Deals

The Mining and Exploration News in Mexico; Highlights on the Second Week of January 2026

/ Gambusino Prospector / Leave a comment

By Jorge Cirett

During the 2nd week of the year (January 05th to January 11th, 2026), companies working in Mexico released 31 press releases. Three companies informed on early-stage properties work and three more presented quarterly reports. Four companies presented news on financing rounds, one on consolidation of shares, one on the repurchase of shares and, a sign of the current buoyant times, six on the granting of stock options. Five companies presented updates on advanced properties, while six companies informed on deals and corporate issues. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, in Sonora Aztec Minerals provided an update on Cervantes; Algo Grande generated tens of targets at Adelita. In Durango, Pinnacle Silver and Gold completed a LIDAR survey at El Potrero. ON MINING, Heliostar Metals, Endeavour Silver and Torex Gold presented quarterly reports. ON FINANCING, four companies informed on financing rounds: Capitan Silver (C$6 M), Kootenay Silver (406 K), Bear Creek Mining (C$18 M) and Oroco Resource (C$15 M). Chesapeake Gold, Santacruz Silver Mining, J2 Metals, Barksdale Resources, Canasil Resources, and Elemental Royalties granted incentive stock options. Minera Alamos consolidated its shares on a 10:1 basis. Fortuna Mining repurchased 1.7 M common shares of its stock. ON RESOURCES AND DEVELOPMENT, Silverco Mining provided an update on the restart of mining at Cusi, in Chihuahua. Southern Silver Exploration reported drilling results from Cerro Las Minitas in Durango. Regency Silver informed on breccia characteristics intercepted by drilling at Dios Padre, in Sonora. Kootenay Silver released results from drilling at Columba, in Chihuahua. Kingsmen Resources reported assay results from one hole at Las Coloradas, in Chihuahua. ON DEALS AND CORPORATE ISSUES, Silver Viper Minerals contracted marketing campaigns and announced appointments to the board. Centenario Gold signed a LOI with Vector Factor to option Los Reyes project, in Chihuahua. Zacatecas Silver updated on work at Esperanza and Zacatecas Silver projects in Morelos and Zacatecas, respectively. Algo Grande announced an appointment to the board. Highlander Silver and Bear Creek Mining amended the agreement on which Highlander is acquiring all Bear Creek shares. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • No Relevant News. 

ON EXPLORATION

  • Aztec Minerals Corp. provided an update on work at its Cervantes property in Sonora. During 2025 conducted a surface exploration program that expanded the known extent of the California Au-Cu porphyry system another 0.5 km to the east.. During the first half of 2026 surface exploration is to continue in preparation for potential continued step out and exploration drilling.
  • Pinnacle Silver and Gold Corp. informed the airborne LIDAR survey recently flown over the 1,100 ha El Potrero project in Durango “has confirmed known structural trends, outlined previously unknown structures, and identified a total of 64 adits, 6 shafts and 51 prospecting pits on the two claim blocks comprising the project”.
  • Algo Grande Copper Corp. completed reprocessing and reinterpretation of historical geophysical and geochemical datasets at its Adelita project in Sonora, confirming a district-scale structurally controlled porphyry-skarn system. The work identified 32 Cu-Au-Ag targets, including 14 generated by machine-learning techniques. A high-definition ground magnetic survey has commenced over the Cerro Grande skarn zone.

ON MINING

  • Heliostar Metals Ltd. produced 8,459 Oz AuEq during Q4 2025, for a total of 34,098 Oz AuEq during the year, well within the 2025 guidance. At La Colorada, in Sonora, 17,793 Oz Au, 57.5 K Oz Ag (or 18,467 Oz AuEq) were produced in 2025, whereas at San Agustin, in Durango, 14,883 Oz Au, 22.5 K Oz Ag (or 15,139 Oz AuEq) were produced in the same period while the reminder was produced at the now closed El Castillo operations. 
  • Endeavour Silver Corp. reported a full 2025 year production of 6.5 M Oz Ag, 37,164 Oz Au which, in combination with base metal production, equals 11.2 M AgEq. In Mexico, the company produced 7.85 M Oz AgEq from its operation. At Terronera, in Jalisco, 154.2 K tonnes were processed averaging 86 gpt Ag, 2.27 gpt Au, recovering 82.6% Ag, 72.5% Au, to produce 352 K Oz Ag, 8,148 Oz Au. At Guanaceví, in Durango, 403 K tonnes were processed averaging 334 gpt Ag, 1.16 gpt Au, recovering 90.3% Ag, 91.5% Au, to produce 3.9 M Oz Ag, 13,747 Oz Au. At Bolañitos, in Guanajuato, 393.9 K tonnes were processed averaging 57 gpt Ag, 1.37 gpt Au, recovering 84.0% Ag, 87.9% Au, to produce 608.4 K Oz Ag, 15,270 Oz Au. Terronera was declared commercial production on October 1, 2025, and a definitive agreement to sell the Bolañitos operation was signed in November 2025.
  • Torex Gold Resources Inc. reported 115,066 Oz AuEq of payable production during the fourth quarter of 2025. The company mined 3,175 tpd at ELG Underground and 7,052 tpd at Media Luna Underground, for a total of 10,705 tpd processed at its Moelos Complex in Guerrero. Ore graded 3.40 gpt, 19.08 gpt Ag, 0.65% Cu, with recoveries of 90.3% Au, 83.1% Ag, 91.9% Cu, to produce 94,878 Oz Au, 498.2 K Oz Ag, 13 M Lb Cu. For the full year 2025, payable production totalled 376,586 Oz AuEq. “During 2025, the Company repurchased 825,769 shares at an average price of C$57 per share and paid an inaugural quarterly dividend of C$0.15 per share”.     

ON FINANCING

  • Minera Alamos Inc. announced its common shares have been consolidated at a ratio of ten to one. The company now has 108 million common shares issued and outstanding   (Santana, Sonora).
  • Chesapeake Gold Corp. granted 100 K stock options to Mr. Rajesh Vyas  in relation to his appointment as chief financial officer (Metates, Durango).
  • Santacruz Silver Mining Ltd. granted 39 K restricted share units to a director of the company. (Zimapán, Hidalgo).
  • Capitan Silver Corp. announced that the company has completed its investment from Schroder Investment Management Limited acting as agent on behalf of one of its UCITS funds, for gross proceeds of C$6 M (Cruz de Plata, Durango).
  • J2 Metals Inc. granted 195 K stock options to certain directors and consultants of the company (Sierra Plata, Guerrero).
  • Barksdale Resources Corp. omnibus share incentive plan has been approved by the TSX Venture Exchange (San Javier, Sonora).
  • Oroco Resource Corp. entered into an agreement with Canaccord Genuity Corp. as lead underwriter and sole bookrunner, on behalf of a syndicate of underwriters pursuant to which the underwriters have agreed to purchase, on a bought deal basis units of the company for  C$15 M (Santo Tomás, Sinaloa).
  • Fortuna Mining Corp. reported the company repurchased 1.7 M common shares on the open market of the New York Stock Exchange for a total gross consideration of US$17 M (undisclosed projects, Mexico).
  • Canasil Resources Inc. applied to the TSX Venture Exchange for approval to grant 5.15 M incentive stock options to directors, officers, advisors and employees (Nora, Durango).
  • Kootenay Silver Inc. informed that during the third quarter of 2025 the company issued common shares under the ATM program for C$142.6 K in gross proceeds, paying C$3.6 K in aggregate commissions. During the fourth quarter of 2025 the company issued C$263.3 K in common shares with aggregate commissions of C$6.6 K (Columba, Chihuahua).
  • Bear Creek Mining Corp. closed its previously announced non-brokered private placement financing to raise gross proceeds of C$18 M (Mercedes, Sonora).
  • Elemental Royalty Corp. granted 663.3 K incentive stock options and 155.1 K restricted share units to officers, directors, employees and consultants of the company, and 14.9 K cash-settled DSUs to independent directors, redeemable upon the retirement, resignation or replacement of a director (royalty in Mercedes, Sonora).

ON RESOURCES AND DEVELOPMENT

  • Silverco Mining Ltd. provided an update on the restart of operations at its Cusi project, in Chihuahua. Underground workings at the Promontorio area have been dewatered, a project manager has been hired in-country, rehabilitation has commenced with ramp scaling and ground support installation. JDS Energy & Mining Inc. has been engaged to produce a restart study utilizing the updated mineral resource estimate (MRE). Metallurgical optimization test work by Forte Analytical is nearing completion. The remainder of the 2025 drill program results are expected in early Q1 2026 and the recently flown LIDAR survey data is being integrated.
  • Southern Silver Exploration Corp. reported assays from four holes testing the recently acquired Puro Corazon claim within its Cerro Las Minitas project in Durango. Highlighted true width intervals comprise 5.3 m @ 73 gpt Ag, 2.8% Pb, 3.4% Zn; 0.8 m @ 405 gpt Ag, 11.1% Pb, 9.1% Zn; 0.7 m @ 566 gpt Ag, 0.1% Cu, 29.2% Pb, 8.0% Zn; 17.9 m @ 63 gpt Ag, 0.1% Cu, 1.6% Pb, 1.4% Zn; 4.0 m @ 120 gpt Ag, 0.2% Cu, 3.5% Pb, 4.5% Zn; 7.3 m @ 102 gpt Ag, 0.5% Cu, 3.6% Pb, 3.7% Zn (including 4.0 m @ 131 gpt Ag, 0.8% Cu, 6.4% Pb, 5.4% Zn); 3.0 m @ 171 gpt Ag, 0.1% Cu, 2.2% Pb, 3.7% Zn (including 0.4 m @ 0.1 gpt Au, 724 gpt Ag, 0.5% Cu, 6.8% Pb, 21.6% Zn). Sixteen of the proposed twenty-one holes have been completed for a total of 6,820 m of the planned 12,000 m of drilling to test the Puro Corazon claim.
  • Regency Silver Corp. announced the latest hole at its Dios Padre project in Sonora has intercepted sulfide-specularite supported breccia in multiple zones across a non-continuous 240 m interval. The breccias are controlled by a series of quartz-feldspar porphyries 5 to 50 m in width and are similar in nature to the breccia hosting Au-Cu-Ag mineralization in previous holes. “The intersection is ~150m down-dip below the historic Dios Padre silver mine workings and ~225m up dip …. ” from a previous hole that intercepted 38 m @ 7.36 gpt Au. Five holes totaling 3,723m have been completed since drilling resumed in October 2025. 
  • Kootenay Silver Inc. announced assay results from nine drill holes completed as part of its 50,000 m drill program at Columba, in Chihuahua. Drilling is focused on the expansion of the known resource, the same that remains open in all directions. The current mineral resource estimate totals 5.92 M tonnes grading 284 gpt Ag, containing 54.1 M Oz Ag. Highlighted true width intervals comprise 9.78 m @ 11 gpt Ag, 1.0% Pb, 1.0% Zn; 50.7 m @ 49 gpt Ag, 0.1% Zn; 2.85 m @ 315 gpt Ag, 0.3% Pb, 0.5% Zn (including 0.43 m @ 1,295 gpt Ag, 1.3% Pb, 1.1% Zn); 60.3 m @ 56 gpt Ag, 0.1% Pb, 0.1% Zn; 4.56 m @ 299 gpt Ag, 0.5% Pb, 1.0% Zn (including 0.27 m @ 1,830 gpt Ag, 5.0% Pb, 6.2% Zn); 2.72 m @ 390 gpt Ag, 0.2% Pb, 0.7% Zn; 4.97 m @ 186 gpt Ag, 0.1% Pb, 3.8% Zn (including 0.71 m @ 1,040 gpt Ag, 0.3% Pb, 21.0% Zn); 51.52 m @ 35 gpt Ag, 0.2% Pb, 0.5% Zn).
  • Kingsmen Resources Ltd. reported assay results from three diamond drill holes at its Las Coloradas project in Chihuahua. Highlighted core length results comprise 4.8 m @ 52 gpt Ag, 0.9% Pb, 1.22% Zn (including 1.3 m @ 0.72 gpt Au, 143 gpt Ag, 2.5% Pb, 3.4% Zn); 0.25 m @ 0.14 gpt Au, 157 gpt Ag, 0.6% Pb, 1.9% Zn. Mineralization has now been confirmed on three structures -Soledad, Soledad II and No.8- spanning 1.5 km.

ON DEALS AND CORPORATE ISSUES

  • Silver Viper Minerals Corp. entered into an agreement to support ongoing digital marketing efforts with Nordcore Media LLC. “The engagement covers the creation and management of advertising campaigns, remarketing, and related digital strategy activities”. The total cost for the six-month term is US$300 K in cash. In a second press release Silver Viper announced the appointment of Jeff Couch to its board of directors (La Virginia, Sonora).
  • Centenario Gold Corp. entered into a letter of intent (LOI) with Vector Factor S.A. de C.V. to acquire 100% interest in the Los Reyes project in Chihuahua. The 45 ha property  is “located along a northwest-trending structure … that hosts numerous high-grade current and past operating mines…”. The option can be entered into by making US$15 K payment before the end of 2025, initiate a greater than 1,000 m drill program within 6 months of signing the LOI, a final purchase option agreement signed not later than 45 days after receiving drilling assays with US$45 K on signing, US$50 K on year 1, US$80 K on year 2, US$100 K on year 3, US$110 K on year 4, US$120 K on year 5, and a 2% NSR. Centenario is to pay the mining rights of the two mining concessions involved during the LOI validity term. 
  • Silver Viper Minerals Corp. announced the appointment of Mr. Andreas L’Abbé as financial advisor and Mr. Gernot Wober as technical advisor (La Virginia, Sonora).
  • Zacatecas Silver Corp. provided a corporate update outlining key operational progress across its portfolio. At the Zacatecas Silver project in Zacatecas the upcoming 4,000 m drill program has been contracted and surface access agreements signed. At Esperanza, in Morelos, the company is well positioned to benefit from recent improvements in Mexico’s permitting landscape, which includes open pit permits. 
  • Algo Grande Copper Corp. appointed João Rocha as vice president of exploration (Adelita, Sonora).
  • Highlander Silver Corp. and Bear Creek Mining Corp. entered into an amended and restated arrangement agreement dated January 9, 2026, amending and restating the arrangement agreement dated December 18, 2025 pursuant to which Highlander Silver will acquire all of the issued and outstanding common shares of Bear Creek Mining (Mercedes, Sonora).

ON SOCIAL RESPONSIBILITY

  • No Relevant News. 

On the image below: Quartz veinlets in chloritized porphyritic diorite, HQ core. Picture by Jorge Cirett.

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

/ gambusinoprospectormexico / Leave a comment

Massive Sulphides

By Miguel A Heredia

During the 49th week of the year (December 1st to December 7th 2025), at least 29 press releases were announced by companies working in Mexico, and 2 news published by the media with eleven announcing financial rounds, six reporting resources and development of their properties, five disclosing deals and corporate issues, three communicating production results, three informing on exploration results, and three commenting on Mexican issues. ON MEXICO ISSUES, The Association of Mining, Metallurgical, and Geological Engineers of Mexico (AIMMGM) expressed its concern about the reform to the Water Law, which according to the miners “threatens the operational continuity of the sector”. Torex Gold, Southern Silver, Pan American Silver, and Kingsmen reported the best drilling intercepts in Mexico on the second week of November, 2025. ON EXPLORATION, In Sonora, Minaurum announced a plan to expand the phase II resource-expansion drill program at its Alamos Silver project from 25,000m to 50,000m, and Tocvan reported positive surface sampling results from the North Block area and provided an update on their ongoing drill program at Gran Pilar project. In Chihuahua, Kingsmen reported drill results from its Las Coloradas project. In Oaxaca, EV Resources provided an exploration and development update on its Los Lirios project. ON MINING, Empress Royalty reported financial and operational results for the nine months ended September 30, 2025 (royalties on Tahuehueto project, Durango). Guanajuato Silver provided an update on its mining operations in Guanajuato. Gold Resource reported initial production from the Three Sisters Area at Don David Gold mine in Oaxaca. ON FINANCING, Riverside closed a non-brokered private placement for gross proceeds of CAD $3,692,000 (La Union project, Sonora). Endeavour Silver announced the issuance of USD $300M in unsecured convertible senior notes due 2031, with an option to sell an additional USD $45M, which has been increased to USD $50M (Pitarrilla project, Durango). GR Silver upsized its bought deal LIFE offering for gross proceeds of CAD $17,500,200 (Plomosas project, Sinaloa). First Majestic announced a private placement of up to USD $300M unsecured convertible senior notes due 2031 an optional up‑front purchase right for an additional USD $45M. Minaurum announced a private placement for gross proceeds of up to CAD $10,000,080, and then, due to investor demand was increased to CAD $15, 7999,999.68 (Alamos Silver project, Sonora). Silver Spruce reported that it will undertake a non-brokered private placement for gross proceeds of up to CAD $1M (Pino de Plata project, Chihuahua). Southern Silver announced bought deal LIFE private placement for gross proceeds of CAD $5M (Cerro Las Minitas project, Durango). Orla declared inaugural quarterly cash dividend of USD $0.015 per common share (Camino Rojo mine, Zacatecas). ON RESOURCES AND DEVELOPMENT, Southern Silver released assays from a hole drilled at Puro Corazon claim at its Cerro Las Minitas project in Durango. Minera Alamos provided an update on its Cerro de Oro project in Zacatecas. Pan American provided a 2025 year end exploration update on its La Colorada mine in Zacatecas-Durango. Torex Gold released drill results from Media Luna West in Guerrero. EV Resources reported that it is advancing the refurbishment of its Tecomatlán plant in Puebla, to process antimony. Mithril provided an exploration update on its Copalquin project in Durango.  ON DEALS AND CORPORATE ISSUES, Heliostar appointed James Perry as Chairman of the company (Ana Paula project, Guerrero). Vizsla posted a replay of its recent webinar summarizing the positive results of the independent Feasibility Study for its Panuco project in Sinaloa. Heliostar made a deal with GRA Enterprises for investor relations and communication services (Ana Paula project, Guerrero). Fortune Bay appointed Patrick McGrath as Chief Financial Officer (Poma Rosa project, Chiapas). Mithril announced a purchase option to acquire La Dura project in Durango. ON SOCIAL RESPONSIBILITY, No relevant news.

ON MEXICO ISSUES

  • The Association of Mining, Metallurgical, and Geological Engineers of Mexico (AIMMGM) expressed its concern about the reform to the Water Law, which according to the miners threatens the operational continuity of the sector, the production of strategic minerals, and the live hoods of approximately 3 million families who depend directly and indirectly on mining. This amendment would allow water concessions to be granted to the mining industry under new restrictions and usage priorities, which could significantly limit or modify their access to and operation of water in areas where the resource is currently used. The association, which represents professionals and technicians in the mining industry, highlighted that currently 76% of Mexico’s water is allocated for agricultural use, 14% for public supply, 5% for the energy sector, and 5% for the industrial sector, and mining uses an estimated 0.27% of the total national volume.
·         In agreement with the Mexican Mining Chamber (CAMIMEX), the Association of Mining, Metallurgical, and Geological Engineers of Mexico (AIMMGM) called for legislation on water resources that balances industrial, social, and environmental considerations, and warned that potential negative impacts could arise from proposed changes to article 118 of the National Water Law. It also stated that efficient and responsible water management is a fundamental pillar of sustainable development strategies for economic activity in Mexico and that human consumption should be prioritized. However, the proposed reform would negatively impact the mining industry and other economic sectors.  “Formal mining in Mexico adheres to strict standards and safely contains its waste. With guidance from federal agencies such as the National Water Commission (CONAGUA), mining units establish clear guidelines for the responsible management of water resources, guaranteeing their preservation and sustainable use during the operational phase and after the conclusion of mining activities. The AIMMGM reaffirmed its willingness to collaborate with the Government of Mexico in building an effective, sustainable regulatory framework that is fully aligned with national objectives for mining.
  • Torex Gold Resources Inc., Southern Silver Exploration Corp., Pan American Silver Corp., and Kingsmen Resources Ltd., reported the best drilling intercepts in Mexico on the second week of November, 2025. Details are shown in the table below:

ON EXPLORATION

  • Minaurum Gold Inc., announced a plan to expand the phase II resource-expansion drill program at its Alamos Silver project in Sonora from 25,000m to 50,000m. The drill program will be carried out with multiple rigs on site and 263 drill pads already permitted across the property, and will include step-out holes at the Europa and Travesia silver shoots, as well as additional drilling at the historic Quintera and Minas Nuevas mines, and the most recently discoveries at Promontorio Sur, Cotera, Pulpito, and San Jose vein zones.
  • Tocvan Venture Corp., reported positive surface sampling results from the North Block area and provided an update on their ongoing drill program at Gran Pilar project in Sonora. Surface sampling returned promising Au (up to 5.6 g/t) and Ag assays (up to 1,225 g/t), along with widespread elevated pathfinders and alteration signatures such as As, Sb, Pb, and Zn, which are commonly associated with epithermal Au-Ag systems. These results support further exploration efforts. On the other hand, Tocvan reported that the ongoing drill program at Gran Pilar is advancing well, with multiple holes completed and encouraging initial results that aim to expand the known mineralized area. To date, 1,300m have been drilled in five holes across the North Block. Assay results are pending.
  • Kingsmen Resources Ltd., reported drill results from its Las Coloradas project in Chihuahua.  Hole LC-25-008 intersected a high-grade interval from 156.4m to 158m (1.60m) with 1.28 g/t Au, 521 g/t Ag, 9.4% Pb, and 1.1% Zn (931 g/t AgEq).
  • EV Resources provided an exploration and development update on its Los Lirios project in Oaxaca. It commenced preparation for its upcoming drill program and has already completed permits to drill up to 50 drill holes as well as for bulk sampling trenches to explore mineralization at Los Lirios project. The company expects to start the drill program in the second week of January, 2026.

ON MINING

  • Empress Royalty Corp., reported financial and operating results for the nine months ended September 30, 2025. Empress recorded royalty and streaming revenue of USD $10.8M, with gross profit of USD $7.4M (royalties on Tahuehueto project, Durango).
  • Guanajuato Silver Company Ltd., provided an update on its mining operations in Guanajuato, as it is closing the acquisition of Bolañitos S.A. de C.V. The company is optimizing its processing facilities by temporarily closing the Cata plant and rerouting mineralized material to existing mills like El Cubo. This restructuring aims to enhance mill utilization, reduce costs, and improve overall efficiency in the Guanajuato region. They are also exploring options to reactivate other mines and improve their operations ahead of completing the Bolañitos acquisition, expected in January 2026.
  • Gold Resource Corporation reported initial production from the Three Sisters Area at Don David Gold mine in Oaxaca. In the week November 8-14, the company mined 4,357 tonnes and processed 6,769 tonnes at an average NSR of USD $1,512 per tonne. The NSR is 129% higher than NSR modelled. In the week November 15-21, it mined 6,580 tonnes and processed 6,095 tonnes at an average NSR of USD $723 per tonne. The tonnes mined are 40% higher and the NSR is 91% higher than planned and modelled.

ON FINANCING

  • Riverside Resources Inc., closed a non-brokered private placement for gross proceeds of CAD $3,692,000 by selling 18,460,000 hard-dollar units at a price of CAD $0.20 per unit. The company plans to use the net proceeds for strategic initiatives, working capital and general corporate purposes, and the advancement of its projects (La Union project, Sonora).
  • Endeavour Silver Corp., announced the issuance of USD $300M in unsecured convertible senior notes due 2031, with an option to sell an additional USD $45M, which has been increased to USD $50M, and now Endeavour Silver has set the terms for its convertible senior notes offering, aiming to raise up to USD $350M. The notes will bear a 0.25% annual interest rate, with an initial conversion price of approximately USD $12.4550 per share, representing a 32.5% premium over the current stock price. Later on, it closed its previously announced offering for gross proceeds of USD $350M. The company intends to use the proceeds primarily to repay existing debt, fund the development of its Pitarrilla project in Mexico, and for general corporate purposes. The notes will accrue interest semi-annually and be convertible into Endeavour Shares.
  • GR Silver Mining ltd., upsized its bought deal LIFE offering for gross proceeds of CAD $17,500,200 consisting of 33,334,000 units at a price of CAD $0.30 per unit for gross proceeds of CAD $10,000,200 to be issued on a prospectus-exempt basis pursuant to the LIFE Exemption, and 25,000,000 units at a price of CAD $0.30 per unit for gross proceeds of CAD $7,500,000 to be issued under a private placement pursuant to applicable prospectus exemptions in accordance with NI 45-106. Net proceeds will be used to advance its Plomosas project in Sinaloa, working capital and general corporate purposes.
  • First Majestic Silver Corp., announced a private placement of up to USD $300M unsecured convertible senior notes due 2031 an optional up‑front purchase right for an additional USD $45M. Net proceeds will fund a negotiated repurchase of a portion of its 0.375 % convertible senior notes due 2027. The notes will bear cash interest semi-annually and can be converted into common shares of First Majestic.
  • Minaurum Gold Inc., announced a private placement of 27,778,000 units at a price of CAD $0.36 per unit for gross proceeds of up to CAD $10,000,080, and then, due to investor demand was increased to 43,888,888 units for gross proceeds of CAD $15, 7999,999.68. The company plans to use the net proceeds to fund a 50,000m drill program at its Alamos Silver project in Sonora, a resource modelling, a metallurgical study, and update a NI43-101 mineral resource estimate, as well as for surface rights purchases, community relations expenses. General and administrative expenses and working capital.
  • Silver Spruce Resources Inc., reported that it will undertake a non-brokered private placement of 10,000,000 units at a price of CAD $0.1 per unit for gross proceeds of up to CAD $1M. Net proceeds will be used for exploration of the company´s mineral projects and general working capital (Pino de Plata project, Chihuahua).
  • Southern Silver Exploration Corp., announced bought deal LIFE private placement of 10,000,000 of common shares at a price of CAD $0.50 per common share for gross proceeds of CAD $5M. Net proceeds will be used for the advancement of its Cerro Las Minitas project in Durango, as well as for working capital and general corporate purposes.
  • Orla Mining Ltd., declared inaugural quarterly cash dividend of USD $0.015 per common share, which is payable on February 10, 2026 to shareholders of record as at the close of business on the record date of January 12, 2026 (Camino Rojo mine, Zacatecas).

ON RESOURCES AND DEVELOPMENT

  • Southern Silver Exploration Corp., released assays from a hole drilled at Puro Corazon claim in its Cerro Las Minitas project in Durango. The most interesting interceptions were encountered at hole 25CLM-203 (true widths reported) with 560 g/t Ag, 0.1 g/t Au, 0.1% Cu, 11.2% Pb, and 12.3% Zn (1,115 g/t AgEq or 41.6% ZnEq) over 10.5m, including 1,067 g/t Ag, 0.2 g/t Au, 0.2% Cu, 20% Pb, and 19.1% Zn (1,982 g/t AgEq or 74% ZnEq) over 3.4m, plus 143 g/t Ag, 0 g/t Au, 0.1% Cu, 4.8% Pb, and 1.5% Zn (280 g/t AgEq or 10.4% ZnEq) over 2.6m, including 396 g/t Ag, 0 g/t Au, 0% Cu, 7.2% Pb, and 5.8% Zn (691 g/t AgEq or 25.8% ZnEq) over 0.3m, plus 443 g/t Ag, 0.1 g/t Au, 0.3% Cu, 17.6% Pb, and 3.6% Zn (903 g/t AgEq or 33.7% ZnEq) over 0.6m. “The company is planning to incorporate the results of the Puro Corazon drilling program into the much larger Cerro Las Minitas project to significantly enhance the project economics. Final assays are expected to be received by the end of the first quarter of 2026, after which the company intends to update the Mineral Resource Estimate of the Cerro Las Minitas project; followed by an update of the Preliminary economic Assessment (“PEA”) of the project in accordance with the provisions of National Instrument 43-101”.
  • Minera Alamos Inc., provided an update on its Cerro de Oro project in Zacatecas. The Cerro de Oro is in the permitting phase and the company is actively engaging in constructive dialogue with the federal environmental permitting agency (SEMARNAT) to facilitate the approval process for mining activities. It also is focused on Engineering efforts to advance pre-development activities, including metallurgical optimization studies and detailed engineering designs, which are crucial for the project´s progression. On the other hand, Minera Alamos plans to initiate additional exploration drilling aimed at expanding the known areas of gold mineralization, as outlined in the Preliminary Economic Assessment (PEA) report dated October 3, 2022.
  • Pan American Silver Corp., provided a 2025 year end exploration update on its La Colorada mine in Zacatecas-Durango. In 2025, the company drilled nearly 23,000m to expand its mineral resources. The company particularly focused on the eastern and deeper parts of the mine, where recent drilling confirmed high grades of silver, gold, lead, and zinc, and extended mineralization beyond current resource estimates. A key highlight was the success in exploring the eastern extensions of high-grade veins, especially along the NC2 and Mariana vein systems. These efforts have helped increase the estimated inferred silver mineral resources to about 52.7M Oz in all mineralization styles, thanks to new discoveries and resource expansion campaigns. Overall, the focus is on enhancing the existing resource base and exploring new zones to sustain long-term production.
  • Torex Gold Resources Inc., released drill results from Media Luna West in its Morelos Complex in Guerrero. “A mineralized footprint of 400 x 300 m has now been defined. The system remains open to the north along the north-south mineralized corridor and to the south as surface mapping shows continuity of the breccia bodies towards the San Miguel fault”. Highlights from the 2025 drilling program at Media Luna West are shown in the table below:
  • EV Resources reported that it is progressing towards becoming a near-term producer of antimony and is advancing the refurbishment of its Tecomatlán plant in Puebla. The preliminary engineering studies for Phase 1 of the plant refurbishment are expected to be completed before year-end. This refurbishment aims to enable initial low-capex production, potentially starting the antimony production as early as mid-2026, with plans to expand to full processing capabilities later. The company just secured more funding to keep everything moving.
  • Mithril Silver and Gold Limited provided an exploration update on its Copalquin project in Durango.  Channel sampling in different target areas has returned encouraging results. At Target 1 West-El Gallo, sampling returned 16.8 g/t Au and 625 g/t Ag over 0.50m and the resource update drilling continue, successfully expanding the mineralization and providing valuable information for the geology model that is now robust and predictive. At Target 3-El Jabali, a sample returned 16 g/t Au and 284 g/t Ag over 0.65m, and now is ready for the first phase of drilling, commencing early January, 2026. At Target 5-Candelaria, the sampling returned 38.3 g/t Au and 4,520 g/t Ag. Drilling, mapping and sampling continue to expand this highly prospective area in the southwest of the district. 8 drill holes have been completed to date with assay results pending.

ON DEALS AND CORPORATE ISSUES

  • Heliostar Metals Ltd., appointed James Perry as Chairman at the company annual general meeting of shareholders. It also granted 250,000 stock options at an exercise price of CAD $2.63 and 200,000 restricted share units (each, an RSU) to directors, officers and consultants of the company. The options are exercisable for a period of five years and will vest over the next three years.  The RSUs will vest in three equal annual instalments commencing on the first anniversary of the grant date (Ana Paula project, Guerrero).
  • Vizsla Silver Corp., posted a replay of its recent webinar summarizing the positive results of the independent Feasibility Study for its Panuco project in Sinaloa.
  • Heliostar Metals Ltd., made a deal with GRA Enterprises LLC starting December 1, 2025 for a fee of USD $30K for investor relations and communication services (Ana Paula project, Guerrero).
  • Fortune Bay Corp., appointed Patrick McGrath as Chief Financial Officer (Poma Rosa project, Chiapas).
  • Mithril Silver and Gold Limited announced a purchase option to acquire La Dura project in Durango. It consists of five contiguous mining claims totalling 2,052 hectares located less than 20km from its Copalquin project. Mithril has an option to acquire 100% interest at any time over four years by paying USD $4M to the vendor. It also is committed to maintain in good standing the mining concessions and carry out a LiDAR and aerial magnetic survey over the property in the first year and a minimum spend of USD $200K on exploration work in the second year.

ON SOCIAL RESPONSIBILITY

  • No relevant news.

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

On the picture below, massive sulphides in an IOCG project in Sonora, Mexico. Photo taken by Miguel A Heredia.

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

/ gambusinoprospectormexico / Leave a comment

Normal Fault in the Upper Volcanic Supergroup of the Sierra Madre Occidental

By Miguel A Heredia

During the 47th week of the year (November 17th to November 23th 2025), at least 26 press releases were announced by companies working in Mexico, with eleven disclosing deals and corporate issues, five communicating production results, four announcing financial rounds, four reporting resources and developments of their properties, one informing on exploration results, and one commenting on Mexican issues. ON MEXICO ISSUES, Kootenay, Silverco, IMPACT, and GR Silver reported the best drilling intercepts in Mexico on the second week of November, 2025. ON EXPLORATION, In Zacatecas, Defiance Silver provided an update on the recently completed trench sampling program at its San Acacio project. ON MINING, DynaResource reported Q3, 2025 production and financial results from its San Jose de Gracia mine in Sinaloa. Starcore announced Q2 production results from its San Martin mine in Queretaro. Luca Mining reported Q2, 2025 consolidated production and financial results from campo Morado and Tahuehueto mines located in Guerrero and Durango respectively. Heliostar presented Q3, 2025 production and financial results from their Mexican operations.  ON FINANCING, Silver Viper announced a non-brokered private placement for gross proceeds of up to CAD $12M and later on it upsized to up to CAD $15M (La Virginia project, Sonora). Alamos Gold declared a quarterly dividend of USD $0.025 per common share and repurchased 928,729 shares under its Normal Course Issuer Bid (Mulatos mine, Sonora). Torex renewed its Normal Course Issuer Bid (NCIB), allowing the company to repurchase up to approximately 10% of its public float (about 8.13 million shares) (Media Luna project, Guerrero). Vizsla announced that it plans to raise USD $250M through the issuance of convertible senior notes due 2031 (Panuco project, Sinaloa). ON RESOURCES AND DEVELOPMENT, Silverco engaged SGS to validate and update Mineral Resource Estimate at Cusi mine, Chihuahua. GR Silver released results from drill hole SMS25-12 collared below the current San Marcial Resource Area at Plomosas project in Sinaloa. Kootenay published results from the first seven drill holes of the ongoing program at Columba project in Chihuahua. Silverco released drill results from its 15,000m 2025 drill program at Cusi mine in Chihuahua. IMPACT Silver presented results from its underground drilling program in the Juarez Zone at its Plomosas mine in Chihuahua.  ON DEALS AND CORPORATE ISSUES, Discovery Silver announced a number of management appointments (Cordero project, Chihuahua). GR Silver appointed Cástulo Molina Sotelo as Country Manager, Mexico (Plomosas project, Sinaloa). Mexican Gold informed that it will host its annual general meeting of shareholders on December 10, 2025 (Las Minas project, Veracruz).  Radius Gold appointed Alejandro Ly as Vice President Exploration (Amalia project, Chihuahua). Santacruz Silver announced the appointment of Bruce Wolfson to its Board of Directors and the retirement of Roland Löhner (Zimapan mine, Hidalgo). Vizsla Royalties congratulated Vizsla Silver on the positive results of the Feasibility Study on the Panuco project, Sinaloa. Garibaldi proposed extension of warrant expiry dates (Rodadero project, Sonora). Apollo granted Restricted Share Units to certain officers and directors (Cinco de Mayo project, Chihuahua). VVC Resources announced its strategic decision to exit the Gloria Copper Project in Chihuahua. Masivo Silver secured a 10 year land-use and access agreement for the private property where the Cerro Colorado project in Sonora is located. ON SOCIAL RESPONSIBILITY, No relevant news.

ON MEXICO ISSUES

  • Kootenay, Silverco, IMPACT, and GR Silver reported the best drilling intercepts in Mexico on the second week of November, 2025. Details are shown in the table below:

ON EXPLORATION

  • Defiance Silver Corp., provided an update on the recently completed trench sampling program at its San Acacio project in Zacatecas. A total of 76 trenches were dig and sampled in the area known as Almaden-Carolina pits, and 49 in the area known as Esperanza-Guadalupe pits, all of them along the 2.1km of strike length of the Veta Grande vein system, with approximately 1.1km of trenching being completed across the vein system. Highlights at Almaden-Carolina pits include trench CHSA-24-32 with 355 g/t Ag, 4.16 g/t Au, 4.2% Pb, and 0.5% Zn over 3.25m. Highlights at Esperanza-Guadalupe pits include trench CHSA-24-116 with 5,180 g/t Ag, 4.85 g/t Au, 0.7% Pb, and 0.1% Zn over 0.6m, and trench CHSA-24-110 with 1,155 g/t Ag, 4,12 g/t Au, 2.3% Pb, and 0.2% Zn over 0.85m. “The results from this trenching program will enhance the Company’s understanding of the surface geology and mineralization and will contribute valuable data to support the upcoming mineral resource estimate”.

ON MINING

  • DynaResource Inc., reported Q3, 2025 production and financial results from its San Jose de Gracia mine in Sinaloa (all currency is expressed in US dollars). The company mined 74,680 tonnes and milled 62,741 tonnes of 3.3 g/t Au with metallurgical recoveries of 70.5% to produce 4,830 Oz Au. It sold 4,780 Oz Au. The company also reported revenue of $14.1M; net income of $1.3M; operating cash flows before change in non-cash working capital items of $2.4M; and cash flow used in operating activities of $999.4K.
  • Starcore International Mines Ltd., announced Q2 production results from its San Martin mine in Queretaro. The company milled 51.960 tonnes of 1.33 g/t Au and 14 g/t Ag with metallurgical recoveries of 77.17% and 49.30% respectively to produce 1,860 Oz AuEq.
  • Luca Mining Corp., reported Q2, 2025 consolidated production and financial results from campo Morado and Tahuehueto mines located in Guerrero and Durango respectively (all amounts are expressed in US dollars). The company mined 241,153 tonnes and milled 250,807 tonnes to produce 5,457 Oz Au, 312.2K Oz Ag, 2M Lb Pb, 1,048M Lb Zn, and 2.61M Lb Cu. (At Campo Morado, Guerrero, Luca processed 173,260 tonnes to produce 30.2M Lb ZnEq at cash cost and AISC of $1.09 and 1.43 per Lb ZnEq respectively. At Tahuehueto, Durango, Luca processed 77,548 tonnes to produce 5,579 Oz AuEq).  The company sold 3,990 Oz Au, 233.9K Oz Ag, 762K Lb Pb, 7.6M Lb Zn, and 1.88M Lb Cu. Luca also reported net revenue of $35.04M; cost of sales of $31.1M; mine operating earnings of $3.9M; mine operating cash flow before taxes of $7.2M; loss earnings of $16.02M; adjusted net loss of $49K; net free cash flow before working capital of ($3.25M); EBITDA of (10.8M),; and adjusted EBITDA of $4.34M.
  • Heliostar Metals Ltd., presented Q3, 2025 production and financial results from their Mexican operations (currency is expressed in US dollars). At La Colorada, Sonora the company produced 5,311 Oz Au or 5,479 Oz AuEq and sold 4,122 Oz Au or 4,229 Oz AuEq at cash and AISC of USD $1,592 and $1,648 per Oz AuEq. At San Agustin, Durango, Heliostar produced 3,638 Oz Au or 3,686 Oz AuEq and sold 3,430 Oz Au or 3,480 Oz AuEq at cash and AISC of $1,389 and $1,587 per Oz AuEq. At Ana Paula, Guerrero, the company spent $3.9M in development and exploration, and announced that it progressed its ongoing 15,000m drilling program with the goal of delivering mineral reserves to support a 10-year life of mine in the Feasibility Study planned to be released in H1, 2027. At Cerro del Gallo, Guanajuato, it conducted advanced study works towards releasing a Pre Feasibility Study. Results of this study are planned to be released in the coming weeks. Consolidated operational and financial results are shown in the table below:

ON FINANCING

  • Silver Viper Minerals Corp., announced a non-brokered private placement for gross proceeds of up to CAD $12M from the sale of up to 15,000,000 of units at a price of CAD $0.8 per unit. Later on, the company upsized to up to 18,750,000 of units at a price of CAD $0.8 per unit for gross proceeds of up to $15M. Gross proceeds will be used for working capital requirements and other general corporate purposes (La Virginia project, Sonora).
  • Alamos Gold Inc., declared a quarterly dividend of USD $0.025 per common share. The dividend is payable on December 18, 2025 to shareholders of record as of the close of business on December 4, 2025. Alamos also informed that it repurchased 928,729 shares at a cost of USD $28.8M, or $30.96 per share, under its Normal Course Issuer Bid (NCIB) thus far in November (Mulatos mine, Sonora).
  • Torex Gold Resources Inc., renewed its Normal Course Issuer Bid (NCIB), allowing the company to repurchase up to approximately 10% of its public float (about 8.13 million shares) over the period from November 21, 2025, to November 20, 2026. Torex had a total of 96,176,134 Common Shares issued and outstanding and a public float of 81,334,308 Common Shares. The buyback program, which was previously active, is designed to return capital to shareholders and is flexible, enabling Torex management to purchase shares on the open market as market conditions allow, with a daily maximum purchase limit. The company has already executed some share repurchases under the current NCIB at an average price of around CAD $46.78 per share. Beyond the buyback, Torex’s strategic objectives include advancing the Media Luna project in Guerrero to full production, optimizing existing operations, expanding reserves and resources, and pursuing disciplined growth while maintaining responsible mining practices.
  • Vizsla Silver Corp., announced that it plans to raise USD $250M through the issuance of convertible senior notes due 2031. The proceeds will be used to support exploration and development of its Panuco silver-gold project in Sinaloa, fund potential acquisitions, and cover general corporate expenses. A portion of the funds will also be allocated to purchase capped call transactions, which are designed to offset potential dilution from the conversion of the notes. The company can redeem the notes and holders have repurchase rights under some events. The offering is subject to certain conditions, including regulatory approvals and the notes will be convertible into shares or cash, with specific terms to be determined based on market conditions.

ON RESOURCES AND DEVELOPMENT

  • Silverco Mining ltd., engaged SGS Canada Inc., to validate and update Mineral Resource Estimate (MRE) at Cusi mine, Chihuahua. The MRE will be prepared in accordance with NI43-101 Standards of Disclosure for Mineral Projects and will incorporate new data and expand the scope of the previous historical estimate. The updated MRE is expected later this quarter.
  • GR Silver Mining Ltd., released results from drill hole SMS25-12 collared at San Marcial Area in its Plomosas project in Sinaloa. It intersected two silver mineralized zones with multiple intervals of high grade, extending the mineralization approximately 75m below the current San Marcial Resource Area. This hole encountered 124 g/t Ag, 0.1% Pb, and 0.2% Zn over 9.6m, including 284 g/t Ag, 0.1% Pb, and 0.5% Zn over 2m, plus 232 g/t Ag, 0.02g/t Au, and 0.1% Zn over 5m, including 956 g/t Ag, 0.02 g/t Au and 0.1% Zn. Hole SMS25-12 confirms the continuity of the hydrothermal breccia for at least 400m below surface and suggest potential to expand resources. A step-out drilling program is being planned for the first half of 2026.
  • Kootenay Silver Inc., published results from the first seven drill holes of the ongoing program at Columba project in Chihuahua. This 50,000m drilling program aims to extend and expands known mineralization on the extensive Columba vein system. Drilling highlights (TW reported) include hole CDH-25-218 on I Vein Area with 303 g/t Ag, 0.08 g/t Au, 0.7% Pb, and 2-1% Zn over 2-34m, including 921 g/t Ag, 0.12 g/t Au, 2.6% Pb, and 6% Zn over 0.41m, plus 28 g/t Ag, 0.22 g/t Au, over 15-93m, including 847 g/t Ag, 0.18 g/t Au, 0.4% Pb, and 0.3% Zn over 0.32m, plus 32 g/t Ag and 0.21 g/t Au, over 7.08m, plus 255 g/t Ag, 0.4% Pb, and 1.7% Zn over 0.74m, plus 26 g/t Ag, 0.32 g/t Au, and 0.1% Zn over 9.44m; and hole CDH-25-214 on D Vein with 45 g/t Ag and 0.1% Zn over 2.42m, including 185 g/t Ag, 0.1% Pb, and 0.1% Zn over 0.23m, plus 57 g/t Ag and 0.1% Zn over 1.59m, plus 231 g/t Ag, 0.2% Pb and 0.8% Zn over 0.39m, plus 108 g/t Ag, 0.1% Pb, and 0.2% Zn over 4.83m, including 362 g/t Ag, 0.1% Pb, and 0.2% Zn over 0.69m, plus 90 g/t Ag, 0.1% Pb, and 0.2% Zn over 2.07m, ´plus 102 g/t Ag, 0.2% Pb, and 0.2% Zn over 2.07m, plus 104 g/t Ag, 0.1% Pb, and 0.2% Zn over 0.23m. The company also reported the discovery of porphyry style gold mineralization along I Vein hosted in breccias and feldspar porphyries in holes CDH-25-217 and 218, with the identification of classic B style veins plus or minus molybdenite along with disseminated pyrite and unidirectional solidification textures.
  • Silverco Mining Ltd., released drill results from its 15,000m 2025 drill program at Cusi mine in Chihuahua. Drilling highlights include hole CU-25-35 (San Miguel Zone) with 0.16 g/t Au, 180 g/t Ag, 0.3% Pb, 1% Zn (194 g/t AgEq) over 1.5m, plus 0.32 g/t Au, 334 g/t Ag, 2.7% Pb, and 3.1% Zn (425 g/t AgEq) over 3.4m, including 1.05 g/t Au, 1,075 g/t Ag, 9.9% Pb, and 10.6% Zn (1,409 g/t AgEq) over 0.8M; hole CU-25-33 (San Miguel Zone) with 0.45 g/t Au, 427 g/t Ag, 1.6% Pb, and 6.5% Zn (554 g/t AgEq) over 1.2m, plus 0.18 g/t Au, 241 g/t Ag, 0.7% Pb, and 1.9% Zn (272 g/t AgEq) over 0.6m; hole CU-25-34 (Eduwiges Zone) with 0.21 g/t Au, 67 g/t Ag, 2.4% Pb, and 7.6% Zn (259 g/t AgEq) over 1.1m; and hole CU-25 36a (Eduwiges Zone) with 3.17 g/t Au, 231 g/t Ag, 11.2% Pb, and 10.7% Zn (764 g/t AgEq) over 1.5m. These are the last drill results to be included in the upcoming Mineral Resource Estimate update, which is expected to publish in December 2025.
  • IMPACT Silver Corp., presented results from its underground drilling program in the Juarez Zone at its Plomosas mine in Chihuahua. Drill results lie outside of the JORC mineral resource blocks published by the previous operator. Juarez Zone remains open for exploration. The table below shows a summary of the drill results:

ON DEALS AND CORPORATE ISSUES

  • Discovery Silver Corp., announced a number of management appointments, including Raymond Yip as Chief Information Officer, Kara Byrnes as Vice President Exploration and Geology-Porcupine,  Gerry Stinson as Vice President, Environment, Porcupine Operations, and Amanda Kasner as Vice President, Business Optimization (Cordero project, Chihuahua).
  • GR Silver Mining Ltd., appointed Cástulo Molina Sotelo as Country Manager, Mexico (Plomosas project, Sinaloa).
  • Mexican Gold Mining Corp., informed that it will host its annual general meeting of shareholders on December 10, 2025 (Las Minas project, Veracruz).
  • Radius Gold Inc., appointed Alejandro Ly as Vice President Exploration (Amalia project, Chihuahua).
  • Santacruz Silver Mining Ltd., announced the appointment of Bruce Wolfson to its Board of Directors, effective November 17, 2025. The Company also announces that Mr. Roland Löhner has notified the Company that he intends to step down from the board of directors following the upcoming annual general and special meeting on November 25, 2025 (Zimapan mine, Hidalgo).
  • Vizsla Royalties Corp., congratulated Vizsla Silver Corp., on the positive results of the Feasibility Study on the Panuco project, Sinaloa.
  • Garibaldi Resources Corp., proposed extension of warrant expiry dates and announced that it has applied to the TSX Venture Exchange to extend the expiry dates of certain warrants issued in December 2022 from December 2025 to December 2027. The exercise prices of these warrants will remain unchanged at CAD $0.40 and CAD $0.45. The extension is subject to exchange approval. The company aims to give warrant holders additional time to exercise their warrants, potentially supporting continued investor interest and capital raising opportunities (Rodadero project, Sonora). 
  • Apollo Silver Corp., granted Restricted Share Units (RSUs) to certain officers and directors. The Company granted an aggregate of 750,000 RSUs. The RSUs vest in three equal tranches over 36-months. Upon vesting, each RSU entitles the holder to receive one common share of the Company. (Cinco de Mayo project, Chihuahua).
  • VVC Resources announced its strategic decision to exit the Gloria Copper Project in Chihuahua, due to high maintenance costs, political instability, and safety concerns, despite its geological potential. The company will instead focus its exploration efforts on the Cumeral Gold Project in Sonora, which offers better permitting prospects, strong local support, and significant upside potential.
  • Alamos Gold Inc., declared a quarterly dividend of USD $0.025 per common share. The dividend is payable on December 18, 2025 to shareholders of record as of the close of business on December 4, 2025. Alamos also informed that it repurchased 928,729 shares at a cost of USD $28.8M, or $30.96 per share, under its Normal Course Issuer Bid (NCIB) thus far in November (Mulatos mine, Sonora).
  • Masivo Silver Corp., secured a 10 year land-use and access agreement for the private property where the Cerro Colorado project in Sonora is located. The agreement grants the Company full rights to rehabilitate or construct access roads, establish drill pads and core storage facilities, set up temporary camps and offices, and conduct drilling, sampling, and mineral extraction activities—subject to the required environmental permits. The land-use agreement is a prerequisite to obtaining these permits and ensures compliance with local and federal environmental regulations.

ON SOCIAL RESPONSIBILITY

  • No relevant news.

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

On the picture below, a normal fault in an outcrop of the Upper Volcanic Supergroup of extensive silicic ignimbrites in Chihuahua, Mexico. Photo taken by Miguel A Heredia.

The Mining and Exploration News in Mexico; Highlights on the Fifth Week of October 2025

/ Gambusino Prospector / Leave a comment

By Jorge Cirett

During the 44th week of the year (October 27th to November 2nd, 2025), companies working in Mexico presented 32 press releases.  Two companies informed about exploration advances on early-stage properties. Four companies provided operational figures for the quarter. Ten companies presented news on financing rounds or share matters. Four companies presented updates on advanced properties/mines. Ten companies informed on deals and corporate issues. ON MEXICO ISSUES, no relevant news.  ON EXPLORATION, in Sonora, Minaurum Gold released results from definition drilling at Alamos Silver. In Durango, Pinnacle Silver and Gold updated on work at El Potrero. ON MINING, Alamos Gold, Coeur mining, Capstone Copper and Agnico Eagle presented third quarter 2025 reports. ON FINANCING, eight companies informed on financing rounds: Questcorp Mining (C$2.1 M), Silver Wolf (C$5.1 M), Colibri Resources (C$1.5 M), Starcore International Mines (C$5 M), Apollo Silver (C$26.8), Oroco Resource (US$3.6 M), Fortune Bay (C$8 M), Guanajuato Silver Company (C$0.52 M). Silver Spruce is consolidating shares. Santacruz Silver Mining intends to trade on a new stock exchange. Xali Gold granted stock options.  ON RESOURCES AND DEVELOPMENT, Avino Silver and Gold reported drilling results from La Preciosa, in Durango. Mithril Silver and Gold updated on activities at Copalquin in Durango. Silverco Mining presented results from the 2024 drilling campaign at Cusi, in Chihuahua. Minaurum Gold delivered results from resource definition drilling at Alamos Silver, in Sonora. Santacruz Silver Mining and Heliostar Metals  informed on its AGM. Silver Viper is to acquire the Coneto property from Fresnillo plc and Orex Minerals. Quetzal Copper is now Silverco Mining, and updated on the status of the Cusi property in Chihuahua. ON DEALS AND CORPORATE ISSUES, Sonoro Gold made the final payment on the Cerro Caliche property in Sonora. ON SOCIAL RESPONSIBILITY, Alamos Gold informed on community support in the Mulatos District of Sonora. 

ON MEXICO ISSUES

No Relevant News.

ON EXPLORATION

  • Pinnacle Silver and Gold Corp. announce positive results from the preliminary scoping metallurgical tests for the El Potrero project in Durango. Three samples from the Pinos Cuates underground mine were sent to the SGS lab in Durango, for grinding, bottle roll cyanide leach and gravity tests. Bottle roll cyanide leach tests averaged 95.1% Au and 54.7% Ag, while gravity tests returned 29% to 76% Au and 4% to 16% Ag. More studies are warranted to characterize the silver mineralization and increase the recovery rates.
  • Minaurum Gold Inc. announced further results of its 2025 resource-definition drill program at its Alamos Silver project in Sonora. The program is targeting the Promontorio, Travesia and Europa vein zones. Highlighted core length intervals comprise 4.8 m @ 0.17 gpt Au, 154 gpt Ag, 0.28% Cu, 1.1% Pb, 2.4% Zn; 0.55 m @ 0.50 gpt Au, 352 gpt Ag, 0.80% Cu, 3.1% Pb, 7.6% Zn; 1.10 m @ 0.08 gpt au, 606 gpt Ag, 0.64% Cu, 0.8% Pb,1.3% Zn; 4.53 m @ 0.08 gpt Au, 275 gpt Ag, 0.34% Cu, 0.9% Pb 2.1% Zn (including 0.5 m @ 0.15 gpt Au, 983 gpt Ag, 0.85% Cu, 2.0% Pb, 5.3% Zn); 0.7 m @ 0.07 gpt Au, 25 gpt Ag, 1.37% Cu, 1.2% Pb, 1.7% Zn.     .

ON MINING

  • Alamos Gold Inc. reported its financial results for the quarter ended September 30, 2025, including figures from its operations in Mexico. During the period the company produced 141,700 Oz Au, generating US$130.3 M of free cash flow. At the Mulatos District, in Sonora, Alamos mined 997.3 K tonnes of ore, 3.89 M tonnes of waste (3.91 waste-to-ore ratio), stacking 1 M tonnes averaging 1.4 gpt Au, containing 48,037 Oz Au with an average recovery rate of 61%, producing 37,000 Oz Au at cash cost $761 per Oz Au and an AISC of $831. Alamos had cash and cash equivalents of US$463.1 M at the end of the period.
  • Coeur Mining Inc. reported third quarter 2025 financial results, including revenue of US$555 M and cash flow from operating activities of $238 M. During the period the company produced 111,364 Oz Au, 4.8 M Oz Ag at cash cost $1,215 per Oz AuEq or $14.95 per Oz AgEq. At Las Chispas, in Sonora, 139.9 K tonnes were milled averaging 3.42 gpt Au, 321 gpt Ag, recovering 97.9% Au, 97.8% Ag, to produce 16,540 Oz Au, 1.7 M Oz Ag, at cash cost $934 per Oz Au, $10.75 per Oz Ag and free cash flow of US$66.1 M. At Palmarejo, in Chihuahua, 48.3 K tonnes were milled, averaging 1.55 gpt Au, 108 gpt Ag, recovering 95.0% Au, 89.9% Ag, to produce 24,802 Oz Au, 1.51 M Oz Ag at cash cost $887 per Oz Au, $16.44 per Oz Ag and free cash flow of US46.9 M.
  • Capstone Copper Corp. reported results for the quarter ended September 30, 2025, including figures from its Mexico operations. The company produced a total of 55,280 tonnes of copper at cash cost $2.42 per Lb Cu. At Cozamin, in Zacatecas, 6,145 tonnes of copper were produced during the period from ore grading 1.93% Cu and a recovery rate of 94.3%, at cash cost $1.51 per Lb Cu. 
  • Agnico Eagle Mines Ltd. reported financial and operating results for the third quarter of 2025, including information from its operations in Mexico. During the period the company produced 866,936 Oz Au at cash cost of $963 per Oz Au and all-in-sustaining costs (AISC) of 1,363 per Oz Au. The San Nicolas project in Zacatecas continues to advance on the feasibility study (FS), with engineering expected to be completed by year-end. During the quarter 21,380 Oz Au were produced at Pinos Altos-Creston Mascota, in Chihuahua, at cash cost $1,531 per Oz Au, and 4,529 Oz Au produced at La india, in Sonora, at cash cost $2,872 per Oz Au.

ON FINANCING

  • Questcorp Mining Inc. closed the first tranche of its non-brokered private placement for gross proceeds of C$2.1 M (Nueva Union, Sonora).
  • Silver Wolf Exploration Ltd. announced a non-brokered private placement for aggregate gross proceeds of C$1.5 M. The offering will be carried out utilizing the Listed Issuer Financing Exemption (Ana Maria, Durango).
  • Colibri Resource Corp. increased the size of its previously announced offering for gross proceeds of C$1.5 M (EP, Sonora).
  • Silver Spruce Resources Inc. is to implement the 1:15 consolidation of shares on October 31, 2025. (Jackie, Sonora).
  • Starcore International Mines Ltd. closed its non-brokered private placement, raising C$5 M in gross proceeds. Aggregate compensation of C$92 K was paid by the company to various eligible registrants as finders’ fees (San Martin, Queretaro).
  • Apollo Silver Corp. closed the final tranche of its previously announced upsized non-brokered private placement, raising gross proceeds of C$1.6 M and raising total proceeds of C$26.8 M. In connection with the subscription the company will pay aggregate finder’s fees totalling C$901 K  (Cinco de Mayo, Chihuahua).
  • Santacruz Silver Mining Ltd. has applied to list its common shares on the Nasdaq Capital Market (Zimapan, Hidalgo).
  • Oroco Resource Corp. updated on its non-brokered private placement for aggregate gross proceeds of up to US$3.6 M, with an anticipated minimum of US$2 M (Santo Tomás, Sinaloa).
  • Xali Gold Corp. announced the granting of 2.2 M incentive stock options to certain directors, officers, employees and consultants of the company (El Oro, Estado de Mexico).
  • Fortune Bay Corp. announced the closing of its previously announced “bought deal” private placement for aggregate gross proceeds of C$8 M. Pursuant to the offering the company sold “flow-through” shares for gross proceeds of $2 M (US or Can?) and common shares of the company for gross proceeds of $6 M (US or Can?) (Poma Rosa, Chiapas).
  • Guanajuato Silver Company Ltd. announced that following the offering of the company in which it obtained C$43.5 m in gross proceeds, Cannacord Genuity Corp. and Red Cloud Securities Inc. have purchased additional common share purchase warrants for additional C$522 K (El Cubo, Guanajuato).

ON RESOURCES AND DEVELOPMENT

  • Avino Silver and Gold Ltd. reported results from four twin holes drilled at La Preciosa, in Durango. The results exhibit variation in thickness and grade “expected due to the “pinch and swell” geometry of the La Preciosa veins and the high nugget effects”. Highlighted true width intercepts comprise 2.48 m @ 0.66 gpt Au, 425 gpt Ag; 0.78 m @ 1.21 gpt Au, 513 gpt Ag; 5.22 m @ 0.51 gpt Au, 787 gpt Ag (including 0.77 m @1.02 gpt Au, 3,206 gpt Ag). 1.47 m @ 0.86 gpt Au, 635 gpt Ag; 3.98 m @ 1.15 gpt Au, 306 gpt Ag; 4.00 m @ 0.61 gpt Au, 463 gpt Ag.
  • Mithril Silver and Gold Ltd. informed on activities during their September 2025 quarterly report. At the Copalquin project in Durango, drilling progressed at target 1, commenced at target 5, channel sampling defined a new target at the Santa Cruz mine and work continues on resource drilling and 3D modelling for the resource update planned for early 2026. Mithril common shares are now trading on the OTCQB Venture Market. Cash balance at the end of September was A$18.3 M.
  • Silverco Mining Corp. reported results from its 5,500 m 2024 drill program at Cusi, in Chihuahua. Highlighted core length intervals comprise 1.7 m @ 0.13 gpt Au, 2022 gpt Ag, 0.8% Pb, 4.5% Zn; 3.3 m @ 0.15 gpt Au, 450 gpt Ag, 0.3% Pb, 0.4% Zn; 2.6 m @ 0.26 gpt Au, 385 gpt Ag, 0.3% Pb, 0.1% Zn; 7.5 m @ 0.30 gpt Au, 291 gpt Ag, 2.2% Pb, 2.5% Zn; (including 0.7 m @ 0.96 gpt Au, 958 gpt Ag, 2.0% Pb, 5.0% Zn); 5.9 m @ 0.16 gpt Au, 315 gpt Ag, 0.4% Pb, 0.1% Zn; 3.2 m @ 0.23 gpt Au, 498 gpt Ag, 1.3% Pb, 1.8% Zn; 3.7 m 0.26 gpt Au, 304 gpt Ag, 1.3% Pb, 0.7% Zn. Currently the company is advancing a 15,000 m drill program with assays expected in Q4 2025.
  • Minaurum Gold Inc. announced results of its 2025 resource-definition drilling at its Alamos Silver project in Sonora. The program targeted the Promontorio, Travesia and Europa vein zones. Highlighted core length intervals comprise 4.80 m @ 0.17 gpt Au, 154 gpt Ag, 0.28% Cu, 1.1% Pb, 2.4% Zn; 0.50 m @ 0.50 gpt Au, 771 gpt Ag, 0.50% Cu, 2.1% Pb, 4.3% Zn; 0.55 m @ 0.50 gpt Au, 352 gpt Ag, 0.80% Cu, 3.1% Pb, 7.6% Zn; 1.10 m @ 0.08 gpt Au, 606 gpt Ag, 0.64% Cu, 0.8% Pb, 1.3% Zn; 4.53 m @0 .08 gpt Au, 275 gpt Ag, 0.34% Cu, 0.9% Pb, 2.2% Zn; 1.40 m@ 0.18 gpt Au, 300 gpt Ag, 0.44% Cu, 0.7% Pb, 1.3% Zn.    

ON DEALS AND CORPORATE ISSUES

  • Chesapeake Gold Corp. announced the second extension of its exploration agreement on the Metates property with the community of San Juan de Camarones, within the Santiago Papasquiaro Municipality in Durango. The company’s “proprietary sulphide leach testwork remains on schedule and is progressing well alongside environmental and related baseline studies in support of the upcoming PFS”.
  • Inomin Mines Inc. entered into a definitive agreement with Calu royalty S.A.P.I de C.V. for the La Gitana and Peña Blanca properties in Oaxaca. The sale of the 100% interest on the properties involves the payment of C$350 K, payable as follows: C$100 K within five days of the execution date, C$100 K on the closing of the transaction and $150 K when the concessions are registered in the Public Mining Registry, or six months after the signing date.
  • Santacruz Silver Mining Ltd. announced that its annual general and special meeting of shareholders will be held in-person in Vancouver on November 25, 2025 (Zimapán, Hidalgo).
  • Silver Viper Minerals Corp. entered into a binding agreement with Fresnillo plc and Orex Minerals Inc. to acquire 100% ownership of the Coneto project in Durango. Silver Viper will acquire the combined interests in Coneto (61.21% held by Fresnillo and 38.79 % held by Orex) through an all-share transaction. The transaction values the project at US$15 M and common shares are to be issued for the purchase price. After the transaction, Fresnillo is expected to own 17% and Orex 11% of the issued and outstanding shares of Silver Viper. “ The parties will work on closing the Acquisition expeditiously and no later than January 2026”.
  • Quetzal Copper Corp., doing business as Silverco Mining Ltd. provided an update following the completion of its listing  on the TSX Venture Exchange  via its reverse takeover by Silverco Mining Corp. on October 17, 2025. The Cusi property in Chihuahua includes a 1,200 tpd mill. The company has raised C$25 M privately over the previous 18 months. A 15,000 m drill program is currently underway with two rigs on site. The San Miguel and La Bamba claims were acquired. A new resource estimate and a preliminary economic assessment (PEA) are to be completed with a view to support planned production on H2 2026.
  • Masivo Silver Corp. signed a definitive option agreement with a private Mexican person, Minera Goldzone S.A. de C.V., and partners, to acquire the 2,649 ha Cerro Colorado project in Sonora. Masivo’s intends to commence in November 2025 a drill program to test “along-strike and down-dip extensions of mineralized zones identified in prior surface work”.
  • Orex Minerals Inc. entered into a binding term sheet with Silver Viper Minerals Corp. and Fresnillo plc to sell its interest in the Coneto project in Durango. Through an all-share transaction valued at US$15 M, Silver Viper will acquire 38.79% ownership from Orex and 61.21% ownership from Fresnillo. Post-closing, Fresnillo and Orex will hold 17% and 11% respectively of Silver Viper.
  • Silverco Mining Ltd. completed its name change from Quetzal Copper Corp. to Silverco Mining Ltd. “Due to a labour dispute between the British Columbia General Employees’ Union and the government of British Columbia, BC Registries, the government body responsible for registrations of businesses, was temporarily closed. As a result, the Company was unable to legally change its name at the time of completing its reverse takeover of Silverco Mining Corp., which closed on October 17, 2025” (Cusi, Chihuahua).
  • Heliostar Metals Ltd. announced its annual general and special meeting is to be held on November 26, 2025 (Ana Paula, Guerrero).
  • Sonoro Gold Corp. made the final concession payment on its Cerro Caliche property in Sonora. The Rosario mineral concessions were bought to an Arizona resident for total consideration of US1.79 M and a 2% NSR royalty, which can be bought at US$1 M for each 1%. These concessions represent 30% of the total surface area of the project.

ON SOCIAL RESPONSIBILITY

  • Alamos Gold Inc. informed on ongoing support within the Mulatos District in Sonora, including medical services, road maintenance, water distribution, and student scholarships.

On the image below: Specularite stockwork in volcanosedimentary rock, HQ core. Picture by Jorge Cirett.

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

/ gambusinoprospectormexico / Leave a comment

Rhyolite Dome

By Miguel A Heredia

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

ON MEXICO ISSUES

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

ON EXPLORATION

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

ON MINING

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

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

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

ON FINANCING

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

ON RESOURCES AND DEVELOPMENT

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

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

ON DEALS AND CORPORATE ISSUES

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

ON SOCIAL RESPONSIBILITY

  • No relevant news.

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

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

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

/ gambusinoprospectormexico / Leave a comment

Mushketovite

By Miguel A Heredia

During the 37th week of the year (September 8th to September 14th 2025), at least 39 press releases were announced by companies working in Mexico, with nineteen disclosing deals and corporate issues, eight reporting resources and developments of their properties, seven informing on exploration results, four announcing financial rounds, and one commenting on Mexican issues. ON MEXICO ISSUES, Pan American, Coeur, Luca Mining, GoGold, and Axo Copper reported the best drilling intercepts in Mexico on the second week of September, 2025. ON EXPLORATION, In Sonora, Questcorp provided an update of the ongoing drilling program at its la Union project. Fortuna Mining provided an update on its generative exploration program across its portfolio of properties in Mexico. In Sinaloa, Chesapeake provided an update on its regional exploration activities at its Lucy project. In Durango, Pacifica Silver revealed details of its upcoming exploration program at its Claudia project, and Pinnacle released underground channel sampling results from its Potrero project. In Zacatecas, Defiance Silver reported that a new drilling program commenced at its Zacatecas project. In Jalisco, Axo released results from its recently initiated drill program at its la Huerta project and announced that it has begun its regional drill program at the La Huerta South target. ON MINING, No relevant news.  ON FINANCING, Vizsla Royalties spotlighted that Vizsla Silver entered in a USD $220M project finance mandate to fund the development of its Panuco project in Sinaloa. Sonoro Gold closed its previously announced oversubscribed, non-brokered private placement for gross proceeds of CAD $2M (Cerro Caliche project, Sonora). Goldgroup closed its previously announced non-brokered private placement for gross proceeds of CAD $$M (Cerro Prieto mine, Sonora). Vortex announced a non-brokered private placement for gross proceeds of up to CAD $600K (Riqueza Marina and Zaachila projects, Oaxaca). ON RESOURCES AND DEVELOPMENT, Kootenay completed 2,500m in five holes drilled at its Columba project in Chihuahua. Luca Mining released results of six holes totalling 1,656m from its ongoing underground and surface drilling programs of its Tahuehueto mine in Durango.  Sierra Madre Gold and Silver announced its two-staged plan to expand their Guitarra mine´s processing capacity. Chesapeake reported progressing metallurgical test on its Metates project in Durango, with promising results toward a 2026 prefeasibility study. GoGold announced strong drilling results at its Los Ricos South project in Jalisco. Pan American Silver released drill results from the program designed to test the eastern zone of the La Colorada mine in Zacatecas. Coeur Mining released high-grade drilling results from its 2025 drill plan at its Las Chispas mine in Sonora. Pan American Silver presented consolidated mineral reserves and mineral resources as at June 30, 2025 of all of their mining operations (La Colorada mine, Zacatecas). ON DEALS AND CORPORATE ISSUES, Mithril announced that it intends to have its annual general meeting on Wednesday November 5, 2025 (Copalquin project, Durango). Aura Minerals applied for a voluntary delisting of its common shares from the Toronto Stock Exchange (Aranzazu mine, Zacatecas). Orogen announced that its shares will be trading on the OCTQB effective immediately under the symbol OGNNF (Ermitaño mine, Sonora). Sailfish declared Q3, 2025 dividend (Gavilanes project, Durango). Torex Gold reported that it was recognized as a top performer by the Toronto Stock Exchange (TSX) for 2025 (Morelos Complex, Guerrero). Alamos Gold declared that for second year consecutive it has been recognized as a TSX30 2025 winner by the TSX (Mulatos mine, Sonora). Agnico Eagle announced disposition of its interest in Orla Mining (Pinos Altos mine, Chihuahua). Prime filed and mailed its notice of meeting and management information circular to approve plan of arrangement with Torex Gold (Los Reyes project, Sinaloa). Impact announced shareholder approval of omnibus equity incentive plan (Plomosas mine, Chihuahua).  GR Silver received five-year drill permit for the San Marcial area at its Panuco project in Sinaloa. Apollo Silver announced that the company will proceeds with a consolidation of its issued and outstanding common shares (Cinco de Mayo project, Chihuahua). Heliostar reported that it has been approved for graduation from Tier 2 to Tier 1issuer status on the TSX (Ana Paula project, Guerrero). Kingsmen announced voting results of its annual general and special meeting of shareholders (Las Coloradas project, Chihuahua). Vizsla Royalties appointed a new Independent Director (Panuco project, Sinaloa). Teck and Anglo American reached an agreement to combine in a merger for equals to form the Anglo Teck Group. Quetzal Copper refilled its Q2, 2025 financial statements and Management Discussion & Analysis (Cusi property, Chihuahua). Canasil confirmed that the British Columbia Securities Commission approved the full revocation of the cease trade order (Sandra project, Durango). Candelaria provided an update to its management cease trade order announced on August 29, 2025 (Caballo Blanco project, Veracruz). Fuerte metals issued a statement to a request from the Canadian Investment Regulatory Organization regarding a recent increase in the market price of its shares (Cristina project, Chihuahua). ON SOCIAL RESPONSIBILITY, No relevant news.

ON MEXICO ISSUES

  • Pan American Silver Corp, Coeur Mining Inc, Luca Mining Corp, GoGold Resources Inc, and Axo Copper Corp., reported the best drilling intercepts in Mexico on the second week of September, 2025. Details are shown in the table below:

ON EXPLORATION

  • Questcorp Mining Inc., provided an update on the Phase 1 ongoing drilling program at its la Union project in Sonora. The company has completed drill holes at two of four target areas with promising intersections in oxides zones associated with past mineralization. The drilling has revealed more quartzite than expected which could indicate good conditions for gold due to fractures and oxidation. Questcorp is now focusing its drilling exploration efforts at the Famosa target.
  • Fortuna Mining Corp., provided an update on its generative exploration program across its portfolio of properties in Mexico. At the Centauro project in Chihuahua, the company conducted geological mapping, geochemical sampling, and the identification of a large 2km by 3km silica-capped with features typical of a preserved hydrothermal system, such as sinter horizons, silica banding, mud cracks and geyserites. Several north-west trending silicified structures have been outlined, and along with the low temperature sulfides such as realgar, orpiment, cinnabar, and stibnite, confirm the presence of structures consistent with a fertile epithermal system. The plan moving forward is to commence a first pass drill campaign next month to test the potential for a low to intermediate epithermal sulfidation gold and silver system at depth, aiming to explore and delineate mineralization within the identified structures. Fortuna has the option to earn 100% interest in three mining concessions covering 600 hectares. At El Carmen project in Queretaro, activities realized to date include initial mapping on a large 5km by 5km kaolin-altered area locally exposed beneath a post-mineral basalt cover, which has identified three main target areas characterized by well-developed displacement faults, sub horizontal zones of silicification, and the presence of cinnabar, all indicative of the potential for a fully preserved epithermal system at depth. Once the company secured surface access over the principal target areas, it will commence detailed geological mapping and systematic geochemical sampling, supported by hyperspectral analysis to better understand its mineralization potential to design a maiden drill program.
  • Chesapeake Gold Corp., provided an update on its regional exploration activities at its Lucy project in Sinaloa. Recent work has identified new mineralized zones, including a potential new corridor with gold mineralization. The project shows promise for extending over 3 kilometers, suggesting that the mineralization system at Lucy is bigger than it was originally thought. Ongoing trenching, sampling, and permitting activities are been carried out at the property with the goal of delineating its mineral potential.
  • Pacifica Silver Corp., revealed details of its upcoming exploration program at its Claudia project in Durango. The company plans to drill an initial 8,000m Phase 1 drill campaign, expected to begin at the end of September, and conduct a property-wide exploration program consisting of surface sampling, geological mapping, and a 27-line km induce polarization (IP) and resistivity geophysical survey.
  • Pinnacle Silver and Gold Corp., released underground channel sampling results from the Dos de Mayo mine within its Potrero project in Durango. “Fifty-three channel samples, in 13 composite channels, were taken within a raise (inclined tunnel approximately 1.5m in diameter) connecting two levels 25.5m apart.  Composite assays up to 11.2 g/t Au and 179 g/t Ag over 3.5m, 15.55 g/t Au and 222 g/t Ag over 1.1m and 11.93 g/t Au and 190 g/t Ag over 1.4m were obtained, with individual assays up to 27.6 g/t Au and 366 g/t Ag over 0.6m.  The weighted average of mineralized composites within the raise assayed 6.43 g/t Au and 110 g/t Ag”.  The company is planning an underground drilling program in all three main mines at Potrero project.
  • Defiance Silver Corp., reported that a new 10,000m oriented-core drilling program commenced at its Zacatecas project in Zacatecas state.
  • Axo Copper Corp., released results from its recently initiated phase II drill program at its la Huerta project in Jalisco. The most significant drill interception was encountered in hole LHCC-25-045 with 2.89% Cu and 15 g/t Ag (3.08% CuEq) over a length of 13.2m, including 4.86% Cu and 30 g/t Ag (5.24% CuEq) for a length of 6.4m. Mineralization encountered in this hole consists of chalcopyrite and bornite hosted in andesitic rocks. Higher Cu grades are related to bornite patches. To date, 3,288m have been drilled as part of a 15,000m phase II drilling program. Axo also announced that it has begun its regional drill program at the La Huerta South target.

ON MINING

  • No relevant news.

ON FINANCING

  • Vizsla Royalties Corp., spotlighted that Vizsla Silver Corp., entered in a USD $220M project finance mandate with Macquarie Bank Limited to fund the construction and development of its high grade underground Panuco project in Sinaloa.
  • Sonoro Gold Corp., closed its previously announced oversubscribed, non-brokered private placement of 13,350,000 units at a price of CAD $0.15 per unit for gross proceeds of CAD $2M. Net proceeds will be used to fund the ongoing development of its Cerro Caliche project in Sonora, and for general working capital purposes.
  • Goldgroup Mining Inc., closed its previously announced non-brokered private placement of 4,848,485 units at a price of CAD $0.825 per unit for gross proceeds of CAD $$M. The gross proceeds will be dedicated to the diligent assessment and strategic pursuit of acquisition opportunities (Cerro Prieto mine, Sonora).
  • Vortex Metals Inc., announced a non-brokered private placement of up to 15,000,000 units at a price of CAD $0.04 per unit for gross proceeds of up to CAD $600K. Net proceeds will be used as follow: approximately 40% to pay for mining concession fees, approximately 40% to pay for exploration fees and remaining 20% for general working capital purposes (Riqueza Marina and Zaachila projects, Oaxaca).

ON RESOURCES AND DEVELOPMENT

  • Kootenay Silver Inc., reported that it drilled five holes at its Columba project in Chihuahua. These holes totalling 2,500m were completed on the D and I Vein Targets, and are part of the first phase of a planned 50,000m drilling program designed to expand known limits of mineralized veins comprising the recently announced 43-101 compliant mineral resource estimate.
  • Luca Mining Corp., released results from its ongoing underground and surface drilling programs of its Tahuehueto mine in Durango. Six holes are already been completed for a total of 1,656m. Drilling highlights are shown in the table below:
  • Sierra Madre Gold and Silver Ltd., announced its two-staged plan to expand their Guitarra mine´s processing capacity from 500 tonnes to between 750 and 800 tonnes per day by mid-2026 through new facilities such as a paste fill plant and thickener plant, as well as additional crushers; and then between 1,200 and 1,500 per day by late 2027 with a new dry stack tailings storage facility, a second crushing circuits, and replacing a smaller capacity ball mill.   The company intends to fund these expansions using their existing cash flow and recent private placement, avoiding new capital raises.
  • Chesapeake Gold Corp., reported progressing metallurgical test on its Metates project in Durango, with promising results toward a 2026 prefeasibility study. Metallurgical testwork on Metates using its proprietary sulphide leach technology shows early encouraging results, indicating that the oxidation process is meeting expectations, attracting industry interest. Now, other companies have considered to test the Chesapeake´s leach process technology on a wide range of deposits, which could open up new chances for the company to start commercializing the process as an eventual significant source of value generation for Chesapeake.
  • GoGold Resources Inc., announced strong drilling results at its Los Ricos South project in Jalisco. Based on reconstruction of the historical data and a new IP geophysics survey conducted this year, a systematic step-out drilling program commenced in January 2025, to test the down dip, the southern strike extension of the Abra Zone towards Los lamas, and the Cerro Colorado deposit. The company found high-grade silver and gold mineralization beyond their current resource area, notably in the Eagle, Abra, and Cerro Colorado zones. Highlights include impressive silver equivalent grades over notable widths, signaling potential for resource expansion and deeper extensions of known veins. Drilling highlights are shown in the table below:

Pan American Silver Corp., released drill results from the program designed to test the eastern zone of the La Colorada mine in Zacatecas. These results are from the drilling campaign carried out from November 2024 to June 2025 with approximately 65,000m in 170 holes. Multiple high grades were encountered indicating the potential for expansion of silver mineral resources, extension of mine life and improved economics. These results are  Drilling highlights are shown in the table below:

Coeur Mining Inc., released drill results from its 2025 drill plan at its Las Chispas mine in Sonora. The 2025 drill plan was modified and refocused around the Las Chispas operation to test high-priority targets including strike and depth extensions and infill drilling at the Babicanora and Las Chispas Block. It also continues to follow up on recent discoveries in the Gap Zone located between the Babicanora and Las Chispas Blocks on multiple veins such as Augusta, La Sorpresa, Los Sheiks, North Las Chispas, and Las Chispas Extensions. The drilling results have been highly successful, revealing some of the highest grades encountered in the project to date. Notably, North Las Chispas Vein returned an intercept of 158 g/t Au and 13,430 g/t Ag over 0.30m, bonanza levels with exceptional high-grade mineralization. The Augusta vein has also demonstrated significant expansion, with intercepts of up to 27.7g/t Au and 3,903 g/t Ag over 0.40m, confirming continued growth along strike. Overall, the results highlight substantial high-grade potential and ongoing resource expansion in multiple veins within the Las Chispas district, which have been ramped up to nine drill rigs to target additional resource growth. The most significant results are shown in the table below:

Pan American Silver Corp., reported consolidated mineral reserves and mineral resources as at June 30, 2025. It presented separate figures for La Colorada mine in Zacatecas, and for its La Bolsa property in Sonora, which are shown in the table below:

ON DEALS AND CORPORATE ISSUES

  • Mithril Silver and Gold Limited announced that it intends to have its annual general meeting on Wednesday November 5, 2025 (Copalquin project, Durango).
  • Aura Minerals Inc., applied for a voluntary delisting of its common shares from the Toronto Stock Exchange (TSX). The application has been approved by the company´s Board of Director and the TSX. It is expected that the common shares will be delisted from the TSX effective as of the close of markets on September 25, 2025 (Aranzazu mine, Zacatecas).
  • Orogen Royalties Inc., announced that its shares will be trading on the OCTQB effective immediately under the symbol OGNNF (Ermitaño mine, Sonora).
  • Sailfish Royalty Corp., declared Q3, 2025 dividend in the amount of USD $0.0125 per common share that will be payable on October 15, 2025 to company´s shareholders of record as of the close of business on September 30, 2025 (Gavilanes project, Durango).
  • Torex Gold Resources Inc., reported that it was recognized as a top performer by the Toronto Stock Exchange (TSX) for 2025 having been named to the TSX30, which is based on share price performance, adjusted for dividends, over the three-year period ending June 30, 2025 (Morelos Complex, Guerrero).
  • Alamos Gold Inc., declared that for second year consecutive it has been recognized as a TSX30 2025 winner by the TSX. The annual ranking recognizes the 30 top performing stocks based on their dividend-adjusted share price performance over a three-year period (Mulatos mine, Sonora).
  • Agnico Eagle Mines Limited announced disposition of its interest in Orla Mining Ltd. The company sold 38,002,589 shares of Orla Mining for about CAD $560.5M at a sale price of CAD $14.75 per share, aimed to redeploy capital to strategic priorities (Pinos Altos mine, Chihuahua).
  • Prime Mining Corp., filed and mailed its notice of meeting and management information circular to approve plan of arrangement with Torex Gold. The special meeting of shareholders will be held on September 29, 2025 (Los Reyes project, Sinaloa).
  • IMPACT Silver Corp., announced shareholder approval of omnibus equity incentive plan to replace its 10% fixed stock option plan to originally adopted on December 21, 2025 (Plomosas mine, Chihuahua).
  • GR Silver Mining Ltd., received five-year drill permit for the San Marcial area at its Panuco project in Sinaloa. Now the company is allowed to carry out step-out and exploration drilling at 46 new drill sites at San Marcial. GR Silver plans to complete the final 3 drill holes of its summer drilling program, to conduct additional down-hole geophysical surveys in key drill holes within the resource area, and advance additional drilling under the new drill permit.
  • Apollo Silver Corp., announced that the company will proceeds with a consolidation of its issued and outstanding common shares on the basis of five pre-consolidated shares for every one post-consolidated share. The consolidation will take effect on September 15, 2025.  (Cinco de Mayo project, Chihuahua).
  • Heliostar Metals Ltd., reported that it has been approved for graduation from Tier 2 to Tier 1issuer status on the TSX (Ana Paula project, Guerrero).
  • Kingsmen Resources Ltd., announced voting results of its annual general and special meeting of shareholders. In this annual meeting, shareholders also approved a new 10% rolling omnibus equity incentive plan (Las Coloradas project, Chihuahua).
  • Vizsla Royalties Corp., appointed a new Independent Director effective immediately. The company also has granted an aggregate of 150,000 stock options and 250,000 cash-settled Deferred Share Units to certain directors and officers (Panuco project, Sinaloa).
  • Teck Resources Limited and Anglo American plc reached an agreement to combine in a merger for equals to form the Anglo Teck Group. The merger aims to create a leading diversified mining company focused on critical minerals, particularly copper. The merge anticipates pre-tax recurring annual synergies of USD $800M and an additional USD 1.4B B in underlying EBITDA revenue synergies. Boards of Teck and Anglo American unanimously support and recommend the merger.
  • Quetzal Copper Corp., refilled its Q2, 2025 financial statements and Management Discussion & Analysis. The amendment was made to correct and clarify disclosure relating to the company’s share-based compensation (Cusi property, Chihuahua).
  • Canasil Resources Inc., confirmed that the British Columbia Securities Commission approved the full revocation of the cease trade order (CTO), as a result of the company’s failure to file its interim financial statements for the period ended September 30, 2023. The full revocation of the CTO is a very positive development leading to a return to normal trading of the company´s securities (Sandra project, Durango).
  • Candelaria Mining Corp., provided an update to its management cease trade order announced on August 29, 2025 “in respect of the audited annual financial statements and corresponding management’s discussion and analysis for the year ended April 30, 2025, including the CEO and CFO certifications that were not filed by the required filing deadline of August 28, 2025”. The company is working expeditiously on the steps required to complete the Annual Financial Filings and expects to be able to file the Annual Financial Filings by September 28, 2025 (Caballo Blanco project, Veracruz).
  • Fuerte Metals Corporation issued a statement to a request from the Canadian Investment Regulatory Organization regarding a recent increase in the market price of its shares. Fuerte Metals is currently engaged in discussions about a potential transaction, though no agreement has been reached yet. The company clarified that the rise in trading activity is noted, but there are no specific details provided about the causes of the increase or any material developments at this time.

ON SOCIAL RESPONSIBILITY

  • No relevant news.

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

On the picture below, mushketovite in an IOCG project in Sonora, Mexico. Photo taken by Miguel A Heredia.