Au). These holes were drilled within the resource model with increases in grade to the expected intercept of 33% and 38%.
GoGold Resources Inc. released drilling results from the Main Area of the Los Ricos South project in Jalisco. Highlighted core length intervals comprise 14.0 m @ 1.77 gpt Au, 574 gpt Ag (including 2.3 m @ 10.30 gpt Au, 3,308 gpt Ag); 6.3 m @ 0.59 gpt Au, 86 gpt Ag; 16.2 m @ 0.70 gpt Au, 72 gpt Ag; 14.0 m @ 2.90 gpt Au, 85 gpt Ag; 17.5 m @ 0.60 gpt Au, 93 gpt Ag; 9.9 m @ 0.95 gpt Au, 334 gpt Ag; 11.9 m @ 1.28 gpt Au, 183 gpt Ag; 9.5 m @ 1.08 gpt Au, 186 gpt Ag; 5.4 m @ 1.97 gpt Au, 136 gpt Ag; 11.6 m @ 1.50 gpt Au, 165 gpt Ag; 22.5 m @ 1.20 gpt Au, 124 gpt Ag; 5.8 m @ 2.27 gpt Au, 42 gpt Ag; 24.9 m @ 1.01 gpt Au, 104 gpt Ag; 7.1 m @ 1.25 gpt Au, 417 gpt Ag; 16.5 m @ 1.32 gpt Au, 153 gpt Ag; 17.3 m @ 2.53 gpt Au, 160 gpt Ag; 13.7 m @ 1.48 gpt Au, 213 gpt Ag. It is expected these holes will be included in an updated resource to be released by the end of the summer.
Gatos Silver Inc. provided an update on the definition and exploration drilling at its Cerro Los Gatos property in Chihuahua. Highlighted true width intercepts from resource definition drilling comprise 25.7 m @ 78 gpt Ag, 0.05 gpt Au, 0.53% Cu, 2.1% Pb, 5.0% Zn; 9.5 m @ 87 gpt Ag, 0.18 gpt Au, 0.44% Cu, 1.9% Pb, 6.3% Zn; 2.7 m @ 192 gpt Ag, 0.17 gpt Au, 0.20% Cu, 8.0% Pb, 9.0% Zn; 3.8 m @ 181 gpt Ag, 0.11 gpt Au, 0.28% Cu; 1.7% Pb, 2.0% Zn; 4.1 m @ 39 gpt Ag, 0.10 gpt Au, 0.45% Cu, 1.1% Pb, 4.5% Zn; 2.7 m @ 91 gpt Ag, 0.06 gpt Au, 0.61% Cu, 4.7% Pb, 11.4% Zn; 12.2 m @ 129 gpt Ag, 0.04 gpt Au, 0.54% Cu, 1.1% Pb, 2.3% Zn; 10.0 m @ 146 gpt Ag, 0.11 gpt Au, 0.45% Cu, 2.2% Pb, 3.2% Zn. The company’s exploration land package covers 103,000 ha, with over 50 targets identified to date. Mamba, Portigueño, Lince, Santa Ana and San Luis are some of the areas where current work is defining drilling targets through mapping, re-logging and re-interpretation, Lidar surveys and geophysics.
Endeavour Silver Corp. provided a construction update for its Terronera project in Jalisco. More than $70 M have been spent since Q1 2022 (of a $144 M budget), with construction progress currently at 30%. Detail mill and surface facilities engineering is over 70% complete, the access road improvements are almost finished and the permanent camp facilities are at 90% completion. Nearly 600 m of underground development have been completed and the mill site earthworks have finalized. The workforce has increased to 83 employees and 390 contract workers. Upcoming work includes advancing the mill area concrete work, awarding the mill construction contract, receiving major mill components in Q3 and advancing Portal 2 and Portal 4 development for initial ore access in Q1 2024.

ON DEALS AND CORPORATE ISSUES

Riverside Resources Inc. provided an outlook of its ongoing activities on the first half of the year, and its plans for the reminder of 2023. The company is diversifying its activities out from Mexico, strengthening objectives in Canada. Riverside consolidated the Union project in Sonora, with assays of up to 1 Oz per ton Au in the now controlled mine area. Another development is the royalty in the Tajitos asset (Sonora), with funds having been received from Fresnillo PLC, who is advancing the property.
Radius Gold Inc. informed the extension of the exclusivity agreement with Fresnillo PLC for the Plata Verde project in Chihuahua. “The amended Agreement provides Minera San Julian a 6-month extension to its Exclusivity Period from July 7, 2023 to January 7, 2024 to negotiate a Definitive Agreement that would include an option agreement to earn a 70% interest in the Plata Verde project. The amended Agreement also provides for interim funding by Minera San Julian of US$206,000 … as well as an additional advance of US$500,000 to fund initial drill testing”.
Newmont Corp. announced second quarter 2023 results, including some information from its Peñasquito mine in Zacatecas. In June, Newmont suspended operations at Peñasquito to focus on finding an appropriate and sustainable resolution to the dispute with the leadership of the National Union of Mine and Metal Workers of the Mexican Republic. “Peñasquito incurred $23 million of operating costs and $15 million of depreciation and amortization due to the suspension of operations”.
Golden Tag Resources Ltd. updated on the proposed acquisition of the La Parrila silver mine complex (in Durango) from First Majestic Silver Corp pursuant to the agreement announced in December 2022. The transaction is expected to close in August, its completion remains subject to the approval by Golden Tag shareholders and receipt of all regulatory approvals, including that of the TSXV. The company has already received approval from Mexico’s antitrust agency, the Comisión Federal de Competencia Económica (COFECE) for the acquisition of La Parrilla. “Golden Tag has closed on two tranches of its non-brokered private placement financing of subscription receipts for aggregate gross proceeds of $6.9 million. The Company has received further subscription commitments, which when combined with the first two tranches, total in excess of $7.2 million”.
Excellon Resources Inc. announced the unexpectedly reception of a notice of termination of the previously announced acquisition of the La Negra project from the seller, Dalu S.ar.l., an entity owned by an investment fund managed by Orion Resource Partners. Consequently, the company is also announcing the termination of its previously announced subscription receipts offering, which was intended to finance the acquisition. Excellon is in advanced discussions with holders of more than 66-2/3% of the principal of its outstanding convertible debentures maturing on July 30, 2023 in the principal amount of C$17.9 M with a view to extending the maturity date and more broadly restructure the Debentures. “the Company continues to actively assess various interim financing options as well as other corporate development and strategic opportunities to complement the Company’s go-forward strategy, which may include divestitures, mergers or spin-offs of the Company’s assets to provide additional near term liquidity”.
Sierra Metals Inc. informed that in October 2022 a Special Committee integrated by the company’s independent directors “initiated a process to explore, review and consider options to optimize the operations of the Company as well as financing, restructuring and strategic options in the best interests of the Company”. The process has made progress towards stabilizing and optimizing operations, pumping and ventilation infrastructure implementation at the Bolivar mine in Chihuahua, increased throughput, appointment of officers and refinancing of secured debt repayment obligations that were due in 2023. As such, the “Special Committee” has been concluded. Some recommendations to follow include near term equity financing to provide working capital and flexibility, funding for longer term capital expansions and minimizing investment in non-core assets.

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On the image below: Vein ridge on a project in the Sonoran Desert. Picture by Jorge Cirett.

GoGold Announces Closing of C$65 Million Bought Deal Financing

February 10, 2023February 10, 2023 / gambusinoprospectormexico / Leave a comment

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GoGold Announces Closing of C$65 Million Bought Deal Financing