Mineral Resource Estimate

The Mining and Exploration News in Mexico: Highlights on the Fifth Week of May 2025

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By Jorge Cirett

During the 22nd week of the year (May 26th to June 1st, 2025), companies working in Mexico presented 24 press releases. One company presented exploration plans for its property. Seven companies reported quarterly/yearly operational/financial results. Two companies informed on financing rounds, one on its share repurchase program, one another filed due annual financials and is seeking to reestablish trading, one more company declared a quarterly dividend, another company halted trading and one more provided a bi-weekly status report. One company released drilling results of ongoing drilling at one of its operating properties. One other company is proposing amendments to its restricted share unit plan, two more companies reported AGM’s results, one other is to produce a PEA on its property, two more companies announced appointments to the board and another company informed on its lawsuit regarding royalties from mining concessions, finally, another company announced amendments to the option agreement on its property. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, in Sonora, Aztec Minerals announced drilling at its Cervantes property in 2025. ON MINING, Impact Silver, Bear Creek Mining, Luca Mining, Guanajuato Silver Company, Sailfish Royalty, Santacruz Silver Mining and Royalties Inc. presented operating/financial quarterly/yearly results. ON FINANCING, two companies informed on financing rounds: GR Silver Mining (C$1.84 M) and Silver Storm Mining (C$8 M). Coeur Mining authorized a US$75 M share repurchase program. Canasil Resources filed its 2023 and 2024 annual reports on SEDAR+ and is requesting the revocation of a CTO. Alamos Gold declared a quarterly dividend. Mithril Silver and Gold halted trading on ASX. Centenario Gold provided a bi-weekly default status report. ON RESOURCES AND DEVELOPMENT, First Majestic Silver reported a second significant discovery of vein-hosted mineralization within a year at the Santa Elena property in Sonora. ON DEALS AND CORPORATE ISSUES, Torex Gold Resources is to discuss an amendment to the company’s restricted share unit plan. Avino Silver & Gold Mines and Sandstorm Gold informed on their respective AGM’s. Prime Mining is to produce a PEA for its Los Reyes project in Sinaloa. Guanajuato Silver Company and Alamos Gold made appointments to the board. Royalties Inc. updated on the Capstone royalty’s lawsuit. Sandstorm Gold presented AGM’s results. Silver Spruce Resources amended the option agreement on the Pino de Plata property in Chihuahua. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

  • Aztec Minerals Corp. announced plans for a two-phase 2025 exploration program at its Cervantes project in Sonora. The program is focused on the California East, California North and the Brasil targets of the 3,649 ha Cu-Au porphyry property. “The primary objectives … are to continue to define the open pit, heap leach gold potential of the porphyry oxide cap at California, test the down dip extensions of the phyllic alteration in the Qfp intrusive for deeper copper-gold porphyry sulfide mineralization underlying the oxide cap, and test for extensions of mineralization”.

ON MINING

  • Impact Silver Corp. announced its financial and operating results for Q1 2025. During the period revenue of C$10.7 M was obtained, EBITDA reached C$1.0 M and the net loss for the quarter was C$0.1 M. At the quarter-end the company had C$6.6 M in cash and no structural debt. At the Zacualpan property in Estado de Mexico, 35 K tonnes averaging 157 gpt were milled to produce 149.4 K Oz Ag. At the Plomosas mine in Chihuahua, an average of 159 tpd throughput was achieved, in track to reach the targeted design capacity of 200 tpd later in 2025.
  • Bear Creek Mining Corp. reported interim consolidated financial results for Q1 2025. During the period the company mined 102.9 K tonnes averaging 3.00 gpt Au, processed 105.6 K tonnes averaging 2.56 gpt Au, recovered 95% Au to produce 8,262 Oz Au, 36.5 K Oz Ag at its Mercedes mine in Sonora. Revenue was US$23.7 M, with a loss after taxes of US$13.3 M. Also during the period 2,469 m of mine development were completed. At the end of March the company held cash and cash equivalents totaling US$6.7 M, a net working capital deficiency was US$88.2 M. “material uncertainty remains in relation to the ability of the Company to achieve the operating results and cash flow generation from the Mercedes mine necessary to avoid seeking additional financing, which gives rise to significant doubt about the Company’s ability to continue as a going concern. There can be no assurance that the steps management is taking to improve the Company’s liquidity will be successful”.
  • Luca Mining Corp. reported Q1 2025 production and financial results. Consolidated production from the Campo Morado mine in Guerrero and the Tahuehueto mine in Durango from 259.5 K tonnes and 246.3 K tonnes milled was 7,677 Oz Au, 350.7 K Oz Ag, 2.4 M Lb Pb, 11.6 M Lb Zn, 2.5 M Lb Cu (or 21,293 Oz AuEq), at cash cost $1,896 Oz AuEq and an AISC of US$2,251 per Oz AuEq. Revenue was US$38.6 M, a net free cashflow of US$11.7 M and an EBITDA of US$7.6 M. Luca’s cash and cash equivalents are currently US$24.6 M, with a debt of US$8.5 M.
  • Guanajuato Silver Company Ltd. announced financial and production results for Q1 2025. At its El Cubo mines complex, Valenciana mines complex and the San Ignacio mine in Guanajuato, and from the Topia mine in Durango, a consolidated total of 123.6 K tonnes were mined, 128.1 K tonnes milled to produce 380.4 K Oz Ag, 3,347 Oz Au, 699.3 K Lb Pb, 909 K Lb Zn (0r 738 K Oz AgEq). Consolidated cost per Oz AgEq produced was $19.84, $15.90 at El Cubo, $25.90 at Valenciana, $18.09 at Topia, with a consolidated EBITDA of $24.98, $17.82 at El Cubo, $29.13 at Valenciana, $18.40 at San Ignacio and $23.41 at Topia. Revenue was US$21.3 M, with a mine operating income of US$4.8 M, a mine cashflow of US$ 6.3 M, an EBITDA of US$1.1 M and a net loss of US$2.3 M. The working capital is a negative US$17.8 M.
  • Sailfish Royalty Corp. presented its operating and financial results for the first quarter of 2025. The company had revenues of US$587 K, a gross profit of US$562 K and a net loss of US$75.7 K (Gavilanes, Durango).
  • Santacruz Silver Mining Ltd. reported its financial and operating results for the year 2024, including figures from its operations in Mexico. At Zimapan, in Hidalgo, 849.8 K tonnes were processed, averaging 82 gpt Ag, 2.46% Zn, 0.75% Pb, 0.29% Cu, recovering 75% Ag, 78% Zn, 85% Pb, 43% Cu, to produce 1.68 M Oz Ag, 16.3 K tonnes Zn, 5.5 K tonnes Pb, 1.1 K tonnes Cu (or 4.35 M Oz AgEq, 23% of Santacruz’ total production). The company produced a total of 18.78 M Oz AgEq in the year, at a cash cost of $21.90 per Oz AgEq, and an AISC of $26.01 per Oz AgEq, obtaining US$283 M in revenues, a gross profit of US$57.2 M, net income of US$164.5 M, an adjusted EBITDA of US$52.6 M. By the end of the period the company had US$35.7 M in cash and cash equivalents and US$46. M in working capital.
  • Royalties Inc. reported its results for the first quarter of 2025. The company generated dividend and royalty income of US$26.9 K, with US$58.7 K total expenses. Total assets at the end of the period were US$1.34 M, mostly representing investments in the music industry. “As at March 31, 2025, the Company had cash of $141,375 to settle current liabilities of $99,819, excluding a US$2,000,000 contingent liability of a Mexico subsidiary to a defunct company, which the Company is working on to legally cancel” (Bilbao, Zacatecas).

ON FINANCING

  • Coeur Mining Inc. authorized a US$75 M share repurchase program effective through May 31, 2026 (Palmarejo, Chihuahua).
  • GR Silver Mining Ltd. closed its non-brokered private placement for gross proceeds of C$1.84 M (Plomosas, Sinaloa).
  • Canasil Resources Inc. completed the 2023 and 2024 audited financial statements and has filed its 2023 and 2024 annual reports on SEDAR+ on May 28, 2025. “The Company has initiated the steps required towards revocation of the Cease Trade Order (CTO) in order to return to normal trading” (Nora, Durango).
  • Silver Storm Mining Ltd. increased the size of the previously announced best-efforts private placement from C$6 M to gross proceeds of C$8 M. “The Company intends to use the net proceeds from the Offering to commence rehabilitation work of the La Parrilla processing facility, order long lead items required to restart La Parrilla, fund ongoing operations for the next twelve months, and for general corporate and working capital purposes” (La Parrilla, Durango).
  • Alamos Gold Inc. declared a quarterly dividend of US$0.025 per common share (Mulatos, Sonora).
  • Mithril Silver and Gold Ltd. securities will be placed on trading halt on ASX until June  3, 2025, at the request of Mithril, pending the release of an announcement (Copalquin, Durango).
  • Centenario Gold Corp. provided a bi-Weekly default status report regarding its management cease trade order (MCTO). “The Company anticipates that the Annual Filings will be filed on or before June 30, 2025.” (Eden, Durango).

ON RESOURCES AND DEVELOPMENT

  • First Majestic Silver Corp. reported a second significant discovery of vein-hosted mineralization within a year at the Santa Elena property in Sonora, and shared additional drilling results from the Navidad discovery. Exploration drilling 900 m south of the Santa Elena processing plant discovered the Santo Niño epithermal quartz-adularia vein, tracing the vein for over one km and 400 m down-dip. “Confirmed mineralization spans more than 600 m along strike and approximately 200 m down dip, and the upside potential is open in multiple directions …. By drilling beneath the masking andesitic cover into the prospective rhyolite horizon, geologists intercepted the Santo Niño vein and delineated zones of high-grade mineralization”. Highlighted true-width intercepts comprise 1.91 m @ 8.38 gpt Au, 248 gpt Ag (including 0.43 m @ 27.50 gpt Au, 641 gpt Ag); 12.34 m @ 1.65  gpt Au, 113 gpt Ag; 1.84 m @ 4.81 gpt Au, 94 gpt Ag in the new Santo Niño vein, and 6.81 m @ 14.77 gpt Au, 642 gpt Ag; 5.89 m @ 11.11 gpt Au, 215 gpt Ag; 2.47 m @ 21.22 gpt Au, 1,093 gpt Ag; 1.19 m @ 29.51 gpt Au, 919 gpt Ag; 1.17 m @ 24.99 gpt Au, 435 gpt Ag in the Winter vein and 1.61 m @ 4.74 gpt Au, 209 gpt Ag; 3.75 m @ 6.06 gpt Au, 103 gpt Ag; 9.05 m @ 3.31 gpt Au, 55 gpt Ag in the Navidad vein. Nine drill rigs remain active in the property.

ON DEALS AND COPRORATE ISSUES

  • Torex Gold Resources Inc. announced that an amendment to the company’s restricted share unit plan will be included in the matters to be presented to shareholders at the annual and special meeting of shareholders to be held on June 18, 2025 (Morelos Complex, Guerrero).
  • Avino Silver & Gold Mines Ltd. reported shareholders voted in favor of all matters at its AGM held on May 27, 2025 (Avino and La Preciosa, Durango).
  • Prime Mining Corp. selected Ausenco Engineering Canada ULC to lead the work for a preliminary economic assessment (PEA) on its Los Reyes project in Sinaloa. Currently Los Reyes has an estimate of 49 M tonnes averaging 0.95 gpt Au, 34.2 gpt Ag, containing 1.49 M Oz Au, 54 M Oz Ag as indicated resources and 17.2 M tonnes averaging 0.97 gpt Au, 39 gpt Ag, containing 0.54 M Oz Au, 21.6 M Oz Ag as inferred resources.
  • Guanajuato Silver Company Ltd. appointed Mr. Dan Oliver, current director, as lead independent director of the board of directors (El Cubo, Guanajuato).
  • Royalties Inc. presented an update on the Capstone lawsuit. Since 2020 the company has been in a dispute with Capstone Copper Corp. over the ownership of a 2% NSR on five concessions that are now part of thew Cozamin mine in Zacatecas. In April of 2025 the final arguments were filed with the court in Zacatecas, and a decision is expected to be rendered in June 2025. The company estimates that the claim in dispute represents US$1.5 M in potential cash flow per year plus the amount owed on production from 2019.
  • Sandstorm Gold Royalties/Sandstorm Gold Ltd. presented the voting results of its AGM (Royalties on Cosala, Sinaloa).
  • Alamos Gold Inc. released its AGM’s results, and announced the appointment of Alexander Christopher, Chana Martineau, and Richard McCreary to the board of directors (Mulatos, Sonora).
  • Silver Spruce Resources Inc. amended the option agreement on the Pino de Plata property in Chihuahua. “The revised terms include a USD$10,000 cash payment on signing and a future sales participation right set at 10% (ten percent) for the Option period of three years. The participation right is calculated as a percentage of the gross proceeds from any transaction wherein Silver Spruce Resources sells an interest, either in whole or in part, in the project”. The company intends to complete a 2025 drill program, providing an arrangement for access with the landowner is achieved. 

ON SOCIAL RESPONSIBILITY

  • Pan American Silver Corp. released its 2024 Sustainability report, outlining Pan American’s approach and performance in environmental, social and governance (ESG) matters (La Colorada, Zacatecas).

On the image below: Dike seen through brecciated-silicified dike in Sonora. Picture by Jorge Cirett.

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

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Low-angled banded quartz veins

By Miguel A Heredia

During the 21st week of the year (May 19th to May 25th 2025), at least 25 press releases were announced by companies working in Mexico, with eleven disclosing deals and corporate issues, seven announcing financing rounds, four reporting resources and development of their properties, two communicating production results, one commenting on Mexican issues, and none company informing  on exploration results.  ON MEXICO ISSUES, Torex, Mithril, and Minaurum reported the best drilling intercepts in Mexico on the fourth week of May, 2025. ON EXPLORATION, no relevant news.   ON MINING, Golden Minerals reported Q1, 2025 financial results (Velardeña property, Durango). DynaResource presented Q1, 2025 production ad financial results from its San Jose de Gracia property in Sinaloa. ON FINANCING, Kingsmen closed its non-brokered private placement for gross proceeds of CAD$1,135,000 (Las Coloradas project, Chihuahua).  Silver Storm announced a broker private placement for gross proceeds of up to CAD $6M (La Parrilla mine, Durango). Bear Creek disclosed that it has drawn down USD $1.2M from its secured promissory note with Sandstorm Gold Ltd (Mercedes mine, Sonora). Riverside provided an update on its option agreement with Questcorp regarding the Union project in Sonora. Impact Silver closed a tranche of a non-brokered private placement for gross proceeds of CAD $3,930,711.86 (Plomosas mine, Chihuahua). Inomin announced a non-brokered private placement for gross proceeds of up to CAD $200K (La Gitana project, Oaxaca). ON RESOURCES AND DEVELOPMENT, Mithril reported high-grade maiden drill results for a new drill discovery at the target 2 in Copalquin project, Durango. Torex Gold presented remaining results from the 2024 drilling program and initial results from the 2025 drilling program at El Limon-Guajes (ELG) underground in Guerrero. Minaurum announced that through drilling and modelling it has identified a stacked mineralized veins system at its Promontorio-Alamo project in Sonora. Kootenay announced that it is finalizing its maiden Mineral Resource Estimate (MRE) for the Columba project in Chihuahua, based on 211 diamond drill holes over 53,000m of drilling across four main vein trends.  ON DEALS AND CORPORATE ISSUES, First Majestic announced voting results from its annual general meeting of shareholders (Santa Elena mine, Sonora). Sierra metals reminded shareholders to tender their shares by May 23, 2025, as Alpayana’s all-cash takeover offer has already acquired approximately 86.7% of the shares (Bolivar mine, Chihuahua). Mithril appointed BDO Audit Pty Ltd as their new auditor, effective from 20 May 2025, following the resignation of Nexia Melbourne Audit Pty Ltd (Copalquin project, Durango).  Bear Creek appointed its New Senior Vice President, Business Development (Mercedes mine, Sonora). Canuc announced the appointment of a new member to its Board of Directors (San Javier project, Sonora). Oroco invited shareholders, investors, and members of the public to a live virtual Townhall to be held this coming May 28, 2025 from 8:00-10:00 AM Pacific Daylight Time (Santo Tomas project, Sinaloa). Almaden announced early repayment of gold loan with Almadex (Ixtaca project, Puebla). Riverside completed the spin-out of Blue Jay on May 22, 2025 (La Union project, Sonora). Hecla appointed a new member to its Board of Directors (San Sebastian, Durango). Aztec Minerals granted an aggregate of 2.5M stock options to directors, management, and consultants of the company (Cervantes project, Sonora).  ON SOCIAL RESPONSIBILITY, no relevant news.  

ON MEXICO ISSUES

  • Torex Gold Resources Inc., Mithril Silver and Gold Limited, and Minaurum Gold Inc., reported the best drilling intercepts in Mexico on the fourth week of May 2025. Details are shown in the table below:

ON EXPLORATION

  • No relevant news.

ON MINING

  • Golden Minerals Company reported Q1, 2025 financial results (all amounts are expressed in US dollars). In April 2025, the Company completed the sale of its wholly owned Mexican subsidiary, Minera de Cordilleras S. de R.L. de C.V., for total consideration of $600K. The subsidiary held five non-core mining concessions in Mexico, along with accumulated tax loss carry forwards as part of its restructuring program. The company also reported cash inflow of $1.0M from the sale of Velardeña plant 2 in Durango, and water wells. “At March 31, 2025, Golden Minerals had current assets of approximately $4.0M, including cash and cash equivalents of approximately $3.5M. On the same date, it had accounts payable and other current liabilities of approximately $4.9M, which includes $3.0M in deferred revenue for the sale of the Velardeña oxide plant and water wells recorded within Current liabilities held for sale on the interim Condensed Consolidated Balance Sheets. As previously disclosed, the Company ceased mining at the Velardeña mines in Mexico in the first quarter 2024 and subsequently sold the mines and certain related assets. As of March 31, 2025, the Company was owed $232K plus $37K value-added tax (“VAT”) of the $3.0M purchase price for the Velardeña oxide plant and water wells and other minor remaining Velardeña assets.
  • DynaResource Inc., presented Q1, 2025 production ad financial results from its San Jose de Gracia property in Sinaloa (currency expressed in US dollars). The company mined 64,032 tonnes and milled 67.373 tonnes of 3.63 g/t Au with a metallurgical recovery of 73.8% to produce 5,781 Oz Au. DynaResource sold 5,609 Oz Au. The company also reported revenue of $13.7; total operating expenses of $11.57M; income from mining operations of $1.83M; net income of $0.6M; operating cash flow before change in non-cash working capital items of $1.51M; changes in working capital of $0.32M; and cash flow used in operating activities of $1.83.

ON FINANCING

  • Kingsmen Resources Ltd., closed its non-brokered private placement by issuing a total of 1,576,389 units at a price of CAD $0.72 per unit for gross proceeds of CAD$1,135,000. Net proceeds will be used to further advance its Las Coloradas project in Chihuahua, and for working capital.
  • Silver Storm Mining Ltd., announced a broker private placement for gross proceeds of up to CAD $6M from the sale of up to 46,200,000 units at a price of CAD $0.13 per unit. The company plans to use the net proceeds to commence rehabilitation work of the La  Parrilla mine processing facility in Durango, order long lead items required to restart La Parrilla, fund ongoing operations for the next twelve months, and for general corporate and working capital purposes.
  • Bear Creek Mining Corporation disclosed that it has drawn down USD $1.2M from its secured promissory note with Sandstorm Gold Ltd., which has a maximum principal of USD $6.5M and matures in September 2028. The funds are intended for general working capital, and the company plans to seek TSX Venture Exchange approval for a conversion right related to the note, potentially allowing Sandstorm to convert its debt into shares under specific terms.
  • Riverside Resources Inc., provided an update on its option agreement with Questcorp Mining Inc., regarding the Union project in Sonora. As part of the agreement Questcorp issued 6,285,722 common shares (9.9% of its outstanding shares) and made a CAD $25K cash payment to Riverside as per the May 5, 2025 agreement. Riverside is advancing pre-drilling work, including organizing field teams and sourcing water for upcoming drilling activities. The project is located in a mineral-rich area known for gold, silver, lead, zinc, and copper, and Riverside’s technical team is preparing for initial fieldwork and geophysical surveys to refine drill targets. The company is optimistic about the progress and is focused on integrating various data to enhance exploration efforts.
  • Impact Silver Corp., closed a tranche of a non-brokered private placement for gross proceeds of CAD $1,658,999 from the issuance of 8,290,000 LIFE units at a price of CAD $0.20 per listed issuer financing exemption (LIFE) unit, and CAD $2,272,711.86 from the issuance of 12,626,177 units of the company at a price of CAD $0.18 per unit, for a total of CAD $3,930,711.86. The Company intends to use the net proceeds to follow up recent success in its exploration activity at its Plomosas high-grade zinc(-lead-silver) property in Chihuahua, and its prolific silver assets at its legacy Royal Mines of Zacualpan district in Estado de Mexico, as well as invest in operational improvements to improve productivity and throughput.
  • Inomin Mines Inc., announced a non-brokered private placement for gross proceeds of up to CAD $200K. The financing will be comprised of non-flow through units (NFT units) to be sold at a price of CAD $0.035 per NFT unit. Inomin intends to allocate the gross proceeds raised from the sale of the NFT units as follows: 50% for general working capital; 35% to pay non-arm’s length management and geological service fees; 10% for investor relations activities; and 5% for property evaluations (La Gitana project, Oaxaca).

ON RESOURCES AND DEVELOPMENT

  • Mithril Silver and Gold Limited reported high-grade maiden drill results for a new drill discovery at the target 2 in Copalquin project, Durango. The most significant drill intercept was encountered in hole T2DH25-006 with 8.61 g/t Au and 58 g/t Ag over 11.5m, including 25.33 g/t Au and 129  g/t Ag over 3.85m, including 109.5 g/t Au and 325 g/t Ag over 0.85m. Follow-up drilling ~80 metres down dip is planned for the next phase.
  • Torex Gold Resources Inc., presented remaining results from the 2024 drilling program and initial results from the 2025 drilling program at El Limon-Guajes (ELG) underground in Guerrero. Drilling highlights are shown in the table below:

“The results support the Company’s target of further extending the mine life of ELG Underground by identifying new zones of higher-grade mineralization, expanding resources within known areas, and replacing mined reserves”.

  • Minaurum Gold Inc., announced that through drilling and modelling it has identified a stacked mineralized veins system at its Promontorio-Alamo project in Sonora. Drilling highlights are shown in the table below:
  • Kootenay Silver Inc., announced that it is finalizing its maiden Mineral Resource Estimate (MRE) for the Columba project in Chihuahua, based on 211 diamond drill holes over 53,000m of drilling across four main vein trends, and is wrapping out the estimate with experts of SGS Canada Inc. The area is part of a large silver-dominant epithermal system, and remains open along strike and at depth, indicating significant upside potential. The upcoming MRE, expected soon, will quantify the high-grade silver mineralization and mark a key milestone for the project. It will be followed up with the execution of a significant drilling program comprising 20,000 to 30,000m of extension and exploration drilling focused on expanding the resource and is expected to culminate with sufficient data to provide an updated MRE.

ON DEALS AND CORPORATE ISSUES

  • First Majestic Silver Corp., announced voting results from its annual general meeting of shareholders (Santa Elena mine, Sonora).
  • Sierra Metals Inc., reminded shareholders to tender their shares by May 23, 2025, as Alpayana’s all-cash takeover offer has already acquired approximately 86.7% of the shares. Despite efforts by Sierra’s board to secure a commitment from Alpayana to purchase 100% of the company, no such agreement has been made. Shareholders who do not tender may remain minority owners under Alpayana’s control, facing potential conflicts of interest and limited influence over company decisions (Bolivar mine, Chihuahua).
  • Mithril Silver and Gold Limited appointed BDO Audit Pty Ltd as their new auditor, effective from 20 May 2025, following the resignation of Nexia Melbourne Audit Pty Ltd. The change was made to align with their TSXV listing and to engage an international Australian and Canadian registered audit firm. The appointment will be ratified at the 2025 AGM (Copalquin project, Durango).
  • Bear Creek Mining Corporation appointed its New Senior Vice President, Business Development, and drawdown of funds under 2025 Sandstorm note (Mercedes mine, Sonora).
  • Canuc Resources Corporation announced the appointment of a new member to its Board of Directors (San Javier project, Sonora).
  • Oroco Resource Corporation invited shareholders, investors, and members of the public to a live virtual Townhall to be held this coming May 28, 2025 from 8:00-10:00 AM Pacific Daylight Time. In this event, the company will provide a timely update on the Company’s latest developments and strategic vision for the Santo Tomás Copper Project, including permitting progress, community engagement, and next steps in project advancement. (Santo Tomas project, Sinaloa).
  • Almaden Minerals Ltd., announced that it will repay its gold loan to Almadex Minerals Ltd., early by delivering physical gold after selling its Rock Creek mill, expected by August 2025. Under the terms of the gold loan, it was fixed as of may 13, 2025 and the outstanding loan balance determined to be USD $5,194,354. This repayment will improve Almaden´s cash position to approximately CAD $6.5M upon completion of the mill sale and loan repayment (Ixtaca project, Puebla).
  • Riverside Resources Inc., completed the spin-out of Blue Jay Gold Corp., on May 22, 2025, distributing shares to Riverside shareholders. Shareholders of Riverside received one new common share of Riverside and 1/5 of a common share of Blue Jay for each Riverside share they held. The new Riverside shares will begin trading on the TSX Venture Exchange on May 26, 2025. This spin-out is part of Riverside’s strategy to enhance shareholder value and follows a similar successful transaction with Capitan Silver.
  • Hecla Mining Company appointed a new member to its Board of Directors effective May 22, 2025 (San Sebastian, Durango).
  • Aztec Minerals Corp., granted an aggregate of 2.5M stock options to directors, management, and consultants of the company. The stock options are exercisable to acquire common shares at an exercise price of CAD $0.20 per common share for a term of five years (Cervantes project, Sonora). 

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 above, a low-angle banded epithermal quartz veins system in a project in the Sonoran Desert. Photo taken by Miguel A Heredia.

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

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Cu mineraliztion in a sericitic-altered intrusive rock

By Miguel A Heredia

During the 15th week of the year (April 7th to April 13th 2025), at least 30 press releases were announced by companies working in Mexico, with eleven communicating production results, seven disclosing deals and corporate issues, six reporting resources and developments of their properties, three announcing financial rounds, one commenting on Mexican issues, and one informing on exploration results.  ON MEXICO ISSUES, Mithril and Angel Wing reported the best drilling intercepts in Mexico on the second week of April, 2025. ON EXPLORATION, In Nayarit, Angel Wing releases results from the initial 13-hole (1,400m) diamond drill program at its La Reyna project. ON MINING, Capstone announced that it will release its Q1, 2025 results on May 1, 2025 (Cozamine mine, Zacatecas).  Gold Resource declared that it will host a year end 2024 conference call on Wednesday, April 9, 2025. Pan American announced that it will report Q1, 2025 unaudited results on Wednesday May 7, 2025 (La Colorada mine, Zacatecas-Durango). Teck announced that it will release Q1, 2025 Q1, 2025 results on April 24, 2025 (San Nicolas mine, Zacatecas). Aura Minerals reported Q1, 2025 production at its Aranzazu mine, Zacatecas. Endeavour Silver announced Q1, 2025 production results from its Mexican mine operations. First Majestic released Q1, 2025 production results. DynaResource reported Q4 and year-end 2024 production and financial results from its San Jose de Gracia mine in Sinaloa. GoGold announced production results for the quarter ending March 31, 2025 from its Parral tailings property in Chihuahua. Torex reported Q1, 2025 production results from its Mexican operation mines in Guerrero. Gold Resource announced full year 2024 production and financial results for its Don David Gold Mine in Oaxaca.  ON FINANCING, Endeavour closed its bought deal financing for aggregate gross proceeds of USD $45M (San Sebastian mine, Jalisco). Pantera Silver closed a non-brokered private placement for aggregate gross proceeds of CAD $1.65M (Nuevo Taxco project, Guerrero). US Antimony secured a $5M line of credit with Truist bank (Los Juarez project, Queretaro).  ON RESOURCES AND DEVELOPMENT, Altius announced that Orogen recently reported an initial resource estimate for the newly discovered Navidad Vein at the Ermitaño mine, Sonora. DynaResource released metallurgical test work results from its san Jose de Gracia mine, Sinaloa. Tocvan announced the commencement of its next phase of 1,500m RC drilling at Pilar project, Sonora. Mithril reported high-grade channel results and drill results from its Copalquin project in Durango. Orogen announced mineral resource and reserve update on its producing Ermitaño royalty in Sonora, including inferred resource for the Navidad Vein. Heliostar reported drill results for its La Colorada mine, Sonora. ON DEALS AND CORPORATE ISSUES, Xali announced the appointment of its new exploration manager (El Oro project, State of Mexico). Defiance Silver entered into a non-binding letter of intent with Green Earth Metals Inc., a private held company holding a portfolio of assets in Mexico. Bear Creek announced closing of debt amendments (Mercedes mine, Sonora).  Sierra Metals reiterated recommendations to take no action as Alpayana amends hostile bid (Bolivar mine, Chihuahua). Plata Latina completed the sale of the 3% NSR on the Naranjillo project, Guanajuato for a total of USD $6M.  ON SOCIAL RESPONSIBILITY, First Majestic released its 2024 sustainability report

ON MEXICO ISSUES

  • Heliostar Metals Ltd., and Angel Wing Metals reported the best drilling intercepts in Mexico on the second week of April 2025, 2025. Details are shown in the table below:

ON EXPLORATION

  • Angel Wing Metal Inc., releases results from the initial 13-hole (1,400m) diamond drill program at its La Reyna project, Nayarit. Five widely spaced targets were drill-tested: El Polo, Dolorosa North, Dolorosa South, Celeste, and Zorrillo. Drilling highlights at El Polo target area include holes LR-25-005 with 1.6 g/t Au, 30 g/t Ag, 216 ppm Cu, 657 ppm Pb, and 463 ppm Zn over 8.20m, including 2.07 g/t Au, 39 g/t Ag, 246 ppm Cu, 718 ppm Pb, and 472 ppm Zn over 7.1m, including 3.75 g/t Au, 70 g/t Ag, 475 ppm Cu, 1,065 ppm Pb, and 560 ppm Zn over 3.75m; and hole LR-25-013 with 1.01 g/t Au, 60 g/t Ag, 429 ppm Cu, 1,384 ppm Pb, 1,965 ppm Zn over 6.80m, including 1.82 g/t Au, 11 g/t Ag, 86 ppm Cu, 982 ppm Pb, and 492 ppm Zn over 1.45m, including 2.09 g/t Au, 234 g/t Ag, 1,045 ppm Cu, 2,630 ppm Pb, and 4,990 ppm Zn over 1.40m. Drilling highlights at  Dolorosa South includes holes LR-25-001 with 1.52 g/t Au, 12 g/t Ag, 802 ppm Cu, 818 ppm Pb, and 133 ppm Zn over 7.75m, including 1.2 g/t Au, 13 g/t Ag, 325 ppm Cu, 890 ppm Pb, and 156 ppm Zn over 3m, including 2.1 g/t Au, 12 g/t Ag, 1,136 ppm Cu, 487 ppm Pb, and 96 ppm Zn over 3m, including 2.14 g/t Au, 21 g/t Ag, 416 ppm Cu, 1,155 ppm Pb, and 185 ppm Zn over 1.50m, including 3.89 g/t Au, 16 g/t Ag, 1,020 ppm Cu, 20 ppm Pb, and 88 ppm Zn over 1m; hole LR-25-011 with 1.46 g/t Au, 1 g/t Ag, 447 ppm Cu, 38 ppm Pb, and 86 ppm Zn over 1.5m; and hole LR-21-012 with 3.59 g/t Au, 10 g/t Ag, 1,071 ppm Cu,

ON MINING

  • Capstone Copper Corp., announced that it will release its Q1, 2025 results on May 1, 2025 (Cozamine mine, Zacatecas). 
  • Teck Resources Limited announced that it will release Q1, 2025 Q1, 2025 results on April 24, 2025 (San Nicolas mine, Zacatecas).
  • Aura Minerals Inc., reported Q1, 2025 production at its Aranzazu mine, Zacatecas. The company produced 20,456 Oz AuEq.
  • Endeavour Silver Corp., announced Q1, 2025 production results from its Mexican mine operations. Table below shows figures by mine:

First Majestic Silver Corp., released Q1, 2025 production results from its four producing underground Mexican mines. Mine by mine production details are shown in the next table:

  • DynaResource Inc., reported Q4 and year-end 2024 production and financial results from its San Jose de Gracia mine in Sinaloa (all currency amounts are expressed in US dollars). During Q4, 2024, Dyna mined 59,940 tonnes and milled 67,670 tonnes of 4.12 g/t Au with a metallurgical recovery of 75.58% to produce 6,775 Oz Au. The company sold 6,897 Oz Au. During 2024 full year, the company mined 233,782 tonnes and milled 256,676 tonnes of 4.07 g/t Au with a metallurgical recovery of 76.24% to produce 25,677 Oz Au. The company sold 22,003 Oz Au. Dyna also reported for Q4, 2024 revenue of $14.8M and a net income of $0.1M, while for the full year 2024 it reported revenue of $46.5M and a net income of $8M.
  • GoGold Resources Inc., announced production results for the quarter ending March 31, 2025 from its Parral tailings property in Chihuahua. The company produced 210.3K Oz Ag, 3.3K Oz Au, 351.7K Lb Zn, and 262.1K Lb Cu (555.5K Oz AgEq).
  • Torex Gold Resources Inc., reported Q1, 2025 production results from its Mexican operation mines in Guerrero. Figures of the production results are shown in the table below:

The company is on track to achieve annual payable guidance of 400K-450K Oz AuEq.

  • Gold Resource Corporation announced full year 2024 production and financial results for its Don David Gold Mine in Oaxaca. The company produced and sold a total of 18.6K Oz AuEq comprising of 8,598 Oz Au and 817.3K Oz Ag sold at an average price of USD $2,354 and USD $28.75 respectively. Gold Resource reported USD 41.6M cash and cash equivalent as at December 31, 2025; working capital of USD $2.1M; and cash and AISC of USD 42,330 and USD $2,939 per Oz AuEq sold.

ON FINANCING

  • Endeavour Silver Corp., closed its bought deal financing for the issuance of 11,600,000 common shares at a price of USD $3.88 per common share for aggregate gross proceeds of USD $45M (San Sebastian mine, Jalisco).
  • Pantera Silver Corp., closed a non-brokered private placement financing by issuing a total of 6,600,000 units at a price of CAD$0.25 per unit for aggregate gross proceeds of CAD $1.65M (Nuevo Taxco project, Guerrero).
  • US Antimony Corporation secured a $5M line of credit with Truist bank. There are no immediate plans to utilize any borrowing under this new line of credit. The company only intends to utilize this credit facility as needed to support strategic growth initiatives, primarily associated with antimony inventory building (Los Juarez project, Queretaro).

ON RESOURCES AND DEVELOPMENT

  • Altius Minerals Corporation announced that Orogen Royalties Inc., recently reported an initial resource estimate for the newly discovered Navidad Vein at the Ermitaño mine, Sonora.
  • DynaResource Inc., released metallurgical test work results from its San Jose de Gracia mine, Sinaloa, as part of the preparation of an SK 1300 technical report. “The metallurgical test work results from three fresh rock composite samples from the active exploration areas of San Pablo, San Pablo Sur, and La Mochomera show excellent recovery > 95% in all samples using gravity followed by flotation (using standard industry reagents). Additionally, gravity gold recoveries reached up to 33.8%, confirming that the gold mineralization is amenable to conventional gravity gold processing methods such as Falcon concentrators”. 
  • Tocvan Ventures Corps., announced the commencement of its next phase of 1,500m RC drilling at Pilar project, Sonora. Drilling will focus on the 100% controlled expansion area where recent scout drilling returned significant mineralization.
  • Mithril Silver and Gold Limited reported high-grade channel results and drill results from its Copalquin project in Durango. Channel sampling highlights at Las Brujas working area includes 21.5 g/t gold and 337 g/t silver over 1m; 7.71 g/t Au and 170 g/t Ag over 1m; 3.7 g/t Au and 67 g/t Ag over 3m; 8.8 g/t Au and 74 g/t Ag over 2m; 7.85 g/t Au and 128 g/t Ag over 2m; 28.7 g/t Au and 356 g/t Ag over 1m; 15.3 g/t Au and 127 g/t Ag over 1m; 21.8 g/t Au and 156 g/t Ag over 1m; and 4.77 g/t Au and 94 g/t Ag over 1m. Channel sampling highlights at El Peru working area includes 5.66 g/t Au and 155 g/t Ag over 9.5m; 26.8 g/t Au and 1,004 g/t Ag over 2m; and 31.8 g/t Au and 233 g/t Ag over 1m. Mithril also reported the results of the drill hole MTH-LS25-20 at the Target 1, which intersected 9.06 g/t Au and 11 g/t Ag over 2.90m, including 44.7 g/t Au and 43 g/t Ag over 0.5m.
  • Orogen Royalties Inc., announced mineral resource and reserve update on its producing Ermitaño royalty in Sonora, including inferred resource for the Navidad Vein. Ermitaño reserves and resources as of Dec 31, 2024 are shown in the next table:

The company also reported Initial inferred resources for the Navidad vein system of 2.3M tonnes consisting of 5.9M Oz Ag and 249K Oz Au at grades of 81 g/t and 3.42 g/t respectively.

  • Heliostar Metals Ltd., reported drill results for its La Colorada mine, Sonora. Drilling highlights can be seen in the next table:

ON DEALS AND CORPORATE ISSUES

  • Xali Gold Corporation announced the appointment of its new exploration manager (El Oro project, State of Mexico).
  • Defiance Silver Corp., entered into a non-binding letter of intent (LOI) with Green Earth Metals Inc. (GEMS), a private held company holding a portfolio of assets in Mexico. Defiance proposes to acquire all issued and outstanding shares of GEMS in a strategic transaction. GEMS holds rights to three-drill permitted copper-gold-silver molybdenum projects in Mexico´s Sonora desert porphyry copper belt, covering a total of 6,795.22 hectares. The GEMS assets comprise the Victoria, Espiritu, and Los Ocotes project areas  “Under the terms of the LOI, Defiance proposes to issue common shares to GEMS shareholders in exchange for all of the issued and outstanding common shares of GEMS, based on an exchange ratio of 1 Defiance Share for every 4.52 GEMS Shares. In total, Defiance proposes to issue 4,954,613 Defiance Shares of Defiance at a price of CAD $0.255 per share, for a total purchase price of CAD $1,250,000 (excluding the Convertible Debenture Financing)”. Upon the closing of the transaction, GEMS will become a wholly-owned subsidiary of Defiance. In connection with the transaction, Defiance has also agreed to invest in GEMS through an unsecured convertible debenture for a total amount of CAD $150K. The convertible debenture will bear simple interest at 8.0% per annum and will mature two years from the closing of the convertible debenture financing.
  • Bear Creek Mining Corporation announced that it closed the amending agreements with each of Equinox Gold Corporation and Sandstorm Gold Ltd. Bear Creek will temporarily defer monthly interest payments on their existing debt obligations from February 2025 to November 2025, with all deferred interest due by December 31, 2025. The company anticipates issuing a new secured promissory note to Sandstorm in 2025 for up to USD $6.5M to support working capital, pending approval from the TSX Venture Exchange.
  • Sierra Metals Inc., reiterated recommendations to take no action as Alpayana amends hostile bid. The Board asserted that the bid, recently amended to offer CAD $1.1 per share, still undervalues the company. None of the directors or officers intend to tender their shares. The board emphasizes its successful operational improvements and advises shareholders not to act on the hostile bid, which it deems opportunistic and a poor reflection of the company’s true value (Bolivar mine, Chihuahua).
  • Plata Latina Minerals Corporation completed the sale of the 3% NSR on the Naranjillo project, Guanajuato for a total of USD $6M to a wholly-owned subsidiary of Fresnillo plc. The company retains a 2% NSR with Fortuna Mining Corp. on the La Joya project, which is located in the state of Hidalgo.
  • Vizsla Royalties Corp., adopted a new omnibus equity incentive compensation plan to replace the existing stock option plan, effective April 1, 2025. As part of this plan, the company has granted 2,800,000 performance share units (PSUs) to its officers, directors, employees, and consultants, which will vest after one year based on specific performance targets. If these targets are met, each vested PSU can be exchanged for one common share or settled in cash at the discretion of the Board. Approval from the TSX Venture Exchange and disinterested shareholders will be sought at the company’s upcoming annual general meeting in Q3 2025 (Panuco project, Sinaloa).

ON SOCIAL RESPONSIBILITY

  • First Majestic Silver Corp., released its 2024 sustainability report. The report highlights significant achievements, including record safety performance with a 48% reduction in Total Recordable Incident Frequency Rate (TRIFR) and a 70% reduction in Lost Time Injury Frequency Rate (LTIFR). The company also reported a 33% reduction in carbon footprint per tonne of ore processed and invested over USD $1.2M in community projects, resulting in a notable decrease in community complaints.

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 above, Cu mineralization in a sericitic-altered intrusive rock in an IOCG project in Sonora, Mexico. Miguel A Heredia in the photo.