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The Mining and Exploration News in Mexico: Highlights on the Second Week of March, 2026

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Hydrothermal breccia

By Miguel A Heredia

During the 11th week of the year (March 9th to March 15th 2026), at least 19 press releases were announced by companies working in Mexico, with six disclosing deals and corporate issues, five announcing financing rounds, four informing on exploration results, two communicating production results, one reporting resources and development of their properties, and one informing on Mexican issues. ON MEXICO ISSUES, Colibri reported the best drilling intercepts in Mexico on the second week of March, 2026. ON EXPLORATION, In Sonora, Algo Grande provided an exploration update on its Adelita project and Colibri released assay results from its Phase 1 reconnaissance RC program completed at its El Plomo project.  In Durango, Capitan Silver informed that a third rig has arrived at its Cruz de Plata project and provided an update on the ongoing 60,000m drilling program for 2026. In Zacatecas, Defiance Silver announced that it received the approval from SEMARNAT to conduct drilling at its San Acacio project. ON MINING, Altius Minerals reported its full 2025 attributable royalty revenue and adjusted earnings (Cuale project, Jalisco). Avino reported Q4 and full year 2025 production and financial results from its Avino mine in Durango.  ON FINANCING, Barksdale announces private placement for gross proceeds of CAD $953,780.51, and repricing it to CAD $763,024.41 (San Javier project, Sonora). Orex closed its previously announced private placement for gross proceeds of CAD $4M (Coneto project, Durango). Vortex announced a non-brokered private placement for gross proceeds of up to CAD $850K (Riqueza Marina project, Oaxaca). Orogen informed that it plans to raise up to CAD $10M by way of a non-brokered private placement (Ermitaño mine, Sonora). ON RESOURCES AND DEVELOPMENT, Kootenay provided an update on their progress with four silver deposits, focusing mostly on pushing their drilling at the Columba site and moving forward with the La Cigarra project, both located in Chihuahua. ON DEALS AND CORPORATE ISSUES, Luca Mining announced the appointment of Nick Shakesby as Chief Operating Officer, and hired Jose Hernandez as Vice President, Metallurgy and Process Engineering (Campo Morado mine, Guerrero). Orex engaged the services of ICP Securities Inc for automated market making services (Coneto project, Durango). Vortex appointed Craig W Beasley as Technical Advisor to the company (Riqueza marina project, Oaxaca). Teck released its 25th annual sustainability report (San Nicolas project, Zacatecas). Tocvan appointed Darin Wagner as Special Technical Advisor and announced partnership with VRIFY (Pilar project, Sonora). ON SOCIAL RESPONSIBILITY, No relevant news.

ON MEXICO ISSUES

  • Colibri Resource Corporation, reported the best drilling intercepts in Mexico on the second week of March, 2026. Details are shown in the table below:

ON EXPLORATION

  • Algo Grande Copper Corp., provided an exploration update on its Adelita project in Sonora. The company recently completed Phase 1 drilling with assay results pending. Surface prospecting across the property collected 49 rock samples, 19 of which graded above 1% copper, confirming copper–gold–silver mineralization across multiple targets including Potrero South, Las Trancas, Cerro Grande Northwest, La Molina, and Mezquital. A significant new skarn zone was discovered at Potrero south, about 3 km south of Cerro Grande, with over 300 meters of surface exposure and samples exceeding 3% copper. Other highlights include high-grade samples including one with 41.4 % Cu, 1.97 g/t Au 1,570 g/t Ag at Las Trancas and 1.99 % Cu, 17.9 g/t Au and 44 g/t Ag at La Molina targets. The company confirmed mineralization on both limbs of the Cerro Grande limestone fold, and encouraging copper-bearing float samples associated with tourmaline breccias at Mezquital indicating possible porphyry systems. The results suggest a district-scale, multi-deposit copper-dominant skarn-porphyry system with notable gold and silver credits. Follow-up exploration including Phase II drilling is planned for Q2 2026 to target these multiple prospects.
  • Colibri Resource Corporation  released assay results from its Phase 1 reconnaissance RC program completed at its El Plomo project in Sonora. The company informed that 18 out of 22 holes intersected gold. Drilling highlights include hole PL26-017 with 2.92 g/t Au over 7.5m, including 9.95 g/t Au over 1.5m; hole PL26-015 with 0-73 g/t Au over 30m including 1.01 g/t Au over 6m; hole PL25-011 with 0.45 g/t Au over 30m, including 1.16 g/t Au over 6m; including 2.12 g/t Au over 1.5M; hole PL25-004 with 1.29 g/t Au over 4.5mm; and hole PL25-005 with 0.28 g/t Au over 12m.
  • Capitan Silver Corp., informed that a third rig has arrived at its Cruz de Plata project in Durango. This rig is the second of three core drill rigs that will join the existing RC drill rig to complete the ongoing aggressive 60,000 drilling campaign for 2026, which is focused on expanding the high grade silver zones identified at the property, as well as to drill-tst mineralization along the Jesus Maria silver trend. To date, 34 drill holes are pending of assay results, including the first seven core holes drilled with the first diamond rig which commenced drilling last February, 2026.
  • Defiance Silver Corp., announced that it received the approval for its Informe Preventivo (IP) from SEMARNAT to conduct drilling at its San Acacio project in Zacatecas. The IP enable authorize Defiance to increase the available roads and construct up to new 44 drill pads and for up to 35 new access road. The IP is valid for a period of 54 months.

ON MINING

  • Altius Minerals Corporation reported its full 2025 attributable royalty revenue of CAD 69.9M and adjusted earnings of CAD 422.5M (Cuale project, Jalisco).
  • Avino Silver & Gold Mines Ltd., announced Q4 and full year 2025 production and financial results from its Avino mine in Durango (all currency expressed in US dollars). In the period Q4, 2025, the company processed 189,338 tonnes to produce  345.3K Oz Ag, 1,687 Oz Au, and 1.29M Lb Cu (671.6K Oz AgEq) at cash and AISC of $21.1 and $31.59 per Oz AgEq payable respectively, and reported revenue of $30.54M; mine operating income of $17.84M; net income of $10.46M; EBITDA of $14.41M; adjustable earnings of $16.3M; cash provided by operating activities of $9.98M; operating cash flow before working capital adjustment of  $18.95M; and mine operating cash flow before taxes of $18.99M. For the full year 2025, it processed 736,935 tonnes to produce  1.16M Oz Ag, 7,621 Oz Au, and 5.67M Lb Cu (2.61M Oz AgEq) at cash and AISC of $16.13 and $23.75 per Oz AgEq payable respectively, and reported revenue of $92.23M; mine operating income of $48.53M; net income of $26.64M; EBITDA of $42.99M; adjustable earnings of $46.53M; cash provided by operating activities of $27.42M; operating cash flow before working capital adjustment of $35.34M; and mine operating cash flow before taxes of $52.71M. Avino also reported cash as of December 31, 2025 of $101.72M and working capital of $99.56M.

ON FINANCING

  • Barksdale Resources Corp., announces private placement of 8,478,049 common shares by Crescat Capital LLC at a price of CAD $0.1125 per common share for gross proceeds of CAD $953,780.51. The company repriced the private placement at a price of CAD $0.09 per unit for gross proceeds of CAD $763,024.41. Net proceeds will be used for on-going corporate expenses (San Javier project, Sonora).
  • Orex Minerals Inc., closed its previously announced private placement of 30,303,030 units at a price of CAD $0.165 per unit for gross proceeds of CAD $4M. part of the funds will be used to satisfy annual tax obligations associated with its current property holdings, to maintain a general reserve for potential future transactions, and to cover general corporate and overhead expenses incurred in the ordinary course of business over the next 12 months (Coneto project, Durango).
  • Vortex Minerals Inc., announced a non-brokered private placement of up to 17,000,000 units at a price of CAD $0.05 per unit for gross proceeds of up to CAD $850K. Part of the gross proceeds will be used for general working capital purposes (Riqueza marina project, Oaxaca).
  • Orogen Royalties Inc., informed that it plans to raise up to CAD $10M by way of a non-brokered private placement consisting of issuing up to 2,890,274 common shares at a price of CAD $3.46 per common share. Net proceeds will be used to develop generative exploration initiatives, executing potential royalty acquisitions, and strengthening the Company’s working capital to support its ongoing growth strategy (Ermitaño mine, Sonora).

ON RESOURCES AND DEVELOPMENT

  • Kootenay Silver Inc., provided an update on their progress with four silver deposits, focusing mostly on pushing their drilling at the Columba site and moving forward with the La Cigarra project, both located in Chihuahua. The four deposits (Promontorio, La Cigarra, Columba, and La Negra) combined total 119.79M measured + indicated Oz Ag and another 82.78M inferred Oz Ag. On a silver equivalent basis those 4 deposits total 223M measured plus indicated Oz AgEq and 111M inferred Oz AgEq. At Columba project, Kootenay is conducting a systematic step-out drilling to expand its resource. This program will consist of 60,000m, with 18,000m completed so far in 2026, and the goal is to determine if mineralization extends at depth and toward the edges of the deposits. At La Cigarra project, a preliminary economic assessment (PEA) is underway, expected to be completed later in Q2, 2026, with a drill program planned to expand the resource by testing a “Gap Zone”. It also informed that a recent bought deal financing has fortified their treasury, providing funding for the next 18-24 months to continue exploration and future development activities.

ON DEALS AND CORPORATE ISSUES

  • Luca Mining Corp., announced the appointment of Nick Shakesby as Chief Operating Officer, effective April 1, 2026, and hired Jose Hernandez as Vice President, Metallurgy and Process Engineering, effective March 1, 2026 (Campo Morado mine, Durango).  
  • Orex Minerals Inc., engaged the services of ICP Securities Inc to provide automated market making services. ICP will be paid a monthly fee of CAD $7,500 plus applicable taxes (Coneto project, Durango).
  • Vortex Metals Inc., appointed Craig W Beasley as Technical Advisor to the company. The company granted 200,000 stock options at a price of CAD $0.05 per common share for a period of five years from the date of grant (Riqueza Marina project, Oaxaca).
  • Teck Resources Limited released its 25th annual sustainability report, highlighting the company’s 2025 performance in key areas, including support for communities, Indigenous Peoples, health and safety, diversity and climate (San Nicolas project, Zacatecas).
  • Tocvan Ventures Corp., appointed Darin Wagner as Special Technical Advisor and informed that it partnered with VRIFY to enhance exploration activities at the El Gran Pilar project in Sonora. “The collaboration will see Tocvan integrate VRIFY Predict, specifically DORA, an AI prospectivity mapping software, to generate and prioritize new high-confidence exploration targets at its flagship Pilar Project”.

ON SOCIAL RESPONSIBILITY

  • No relevant news.

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

On the picture below, HQ core showing a hydrothermal breccia in an intermediate sulphidation epithermal vein-breccia system in Chihuahua, Mexico. Photo taken by Miguel A Heredia.

The Mining and Exploration News in Mexico; Highlights on the First Week of March 2026

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By Jorge Cirett

During the 10th week of the year (March 2nd to March 8th, 2026), companies working in Mexico released 22 press releases. One company informed on early-stage property work, two presented quarterly and full-year reports. One company updated on a financing round, one informed on a credit facility, one other company on its credit rating, one more on its share re-purchase plan and one on the trading on a new Exchange. Four companies presented drilling results on advanced properties and one updated the MRE and a PEA on its advanced property. Eight companies informed on deals and corporate issues. ON MEXICO ISSUES, the president asserted that the moratorium in new claims is to continue. Rules on small scale coal mining are to be strengthened. ON EXPLORATION, in Sonora, Regency Silver presented drilling results from Dios Padre. ON MINING, Capstone Copper and Starcore International Mines presented quarterly and full-year reports. ON FINANCING, one company informed on a financing round: Silver spruce Resources (C$2 M). Elemental Royalty amended a US$150 M credit facility. Aura Minerals credit rating was upgraded. Pan American Silver intends to repurchase up to 5% of its shares. Highlander Silver is to trade on the NYSE. ON RESOURCES AND DEVELOPMENT, Kootenay silver released results from drilling at Columba, Chihuahua. Advance Metals presented drill results from Yoquivo, in Chihuahua. Pan American Silver reported drilling results from La Colorada, in Zacatecas, encountering several new veins. Luca Mining released drill results from Tahuehueto, in Durango. Sonoro Gold presented a new MRE and a PEA on its Cerro Caliche project in Sonora. ON DEALS AND CORPORATE ISSUES, Royalties Inc. informed on its legal proceedings with Capstone on Cozamin royalties. Heliostar Metals entered into a binding agreement with Zacatecas Silver on several non-core properties. Medoro Metals informed on the proposed reverse takeover with Narrow River. Vizsla Silver updated on the situation in Concordia, at the Panuco project in Sinaloa. Altius Minerals and Lithium Royalty completed their arrangement. Mithril Silver, Endeavour Silver and Heliostar Metals announced appointments to the board or executive positions. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • The Work Secretariat in Mexico is about to strengthen the rules on small scale coal mining. Such operations usually work with less strict security measures.
  • The United States army asked mining companies in USA help to increase the supply of 13 critical minerals. Selected projects could receive development funds between US$100 and over US$500 million The list includes arsenic, bismuth, graphite, tungsten and vanadium, minerals of which there are known prospects in Mexico.
  • The president of México, Claudia Sheinbaum, asserted she will continue with the moratorium in mining concessions, with the only exception for lithium by the government funded LitioMx.  

ON EXPLORATION

  • Regency Silver Corp. announced results of its 5-hole 3,142 m drill program at Dios Padre, in Sonora. Highlighted core length results comprise 36.3 m @ 2.23 gpt Au (including 9.0 m @ 5.43 gpt Au); 22.0 m @ 0.36 gpt Au; 22.5 m @ 0.24 gpt Au; 18 m @ 94 gpt Ag (including 9.0 m @ 158 gpt Ag); 18.0 m @ 69 gpt Ag; 10.5 m @ 64 gpt Ag; 24.3 m @ 0.65% Cu (including 5.7 m @ 1.44% Cu); 18.0 m @ 0.41% Cu; 4.5 m @ 1.24% Cu. Antimony intercepts can be as high as 9 m @ 0.39% Sb. “it appears as though the lower gold rich breccia zone is spatially connected to the Dios Padre silver mine, though it may be locally shuffled and displaced via faulting.. The breccia itself appears to be primarily controlled by a swarm of Quartz-feldspar porphyry dykes that anastomose from depth towards the silver mine at surface”.

ON MINING

  • Capstone Copper Corp. reported financial results for Q4 and full-year 2025 with some figures from its Mexican operations. The company had a consolidated 2025 production of 224.8 K tonnes Cu at cash cost $2.44 per Lb Cu, net income of US$315.6 M, adjusted EBITDA of US$952.7 M and net debt of US$780.1 M. At Cozamin, in Zacatecas, the company produced 25,348 tonnes Cu in the year, 6,170 tonnes Cu in Q4, at cash cost $1.32 per Lb Cu in 2025 (the lowest for Capstone in an average of $2.00 per Lb Cu).
  • Starcore International Mines Ltd. filed results “for the third quarter ended January 31, 2026”. During the period the San Martín unit in Querétaro milled 52.6 K tonnes grading 1.33 gpt Au, 18.3 gpt Ag, recovering 85.7% Au, 46.4% Ag. Revenue was C$13.5 M, earnings of C$6.2 M and net income C$1.3 M.

ON FINANCING

  • Silver Spruce Resources Inc. announced a non-brokered private placement to raise proceeds of up to C$2 M (Pino de Plata, Chihuahua).
  • Elemental Royalty Corp. signed an amendment to the existing revolving credit facility, which was upsized to US$150 M with a US$50 M accordion feature (royalty on Mercedes, Sonora).
  • Aura Minerals Inc. announced its issuer credit rating was upgraded “by S&P Global Ratings from ‘B+’ to ‘BB-’, with stable outlook and, on national scale, S&P upgraded Aura’s Brazilian National Scale rating from ‘brAA’ to ‘brAA+’ and revised the outlook from positive to stable” (Aranzazu, Zacatecas).
  • Pan American Silver. intends to renew its normal course issuer bid to purchase up to 21 M of its common shares, or up to 5% of Pan American Silver’s issued and outstanding shares (La Colorada, Zacatecas).
  • Highlander Silver Corp. received approval to list its common shares on the NYSE American LLC (Mercedes, Sonora).

ON RESOURCES AND DEVELOPMENT

  • Kootenay Silver Inc. announced additional assay results from nine drill holes at its Columba project in Chihuahua. Approximately 17,000 m have been drilled on 24 holes of the planned 50,000-60,000 m expansion program on the 54.1 M Oz Ag contained in 5.92 M tonnes grading 284 gpt Ag. Highlighted true width intervals comprise 0.42 m @ 1,020 gpt Ag, 0.7% Pb, 1.6% Zn; 12.64 m @ 76 gpt Ag, 0.1% Pb, 0.2% Zn; 5.3 m @ 503 gpt Ag, 0.1% Pb, 0.6% Zn (including 0.58 m @ 3,620 gpt Ag, 0.1% Pb, 0.8% Zn); 9.29 m @ 31 gpt Ag, 0.4% Pb, 1.3% Zn; 3.04 m @ 98 gpt Ag, 0.1% Pb, 2.1% Zn; 1.92 m @ 6 gpt Ag, 1.2 % Pb, 4.5% Zn; 6.08 m @ 319 gpt Ag, 0.1% Pb, 0.6% Zn (including 2.0 m @ 687 gpt Ag, 0.2% Pb, 0.8% Zn).
  • Advance Metals Ltd. reported drilling results from its Yoquivo project in Chihuahua. Highlighted core length intervals comprise 1.82 m @ 2.8 gpt Au, 20 gpt Ag; 10.4 m @ 0.4 gpt Au, 69 gpt Ag; 67.88 m @ 0.9 gpt Au, 68 gpt Ag (Including 23.89 m @ 1.7 gpt Au, 123 gpt Ag). The company stresses current results “support a potential transition at Yoquivo from an exclusively narrow-vein underground opportunity toward a scalable development scenario potentially incorporating both underground and bulk tonnage open-pit mineralisation”.
  • Pan American Silver Corp. reported drill results from the southeastern and eastern Candelaria zones of the La Colorada mine in Zacatecas. Highlighted true width intervals comprise 11.6 m @ 0.81 gpt Au, 241 gpt Ag, 0.17% Cu, 2.1% Pb, 4.5% Zn; 1.03 m @ 6.19 gpt Ag, 9,730 gpt Ag, 1.22% Cu, 2.6% Pb, 5.7% Zn; 5.13 m @ 0.77 gpt Au, 1,000 gpt Ag, 0.29% Cu, 3.7% Pb, 6.7% Zn; 65.63 m @ 0.12 gpt Ag, 101 gpt Ag, 0.07% Cu, 0.3% Pb, 2.5% Zn; 9.27 m @ 0.27 gpt Au, 332 gpt Ag, 0.32% Cu, 3.8% Pb, 8.4% Zn and a core length interval of 26.35 m @ 0.1 gpt Au, 22 gpt Ag, 1.1% Pb, 2.5% Zn. “Exploration drilling between the Cristina and San Gerónimo systems has resulted in the discovery of at least four new veins and associated contact-related replacement mineralization”.
  • Luca Mining Corp. reported assay results from its ongoing 2026 drilling program at the Tahuehueto mine in Durango. Highlighted core length intervals comprise 1.7 m @ 3.06 gpt Au, 58 gpt Ag, 1.08% Cu, 2.4% Pb, 9.9% Zn; 7.6 m @ 14.27 gpt Au, 47 gpt Ag, 0.33% Cu, 2.6% Pb, 1.2% Zn (including 2.6 m @ 25.13 gpt Au, 25 gpt Ag, 0.1% Pb, 0.2% Zn); 15.9 m @ 0.83 gpt Au, 63 gpt Ag, 0.68% Cu, 0.8% Pb, 1.3% Zn; 1.9 m @ 1.38 gpt Au, 178 gpt Ag, 2.38% Cu, 0.8% Pb, 0.7% Zn; 13.2 m @ 6.66 gpt Au, 17 gpt Ag, 0.2% Pb, 0.7% Zn. “Initial drilling has intersected high-grade gold mineralization in breccia zones, immediately below current mine workings, confirming continuity of breccia-hosted mineralization within the Creston vein system”.
  • Sonoro Gold Corp. announced results of a new mineral resource estimate (MRE) and an updated preliminary economic assessment (PEA) on the Cerro Caliche project in Sonora. The study base case at $3,500 per Oz Au, $48 per Oz Ag includes a pre-tax NPV (-8%) of $360 M, pre-tax IRR of 65%, after-tax NPV of $224 M and after tax IRR of 50%, with recoveries of 72% Au, 27% Ag, a 10-year LOM with 459 K Oz AuEq , cash costs of $1,842 per Oz AuEq and an AISC of $1,902 per Oz AuEq, with a 1.7 years payback period.

ON DEALS AND CORPORATE ISSUES

  • Royalties Inc. reported that “the Federal Prosecutor filed formal opposition to Capstone Gold’s constitutional challenge called an Amparo against a Zacatecas appellate ruling that upheld MPZ’s royalty rights over disputed mining royalty payments. …. The Federal Court will likely take 4-6 months to process the above recommendation to uphold the lower court decisions and it overturns State decisions in only 3% of cases” (disputing royalty on some Cozamin claims, Zacatecas).
  • Heliostar Metals Ltd. entered into a binding agreement with Zacatecas Silver Corp. pursuant to which Heliostar will grant Zacatecas the option to acquire a 100% interest in non-core exploration projects Cúmaro (Sonora), La Lola (Sonora), Oso Negro (Sonora) and Ejutla (Jalisco?). The agreement consists of staged payments to Heliostar over the next three years totalling $450 K in cash and $750 K in shares of Zacatecas Silver, with $150 K in cash and $300 K in shares being paid upon closing. Heliostar will retain a 2% NSR on the property with 1% available to repurchase before production for $2 M.
  • Madoro Metals Corp. informed on the proposed reverse takeover with Narrow River Resources Pty Ltd. Madoro and NRR continue to advance and progress as expected in the TSX Venture Exchange requirements, including technical reporting, preparation of transaction documentation, and assembly of required regulatory filings. The parties remain committed to moving the proposed transaction forward (Yautepec, Oaxaca).
  • Vizsla Silver Corp. provided an update of the situation at the Panuco project in Sinaloa, announcing that the company “has been focused on supporting the families of the ten colleagues taken from its project site in Concordia, as well as its employees, through a time of pain, grief, and uncertainty … Vizsla Silver continues to cooperate fully with Mexican authorities as search efforts and the broader investigation proceed. The Company remains committed to supporting the authorities in their work and will continue to provide updates as confirmed information becomes available. The safety and security of employees, contractors, and community members remain Vizsla Silver’s highest priority. The Company continues to review and strengthen its security protocols in close coordination with local authorities”.
  • Altius Minerals Corp. and Lithium Royalty Corp. announced the completion of their plan of arrangement. It was approved by LRC shareholders at a special meeting of shareholders held on February 26, 2026 with 99.8% of all votes cast being in favor of the arrangement (royalty on Cuale, Jalisco).
  • Mithril Silver and Gold Ltd. announced the appointment of James Barr as Vice President, Exploration (Copalquin, Durango).
  • Endeavour Silver Corp. announced the appointment of George Paspalas to the board of directors, the retirement of Don Gray as Chief Operating Officer and the appointment of Luis Castro as Chief Operating Officer (Terronera, Jalisco).
  • Heliostar Metals Ltd. announced the addition of Tara Gilfillan as a non-executive director and Audit Chair to the board of directors (Ana Paula, Guerrero).

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

On the image below: chlorite alteration and specularite veining on volcanosedimentary rocks, HQ core. Picture by Jorge Cirett.

The Mining and Exploration News in Mexico; Highlights on the Third Week of February 2026

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By Jorge Cirett

During the 8th week of the year (February 16th to February 22nd, 2026), companies working in Mexico released 54 press releases. Five companies informed on early-stage properties work, eleven presented quarterly and full-year reports, one company is working on an expansion project and one more release its guidance for 2026. Six companies updated on financing rounds, one company granted options, one company consolidated shares, three more declared dividends and eight were recognized as top companies. Nine companies presented updates on advanced properties, while five companies informed on deals and corporate issues. ON MEXICO ISSUES, The Mexican government is assessing to open oil and gas fracking, a previously no-go zone. Vizsla Silver continues operations in Sinaloa. ON EXPLORATION, in Chihuahua, Kingsmen Resources is to drill at Las Coloradas. In Sinaloa, Mercado Minerals informed on exploration and surveys at Copalito. In Durango, Canasil Resources is to drill at Vizcaíno; Silver Wolf Exploration is to drill the Ana María project. In Oaxaca, EV Resources informed on work at Los Lirios. ON MINING, Starcore International Mines, Alamos Gold, Torex Gold Resources, Equinox Gold, Pan American Silver, Coeur Mining, Discovery Silver, Royal Gold, Avino Silver and Gold Mines, Newmont and First Majestic Silver presented quarterly and full-year 2025 reports. Luca Mining is working on an expansion project for its Campo Morado mine in Guerrero. Capstone Copper released its 2026 guidance. ON FINANCING, six companies informed on financing rounds: Silver Tiger Metals (C$57.5 M), Regency Silver (C$4 M), Tocvan Ventures (C$10 M), Silverco Mining (C$62.5 M), Algo Grande Copper (C$7 M) and Orex Metals amended terms on a previously announced placement. Silver Wolf Exploration granted stock options. Infinitum Copper and Canuc Resources informed on share consolidation programs. Equinox Gold, Alamos Gold and Teck Resources informed on dividends. Eight companies made it to the 2025 TSX Venture Exchange Top 50, seven of which have the term silver on its name: Apollo Silver, Guanajuato Silver Company, Sierra Madre Gold and Silver, Capitan Silver, Silver Viper Metals, Santacruz Silver Mining, Southern Silver Exploration and Goldgroup Mining. ON RESOURCES AND DEVELOPMENT, GR Silver mobilized drill rigs to Plomosas, in Sinaloa. Sierra Madre Gold and Silver is expanding production at La Guitarra, Estado de México. Pacifica Silver released drill results from Claudia, in Durango. Luca Mining released interesting drill results from its Campo Morado mine in Guerrero. Alamos Gold reported 2025 its MRE for the Mulatos district in Sonora. Hecla Mining reported 2025 MRE for San Sebastián in Durango. Defiance Silver updated on drilling results at its Zacatecas project. Newmont reported mineral reserves and resources for Peñasquito, in Zacatecas. Orla Mining released a PEA for Camino Rojo underground in Zacatecas. ON DEALS AND CORPORATE ISSUES, EV Resources and Kootenay Silver entered into marketing services agreements.  Discovery Silver and Hecla Mining announced appointments to the board. Bear Creek Mining shareholders voted for the arrangement with Highlander Silver.   ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • Mexico’s president Claudia Sheinbaum acknowledged that the federal government through Pemex (Petroleos Mexicanos) assesses the possibility of using fracking to recover gas and oil in Mexican soil.
  • Feliciano Castro, economy secretary in Sinaloa, informed Vizsla Silver is to continue operations in Sinaloa. This after the recent violence that affected its workers in the Concordia community.

ON EXPLORATION

  • Canasil Resources Inc. announced the drill permit application for the Vizcaino project in Durango is in progress. The program envisages 1,050 m of diamond drilling in six holes. A phase 2 program of 1,450 m in eight holes is to follow after the evaluation of results. “The outcrops show classic banded epithermal textures typical of the higher levels of epithermal vein systems”.
  • Kingsmen Resources Corp. informed the upcoming drill program at Las Coloradas in Chihuahua “will comprise step-out and deeper drilling around the high-grade silver mineralization intersected in the Soledad and Soledad II vein/structures. Drilling on the Soledad vein/structure has tested very specific targets and approximately 700 meters of the system remains to be drilled. With only one shallow hole drilled, the ~1.7 km-long Soledad II vein/structure offers excellent discovery potential”. Targets to be tested include Saddle, Silvia/La Plata and Almoloya.
  • Silver Wolf Exploration Ltd. announced that a drill contract has been signed, and a drill rig mobilized to the Ana María property in Durango. The company intends to commence a 3,000 m 13-hole drill program.
  • EV Resources Ltd. informed antimony ingots were produced on preliminary metallurgical testing at Los Lirios project in Oaxaca. “EVR utilised stockpiles of material from the Lirios 1 and Lirios 2 East open pits to conduct preliminary direct-to-smelter testing”.
  • Mercado Minerals Ltd. informed its technical team has been mapping, sampling and preparing an incoming 3,000 m drilling program at its Copalito project in Sinaloa. A drone based magnetic survey and a drone LiDAR survey have been completed, while soil sampling presents 25% advance. Geological mapping has identified three new areas with mineralization hundreds of meters from previously known targets.

ON MINING

  • Starcore International Mines Ltd. announced production results for its third fiscal quarter ended January 2026. At San Martín, in Querétaro, 52.6 K tonnes were processed grading 1.33 gpt Au, 18.3 gpt Ag, recovering 85.7% Au, 46.4% Ag, to produce 2,162 gpt AuEq. “… the exploration carried out over the past six months to extend the high-grade ore bodies in the northern part of the current operation was successful. We have begun mining these new highgrade extensions which are grading approximately 5 grams of gold and 80 grams of silver per ton”.
  • Alamos Gold Inc. presented its fourth quarter and year-end 2025 results, including figures from its Mexican operations. On a consolidated basis the company produced 545,040 Oz Au at a cash cost of $1,077 per Oz Au and an AISC of $1,524 per Oz Au in the year and 141,500 Oz Au in the quarter. At the Mulatos District, in Sonora, Alamos Gold produced 40,100 Oz Au in the quarter and 141,600 Oz Au in the year at cash cost $947 per Oz Au and an AISC of $1,018 per Oz Au.
  • Torex Gold Resources Inc. reported its financial and operational results for Q4 of 2025. At its Morelos property in Guerrero, the company produced 117,325 Oz AuEq in the quarter, at cash cost $1,499 per Oz AuEq and an AISC of $1,905 per Oz AuEq. For the year, production was 461,420 Oz AuEq at cash cost $1,376 per Oz AuEq and an AISC of $1,783 per Oz AuEq. “The Company plans to invest a record $77 million in exploration and drilling in 2026 including $43 million at Morelos. Drilling at Los Reyes remains suspended given the security environment within the State of Sinaloa…”.
  • Equinox Gold Corp. reported its financial and operational results for Q4 and full-year 2025, without disclosing figures from its Mexican operations. The company had a consolidated production of 856,908 Oz Au at cash cost $1,416 per Oz Au and an AISC of $1,809 per Oz Au. Operations at Los Filos, in Guerrero, were terminated on April 2025 because of the rejection of the community to grant land access.
  • Pan American Silver Corp. reported fourth quarter and year-end 2025 financial results, without disclosing figures by operation. The company produced 22.8 M Oz Ag, 742.2 K Oz Au, 3 K tonnes Cu, 27 K tonnes Pb, 55.9 K tonnes Zn, an AISC of $13.88 per Oz Ag. “The Company is now evaluating a potential phased approach to developing the La Colorada mine and Skarn project with the aim of maximizing the overall value of the deposit. A phased approach would allow the Company to focus on a higher grade, lower tonnage and less capital intensive initial stage with the option to be followed by a later expansion to target lower grade material”.
  • Coeur Mining Inc. reported fourth quarter and year-end 2025 financial results, including figures from its Mexican operations. The company produced 419,046 Oz Au, 18.2 M Oz Ag, at cash cost $1,347 per Oz Au, $17.69 per Oz Ag. At Las Chispas, in Sonora, the company milled 403 K tonnes during 2025, grading 4.4 gpt Ag, 409 gpt Ag, recovering 97.1% Au, 97.2% Ag, to produce 54,705 Oz Au, 5.1 M Oz Ag, at cash cost $1,649 per Oz Au, $19.11 per Oz Ag, generating US$285.8 M in free cash flow. At Palmarejo, in Chihuahua, 1.75 M tonnes were milled grading 1.9 gpt Au, 130 gpt Ag, recovering 94.2% Au, 88.7% Ag, to produce 100,768 Oz Au, 6.5 M Oz Ag, at cash cost $871 per Oz Au, $15.85 per Oz Ag, generating US$154.5 in free cash flow. At the end of the period Coeur had US$554 M in cash and total debt of US$341 M.
  • Discovery Silver Corp. announced financial and operating results for the fourth quarter and full-year 2025. The company produced 66,718 Oz Au during 2025 at cash cost $1,185 per Oz Au and at an AISC of $2,034 per Oz Au, out form Mexico. During Q4 2025 the company engaged a third-party assessment on the use of natural gas power sources at Cordero, in Chihuahua, completed a geotechnical assessment work on the planned upgrade of the local water treatment plant and is evaluating the potential to establish solar farms around the project site, while working with the various governmental bodies involved in issuing the permits for the project.
  • Royal Gold Inc. released results for Q4 and full year 2025, including figures from its Mexican operations. For 2025 the company had revenue of US$1,030. 5 M. Royalties in the year from Peñasquito in Zacatecas amounted to US$70.2 M and from Mercedes in Sonora to US$3.5 M.
  • Avino Silver & Gold Mines Ltd. provided an outlook for 2026 and key 2025 milestones. During 2025 production results were 1.16 M Oz Ag, 7,621 Oz Au, 5.7 M Lb Cu. The company changed the planned mining method for La Preciosa, in Durango, to allow for a 500 tpd rate of extraction by H2 2026. “In the fourth quarter, La Preciosa contributed nearly 12,000 tonnes of mill feed”. In 2026 the company expects to process 725 – 750 K tonnes sourced from La Preciosa and Avino mines, to produce 1.0 – 1.2 M Oz Ag, 5 – 7 K Oz Au and 6.0 – 7.5 M Lb Cu at cash cost $18 – $20 per Oz AgEq and an AISC of $24 – $26 per Oz AgEq. Plans for 2026 include 30,000 m of drilling at La Preciosa and Avino.
  • Newmont Corp. announced fourth quarter and full year 2025 results, including figures from its operations in Mexico. During the year 5.89 M Oz Au were produced globally. At Peñasquito, in Zacatecas, 415 K Oz Au, 28 M Oz Ag, 28 K tonnes Pb, 58 K tonnes Zn were produced at an AISC of 1,491 per Oz AuEq. Guidance for 2026 is 185 K Oz Au, 32 M Oz Ag, 90 k tonnes Lead, 220 K tonnes Zn.
  • First Majestic Silver Corp. announced Q4 and year 2025 audited consolidated financial results. In 2025 the company produced 15.4 M Oz Ag, 147,433 Oz Au (342 Oz Au produced out from Mexico) at cash cost $15.07 per Oz AgEq and an AISC of $21.17 per Oz AuEq. During the year, at Los Gatos in Chihuahua, 5.87 M Oz Ag, 3,121 Oz Au (8.9 M Oz AgEq) were produced at cash cost $12.91 per Oz AgEq and an AISC of $15.15 per Oz AgEq. At San Dimas in Durango, 5.38 M Oz Ag, 55,724 Oz Au were produced at cash cost $14.97 per Oz AgEq and an AISC of $19.62 per Oz AgEq. At Santa Elena, in Sonora, 1.42 M Oz Ag, 88,107 Oz Au were produced at cash cost $14.36 per Oz AgEq and an AISC of $17.96 per Oz AgEq. At La Encantada, in Coahuila, 2.76 M Oz Ag, 137 Oz Au were produced at cash cost $23.61 per Oz AgEq and an AISC of $29.96 per Oz AgEq.
  • Luca Mining Corp. is working on an expansion project led by Ausenco for its Campo Morado mine in Guerrero. The project focuses on bulk flotation and recovery of precious metals from pyrite concentrates. A second phase will evaluate methods to recover Au and Ag from tailings, including cyanide leaching, Albion process, and Pressure Oxidation.
  • Capstone Copper Corp. released 2026 annual production guidance, including figures for its Mexican operations. Consolidated copper production is forecast between 200 -230 K tonnes at cash cost $2.45 to $2.75 per Lb Cu. Total sustaining capital expenditures are set at US$270 M. For Cozamin in Zacatecas, production is estimated between 21 to 24 K tonnes Cu, at cash cost $1.55 to $1.85 per Lb Cu, with ore production grades estimated at 1.8% Cu.

ON FINANCING

  • Mexico Financing in Q4 2025. over US$1.5 billion was channeled to mining companies in Mexico through financing rounds in the last quarter of 2025. Companies with operating mines or properties near production took 77% of these funds, with Endeavour Silver, First Majestic Silver and Vizsla Silver (the three silver miners), taking over US$300 M each to their coffers. Companies with advanced properties raised 19% of the total while exploration companies accrued 4% of the funds.
  • Silver Tiger Metals Inc. closed its previously announced bought deal offering for gross proceeds of C$57.5 M (El Tigre, Sonora).
  • Regency Silver Corp. arranged a non-brokered private placement for aggregate gross proceeds of C$4 M (Dios Padre, Sonora).
  • Tocvan Ventures Corp. closed its previously announced bought deal private placement for aggregate gross proceeds of C$10 M, including the full exercise of the over-allotment option (Gran Pilar, Sonora).
  • Silverco Mining Ltd. closed its previously announced bought deal offering for aggregate gross proceeds of C$62.5 M. Insiders of the company subscribed for C$11.2 M (Cusi, Chihuahua).
  • Algo Grande Copper Corp. upsized its previously announced non-brokered private placement to accrue up to C$7 M in gross proceeds (Adelita, Sonora).
  • Orex Metals Inc. amended the terms of its previously announced non-brokered private placement. The hold period has been increased to twelve months from four months previously. The anticipated closing of the offering is now March 4, 2026, with the correct warrant price being C$0.22 (Sandra, Durango).
  • Silver Wolf Exploration Ltd. granted 2.3 M incentive stock options to directors, officers, consultants and employees (Ana María Durango).
  • Infinitum Copper Corp. announced the completion of its eight to one share consolidation is to take effect on February 20, 2026 (Adelita, Sonora).
  • Canuc Resources Corp. announced its shares have been consolidated on a ten to one ratio (10:1) on February 18, 2026 (San Javier, Sonora).
  • Equinox Gold Corp. declared an inaugural quarterly cash dividend (Los Filos, Guerrero).
  • Teck Resources Ltd. has declared an eligible dividend on its outstanding class A common shares and class B subordinate voting shares to be paid on March 31, 2026 (San Nicolás, Zacatecas).
  • Alamos Gold Inc. authorized a 60% increase to its quarterly dividend to US$0.04 per common share (Mulatos, Sonora).
  • Apollo Silver Corp. has been recognized as a 2026 Top Company by the TSX Venture Exchange (Cinco de Mayo, Chihuahua).
  • Guanajuato Silver Company Ltd. has been included in the 2025 TSX Venture 50 list of top performing companies. Additionally, the company entered in a service agreement with Epstein Research for investor relations services, for a US$2 K monthly fee (El Cubo, Guanajuato).
  • Sierra Madre Gold and Silver Ltd. has been recognized as a 2026 Top 50 company by the TSX Venture Exchange. The company granted 1 M stock options to employees and consultants (La Guitarra, Estado de México, Estado de México).
  • Capitan Silver Corp. has been included in the TSX Venture 50 list (undisclosed project in Mexico).
  • Silver Viper Minerals Corp. announced its inclusion in the 2026 TSX Venture 50 (La Virginia, Sonora).
  • Santacruz Silver Mining Ltd. announced it ranked first overall on the 2026 TSX Venture 50 list (Zimapán, Hidalgo).
  • Southern Silver Exploration Corp. has been included in the TSX Venture 50 (Cerro Las Minitas, Durango).
  • Goldgroup Mining Inc. announced its inclusion in the TSX Venture 50 list of top performing companies (Cerro Prieto, Sonora).

ON RESOURCES AND DEVELOPMENT

  • GR Silver Mining Ltd. announced the mobilization of multiple drill rigs to the San Marcial area of its Plomosas project in Sinaloa. The company intends to expand “the footprint of the mineralized system hosted in a chlorite-rich hydrothermal breccia, by an additional 200 metres along strike” and conduct step-put drilling for resource expansion aiming to produce a preliminary economic assessment (PEA) late in 2026. The exploration office has been relocated to Durango, to address recent operational challenges in Sinaloa.
  • Sierra Madre Gold and Silver Ltd. informed the first expansion stage at La Guitarra plant in Estado de México is to increase production rates from 500 tonnes pe day (tpd) to 750-800 tpd of processing capacity. To achieve these production rates the company has acquired two new scoop trams, one used scoop tram and is rebuilding two existing scoops. Four haulage trucks have been purchased along a front end loader.
  • Pacifica Silver Corp. released assay results from nine holes of its phase 1 diamond drilling program at its Claudia project in Durango. Highlighted core length intervals comprise 10.7 m @ 0.33 gpt Au, 11 gpt Ag; 14.35 m @ 0.76 gpt Au, 73 gpt Ag (including 2.2 m @ 2.31 gpt Au, 409 gpt Ag); 8.3 m @ 0.89 gpt Au, 62 gpt Ag; 0.3 m @ 22.3 gpt Au, 156 gpt Ag. The company has completed more than 3,650 m of drilling across 13 holes on the current program that is currently focused on expanding and following mineralized intervals in the Aguilareña vein, step-out drilling in the Justina vein and testing the Mina Vieja and Mina de Oro areas.
  • Luca Mining Corp. announced underground drill results from its ongoing exploration program at Campo Morado, Guerrero. Highlighted core length results comprise 33.5 m @ 0.18 gpt Au, 25 gpt Ag, 0.36% Cu, 0.3% Pb, 1.4% Zn; 41.4 m @ 0.20 gpt Au, 13 gpt Ag, 0.34% Cu, 0.1% Pb, 2% Zn; 14.3 m @ 1.5 gpt Au, 76 gpt Ag, 1.01% Cu, 0.5% Pb, 2.8% Zn; 12.4 m @ 0.96 gpt Au, 21 gpt Ag, 0.44% Cu, 0.1% Zn; 135.7 m @ 1.58 gpt Au, 77 gpt Ag, 0.88% Cu, 0.4% Pb, 1.6% Zn (including 101.5 m @ 1.92 gpt Au, 99 gpt Ag, 0.88% Cu, 0.5% Pb, 2.1% Zn); 22.5 m @ 2.74 gpt Au, 162 gpt Ag, 0.85% Cu, 1.1% Pb, 4.1% Zn. To date, 38 underground diamond drillholes totaling 9,043 m have been completed and 8,682 m have been drilled from 29 surface drillholes at the Reforma, El Rey, Reforma Deeps and Zapata targets.
  • Alamos Gold Inc. reported mineral reserves and reserves for 2025, including figures for its Mexican operations. Globally, the company holds 15.9 M Oz Au in mineral reserves, 5.5 M Oz Au in measured and indicated resources and 2.0 M Oz Au in inferred resources. At the Mulatos District in Sonora the company reported 1.2 M Oz Au in reserves, 0.83 M Oz Au in measured and indicated resources and 0.1 M Oz Au in inferred resources. In the table below can be seen the reserves and resources held in the Mulatos mine, La Yaqui Grande, Puerto del Aire, Cerro Pelón and Carricito deposits.

Hecla Mining Co. reported 2025 year-end mineral reserves and resources, including figures for its Mexican operations. Hecla holds consolidated mineral reserves of 231 M Oz Ag, 2 M Oz Au, measured and indicated resources of 160.9 M Oz Ag, 4.5 M Oz Au and inferred resources of 467.7 M Oz Ag, 6.3 M Oz Au. At San Sebastián, in Durango, the company holds 15 M Oz Ag, 145 K Oz Au, 15 K tons Cu, 23.3 K tons Pb, 35.6 K tons Zn in measured and indicated resources, and 19.2 M Oz Ag, 160 K Oz Au, 3 K tons Cu, 5.5 K tons Pb, 8.1 K tons Zn.  

  • Defiance Silver Corp. provided an update on the current drilling campaign at its Zacatecas project in Zacatecas. The 10,000 m program is designed to confirm extensions to known mineralization and to validate the current geological model that will be used for the upcoming mineral resource estimate. The results are from 2,553 m in five holes, with highlighted core length intervals comprising 4.15 m @ 0.2 gpt Au, 94 gpt Ag0.3% Zn; 1.33 m@ 1.24 gpt Au, 67 gpt Ag, o.7% Pb, 3.1% Zn; 22.57 m @ .03 gpt Au, 103 gpt Ag, 10.65 m @ .17 gpt Au, 211 gpt Ag, 0.2% Zn (including 3.07 m @ 0.28 gpt Au, 579 gpt Ag, 0.2% Zn, which includes 0.55 m @ 0.97 gpt Au, 2,120 gpt Ag, 0.2% Pb, 0.2% Zn); 10.52 m @ 101 gpt Ag, 0.1% Zn.
  • Newmont Corp. reported 2025 global mineral reserves adding up to 118.2 M attributable Oz Au, 12.5 M attributable tonnes Cu and 442 M attributable Oz Ag. At Peñasquito, in Zacatecas, proven and probable mineral reserves stand at 256.6 M tonnes grading 0.49 gpt Au, 30.7 gpt Ag, 0.3% Pb, 0.67% Zn, holding 4.1 M Oz Au, 253.3 M Oz Ag, 0.7 B tonnes Pb, 1.5 B tonnes Zn. Measured and indicated resources stand at 224.9 M tonnes grading 0.23 gpt Au, 26 gpt Ag, 0.24% Pb, 0.60% Zn, containing 1.6 M Oz Au, 188 M Oz Ag, 0.5 B tonnes Pb, 1.4 B tonnes Zn, and 9.2 M tonnes grading 0.2 gpt Au, 24.2 gpt Ag, 0.2% Pb, 0.5% Zn containing 0.1 M Oz Au, 7.1 M Oz Ag. At La Bikina measured and indicated resources stand at 19.9 M tonnes @ 0.37 gpt Au, 13.99 gpt Ag, 9 M Oz Ag, containing 200 K Oz Au and inferred resources of 1.6 M tonnes grading 0.2 gpt Au, 11 gpt Ag.
  • Orla Mining Ltd. released results of a preliminary economic assessment (PEA) for the underground project at its Camino Rojo mine in Zacatecas. The PEA outlines the development for an underground mine standalone operation at Camino Rojo beyond the current open pit heap leach operation supported by its own crushing, grinding, and flotation circuits to produce concentrates. The project envisages a net present value  (5%) of 1.3 B and a 30% internal rate of return (IRR) at a price of $3,100 per Oz Au. It includes mining at an 8,000 tpd rate to process 37.2 M tonnes grading 2.7 gpt Au, 11.5 gpt Ag, 0.39% Zn (2.96 gpt AuEq), producing 215 K Oz Au (228 K Oz AuEq)  per year and a total of 2.8 M Oz Au (2.97 M Oz AuEq) in the 17 years mine life, with cash cost of $1,067 and an AISC of $1,339 per Oz Au. The project includes a capital cost of US$608.1 M.

ON DEALS AND CORPORATE ISSUES

  • EV Resources Ltd. entered into a services agreement with MineMaker LLC, including “identifying and securing non-dilutive funding through U.S. government programs intended to onshore critical mineral supply chains. This includes loans, co-investment opportunities, tax incentives, and procurement mechanisms, as well as securing appropriate assistance for permitting at Federal and State level for the Company’s Nevada assets” (Los Lirios, Oaxaca).
  • Kootenay Silver Inc. entered into a marketing services agreement with Gold Standard Media LLC, an internet marketing and advertising company. Gold Standard will provide certain financial publishing and digital marketing services focused on introducing the company to a broader audience. In exchange for providing these services, Gold Standard will receive an aggregate upfront payment of USD$1 million.  (Columba, Chihuahua).
  • Discovery Silver Corp. announced the appointment of Lee Hodgkinson to the board of directors (Cordero, Chihuahua).
  • Hecla Mining Co. informed Mr. Stephen F. Ralbovsky has retired from the board of directors. Also, Ms. Jill Satre was appointed as “the Chair of the Company’s Audit Committee” (San Sebastián, Durango).
  • Bear Creek Mining Corp. that its share holders have voted in favour of both the previously announced acquisition of the company by Highlander Silver Corp. and the interest deferral agreements entered into between the company and Royal Gold, Inc. and Equinox Gold Corp. at the company’s special meeting (Mercedes, Sonora).

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

On the image below: chlorite flooding and specularite veining on volcanosedimentary rocks, HQ core. Picture by Jorge Cirett.

The Mining and Exploration News in Mexico: Highlights on the Second Week of February, 2026

/ gambusinoprospectormexico / Leave a comment

Near-surface oxidized copper mineralization

By Miguel A Heredia

During the 7th week of the year (February 9th to February 15th 2026), at least 29 press releases were announced by companies working in Mexico, and 1 news publish by the media, with eight announcing financial rounds, six disclosing deals and corporate issues, five commenting on Mexican issues, four informing on exploration results, and three communicating production results.  ON MEXICO ISSUES, Vizsla provided an update on the unfortunate situation in Concordia, Sinaloa. Marcelo Ebrard, Secretariat of Economy, announced that the Mexican government has recovered over 1,100 mining concessions that were not in compliance with the law or were being used for speculation. Pacifica Silver, Capitan Silver, Mithril, Southern Silver, and Minaurum reported the best drilling intercepts in Mexico on the second week of February, 2026. ON EXPLORATION, In Sinaloa, Mercado Minerals received drill permit for its Copalito project. In Durango, Capitan Silver reported the arrival of a second drill rig at its Cruz de Plata project, and Pacifica Silver released assay results from eleven additional drill holes completed at its Claudia project. ON MINING, Teck announced that it will release its Q4, 2025 results on February 19, 2026 (San Nicolas project, Zacatecas). GoGold reported Q4, 2025 production and financial results (Parral tailings project, Chihuahua). Agnico Eagle reported Q4 and full-year 2025 production results for its Pinos Altos operation in Chihuahua; provided production guidance for the years 2026, 2027, and 2028; and informed on the status of its San Nicolas project in Zacatecas. ON FINANCING, Kingsmen closed a bought deal private placement for gross proceeds of CAD $13M (Las Coloradas and Almoloya projects, Chihuahua). Algo Grande announced a non-brokered private placement for gross proceeds of CAD $5M (Adelita project, Sonora). Colibri closed its debenture offering units for gross proceeds of USD $115K (EP project, Sonora). Questcorp announced an upsize of its previously announced non-brokered private placement to up to CAD $3M (La Union project, Sonora). Kootenay closed its previously announced bough deal private placement for gross proceeds of CAD $18M (Columba and La Cigarra projects, Chihuahua). Avino filed a final base shelf prospectus, enabling the company to raise capital by issuing various securities such as shares, warrants, receipts, units, or debt over the next 37 months (Avino mine, Durango). Axo Copper announced that it filed a final short form prospectus in connection with its bought deal public offering of units for aggregate gross proceeds of CAD $35M (San Antonio Gold project, Son). Silver Tiger filed a final short form prospectus to raise over CAD $50M through a bought deal public offering of common shares (El Tigre project, Sonora). ON RESOURCES AND DEVELOPMENT, Southern Silver reported additional assay results from the ongoing drilling program at Puro Corazon claim in its Cerro Las Minitas project in Durango. Minaurum announced results from the first holes of its Phase II, 50,000m resource-expansion drill program at its Alamo project, Sonora. Mithril reported significant progress at its Copalquin project in Durango. Agnico Eagle provided an update on year-end 2025 mineral reserves and mineral resources at their Mexican mine sites and advanced projects. ON DEALS AND CORPORATE ISSUES, Canasil informed that it met the requirements to be listed as a TSX Venture Tier 2 company (Nora project, Durango).  Discovery Silver announced that it will hold an investor day on March 02, 2026 (Cordero project, Chihuahua). Vortex announced that it has engaged the services of Global One Media Limited to provide services for investor marketing (Zaachila and Riqueza Marina projects, Oaxaca).  Defiance Silver signed a five-year surface access agreement at its Green Earth project in Sonora, and granted incentive stock options. Apollo announced that Tom Peregoodoff has been nominated for election to the company´s Board of Directors (Cinco de Mayo project, Chihuahua). Canuc informed that it intends to consolidate its common shares (San Javier Silver-Gold project, Sonora). ON SOCIAL RESPONSIBILITY, No relevant news.

ON MEXICO ISSUES

  • Vizsla Silver Corp., provided an update on the unfortunate situation in Concordia, Sinaloa, focusing on security, operations, and support for affected families and colleagues. The company informed that five of the colleagues who were taken from the company´s project site in Concordia, have been found deceased, and five remain unaccounted for, acknowledging the ongoing uncertainty and difficulty this causes for their families, employees, and the broader community. Vizsla informed that it is actively supporting affected families with practical and financial assistance, including access to appropriate support services. Company representatives are working closely with families to address their evolving needs. The company is also providing grief counseling and flexible work arrangements for its Mexico and Canada-based teams. Vizsla also declared that work on its Panuco project is ongoing, although site operations remain suspended. Much of the near-term advancement is engineering-based and can be conducted remotely, allowing the project to progress towards key milestones. The company remains committed to responsibly developing the Panuco district over the long term and maintaining its investment in the Concordia community. Note of editor.- There have been widespread expressions of outrage and dismay from people across the country over the tragic events in Concordia, reflecting deep frustration with the escalating wave of insecurity affecting the nation. Peaceful marches are being organized in several Mexican cities to protest the growing crime, insecurity, and impunity.
  • Marcelo Ebrard, Secretariat of Economy, announced that the Mexican government has recovered over 1,100 mining concessions that were not in compliance with the law due to non-payment or were being used for speculation. This action is part of the policy implemented by President Claudia Sheinbaum to review and regulate the use of these national assets. During a joint presentation with José Fernando Aboitiz, head of the Coordination Unit for Extractive Activities at the Ministry of Economy, Marcelo Ebrard explained that the concessions, representing approximately 800,000 hectares, have been canceled. For his part, Aboitiz specified that the updated number of recovered concessions amounts to 1,126, which together cover 809,150 hectares, an area comparable to the territorial extension of the state of Querétaro. He also highlighted that within this process, nearly 20,000 hectares located in Protected Natural Areas have been recovered. Regarding the geographic distribution, the canceled concessions are concentrated mainly in states with a long mining tradition, such as Coahuila, Chihuahua, Sonora, Zacatecas, Durango, and Jalisco. On the other hand, the official specified that approximately 90% of the cancellations were made by individuals, not large companies.
  • Pacifica Silver Corp., Capitan Silver Corp., Mithril Silver & Gold Limited, Sothern Silver Exploration Corp., and Minaurum Silver Inc., reported the best drilling intercepts in Mexico on the second week of February, 2026. Details are shown in the table below:

ON EXPLORATION

  • Mercado Minerals Ltd., received exploration drill permit for its Copalito project in Sinaloa. The company is focused on preparing its inaugural 3,000m diamond drill program, which is expected to commence in Q1, 2026.
  • Capitan Silver Corp., reported the arrival of a second drill rig at its Cruz de Plata project in Durango. “The second rig is one of three core rigs that are planned to arrive at the property and will be used to test high-priority targets with the goal of extending advanced high-grade mineralized zones along the Jesus Maria Silver Trend, which also includes the Gully Fault and Peñoles Fault targets”.
  • Pacifica Silver Corp., released assay results from eleven additional drill holes completed at its Claudia project in Durango and also reported that it received new permits authorizing exploration drilling. Drilling highlights include hole 25CLAU059D on Justina vein and hanging wall stockwork with 3.53 g/t Au and 460 g/t Ag (764 g/t AgEq) over 2.1m, including 9.01 g/t Au and 1,175 g/t Ag (1,950 g/t AgEq) over 0.80m; hole 25CLAU064D on Aguilareña vein and foot wall stockwork with 1.51 g/t Au and 68 g/t Ag (198 g/t AgEq) over 6m, including 3.34 g/t Au and 211 g/t Ag (498 g/t AgEq) over 1.65m; and hole 25CLAU047D on Aguilareña vein with 1.09 g/t Au and 25 g/t Ag (118 g/t AgEq) over 4.85m, including 3.64 g/t Au and 74 g/t Ag (387 g/t AgEq) over 0.85m. “The Phase I drill program was completed at the end of December 2025 with a total of 30 holes drilled, and assay results from the first 10 holes were announced on December 15, 2025. Assays from the final nine holes are expected to be reported in the coming weeks”. The company also informed that it has received new permits authorizing exploration drilling at up to 153 additional drill sites. It will allow Pacifica to drill test several high-priority targets identified at Claudia property.

ON MINING

  • Teck Resources Limited announced that it will release its Q4, 2025 results on February 19, 2026 (San Nicolas project, Zacatecas).
  • GoGold Resources Inc., reported Q4, 2025 production and financial results (currency expressed in US dollars). The company produced 456,179 Oz AgEq consisting of 205,104 Oz Ag, 2,914 Oz Au, 215K Lb Cu, and 336K Lb Zn at cash and AISC of $21.45 and $ 28.45 per Oz Ag Eq respectively. GoGold reported revenue of $31.1M on the sale of 486,928 Oz AgEq sold at an average realized price per Oz of $63.88; cost of sale of $11.7M; operating income of $16.16M; net income of $13.3M; cash flow provided by operations of $9.7M, including free cash flow of $18.1M; and cash of $245.6M.
  • Agnico Eagle Mines Limited reported Q4 and full-year 2025 production results for its Pinos Altos operation in Chihuahua; provided production guidance for the years 2026, 2027, and 2028; and informed on the status of its San Nicolas project in Zacatecas (all currency expressed in US dollars).  At Pinos Altos, Chihuahua, the company milled during the period Q4, 2025, a total of 467K tonnes of 1.55 g/t Au to produce 22,195 Oz Au at cash cost and  production cost of $1,927 and $2,572 respectively, and sold 20,604 Oz Au. During 2025, it milled 1.72M tonnes of 1.55 g/t Au to produce 81,734 Oz Au at cash cost and production cost of $2,006 and $2,518 respectively, and sold 80,177 Oz Au. Agnico also provide production guidance for the years 2026 to 2028. It informed that in 2026, 2027, and 2028, the company expects to produce between 70K-80K Oz Au, 70K-80K Oz Au, and 85K-95K Oz Au respectively. At San Nicolas project, Zacatecas (50/50 joint venture with Teck Resources), Agnico continued progressing through its feasibility study and engineering phases.  The project is awaiting permit resolutions, with actions for permits (Environmental Impact Assessment, and Land Use Change) completed and a regulatory decision expected in the first half of 2026. Engineering work is over 30% complete, aiming for about 50% by mid-2026. The company continues to advance drilling and geological evaluation activities near the projected mine area, supporting the development plan. Overall, the project is moving forward with a focus on securing permits and completing engineering to enable potential development soon.

ON FINANCING

  • Kingsmen Resources Ltd., closed a bought deal private placement of 5,777,778 units at a price of CAD $2.25 per unit for gross proceeds of CAD $13M. Gross proceeds will be used for te exploration and advancement of the Las Coloradas and Almoloya projects in Chihuahua, as well as for working capital and general corporate purposes.
  • Algo Grande Copper Corp., announced a non-brokered private placement of up to 7,692,308 common shares at a price of CAD $0.65 per share for gross proceeds of CAD $5M. The company plans to use the gross proceeds to fund exploration activities at the Adelita project in Sonora, including a Phase II drill program and for general working capital purposes.
  • Colibri Resource Corporation closed its debenture offering units for gross proceeds of USD $115K. Each debenture unit consists of USD $1,000 principal amount 10% unsecured convertible debenture, and 5,200 common shares purchase warrants, at a rate of CAD $0.25 per common share (EP project, Sonora).
  • Questcorp Mining Inc., announced an upsize of its previously announced non-brokered private placement to up to 15,000,000 units at a price of CAD $0.20 per unit for gross proceeds of up to CAD $3M. Part of the gross proceeds will be used for exploration work at La Union project in Sonora, as well as general working capital purposes.
  • Kootenay Silver Inc., closed its previously announced bough deal private placement of 8,000,001 units at a price of CAD $2.25 per unit for gross proceeds of CAD $18M. Net proceeds will be used for the advancement of its Columba and La Cigarra projects in Chihuahua, as well as for working capital and general corporate purposes.
  • Avino Silver & Gold Mines Ltd., filed a final base shelf prospectus, dated February 12, 2026, enabling the company to raise capital by issuing various securities such as shares, warrants, receipts, units, or debt over the next 37 months, and is expected to become effective on or about February 19, 2026. This filing aligns with Canadian and US regulations, providing flexibility for future offerings, including public sales or strategic investments. The move aims to support Avino’s ongoing growth and development projects while maintaining compliance with securities laws (Avino mine, Durango).
  • Axo Copper Corp., announced that, dated January 28, 2026, it filed a final short form prospectus in connection with its bought deal public offering of units at a price of CAD $0.70 per unit for aggregate gross proceeds of CAD $35M. If this option is exercised in full, an additional CAD $5.25M in gross proceeds will be raised pursuant to the Offering and the aggregate gross proceeds of the Offering will be CAD $40.25M (San Antonio Gold project, Son).
  • Silver Tiger Metals Inc., filed a final short form prospectus to raise over CAD $50M through a bought deal public offering of common shares at CAD $1.17 each one. If the over-allotment option is exercised in full, additional gross proceeds of CAD $7.5 M will be raised pursuant to the offering and the aggregate gross proceeds of the offering will be CAD $57.5M (El Tigre project, Sonora).

ON RESOURCES AND DEVELOPMENT

  • Southern Silver Exploration Corp., reported additional assay results from the ongoing drilling program at Puro Corazon claim in its Cerro Las Minitas project in Durango. Drilling highlights are shown in the table below:
  • Minaurum Silver Inc., announced results from the first holes of its Phase II, 50,000m resource-expansion drill program at its Alamo project, Sonora. Drilling highlights include hole AL25-163 on Europa Sur vein with 318 g/t Ag, 0.09 g/t Au, 0.35% Cu, 1.6% Pb, and 0.9% Zn (408 g/t AgEq) over 12.35m, including 523 g/t Ag, 0.14 g/t Au, 0.44% Cu, 2.8% Pb, and 1.4% Zn (659 g/t AgEq) over 7m, including 1.032 g/t Ag, 0.27 g/t Au, 0.69% Cu, 5.5% Pb, and 2.4% Zn (1,277 g/t AgEq) over 3.20m; and hole AL25-153 on Europa vein with 240 g/t Ag, 0.06 g/t Au, 0.7% Cu, 1.8% Pb, and 1.5% Zn (374 g/t AgEq) over 2.35m, including 487 g/t Ag, 0.16 g/t Au,  0.95% Cu, 4.2% Pb, and 2.1% Zn (714 g/t AgEq) over 0.55m.
  • Mithril Silver and Gold Limited reported significant progress at its Copalquin project in Durango, confirming a large, high-grade silver-gold mineralized zone at Target 5, which extends over approximately 1.5 km and remains open in multiple directions. The company has also begun maiden drilling at Target 3 and continues resource expansion at Target 1. Hole AP25-017 encountered the most significant drill intercept with 0.07 g/t Au and 165 g/t Ag (170 g/t AgEq) over 3.05m, including 0.11 g/t Au and 229 g/t Ag (237 g/t AgEq) over 0.85m, including 0.09 g/t Au and 265 g/t Ag (271 g/t AgEq) over 0.65m. An aerial magnetic survey is underway to aid target identification and drill planning across the district. Overall, these efforts demonstrate the potential for substantial mineral resources and rapid district-scale growth.
  • Agnico Eagle Mines Limited provided an update on year-end 2025 mineral reserves and mineral resources at their Mexican mine sites and advanced projects. Mineral Reserves and Mineral Resources as at December 31, 2025 are set out in the table below:

ON DEALS AND CORPORATE ISSUES

  • Canasil Resources Inc., informed that it met the requirements to be listed as a TSX Venture Tier 2 company, effective February 9, 2026. The Company’s listing will transfer from NEX to TSX Venture, the Company’s Tier classification will change from NEX to Tier 2, and the Filing and Service Office will change from NEX to Vancouver. The trading symbol for the Company will change from CLZ.H to CLZ. The Company is classified as a ‘Mining’ company (Nora project, Durango).
  • Discovery Silver Corp., announced that it will hold an investor day on March 02, 2026 (Cordero project, Chihuahua).
  • Vortex Metals Inc., announced that it has engaged the services of Global One Media Limited to provide services for investor marketing (Zaachila and Riqueza Marina projects, Oaxaca). 
  • Defiance Silver Corp., signed a five-year surface access agreement to conduct surface exploration, drilling, and engineering studies at its Green Earth project in Sonora. The company also granted 2,720,000 incentive stock options to certain employees, directors, and consultants, to purchase common shares of Defiance at an exercise price of CAD $0.35. It also granted 289,000 deferred share units to certain directors, 458,000 performance share units to certain employees, and 314,000 restricted share units to certain employees.
  • Apollo Silver Corp., announced that Tom Peregoodoff has been nominated for election to the company´s Board of Directors, and if elected, the Board intends to appoint Mr. Peregoodoff as Executive Chair (Cinco de Mayo project, Chihuahua).
  • Canuc Resources Corporation informed that it intends to consolidate its common shares on the basis of ten pre-consolidation common shares for one post-consolidation common share. The Company currently has 284,531,484 common shares issued and outstanding. Upon completion of the Consolidation, the Company will have approximately 28,453,148 common shares issued and outstanding (San Javier Silver-Gold project, Sonora).

ON SOCIAL RESPONSIBILITY

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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, near-surface oxidized copper mineralization (malachite) in an IOCG system in Sonora, Mexico. Photo taken by Miguel A Heredia.