During the 15th week of the year (April 6 to April 12, 2026), at least 21 press releases were issued by companies operating in Mexico, along with one news article published by the media. Of these, five related to deals and corporate matters, five reported production results, four presented exploration results, three addressed Mexico-related issues, three announced financing activities, and two covered resource and development updates. ON MEXICO ISSUES, Vizsla provided an update on the situation in Concordia, Sinaloa, confirming that nine colleagues have been found deceased and one remains still missed. Mithril reported an incident where their CEO and two employees experienced on-ground gunfire damage to their plane while flying near Chihuahua, about 30 km from their Copalquin project site in Durango. Rescue operations continue amidst extreme conditions at the Santa Fe mine located in the Municipality of El Rosario, Sinaloa. Last April 8th, authorities reported the successful rescue of a second miner found alive and confirmed the discovery of a third worker who had perished, while the search persists for the final miner who remains trapped. ON EXPLORATION, In Sonora, Tocvan mobilized a second RC drill rig to its flagship Gran Pilar Gold-Silver Project, to accelerate their fully funded 20,000m drilling program by enabling parallel testing of multiple high-priority targets, primarily in the South Block area, and Masivo Silver completed and extended its first diamond drill hole (CC-26-001) at its Cerro Colorado project, intersecting a significant 35.1m interval of visible mineralization characterized by quartz veinlets and sulphide minerals such as pyrite, sphalerite, freibergite, galena, and minor chalcopyrite, accompanied by a strong sericite -smectite alteration. In Chihuahua, Kingsmen acquired 100% interest in the Claudia 2 mining concession, free of any royalty, at its Las Coloradas project. In Durango, Mithril released drill results from its Copalquin project, confirming high grade and widespread silver and gold at Target 3. ON MINING, Endeavour Silver reported Q1, 2026 results from their Mexican operations. Aura announced preliminary Q1, 2026 production results from its Aranzazu mine in Zacatecas. First Majestic reported Q1, 2026 production results from their underground mines in Mexico. Teck informed that it plans to release Q1, 2026 results on April 23, 2026. Torex Gold reported Q1, 2026 AuEq production of 100,874 Oz and AuEq sales of 109,222 Oz. ON FINANCING, Avino announced its intention to make a Normal Course Issuer Bid to repurchase, for cancellation up to an aggregate of 8,428,566 common shares. Sonoro Gold announced a private placement for gross proceeds of CAD $11M. Vortex Minerals closed the first tranche of its previously announced non-brokered private placement for gross proceeds of CAD $479,900. ON RESOURCES AND DEVELOPMENT, Heliostar drilled 101m of 5.34 g/t Au in the Ana Paula Expansion Zone in Guerrero; to date, it has completed 84 holes and 28,318m as part of its ongoing 2025-26 drill program at Ana Paula project. Orogen Royalties, which holds a cash-flowing 2% net smelter return royalty at Ermitaño—a property operated by First Majestic in Sonora—announced an updated Mineral Reserve and Resource Estimate. ON DEALS AND CORPORATE ISSUES, Mexican Gold appointed Holgren Lai as Chief Financing Officer of the company. Torex Gold announced the appointment of Jacques Perron to its Board of Directors. Mexican Gold and Alcon entered into an arrangement agreement to create a diversified precious metals exploration company. Pacifica Silver informed that it has adopted a semi-annual financial reporting, effective immediately. Sonoro Gold acquired a 100%binterest in the Diana mining concession, located adjacent to the central-eastern boundary of its Cerro Caliche project in Sonora. ON SOCIAL RESPONSIBILITY, No relevant news.
ON MEXICO ISSUES
Vizsla Silver Provides Additional Update on situation in Concordia: Vizsla Silver Corp
Tocvan Announces Addition of Second Drill Rig and Accelerates High Priority Drill targets at Flagship Gran Pilar Gold-Silver Project: Tocvan Ventures Corp
Masivo Silver Extends and Completes First Hole at Cerro Colorado Project: Masivo Silver Corp
Kingsmen Acquires 100% Ownership of the Claudia 2 Claim, Adding Never-Drilled Saddle target and District-Scale Extension to Las Coloradas Silver-Gold Project: Kingsmen Resources Ltd
Pacifica Silver Announces Adoption of Semi-Annual Reporting: Pacifica Silver Corp
ON SOCIAL RESPONSIBILITY
No relevant news.
Content like what you have just read can be seen at https://gambusinoprospector.com/ and at LinkedIn’s Mexico Mineral Exploration Group.
On the picture below, quartz vein displaying boiling texture in a low-sulphidation epithermal vein system in Guanajuato, Mexico. Photo taken by Miguel A Heredia.
During the 13th week of the year (March 23 to March 29, 2026), at least 20 press releases were issued by companies operating in Mexico, along with one news article published by the media. Of these, eight related to deals and corporate matters, four reported production results, three covered resource updates and project development, three presented exploration results, two addressed Mexico-related issues, and one announced financing activities. ON MEXICO ISSUES, The Supreme Court of Justice of the nation (SCJN) upholds the reform to the Mining Law, which designates lithium as a strategic resource exclusive to the State and prohibits private concessions by dismissing challenges filed against it. Silver Viper reported the best drilling intercepts in Mexico on the fourth week of March, 2026. ON EXPLORATION, In Zacatecas, Zacatecas Silver received the drill permit from SEMARNAT for the El Cristo Vein System, to support its 2026 drilling program aimed at increasing existing silver resources at the Zacatecas Silver project, announced arrival of drill rig and drilling crew, and released assay results for 124 rock-chip samples from El Cristo Vein System. ON MINING, Torex Gold reported year-end 2025 reserves and resources for its flagship Morelos Complex in Guerrero, as well as for its Los Reyes project in Sinaloa. Orogen announced preliminary and unaudited financial results for Q4, and year ended December 31, 2025. EV Resources has announced its transition from exploration to near-term production at the Tecomatlán plant in Puebla, where refurbishment work on the grinding circuit has commenced. Osisko reported Q4 and year-end 2025 results, and informed that it sold its interest in the San Antonio Gold project in Sonora to Axo Copper Corp. ON FINANCING, Coeur Mining Inc.,initiated a private exchange offer for holders of New Gold´s 6.875% senior notes due 2032. The exchange offer involves USD $400M in New Gold notes swapped for up to USD $400M in Coeur´s new notes plus cash. ON RESOURCES AND DEVELOPMENT, Silver Viper and Orex released drill results from its El Rubi-Virginia project in Sonora. Pan American reported the results of a revised Preliminary Assessment Evaluation (PEA) for its la Colorada mine in Zacatecas. ON DEALS AND CORPORATE ISSUES, Guanajuato Silver., appointed David Paxton to its Board of Directors, effective immediately, announced the filing of a NI 43-101 technical report for a new mineral resource estimate for its Valenciana Mine Complex in Guanajuato, and granted stock options to directors, officers, employees, and consultants. Silverco announced the appointments of George Paspalas as Advisor, Tara Hassan as Executive Vice President, and Victoria Avila as Senior Vice President Corporate Affairs, and Finance, and granted stock options and restricted share units to certain directors, officers, and advisors. Sierra Madre reported that it has repaid USD $2.5M of the USD $5M non-revolving, secured term loan between First Majestic and the company. Capitan Silver announced that it will commence trading on the OTCQX market under symbol “CAPTF”. GR Silver informed the sudden passing of President, CEO, and Founder Márcio Fonseca. Alamos Gold filed its annual information form and 2025 annual report on Form-40, including its audited financial statement for the year ended December 31, 2025. GoGold announced annual results from its annual general meeting of shareholders. Regency Silver appointed Raj Chowdry and Frank Cordova to the Board of Directors, effective immediately, and thanked outgoing directors Michael G. Thomson and Patrick Elliott for their contributions to the Company. ON SOCIAL RESPONSIBILITY, No relevant news.
ON MEXICO ISSUES
The Supreme Court of Justice of the Nation (SCJN) upholds Mining Law Reform; Lithium Exploitation to Be Exclusive to the State: El Financiero
Silver Viper Minerals Inc, reported the best drilling intercepts in Mexico on the fourth week of March, 2026. Details are shown in the table below:
ON EXPLORATION
Zacatecas Silver Receives Drill Permit for El Cristo, Supporting 2026 Drill Program Aimed at Increasing Existing Silver Resources at the Zacatecas Silver Project, and Announces Arrival of Drill Rigs and Drilling Crew at El Cristo: Zacatecas Silver Corp, Zacatecas Silver Corp 1 , Zacatecas Silver Corp 2
Orogen Reports Record 2025 Financial Performance and Positions for Continued Growth in 2026: Orogen Royalties Inc
EV Resources Limited Fast Tracks First Mover Advantage in Antimony Production with Tecomatlán Plant Refurbishment Underway: EV Resources Limited
Osisko Development Reported Fourth Quarter and Year-End 2025 Results: Osisko Development Corp
ON FINANCING
Coeur Mining announces Commencement of Exchange Offer and Consent Solicitation for New Gold Senior Notes: coeur mining inc
ON RESOURCES AND DEVELOPMENT
Silver Viper hits 11.70 M @ 9.18 G/T Au And 352.0 G/T Ag Including 0.50 M @ 183.50 G/T Au And 6,850 G/T Ag While Infill Drilling At El Rubi And Expands The 5,000 M Drill Program At La Virginia Project In Sonora Mexico: Silver Viper Minerals Inc
Orex Minerals Highlights Silver Viper’s High-Grade Drill Results at La Virginia, Sonora, Mexico: Orex Minerals Inc
Pan American Announces revised PEA for the La Colorada Skarn Project, Positioning La Colorada as a future Top-tier Silver Mine: Pan American Silver Corp
ON DEALS AND CORPORATE ISSUES
Guanajuato Silver Adds Veteran Mine Operator to Board of Directors. GSilver Files New Valenciana 43-101 Technical Report: Guanajuato Silver Company Ltd
Silverco Mining Announces Key Advisory and Management Appointments to Drive Transition to Mid-Tier Mexican Silver Producer: Silverco Mining Ltd
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, HQ core showing a hydrothermal breccia/ vein in an intermediate sulphidation epithermal system in Chihuahua, Mexico. Photo taken by Miguel A Heredia.
During the 11th week of the year (March 9th to March 15th 2026), at least 19 press releases were announced by companies working in Mexico, with six disclosing deals and corporate issues, five announcing financing rounds, four informing on exploration results, two communicating production results, one reporting resources and development of their properties, and one informing on Mexican issues. ON MEXICO ISSUES, Colibri reported the best drilling intercepts in Mexico on the second week of March, 2026. ON EXPLORATION, In Sonora, Algo Grande provided an exploration update on its Adelita project and Colibri released assay results from its Phase 1 reconnaissance RC program completed at its El Plomo project. In Durango, Capitan Silver informed that a third rig has arrived at its Cruz de Plata project and provided an update on the ongoing 60,000m drilling program for 2026. In Zacatecas, Defiance Silver announced that it received the approval from SEMARNAT to conduct drilling at its San Acacio project. ON MINING, Altius Minerals reported its full 2025 attributable royalty revenue and adjusted earnings (Cuale project, Jalisco). Avino reported Q4 and full year 2025 production and financial results from its Avino mine in Durango. ON FINANCING, Barksdale announces private placement for gross proceeds of CAD $953,780.51, and repricing it to CAD $763,024.41 (San Javier project, Sonora). Orex closed its previously announced private placement for gross proceeds of CAD $4M (Coneto project, Durango). Vortex announced a non-brokered private placement for gross proceeds of up to CAD $850K (Riqueza Marina project, Oaxaca). Orogen informed that it plans to raise up to CAD $10M by way of a non-brokered private placement (Ermitaño mine, Sonora). ON RESOURCES AND DEVELOPMENT, Kootenay provided an update on their progress with four silver deposits, focusing mostly on pushing their drilling at the Columba site and moving forward with the La Cigarra project, both located in Chihuahua. ON DEALS AND CORPORATE ISSUES, Luca Mining announced the appointment of Nick Shakesby as Chief Operating Officer, and hired Jose Hernandez as Vice President, Metallurgy and Process Engineering (Campo Morado mine, Guerrero). Orex engaged the services of ICP Securities Inc for automated market making services (Coneto project, Durango). Vortex appointed Craig W Beasley as Technical Advisor to the company (Riqueza marina project, Oaxaca). Teck released its 25th annual sustainability report (San Nicolas project, Zacatecas). Tocvan appointed Darin Wagner as Special Technical Advisor and announced partnership with VRIFY (Pilar project, Sonora). ON SOCIAL RESPONSIBILITY, No relevant news.
ON MEXICO ISSUES
Colibri Resource Corporation, reported the best drilling intercepts in Mexico on the second week of March, 2026. Details are shown in the table below:
ON EXPLORATION
Algo Grande Copper Corp., provided an exploration update on its Adelita project in Sonora. The company recently completed Phase 1 drilling with assay results pending. Surface prospecting across the property collected 49 rock samples, 19 of which graded above 1% copper, confirming copper–gold–silver mineralization across multiple targets including Potrero South, Las Trancas, Cerro Grande Northwest, La Molina, and Mezquital. A significant new skarn zone was discovered at Potrero south, about 3 km south of Cerro Grande, with over 300 meters of surface exposure and samples exceeding 3% copper. Other highlights include high-grade samples including one with 41.4 % Cu, 1.97 g/t Au 1,570 g/t Ag at Las Trancas and 1.99 % Cu, 17.9 g/t Au and 44 g/t Ag at La Molina targets. The company confirmed mineralization on both limbs of the Cerro Grande limestone fold, and encouraging copper-bearing float samples associated with tourmaline breccias at Mezquital indicating possible porphyry systems. The results suggest a district-scale, multi-deposit copper-dominant skarn-porphyry system with notable gold and silver credits. Follow-up exploration including Phase II drilling is planned for Q2 2026 to target these multiple prospects.
Colibri Resource Corporation released assay results from its Phase 1 reconnaissance RC program completed at its El Plomo project in Sonora. The company informed that 18 out of 22 holes intersected gold. Drilling highlights include hole PL26-017 with 2.92 g/t Au over 7.5m, including 9.95 g/t Au over 1.5m; hole PL26-015 with 0-73 g/t Au over 30m including 1.01 g/t Au over 6m; hole PL25-011 with 0.45 g/t Au over 30m, including 1.16 g/t Au over 6m; including 2.12 g/t Au over 1.5M; hole PL25-004 with 1.29 g/t Au over 4.5mm; and hole PL25-005 with 0.28 g/t Au over 12m.
Capitan Silver Corp., informed that a third rig has arrived at its Cruz de Plata project in Durango. This rig is the second of three core drill rigs that will join the existing RC drill rig to complete the ongoing aggressive 60,000 drilling campaign for 2026, which is focused on expanding the high grade silver zones identified at the property, as well as to drill-tst mineralization along the Jesus Maria silver trend. To date, 34 drill holes are pending of assay results, including the first seven core holes drilled with the first diamond rig which commenced drilling last February, 2026.
Defiance Silver Corp., announced that it received the approval for its Informe Preventivo (IP) from SEMARNAT to conduct drilling at its San Acacio project in Zacatecas. The IP enable authorize Defiance to increase the available roads and construct up to new 44 drill pads and for up to 35 new access road. The IP is valid for a period of 54 months.
ON MINING
Altius Minerals Corporation reported its full 2025 attributable royalty revenue of CAD 69.9M and adjusted earnings of CAD 422.5M (Cuale project, Jalisco).
Avino Silver & Gold Mines Ltd., announced Q4 and full year 2025 production and financial results from its Avino mine in Durango (all currency expressed in US dollars). In the period Q4, 2025, the company processed 189,338 tonnes to produce 345.3K Oz Ag, 1,687 Oz Au, and 1.29M Lb Cu (671.6K Oz AgEq) at cash and AISC of $21.1 and $31.59 per Oz AgEq payable respectively, and reported revenue of $30.54M; mine operating income of $17.84M; net income of $10.46M; EBITDA of $14.41M; adjustable earnings of $16.3M; cash provided by operating activities of $9.98M; operating cash flow before working capital adjustment of $18.95M; and mine operating cash flow before taxes of $18.99M. For the full year 2025, it processed 736,935 tonnes to produce 1.16M Oz Ag, 7,621 Oz Au, and 5.67M Lb Cu (2.61M Oz AgEq) at cash and AISC of $16.13 and $23.75 per Oz AgEq payable respectively, and reported revenue of $92.23M; mine operating income of $48.53M; net income of $26.64M; EBITDA of $42.99M; adjustable earnings of $46.53M; cash provided by operating activities of $27.42M; operating cash flow before working capital adjustment of $35.34M; and mine operating cash flow before taxes of $52.71M. Avino also reported cash as of December 31, 2025 of $101.72M and working capital of $99.56M.
ON FINANCING
Barksdale Resources Corp., announces private placement of 8,478,049 common shares by Crescat Capital LLC at a price of CAD $0.1125 per common share for gross proceeds of CAD $953,780.51. The company repriced the private placement at a price of CAD $0.09 per unit for gross proceeds of CAD $763,024.41. Net proceeds will be used for on-going corporate expenses (San Javier project, Sonora).
Orex Minerals Inc., closed its previously announced private placement of 30,303,030 units at a price of CAD $0.165 per unit for gross proceeds of CAD $4M. part of the funds will be used to satisfy annual tax obligations associated with its current property holdings, to maintain a general reserve for potential future transactions, and to cover general corporate and overhead expenses incurred in the ordinary course of business over the next 12 months (Coneto project, Durango).
Vortex Minerals Inc., announced a non-brokered private placement of up to 17,000,000 units at a price of CAD $0.05 per unit for gross proceeds of up to CAD $850K. Part of the gross proceeds will be used for general working capital purposes (Riqueza marina project, Oaxaca).
Orogen Royalties Inc., informed that it plans to raise up to CAD $10M by way of a non-brokered private placement consisting of issuing up to 2,890,274 common shares at a price of CAD $3.46 per common share. Net proceeds will be used to develop generative exploration initiatives, executing potential royalty acquisitions, and strengthening the Company’s working capital to support its ongoing growth strategy (Ermitaño mine, Sonora).
ON RESOURCES AND DEVELOPMENT
Kootenay Silver Inc., provided an update on their progress with four silver deposits, focusing mostly on pushing their drilling at the Columba site and moving forward with the La Cigarra project, both located in Chihuahua. The four deposits (Promontorio, La Cigarra, Columba, and La Negra) combined total 119.79M measured + indicated Oz Ag and another 82.78M inferred Oz Ag. On a silver equivalent basis those 4 deposits total 223M measured plus indicated Oz AgEq and 111M inferred Oz AgEq. At Columba project, Kootenay is conducting a systematic step-out drilling to expand its resource. This program will consist of 60,000m, with 18,000m completed so far in 2026, and the goal is to determine if mineralization extends at depth and toward the edges of the deposits. At La Cigarra project, a preliminary economic assessment (PEA) is underway, expected to be completed later in Q2, 2026, with a drill program planned to expand the resource by testing a “Gap Zone”. It also informed that a recent bought deal financing has fortified their treasury, providing funding for the next 18-24 months to continue exploration and future development activities.
ON DEALS AND CORPORATE ISSUES
Luca Mining Corp., announced the appointment of Nick Shakesby as Chief Operating Officer, effective April 1, 2026, and hired Jose Hernandez as Vice President, Metallurgy and Process Engineering, effective March 1, 2026 (Campo Morado mine, Durango).
Orex Minerals Inc., engaged the services of ICP Securities Inc to provide automated market making services. ICP will be paid a monthly fee of CAD $7,500 plus applicable taxes (Coneto project, Durango).
Vortex Metals Inc., appointed Craig W Beasley as Technical Advisor to the company. The company granted 200,000 stock options at a price of CAD $0.05 per common share for a period of five years from the date of grant (Riqueza Marina project, Oaxaca).
Teck Resources Limited released its 25th annual sustainability report, highlighting the company’s 2025 performance in key areas, including support for communities, Indigenous Peoples, health and safety, diversity and climate (San Nicolas project, Zacatecas).
Tocvan Ventures Corp., appointed Darin Wagner as Special Technical Advisor and informed that it partnered with VRIFY to enhance exploration activities at the El Gran Pilar project in Sonora. “The collaboration will see Tocvan integrate VRIFY Predict, specifically DORA, an AI prospectivity mapping software, to generate and prioritize new high-confidence exploration targets at its flagship Pilar Project”.
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, HQ core showing a hydrothermal breccia in an intermediate sulphidation epithermal vein-breccia system in Chihuahua, Mexico. Photo taken by Miguel A Heredia.
During the 3rd week of the year (January 12th to January 18th 2026), at least 43 press releases were announced by companies working in Mexico, with eleven informing on exploration results, nine announcing financial rounds, eight communicating production results, seven disclosing deals and corporate issues, seven reporting resources and development of their properties,, and one commenting on Mexican issues. ON MEXICO ISSUES, Luca Mining, Vizsla Silver, Questcorp Mining, and Kingsmen Resources reported the best drilling intercepts in Mexico on the third week of January, 2026. ON EXPLORATION, In Sonora, Regency Silver began its 2026 drill program at Dios Padre project, Colibri resumed its RC drilling program in El Plomo at its EP project, Riverside and Questcorp announced drill results from La Union project, Alto Grande informed that it will use AI-driven data reprocessing and integration across its Adelita project, and Masivo Silver informed that is preparing a 1,500m Phase I drill program at its Cerro Colorado project. In Chihuahua, Kingsmen released results from 3 holes drilled at its Las Coloradas project. In Sinaloa, Mercado Minerals commenced its first field exploration program at its Copalito project. In Durango, Mithril commenced a maiden drill program at Target 3 in its Copalquin project, Pacifica Silver announced the commencement of a 12,000m Phase II diamond drill program at its Claudia project, Pinnacle Silver and Gold provided a progress update for its Potrero project, and Canasil prepared drill plans for a 2,450m diamond drill program in 14 holes at its Vizcaino project, and is completing a comprehensive technical review and exploration plan at its Salamandra project. In Zacatecas-Durango, Canasil announced that it is preparing detailed exploration plans, including diamond drilling to test La Esperanza vein system. ON MINING, Aura reported Q4 and full year 2025 production results from its Aranzazu min in Zacatecas. First Majestic reported Q4 and full year 2025 production results from their Mexican mine operations. Alamos Gold informed on Q4 and full year 2025 production results from its Mulatos mine in Sonora and announced that it will release Q4 and full year 2025 financial results after market close on February 18, 2026. Heliostar provided 2026 production guidance and growth plan for their Mexican mine operations. Endeavour announced 2026 production guidance for Terronera and Guanacevi mines in Jalisco and Durango respectively. Torex Gold provided 2026 production guidance and updated five-year production outlook for its Morelos complex in Guerrero. DynaResource reported preliminary Q4 and full year 2025 production results from its San Jose de Gracia mine in Sinaloa and provided a 2026 production guidance. ON FINANCING, Chesapeake announced a bought deal offering for gross proceeds of CAD $10M and later on it upsized to approximately CAD $15M and informed that intends to complete a non-brokered private placement for gross proceeds of up to $2,877,000. Chesapeake filed a prospectus supplement in connection with the CAD $15M bought deal offering (Metates project, Durango). Oroco filed a prospectus supplement in connection with a bought deal public offering for approximate gross proceeds of CAD $20M and later on reported that it closed the bought deal public offering for gross proceeds of CAD $23M (Santo Tomas project, Sinaloa). Canasil announced a planned private placement for gross proceeds of up to CAD $500K (Vizcaino project, Durango). Sierra Madre closed the first tranche of its previously announced brokered private placement for gross proceeds of USD $39,678,241.20 (Del Toro mine, Zacatecas). Pacifica Silver announced a brokered private placement offering for gross proceeds of up to CAD $10M and later on it upsized to up to CAD $20,010,000 (Claudia project, Durango). ON RESOURCESAND DEVELOPMENT, Sonoro Gold expanded its Cerro Caliche project in Sonora by acquiring 10 additional mining concessions, growing the property to almost 4,000 hectares. Silver Storm commenced a 6,000m drilling campaign at its la Parrilla mine complex in Durango. Luca Mining released surface and underground drill results from its Campo Morado mine in Guerrero. GR Silver provided 2026 guidance including drilling and project advancement plans (Plomosas project, Sinaloa). Royalties Inc., hired SRL Consulting to provide an updated economic analysis on Bilbao project in Zacatecas. Silverco filed a Mineral Resource Estimate for its Cusi mine in Chihuahua. Vizsla reported results from 29 oriented geotechnical drill holes completed at its Copala project in Sinaloa within the Copala, Tajitos and Napoleon resource areas. ON DEALS AND CORPORATE ISSUES, Canasil announced that it had a notably active 2025, successfully completing all regulatory filings and regaining active trading status on the TSX Venture Exchange (Vizcaino project, Durango). Bear Creek´s Board of Directors, Management, and Employees congratulated Catherine McLeod-Seltzer, co-founder and Chair of Bear Creek, on her recent induction to the Canadian Mining Hall of Fame (Mercedes mine, Sonora). Tocvan announced the appointment of Anna Ladd-Kruger as an independent director to its Board of Directors (Gran Pilar project, Sonora). Vortex appointed Michael Williams as interim Chief Executive Officer (Riqueza Marina and Zaachila project, Oaxaca). Silver Storm announced that it has qualified to trade on the OCTQX market (La Parrilla mine, Durango). Regency Silver provided a 2025 year-end corporate recap (Dios Padre project, Sonora). Riverside outlined its corporate outlook and milestones for 2026. ON SOCIAL RESPONSIBILITY, No relevant news.
ON MEXICO ISSUES
Luca Mining Corp., Vizsla Silver Corp., Questcorp Mining Inc., and Kingsmen Resources Ltd., reported the best drilling intercepts in Mexico on the third week of January, 2026. Details are shown in the table below:
ON EXPLORATION
Regency Silver Corp., began its 2026 drill program at Dios Padre project in Sonora. The initial portion of the 2026 drill program will focus on testing the areas around hole REG25-26 with at least four holes between 500-650m in length, which intersected sulphide- specularite supported breccia in multiple zones across a broad, non-continuous ~240m interval. The goal is to systematically establish the dip and strike of the breccia.
Colibri Resource Corporation resumed its RC drilling program in El Plomo at its EP project in Sonora. “The current phase of work is designed to systematically evaluate priority structures and targets identified within the Plomo area, which has seen limited historical drilling, using a disciplined, first-pass exploration approach”.
Riverside Resources Inc., and Questcorp Mining Inc., announced drill results from La Union project in Sonora. They reported a new discovery of potential Carlin-like gold mineralization at the Luis Hill target, with hole UND-25-009 returning 0.29 g/t Au over 42.70m in black shales and carbonate strata. To date, 12 holes totalling 1,600m have been completed across six targets (Union, Union Norte, and Famosa Mine, as well as Cobre, Luis Hill, and Famosa EM). Assays of over 700 half-core samples are pending for Union, Union North and Cobre targets.
Alto Grande Copper Corp., informed that it will use AI-driven data reprocessing and integration across its Adelita project in Sonora. The plan is to analyze geological and geochemical zones to identify skarn zones and areas with Cu-Au and Cu-Mo anomalies; to analyze geophysical datasets to identify potential sulphide mineralization and deep-seated fault systems; reprocess all the historical datasets, ground magnetic surveys, core drilling, trenching, mapping, and geochemical sampling to create a unified 3D geological model to enhance their understanding of mineralization geometry and identifying high-confidence drill targets. The company plans to design a Phase 2 exploration program based on results and logistics, and is expected to commence in Q1, 2026.
Masivo Silver Corp., informed that is preparing a 1,500m Phase I drill program at its Cerro Colorado project in Sonora and finalizing logistic to support continuous drilling. It has secured drilling contractors and water supply infrastructure, and mobilized field crews to commence the rehabilitation of access routes to priority targets and construction of drill pads for the Phase 1 program.
Kingsmen Resources Ltd., released results from 3 holes drilled at its Las Coloradas project in Chihuahua. The most significant drill intersect was encountered in hole LC-25-004 with 0.08 g/t Au, 131 g/t Ag, 3.1% Pb, and 3.15% Zn over 3.15m, including 0.18 g/t Au, 292 g/t Ag, 7.2% Pb, and 6% Zn over 1.15m.
Mercado Minerals Ltd., commenced its first field exploration program at its Copalito project in Sinaloa. It include a detailed mapping and prospecting program across 40% of the project area which remains unexplored; re-sampling of silver, gold, lead, and zinc vein mineralization in selected historical drill core from the six main known veins; re-logging of targeted historic drill core to refine geological understanding; advancing logistics for the upcoming first-phase diamond drill program; and further refinement of drill targets at Copalito.
Mithril Silver and Gold Limited commenced a maiden drill program at Target 3 in its Copalquin project in Durango. The program plans to drill approximately 3,300m as part of a broader 25,000m drilling initiative for the district in the first half of 2026. The goal of the Target 3 program is to test the continuity and scale of mineralization, contributing to the understanding of the district’s epithermal system. Drilling at Target 1 and Target 5 is also ongoing, with Target 1 expected to be completed in Q1 2026, followed by an update to its maiden mineral resource estimate. Additionally, a drone magnetic survey over the Copalquin and La Dura mining concession areas is set to begin this month.
Pacifica Silver Corp., announced the commencement of a 12,000m Phase II diamond drill program at its Claudia project in Durango, scheduled to begin on January 15, 2026.This follow-up program aims to expand known high-grade mineralization zones identified in the initial Phase I drillings, which totaled nearly 8,000 meters. The company is focusing on testing extensions of existing vein systems such as Aguilareña, Guadalupana, and Veta Central, as well as exploring new high-priority targets including the Veta Justina, Mina Vieja, and Mina de Oro areas. In parallel, Pacifica continues extensive geological mapping and surface sampling, complemented by advanced geophysical surveys like LiDAR, orthophotos, and induced polarization, to identify new drill targets and better understand the district-scale potential of the project. The company is optimistic about the project’s growth potential, supported by early drill results of the 8,000m Phase I program indicating high-grade silver and gold mineralization. The company is still waiting on more assay results from 19 holes of the Phase I drill program.
Pinnacle Silver and Gold Corp., provided a progress update for its Potrero project in Durango. The company has mapped a large low-sulphidation epithermal vein system over a strike length of more than 1.6Km, with promising veins confirming a high-grace mineralizing system. It also has collected nearly 1,200 samples and has identified potentially economic grades sowing high grades such as up to 85.1 g/t Au and 2,280 g/t Ag. Metallurgical testing indicates promising gold recoveries averaging around 95%, although silver recoveries require further improvement. The existing processing plant, built in the late 1980s and currently idle, is capable of processing about 100 tonnes per day and will be rebuilt as part of development plans. The company has strengthened its management team with experienced local professionals and is engaging with local communities and government agencies for permitting and social license. Upcoming work in 2026 includes underground delineation drilling, surface drilling to fill exploration gaps, and continued metallurgical and mineralogical testing. Pinnacle has initiated negotiations for permits required for surface and underground operations and is exploring new targets revealed by an airborne LiDAR survey. The company aims to move rapidly toward potential near-term production, build shareholder value, and possibly increase its ownership stake in the project by generating cash flow through initial production.
Canasil Resources Inc., prepared drill plans for a 2,450m diamond drill program in 14 holes to test the potentially high-grade Au-Ag epithermal vein at its Vizcainoproject in Durango. The vein system can be traced for over 3km with outcrop widths of 1 to 12 m. Canasil will apply for the drill permit and plan to start with a Phase I program with 1,050m in 6 holes as soon as the drill permit is obtained, which is expected in Q2, 2026. At its Salamandra project in Durango, it is conducting a comprehensive technical review and exploration plans and will be applying for drill permits in Q1, 2026. In Zacatecas-Durango, the company is also preparing detailed exploration plans, including diamond drilling to test La Esperanza vein system, and will be applying for the drill permits in Q1, 2026.
ON MINING
Aura Minerals Inc., reported Q4 and full year 2025 production results from its Aranzazu min in Zacatecas. The company produced 6,158 Oz Au, 126.7K Oz Ag, 8.47M Lb Cu, and 86K lb Mo (18,878 Oz AuEq)in Q4, 2025, and 26,700 Oz Au, 542K Oz Ag, 36.58M Lb Cu, and 249K Lb Mo in the full year 2025.
First Majestic Silver Corp., reported Q4, 2025 production results from their Mexican mine operations, and 2026 full year mine-by-mine guidance. Tables below show figures respectively:
Alamos Gold Inc., informed on Q4 and full year 2025 production results from its Mulatos mine in Sonora. In Q4, 2025, the company mined 1,071,540 tonnes to produce 40K Oz Au. Production for the full year 2025 totaled 141.6K Oz Au. It also announced that it will release Q4 and full year 2025 financial results after market close on February 18, 2026.
Luca Mining Corp., released surface and underground drill results from its ongoing Phase 2 drilling program at its Campo Morado mine in Guerrero. Drilling highlights on surface include hole CMRF-25-13 with 3.19 g/t Au, 150 g/t Ag, 0.61% Cu, 1% Pb, and 3.3% Zn (8.31 g/t AuEq) over 25.1m, including 3.5 g/t Au, 163 g/t Ag, 0.66% Cu, 1.1% Pb, and 3.6% Zn (9.03 g/t AuEq) over 22.4m, including 4.53 g/t Au, 242 g/t Ag, 0.68% Cu, 1.9% Pb, and 4.1% Zn (11.78 g/t AuEq) over 3.57m, plus 4.68 g/t Au, 207 g/t Ag, 0.62% Cu, 1.5% Pb, and 4.4% Zn (11.32 g/t AuEq) over 4.9m; and hole CMRF-25-15 with 1.21 g/t Au, 53 g/t Ag, 1.3% Cu, 0.5% Pb, and 3.6% Zn (5.90 g/t AuEq) over 55.8m, including 0.87 g/t Au, 29 g/t Ag, 2.5% Cu, 0.1% Pb, and 0.6% Zn (5.69 g/t AuEq) over 19.7m, including 1.29 g/t Au, 49 g/t Ag, 4.9% Cu, 0.05% Pb, and 0.6% Zn (10.09 g/t AuEq) over 7.7m, plus 0.19 g/t Au, 9 g/t Ag, 0.7% Cu, 0.02% Pb, and 0.6% Zn (1.73 g/t AuEq) over 10.4m, including 1.88 g/t Au, 89 g/t Ag, 0.59% Cu, 0.9% Pb, and 7% Zn (7.73 g/t AuEq) over 25.8m, plus 2.1 g/t Au, 117 g/t Ag, 0.49% Cu, 1.5% Pb, and 10.1% Zn (9.82 g/t AuEq) over 10.2m. The most significant underground drill intercept was encountered in hole CMUG-25 25 with 0.15 g/t Au, 33 g/t Ag, 1.04% Cu, 0.1% Pb, and 0.02% Zn over 4m, plus 0.15 g/t Au, 10 g/t Ag, 0.17% Cu, 0.02% Pb, and 1% Zn over 4m, and 0.37 g/t Au, 140 g/t Ag, 0.03% Cu, 0.1% Pb, and 0.3% Zn over 0.7m. To date, 7,218m of surface drilling and 8,440m of underground drilling have been completed.
Heliostar Metals Ltd., provided 2026 production guidance and growth plan for their Mexican mine operations. The table below shows figures per mine operation:
The company also provided a growth plan for their mine operations. Highlights include pre-stripping the Veta Madre open pit at La Colorada mine in Sonora to increase production at the mine in 2027, and invest up to USD $5.8M in resource development and exploration activities in 2026; At San Agustin mine in Durango, Heliostar is drilling to expand the oxide reserves at the Corner Area and around the existing open pit , and plans to invest up to USD $9.7M through this year to unlock the full geological potential of the property; At Ana Paula, Guerrero, it is advancing the Feasibility Study, and investing USD $6.6M in resource development and regional exploration in 2026, in addition to the USD $15M required to extend the decline. At Cerro Del Gallo, Guanajuato, Heliostar is advancing permitting discussions alongside active engagement with the local communities and social benchmarking surveys. The Company’s work plan includes an update of the geologic model to allow flotation trade-off testing, further metallurgical test work of the sulphide portion of the deposit and hydrological data collection. San Antonio project in Baja California Sur will see a metallurgical program.
Endeavour Silver Corp., announced 2026 production guidance for Terronera and Guanacevi mines in Jalisco and Durango respectively. The tables below show the 2026 production guide and the operating costs per each mine (currency expressed in US dollars):
Torex Gold Resources Inc., provided 2026 production guidance and updated five-year production outlook for its Morelos complex in Guerrero (Currency expressed in US dollars). The tales below show figures respectively:
DynaResource Inc., reported preliminary Q4 and full year 2025 production results from its San Jose de Gracia mine in Sinaloa and provided 2026 production guidance (currency expressed in US dollars). During Q4, 2025 the company mined 65,275 tonnes of 3.2 g/t Au with a metallurgical recovery of 76% to produce 5,080 Oz Au. In the full year 2025, DynaResource mined 260,694 tonnes of 3.46 g/t Au with metallurgical recovery of 74% to produce 21,393 Oz Au. It also provided 2026 production guidance and estimated to produce between 22K-24K Oz Au at cash and AISC of $1,400-$1,600 and $2,400-$2,600 per Oz Au produced respectively. The company also plans to spend between $1-$2M in exploration expenditures.
ON FINANCING
Chesapeake Gold Corp., announced a bought deal offering of 2,380,953 units at a price of CAD $4.20 per unit for gross proceeds of CAD $10M, and later on it increased to approximately CAD $15M by selling 3,571,500 units at a price of CAD $4.20 per unit. The offering is expected to close on or about January 27, 2026. The company also intends to close a non-brokered private placement with participation by Eric Sprott of up to 685,000 units at a price of CAD $4.20 per unit for gross proceeds of up to CAD $2,877,000. Chesapeake filed a prospectus supplement in connection with the CAD $15M bought deal offering and plans to use the net proceeds to advance the company´s proprietary oxidative leach technology, the Metates project, the Lucy project, and for general working capital.
Oroco Resource Corp., filed a prospectus supplement in connection with a bought deal public offering to qualify the distribution of 52,631,600 units at a price of CAD $0.38 per unit for approximate gross proceeds of CAD $20M. Later on, Oroco reported that it close the bought deal public offering of 60,526,340 units at a price of CAD $0.38 per unit for gross proceeds of CAD $23M (Santo Tomas project, Sinaloa).
Canasil Resources Inc., announced a planned private placement for a total of 10,000,000 of common shares at a price of CAD $0.05 per common share for gross proceeds of up to CAD $500K. Part of the net proceeds will be used to fund the company´s operations and exploration programs on its projects portfolio in Durango and Zacatecas (Vizcaino project, Durango).
Sierra Madre Gold and Silver Ltd., closed the first tranche of its previously announced brokered private placement of 30, 521,724 subscription receipts at a price of USD $1.30 per subscription receipt for gross proceeds of USD $39,678,241.20. The offering is being conducted in conjunction with the Company’s proposed acquisition of the Del Toro Silver Mine in Zacatecas from First Majestic Silver Corp.
Pacifica Silver Corp., announced a brokered private placement offering of up to 6,900,000 common shares at a price of CAD $1.45 per common share for gross proceeds of up to CAD $10M and later on it upsized to up to 13,800,000 common shares at a price of CAD $1.45 per common share for gross proceeds of up to CAD $20,010,000. Net proceeds will be used to advance exploration and drilling activity at its Claudia project in Durango.
ON RESOURCES AND DEVELOPMENT
Sonoro Gold Corp., expanded its Cerro Caliche project in Sonora by acquiring 10 additional mining concessions totalling 2,574 hectares, growing the property to almost 4,000 hectares. Under the agreement, the company is paying USD $4M over four years and taking some outstanding fees. This expansion could extend the known gold zones north and south of the current project. They’re also preparing an updated preliminary economic assessment (PEA) to guide future production and exploration plans. The PEA is scheduled for completion in Q1, 2026.
Silver Storm Mining Ltd., commenced a 6,000m underground drilling campaign at its la Parrilla mine complex in Durango. The underground drilling program will focus on exploration step-out and infill drilling in support of the development anticipated by the Company at the Quebradillas, San Marcos, and the Rosarios mines in the La Parrilla Complex. An additional 4,000m of drilling has been proposed as a follow-up to this initial program, as mine development progresses following the potential restart of operations.
GR Silver Mining Ltd., provided 2026 guidance including drilling and project advancement plans. After raising over CAD $34M in equity in late 2025, the company is fully funded, debt free, and expanding its technical team in Mexico. Its primary focus is accelerating resource expansion at the San Marcial project with a 20,000m drilling program aimed at extending high-grade silver mineralization and testing new parallel breccia targets. Concurrently, GR Silver is integrating the San Marcial and Plomosas sites into a single, staged silver development, advancing permitting, environmental studies, and a bulk- sample test‑mining program at Plomosas, which includes plans for a pilot‑plant. The firm also plans a Preliminary Economic Assessment in the second half of 2026 and will update its mineral resource estimate later in the year.
Royalties Inc., hired SRL Consulting Ltd., to provide an updated economic analysis on Bilbao project in Zacatecas, based on information in the 2024 PEA using current metal pricing for sensitivity analysis. SLR will also carry out a high-level assessment of potential high iron-oxide ore processing technologies to identify suitable methods for extracting value from the oxide portion of the deposit which was excluded from the PEA plan, potentially adding tonnage to the project. A report is expected to be completed within a month.
Silverco Mining Ltd., filed a Mineral Resource Estimate (MRE) for its Cusi mine in Chihuahua. The MRE is dated January 14, 2026, with an effective date of October 20, 2025. The table below shows the MRE:
Vizsla Silver Corp., reported results from 29 oriented geotechnical drill holes completed at its Copala project in Sinaloa within the Copala, Tajitos and Napoleon resource areas. Drilling highlights (true widths reported) include hole DDH-CAP-008B on Copala Vein with 1,284 g/t Ag and 7.51 g/t Au (1,800 g/t AgEq) over 3.80m, including 2,760 g/t Ag and 15.7 g/t Au (3,833 g/t AgEq) over 0.93m; hole DDH-CAP-003A on Copala 3 Vein with 850 g/t Ag and 7.78 g/t Au (1,422 g/t AgEq) over 2m and on Copala Vein with 681 g/t Ag and 2.58 g/t Au (840 g/t AgEq) over 6.50m, including 1,046 g/t Ag and 3.1 g/t Au (1,219 g/t AgEq) over 0.91m, and including 1,428 g/t Ag and 4.77 g/t Au (1,708 g/t AgEq) over 1.83m; and hole DDH-CAP-007B on Copala Vein with 269 g/t Ag and 2.15 g/t Au (424 g/t AgEq) over 8.9m, including 865 g/t Ag and 6.82 g/t Au (1,357 g/t AgEq) over 1.62m, plus 665 g/t Ag and 3.01 g/t Au (861 g/t AgEq) on Vein splay over 0.80m, plus 733 g/t Ag and 3.5 g/t Au (963 g/t AgEq) on Copala 2 over 0.90m.
ON DEALS AND CORPORATE ISSUES
Canasil Resources Inc., announced that it had a notably active 2025, successfully completing all regulatory filings and regaining active trading status on the TSX Venture Exchange. The company also saw leadership changes with new directors and executives, and its shares traded actively. Looking ahead to 2026, Canasil anticipates a dynamic year focused on advancing its projects in Canada and Mexico within a favorable market environment for metals like gold, silver, and copper (Vizcaino project, Durango).
Bear Creek Mining Corporation´s Board of Directors, Management, and Employees congratulated Catherine McLeod-Seltzer, co-founder and Chair of Bear Creek, on her recent induction to the Canadian Mining Hall of Fame (Mercedes mine, Sonora).
Tocvan Ventures Corp., announced the appointment of Anna Ladd-Kruger as an independent director to its Board of Directors, effective immediately (Gran Pilar project, Sonora).
Vortex Metals Inc., appointed Michael Williams as interim Chief Executive Officer effective immediately (Riqueza Marina and Zaachila project, Oaxaca).
Silver Storm Mining Ltd., announced that it has qualified to trade on the OCTQX Best Market, upgrading from the OTCQB Venture Market. The common shares of the Company will commence trading on the OTCQX Market under the symbol “SVRSF”. The Company’s shares will continue to be listed and trade on the TSX Venture Exchange under the symbol “SVRS” and on the Frankfurt Stock Exchange under the symbol “SVR” (La Parrilla mine, Durango).
Regency Silver Corp., provided a 2025 year-end corporate recap. The company had some major moves: new leadership was appointed, they raised over CAD $8M to fund exploration, and made solid progress drilling at its Dios Padre project in Sonora, extending promising mineral zones, supporting the interpretation of a large magmatic-hydrothermal system. These developments set a solid foundation for an active exploration campaign in 2026, with a focus on systematic step-out drilling and refining structural controls to enhance the discovery potential of the project.
Riverside Resources Inc., outlined its corporate outlook and milestones for 2026. Riverside successfully spun out Blue jay Gold Corp., and strengthened their finances with strategic investors. It is also focused on advancing projects through partner funding and smart capital management, as well as to grow their royalty and equity portfolios and continue disciplined transactions and exploration. Riverside Resources’ Mexican portfolio in 2026 includes several key projects and strategic initiatives. The Company is actively advancing the Union Project in Sonora, where it executed an option agreement with Questcorp Mining, funding exploration and drilling activities, with assay results expected in early 2026. Additionally, Riverside is advancing the Cecilia Project in Sonora, following positive drilling results in late 2024, by integrating geophysical and structural data to plan further exploration and marketing efforts for potential partnerships. The broader Mexican portfolio also includes other prospects like Cuarentas, Valle, and Ariel, all located in Sonora, which are being maintained at various stages for future joint ventures, asset sales, or additional royalties. The overall strategy emphasizes de-risking existing projects, exploring new opportunities, and leveraging partner funding and government permitting developments to enhance project value and shareholder returns.
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, breccia cemented with specularite in an IOCG project in Sonora, Mexico. Photo taken by Miguel A Heredia.
Subhorizontal quartz veins cut by high-angle structures
By Miguel A Heredia
During the 1st week of the year (December 29th 2025 to January 04th 2026), at least 10 press releases were announced by companies working in Mexico, with seven disclosing deals and corporate issues, two announcing financial rounds, and one informing on exploration results. ON MEXICO ISSUES, No relevant news. ON EXPLORATION, In Sonora, Tocvan provided a review of the most significant activities performed at its Gran Pilar project during the year 2025. ON MINING, No relevant news. ON FINANCING, Apollo informed that it has upsized its previously announced non-brokered private placement by an additional CAD $2.5M for total gross proceeds of up to CAD $27.5M (Cinco de Mayo project, Chihuahua). Sonoro Gold closed its previously announced oversubscribed non-brokered private placement for gross proceeds of CAD $4.9M (Cerro Caliche project, Sonora). ON RESOURCESAND DEVELOPMENT, No relevant news. ON DEALS AND CORPORATE ISSUES, Chesapeake announced the appointment of Jean-Paul Tsotsos and Rajesh Vyas as Chief Executive Officer and Chief Financial Officer and Corporate Secretary respectively, effective January 1st, 2026, and the step down of Navin Sandhu and Bernard Poznanski as Interim Chief Financial Officer and Corporate Secretary respectively, effective December 31, 2025 (Metates project, Durango). Silver Dollar granted stock options to Directors, Officers and Consultants (La Joya project, Durango). Vortex announced that it has continued out of the provincial jurisdiction of British Columbia (Riqueza Marina project, Oaxaca). Minera Alamos informed that it will consolidate its common shares (Santana project, Sonora). Golden Minerals reported that it has substantially reduced its liabilities in Mexico. Goldgroup Mining entered into an agreement to sell all of its shares in Minera Apolo which owns the Pinos project in Zacatecas to a private British company. Silver Viper provided a clarification and additional details regarding its existing agreements with Nordcore Media and Red Cloud Securities about marketing and trading support, and announced the resignation of Taj Singh from the board of Directors (La Virginia project, Sonora). ON SOCIAL RESPONSIBILITY, No relevant news.
ON MEXICO ISSUES
No relevant news.
ON EXPLORATION
Tocvan Ventures Corp., provided a review of the most significant activities performed in 2025 with major progress on their Gran Pilar project in Sonora. Highlights include record high-grade gold and silver drilling results; new discoveries expanding their mineral targets across a 22km2 area; secured critical permits for drilling and a 10-year pilot mine with 50,000 tonnes capacity; and strengthened their team and attracted significant funding to support ongoing growth and shareholder value.
ON MINING
No relevant news.
ON FINANCING
Apollo Silver Corp., informed that it has upsized its previously announced non-brokered private placement by an additional CAD $2.5M for a total gross proceeds of up to CAD $27.5M through the issuance of 5,500,000 units at a price of CAD $5 per unit. Gross proceeds will be used to fund exploration and development activities across the Company’s projects, as well as for general working capital and corporate purposes (Cinco de Mayo project, Chihuahua).
Sonoro Gold Corp., closed its previously announced oversubscribed non-brokered private placement of 24,500,000 units at a price of CAD $0.20 per unit for gross proceeds of CAD $4.9M. Net proceeds will be used to fund the ongoing development of its Cerro Caliche project in Sonora, and for general working capital purposes.
ON RESOURCES AND DEVELOPMENT
No relevant news.
ON DEALS AND CORPORATE ISSUES
Chesapeake Gold Corp., announced the appointment of Jean-Paul Tsotsos and Rajesh Vyas as Chief Executive Officer and Chief Financial Officer and Corporate Secretary respectively, effective January 1st, 2026, and the step down of Navin Sandhu and Bernard Poznanski as Interim Chief Financial Officer and Corporate Secretary respectively, effective December 31, 2025 (Metates project, Durango).
Silver Dollar Resources Inc., granted stock options to Directors, Officers and Consultants to purchase up to 1,850,000 shares of the company at a price of 0.55 per share until December 30, 2030 (La Joya project, Durango).
Vortex Metals Inc., announced that it has continued out of the provincial jurisdiction of Ontario under the Business Corporations Act (Ontario) into the provincial jurisdiction of British Columbia under the Business Corporations Act (British Columbia). Shareholders approved the continuance at the Company’s annual general and special meeting of shareholders held on October 15, 2025 (Riqueza Marina project, Oaxaca).
Minera Alamos Inc., informed that it will consolidate its common shares at a ratio of ten pre-consolidation shares to one post-consolidation share. Upon completion of the consolidation, the company will have approximately 108,044,073 common shares issued and outstanding (Santana project, Sonora).
Golden Minerals Company reported that it has substantially reduced its liabilities in Mexico. It has completed the sale of its wholly owned Mexican subsidiaries Servicios Velardeña S.A. de C.V., and Golden Minerals Company Equipos S.A. de C.V., to a privately held Mexican group. The transaction was completed on December 30, 2025, for total consideration of approximately USD $65K. Upon consummation of the transaction, Servicios Velardeña S.A. de C.V. and GMC Equipos S.A. de C.V. held net operating losses, inflation-adjusted capital contributions, several liabilities including approximately USD $60K in past-due accounts payable, the remaining labor claim in Mexico of approximately USD $56K, and the Rodeo mining concession, a mined-out project that includes an associated asset retirement obligation with a book liability value of approximately USD $450K. Under Mexican law, the balance of the subsidiaries’ capital contribution accounts may be bought and sold. All funds related to the sale have been received.
Goldgroup Mining Inc., entered into an agreement to sell all of its shares in Minera Apolo S.A. de C.V., which owns all the issued and outstanding shares of the Minera Catanava S.A.de C.V., to a private British company. Apolo and Minera Catanava collectively hold a 100% interest in the Pinos gold/silver project in Zacatecas The sale is structured for a total consideration of USD $5M, paid in stages: an initial deposit of USD $2.45M, USD $550K on closing, and USD $2M to be paid within six months via a promissory note. The purchaser will assume all liabilities associated with Apolo, Minera Catanava and the Pinos project including the assumption of USD $400K remaining payable on the original purchase agreement in addition to debt in the amount of USD $1.5M payable to the previous owners of Apolo that will be triggered by the sale of Apolo. The transaction is subject to approval by the TSX Venture Exchange.
Silver Viper Minerals Corp., provided a clarification and additional details regarding its existing agreements with Nordcore Media and Red Cloud Securities about marketing and trading support. The company has entered into a six-month digital marketing contract with Nordcore for USD $300K to enhance investor awareness through online advertising and digital strategies. Simultaneously, it has a month-to-month agreement with Red Cloud Securities for CAD $7K monthly to support market stabilization and liquidity for its shares on the TSX Venture Exchange. Both agreements stick to the original terms like arm’s-length status and no security-based payments. Silver Viper also announced the resignation of Taj Singh from the Board of Directors, effective December 18, 2025 (La Virginia project, Sonora).
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, subhorizontal quartz veins cut by high-angle structures in an IOCG project in Sonora, Mexico. Photo taken by Miguel A Heredia.
Normal Fault in the Upper Volcanic Supergroup of the Sierra Madre Occidental
By Miguel A Heredia
During the 47th week of the year (November 17th to November 23th 2025), at least 26 press releases were announced by companies working in Mexico, with eleven disclosing deals and corporate issues, five communicating production results, four announcing financial rounds, four reporting resources and developments of their properties, one informing on exploration results, and one commenting on Mexican issues. ON MEXICO ISSUES, Kootenay, Silverco, IMPACT, and GR Silver reported the best drilling intercepts in Mexico on the second week of November, 2025. ON EXPLORATION, In Zacatecas, Defiance Silver provided an update on the recently completed trench sampling program at its San Acacio project. ON MINING, DynaResource reported Q3, 2025 production and financial results from its San Jose de Gracia mine in Sinaloa. Starcore announced Q2 production results from its San Martin mine in Queretaro. Luca Mining reported Q2, 2025 consolidated production and financial results from campo Morado and Tahuehueto mines located in Guerrero and Durango respectively. Heliostar presented Q3, 2025 production and financial results from their Mexican operations. ON FINANCING, Silver Viper announced a non-brokered private placement for gross proceeds of up to CAD $12M and later on it upsized to up to CAD $15M (La Virginia project, Sonora). Alamos Gold declared a quarterly dividend of USD $0.025 per common share and repurchased 928,729 shares under its Normal Course Issuer Bid (Mulatos mine, Sonora). Torex renewed its Normal Course Issuer Bid (NCIB), allowing the company to repurchase up to approximately 10% of its public float (about 8.13 million shares) (Media Luna project, Guerrero). Vizsla announced that it plans to raise USD $250M through the issuance of convertible senior notes due 2031 (Panuco project, Sinaloa). ON RESOURCESAND DEVELOPMENT, Silverco engaged SGS to validate and update Mineral Resource Estimate at Cusi mine, Chihuahua. GR Silver released results from drill hole SMS25-12 collared below the current San Marcial Resource Area at Plomosas project in Sinaloa. Kootenay published results from the first seven drill holes of the ongoing program at Columba project in Chihuahua. Silverco released drill results from its 15,000m 2025 drill program at Cusi mine in Chihuahua. IMPACT Silver presented results from its underground drilling program in the Juarez Zone at its Plomosas mine in Chihuahua. ON DEALS AND CORPORATE ISSUES, Discovery Silver announced a number of management appointments (Cordero project, Chihuahua). GR Silver appointed Cástulo Molina Sotelo as Country Manager, Mexico (Plomosas project, Sinaloa). Mexican Gold informed that it will host its annual general meeting of shareholders on December 10, 2025 (Las Minas project, Veracruz). Radius Gold appointed Alejandro Ly as Vice President Exploration (Amalia project, Chihuahua). Santacruz Silver announced the appointment of Bruce Wolfson to its Board of Directors and the retirement of Roland Löhner (Zimapan mine, Hidalgo). Vizsla Royalties congratulated Vizsla Silver on the positive results of the Feasibility Study on the Panuco project, Sinaloa. Garibaldi proposed extension of warrant expiry dates (Rodadero project, Sonora). Apollo granted Restricted Share Units to certain officers and directors (Cinco de Mayo project, Chihuahua). VVC Resources announced its strategic decision to exit the Gloria Copper Project in Chihuahua. Masivo Silver secured a 10 year land-use and access agreement for the private property where the Cerro Colorado project in Sonora is located. ON SOCIAL RESPONSIBILITY, No relevant news.
ON MEXICO ISSUES
Kootenay, Silverco, IMPACT, and GR Silver reported the best drilling intercepts in Mexico on the second week of November, 2025. Details are shown in the table below:
ON EXPLORATION
Defiance Silver Corp., provided an update on the recently completed trench sampling program at its San Acacio project in Zacatecas. A total of 76 trenches were dig and sampled in the area known as Almaden-Carolina pits, and 49 in the area known as Esperanza-Guadalupe pits, all of them along the 2.1km of strike length of the Veta Grande vein system, with approximately 1.1km of trenching being completed across the vein system. Highlights at Almaden-Carolina pits include trench CHSA-24-32 with 355 g/t Ag, 4.16 g/t Au, 4.2% Pb, and 0.5% Zn over 3.25m. Highlights at Esperanza-Guadalupe pits include trench CHSA-24-116 with 5,180 g/t Ag, 4.85 g/t Au, 0.7% Pb, and 0.1% Zn over 0.6m, and trench CHSA-24-110 with 1,155 g/t Ag, 4,12 g/t Au, 2.3% Pb, and 0.2% Zn over 0.85m. “The results from this trenching program will enhance the Company’s understanding of the surface geology and mineralization and will contribute valuable data to support the upcoming mineral resource estimate”.
ON MINING
DynaResource Inc., reported Q3, 2025 production and financial results from its San Jose de Gracia mine in Sinaloa (all currency is expressed in US dollars). The company mined 74,680 tonnes and milled 62,741 tonnes of 3.3 g/t Au with metallurgical recoveries of 70.5% to produce 4,830 Oz Au. It sold 4,780 Oz Au. The company also reported revenue of $14.1M; net income of $1.3M; operating cash flows before change in non-cash working capital items of $2.4M; and cash flow used in operating activities of $999.4K.
Starcore International Mines Ltd., announced Q2 production results from its San Martin mine in Queretaro. The company milled 51.960 tonnes of 1.33 g/t Au and 14 g/t Ag with metallurgical recoveries of 77.17% and 49.30% respectively to produce 1,860 Oz AuEq.
Luca Mining Corp., reported Q2, 2025 consolidated production and financial results from campo Morado and Tahuehueto mines located in Guerrero and Durango respectively (all amounts are expressed in US dollars). The company mined 241,153 tonnes and milled 250,807 tonnes to produce 5,457 Oz Au, 312.2K Oz Ag, 2M Lb Pb, 1,048M Lb Zn, and 2.61M Lb Cu. (At Campo Morado, Guerrero, Luca processed 173,260 tonnes to produce 30.2M Lb ZnEq at cash cost and AISC of $1.09 and 1.43 per Lb ZnEq respectively. At Tahuehueto, Durango, Luca processed 77,548 tonnes to produce 5,579 Oz AuEq). The company sold 3,990 Oz Au, 233.9K Oz Ag, 762K Lb Pb, 7.6M Lb Zn, and 1.88M Lb Cu. Luca also reported net revenue of $35.04M; cost of sales of $31.1M; mine operating earnings of $3.9M; mine operating cash flow before taxes of $7.2M; loss earnings of $16.02M; adjusted net loss of $49K; net free cash flow before working capital of ($3.25M); EBITDA of (10.8M),; and adjusted EBITDA of $4.34M.
Heliostar Metals Ltd., presented Q3, 2025 production and financial results from their Mexican operations (currency is expressed in US dollars). At La Colorada, Sonora the company produced 5,311 Oz Au or 5,479 Oz AuEq and sold 4,122 Oz Au or 4,229 Oz AuEq at cash and AISC of USD $1,592 and $1,648 per Oz AuEq. At San Agustin, Durango, Heliostar produced 3,638 Oz Au or 3,686 Oz AuEq and sold 3,430 Oz Au or 3,480 Oz AuEq at cash and AISC of $1,389 and $1,587 per Oz AuEq. At Ana Paula, Guerrero, the company spent $3.9M in development and exploration, and announced that it progressed its ongoing 15,000m drilling program with the goal of delivering mineral reserves to support a 10-year life of mine in the Feasibility Study planned to be released in H1, 2027. At Cerro del Gallo, Guanajuato, it conducted advanced study works towards releasing a Pre Feasibility Study. Results of this study are planned to be released in the coming weeks. Consolidated operational and financial results are shown in the table below:
ON FINANCING
Silver Viper Minerals Corp., announced a non-brokered private placement for gross proceeds of up to CAD $12M from the sale of up to 15,000,000 of units at a price of CAD $0.8 per unit. Later on, the company upsized to up to 18,750,000 of units at a price of CAD $0.8 per unit for gross proceeds of up to $15M. Gross proceeds will be used for working capital requirements and other general corporate purposes (La Virginia project, Sonora).
Alamos Gold Inc., declared a quarterly dividend of USD $0.025 per common share. The dividend is payable on December 18, 2025 to shareholders of record as of the close of business on December 4, 2025. Alamos also informed that it repurchased 928,729 shares at a cost of USD $28.8M, or $30.96 per share, under its Normal Course Issuer Bid (NCIB) thus far in November (Mulatos mine, Sonora).
Torex Gold Resources Inc., renewed its Normal Course Issuer Bid (NCIB), allowing the company to repurchase up to approximately 10% of its public float (about 8.13 million shares) over the period from November 21, 2025, to November 20, 2026. Torex had a total of 96,176,134 Common Shares issued and outstanding and a public float of 81,334,308 Common Shares. The buyback program, which was previously active, is designed to return capital to shareholders and is flexible, enabling Torex management to purchase shares on the open market as market conditions allow, with a daily maximum purchase limit. The company has already executed some share repurchases under the current NCIB at an average price of around CAD $46.78 per share. Beyond the buyback, Torex’s strategic objectives include advancing the Media Luna project in Guerrero to full production, optimizing existing operations, expanding reserves and resources, and pursuing disciplined growth while maintaining responsible mining practices.
Vizsla Silver Corp., announced that it plans to raise USD $250M through the issuance of convertible senior notes due 2031. The proceeds will be used to support exploration and development of its Panuco silver-gold project in Sinaloa, fund potential acquisitions, and cover general corporate expenses. A portion of the funds will also be allocated to purchase capped call transactions, which are designed to offset potential dilution from the conversion of the notes. The company can redeem the notes and holders have repurchase rights under some events. The offering is subject to certain conditions, including regulatory approvals and the notes will be convertible into shares or cash, with specific terms to be determined based on market conditions.
ON RESOURCES AND DEVELOPMENT
Silverco Mining ltd., engaged SGS Canada Inc., to validate and update Mineral Resource Estimate (MRE) at Cusi mine, Chihuahua. The MRE will be prepared in accordance with NI43-101 Standards of Disclosure for Mineral Projects and will incorporate new data and expand the scope of the previous historical estimate. The updated MRE is expected later this quarter.
GR Silver Mining Ltd., released results from drill hole SMS25-12 collared at San Marcial Area in its Plomosas project in Sinaloa. It intersected two silver mineralized zones with multiple intervals of high grade, extending the mineralization approximately 75m below the current San Marcial Resource Area. This hole encountered 124 g/t Ag, 0.1% Pb, and 0.2% Zn over 9.6m, including 284 g/t Ag, 0.1% Pb, and 0.5% Zn over 2m, plus 232 g/t Ag, 0.02g/t Au, and 0.1% Zn over 5m, including 956 g/t Ag, 0.02 g/t Au and 0.1% Zn. Hole SMS25-12 confirms the continuity of the hydrothermal breccia for at least 400m below surface and suggest potential to expand resources. A step-out drilling program is being planned for the first half of 2026.
Kootenay Silver Inc., published results from the first seven drill holes of the ongoing program at Columba project in Chihuahua. This 50,000m drilling program aims to extend and expands known mineralization on the extensive Columba vein system. Drilling highlights (TW reported) include hole CDH-25-218 on I Vein Area with 303 g/t Ag, 0.08 g/t Au, 0.7% Pb, and 2-1% Zn over 2-34m, including 921 g/t Ag, 0.12 g/t Au, 2.6% Pb, and 6% Zn over 0.41m, plus 28 g/t Ag, 0.22 g/t Au, over 15-93m, including 847 g/t Ag, 0.18 g/t Au, 0.4% Pb, and 0.3% Zn over 0.32m, plus 32 g/t Ag and 0.21 g/t Au, over 7.08m, plus 255 g/t Ag, 0.4% Pb, and 1.7% Zn over 0.74m, plus 26 g/t Ag, 0.32 g/t Au, and 0.1% Zn over 9.44m; and hole CDH-25-214 on D Vein with 45 g/t Ag and 0.1% Zn over 2.42m, including 185 g/t Ag, 0.1% Pb, and 0.1% Zn over 0.23m, plus 57 g/t Ag and 0.1% Zn over 1.59m, plus 231 g/t Ag, 0.2% Pb and 0.8% Zn over 0.39m, plus 108 g/t Ag, 0.1% Pb, and 0.2% Zn over 4.83m, including 362 g/t Ag, 0.1% Pb, and 0.2% Zn over 0.69m, plus 90 g/t Ag, 0.1% Pb, and 0.2% Zn over 2.07m, ´plus 102 g/t Ag, 0.2% Pb, and 0.2% Zn over 2.07m, plus 104 g/t Ag, 0.1% Pb, and 0.2% Zn over 0.23m. The company also reported the discovery of porphyry style gold mineralization along I Vein hosted in breccias and feldspar porphyries in holes CDH-25-217 and 218, with the identification of classic B style veins plus or minus molybdenite along with disseminated pyrite and unidirectional solidification textures.
Silverco Mining Ltd., released drill results from its 15,000m 2025 drill program at Cusi mine in Chihuahua. Drilling highlights include hole CU-25-35 (San Miguel Zone) with 0.16 g/t Au, 180 g/t Ag, 0.3% Pb, 1% Zn (194 g/t AgEq) over 1.5m, plus 0.32 g/t Au, 334 g/t Ag, 2.7% Pb, and 3.1% Zn (425 g/t AgEq) over 3.4m, including 1.05 g/t Au, 1,075 g/t Ag, 9.9% Pb, and 10.6% Zn (1,409 g/t AgEq) over 0.8M; hole CU-25-33 (San Miguel Zone) with 0.45 g/t Au, 427 g/t Ag, 1.6% Pb, and 6.5% Zn (554 g/t AgEq) over 1.2m, plus 0.18 g/t Au, 241 g/t Ag, 0.7% Pb, and 1.9% Zn (272 g/t AgEq) over 0.6m; hole CU-25-34 (Eduwiges Zone) with 0.21 g/t Au, 67 g/t Ag, 2.4% Pb, and 7.6% Zn (259 g/t AgEq) over 1.1m; and hole CU-25 36a (Eduwiges Zone) with 3.17 g/t Au, 231 g/t Ag, 11.2% Pb, and 10.7% Zn (764 g/t AgEq) over 1.5m. These are the last drill results to be included in the upcoming Mineral Resource Estimate update, which is expected to publish in December 2025.
IMPACT Silver Corp., presented results from its underground drilling program in the Juarez Zone at its Plomosas mine in Chihuahua. Drill results lie outside of the JORC mineral resource blocks published by the previous operator. Juarez Zone remains open for exploration. The table below shows a summary of the drill results:
ON DEALS AND CORPORATE ISSUES
Discovery Silver Corp., announced a number of management appointments, including Raymond Yip as Chief Information Officer, Kara Byrnes as Vice President Exploration and Geology-Porcupine, Gerry Stinson as Vice President, Environment, Porcupine Operations, and Amanda Kasner as Vice President, Business Optimization (Cordero project, Chihuahua).
GR Silver Mining Ltd., appointed Cástulo Molina Sotelo as Country Manager, Mexico (Plomosas project, Sinaloa).
Mexican Gold Mining Corp., informed that it will host its annual general meeting of shareholders on December 10, 2025 (Las Minas project, Veracruz).
Radius Gold Inc., appointed Alejandro Ly as Vice President Exploration (Amalia project, Chihuahua).
Santacruz Silver Mining Ltd., announced the appointment of Bruce Wolfson to its Board of Directors, effective November 17, 2025. The Company also announces that Mr. Roland Löhner has notified the Company that he intends to step down from the board of directors following the upcoming annual general and special meeting on November 25, 2025 (Zimapan mine, Hidalgo).
Vizsla Royalties Corp., congratulated Vizsla Silver Corp., on the positive results of the Feasibility Study on the Panuco project, Sinaloa.
Garibaldi Resources Corp., proposed extension of warrant expiry dates and announced that it has applied to the TSX Venture Exchange to extend the expiry dates of certain warrants issued in December 2022 from December 2025 to December 2027. The exercise prices of these warrants will remain unchanged at CAD $0.40 and CAD $0.45. The extension is subject to exchange approval. The company aims to give warrant holders additional time to exercise their warrants, potentially supporting continued investor interest and capital raising opportunities (Rodadero project, Sonora).
Apollo Silver Corp., granted Restricted Share Units (RSUs) to certain officers and directors. The Company granted an aggregate of 750,000 RSUs. The RSUs vest in three equal tranches over 36-months. Upon vesting, each RSU entitles the holder to receive one common share of the Company. (Cinco de Mayo project, Chihuahua).
VVC Resources announced its strategic decision to exit the Gloria Copper Project in Chihuahua, due to high maintenance costs, political instability, and safety concerns, despite its geological potential. The company will instead focus its exploration efforts on the Cumeral Gold Project in Sonora, which offers better permitting prospects, strong local support, and significant upside potential.
Alamos Gold Inc., declared a quarterly dividend of USD $0.025 per common share. The dividend is payable on December 18, 2025 to shareholders of record as of the close of business on December 4, 2025. Alamos also informed that it repurchased 928,729 shares at a cost of USD $28.8M, or $30.96 per share, under its Normal Course Issuer Bid (NCIB) thus far in November (Mulatos mine, Sonora).
Masivo Silver Corp., secured a 10 year land-use and access agreement for the private property where the Cerro Colorado project in Sonora is located. The agreement grants the Company full rights to rehabilitate or construct access roads, establish drill pads and core storage facilities, set up temporary camps and offices, and conduct drilling, sampling, and mineral extraction activities—subject to the required environmental permits. The land-use agreement is a prerequisite to obtaining these permits and ensures compliance with local and federal environmental regulations.
ON SOCIAL RESPONSIBILITY
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On the picture below, a normal fault in an outcrop of the Upper Volcanic Supergroup of extensive silicic ignimbrites in Chihuahua, Mexico. Photo taken by Miguel A Heredia.
