Deals and Corporate Issues

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

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By Jorge Cirett

During the 28th week of the year (July 7th to July 13th, 2025), companies working in Mexico presented 38 press releases. Two companies presented news on one early-stage property. Five companies presented quarterly operational updates. Seven companies reported on financial rounds; one company requested a trading halt, another is trading now in the OTCID Market and another was re-listed on the TSX. Two companies presented drilling results from operating mines; two companies presented channel sample results from their projects; another company updated on its environmental permit.  Eleven companies reported on deals, acquisitions, payments, activities, arbitration procedures, spinouts, AGM’s and sales. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, In Sonora, Questcorp Mining is preparing for drilling at La Union. Fortuna Mining is not proceeding with the Cecilia project option. ON MINING, Endeavour Silver, GoGold Resources, Sandstorm Gold, Torex Gold and Orla Mining presented preliminary operational/production for Q2 2025. ON FINANCING, seven companies informed on financing rounds: Silver Strom Mining (C$4 M), Aura Minerals (US$210 M), Mithril Silver and Gold (C$11.5 M), Sonoran Desert Copper (C$1 M), Endeavour Silver (US$60 M), Silver Viper (C$3.5 M) and Orogen Royalties (C$10 M). Mithril Silver and Gold shares would have halted trading during the week. Royalties Inc. started trading in the OCID Market. Orogen Royalties re-listed in the TSX. ON RESOURCES AND DEVELOPMENT, Mithril Silver and Gold updated on exploration progress at Copalquin, in Durango. Impact Silver released drilling results from Campo Morado, in Guerrero. Impact Silver presented results from drilling at Plomosas, in Chihuahua. GR Silver reported underground channel sample results from the Plomosas mine in Sinaloa (Yes, a Plomosas mine in Chihuahua and another Plomosas mine in Sinaloa). Sonora Gold updated on the status of the environmental permit for its Cerro Caliche project in Sonora. ON DEALS AND CORPORATE ISSUES, Mag Silver reminds shareholders of the upcoming voting deadline on the company’s acquisition by Pan American Silver. Santacruz Silver Mining made a further payment on the Bolivian assets acquisition. Altius Minerals updated on its project generation business activities. Almaden Minerals made public the memorial on the arbitration procedure alongside Almadex Minerals Ltd. with Mexico under the CPTPP. Royal Gold is to acquire Sandstorm Gold. Starcore International Mines is to spin its West Africa interests. Kingsmen Resources is to acquire the Almoloya project in Chihuahua. Triple Flag Precious Metals is to acquire Orogen Royalties. Silver Storm Mining is acquiring all shares from Till Capital. Starcore International Mines is to acquire the Tortilla project in Queretaro. Almaden Minerals sold a mill and paid an outstanding gold loan to Almadex Minerals. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • No Relevant News.  

ON EXPLORATION

  • Riverside Resources Inc. and Questcorp. Mining Inc. are preparing for the maiden drill program at the 2,520 ha La Union project in Sonora. The drilling will follow up on new geophysical and geochemical surveys in the search of a carbonate replacement (CRD) deposit. The program envisages 1,500 m of drilling in 7 holes 150-350 m deep to test at least three areas with historic mines.

ON MINING

  • Endeavour Silver Corp. reported second quarter 2025 production of 1.48 M Oz Ag, 7,755 Oz Au, or 2.5 M Oz AgEq. This is the first quarter that includes figures from a mine not in Mexico (Kolpa, Peru). At Guanaceví, in Durango, 96.8 K tonnes were processed (1,064 tpd), averaging 362 gpt Ag, 1.28 gpt Au, recovering 88.6% Ag, 89.7% Au, to produce 997.9 K Oz Ag, 3,562 Oz Au or 1.28 M Oz AgEq. At Bolañitos in Guanajuato, 88.1 K tonnes were processed (968 tpd) averaging 45 gpt Ag, 1.68 gpt Au, recovering 82.4% Ag, 88.3% Au, to produce 105.2 K Oz Ag, 4,193 Oz Au, or 440.7 K Oz AgEq. On Terronera, in Jalisco, the commissioning and ramp-up continues, with an average output during June of 1,232 tpd. “During commissioning of the plant, the underground mine has continued with mine development and stope preparation”.
  • GoGold Resources Inc. reported Q2 2025 production from its Parral tailings operations. The company produced during the period 201.6 K Oz Ag, 3,100 Oz Au, 128 tonnes Cu, 140 tonnes Zn (555 K Oz AgEq).
  • Sandstorm Gold Ltd. reported preliminary figures for the second quarter 2025. During the period the company sold 15,100 attributable Oz AuEq realizing US$51.4 M, with an operating margin of US$2,980 per Oz AuEq. By the end of the period the outstanding balance of the company’s revolving credit facility was US$315 M, with an undrawn balance of US$310 M (Royalty in Cosalá, Sinaloa).
  • Torex Gold Resources Inc. reported Q2 2025 production of 82,856 Oz AuEq. During the period the company mined at a rate of 2,133 tpd at the ELG open pit, moving waste at 9,313 tpd, mined at a rate of 2,790 tpd and 4,278 tpd from ELG underground and Media Luna Underground respectively, to mine at a total rate of 8,887 tpd in the Morelos Complex in Guerrero. The ore processed graded 2.92 gpt Au, 20.5 gpt Ag, 0.54% Cu, recovering 93.5% Au, 63% Ag, 84.4% Cu, to produce 69,576 Oz Au, 336.5 K Oz Ag, 8 M Lb Cu.
  • Orla Mining Ltd. provided an operational update for the second quarter of 2025, including figures from its operations in Mexico. At Camino Rojo in Zacatecas, 2.0 M tonnes were mined and 2.6 M of waste moved, for a strip ratio of 1.33. A total of 2.6 M tonnes of ore grading 0.57 gpt Au were stacked on the heaps and 25,45 Oz Au produced.  

ON FINANCING

  • Silver Storm Mining Ltd. closed the second and final tranche of its previously announced non-brokered private placement for total gross proceeds of C$130 K, for aggregate gross proceeds of C$4 M (La Parrilla, Durango).
  • Aura Minerals Inc. announces the launch of its United States public offering of common shares, seeking to raise around US$210 M (Aranzazu, Zacatecas).
  • Mithril Silver and Gold Ltd. announced on 9 July 2025 its securities trading on the ASX will be halted on the request of Mithril pending the release of announcements by MTH, until the commencement of trading on July 11, 2025 (Copalquin, Durango).
  • Sonoran Desert Copper Corp. received approval from the TSX Venture Exchange to close its private placement financing for gross proceeds of C$1 M (Cuatro Hermanos, Sonora).
  • Endeavour SilverCorp. Entered into a sales agreement with BMO Capital Markets Corp., TD Securities LLC, Ventum Financial Corp., National Bank of Canada Financial Inc., Raymond James Ltd., H.C. Wainwright & Co. LLC and ING Financial Markets LLC pursuant to which the company at its discretion may sell common share for up to US$60 M in gross proceeds (Terronera, Jalisco).
  • Royalties Inc. announced the launch of trading on the OTCID Market in the US (claims a royalty on Cozamin, Zacatecas).
  • Orogen Royalties Inc. is re-listing on the TSX Venture Exchange. The re-listing is a result of the plan of arrangement that was completed by the Company and Triple Flag Precious Metals Corp. on July 9, 2025. Concurrently with the Arrangement, Triple Flag also completed a C$10.0 M strategic private placement by subscribing Orogen shares (royalty on Ermitaño, Sonora).
  • Silver Viper Minerals Corp. closed its non-brokered private placement for aggregate gross proceeds of C$3.48 M (La Virginia, Sonora).
  • Mithril Silver and Gold Ltd. raised up to C$11.5 M in its previously announced private placement (Copalquin, Durango).

ON RESOURCES AND DEVELOPMENT

  • Mithril Silver and Gold Ltd. updated on exploration progress at Copalquin, in Durango. Drilling is to commence at Target 5 this month, after strong geochemical results from channel sampling, while drilling at Target 3 will follow later this quarter. Continuous mineralization has been mapped across 8 km, with 1,200 m of vertical extent. Highlighted channel samples at Targets 2, 3, 4 and 5 comprise 0.50 m @ 6.21 gpt Au, 265 gpt Ag; 1.00 m @ 19.85 gpt Au, 270 gpt Ag, 0.90 m @ 12.40 gpt Au, 820 gpt Ag; 0.50 m @ 13.25 gpt Au, 558 gpt Ag; 0.70 m @ 5.92 gpt Au, 392 gpt Ag; 0.65 m @ 5.67 gpt Au, 365 gpt Ag; 0.50 m @ 5.80 gpt Au; 0.90 m @ 8.03 gpt Au, 108 gpt Ag. Highlighted soil samples from the San Manuel mine area comprise 4.10 gpt Au, 83 gpt Ag; 2.73 gpt Au, 102 gpt Ag; 5.66 gpt Au, 154 gpt Ag; 5.77 gpt Au, 139 gpt Ag; 4.13 gpt Au, 120 gpt Ag; 5.03 gpt Au, 237 gpt Ag; 2.53 gpt Au, 20 gpt Ag.
  • Impact Silver Corp. released drilling results from underground drilling on the Juarez zone at its Plomosas mine in Chihuahua. Highlighted true width intercepts comprise 0.61 m @ 25 gpt Ag, 1.4% Pb, 6.3% Zn; 2.23 m @ 15 gpt Ag, 4.2% Pb, 9.9% Zn; (including 1.01 m @ 24 gpt Ag, 7.9% Pb, 17.2% Zn); 2.02 m @ 8 gpt Ag, 0.6% Pb, 13.0% Zn (including 0.81 m @ 14 gpt Ag, 0.3% Pb, 30.1% Zn); 3.94 m @ 8 gpt Ag, 0.3% Pb, 10.4% Zn (including 1.70 m @ 11 gpt Ag, 0.2% Pb, 21% Zn); 2.79 m @ 18 gpt Ag, 1.9% Pb, 4.8% Zn; 5.78 m @ 18 gpt Ag, 1.9% Pb, 4.8% Zn; 6.14 m @ 13 gpt Ag, 0.5 % Pb, 6.0% Zn (including 1.07 m @ 18 gpt Ag, 0.1% Pb, 24.9% Zn); 7.59 m @ 15 gpt Ag, 2.0% Pb, 4.2% Zn; 2.57 m @ 10 gpt Ag, 0.3% Pb, 10.7% Zn.
  • Luca Mining Corp. announced results from the first surface drill hole at the Reforma deposit and the next four underground drill holes as part of the phase one 2,500 m surface and 5,000 m underground drilling. Highlighted core length intervals comprise 21.52 m @ 4.24 gpt Au, 159 gpt Ag, 0.38% Cu, 2.1% Pb, 6.2% Zn (including 15.05 m @ 5.35 gpt Au, 188 gpt Ag, 0.31% Cu, 2.8% Pb, 8.4% Zn) on the Reforma deposit from the surface and 1.6 m @ 0.89 gpt Au, 60 gpt Ag, 0.48% Cu, 0.4% Pb, 1.9% Zn; 11.0 m @ 0.32 gpt Au, 99 gpt Ag, 4.20% Cu, 0.2% Pb, 1.6% Zn; 2.2 m @ 0.20 gpt Au, 30 gpt Ag, 0.47% Cu, 2.8% Zn; 6.1 m @ 0.17 gpt Au, 26 gpt Ag, 0.19% Cu, 0.1% Pb, 1.9% Zn; 2.3 m @ 0.49 gpt Au, 53 gpt Ag, 0.65% Cu, 0.6% Pb, 0.2% Zn; 6.4 m @ 0.72 gpt Au, 49 gpt Ag, 0.54% Cu, 0.2% Pb, 1.1% Zn; 2.20 m @ 1.09 gpt Au, 76 gpt Ag, 0.93% Cu, 0.3% Pb, 1.5% Zn; 21.5 m @ 4.24 gpt Au, 159 gpt Ag, 0.38% Cu, 2.0% Pb, 6.2% Zn (including 3 m @ 9.68 gpt Au, 277 gpt Ag, 0.36% Cu, 2.8% Pb, 8.6% Zn).
  • GR Silver Mining Ltd. reported results from underground sampling at the Plomosas mine in Sinaloa. Highlighted channel mine face samples comprise 0.8 m @ 5.74 gpt Au, 137 gpt Ag, 0.5% Cu, 16.7% Pb, 18.2% Zn; 1.0 m @ 2.32 gpt Au, 909 gpt Ag, 0.3% Cu, 6.7% Pb, 8.8% Zn; 1.2 m @ 0.54 gpt Au, 96 gpt Ag, 0.6% Cu, 29.8% Pb, 16.8% Zn; 0.8 m @ 0.18 gpt Au, 28 gpt Ag, 29.5% Pb, 5.0% Zn; 0.6 m @ 15.20 gpt Au, 310 gpt Ag, 7.2% Cu, 15.2% Pb, 26.2% Zn; 1.0 m @ 0.55 gpt Au, 68 gpt Ag, 0.1% Cu, 2.5% Pb, 5.1% Zn; 1.0 m @ 0.07 gpt Au, 864 gpt Ag, 0.1% Pb, 0.2% Zn. The results will be used to assess the implementation of a bulk sample test mining.
  • Sonoro Gold Corp. provided an update on the status of the environmental impact statement (Manifiesto de Impacto Ambiental, or MIA) for its Cerro Caliche project in Sonora. “The revised MIA was initially submitted in February 2025 and supersedes the prior MIA submitted in May 2022. Revisions to the MIA, including enhancing the mine plan and undertaking additional environmental baseline studies and socio-economic assessments … The MIA details an open-pit, heap leach mining operation including waste dumps, crushing facilities, heap leach pad, leach solution ponds, gold recovery facilities, haul roads, building structures and infrastructure”.

ON DEALS AND CORPORATE ISSUES

  • Mag Silver Corp. reminded shareholders about the proxy voting deadline for the company’s upcoming special meeting that was held in person in Vancouver, Canada on July 10, 2025, to consider the previously announced plan of arrangement with Pan American Silver Corp. regarding Magg Silver’s acquisition by Pan American (Juanicipio, Zacatecas).
  • Riverside Resources Inc. has received notice from Fortuna Mining that it has completed Phase 2 exploration work on the Cecilia project in Sonora and will not be proceeding with the option agreement. As a result, Fortuna has not earned any interest in the project.
  • Santacruz Silver Mining Ltd. has made the third payment of US$7.5 M to Glencore to satisfy the base purchase Price related to the Bolivian assets acquisition. It is part of a structured payment plan totaling US$40 M to be completed by October 31, 2025 (Zimapán, Hidalgo).
  • Altius Minerals Corp. updated its project generation business activities and its public junior equities portfolio. Overall performance of the portfolio during the quarter was largely driven by its holding of approximately 19.6% interest in Orogen Royalties Inc., which holds a royalty on the Ermitaño deposit, in Sonora. AbraSilver Resource Corp. announced a potential new porphyry copper discovery at the La Coipita project in Argentina.
  • Almaden Minerals Ltd. made public the memorial on the arbitration procedure alongside Almadex Minerals Ltd. with Mexico filed in March of this year under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). The memorial details how Mexico unlawfully expropriated the Claimants’ investments, failed to provide fair treatment, and discriminated against them. The background to the claim involves a lawsuit filed in 2015 by an ejido community against the Mexican government, arguing that the mineral title system was unconstitutional because it lacked required Indigenous consultation. In February 2023, the authorities sought to retroactively deny the original mineral title applications due to alleged minor faults, which Almaden contends breaches both Mexican and international law.  Damages sought by the Claimants total approximately US$1.06 B (Ixtaca, Puebla).
  • Sandstorm Gold Ltd. and Royal Gold Inc. informed that Royal Gold will acquire all of the issued and outstanding common shares of Sandstorm in an all-share transaction with a value of approximately US$3.5 B. Sandstorm shareholders will receive a 21% premium to the 20-day volume weighed average price (VWAP). Concurrent with the Sandstorm Transaction, Royal Gold has entered into a definitive arrangement agreement with Horizon Copper Corp., pursuant to which Royal Gold will acquire all of the issued and outstanding common shares of Horizon Copper in an all-cash transaction valued at approximately US$196 M providing an 85% premium to the 20-day VWAP (Royalty on Cosalá, Sinaloa).
  • Starcore International Mines Ltd. intends to spin out its exploration interests in Cote d’Ivoire, West Africa, through its wholly-owned subsidiary EU Gold Mining Inc. that will seek a separate listing in Canada (Juarez, Queretaro).
  • Kingsmen Resources Ltd. entered into a non-binding letter of intent (LOI) for an option to acquire the recently consolidated 866 ha Almoloya project on the Parral district in Chihuahua. The project includes the past producing Cigarrero and Las Juliettas mines. Historic production was 1.25 M tonnes @ 600 gpt Ag, 40% Pb, 25% Zn with variable Cu-Au. The company has a 60-day due diligence period under the LOI, and the option may be exercised by paying a total of US$8.6 M over eight years on staged payments, of which US$6.5 M should be paid between years five and eight of the option. The optionors will keep a 2.5% NSR, of which 1% can be bought for US$3 M (Cuatro Hermanos, Sonora).
  • Orogen Royalties Inc. and Triple Flag Precious Metals Corp. have completed the previously announced plan of arrangement in which Triple Flag has acquired all of the issued and outstanding common shares of Orogen for a total consideration of approximately C$421 M. The total consideration consists of $171.5 M in cash, $171.5 M in Triple Flag shares, and shares of 1537944 BC Ltd. (“Orogen SpinCo”) with an implied value of $78 M (Royalty on Ermitaño deposit, Sonora).
  • Silver Storm Mining Ltd. announced that “at a special meeting of the shareholders of Till Capital Corporation … the Till shareholders approved the previously announced transaction of Till with the Company, whereby Silver Storm will indirectly acquire … 100% of the issued and outstanding common shares of Till” (La Parrilla, Durango).
  • Starcore International Mines Ltd. entered into a non-binding letter of intent (LOI) with Manuel Felipe Arreguin Martinez to lease six mineral claims and two properties comprising the San Juan Nepomuceno Project, also known as the Tortilla Project, in Queretaro. The project is 40 km NE from the San Martin mine and 5 km W from La Negra mine. For a five-year lease the company is paying the owner US268 K, of which US$107 K are to be paid on signing of the definitive agreement and US$27 K monthly for the next six months, after which the owner is entitled to a 2% NSR from production derived from the Tortillas project. “During the term of the ten-year lease, the Owner has the option to sell all of the claims and concessions to Starcore at a purchase price of US$7,000.000” (San Martin, Queretaro).
  • Almaden Minerals Ltd. closed the sale of certain assets comprising the Rock Creek Mill to Metals Exploration PLC., receiving gross proceeds of US$9.7 M. “15% of the Purchase Price was payable as a commission by Almaden to an equipment sales broker.”. Almaden will now proceed with the early repayment of the outstanding gold loan pursuant to the secured gold loan agreement between Almaden and Almadex Minerals Ltd. “The Gold Loan will be settled by the return of the undrawn balance of 397 ounces” (Ixtaca, Puebla).

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

On the image below: Previous igneous phase fragment on monzonite porphyry. Picture by Jorge Cirett.

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

/ Gambusino Prospector / Leave a comment

By Jorge Cirett

By Jorge Cirett
During the 26th week of the year (June 23rd to June 29th, 2025), companies working in Mexico presented 37 press releases. Four companies presented news on early-stage properties. No company presented operational updates. Eight companies reported on financial rounds; another company amended a significant loan facility; one more set the price on its securities; one closed on a significant loan facility, and two more started trading on another stock exchange, while one more granted options, another executed a loan agreement and another declared a dividend. One company presented drilling results from historical waste dumps and one more disclosed exploration results near its operating mine. A large operating gold company is acquiring an exploration company with silver plays in Mexico and USA, another company announced appointments to the board, two more contracted services, another five informed on their AGM’s and one more clarified on a proposed acquisition. ON MEXICO ISSUES, the Mexican president pointed that no new mining concessions are to be issued, while reassuring the mining industry that some mining permits are to be granted and confirming that the open pit ban proposal has been retired. ON EXPLORATION, In Sonora, Questcorp Mining commenced work at La Union; Tocvan Ventures released RC drilling results from Gran Pilar; Masivo Silver advances on the due diligence at Cerro Colorado. ON MINING, no relevant news. ON FINANCING, eight companies informed on financing rounds: Minaurum Gold (C$8 M), Silver Storm Mining (C$4 M), Vizsla Silver (US$100-$115 M), Reyna Silver (C$1.1 M), Endeavour Silver (US$135 M), Silver Viper (C$3.5 M), Kootenay Silver (C$20 M) and Masivo Silver (C$1 M). Endeavour Silver amended a credit facility, increasing its amount to up to US$115 M. Reyna Silver set the price of its securities related to the deal with Torex Gold. Vizsla Royalties and Santacruz Silver started trading on the Frankfurt Stock Exchange and the OTCQX Best Market respectively. Santacruz Mining granted incentive securities. Gold Resource executed a loan agreement for US$6.3 M. Sandstorm Gold declared a dividend. ON RESOURCES AND DEVELOPMENT, Heliostar Metals informed on its plan to process waste stockpiles while restarting open pit mining at La Colorada. DynaResource has two near-mine exploration plays at San Jose de Gracia. ON DEALS AND CORPORATE ISSUES, Torex Gold Resources is to acquire all shares of Reyna Silver. Chesapeake Gold appointed new members to the board. Vizsla Royalties hired a contractor for a digital marketing campaign. Orla Mining, Americas Gold and Silver, Discovery Silver, Almaden Minerals and Orogen Royalties informed on their AGM´s. Vortex Metals engaged a firm for environmental services for its Oaxaca projects. Roberto Resources clarified the acquisition terms of the Claudia project. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • Claudia Sheinbaum, president of Mexico, spoke on one of its daily conferences about the tight squeeze on mining permits by its government, pointing that some of these will be authorized once its environmental impact has been reviewed and reduced (no time line offered). She also stated that the ban on open pit mining proposal was retired because of its impracticality but reiterated that no new mining concessions are to be granted.  

ON EXPLORATION

  • Questcorp. Mining Inc. commenced the first phase work program at its La Union project in Sonora. Questcorp is earning a 100% interest from Riverside Resources Inc. in the 2,520 ha property. The initial stage includes marking lines for an IP survey, sampling of limestone and dolomite host rocks for fluorescence study for vectoring, geological mapping of selected drill sites and sections on the IP lines and rock and soil sampling to identify additional targets. The project hosts carbonate replacement deposit style (CRD) mineralization hosted by “Neoproterozoic sedimentary rocks (limestones, dolomites, and siliciclastic sediments) overlying crystalline Paleoproterozoic rocks of the Caborca Terrane….. Mineralization occurs as polymetallic veins, replacement zones (mantos, chimneys), and shear zones with high-grade metal content, as shown in highlight grades of 59.4 grams per metric tonne (g/t) gold, 833 g/t silver, 11% zinc, 5.5% lead, 2.2% copper, along with significant hematite and manganese oxides…”
  • Pinnacle Silver and Gold Corp. provided an update on the Potrero project in Durango. The importance of a quartz feldspar porphyry dike is being recognized as it follows the same structure that hosts the mineralized quartz breccia vein system with some underground workings entirely within it. Additional channel sampling is now conducted in areas where access was previously restricted. “A program of combined underground and surface diamond drilling is being devised in order to systematically test the Dos de Mayo vein system”. A plant consultant reviewed the processing installations and will produce a report in the following weeks. “A permit consultant was taken to the project to initiate a site review for the purpose of permitting near term diamond drilling, mid-term mine development and site preparation, and future production”.
  • Tocvan Ventures Corp. announced reverse circulation (RC) drill results from the latest drill program at its Gran Pilar project in Sonora. Highlighted drill length results comprise 22.88 m @ 0.14 gpt Au, 5 gpt Ag (including 7.63 m @ 0.37 gpt Au, 12 gpt Ag); 42.70 m @ 0.14 gpt Au, 45 gpt Ag (including 10.68 m @ 0.11 gpt Au, 137 gpt Ag); 6.10 m @ 0.16 gpt Au; 12.20 m @ 0.14 gpt Au, 10 gpt Ag (including 4.58 m @ 0.34 gpt Au, 5 gpt Ag).
  • Masivo Silver Corp. is advancing on the due diligence to acquire the Cerro Colorado project in Sonora. Reported historic results from two 2015 drill holes by Minera Gold Zone. The two shallow holes targeted the southwestern margin of the Cerro Colorado system. Highlighted core length results comprise 29.65 m 0.062 gpt Au, 51 gpt Ag, 0.1% Pb, 0.6% Zn (including 5.05 m @ 0.262 gpt Au, 254 gpt Ag, 0.27% Cu, 0.4% Pb, 0.8% Zn; 2.95 m @ 0.395 gpt Au, 384 gpt Ag, 0.40% Cu, 0.4% Pb, 0.9% Zn; 2.45 m @ 0.432 gpt Au, 430 gpt Ag, 0.59% Cu, 0.4% Pb, 0.8% Zn); 35.80 m @ 23 gpt Ag, 0.4% Zn (including 3.15 m @ 0.188 gpt Au, 159 gpt Ag, 0.14% Cu, 0.3% Pb, 0.5% Zn and 0.60 m @ 0.705 gpt Au, 577 gpt Ag, 0.52% Cu, 0.8% Pb, 0.9% Zn). According to Masivo, “Cerro Colorado hosts a sub-epithermal polymetallic system, potentially related to breccia structures on the flank of a deeper porphyry system”.

ON MINING

  • No Relevant News.

ON FINANCING

  • Minaurum Gold Inc. entered into an agreement with Comark Securities Inc. pursuant to which Comark is to act as lead agent in connection with a “best efforts” private placement for aggregate gross proceeds of up to C$5 M (Alamos, Sonora).
  • Silver Storm Mining Ltd. intends to complete a non-brokered private placement for gross proceeds of up to C$2.6 M (La Parrilla, Durango).
  • Vizsla Silver Corp. entered into an agreement with Canaccord Genuity on behalf of itself and syndicate of underwriters, pursuant to which the underwriters have agreed to purchase, on a bought deal basis common shares for gross proceeds of US$100 M. The underwriters were granted an option for 30 days to buy an over-allotment for up to 15% of the offering. If the over allotment option is exercised in full, the total gross proceeds of the offering will be US$115 M (Panuco, Sinaloa).
  • Reyna Silver Corp. announced a financing concurrent with the definitive agreement on its acquisition by Torex Gold Resources Inc., under which Torex Gold has agreed to purchase C$1.1 M units in a non-brokered private placement. The proceeds of the private placement are to be used to make certain payments relating to its option agreements in Nevada (Batopilas, Chihuahua).
  • Minaurum Gold Inc. increased the size of the previously announced “best efforts” private placement for aggregate gross proceeds of up to C$8.0 M (Alamos, Sonora)
  • Endeavour Silver Corp. amended and restated the previously announced senior secured debt facility with ING Capital LLC and Societe Generale acting as joint lead arrangers. The credit facility was amended and restated to increase the principal amount of up to US$120 M by an additional US$15 M, bringing the aggregate principal amount up to US$135 M (Terronera, Jalisco).
  • Reyna Silver Corp. has set the price of the securities offered in connection with the non-brokered private placement previously announced, in connection with the agreement on which Torex Gold Resources Inc. is to acquire all shares of Reyna Silver. “The price of each Unit to be issued under the Private Placement has now been set at $0.095, and, as previously announced, each Unit will be comprised of one Share and one common share purchase warrant …exercisable … price of $0.13 per Purchaser Warrant ….” (GuiGui, Chihuahua).
  • Americas Gold and Silver Corp. closed its previously announced US$100 M senior secured debt facility provided by funds affiliated with SAF Group to fund spending at the Galena project in the US (Cosalá, Sinaloa).
  • Vizsla Royalties Corp. started trading on the Frankfurt Stock Exchange (Royalty on Panuco, Sinaloa).
  • Santacruz Silver Mining Ltd. has qualified to trade on the OTCQX Best Market, upgrading from the OTCQB Venture Market (Zimapán, Hidalgo).
  • Santacruz Silver Mining Ltd. granted 3.45 M stock options, deferred share units, 0.96 M restricted share units and 0.5 M performance share units to certain directors, officers, employees and consultants (Zimapán, Hidalgo).
  • Silver Viper Minerals Corp. closed its C$3.5 M non-brokered private placement (La Virginia, Sonora).
  • Gold Resource Corp. announced the execution of a loan agreement with Francisco Javier Reyes de la Campa and Jaluca Ltd. in the amount of US$6.3 M. In connection with the agreement the company also issued a common stock purchase warrant to an affiliate of Mr. Reyes de la Campa for up to 1.5 M shares at an exercise price of $0.65 (Don David, Oaxaca).
  • Sandstorm Gold Ltd. declared the second quarterly cash dividend for 2025 in the amount of C$0.02 per common share (Royalty on Cozamin, Zacatecas).
  • Kootenay Silver Inc. completed its previously announced and upsized bought deal public offering for gross proceeds of C$20 M (Columba, Chihuahua).
  • Silver Storm Mining Ltd. increased the previously announced non-brokered private placement from C$2.6 M to C$4 M. Proceeds are to be used at La Parrilla in Durango, for the procurement of mine processing flotation cells; to commence rehabilitation work of the processing facility including equipment purchase and refurbishment, labor and supplies; to order long lead items including deposits on mining equipment and ventilation fans; to fund ongoing operations for the next 12 months and for general corporate and working capital purposes (La Parrilla, Durango).
  • Masivo Silver Corp. announced a non-brokered private placement of up to C$1 M to fund exploration at one property in Mexico and another in the USA (Cerro Colorado, Sonora).

ON RESOURCES AND DEVELOPMENT

  • Heliostar Metals Ltd. released results from drilling the Truckshop stockpile at its La Colorada mine in Sonora. La Colorada was operated by El Dorado Gold Corp. in the 1990s, with the Truckshop stockpile deposited as a waste dump 400 m from the mine’s crushing circuit. Highlighted drill intercepts from 26 holes in the waste dump comprise 10.7 m @ 1.81 gpt Au, 10 gpt Ag; 19.80 m @ 0.30 gpt Au, 14 gpt Ag; 13.7 m @ 0.61 gpt Ag, 10 gpt Ag; 9.1 m @ 0.39 gpt Au, 18 gpt Ag; 7.6 m @ 0.54 gpt Au, 14 gpt Ag; 19.8 m @ 0.62 gpt Au, 32 gpt Ag; 9.1 m @ 0.86 gpt Au, 10 gpt Ag; 10.7 m @ 0.31 gpt Au, 10 gpt Ag; 35.1 m @ 0.19 gpt Au, 5 gpt Ag; 13.7 m @ 0.36 gpt Au, 8 gpt Ag; 10.7 m @ 0.28 gpt Au, 15 gpt Ag; 19.8 m @ 0.42 gpt Au, 5 gpt Ag; 13.7 m @ 0.24 gpt Au, 11 gpt Ag; 19.8 m @ 0.17 gpt Au, 9 gpt Ag. “the Company will now change the focus of drilling to test the larger El Dorado stockpile … If that drilling is successful, it may provide additional resources and cash flow similar to that currently being generated from the producing Junkyard reserve. The intention is to produce from these low-cost stockpiles to maximize cashflow ahead of primary mining from the open pit pushbacks”.
  • DynaResource Inc. updated on exploration activities at its San Jose de Gracia mine in Sinaloa. Two potential high-grade mineralized zones have been identified and are under evaluation for exploration and development potential. The Victoria vein was discovered on the hanging wall of the Tres Amigos vein system, is 1.5 m wide and has been followed along 110 m by drifting, grading between 7 to 8 gpt Au and currently is envisioned to potentially host around 25 K Oz Au in sulfide rich, chalcopyrite-sphalerite-galena bearing material. The Palos Chinos vein system has a conceptual exploration target of 90 K tonnes grading 5 to 6 gpt Au, with a potential to host 15 K Oz Au. Exploration drifts have encountered minor disseminated mineralization within the footwall of the Palos Chinos structure, with results of up to 7.6 m @ 7.4 gpt Au in channel sampling.

ON DEALS AND CORPORATE ISSUES

  • Torex Gold Resources Inc. entered into a definitive agreement to acquire all of the issued and outstanding common shares of Reyna Silver Corp. for an all-cash consideration of US$26 M (C$36 M) (Morelos Complex, Guerrero).
  • Reyna Silver Corp. entered into a definitive agreement with Torex Gold Resources Inc. pursuant to which Torex Gold has agreed to acquire all issued and outstanding common shares of Reyna Silver. Concurrently with the transaction, Torex Gold is participating in non-brokered private placement with Reyna Silver -see above in Financing- (GuiGui, Chihuahua).
  • Chesapeake Gold Corp. announced the election of Mr. Paul West-Sells to the board of directors together with the returning incumbent directors P. Randy Reifel, Randy Buffington, Doug Flegg, Lian Li, and John Perston. Mr. Jeff Stieber was also appointed to the board, while director Chris Falck is retiring and continuing as an advisor (Metates, Durango).
  • Vizsla Royalties Corp. entered into an agreement with Machai Capital Inc. for a digital marketing campaign “… including branding and content creation, data optimization services, search engine optimization, search engine marketing, lead generation, digital marketing, social media marketing, e-mail marketing and brand marketing” (Royalty on Panuco, Sinaloa).
  • Orla Mining Ltd. reported the voting results from its AGM with all nominees elected as directors (Camino Rojo, Zacatecas).
  • Americas Gold and Silver Corp. announced that all nominees listed in the management proxy circular were elected on its AGM, along with the passing of several other ordinary resolutions (Cosalá, Sinaloa).
  • Vortex Metals Inc. engaged “Pontones & Ledesma” based in Mexico City o to lead the company’s efforts in preparing environmental impact studies (EIA) at its projects Zaachila and Riqueza Marina in Oaxaca.
  • Discovery Silver Corp. announced results of its annual general meeting (AGM), electing all director nominees (Cordero, Chihuahua).
  • Roberto Resources Inc. clarified its disclosure on the proposed acquisition from Durango Gold Corp. of the Claudia project in Durango, as requested by the British Columbia Securities Commission. The company entered into an extension agreement for the due diligence period, until June 30, 2025. The company is to pay US$25 K and 10 M common shares at the closing, assume up to US$500 K in current accounts payables which includes mineral concession payments for US$465 K. Bonus payments to previous owner Silverstone Resources S.A. de C.V. as follows: if a measured and indicated resource is disclosed ranging from 1 to 500 K Oz AuEq, payment of US$7.0 M; 500 K to 1 M Oz AuEq, additional US$ 10.0 M; and 1 M to 1.5 M Oz AuEq, an additional US$2.0 M. Those gold discovery payments can be paid 50% in shares and 50% in cash. If no measures or indicated resources are published by the end of 2029, the project must be returned to Silverstone.
  • Almaden Minerals Ltd. informed all matters submitted to the shareholders were approved at their annual general meeting (Ixtaca, Puebla).
  • Orogen Royalties Inc. announced the plan of arrangement between the company and Triple Flag Precious Metals Corp. was approved on its annual general meeting (AGM), along with the election of all nominees to the board (Royalty on Ermitaño, Sonora). 

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

On the image below: Tectonic breccia within a fault zone in HQ core. Picture by Jorge Cirett.

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

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By Jorge Cirett

During the 24th week of the year (June 09th to June 15th, 2025), companies working in Mexico presented 21 press releases. There was no exploration news on early-stage properties. One company reported Q1 2025 operational and financial results. Three companies reported on financial rounds; another company is consolidating its shares; one more applied for the revocation of a cease trade order; another is now listed on the OTCQB; one provided a bi-weekly status report, and another amended its omnibus incentive compensation plan. Two companies released drilling results of ongoing drilling at their advanced/producing properties; another company informed on developments at a property on which they own an NSR. A company announced a LOI to acquire ground adjacent to its main property and the purchase of an underlying NSR on some mining concessions; another company is recommending shareholders to vote “for” on the acquisition by a third party; one more closed the acquisition of an additional percentage of NSR on a property and one other company announced several changes to the board. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, no relevant news. ON MINING, Santacruz Silver Mining presented operating and financial Q1 2025 results. ON FINANCING, three companies informed on financing rounds: Chesapeake Gold (C$4.4 M), Silver Storm Mining (C$12 M) and  Vizsla Royalties (C$63 M); Colibri Resources is to consolidate shares on a five to one basis; Canasil Resources applied for the revocation of its CTO; Silver Storm Mining is now listed on the OTCQB; Vizsla Royalties amended its equity incentive compensation plan. ON RESOURCES AND DEVELOPMENT, Impact Silver reported underground drilling results from Zacualpan, in Estado de Mexico; Sandstorm Gold informed on exploration success at the Santa Elena property in Sonora; Advance Metals provided results from drilling at Yoquivo, in Chihuahua. ON DEALS AND CORPORATE ISSUES, Capitan Silver signed a LOI with Fresnillo plc to acquire adjacent ground to its Cruz de Plata project in Durango, and completed the purchase of the NSR from Exploraciones del Altiplano. Questcorp Mining formed an advisory board. Vizsla Royalties now holds a 3.5% NSR on certain mining concessions at Panuco, in Sinaloa. Luca Mining announced several changes to the board. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

  • No Relevant News.

ON MINING

  • Santacruz Silver Mining Ltd. reported production results from its mines in Bolivia and Mexico. The consolidated production was 1.59 M Oz Ag, 20,179 tonnes Zn, 2,718 tonnes Pb, 279 tonnes Cu (or 3.69 M Oz AgEq). At Zimpan, in Hidalgo, 223.6 K tonnes were processed, averaging 80 gpt Ag, 2.56% Zn, 0.72% Pb, 0.26% Cu, recovering 77% Ag, 79% Zn, 86% Pb, 48% Cu, to produce 440.2 K Oz Ag, 4,498 tonnes Zn, 1,389 tonnes Pb, 279 tonnes Cu (or 1.02 M Oz AgEq).
  • Santacruz Silver Mining Ltd. reported its financial and operational results for Q1 2025. Without disclosing results by country of origin, the company had US$70.3 M in revenue, a gross profit of US$27.9 M, net income of US$9.5 M, EBITDA of US$27.5 M, cash and cash equivalents of US$32.5 M and a working capital of US$51.7 M. “Zinc production decreased by 9%, primarily due to lower throughput and head grades at Porco and Caballo Blanco, partially offset by strong results at Zimapán, where zinc output rose 23% year-over-year. Zimapán also led overall growth, increasing material processed by 9% and silver equivalent production by 14%…. Zimapan’s AISC increased from $27.13 to $34.32/oz, as a significant portion of its annual capital budget was deployed during Q1 to accelerate key investments aimed at increasing future production at Carrizal mine level 960” (Zimapán, Hidalgo).

ON FINANCING

  • Chesapeake Gold Corp. announced a non-brokered private placement for gross proceeds of C$4.4 M. “After completion of the Private Placement, Eric Sprott will beneficially own and control 12,883,499 Common Shares, and 1,850,000 Warrants representing approximately 17.9% of the outstanding Common Shares on a non-diluted basis and 19.9% of the outstanding Common Shares on a partially diluted basis assuming exercise of such Warrants” (Metates, Durango).
  • Colibri Resource Corp. informed its has received approval by the TSX Venture Exchange for the five to one consolidation of its issued and outstanding common shares. On June 13, 2025, the shares will commence trading on a consolidated basis. (El Plomo, Sonora).
  • Canasil Resources Inc. has filed its Q1 2025 interim quarterly report on 10 June, 2025, which completes the required regulatory filings. The company is now in full compliance with its regulatory filings and has filed the application to the British Columbia Securities Commission for the revocation of the cease trade order (CTO) issued in December 2023 (Nora and Salamandra, Durango).
  • Silver Storm Mining Ltd. closed the second and final tranche of its previously announced best efforts brokered private placement for total gross proceeds of $1.47 M. In aggregate the company had aggregate gross proceeds of C$12 M. Silver Storm intends to use the net proceeds for the procurement of mine processing flotation cells, to commence rehabilitation work of the processing facility, to order long lead items including deposits on mining equipment and ventilation fans and to fund ongoing operations for the next twelve months (La Parrilla, Durango).
  • Vizsla Royalties Corp. completed its previously announced bought deal offering for aggregate gross proceeds of C$63 M. In connection with the offering the company paid to the underwriters a cash commission equal to 5% of the gross proceeds, a fee of US$500 K to CIBC (Royalty on Panuco, Sinaloa).
  • Silver Storm Mining Ltd. has up listed from the OTC Pink Market to the OTCQB Venture Market (OTCQB), a U.S. marketplace operated by OTC Markets Group Inc. (La Parrilla, Durango).
  • Centenario Gold Corp. provided a default status report related to its management cease trade order (MCTO). “The Company anticipates that the Annual Filings will be filed on or before June 30, 2025. The Company will continue to provide bi-weekly (“every two weeks”) updates, as required by NP 12- 203, until the Annual Filings have been filed (Eden, Sinaloa).
  • Chesapeake Gold Corp. completed its non-brokered private placement with 2176423 Ontario Ltd., a corporation beneficially owned by Eric Sprott, as the sole investor, for gross proceeds of C$4.4 M. “As a result of the Private Placement, Mr. Sprott now beneficially owns or controls 12,883,499 common shares, and 1,850,000 warrants representing approximately 17.9% of the outstanding common shares on a non-diluted basis and 19.9% of the outstanding common shares on a partially diluted basis assuming exercise of such Warrants.” (Metates, Durango).
  • Vizsla Royalties Corp. amended its omnibus equity incentive compensation plan “to increase the fixed amount in additional equity that includes performance share units, deferred share units and restricted share units from a maximum issuable of 2,800,589 to a maximum issuable of 5,322,798” (Royalty on Panuco, Sinaloa).

ON RESOURCES AND DEVELOPMENT

  • Impact Silver Corp. announced underground drill results from the Kenia Vein South zone in the Guadalupe mine at its Royal Mines of Zacualpan project in Estado de México. Highlighted core-length intervals comprise 0.30 m @ 2,400 gpt Ag, 1.3% Pb, 2.3% Zn; 6.30 m @ 374 gpt Ag, 0.2% Pb, 0.5% Zn (including 1.40 m @ 798 gpt Ag, 0.4% Pb, 0.9% Zn); 3.15 m @ 447 gpt Ag, 0.5% Pb, 1.5% Zn (including 0.80 m @ 1,290 gpt Ag, 1.5% Pb, 2.9% Zn); 0.60 m @ 1,279 gpt Ag, 2.2% Pb, 0.6% Zn; 3.30 m @ 1,002 gpt Ag, 1.2% Pb, 2.6% Zn (including 0.60 m @ 5,300 gpt Ag, 5.9% Pb, 12.9% Zn); 8.50 m @ 535 gpt Ag, 0.3% Pb, 0.8% Zn (including 1.76 m @ 1,596 gpt Ag, 1.0% Pb, 3.6% Zn). “Kena Vein South mineralization has now been traced over 300m strike length and remains open in all directions”.
  • Sandstorm Gold Ltd. (“Sandstorm Gold Royalties”). provided various developments and exploration highlights within its stream and royalty portfolio, including from its businesses in Mexico. Sandstorm informed First Majestic Silver Corp. made a significant discovery at its Santa Elena property in Sonora, where drilling on the newly defined Santo Niño vein has identified low sulfidation epithermal mineralization. “Sandstorm holds a gold stream on the Santa Elena mine, which includes the Santo Niño discovery, whereby the Company has the right to purchase 20% of the gold produced at Santa Elena for ongoing cash payments of $487 per ounce of gold”.
  • Advance Metals Ltd. provided results from the first hole of its current drill program at Yoquivo, in Chihuahua. The results show multiple zones with Au-Ag mineralization in epithermal veins and breccias. Four drill holes have been completed of the 3,000 m program underway. The project hosts a historic resource of 17.2 M Oz AgEq.

ON DEALS AND CORPORATE ISSUES

  • Capitan Silver Corp. entered into a letter of intent (LOI) with Minera Fresnillo S.A. de C.V. (Fresnillo plc) to acquire seven mining concessions located immediately adjacent to and surrounding its Cruz de Plata property in Durango. The price of the transaction is US$4.0 million in two installments: US$2.0 M payable upon execution of the definitive agreement and US$2 M payable on or before the second anniversary, with no royalties or share payments.
  • Mag Silver Corp. announced in a management information circular that the board of directors recommends shareholder vote “FOR” the arrangement resolution regarding Mag Silver’s acquisition by Pan American Silver Corp. on the upcoming special meeting of shareholders (Juanicipio, Zacatecas).
  • Capitan Silver Corp. completed the purchase of the Altiplano (Royalty (NSR) from Exploraciones del Altiplano at the Cruz de Plata project in Durango. The royalty was acquired through a series of cash and share payments which totaled US$1M. Two royalties remain on the project: A 1% royalty on the recently acquired concessions from Peñoles, that can be retired by a cash payment of US$1 M within the next ten years, and a 1% royalty to Riverside Resources that can be retired at any time by the payment of C$250 K.
  • Questcorp Mining Inc. announced the formation of an advisory board with Mr. Paul Larkin as its inaugural advisor (La Unión, Sonora).
  • Vizsla Royalties Corp. closed the acquisition of an additional 3.0% NSR royalty on the “Silverstone concessions” of the Panuco project in Sinaloa. Upon this acquisition the company now holds 3.5% NSR on the Silverstone concessions and a 2.0% NSR on certain other concessions in the Panuco project. Vizsla Royalties exercised its right to repurchase 50% of the 3.0% Royalty for US$1.95 M, and purchased the remaining 50% of the 3.0% Royalty for US$38.05 M for a total cash consideration of US$40 M.
  • Luca Mining Corp. announced several changes to the board. Mr. Ramon Mendoza, currently Luca’s interim chief operating officer (COO) will assume the position of permanent COO effective as of June 01, 2025. Mr. Mendoza will also continue to be the company’s chief technical officer. Mr. David Rhodes will step down as Chairman as of June 10, 2025 but will continue on Luca’s Board of Directors. Mr. Peter Damouni will step into the role of Chairman of the Board (Campo Morado, Guerrero).

ON SOCIAL RESPONSIBILITY

  • GoGold Resources Inc. presented its fourth annual sustainability report (Parral tailings, Chihuahua).
  • Torex Gold Resources Inc. released its 2024 responsible mining report, the company’s tenth annual disclosure of its safety, environmental, social and governance performance. The report can be downloaded at the company’s website (Morelo Complex, Guerrero).

On the image below: Intrusive rock fragments and gouge within a fault zone in HQ core. Picture by Jorge Cirett.

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

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By Jorge Cirett

During the 16th week of the year (April 14th to April 20th, 2025), companies working in Mexico presented 25 press releases. Three companies informed about exploration on their properties. Five companies reported quarterly/yearly results. Three companies informed on financing rounds, one on its incentive plan, one more on the coming exercise of warrants and another on the exercise of an over-allotment option. One company completed the sale of its only operating mine in Mexico, another one informed on a recommendation to proceed with a merger, one more on the completion of the acquisition of a property out from Mexico and one more on the appointment of a new CEO. ON MEXICO ISSUES, no relevant news.  ON EXPLORATION, in Sonora, Tocvan Ventures and Colibri Resource presented drilling results from Gran Pilar/El Pilar. In Durango, Pinnacle Silver and Gold updated on work at El Potrero. ON MINING, Orla Mining, Golden Minerals, Elemental Altus Royalties, Sierra Metals, Avino Silver & Gold Mines and Bear Creek mining reported their quarterly/yearly results. ON FINANCING, companies announcing different stages of financing rounds include Silver Tiger Metals (C$15 M), Kingsmen Resources (C$1.5 M) and Impact Silver (C$5 M). Osisko Development informed on the listing of warrants, Minera Alamos is implementing an omnibus incentive plan and Endeavour Silver informed on the over-allotment exercise for US$5 M. ON RESOURCES AND DEVELOPMENT, no relevant news. ON DEALS AND CORPORATE ISSUES, Fortuna Mining completed the sale of the San Jose Mine in Oaxaca. Equinox Gold informed on the recommendation to shareholders of Equinox for the merger with Calibre Mining. Discovery Silver completed the acquisition of a significant property out from Mexico. Regency Silver appointed a new CEO. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

  • Tocvan Ventures Corp. presented results of the remaining three holes of the 1,167.5 m diamond drill program at the Gran Pilar project in Sonora, within the majority owned (51%) Main zone of held in partnership with Colibri Resource Corp. Highlighted results comprise 46.85 m @ 0.48 gpt Au, 5 gpt Ag, 0.2% Zn (including 2.55 m @ 7.21 gpt Au, 80 gpt Ag, 0.3% Pb, 3.0% Zn); 0.80 m @ 0.11 gpt Au, 17 gpt Ag, 1.58% Cu.
  • Pinnacle Silver and Gold Corp. updated on work at its Potrero project in Durango. Surface mapping has extended the vein system along strike for 1,100 m, with 46 samples collected for assaying. Cleaning of underground workings has been completed at Pinos Cuates, La Dura and Dos de Mayo, with 86 samples collected at Pinos Cuates. “…. the vein system is at least 125 metres wide at this locality. Vein widths have been measured as ranging from 0.50 metres on surface up to 7 metres underground at Pinos Cuates”. Mineralization at Pinos Cuates consists of vein breccia with clasts of host rocks, colloform quartz, chalcedonic quartz, and bands of opaque quartz with ginguro texture.
  • Colibri Resource Corp. presented the assay results from three holes drilled at El Pilar, in Sonora, by its partner Tocvan Ventures Corp. Highlighted core length results comprise 46.85 m @ 0.48 gpt Au, 5 gpt Ag, 0.2% Zn (including 2.55 m @ 7.21 gpt Au, 80 gpt Ag, 0.3% Pb, 3.0% Zn); 0.80 m @ 0.11 gpt Au, 17 gpt Ag, 1.58% Cu.

ON MINING

  • Orla Mining Ltd. provided an operational update for Q1 2025. At Camino Rojo, in Zacatecas, Orla mined nearly 1.9 M tonnes of ore and 2.8 M tonnes of waste (1.48 strip rate), stacking 18.4 K tonnes for a total of 1.7 M tonnes stacked averaging 0.78 gpt Au, to produce 47,759 Oz Au in the period.
  • Golden Minerals Co. reported full year 2024 results. In February 2024 the company suspended mining operations at Velardeña, in Durango, and subsequently sold the property to a privately held Mexican company for US$5.5 M in cash plus VAT. The company is still owed US$0.2 M plus VAT. Later on the year was sold the Mexican subsidiary holding tax losses to a private Mexican company. In November 2024 the company sold its Yoquivo project in Chihuahua for US$0.57 plus VAT.
  • Elemental Altus Royalties. Announced its operating and financial results For Q4 and full year 2024. During Q4 Elemental had revenue of US$5.5 M, with 2,552 Oz AuEq attributable. For the year, revenue of US16.3 M and adjusted revenue of US$21.6 M, with 8,987 Oz AuEq attributable (Mercedes, Sonora).
  • Sierra Metals Inc. reported first quarter 2025 production results, including figures from its Mexican operations. At Bolivar, in Chihuahua, 4,839 tpd were processed averaging 0.71% Cu, 17.3 gpt Ag, 0.29 gpt Au, recovering 89.92% Cu, 81.23% Ag, 66.42% Au, to recover 5.97 M Lb, Cu, 191 K Oz Ag, 2,604 Oz Au.
  • Avino Silver & Gold Mines Ltd. delivered Q1 2025 production results. At the Avino Mine in Durango, 167.8 K tonnes were milled with an average grade of 58 gpt Ag, 0.55 gpt Au, 0.50% Cu, recovering 85% Ag, 75% Au, 87% Cu, to produce 265.7 K Oz Ag, 2,225 Oz Au, 1.6 M Lb Cu. Avino has started underground development work at La Preciosa after receiving all required permits. “Significant progress continues at La Preciosa mine. Blasting and construction of the relatively short 360 metre decline is underway and equipment mobilization has been swift, … The new jumbo drill is working on the San Fernando haulage ramp as it progresses toward intercepting the Gloria and Abundancia veins”.
  • Bear Creek Mining Corp. reported its annual consolidated financial results for 2024. Events that occurred during the year include: restructuring the agreement with Sandstorm Gold Ltd., which reduced the gold deliverables by 325 Oz Au per month, the amendment of the US$22.5 M Sandstorm convertible debenture, granting a NSR on the Corani (Peru) asset and issuing share consideration to Sandstorm; produced 40,220 Oz Au, 217.7 K Oz Ag; recorded a non-cash impairment charge of US$27.2 M. During the year the company mined 106.4 K tonnes at Mercedes, in Sonora, processing 400.7 K tonnes averaging 3.30 gpt Au, with a recovery of 95% Au, to produce 40.2 K Oz Au, 217.7 K Oz Ag, at an AISC of $1,888 per Oz Au. Underground development of 10,464 m during the period.

ON FINANCING

  • Osisko Development Corp. announced that 51.1 M share purchase warrants issued between October and November 2024 will be listed for trading on the TSX Venture Exchange. Each warrant entitles the holder to purchase one common share of Osisko at US$3.00 per common share (San Antonio, Sonora).
  • Silver Tiger Metals Inc. closed its bought deal offering of common shares for gross proceeds of C$15 M (El Tigre, Sonora).
  • Kingsmen Resources Ltd. arranged a non-brokered private placement financing to raise up to C$1.5 M (Las Coloradas, Chihuahua).
  • Minera Alamos Inc. received approval from the TSX Venture Exchange for the implementation of the omnibus incentive plan. “The Omnibus Incentive Plan is a ten percent (10%) rolling plan of issued and outstanding common shares, pursuant to which the Board of Directors may grant stock options, restricted share units and deferred share units to acquire common shares from time to time” (Santana, Sonora).
  • Impact Silver Corp. announced a non-brokered private placement of C$3.5 M with lead orders from Trafigura PTE Ltd. and Palisades Goldcorp Ltd. “The non-brokered private placement will consist of a LIFE offering for $1.75 million, which is being fully allocated to Trafigura, and a standard private placement for $1.75 million, of which Palisades is participating for $1.1 million” (Plomosas, Chihuahua).
  • Endeavour Silver Corp. informed the underwriters of its past financing have exercised its over-allotment option, for additional gross proceeds of US$4.99 M, for total gross proceeds from the offering of US$50 M. The proceedings are to fund part of the purchase of the Huachocolpa Uno mine in Peru (Terronera, Jalisco).
  • Impact Silver Corp. amended its previously released non-brokered private placement from C$3.5 M to aggregate gross proceeds of up to C$5.0 M. The non-brokered private placement will still consist of a LIFE offering for C$1.75 M, which is being fully allocated to Trafigura, and a standard private placement for C$3.25 M (Plomosas, Chihuahua).  

ON RESOURCES AND DEVELOPMENT

  • No Relevant News.

ON DEALS AND CORPORATE ISSUES

  • Fortuna Mining Corp. completed the sale of its 100 percent interest of the San Jose mine in Oaxaca to JRC Ingeniería y Construcción S.A.C., a private Peruvian company. The purchase agreement envisages the payment of US$6.4 M, the payment of US$1.2 M for pre-paid working capital items and tax receivables and the rights to receive up to US$8.3 M upon the completion of certain conditions. “Fortuna successfully built, expanded, and operated the underground San Jose mine for thirteen years, developing it into one of the 12 largest primary silver producers in the world for several years”.
  • Equinox Gold Corp. announced that independent proxy advisory firms Institutional Shareholder Services Inc. and Glass, Lewis & Co. issued positive voting recommendations to shareholders of Equinox Gold for the proposed business combination with Calibre Mining Corp. (Los Filos, Guerrero).
  • Discovery Silver Corp. reported the completion of the acquisition of the Porcupine operations from Newmont Gold (Cordero, Chihuahua).
  • Regency Silver Corp. appointed Bruce Bragagnolo as CEO of the company (Dios Padre, Sonora).

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

On the image below: Flow banded felsic dike on a Sonora Desert project. Picture by Jorge Cirett.

The Mining and Exploration News in Mexico: Highlights on the First Week of April 2025

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By Jorge Cirett

During the 14th week of the year (March 31st to April 6th, 2025), companies working in Mexico presented 30 press releases. Not a single company informed on early exploration at its property. One company announced the start of commercial production. Six companies informed on financing rounds, one on the granting of options, another on DTC eligibility and one more on an extension for warrant exercising. Two companies informed on the start of drilling campaigns at their advanced projects, one on a new discovery in an advanced project, another on the near completion of construction of a mine, two more released their 2024 MRE’s and the filing of technical reports, and one more on drilling results on its operating mine. A company announced the spin-out of a subsidiary, one more the suspension of mining operations due to the failure to obtain a community’s permit, another informed on the sale of its Mexican subsidiary, one more on its government liaisons, another  advised its shareholders to take no action in a hostile take-over bid, one more optioned a mining property and one more informed on the advance of its property portfolio. ON MEXICO ISSUES, according to the AIMMGM, the federal government gave the greenlight to 27 permits. Vizsla Silver paused exploration at Panuco, in Sinaloa, on security concerns.  ON EXPLORATION, no relevant news. ON MINING, Luca Mining announced commercial production at Tahuehueto, in Durango. ON FINANCING, companies announcing different stages of financing rounds include Canuc Resource (C$2.3 M), Endeavour Silver (US$45 M), Heliostar Metals (C$75 M), Silver Tiger (C$15 M), GoGold Resources (C$86.2 M) and Fortune Bay (C$2.8 M); Royalties Inc. announced its shares are eligible through DTC, Impact Silver proposed to extend the expiry date of warrants, GR Silver granted incentive options. ON RESOURCES AND DEVELOPMENT, Heliostar Metals is to commence a drilling campaign at Ana Paula, in Guerrero. Capitan Mining commenced an RC drilling campaign at Cruz de Plata, in Durango. Vizsla Silver announced the discovery of mineralization six kilometers from the current MRE at Panuco, in Sinaloa; Endeavour Silver informed the Terronera Mine in Jalisco is in the final stages of construction; Aura Minerals reported the 2024 MRE for the Aranzazu Mine in Zacatecas, and filed the report; Gold Resource released high-grade polymetallic underground drilling results from the Don David Mine in Oaxaca. First Majestic released MRE’s on its four operating mines in Mexico.  ON DEALS AND CORPORATE ISSUES, Riverside Resources announced the spin-out Blue Jay Gold obtained the needed final order. Equinox Gold indefinitely suspended operations at Los Filos Mine in Guerrero, for lack of a community permit. Golden Minerals sold its Mexican subsidiary. Oroco Resource informed on meetings with government executives. Sierra Metals advised its shareholders not to take action on a hostile take-over bid. Masivo Silver optioned the Cerro Colorado property in Southern Sonora. Empress Royalty informed on the advance of its portfolio with a new property coming into production. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • According to the AIMMGM (Asociación de Ingenieros de Minas, Metalurgistas y Geólogos), the federal government has given the green light to at least 27 permits on the mining industry. Furthermore, the president of the CAMIMEX (Cámara Minera de México), Pedro Rivero, stated that dialog with the Mexican authorities has been very productive. Camimex works alongside the government on the development of the rulebook that is to guide the application of the Mining Law approved in April 2023. This rulebook is expected to be produced during the second quarter of 2025.
  • Vizsla Silver Corp. announced the pause of field work at its Panuco project in Sinaloa, due to current security conditions in the area.

ON EXPLORATION

  • No Relevant News.

ON MINING

  • Luca Mining Corp. announced commercial production at its Tahuehueto mine in Durango, releasing also its production guidance for 2025 at Tahuehueto and Campo Morado, in Guerrero. At Tahuehueto the processing plant can process 1,000 tpd and is currently producing at 82% capacity. The company presented two production tables for 2025: one with 85,000 – 100,000 Oz AuEq produced metal and another with 65,000 – 80,000 Oz AuEq of payable metal during the year. “The Company anticipates generating between $30 million and $40 million in free cash flow2 before working capital adjustments for the year”.
  • Alamos Gold Inc. plans to release its Q1 2025 financial results on April 30, 2025 (Mulatos, Sonora).

ON FINANCING

  • Canuc Resources Corp. closed the first tranche of its previously announced private placement financing, with gross proceeds of C$2.3 M. “Proceeds will be used for expenses associated with completing the acquisition of MacDonald Mines Exploration Ltd. and for the exploration and development of the Company’s new and existing exploration and development assets” (San Javier, Sonora).
  • Endeavour Silver Corp. upsized its previously announced bought deal of common shares for gross proceeds of US$45 M. The net proceeds of the offering will be used to fund a portion of the cash component of a mining company in Peru (Terronera, Jalisco).
  • GR Silver Mining Ltd. granted 860 K incentive stock options to certain employees and consultants, 400 K incentive stock options to certain executive officers and 154.8 K deferred share units to the company’s non-executive directors for director’s fees relating to Q1 2025 (Plomosas, Sinaloa).
  • GoGold Resources Inc. filed a short form prospectus pursuant to its C$75 M bought deal public offering of common shares (Los Ricos, Jalisco).
  • Royalties Inc. announced that its common shares are now eligible for electronic clearing and settlement in the United States through the Depository Trust Company (DTC). “DTC eligibility streamlines the trading process, making it more efficient for investors and brokers” (Royalties on Bilbao, Zacatecas).
  • Silver Tiger Metals Inc. filed a final short form prospectus with the securities commissions in each of the provinces of Canada, except Quebec, in connection with its bought deal public offering of common shares intended to raise up to C$15 M. If an over-allotment option is exercised in full, the aggregate gross proceeds would rise to C$17.2 M (El Tigre, Sonora).
  • GoGold Resources Inc. closed the previously announced bought deal offering, for aggregate gross proceeds of C$86.2 M (Los Ricos South, Jalisco).
  • Impact Silver Corp. proposed the extension by 18 months of 33.4 M warrants expiring in 2025. Such an extension is subject receipt of TSX Venture Exchange approval (Plomosas, Chihuahua).
  • Fortune Bay Corp. intends to complete a non-brokered private placement for aggregate gross proceeds of up to C$2.8 M (Ixhuatan, Chiapas).

ON RESOURCES AND DEVELOPMENT

  • Heliostar Metals Ltd. is to mobilize two drill rigs in April to commence a 15,000 m drilling campaign at Ana Paula, in Guerrero. The drill program will focus on infill drilling, testing the extent of satellite zones and test exploration targets north of the Parallel Panel.
  • Capitan Silver Corp. commenced drilling at its Cruz de Plata project in Durango. The initial 10,000 m of reverse circulation (RC) drilling is to focus on definition and step out drilling at Jesus Maria and its extension into the recently acquired Fresnillo claim, step out drilling along the Gully Fault zone to the northeast and drill targets on parallel mineralized structures to the north of Jesus Maria. “In total there are 8 silver mineralized structures that have been identified at Cruz de Plata for a cumulative strike of 7km”.
  • Vizsla Silver Corp. announced the discovery of high-grade mineralization on the Animas vein system, six km to the northeast of the Copala resource area, within its 7,190 ha Panuco project in Sinaloa. Highlighted true width high-grade intervals within a broader mineralization envelope below historic mine workings comprise 5.85 m @ 4.26 gpt Au, 653 gpt Ag (including 1.31 m @ 4.00 gpt Au, 1,190 gpt Ag and 1.13 m @ 14.10 gpt Au, 1,398 gpt Ag); 2.60 m @ 2.00 gpt Au, 457 gpt Ag, 0.1% Pb, 0.2% Zn (including 1.09 m @ 3.42 gpt Au, 814 gpt Ag, 0.1% Pb, 0.2% Zn).
  • Endeavour Silver Corp. informed its Terronera Mine in Jalisco is in the final construction stages. Highlights include advances in the commissioning of the upper platform process plant, testing of the crushing, grinding, flotation and tailing thickening circuit (producing 2 tonnes of concentrate), concentrate filter pre-commissioning, tailing filter mechanical assembly completed, tailing storage facility nearly complete, the first production stope has been mined and backfilled and surface run-of-mine and crushed stockpiles reached 40 K tonnes.
  • Aura Minerals Inc. reported updated mineral reserves and mineral resources for its four operating mines, including the Aranzazu mine in Zacatecas. “Infill and deep drilling campaigns from 2018 to 2024 in the Glory Hole (GH) zone have been successful in extending known mineralization…. Drilling campaigns in 2024 confirmed the extension of skarn mineralization in the Esperanza zone, with promising copper and gold grades”. Proven and probable reserves comprise 11.5 M tonnes averaging 0.64 gpt Au, 1.04% Cu, 17 gpt Ag, containing 237 K Oz Au, 264.1 M Lb Cu, 6.1 M Oz Ag. Measured and indicated resources comprise 20.1 M tonnes averaging 0.76 gpt Au, 1.18% Cu, 19 gpt Ag, containing 493,885 Oz Au, 521.9 M Lb Cu, 12.3 M Oz Ag. Inferred resources comprise 5.6 M tonnes averaging 0.44 gpt Au, 0.82% Cu, 14 gpt Ag, containing 78,808 Oz Au, 101.9 M Lb Cu, 2.5 M Oz Ag.
  • Gold Resource Corp. released a summary of the 2024 exploration drill results from its Don David Mine in Oaxaca. The program focused on underground infill and expansion drilling within the Three Sisters and Gloria vein systems as well as in veins of the North Arista system. Highlighted true-with results comprise 4.70 m @ 14.13 gpt Au, 125 gpt Ag, 0.32% Cu, 2.8% Pb, 7.1% Zn; 12.30 m @ 3.97 gpt Au, 71 gpt Ag, 0.29% Cu, 2.3% Pb, 4.2% Zn; 8.03 m @ 0.60 gpt Au, 40 gpt Ag, 0.17% Cu, 2.3% Pb, 4.9% Zn; 3.89 m @ 5.86 gpt Au, 33 gpt Ag, 0.24% Cu, 1.6% Pb, 6.2% Zn; 6.00 m @ 1.36 gpt Au, 372 gpt Ag, 0.60% Cu, 1.1% Pb, 2.6% Zn; 4.48 m @ 2.08 gpt Au, 1,299 gpt Ag, 0.32% Cu, 0.6% Pb, 1.5% Zn; 8.72 m @ 1.69 gpt Au, 298 gpt Ag, 0.24% Cu, 1.0% Pb, 2.1% Zn; 5.53 m @ 0.19 gpt Au, 28 gpt Ag, 0.12% Cu, 0.8% Pb, 5.6% Zn; 5.33 m @ 1.89 gpt Au, 746 gpt Ag, 0.21% Cu, 0.8% Pb, 1.5% Zn.
  • Aura Minerals Inc. filed updated technical reports of its mines, including the one on the Aranzazu Mine in Zacatecas. “In 2024, the Mine produced 77.6 thousand tonnes (kt) of concentrate from 1,229 kt of mill feed with average grades of 1.5% Cu, 0.83 g/t Au, and 22 g/t Ag”.
  • First Majestic Silver Corp. announced the 2024 mineral reserve and mineral resource estimates for its mines, including its Mexican operations. First Majestic is currently mining at Cerro Los Gatos (70% attributable to First Majestic) in Chihuahua, San Dimas in Durango, Santa Elena in Sonora and La Encantada in Coahuila. Total contained metals in Mexico amount to 2.61 M Oz Au, 303.3 M Oz Ag, 74 M Lb Cu, 751 M Lb Pb, 1,430 M Lb Zn (or 633.7 M Oz AgEq). The company also owns the Jerrit Canyon Mine in USA, with 1.9 M Oz Au in measured and indicated resources and 1.9 M Oz Au in inferred resources.

ON DEALS AND CORPORATE ISSUES

  • Alamos Gold Inc. filed its annual information form and 2024 annual report on Form 40-F, including its audited financial statements for 2024 with the SEC on EDGAR as well as on SEDAR+ (Mulatos, Sonora).
  • Riverside Resources Inc. announced that the spin-out of its subsidiary Blue Jay Gold Corp. has been approved by shareholders, with completion expected in late H1. Riverside will continue to focus on its royalty generation and project generator model in the Americas, while Blue Jay is to pursue exploration and development of several projects in Ontario (Cecilia, Sonora).
  • Equinox Gold Corp. has indefinitely suspended operations at its Los Filos mine in Guerrero, following the expiry of its land access agreement with the community of Carrizalillo at the end of March. “EquinoxGold has been engaged in collaborative discussions with the three communities that host the mine since November 2023. Consensus on terms was reached in January 2025, and new long-term agreements were subsequently ratified and signed with the Mezcala and Xochipala communities. To date, Carrizalillo has not signed a new long-term agreement with the Company”.
  • Golden Minerals Co. sold its wholly owned subsidiary, Minera de Cordilleras S. de R.L. de C.V. to a privately held Mexican company for consideration of US$600 Ka (previously held Rodeo, in Durango).
  • Oroco Resource Corp. informed of its meeting with Sinaloa’s governor Ruben Rocha and other senior state government officials. “The Governor recognizes the project’s potential for responsible development, investment, and long-term economic growth, and confirmed the potential contribution of the Santo Tomás Project to the future of the state economy, particularly that of the Municipality of Choix”. This meeting followed prior meetings in Mexico City with the undersecretary of economy Rosendo Gutierrez and Jose Aboitiz, Head of Extractives Activities Coordination Unit and Luz Hiram Olimpia, Director General of Mining Development, aimed to prepare for the incorporation of the Santo Tomas project into the Key Development Projects Registry of the Economy’s Mining Coordination Office (Santo Tomás, Sinaloa).
  • Riverside Resources Inc. informed that the Supreme Court of British Columbia has granted the final order involving the spin-out of its equity interest in its subsidiary Blue JayGold Corp., that is to focus on projects in Ontario (Cecilia, Sonora).
  • Sierra Metals Inc. acknowledged the press release by Alpayana S.A.C. announcing an intention to update its previously announced unsolicited all-cash takeover bid to acquire all of the issued and outstanding common shares of Sierra Metals. The company advises shareholders to TAKE NO ACTION at this time (Bolivar, Chihuahua).
  • Canasil Resources Inc. announced that DeVisser Gray LLP, Vancouver, has agreed to act as the Company’s auditors, replacing the previous auditors Davidson & Company LLP (Nora, Durango).
  • Masivo Silver Corp. completed the signing of an arms-length agreement to acquire the Cerro Colorado project from a private owner and Minera GoldZone S.A. de C.V. and partners. The project is located 11 km north of the Piedras Verdes open pit mine in Sonora. Upon completing the agreement Masivo will grant 300 K shares; pay US$60 K and either 1 M Masivo shares or US$100 K on the first anniversary; pay US$70 K  and either 1.5 M Masivo shares or US$150 K on the second anniversary; pay US$80 K and either 2 M Masivo shares or US$200 K on the third anniversary; pay US$100 K and either 2.5 M shares or US$250 K on the fourth anniversary. GoldZone and partners will retain 1.5% NSR, which Masivo can buy for US$1 M.
  • Empress Royalty Corp. informed on the advance to commercial production of the Tahuehueto mine in Durango by Luca Mining (see above), on which Empress has a 100% silver stream.

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

On the image below: Flow banded felsic dike on a Sonora Desert project. Picture by Jorge Cirett.

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

/ Gambusino Prospector / Leave a comment

By Jorge Cirett

During the 2nd week of the year (January 6th to January 12th, 2025), companies working in Mexico presented 28 press releases. Two companies informed on drilling at their JV property, one royalty company updated on yearly results, seven companies presented quarterly releases. Two companies informed on financing rounds, one other granted deferred share units, one more repurchased a convertible debenture and another is to accelerate the expiry of warrants. One company updated the mineral resource estimate for its advanced project, another presented two press releases on the drilling of its property. One more provided an update on its mine development. Two companies updated on 2024 activities, two on appointments to the board, and one more on the engagement of a contractor. One company informed on a contractor’s employee fatality at its advanced project. ON MEXICO ISSUES, David A. Giles, former exploration head of Fresnillo plc deceased on January 10th, 2024. ON EXPLORATION, in Sonora, Tocvan Ventures and Colibri Resource informed on the drilling of their Pilar JV property. ON MINING, Sandstorm Gold presented Q4 2024 results, First Majestic Silver, GoGold Resources, Equinox Gold, Endeavour Silver, Gatos Silver and Aura Minerals presented Q4 2024 production results. Sierra Madre Gold and Silver announced commercial production at the Guitarra mine, in Estado de Mexico. ON FINANCING, GR Silver Mining granted deferred share units to non-executive directors. Gold Resource and Southern Silver Exploration informed on financing rounds. Luca Mining is repurchasing a convertible debenture, reducing its debt by US$5.8 M. Goldgroup Mining is accelerating the expiry of warrants. ON RESOURCES AND DEVELOPMENT, Vizsla Silver updated the MRE on Panuco, in Sinaloa. Silver Storm Mining presented two press releases with drilling results from La Parrilla, in Durango. Endeavour Silver updated on development at its Terronera project in Jalisco.  ON DEALS AND CORPORATE ISSUES, Aztec Minerals provided an update on activities at Cervantes, in Sonora. Impact Silver updated on activites at Plomosas, in Chihuahua, and at Zacualpan, in Estado de Mexico. Alamos Gold and Osisko Development announced appointments to the board. Mithril Silver and Gold engaged a key contractor. Vizsla Silver informed on the fatality involving a contractor’s employee at its Panuco project in Sinaloa. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • David A. Giles, former exploration head of Fresnillo plc, deceased on January 10, 2024. He spent most of his career in Mexico and was key on the development of core properties aiding the company to become an international significant player.

ON EXPLORATION

  • Tocvan Ventures Corp. announced the commencement of diamond drilling at its Gran Pilar project in Sonora. “An initial nine core drill holes are budgeted and pre-paid through an existing credit with partial joint venture partner, Colibri Resources Corp. (Colibri). Tocvan and Colibri share 51/49 percent interest in the 105-hectare area that contains Pilar’s Main Zone, core drilling will be focused on the JV area across the Main Zone to build out a robust geological model needed for resource estimation”. Four RC drill holes were completed prior to the holiday break, totaling 776.2 m.
  • Colibri Resource Corp. announced that the company and its partner Tocvan Ventures Corp. commenced a diamond drill program of up to 1,250 m focused on the Main Zone target at the Pilar project in Sonora (See post above).

ON MINING

  • Sandstorm Gold Ltd. sold 72,800 attributable Oz AuEq in 2024, realizing a preliminary revenue of US$176.3 M. During Q4 2024 the company sold 17,700 attributable AuEq Oz, realizing a preliminary revenue of US47.4 M (Cerro Prieto, San Francisco, Santa Elena and Mercedes, Sonora; Cosalá, Sinaloa).
  • First Majestic Silver Corp. produced 2.4 M Oz Ag, 39,506 Oz Au (or 5.7 M Oz AgEq) during Q4 2024. For the full year total production was 8.4 M Oz Ag, 156,542 Oz Au (or 21.7 M Oz AgEq). At Santa Elena, in Sonora, 10 drill rigs (eight surface, two underground) completed 18,04 m of drilling, whereas at San Dimas, in Durango, 12 rigs (three surface, nine underground) completed 29,954 m and at La Encantada, in Coahuila, three rigs (two surface, one underground) completed 3,044 m.
  • GoGold Resources Inc. produced on the last quarter of 2024, 226.3 K Oz Ag, 3,213 Oz Au, 121 tonnes Cu, 161 tonnes Zn (or 551.3 K Oz AgEq) at its Parral Tailings project. “Parral’s SART Zinc circuit, which was completed in 2024, has exceeded expectations on both base metal production and has increased the leachability of gold and silver in the heap as well, which is driving the 36% increase in production which we saw this quarter”. For 2025 the company expects to release Los Ricos South definitive feasibility study (DFS), receive the underground mining permits for Los Ricos South, make Los Ricos South construction decision after receiving permits and financing in place, and upgrade Los Ricos North project with more drilling, advancing engineering and technical reports.
  • Equinox Gold Corp. reported the production of 213,960 Oz Au in Q4 2024, without disclosing the amount by mine. At Los Filos, in Guerrero, 170,370 Oz Au were produced during 2024. Equinox Gold ended the year with US240 M and US$105 M available to draw on its revolving credit facility, plus another US$100 M undrawn accordion feature. During the quarter the company reduced its debt by US$180 M.
  • Endeavour Silver Corp. reported the production of 4.47 M Oz Ag, 39,047 Oz Au (or 7.6 M Oz AgEq) on 2024. For the quarter 824.5 K Oz Ag, 9,075 Oz Au (or 1.6 M Oz AgEq) were produced. At Guanaceví, in Durango, 58.8 K tonnes were processed in the quarter at a rate of 639 tpd, grading 440 gpt Ag, 1.53 gpt Au, recovering 86.4% Ag, 90.7% Au to recover 718.8 K Oz Ag, 2,622 Oz Au. At Bolañitos, in Guanajuato, 106.8 K tonnes were processed at a rate of 1,161 tpd, grading 36 gpt Ag, 1.95 gpt Au, recovering 85.5% Ag, 96.4% Au. Production resumed full capacity at Guanaceví, after the mill  trunnion failure in August.
  • Sierra Madre Gold and Silver Ltd. announced full commercial production at its Guitarra Mine Complex in Estado de Mexico. “The processing plant, underground mine, and all aspects of the operation have now been running at the current capacity of 500 wet metric tonnes per day for the past 90 days”. During the test mining 1,292.5 tonnes of concentrate averaging 2,594.2 gpt Ag, 34.93 gpt Au were shipped, with 94.6 tonnes remaining in inventory.
  • Gatos Silver Inc. announced production results for Q4 and year 2024 at its 70% owned Cerro Los Gatos mine in Chihuahua. The company milled 305.8 K tonnes at a rate of 3,324 tpd during the quarter, grading 294 gpt Ag, 0.26 gpt Au, 2.17% Pb, 4.28% Zn, recovering 89.4% Ag, 51.2% Au, 88.0% Pb, 63.3% Zn, to produce 2.58 M Oz Ag, 1,330 Oz Au, 12.9 M Lb Pb, 18.3 M Lb Zn. For the full year, 1.19 M tonnes were milled at a rate of 3,255 tpd, grading 284 gpt Ag, 0.29 gpt Au, 2.00% Pb, 4.22% Zn, recovering 88.9% Ag, 50.4% Au, 88.6% Pb, 63.0% Zn, to produce 9.68 M Oz Ag, 5,553 Oz Au, 46.4 M Lb Pb, 69.7 M Lb Zn.
  • Aura Minerals Inc. announced preliminary production results for Q4 2024, including information from its operation in Mexico. During the quarter the Aranzazu mine in Zacatecas produced 6,987 Oz Au, 146.7 K Oz Ag, 9.4 M Lb Cu (23,379 Oz Au). For full year 2024, 26,578 Oz Au, 539.5 K Oz Ag, 37 M Lb Cu (97,558 Oz AuEq) were produced at the site.

ON FINANCING

  • GR Silver Mining Ltd. granted a total of 145,452 deferred share units to the company’s non-executive directors for director’s fees relating to the quarter ended on December 2024 (Plomosas, Sinaloa).
  • Gold Resource Corp.is pursuing a registered direct offering to raise up to US$2.5 M (Don David, Oaxaca).
  • Luca Mining Corp. along with an arm’s-length third-party corporation, Jaluca Ltd. reached an agreement with Urion Holdings (Malta) Ltd. (Trafigura Mexico Subsidiary) to repurchase 100% of Luca’s US$5.8 M convertible debenture held by Urion. “Luca and Jaluca are purchasing 43% and 57% of the Debenture, respectively, for a total purchase price of US$7.2 million or at an as if converted basis of CAD$0.4338 per share, a discount of over 25% to Luca’s closing share price on the TSX-V on January 3, 2025 of $0.58“. Correspondingly, US$5.8 M in debt will be removed from Luca’s balance sheet, and Luca will have 221.4 M shares outstanding after completion. As a result, Luca will be US$11.1 M in debt, with US$6.75 M in cash, aiming to be debt free by the end of 2025 (Campo Morado, Guerrero).
  • Southern Silver Exploration Corp. extended the closing of the previously announced non-brokered private placement for up to C$2.2 M (Cerro Las Minitas, Durango).
  • Goldgroup Mining Inc. elected to accelerate the expiry of outstanding common share purchase warrants originally issued under financings completed in September and November of 2024 (Cerro Prieto, Sonora).

ON RESOURCES AND DEVELOPMENT

  • Vizsla Silver Corp. updated the mineral resource estimate for its Panuco project in Sinaloa. In the new report measured and indicated resources are increased by 43%, with 91% of the value in precious metals. Measured and indicated resources comprise 13 M tonnes grading 307 gpt Ag, 2.49 gpt Au, 0.27% Pb, 0.85% Zn (534 gpt AgEq or 6.23 gpt AuEq), containing 127.8 M Oz Ag, 1.04 M Oz Au, 34.9 K tonnes Pb, 110.2 K tonnes Zn (222.4 M Oz AgEq or 2.74 M Oz AuEq). Inferred resources comprise 10.5 M tonnes averaging 219 gpt Ag, 1.96 gpt Au, 0.30% Pb, 1.01% Zn (412 gpt AagEq or 4.91 gpt AuEq), containing 73.6 M Oz Ag, 660 K Oz Au, 31.2 K tonnes Pb, 106.2 K tonnes Zn (138.7 M Oz AgEq or 1.65 M Oz AuEq). This base case envisions an underground mining operation with a cut-off grade of 150 gpt AgEq, metal prices of $26.00/Oz Ag, $1,975/Oz Au, $2,425/tonne Pb, $2,976/tonne Zn. A mining cost of US$45.00/t rock and processing, treatment and refining, transportation and G&A cost of US$50.00/t of mineralized material.
  • Silver Storm Ltd. released results from its Phase 2 drilling program on the San Nicolas and C550 Zones at its La Parrilla property in Durango. Highlighted core length intervals comprise 7.00 m @ 273 gpt Ag, 0.5% Pb, 0.5% Zn (including 0.50 m @ 389 gpt Ag, 0.2% Pb, 0.8% Zn and 2.50 m @ 507 gpt Ag, 0.9% Pb, 0.1% Zn); 1.02 m @ 606 gpt Ag, 0.3% Pb, 0.1% Zn at the San Nicolas Zone, where sulfide mineralization is consists of pyrite, galena, sphalerite, acanthite, and native silver, and 3.83 m @ 0.17 gpt Au, 72 gpt Ag, 1.7% Pb, 3.1% Zn; 7.20 m @ 0.55 gpt Au, 113 gpt Ag, 1.5% Pb, 2.8% Zn (including 2.50 m @ 0.73 gpt Au, 177 gpt Ag, 2.2% Pb, 4.3% Zn); 7.20 m @ 0.29 gpt Au, 240 gpt Ag, 5.4% Pb, 5.7% Zn, on the C550 Zone, with galena, sphalerite, pyrite, pyrrhotite, and arsenopyrite mineralization.
  • Endeavour Silver Corp. provided an update on the development of its Terronera project in Jalisco. Delivery delays were experienced during December of critical parts structural steel components, impacting the expected commissioning timelines. “Following Mexico’s lifting of the transport restrictions, critical steel deliveries and installation resumed this week”. The tailings dam is ready for use, above ground stockpiles are nearing capacity, stope preparation continues in multiple levels and the SAG and ball mills have been tested.
  • Vizsla Silver Corp.  provided an update on the development of its principal asset, the net smelter royalty on the Panuco project in Sinaloa, owned by Vizsla Silver Corp. (See post above).
  • Silver Storm Ltd. announced drill results from 10 drill holes testing the C460 Zone within the Quebradillas mine at its La Parrilla property in Durango. Highlighted core length intervals comprise 18.04 m @ 364 gpt Ag, 4.3% Pb, 5.0% Zn (including 3.10 m @ 941 gpt Ag, 9.70% Pb, 10.1% Zn and 2.0 m @ 941 gpt Ag, 10.0% Pb, 13.0% Zn), 2.03 m @ 608 gpt Ag, 7.6% Pb, 5.3% Zn (including 1.03 m @ 1,158 gpt Ag, 13.8% Pb, 9.1% Zn); 4.79 m @ 0.40 gpt Au, 267 gpt Ag, 2.3% Pb, 3.7% Zn; 0.90 m @ 62 gpt Ag, 1.3% Pb, 9.3% Zn; 2.00 m @ 0.42 gpt Au, 13 gpt Ag, 0.11% Pb, 5.3% Zn; 7.00 m @ 1.66 gpt Au, 29 gpt Ag, 0.2% Pb, 7.8% Zn (including 2.00 m @ 4.53 gpt Au, 25 gpt Ag, 0.2% Pb, 13.4% Zn); 5.08 m @ 21 gpt Ag, 0.3% Pb, 4.4% Zn; 5.52 m @ 52 gpt Ag, 0.2% Pb, 12.2% Zn (including 2.02 m @ 0.16 gpt Au, 75 gpt Ag, 0.3% Pb, 22.0% Zn). At the C460 Zone mineralization is comprised of pyrite, pyrrhotite, galena, sphalerite, arsenopyrite, acanthite, and freibergite.

ON DEALS AND CORPORATE ISSUES

  • Aztec Minerals Corp. provided an update to shareholders of 2024 activities at its Cervantes project in Sonora. During 2024 were reported the final results of 1,646 m late 2023 RC drilling campaign, with the first drilling campaign in six years partially outlining an oxide gold cap to a porphyry copper discovery at the California zone. Also, two private placement financings totaling CAD$3.7 M were closed. For the first half of 2025 surface exploration is to continue at Cervantes, in preparation for potential continued step out drilling.
  • Impact Silver Corp. informed on 2024 milestones. At Plomosas, in Chihuahua, achieved substantial operational progress on the property acquired on Q2/2023, operating by Q3 2023 at 70% of design capacity, and strong drilling exploration results. A Tesla Battery Energy and System with solar capabilities was contracted for the Plomosas mine. The Royal Mines of Zacualpan District generated $6.1 M in revenue in Q3 2024, and the new Kena vein was discovered in the property with a drill intercept of 17.30 m @ 213 gpt Ag, presenting substantial exploration upside.
  • Alamos Gold Inc. announced the appointment of J. Robert S. Prichard as chair of the board of directors (Mulatos, Sonora).
  • Osisko Development Corp. announced the appointment of David Rouleau as vice president, project development (San Antonio, Sonora).
  • Altius Minerals Corp. provided an update on its project generation business activities, and its public junior equities portfolio. The corporation currently holds 19.6% interest on Orogen Royalties, same that owns the royalty on the Ermitaño deposit in Sonora.
  • Mithril Silver and Gold Ltd. engaged Daneil Kunz Associates, LLC to provide additional support for the advance of the Copalquin project in Durango. Drilling is already underway, aiming to complete 35,000 m on 2025.
  • Vizsla Silver Corp. announced that a landslide impacted one of the exploration drill pads, claiming the life of an employee of Bylsa Drilling S.A. de C.V., a contractor at Vizsla’s Panuco project in Sinaloa.

ON SOCIAL RESPONSIBILITY

  • No Relevant news.

On the image below: Fault-Vein ridge in the Sonoran Desert. Drone picture by Jorge Cirett.

The Mining and Exploration News in Mexico: Highlights on the Second Week of December 2024

/ Gambusino Prospector / Leave a comment

By Jorge Cirett                                             

During the 50th week of the year (December 9th to December 15th, 2024), companies working in Mexico posted at least 28 press releases. Not a single company informed on exploration advances at its property, two companies presented quarterly results, one company was ordered to suspend operations, one more announced commercial production while another the re-start of heap stacking. Two companies informed on financing rounds, one on the granting of options, another on a share purchase plan, one on the evaluation of share consolidation and one more on the signing of service contracts. Six companies updated on drilling programs and one on a new MRE report for its property, one company started test mining and bulk sampling at its advanced property. One company published its annual handset book, two companies presented AGM results, three more announced appointments to the board, two companies informed on their amalgamation agreement, one more on the move of its headquarters and another one on the international arbitration proceedings against Mexico. One company published its sustainability report ON MEXICO ISSUES, Mexico is to review the proposed ban on open pit mining. ON EXPLORATION, no relevant news. ON MINING, GoGold Resources and Heliostar Metals presented quarterly reports. Torex Gold operations in Guerrero were mandated to halt by the government. Sierra Madre Gold and Silver announced commercial production at La Guitarra. Heliostar Metals intends to re-start stacking activities at La Colorada in Sonora. ON FINANCING, Tocvan Ventures and Quetzal Copper announced financing rallies for $2.1 M and C$3 M respectively. Sandstorm entered an automatic share purchase plan. Sierra Metals is considering a 20:1 share consolidation plan. Sierra Madre Gold and Silver granted stock options, Heliostar Metals signed services agreements with two companies, Defiance Silver made a clarification on the engagement of a service company. ON RESOURCES AND DEVELOPMENT, Silver Storm Mining released results from drilling at La Parilla, Mithril Silver and Gold updated on drilling at Copalquin, Defiance Silver announced a new MRE for Tepal, Pan American Silver reported drilling highlights for La Colorada and La Colorada Skarn, Prime Mining reported on expansion drilling at Los Reyes, Orla Mining updated on exploration at Camino Rojo. Fuerte Metals reported drilling results from Cristina, Vizsla Silver commenced test mining and bulk sampling at Panuco ON DEALS AND CORPORATE ISSUES, Elemental Altus Royalties published its annual handset handbook. Defiance Silver and Zacatecas Silver announced AGM’s results. Orla Mining and Luca Mining announced appointments to the board. Enduro Metals and Commander Resources announced its amalgamation agreement. US Antimony announced the move of its headquarters. Almaden Minerals informed on the international arbitration process under the TPP with Mexico. ON SOCIAL RESPONSIBILITY, Capstone Copper published its 2023 sustainability report.

ON MEXICO ISSUES

  • Mexico is to review the proposed bill to ban open pit mining, announced Claudia Shienbaum, Mexico’s president.  The proposal was approved by the lower chamber of Congress in August, and also seeks to prohibit fracking and restrict water usage in areas of scarcity. She emphasized that the review will focus on ensuring environmental protection and is independent of corporate interests. “The Mexican Mining Chamber (Camimex) has voiced strong opposition to the proposed ban. Open-pit mining accounts for 60% of the value of Mexico’s national mining and metallurgical production. Camimex warns that the prohibition could lead to a 1% contraction in the country’s GDP and jeopardize nearly 200,000 jobs.”

ON EXPLORATION

  • No Relevant News.

ON MINING

  • Torex Gold Resources Inc. updated on the carbon monoxide accident that claimed the lives of two employees and one contractor and injured a second contractor. The company commenced its “own internal investigation to determine how, despite multiple levels of safety protocols and controls, such a tragedy could have occurred…. Two experienced individuals went into a restricted area where carbon monoxide was present, and in an effort to rescue their colleagues who suffered exposure, two other individuals entered the area as well. Three of the individuals passed away as a result, while the fourth was transported to a local hospital and is now at home recovering”.
  • Torex Gold Resources Inc. received notification from the DGM (Dirección General de Minas) that all activities are to be temporarily suspended at the Morelos property in Guerrero, “to support their inspection associated with the fatal incident at the El Limón Guajes underground mine” on December 5th, 2024.
  • Sierra Madre Gold and Silver Ltd. announced that industrial production has started at the Guitarra mine processing plant in Estado de México. “The plant has been operating at 86% of the milling circuit nameplate capacity, or 516 wet metric tonnes per day, for the last two (2) months”. During October 13.2 K tonnes were processed to recover a concentrate containing 21.2 K Oz Ag, 295 Oz Au, and 13 K tonnes were processed in November to recover a concentrate containing 22.9 K Oz Ag, 363 Oz Au.
  • GoGold Resources Inc. announced financial results for the three months and full year ended on September 30, 2024. The company had revenue of US$36.5 M for the year on the sale of 1.4 M Oz AgEq, with net income of $1.6 M, production of 553.4 K Oz Ag, 8,700 Oz Au, 468 tonnes Cu, 316 tonnes Zn (or 1.48 M Oz AgEq), at cash cost of $17.62 per Oz AgEq and an AISC of $24.15. Cash of US$72.0 M at the end of the period.
  • Heliostar Metals Ltd. announced its intentions to recommence crushing and stacking in January 2025 of the historical Junkyard Stockpile at the Colorada Mine in Sonora. “The planned restart would initially augment and then replace the current gold production from residual leaching at the mine”. The stockpile is located close to the La Colorada crushing circuit, containing material mined from the Gran Central Pit in the mid to late 1990’s. “Drill holes were completed on a ~35-metre grid across the stockpile with some drill holes completed on a 7-metre grid for variability testing. In total, 57 holes totalling 2,290 metres were completed”.
  • Starcore International Mines Ltd. reported results for its Q2, ended in October 31, 2024. During the period the company processed 48.2 K tonnes at its San Martin mine in Queretaro, grading 1.1 gpt Au, 9.81 gpt Ag, recovering 80.3% Au, 49.2% Ag, to produce 1,400 Oz Au, 7.6 K Oz Ag (or 1,466 Oz AuEq) at cash cost $2,746 per Oz Au. “This quarter reflects the 2-month closure of mining operations due to the safety standards upgrades that were required by the Mexican Labor Department,,,” after a fatal accident at the mine. Cash on hand is C$3.7 M and working capital C$4.1 M.

ON FINANCING

  • Sierra Madre Gold and Silver Ltd. granted stock options to two new employees of the company to purchase an aggregate of 300 K common shares (La Guitarra, Estado de México).
  • Sandstorm Gold Ltd. entered into an automatic share purchase plan under its previously announced normal course issuer bid. The company’s at-the-market equity program for up to US$150 M of common shares expired in October with no shares being issued under the program. Sandstorm renewed its revolving credit agreement allowing the company to borrow up to US$625 M (Royalty in Cosalá, Sinaloa).
  • Tocvan Ventures Corp. closed a first tranche of its previously announced non-brokered private placement for gross proceeds of $2.1 M, including $1.8 M from Sorbie Bornholm LP, a UK based institutional investor (Gran Pilar, Sonora).
  • Sierra Metals Inc. is to hold a special meeting of shareholders on January 31, 2025, to seek authorization from shareholders to consider a consolidation of all the company’s issued and outstanding common shares on 1 to 20 ratio (Bolivar, Chihuahua).
  • Heliostar Metals Ltd. entered into an agreement with Triomphe Holdings Ltd. for an initial term of six months and C$120 K, and Investors News Network with a term of three months and C$25 K, for investor relations and communication services (Ana Paula, Guerrero).
  • Defiance Silver Corp. made a clarification on the engagement of Torrey Hills Capital Inc. to provide investor relation. Torrey is to receive a monthly payment of US$5 K per month for a minimum of four months (Tepal, Michoacan).
  • Quetzal Copper Corp. announced a non-brokered private placement for aggregate gross proceeds of up to C$3 M (Cristinas, Chihuahua).

ON RESOURCES AND DEVELOPMENT

  • Silver Storm Mining Ltd. released results from drilling at La Parrilla Silver Mine Complex, in Durango. Three high-grade zones within the Central Rosarios at the Rosario mine span 275 m in strike length down to a depth of ~600 m remaining open at depth. Highlighted core length intercepts comprise 1.50 m @ 74 gpt Ag, 2.4% Pb, 3.1% Zn; 1.00 m @ 22 gpt Ag, 0.4% Pb, 4.4% Zn; 0.60 m @ 354 gpt Ag, 0.09% Cu, 5.4% Pb, 2.0% Zn; 1.76 m @ 103 gpt Ag, 1.4% Pb, 1.4% Zn; 4.23 m @ 0.25 gpt Au, 150 gpt Ag, 2.6% Pb, 3.6% Zn (including 1.81 m @ 0.31 gpt Au, 296 gpt Ag, 4.3% Pb, 5.5% Zn).
  • Mithril Silver and Gold Ltd. provided an update on current drilling the Target 1 area at its Copalquin project in Durango. The first wo holes of this campaign are at the lab, the next on the way to the lab, two more are being logged and sampled and a sixth hole has been commenced. A maiden resource for the Target 1 area is scheduled for the end of Q1 2025. Two more areas are to be drilled once the ongoing municipal road upgrade by the company is completed, which will facilitate the 40,000 m of drilling planned for 2025.
  • Defiance Silver Inc. announced a mineral resource estimate (MRE) for its Tepal Au-Cu project in Michoacan. The open pit operation model comprises 111.7 M tonnes grading 0.19% Cu, 0.26 gpt Au, 1.55 gpt Ag, containing 473.9 M Lb Cu, 926 K Oz Au, 5.6 M Oz Ag as measured and indicated resources, and 124.4 M grading 0.16% Cu, 0.25 gpt Au, 1.46 gpt Ag, containing 451 M Lb Cu, 985 K Oz Au, 5.8 M Oz Ag. Molybdenum was not included due to insufficient metallurgical testwork, but moly grades are significant and its recovery will be assessed.
  • Pan American Silver Corp. provided its annual exploration update, including its Mexican operations. At La Colorada, in Zacatecas, 13 new veins have been discovered in the eastern portion of the property. Highlighted true width intercepts comprise 0.95 m @ 9,618 gpt Ag, 4.9% Pb, 4.8% Zn; 2.32 m @ 2,615 gpt Ag, 2.3% Pb, 5.2% Zn; 3.28 m @ 308 gpt Ag, 10.2% Pb, 13.1% Zn. The San Geronimo vein system covers now 550m along the strike by 450m vertical. From May to October almost 48,000 m of drilling have been carried out. At the nearby La Colorada Skarn “infill drilling reinforced confidence in the large, indicated mineral resource updated on June 2024”. Over 11,000 m of infill drilling have been completed since then with highlighted core length intervals comprising 273.1 m @ 54 gpt Ag, 0.8% Pb, 5.2% Zn; 62.55 m @ 84 gpt Ag, 2.0% Pb, 7.6% Zn; 60.25 m @ 85 gpt Ag, 7.0% Pb, 10.4% Zn.
  • Prime Mining Corp. reported expansion drilling results from its Los Reyes project in Sinaloa. The four holes tested Guadalupe East, on the south-east end of the Guadalupe Trend, and are not included in the mineral resource estimate (MRE) released in October. Highlighted true width intervals comprise 1.25 m @ 3.34 gpt Au, 617 gpt Ag (including 0.65 m @ 6.27 gpt Au, 1,160 gpt Ag); 0.95 m @ 14.25 gpt Au, 2,150 gpt Ag; 0.80 m @ 0.81 gpt Au, 1 gpt Ag; 2.35 m @ 1.80 gpt Au, 272 gpt Ag. The company has expanded its fiscal year 2024 program to 50,000 m from 40,0000 m, with “prioritization of targets on probability of resource development and generative area discovery potential”.
  • Orla Mining Ltd. provided an update on exploration of the Camino Rojo Extension, now referred to as Zone 22, at its Camino Rojo project in Zacatecas. Highlighted core length intercepts of 11,318 m in thirteen holes comprise: 4.90 m @ 4.54 gpt Au, 7 gpt Ag, 2.08% Zn; 6.60 m @ 1.01 gpt Au, 63 gpt Ag, 1.6% Cu, 0.1% Zn (including 1.20 m @ 3.08 gpt Au, 202 gpt Ag, 4.95% Cu, 0.2% Zn); 2.90 m @ 5.65 gpt Au, 27 gpt Ag, 0.1% Pb, 1.4% Zn; 4.90 m @ 4.54 gpt Au, 7 gpt Ag, 2.1% Zn; 2.70 m @ 30.70 gpt Au, 4 gpt Ag, 1.3% Zn (including 0.60 m @ 140.50 gpt Au, 9 gpt Ag, 0.16% Cu, 5.2% Zn); 2.00 m @ 0.83 gpt Au, 393 gpt Ag, 2.4% Pb, 8.8% Zn; 15.00 m @ 0.93 gpt Au, 25 gpt Ag, 0,91% Cu; 4.50 m @ 5.17 gpt Au, 215 gpt Ag, 0.14% Cu, 3.3% Pb, 4.6% Zn; 2.80 m @ 2.99 gpt Au, 269 gpt Ag, 0.16% Cu, 4.3% Pb, 6.8% Zn. Mineralization extends up to 800 m down-plunge from the resource pit. In addition to Au-Ag-Zn sulfide replacement and skarn mineralization, Zone 22 presents Cu-Au-Ag values associated to a felsic dike intersected primarily in the deepest down-plunge extension area.
  • Fuerte Metals Corp. reported results from five diamond holes at its Cristina project in Chihuahua. The holes reported are from the Los Ingleses and Mexico Libre vein systems, which returned true width intercepts of: 0.90 m @ 3.40 gpt Au, 6 gpt Ag, 0.1% Zn; 9.00 m @ 1.50 gpt Au, 42 gpt Ag, 0.18% Cu, 0.5% Pb, 2.5% Zn; 17.50 m @ 2.40 gpt Au, 23 gpt Ag, 0.5% Pb, 1.0% Zn (including 7.50 m @ 5.30 gpt Au, 40 gpt Ag, 0.16% Cu, 1.0% Pb, 2.0% Zn); 2.40 m @ 11.90 gpt Au, 69 gpt Ag, 0.25% Cu, 1.9% Pb, 4.0% Zn; 3.00 m @ 8.60 gpt Au, 95 gpt Ag, 0.40% Cu, 1.4% Pb, 6.2% Zn (including 1.80 m @ 14.20 gpt Au, 143 gpt Ag, 0.65% Cu, 2.2% Pb, 9.8% Zn). “Fuerte has now reported thirty holes totalling 7,936.5 metres of drilling as part of a 40-50 hole, 21,000 metre drill program”. An underground resource estimate will follow the completion of the 21,000 m program in Q3 2025.
  • Vizsla Silver Corp. commenced fully funded and fully permitted test mining and bulk sample program at its Panuco project in Sinaloa. The underground scope includes 1,070 m of ramp development, lateral access and ore extraction from the 460-level zone on the Copala structure, where approximately 10 K tonnes of high-grade material is to be mined. Surface infrastructure to be completed includes construction of portal facilities, access roads and laydown areas.

ON DEALS AND CORPORATE ISSUES

  • Elemental Altus Royalties Corp. published the 2024 edition of its Annual Handset Handbook, with information on the production, development and exploration stages royalties (Mercedes, Sonora).
  • Defiance Silver Corp. announced results from its AGM and the election of Pail A. Smith as director (Tepal, Michoacan; Zacatecas, Zacatecas).
  • Orla Mining Ltd. announced the appointment of Dr. Silvana Costa as Chief Sustainability Officer (Camino Rojo, Zacatecas).
  • Enduro Metals Corp. and Commander Resources Ltd. announced its amalgamation agreement pursuant to which Enduro and Commander will combine their operations creating a copper and gold explorer. Commander owns the Pedro project in Durango.
  • United States Antimony Corp. announced the move of its corporate headquarters to Dallas, Texas, from Thompson Falls, Montana. Additionally, Mr. Gary C. Evans assumed the chief executive role and continues as chairman of the board of directors, Mr. Joe Bardswich takes on the role of executive vice-president and chief mining engineer (Los Juarez, Queretaro).
  • Almaden Minerals Ltd. informed on the international arbitration proceedings under the comprehensive and progressive agreement for Trans-Pacific Partnership with Mexico. “The Claim is being prosecuted pursuant to the established and enforceable legal framework of the International Centre for Settlement of Investment Disputes. The Company is financing the Claim with up to US$9.5 million in non-recourse litigation funding”. The company and Mexico have appointed an arbitrator to the three-person arbitration panel, and the third and presiding arbitrator has also been appointed, with the first session held in Washington on November 20, 2024. “While the Company is vigorously pursuing this Claim, its preference is for a constructive resolution with Mexico that results in a positive outcome for all stakeholders” (Ixtaca, Puebla).
  • Luca Mining Corp. announced the appointment of Ramon Medoza Reyes, P. Eng as chief technical officer (Campo Morado, Guerrero).
  • Zacatecas Silver Corp. announced the results of its annual general meeting (AGM) and the resignation of Mr. John Lewins as a director of the company. Zacatecas Silver is evaluating upcoming exploration plans at the Zacatecas Silver project, that includes the Panuco Deposit, El Cristo vein system, San Gill breccia zone and Muleros zone. The company also holds the Esperanza project in Morelos, with 956 K Oz Au in resources in the measured and indicated categories and 277 K Oz Au as inferred.

ON SOCIAL RESPONSIBILITY

  • Capstone Copper Corp. published its 2023 sustainability report, highlighting its sustainable development strategy prioritizing climate, water, tailings, biodiversity and communities.

On the image below: Silicifed fault/vein ridges in Sonora. Drone picture by Jorge Cirett.

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

/ Gambusino Prospector / Leave a comment

By Jorge Cirett                                             

During the 36th week of the year (September 2nd to September 8th, 2024), companies working in Mexico posted at least 17 press releases. One company informed on exploration advances on its property, one company closed a financing tranche and one other its intentions to make a private placement. A company granted stock options, one other informed on the purchase of debentures and one more on the inclusion of its stock in another index. Two companies released drilling results from its advanced properties, one more of the inclusion of a satellite deposit on its mining plans and one other on the test mining and processing of an historical operation. A company informed on the agreement to acquire another enterprise with a mining operation and a good land package. One company appointed a director, one other informed on the sale of its Mexican assets, and one other on the optioning of an interesting property. ON MEXICO ISSUES, the USA’s House of Representatives sent a letter to its Commercial Representative urging to seek assurance from the Mexican outgoing and incoming government to not pass rules on the proposed constitutional reforms that infringe T-MEC’s rules. ON EXPLORATION, In Durango, Silver Wolf commenced drilling at Ana Maria. ON MINING, no relevant news. ON FINANCING, Guanajuato Silver granted 330 K options. Argonaut Gold announced the total value of debentures to be purchased is US$58.2 M. Capstone announced its addition to another Stock Index. Colibri Resource closed a first tranche of private placement for $305 K. Luca Mining is seeking a “best efforts” private placement for C$8.5 M. ON RESOURCES AND DEVELOPMENT, Prime Mining reported expansion drilling results at Panuco, in Sinaloa. Alamos Gold reported surface drilling results for Cerro Pelon and Puerto del Aire, at the Mulatos district in Sonora, seeking to augment resources for underground mining. Torex Gold reported an updated mining plan to include the EPO deposit at the Morelos Complex in Guerrero, which is to allow mining at a 450 K Oz Au yearly rate up to at least 2030. Sierra Madre Gold and Silver updated on test mining and processing at its La Guitarra mine in Estado de Mexico. ON DEALS AND CORPORATE ISSUES, Chesapeake Gold engaged automated market making services. Guanajuato Silver Company appointed a director. The note of the week was the announcement of the merger of Gatos Silver and/by First Majestic Silver. Riverside Resources optioned the Union property to Questcorp. Golden Minerals informed on the state of affairs of its Mexican assets. ON SOCIAL RESPONSIBILITY, Discovery Silver released its 2023 ESG report.

ON MEXICO ISSUES

  • An influential group in the USA’s House of Representatives sent a letter to Katherine Thai, Commercial Representative of USA urging her involvement with the actual president of Mexico, the elected president Claudia Sheinbaum and the recently installed Congress, to assure the proposed reforms by the actual president do no go against obligations under the T-Mex (formerly NAFTA). “We recognize the sovereign right of each government to update its constitution and deeply value the strong partnership between the United States and Mexico. However, many of the proposed reforms appear to compromise US investors’ access to a stable, predictable and impartial regulatory framework”. Of the ten signatories, nine are members of the Ways & Means Committee, which plays a crucial role in overseeing the implementation of the USMCA in the House of Representatives.

ON EXPLORATION

  • Silver Wolf Exploration Ltd. announced the commencement of drilling on the El Soldado claim at the Ana Maria project in Durango. The 2,500 m program envisages the drilling of 15 holes, targeting classic carbonate replacement deposits.

ON MINING

  • No Relevant News.

ON FINANCING

  • Guanajuato Silver Company Ltd. granted stock options to purchase 300 K shares at $0.25 (El Cubo, Guanajuato).
  • Argonaut Gold Inc. announced that more than 90% of its outstanding 4.625% senior unsecured convertible debentures were tendered to the offer to purchase de debentures launched by the company on July 24, 2024, in connection with the acquisition of all of the issued and outstanding common shares of Argonaut by Alamos Gold Inc. The total value of the debentures to be purchased or redeemed is expected to be US$58.2 M (La Colorada, Sonora).
  • Capstone Copper Corp. announced that the CHESS Depositary Interests (CDI) of the company will be added to the Standard & Poors/ASX 300 Index by the S&P Dow Jones (Cozamin, Zacatecas).
  • Colibri Resource Corp. closed the first tranche of its previously announced non-brokered private placement for aggregate proceeds of C$305 K. Certain insiders of the company acquired an aggregate of 550 K units of the offering for gross proceeds of C$27.5 K. Colibri also sold its RC drill rig to a private company in Hermosillo for a total consideration of C$395 K consisting in cash and drill credits. “A portion of the proceeds is expected to be applied to an upcoming drilling program at the EP Gold Project where the Company intends to complete its first drilling program at the high priority San Perfecto target”.
  • Luca Mining Corp. entered into an agreement with Stifel in connection with a “best efforts” private placement for aggregate proceeds of C$8.5 M, with the LIFE Units to be issued pursuant to the listed issuer financing exemption (LIFE). “The net proceeds from the Offering are expected be used for ongoing work on the Campo Morado Improvement Program, exploration drilling at both Campo Morado and Tahuehueto, commissioning of the Tahuehueto mill and for general corporate purposes”.

ON RESOURCES AND DEVELOPMENT

  • Prime Mining Corp. reported expansion drilling results from the Z-T Trend at its Los Reyes project in Sinaloa. Highlighted true width intercepts comprise 10.5 m @ 2.63 gpt Au, 522 gpt Ag (including 8.0 m @ 2.89 gpt Au, 572 gpt Ag); 4.1 m @ 2.87 gpt Au, 130 gpt Ag (including 2.1 m @ 5.23 gpt Au, 218 gpt Ag); 4.6 m @ 2.92 gpt Au, 49 gpt Ag (including 2.7 m @ 4.84 gpt Au, 57 gpt Ag); 4.1 m @ 2.88 gpt Au, 6 gpt Ag (including 0.7 m @ 12.95 gpt Au, 20 gpt Ag); 2.3 m @ 4.08 gpt Au, 12 gpt Ag (including 0.6 m @ 13.40 gpt Au, 40 gpt Ag). These intercepts highlight the potential to discover more high-grade shoots for underground development below and away from the planned pit.
  • Alamos Gold Inc. reported results from ongoing surface exploration drilling on Puerto del Aire (PDA) and Cerro Pelon, within the Mulatos District in Sonora. Drilling at Cerro Pelon is following up on wide high-grade underground oxide and sulphide intersections below the open pit. Also, surface drilling has extended high-grade mineralization across multiple zones within the PDA area. Highlighted true width intercepts comprise 27.90 m @ 5.45 gpt Au; 6.46 m @ 12.47 gpt Au (including 1.09 m @ 58.10 gpt Au); 15.82 m @ 4.79 gpt Au; 15.40 m @ 4.46 gpt Au; 12.16 m @ 5.64 gpt Au; 9.81 m @ 5.77 gpt Au; 13.85 m @ 4.01 gpt Au at Cerro Pelon, 18.05 m @ 5.77 gpt Au at the GAP-Victor Zone, 28.40 m @ 3.03 gpt Au; 5.50 m @ 6.63 m at the PDA3 Zone and 0.90 m @ 36.20 gpt Au; 5.05 m @ 3.51 gpt Au; 4.20 m @ 4.16 gpt Au at the PDA Extension Zone. At Cerro Pelon high-grade Au-Ag mineralization is in pipe-like geometries at the intersection of hundred of meters long structures, 50 to 200 m below the pit bottom. “PDA is a higher-grade underground deposit located adjacent to the main Mulatos pit and is comprised of multiple mineralized zones including PDA, Gap, Victor, and Estrella … A development plan for PDA will be released … based on Mineral Reserves as of the end of 2023.”
  • Torex Gold Resources Inc. reported “an updated life-of-mine plan for the Morelos Complex which incorporates the EPO underground deposit following completion of an internal pre-feasibility study on the deposit”. The production profile is now established at a minimum of 450 K Oz AuEq per year through 2030 on the mineral reserve case alone. EPO’s upfront capital expenditures are estimated at $81.5 M, by leveraging the investment made in infrastructure part of the Media Luna project. The EPO project hosts probable reserves of 5 M tonnes @ 2.27 gpt Au, 29.8 gpt Ag, 1.29% Cu (or 4.83 gpt AuEq), containing 367 K Oz Au, 4.8 M Oz Ag, 143 M Lb Cu (or 781 K Oz AuEq), indicated resources (inclusive of mineral reserves) of 7 M tonnes @ 2.66 gpt Au, 30 gpt Ag, 1.27% Cu (or 5.14 gpt Au), containing 597 K Oz Au, 6.7 M Oz Ag, 195 M Lb Cu (or 1.15 M Oz AuEq) and inferred resources of 5 M tonnes @ 2.00 gpt Au, 37 gpt Ag, 1.24 % Cu (or 4.52 gpt Au), containing 318 K Oz Au, 5.9 M Oz Ag, 136 M Lb Cu (or 721 K Oz Au). “Development of EPO is anticipated to commence in mid-2025 with first ore production expected in late 2026. EPO will be accessed via a 650 m ramp off the Guajes Tunnel with ore transported back to the ore handling system at Media Luna via a 1,000 m truck haulage tunnel”. For an interesting review on the geology of the EPO deposit, please take a look to the press release.
  • Sierra Madre Gold and Silver Ltd.  updated on the progress of test mining and processing at the Guitarra mine complex in Estado de Mexico. A total of 20.4 K tonnes have been processed on the flotation plant since late June at a rate of 300 tpd, and 335 tonnes of dry concentrate have been shipped. Test mining began with development from the La Guitarra mine, transitioning to in situ material. Production of back fill material from stopes mined in the 1990’2 and 2000’s was increased as planned. Once emptied, these stopes will receive the tailings paste fill.     

ON DEALS AND CORPORATE ISSUES

  • Chesapeake Gold Corp. engaged the services of ICP Securities Inc. to provide automated market making services (Metates, Durango).
  • Guanajuato Silver Company Ltd. welcomed Juan Martin Peña to the role of VP operations in Mexico. The company also announced the retirement of the father and son team of Gerardo and Hernan Dorado to pursue new business interests (El Cubo, Guanajuato).
  • Golden Minerals Co. “the Company sold its wholly-owned Mexican subsidiary, Minera Labri S.A. de C.V. (“Minera Labri”), to a private Mexican company for approximately US$445,500. Minera Labri previously owned the Velardeña Properties’ Plant 1, which together with the Velardeña mines, was sold to another privately-held Mexican group earlier in 2024. Upon consummation of that transaction, Minera Labri held no assets but held net operating losses and inflation-adjusted capital contributions. Under Mexican law, the balance of Minera Labri’s capital contribution accounts (“CUCAs”) may be bought and sold. All funds related to the sale of the CUCAs have now been received and are expected to be deployed to reduce existing liabilities of the Company and its subsidiaries.
  • First Majestic Silver Corp. and Gatos Silver Corp. entered into a definitive merger agreement pursuant to which First Majestic will acquire all of the issued and outstanding common shares of Gatos Silver. “The proposed Transaction implies a total equity value for Gatos of approximately US$970 million. Following completion of the Transaction, existing Gatos shareholders will own approximately 38% of First Majestic shares on a fully-diluted basis.” Consolidates the Santa Elena, San Dimas and Cerro Los Gatos districts under one banner, with a combined annual production of 30-32 M Oz AgEq including 15-16 M Oz Ag at an AISC of US$18.00-US$20.00 per Oz AgEq. The deal adds 103 K hectares of really prospective ground to the 245 K hectares First Majestic already holds in Mexico.
  • Riverside Resources Inc. and Questcorp Mining Inc. entered into a letter of intent (LOI) granting an option to Questcorp for the acquisition of 100% interest in the La Union project in Sonora. Riverside will receive C$100 K and 19.9% interest in the ownership of Questcorp upon investing C$5.5 M in the project. The envisaged deal includes payment of C$100 K in four years, 19.9% in shares and C$5.5 M on exploration expenditures. Riverside will retain a 2.5% NSR royalty on commercial production of the property. Union is a carbonate-hosted gold district with high grade gold-zinc in a 22 square km land package.

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

On the image below: Chloritized porphyritic diorite with variable grain size and oriented crystals, HQ core. Picture by Jorge Cirett.