Nine companies released copper results from ten drilling programs in Mexico during the second quarter of 2026. The best copper intercept is, as in the first quarter, from Luca Mining’s drilling at Campo Morado in Guerrero, with 118.2 m averaging 0.76% Cu. The underground diamond drilling results are from the Largo Norte Zone, which “… is a large, 650m long, consistent mineralized VMS body that dips shallowly to the south and ranges from 20 to 60 meters in thickness”.
Intermediate sulfidation epithermal systems represent 50% of the reported copper result, although all in the bottom half of the table. Alamos Silver, Tahuehueto, Zacualpan, Gavilanes and Gran Pilar (this one as a distal part of a porphyry copper system) fall into this category. Santo Tomás is the only porphyry copper deposit with published results, Dios Padre is a strongly zoned Au-Cu-Ag breccia related to a porphyry copper system whereas Adelita can be defined as a skarn distal to a porphyry copper system. Cosalá presents skarn and carbonate replacement (CRD) mineralization.
Looking at a table like this one it is no apparent that over 80% of the copper produced in Mexico comes from porphyry copper deposits, with the bulk of it originating on the Buenavista del Cobre and La Caridad mines in Sonora.
Nineteen companies released silver results from twenty drilling programs in Mexico during the second quarter of 2026. The highest silver intercept is from GRSilver Mining at the San Marcial deposit within its extensive Plomosas project in Sinaloa, with an impressive 45 m intercept averaging over 1,600 gpt Ag. The interval includes an 8.6 m subinterval over 8,600 gpt Ag on this step-out hole that intercepted the chlorite-hematite rich breccia in the contact between a Jurassic volcanosedimentary unit and Oligocene volcanic rocks. The multi-stage hydrothermal breccias present are overprinted by polymetallic intermediate sulfidation epithermal mineralization.
Over sixty percent of the projects in this table correspond either to intermediate or low sulfidation epithermal mineralization systems. The more numerous are those of intermediate sulfidation affinity, including San Marcial, Cruz de Plata, Zacualpan, Gavilanes, Coplaito, Alamos Silver, Zacatecas Silver, Tahuehueto, Low sulfidation epithermal systems in the list comprise Copalquín, Terronera and Claudia, while La Colorada (Sonora) adscription remains debatable. Gran Pilar presents characteristics of intermediate sulfidation epithermal affinity, distal to a porphyry copper system.
The rest of the properties display some of the variety of silver mineralization in the country. Cosalá and Cerro Las Minitas present skarn and carbonate replacement (CRD) mineralization styles, while La Parrill adds intermediate sulfidation epithermal mineralization to that mix and Adelita is a skarn distal to porphyry copper style intrusions. Campo Morado is the only volcanogenic massive sulfides (VMS) property in the table and Santo Tomás is the only porphyry copper deposit. Dios Padre is a strongly zoned breccia associated with porphyry copper style intrusions.
By State, Durango has seven entries in the table, Sonora five and Sinaloa four, while Estado de México, Guerrero, Jalisco and Zacatecas have one each.
During the 26th week of the year (June 22nd to June 28th, 2026), 23 companies working in Mexico posted press releases. As you can see below, the markets are hardly making investments in mining right now and companies are now making deals, rearranging and preparing. Not a single company informed on early-stage property work. One company reached a labor pay agreement, another secured land access and one more mobilized an underground mining crew. One company announced its IPO. Two companies released drill results on their properties while one more received a drilling permit. One company is advancing a mine restart plan and another one received construction permits for two underground operations. Thirteen companies presented news on deals and corporate issues. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, no relevant news. ON MINING,Orla Mining reached an agreement on a bonus for its workforce. Silverco Mining mobilized underground contractors at Cusi in Chihuahua. Equinox Gold secured land access to Los Filos in Guerrero (production was halted back in April 2025 by the lack of it). ON FINANCING. Sinda Ltd. launched its IPO on NYSE. ON RESOURCES AND DEVELOPMENT, Capitan Silver received a key drill permit for Cruz de Plata in Durango. Zacatecas Silver increased the resource at Esperanza, in Morelos. Luca Mining released assays from drilling at Campo Morado in Guerrero. Goldgroup Mining is advancing on the restart of the San Francisco mine in Sonora. Heliostar Metals announced drilling results from Ana Paula in Guerrero. First Majestic received the drilling permits for the Navidad and Santo Niño underground operations at Santa Elena in Sonora. ON DEALS AND CORPORATE ISSUES, Sierra Madre and First Majestic closed the Del Toro mine acquisition in Zacatecas. Discovery Silver, Americas Gold and Silver, Sierra Madre Gold and Silver and Minera Alamos released AGM results. Equinox Gold and Orla Mining updated on inner proceedings regarding their merger. Canasil is to change name to Canadian Silver. Minera Alamos formalized its name change to Mining Americas. Silver Spruce Resources disclosed board changes. Mustang Minerals sells El Cobre, in Veracruz. Frontera Copper and Kupari Investments set Piedras Verdes mine in Sonora for sale. ON SOCIAL RESPONSIBILITY, Equinox Gold published its 2025 sustainability report (Los Filos, Guerrero).
Equinox Gold Secures Long-Term Land Access Agreements with All Three Communities at Los Filos Mine, Planning and Technical Work Underway to Support Mine Restart and Annual Production Expansion: Equinox Gold (Los Filos, Guerrero)
ON FINANCING
Sinda Ltd. Announces Launch of its Initial Public Offering: Sinda (Caracol, Guanajuato)
Minera Sinda debuta en el NYSE: Sinda (Caracol, Guanajuato)
ON RESOURCES AND DEVELOPMENT
Capitan Silver Receives Key Drill Permit for the Cruz De Plata Project and Commences Drilling on Untested High-Priority Regional Targets: Capitan Silver (Cruz de Plata, Durango)
Zacatecas Silver Announces 21% Increase in High-Grade Heap-Leach Updated Gold Mineral Resource at the Esperanza Gold Project to 1.15 Moz AuEq from 45.4 Mt at 0.79 g/t – Grades Above Global Heap-Leach Average & Highest Grades at Surface: Zacatecas Silver (Esperanza, Morelos)
Luca Intersects 28.4 m of 2.3 g/t gold, 135 g/t silver, 0.6% Copper, 1% Lead, and 3.7% Zinc at the El Rey Zone, Campo Morado Mine: Luca Mining (Campo Morado, Guerrero)
Goldgroup Advances San Francisco Restart Plan with Engagement of Leading Mining Contractor Inpromine Goldgroup Mining (San Francisco, Sonora)
Heliostar Expands Expansion Zone and Drills 99.8 Metres Grading 10.9 g/t Gold at Ana Paula: Heliostar Metals (Ana Paula, Guerrero)
First Majestic Receives Construction Permits for Santo Niño and Navidad; Advances Development Across the Santa Elena District: First Majestic Silver (Santa Elena, Sonora)
ON DEALS AND CORPORATE ISSUES
Sierra Madre and First Majestic Announce Closing of Acquisition of the Del Toro Silver Mine for up to US$60M: Sierra Madre Gold and Silver (La Guitarra, Estado de México)
Discovery Announces Annual General and Special Meeting Results Discovery Mining (Cordero, Chihuahua)
Silver Spruce Resources, Inc. Adds Mine Production Knowledge to the Board: Silver Spruce Resources (Pino de Plata, Chihuahua)
Americas Gold and Silver Corporation Announces Election of Directors and Annual Meeting Results: Americas Gold and Silver (Cosalá, Sinaloa)
Orla Mining Announces Receipt of Interim Order and Filing and Mailing of Meeting Materials for Special Meeting of Shareholders to Approve the Arrangement with Equinox Gold Corp. Orla Mining (Camino Rojo, Zacatecas)
Equinox Gold Announces Filing and Mailing of Meeting Materials for the Special Meeting of Shareholders to Approve Business Combination with Orla Mining: Equinox Gold (Los Filos, Guerrero)
Silver Spruce Resources, Inc. Adds Mining, Energy, and Finance Development Expertise to the Board and Announces Director Resignation Silver Spruce Resources (Jackie, Sonora)
Minera Alamos Announces Annual General and Special Meeting Results and Changes Name to Mining Americas Inc.: Minera Alamos – Mining Americas (Santana, Sonora)
Mustang Announces Sale of El Cobre Copper-Gold Porphyry Project: Mustang Minerals (El Cobre, Veracruz)
Frontera y Kupari Anuncian el Inicio del Proceso de Venta Estratégica del Complejo Minero de Cobre de Propiedad Conjunta Piedras Verdes en Sonora, México Frontera Copper and Kupari Investments (Piedras Verdes, Sonora)
Seven companies announced results from diamond drilling campaigns in Mexico during the week. Since September of 2022 not that many companies had released such number of drilling results on any given week.
Regency Silver returned the highest gold intercept at its Dios Padre project in Sonora. The company is doing step-out holes to define the shape of the mineralized bodies. Dios Padre sits within the Santa Rosa de Yecora district, known for multiple occurrences of breccia bodies related to a Cretaceous-Eocene granodioritic batholith intruding andesitic rocks of the Lower Volcanic Group. The batholith contacts are ragged, with a rough circular shape 20 km across when all its outcrops are accounted for. Mineralization in the district is mainly within breccia bodies (often tourmaline bearing) developed at the contacts or within the intrusive rocks, some of which present porphyry copper style mineralization. At Dios Padre the breccias are strongly zoned with Ag-Cu mineralization in the shallower levels that turn into Cu-Au with depth reflecting the increase of temperature within the system.
Heliostar Metals presented results from drilling the Veta Madre pit area at its La Colorada mine in Sonora. The aim of the program is to expand mineralization to allow for a pit cutback intended to commence on Q3 2026. The company completed a technical report with good although scant descriptions of the mineralization, on which the following paragraphs are included: “The deposit type is not well constrained, and a number of deposit types have been suggested. The El Crestón deposit appears to be situated between possible deeper copper porphyry mineralization and a near-surface epithermal environment. Veta Madre is characterized by the presence of breccias and multi-stage quartz veins, developing crustiform textures, banding, and blade textures. Veta Madre is mostly in an advanced state of oxidation, with occasional fresh pyrite and traces of galena and sphalerite observed. The mineralization is mainly associated with quartz veining that occurs in multiple stages …. Occasionally barite and magnetite are identified …. Silver-rich mineralization is associated with polymetallic veinlets of galena, sphalerite, argentite, and occasionally traces of chalcopyrite.”
Endeavour Silver has completed since 2025 forty-three drill holes totaling 7,015 m on the La Luz system and ten drill holes totaling 1,904 m on the Terrenora vein at its Terronera mine in Jalisco. The program focuses on adding resources and helping with mine development plans. As set on the technical report: “…silver and gold mineralization represents the upper portion of an epithermal vein system. Illite, sericite and adularia are characteristic alteration assemblages that typically occur in the veins and in the vein wall rocks… Metallic minerals include galena, argentite, and sphalerite associated with gangue constituents of quartz, calcite and pyrite … comprises classic, high grade silver- gold, epithermal vein deposits, characterized by low-sulphidation mineralization and adularia-sericite alteration”.
Mercado Minerals released results from its 3,000 m inaugural drill program at its Copalito project in Sinaloa. The present news report on holes extending the mineralization footprint of the 5 Señores vein, and the first holes on El Agua vein. Mineralization has been described as of intermediate sulfidation epithermal character.
Impact Silver announced new drill results on the north extension of the Carlos Pacheco vein system at its Nochebuena mine in Estado de México. “Surface drill results reported in this news release are additional holes on the north extension of the Carlos Pacheco Vein and its splay veins for 150m north of the active mine workings …” According to the 2005 technical report, “Silver mineralization at Zacualpan is of the class known as silver-rich intermediate sulphidation epithermal vein deposits.”
Capitan Silver reported additional results from eight holes of the 60,000 m drill program at its Cruz de Plata project in Durango. Current drilling is extending mineralization downdip on the Jesús María trend. Mineralization on the Jesús María trend presents characteristics of intermediate sulfidation epithermal systems, whereas the Capitan Hill zone mineralization is more akin to low sulfidation epithermal systems.
Oroco Resource reported assay results from its phase 2 resource definition drilling program, focused on the South Zone of its Santo Tomás project in Sinaloa. “Phase 2 is designed primarily to convert Inferred resources to the Indicated resource classification in the South Zone and to collect geotechnical, hydrogeological, and additional metallurgical data required for Pre-Feasibility Study (“PFS”) level mine-planning”. Santo Tomás is a porphyry coppery system with gold and molybdenum credits.
