Hydrothermal breccia

By Miguel A Heredia

During the 11^th week of the year (March 9^th to March 15^th 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 25^th 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 25^th 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.