Mineral Resource Estimate

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

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Quartz Vein

By Miguel A Heredia

During the 5th week of the year (January 27th to February 2nd 2025), at least 24 press releases were announced by companies working in Mexico, with nine disclosing deals and corporate issues, eight reporting resources and development of their properties, three announcing financing rounds, three communicating production results, and one commenting on Mexican issues.  ON MEXICO ISSUES, Prime Mining and Heliostar reported the best drilling intercepts in Mexico on the fifth week of January, 2025. ON EXPLORATION, no relevant news. ON MINING, Altius Minerals reported Q4 and full year 2024 attributable royalty revenue (Cuale project, Jalisco). Bear Creek announced Q4 and 2024 full year production results from its Mercedes mine in Sonora. Mag Silver presented Q4 and 2024 full year production results from its Juanicipio mine in Zacatecas, and provided 2025 production guidance. ON FINANCING, Oroco announces non-brokered private placement for gross proceeds of up to CAD $1.5M (Santo Tomas project, Sinaloa). Vortex reported the extension of its non-brokered private placement. Colibri provided supplemental disclosure in respect of its previously announced proposed private placement for gross proceeds of up to CAD $250K (Pilar project, Sonora). ON RESOURCES AND DEVELOPMENT, Colibri reported that six holes were completed at its Pilar project, Sonora, totalling 672.2m. Vizsla provided a 2024 year-end summary and 2025 outlook (Panuco property, Sinaloa). Alamos Gold received an environmental permit amendment from Mexico´s Secretariat of Environmental and Natural Resources (SEMARNAT), allowing construction to begin on the Puerto del Aire project in the Mulatos mining district in Sonora. Prime reported expansion drilling results from its Los Reyes project, Sinaloa. Mithril presented its quarterly report for the period ended December 31, 2024 (Copalquin project, Durango). Guanajuato Silver filed a new NI 43-101 technical report on its El Cubo and El Pinguico mine complex in Guanajuato. Heliostar reported strong drilling results from its La Colorada mine in Sonora. Defiance Silver filed an amended technical report for its Tepal project, Michoacan. ON DEALS AND CORPORATE ISSUES, Infinitum Copper announced the appointment of a new member to its Board of Directors (La Adelita project, Sonora). Discovery Silver announced the acquisition of Newmont´s Porcupine Complex. SilverCrest received a positive recommendation from Institutional Shareholder Services Inc., urging shareholders to vote in favor of the proposed arrangement with Coeur Mining (Las Chispas mine, Sonora).  Silver Viper announced the appointment of a new member to its Board of Directors (La Virginia project, Sonora). Riverside Resources announced a spin-out of its Ontario Gold Projects into a new company called Blue Jay Gold Corp. Sailfish reported results from its annual general meeting of shareholders, and granted stock options to certain directors, officers, and consultants of the company (Gavilanes project, Durango). Xali Gold entered into a definitive agreement with Remedioambiente to commence underground work at El Oro, State of Mexico. Apolo reported voting results from its annual general meeting of shareholders (Cinco de Mayo project, Chihuahua). SilverCrest reminded to their securityholders of the voting deadline for a special meeting to approve the plan of arrangement with Coeur (Las Chispas mine, Sonora). ON SOCIAL RESPONSIBILITY,  no relevant news.

ON MEXICO ISSUES

  • Prime Mining Corp., and Heliostar Metals Ltd., reported the best drilling intercepts in Mexico on the fifth week of January, 2025. Details are shown in the table below:

ON EXPLORATION

  • No relevant news.

ON MINING

  • Altius Minerals Corporation reported Q4 2024 attributable royalty revenue of CAD $13.6M and full year 2024 attributable royalty revenue of CAD $65.7M (Cuale project, Jalisco).
  • Bear Creek Mining Corporation announced Q4 and 2024 full year production results from its Mercedes mine in Sonora. In the period Q4, 2024, the company mined 95,204 tonnes and processed 93,170 tonnes of 2.79 g/t Au with a metallurgical recovery of 95% to produce 7,937 Oz Au and 55.8K Oz Ag. For the 2024 full year the company reported that it mined 398,552 tonnes and processed 400,771 tonnes of 3.3 g/t Au with a metallurgical recovery of 95% to produce 40,220 Oz Au and 217.7K Oz Ag.
  • Mag Silver Corp., presented Q4 and 2024 full year production results from its Juanicipio mine in Zacatecas, and provided 2025 production guidance. In Q4 period, the company milled 333,612 tonnes of 417 g/t Ag, 1.15 g/t Au, 1.5% Pb, and 2.8% Zn to produce 4.26M Oz Ag, 9K Oz Au, 9.8M Lb Pb, and 15.6M Lb Zn. Mag Silver milled in the 2024 full year 1,328,178 tonnes of 468 g/t Ag, 1.25 g/t Au, 1.5% Pb, and 2.8% Zn to produce 18.6M Oz Ag, 39K Oz Au, 39.2M Lb Pb, and 65.9M Lb Zn. The company also forecasted a 2025 production to range between 14.7-16.7M Oz Ag, with head grades ranges of 380-430 g/t Ag and 1.2-1.4 g/t Au.

ON FINANCING

  • Oroco Resource Corp., announces non-brokered private placement of up to 5M units of the company at a price of CAD $0.30 per unit for gross proceeds of up to CAD $1.5M. Gross proceeds will be used to advance its Santo Tomas project in Sinaloa, as well as working capital and other general corporate purposes.
  • Vortex Metals Inc., reported that the Toronto Stock Exchange (TSX) granted an extension to complete the second tranche of its previously announced non-brokered private placement of units at a price of $0.08. Vortex has until February 2025 to complete the second tranche. The company plans to use the gross proceeds for exploration activities at its Illapel project in Chile as well as for general working capital purposes.
  • Colibri Resource Corporation provided supplemental disclosure in respect of its previously announced proposed private placement of up to 10M units at a price of CAD $0.025 per units for gross proceeds of up to CAD $250K (Pilar project, Sonora). Colibri reported that 20% of the bet proceeds will be used for upcoming exploration expenses at Pilar and EP projects in Sonora, 65% for arm´s length creditors including payment of interest expenses on outstanding loans, and up to 15% to non-arm´s length parties as reimbursement for expenses paid on behalf of the company to non-arm´s.

ON RESOURCES AND DEVELOPMENT

  • Colibri Resource Corporation reported that six holes were completed at its Pilar project, Sonora, totalling 672.2m, and a seven hole is underway. Samples are being prepared to be sent to the lab for geochemical analysis.
  • Vizsla Silver Corp., provided a year-end summary for 2024 and an outlook for 2025, highlighting significant progress at its Panuco silver-gold property in Sinaloa, Mexico. The company transitioned from early-stage exploration to early-stage development, marked by an updated resource estimate and the publication of its first Preliminary Economic Assessment (PEA) in July 2024. Drilling throughout the year totaled 37,662m, centered on converting resources within the upper levels of the Copala and Napoleon areas to higher confidence categories. This led to an updated mineral resource estimate published in early January 2025 highlighting an estimated in-situ combined measured and indicated mineral resource of 222.4M Oz AgEq and an in-situ inferred resource of 138.7M Oz AgEq. The PEA indicated strong economic potential with an annual production of 15.2M Oz AgEq over a 10.6-year mine life, an after-tax NPV of USD $1.1 B, and an 86% internal rate of return. In 2025, Vizsla Silver aims to advance the development of its Copala test mine, complete a feasibility study, and continue extensive drilling programs to expand resources. The company plans to drill over 37,000m and conduct geophysical surveys to explore new areas. With a strong financial position of over USD $92M in cash and no debt, Vizsla Silver is well-positioned to achieve its operational goals, targeting first silver production by 2027.
  • Alamos Gold Inc., received an environmental permit amendment from Mexico´s Secretariat of Environmental and Natural Resources (SEMARNAT), enabling construction to begin on the Puerto del Aire (PDA) project in the Mulatos mining district in Sonora. PDA is a higher-grade underground deposit located adjacent to the main Mulatos pit. Construction activities on PDA are expected to begin ramping up toward the middle of 2025. The PDA project, expected to extend the mine life significantly, has an initial capital estimate of USD $165M, with USD $37 to $40M allocated for 2025. PDA is anticipated to produce an average of 127K Oz Au annually over the first four years, with mine-site all-in sustaining costs averaging USD $1,003 per payable ounce. The project has a strong economic outlook, and anticipates an after-tax NPV of USD $269M at a gold price of USD $1,950 per ounce, and USD $492M at USD $2,500 per ounce, with an IRR of 46% and 73% respectively. Construction is set to ramp up in mid-2025, with first production expected by mid-2027. The company emphasized the exploration potential of PDA and the Cerro Pelon area, which may provide additional resources for the PDA mill.
  • Prime Mining Corp., reported results from 14 expansion drill holes from its Los Reyes project, Sinaloa. Drilling highlights (true widths reported) include holes 24NB-78 with 3.12 g/t Au and 28 g/t Ag (3.48 g/t AuEq) over 7.6m, including 7.8 g/t Au and 65 g/t Ag (8.64 g/t AuEq) over 2.8m, including 15 g/t Au and 94 g/t Ag (16.22 g/t AuEq) over 1.4m, plus 1.08 g/t Au and 58 g/t Ag (1.83 g/t AuEq) over 3.9m, including 1.57 g/t Au and 89 g/t Ag (2.72 g/t AuEq) over 2.2m; hole 24NB-67 with 1.67 g/t Au and 16 g/t Ag (1.88 g/t AuEq) over 1.8m, plus 1.75 g/t Au and 32 g/t Ag (2.16 g/t AuEq) over 11.3m, including 7.42 g/t Au and 95 g/t Ag (8.65 g/t AuEq) over 2.3m; and hole 24NB-77 with 1.03 g/t Au and 48 g/t Ag (1.65 g/t AuEq) over 11.2m, including 3.33 g/t Au and 11 g/T Ag (3.47 g/t AuEq) over 0.6m, plus 1.28 g/t Au and 87 g/t Ag (2.41 g/t AuEq) over 1.2m, plus 2.40 g/t Au and 142 g/t Ag (4.24 g/t AuEq) over 1.8m. These results are from 2024 drilling at the Central Trend and are not included in the Company’s October 15, 2024, Mineral Resource Estimate.
  • Mithril Silver and Gold Limited presented its quarterly report for the period ended December 31, 2024, highlighting ongoing drilling at the Copalquin gold-silver district in Durango. Significant drill results include 5.51 g/t Au and 182.4 g/t Ag over 4.60m from hole CDH-162, and 2.06 g/t Au and 90.26 g/t Ag over 9m from hole CDH-161. The second stage of a 9,000m drill program commenced, with a notable intercept of 31.8 g/t Au and 274 g/t Ag over 33m from hole CDH-159. The company is on track for a maiden resource update by Q1 2025, supported by a completed A $12.5M placement and a cash balance of A $15.74M. Exploration activities have totaled 7,138m since June 2024, with plans for 35,000m of additional drilling in 2025. The report also includes channel sampling results and a mineral resource estimate for El Refugio and La Soledad, indicating substantial gold and silver potential. Mithril has an exclusive option to purchase 100% interest in the Copalquin mining concessions, with an extended payment date to August 2028.
  • Guanajuato Silver Company Ltd., filed a new NI 43-101 technical report on its El Cubo and El Pinguico mine complex in Guanajuato. This technical report presents a new mineral resource estimate with inferred mineral resources increased 85% over previous resource estimate to 35.6M Oz AgEq and indicated mineral resources of 3.9M Oz AgEq, indicating a decrease of 23% over previous resource estimate after 3 years of substantial mining activity. The company declared that exploration expansion potential remains high and that the drilling to convert inferred resources to indicated resources commenced in January 2025.
  • Heliostar Metals Ltd., reported strong drilling results from its La Colorada mine in Sonora as part of a 12,500m drilling program aimed at expanding mineral reserves ahead of a Feasibility Study and potential production increase to 50K-100K Oz Au annually by mid-2025. The drilling has focused on areas previously considered waste, revealing potential for higher-grade mineralization and underground mining options beyond the current open pit. The results include significant gold intercepts, with grades of 9.69 g/t Au over 5m; 9.87 g/t Au over 4.3m; 2.54 g/t Au over 10.5m: 1.86 g/t Au over 11.65m; 1.76 g/t Au over 11.6m; and 0.77 g/t Au over 21.6m. Heliostar will incorporate these results into a resource model to support a reserve update. Further drilling results are expected in the first half of 2025.
  • Defiance Silver Corp., filed an amended technical report of a Mineral Resource Estimate (MRE) associated with the potential development of its Tepal project in Michoacan. The MRE includes inferred mineral resources that cannot be categorized as mineral reserves.

ON DEALS AND CORPORATE ISSUES

  • Infinitum Copper Corp., announced the appointment of a new member to its Board of Directors and the resignation of one of its Directors (La Adelita project, Sonora).
  • Discovery Silver Corp., announced the acquisition of Newmont´s Porcupine Complex in Timmins, Ontario, Canada, for total consideration of USD $425M. This acquisition allows Discovery to establishes a diversified portfolio with the strength of the Porcupine Complex to support the financing, and ultimate development and operation, of the Company’s Cordero silver project in Chihuahua, Mexico.
  • SilverCrest Metals Inc., received a positive recommendation from Institutional Shareholder Services Inc., urging shareholders to vote in favor of the proposed arrangement with Coeur Mining Inc.  The Board of Directors of SilverCrest unanimously supports this recommendation, highlighting the strategic benefits of the deal, including premium valuation and potential for growth through a combined company. The Special Meeting for securityholders is scheduled for February 6, 2025, with a proxy voting deadline on February 4, 2025 (Las Chispas mine, Sonora).
  • Silver Viper Minerals Corp., announced the appointment of a new member to its Board of Directors (La Virginia project, Sonora).
  • Riverside Resources Inc., announced a spin-out of its Ontario Gold Projects into a new company called Blue Jay Gold Corp. This move will allow Riverside’s shareholders to receive shares in both Riverside and Blue Jay, with each existing Riverside share being exchanged for a new Riverside share and 1/5th of a Blue Jay share. The spin-out aims to enhance shareholder value by allowing the market to independently value the Ontario Gold Projects. The arrangement requires approval from Riverside’s shareholders and the Supreme Court of British Columbia, with a meeting scheduled for March 31, 2025. Blue Jay will focus on developing the Ontario Gold Projects, while Riverside continues to manage its diverse portfolio in Canada, Mexico, and its royalty interests. The transaction is expected to close in the first half of 2025, and Blue Jay has already completed a seed financing round raising $527K.
  • Sailfish Royalty Corp., reported voting results from its annual general meeting of shareholders, and granted an aggregate total of 2,075,000 incentive stock options to certain directors, officers, and consultants of the company. These options will be exercisable at a price of $1.50 per common share and will expire on January 29, 2030. (Gavilanes project, Durango).
  • Xali Gold Corp., entered into a definitive agreement with Remedioambiente S.A. de C.V, to commence underground work at El Oro property, State of Mexico. The initial focus will be on identifying effective recovery methods for gold and silver and establishing underground access. Xali Gold will receive a Net Smelter Return of approximately 3% on all gold and silver recovered from above the 2400-meter level. The agreement has an initial term of five years, extendable for another five years if Remedioambiente invests a minimum of USD $1M annually. Xali Gold retains exclusive ownership of mineral bodies discovered below the 2400-meter level. In addition, Remedioambiente shall maintain the concessions in good standing, by paying the semi-annual concession fees, by incurring the minimum investments and the corresponding filings with the Mexican Mines Bureau, by filing statistical reports and by paying the Governmental Royalties. 
  • Apolo Silver Corp., reported voting results from its annual general meeting of shareholders (Cinco de Mayo project, Chihuahua).
  • SilverCrest Metals Inc., reminded to their securityholders of the voting deadline for a special meeting to approve the plan of arrangement with Coeur (Las Chispas mine, 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 quartz vein from a low sulphidation epithermal vein system in a project in Chihuahua, Mexico. Photo taken by Miguel A Heredia.

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

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Actinolite

By Miguel A Heredia

During the 3rd week of the year (January 13th to January 19th 2025), at least 36 press releases were announced by companies working in Mexico, with thirteen disclosing deals and corporate issues, eight announcing financing rounds, eight reporting resources and development of their properties, six communicating production results, and one commenting on Mexican issues.  ON MEXICO ISSUES, Prime Mining, Kootenay Silver, and Impact Silver reported the best drilling intercepts in Mexico on the third week of January, 2025. ON EXPLORATION, no relevant news. ON MINING, Alamos Gold announced that it plans to release its Q4 and year-end 2024 financial results on February 19, 2025 (Mulatos mine, Sonora). Pan American Silver reported Q4, 2024 production results from their Mexican mining operations (La Colorada, Zacatecas and Dolores, Chihuahua). Sierra Metals announced Q4, and end-year 2024 production results from its Bolivar mine in Chihuahua. SilverCrest reported Q4 and end-year 2024 production results from its Las Chispas mine in Sonora. Endeavour provided 2025 production and cost guidance for Guanacevi and Bolañitos mines located in Durango and Guanajuato states respectively. Alamos reported Q4 and annual 2024 production results for its Mulatos mine, Sonora, and provided three years operating guidance. Torex Gold provided operational guidance and updated five-year production outlook (Morelos Complex, Guerrero). ON FINANCING, Goldgroup announced a non-brokered private placement for gross proceeds of up to $3.5M (Cerro Prieto mine, Sonora). Barksdale reported that it is seeking approval from the Toronto Stock Exchange to amend its secured convertible debentures held by Delbrook Capital Advisors Inc (San Javier project, Sonora). Silver Viper announced share consolidation (La Virginia project, Sonora). Quetzal Copper reported an extension to its non-brokered private placement (Cristinas project, Chihuahua).  Royalties Inc., closed a non-brokered private placement for gross proceeds of $180K (Bilbao project, Zacatecas). Minera Alamos announced Auramet loan extension (Santana mine, Sonora). Goldgroup completed the acquisition of a loan facility to acquire all shares of Minera Apolo (Cerro Prieto mine, Sonora). Silver Storm closed the third tranche of its non-brokered private placement financing for gross proceeds of CAD $784,500 (La Parrilla mine, Durango). ON RESOURCES AND DEVELOPMENT, Luca Mining commenced a 5,000m underground diamond drilling program at Campo Morado mine, Guerrero. Avino commenced underground development at its La Preciosa mine in Durango. GoGold announced results of Los Ricos project, Jalisco Feasibility Study. Heliostar Metals filed technical reports on the La Colorada operations in Sonora, San Agustin operations in Durango, and San Antonio project in Baja California Sur. Prime Mining reported expansion drilling results from its Los Reyes project, Sinaloa. Kootenay released results of seven holes drilled at its Columba project in Chihuahua. Impact Silver reported results from its ongoing drill program in the Juarez mine area of its Plomosas mine, Chihuahua.  ON DEALS AND CORPORATE ISSUES, Infinitum Copper announced the appointment of a new member to its Board of Directors (La Adelita project, Sonora). Luca Mining declared that it has been invited to participate in a 2025 Mining Conference presented by Maxim Group LLC (Tahuehueto project, Durango). Capstone announced the appointment of a new member to its Board of Directors (Cozamine mine, Zacatecas). SilverCrest mailed and filed meeting material for its special meeting of shareholders (Las Chispas mine, Sonora). Fortuna Mining entered into a binding letter agreement to sell its non-core San Jose mine, Oaxaca to Minas del Balsas Luca Mining announced it has been named to the 2025 OTCQX® Best 50 (Campo Morado mine, Guerrero). Sierra Metals rejected a hostile takeover bid from Alpayana S.A.C. (Bolivar mine, Chihuahua). SilverCrest announced the appointments of their Senior Vice President Operations and Senior Vice President Corporate Development (Las Chispas mine, Sonora). Luca Mining granted stock options to its Chief Technology Officer (Campo Morado mine, Guerrero). MAG Silver announced the retirement of a member of its Investor Relations team (Juanicipio mine, Zacatecas). First Majestic completed the acquisition of Gatos Silver. Inomin commenced initial discussions with companies interested in partnering or acquiring its la Gitana project in Oaxaca. Agnico Eagle offered O3 Mining shareholders $1.67 per share in cash, representing a 58% premium over O3’s closing price on December 11, 2024 (Pinos Altos mine, Chihuahua). ON SOCIAL RESPONSIBILITY,  no relevant news.

ON MEXICO ISSUE

  • Prime Mining Corp., Kootenay Silver Inc., and Impact Silver Corp., reported the best drilling intercepts in Mexico on the third week of January, 2025. Details are shown in the table below:

ON EXPLORATION

  • No relevant news.

ON MINING

  • Alamos Gold Inc., announced that it plans to release its Q4 and year-end 2024 financial results on February 19, 2025 (Mulatos mine, Sonora).
  • Pan American Silver Corp., reported Q4, 2024 production results from their Mexican mining operations. The company produced in Q4, 2024 a total of 1.6M Oz Ag and 0.7K Oz Au at La Colorada mine, Zacatecas for an end-year 2024 of 4.88M Oz Ag while at Dolores mine, Chihuahua, it produced 424K Oz Ag in Q4, 2024 and 17.9K Oz Au for an end-year 2024 of 1.7M Oz Ag and 72.3K Oz Au.
  • Sierra Metals Inc., announced Q4, and end-year 2024 production results from its Bolivar mine in Chihuahua. In the period Q4, 2024, Sierra Metals processed 452,613 tonnes of 0.77% Cu, 16 g/t Ag and 0.32 g/t Au with metallurgical recoveries of 91.2%, 84.32%, and 66.67% respectively to produce 7M Lb Cu, 196K Oz Ag, and 3K Oz Au. In the full fiscal year 2024, the company processed 1,626,440 tonnes of 0.84% Cu, 19 g/t Ag, and 0.38 g/t Au, with metallurgical recoveries of 91.36%, 83.03%, and 67.01% respectively, to produce 27.45M Lb Cu, 812K Oz Ag, and 13.4K Oz Au. Sierra metals also provided its 2025 production guidance and expect to produce between 25.1-27.4M Lb Cu, 680-740K Oz Ag, and 8.1-13.4K Oz Au, at cash and AISC of $2.64-$2.77 and $3.45-$3.62 per Lb CuEq respectively.
  • SilverCrest Metals Inc., reported Q4 and end-year 2024 production results from its Las Chispas mine in Sonora. During Q4, 2024 it mined 127,278 tonnes and milled 113,594 tonnes with a grade of 3.89 g/t Au and 385 g/t Ag with metallurgical recoveries of 98.4% both to produce 13.9K Oz Au and 1.38M Oz Ag. The company sold 15.1K Oz Au and 1.45M Oz Ag at averages prices of USD $2,647 per Oz Au and USD $31.26 per Oz Ag. In Oz AgEq it processed an average grade of 694 g/t AgEq to produce 2.5M Oz AgEq and sold 2.65M Oz AgEq. In the end-year 2024, SilverCrest mined 437,263 tonnes and milled 439,387 tonnes with a grade of 4.28 g/t Au and 410 g/t Ag with metallurgical recoveries of 98.5% and 98.2% respectively, to produce 58.9K Oz Au and 5.66M Oz Ag. The company sold 59.8K Oz Au and 5.75M Oz Ag at averages prices of USD $2,356 per Oz Au and USD $28.03 per Oz Ag. In Oz AgEq it processed an average grade of 745 g/t AgEq to produce 10.35M Oz AgEq and sold 10.5M Oz AgEq.
  • Endeavour Silver Corp., provided 2025 production and cost guidance for Guanacevi and Bolañitos mines located in Durango and Guanajuato states respectively. At Guanacevi, Durango, the company expects to process between 1,000-1,100 tonnes per day to produce 3.9-4.4M Oz Ag and 11-13.5K Oz Au (4.8-5.5M Oz AgEq).  At Bolañitos, Guanajuato, Endeavour expects to process 1,100-1,200 tonnes per day, to produce between 0.6-0.8M Oz Ag and 19.5-20.5K Oz Au (2.2-2.4M Oz AgEq). Consolidated cash costs and all-in sustaining costs (AISC) for Guanaceví and Bolañitos in 2025 are estimated to be USD $16.00- USD $17.00 per oz silver and USD $25.00-USD $26.00 per oz silver, respectively, net of gold by-product credits.
  • Alamos Gold Inc., reported Q4 and annual 2024 production results for its Mulatos mine, Sonora, and provided three years operating guidance (currency is expressed in US dollars). In Q4, 2024, the company produced 38.9K Oz Au from Mulatos mine, for a total production in the full year 2024 of 205K Oz Au. 2025 guidance for Mulatos mine is expected to be in the range of 130-140K Oz Au, at cash and AISC of $925-$975 and $1,025-$1,075 per Oz Au produced respectively. 2026 and 2027 guidance for Mulatos mine is expected to be in the range of 120-130K Oz Au, and 125-135K respectively.
  • Torex Gold Resources Inc., provided its 2025 operational guidance and updated five-year production outlook for its Morelos Complex in Guerrero (currency expressed in US dollars). 2025 payable production is expected to be between 400-450K Oz AuEq, down from 460-480K Oz AuEq in 2024, primarily due to scheduled four-week processing plant shutdown. Total CAPEX are projected at $175-195M, with sustaining capital at $85-95M and non-sustaining capital at $90-100M. The company plans to drill 124,500m to improve resource definition, particularly in the Media Luna area. The company plans to maintain annual AuEq production at least 450K Oz from 2025 through 2030, supported by the Media Luna project and the anticipated start-up of the EPO project in late 2026.   

ON FINANCING

  • Goldgroup Mining Inc., announced a non-brokered private placement of up to 35,000,000 units of the company at a price of $0.10 per unit for gross proceeds of up to $3.5M. Each unit will consists of one common share and one-half common share purchase warrant, with each full warrant being exercisable to purchase one common share at a price of $0.15 for 24 months from the date of issuance. Gross proceeds will be used to advance its Cerro Prieto project in Sonora, for general working purposes and debt reduction.
  • Barksdale Resources Corp., reported that it is seeking approval from the Toronto Stock Exchange Venture (TSXV) to amend its secured convertible debentures held by Delbrook Capital Advisors Inc. The proposed amendments include extending the maturity date to December 31, 2025 and reducing the conversion price from $0.55 to $0.18 per share. Additionally, Barksdale plans to issue 8,000,000 new detachable common share purchase warrants to Delbrook, as the previous warrants expired unexercised on December 31, 2024. The company is also pursuing a securities-for-debt settlement to address accrued interest on the debentures, totaling 151,643.84, by issuing 1,045,819 units at a deemed price of $0.145 per unit. Any subsequent interest accrued under the Debentures after December 31, 2024 shall be payable until January 17, 2025 in accordance with the terms and conditions of the Debentures and the policies of the TSXV. These actions aim to strengthen Barksdale’s financial position and facilitate ongoing projects in base metal exploration (San Javier project, Sonora).
  • Silver Viper Minerals Corp., announced share consolidation announced a share consolidation, converting ten pre-consolidation common shares into one post-consolidation common share, effective January 15, 2025. Registered shareholders will receive letters of transmittal with instructions for exchanging their shares, while those holding shares via direct registration system will not need to take any action. Prior to the consolidation, the company had 194,771,623 common shares outstanding, which will reduce to approximately 19,477,163 shares post-consolidation (La Virginia project, Sonora).
  • Quetzal Copper Corp., reported an extension to its non-brokered private placement offering, now set to close by February 17, 2025. The company plans to sell up to 6,666,666 units at CAD $0.15 each, aiming for gross proceeds of up to CAD $1M, and up to 11,764,705 flow-through units at CAD $0.17 each for up to CAD $2M. Each unit includes one common share and a half warrant, allowing the purchase of additional shares at CAD $0.25 for 24 months. The proceeds will be used for exploration and development activities related to their projects in British Columbia and Mexico (Cristinas project, Chihuahua).
  • Royalties Inc., closed a non-brokered private placement of 6M shares at a price of $0.03 per share for gross proceeds of $180K to cover overhead in Canada and property taxes and litigation expenses in Mexico in 2025 (Bilbao project, Zacatecas).
  • Minera Alamos Inc., received conditional approval from the Toronto Stock Exchange Venture (TSXV) settle the amount of USD $400K due to Auramet International, Inc. and Auramet Capital Partners, L.P. to extend the date by which certain conditions of the original loan agreement dated October 27, 2023 need to be satisfied from November 29th, 2024 to May 29th, 2025. For full consideration of the USD $400K extension fee payment, the TSXV has conditionally accepted the company’s proposal to issue 1,901,648 common shares at a deemed price of CAD $0.2949 per share (Santana mine, Sonora).
  • Goldgroup Mining Inc., completed the acquisition of a loan facility to acquire all shares of Minera Apolo S.A. de C.V. Minera Apolo is s the 100% owner of the fully permitted for construction Pinos property in Zacatecas. In consideration for the acquisition of the loan facility, the company proposes to issue 50M common shares paid pro rata to the members of the Creditor Group, the payment of cash consideration of USD $0.5M within 18 months of the closing date of the agreement entered in connection with the acquisition of the loan facility, and a payment of USD $1.5M in contingent consideration which is only due upon the completion of certain criteria, including a positive pre-feasibility study at the Pinos project, the advancement of the project into commercial production, publishing an updated 43-101 with greater than 200K Oz of contained gold equivalent ounces for the Pinos project, or the Company’s owned interest in the Pinos project falling to less than 51%. The completion of this transaction is subject to receipt of all necessary approvals, including approval of the TSX Venture Exchange (Cerro Prieto mine, Sonora).
  • Silver Storm Mining Ltd., closed the third tranche of its non-brokered private placement financing for gross proceeds of CAD $784,500. The third tranche included a CAD $500K investment from current significant shareholder Eric Sprott. To date under the Offering, the Company has raised total gross proceeds of CAD $1,290,420. Net proceeds will be used to complete its upcoming NI43-101 resource statement and for general corporate and working capital purposes (La Parrilla mine, Durango).

ON RESOURCES AND DEVELOPMENT

  • Luca Mining Corp., commenced a 5,000m underground diamond drilling program consisting in 25 holes to target the addition of mineral resources from under-drilled zones proximal to existing underground production areas as well as the identification of mineralization within previously untested areas with high potential for the discovery of new mineral resources to the near and medium term mine plan at its Campo Morado mine in Guerrero. It is the first drilling campaign in Campo Morado in over a decade.
  • Avino Silver & Gold Mines Ltd., commenced underground development at its La Preciosa mine in Durango, following receipt of all required permits for mining operations. The development of a 350m mine access and haulage decline is designed to intercept the high grade La Gloria and Abundancia veins. Development for the first phase at La Preciosa is expected to be under $5M and will be funded from cash reserves.
  • GoGold Resources Inc., announced results of Los Ricos project, Jalisco Feasibility Study (all currency expressed in US dollars). Highlights include an after tax net present value, using a discount rate of 5%  of $355M, with an after-tax IRR of 28%; a NPV, using a discount rate of 5%  of $ 469 at approximate spot metal silver price of $30 per Oz and gold price of $2,608 per Oz; 15-year mine life producing a total of 80M Oz payable AgEq, consisting of 41M Oz Ag, 424K Oz Au, and 11M Lb Cu; Initial capital costs of $227M, including $21M in contingency costs, over an expected two year build, and sustaining capital costs of $100M over the life of mine; average operating cash costs of $9.94/Oz AgEq, and all in sustaining costs (AISC) of $11.19/Oz AgEq over first 5 years of production, with average AISC of $12.32/Oz AgEq over the underground mine life; average annual production of 7.3M Oz AgEq oz over first 5 years; successful conversion of Mineral Resources to Proven and Probable Mineral Reserves totalling 10.2M tonnes grading 276 g/t AgEq containing 91M Oz AgEq, including 7.5M underground tonnes grading 326 g/t AgEq; and average underground mining width of 11m using bulk mining method of longitudinal sub-level long-hole mining.
  • Heliostar Metals Ltd., filed technical reports on the La Colorada operations in Sonora, San Agustin operations in Durango, and San Antonio project in Baja California Sur. La Colorada, Sonora shows a NPV of USD $25.9M using a discount rate of 5%; an IRR of USD $11.9M; a CAPEX of USD $53.9M; and 287K total ounces produced at a USD $2,000/Oz gold price. El Crestón expansion at La Colorada is expected to produce over 50K Oz Au per year. Current drill program (five drill rigs) is targeting lower CAPEX and increased production for updated technical report planned for mid-2025. San Agustin, Durango shows a NPV of USD $12.7M using a discount rate of 5%; an IRR of USD $156.1M; a CAPEX of USD $4.2M; and 45K total ounces produced at a USD $2,100/Oz gold price. Upon receipt of permit, expected in 2025, the company will undertake drilling to potentially extend the mine life from oxide gold production and is reviewing the projects sulphide potential. San Antonio, Baja California Sur PEA shows a NPV of USD $398.7M using a discount rate of 5%; an IRR of USD $40.7M; a CAPEX of USD $131.3M; and 1.1M total ounces produced at a USD $1,900/Oz gold price. Mineral resource of 1.6M Oz Au at San Antonio project creates attractive optionality with high grade, low CAPEX, sub-USD $1,100/Oz AISC and long mine life.
  • Prime Mining Corp., reported expansion drilling results from Tahonitas within its Los Reyes project, Sinaloa. Drilling highlights (true width reported) include holes 24TA-149 with 2.23 g/t Au and 266 g/t Ag (5.67 g/t AuEq) over 4.2m, including 3.94 g/t Au and 429 g/t Ag (9.49 g/t AuEq) over 2.1m; hole TA24-144 with 1.36 g/t Au and 20 g/t Ag (1.62 g/t AuEq) over 15.2m, including 1.17 g/t Au and 28 g/t Ag (1.54 g/t AuEq) over 0.8m, and including 4.22 g/t Au and 55 g/t Ag (4.94 g/t AuEq) over 3.7m; and hole 24TA-153 with 2.55 g/t Au and 184 g/t Ag (4.93 g/t AuEq) over 3.3m, including 7.09 g/t Au and 541 g/t Ag (14.09 /t AuEq) over 1.1m, plus 0.72 g/t Au and 15 g/t Ag (0.92 g/t AuEq) over 19.2m, including 2.23 g/t Au and 46 g/t Ag (2.82 g/t AuEq) over 2.4m.
  • Kootenay Silver Inc., released results of seven holes drilled at its Columba project in Chihuahua. Drilling highlights (true widths reported) include holes CDH-24-183 on F-Vein with 210 g/t Ag, 0.1% Pb, and 0.4% Zn over 14.7m, including 1,440 g/t Ag, 0.5% Pb, and 2.5% Zn over 0.36m, and 468 g/t Ag, 0.4% Pb, and 1.1% Zn over 3.05m, including 811 g/t Ag, 0.6% Pb, and 1.8% Zn over 0.46, and 1,050 g/t Ag, 0.9% Pb, and 2.9% Zn over 0.46m, plus some intercepts on FW to F-Vein with 82 g/t Ag, 0.05% Pb, and 0.1% Zn over 7.36m, including 905 g/t Ag, 0.6% Pb, and 0.3% Zn over 0.17m; and hole CDH-24-177 on D-Vein with 130 g/t Ag, 0.06% Pb, and 0.1% Zn over 7.6m, including 222 g/t Ag, 0.1% Pb, and 0.2% Zn over 3.50m. The results are a continuation of ongoing drill testing of those three trends.
  • Impact Silver Corp., reported results from its ongoing underground drill program in the Juarez mine area of its Plomosas mine, Chihuahua. Drilling highlights (true widths reported) include holes UGMJ-2420 with 14.1% Zn, 1.6% Pb, and 12 g/t Ag over 2.2m, including 26.1% Zn, 3% Pb, and 23 g/t Ag over 0.9m; hole UGMJ-2415 with 30.1 % Zn, 2.7% Pb, and 19 g/t Ag over 1.2m, plus 18.91% Zn, 0.1% Pb, and 13 g/t Ag over 0.4m, plus 10.2% Zn, 5.4% Pb, and 26 g/t Ag over 1.2m; and hole UGMJ-2422 with 30.1% Zn, 10.1% Pb, and 40 g/t Ag over 1.1m.

ON DEALS AND CORPORATE ISSUES

  • Infinitum Copper Corp., announced the appointment of a new member to its Board of Directors and the resignation of one of its Directors (La Adelita project, Sonora).
  • Luca Mining Corp., declared that it has been invited to participate in the 2025 Mining and Supplying Critical Minerals & Precious Metals Conference presented by Maxim Group LLC (Tahuehueto project, Durango).
  • Capstone Copper Corp., announced the appointment of a new member to its Board of Directors (Cozamine mine, Zacatecas).
  • SilverCrest Metals Inc., mailed and filed meeting material for its special meeting of shareholders, where securityholders will be asked to pass a special resolution approving an arrangement with Coeur Mining Inc, whereby SilverCrest shareholders will receive 1.6022 shares of Coeur common stock for each SilverCrest share (Las Chispas mine, Sonora).
  • Fortuna Mining Corp., entered into a binding letter agreement to sell its 100% interest in Compañía Minera Cuzcatlán S.A. de C.V., to Minas del Balsas S.A. de C.V. Compañia Minera Cuzcatlan is the owner of San Jose mine, Oaxaca and Minas del Balsas will acquire 100% interest by paying USD $2M on closing of the transaction; a further USD $2M payable on the first anniversary of closing the transaction; a final USD $2M on the second anniversary of closing the transaction; and the right to receive up to approximately USD $11M upon the completion of certain conditions. Additionally, Fortuna will retain a 1% NSR on production from the San Jose mine concession, for a 5-year term as of the start of production.
  • Luca Mining Corp., announced it has been named to the 2025 OTCQX® Best 50, a ranking of top performing companies traded on the OTCQX Best Market last year  (Campo Morado mine, Guerrero).
  • Sierra Metals Inc., rejected a hostile takeover bid from Alpayana S.A.C., stating that the offered price of CAD $0.85 per share undervalues the company. The Board of Directors, supported by over 50% of shareholders, believes the bid does not reflect Sierra’s growth potential, particularly in light of increasing copper demand and the company’s operational successes. They recommend that shareholders take no action to reject the bid and emphasize the company’s strong prospects for future value creation. The Board is also exploring other strategic alternatives to maximize shareholder value (Bolivar mine, Chihuahua).
  • SilverCrest Metals Inc., announced the appointments of their Senior Vice President Operations and Senior Vice President Corporate Development (Las Chispas mine, Sonora).
  • Luca Mining Corp., granted 500K stock options exercisable at a price of $0.58 to its Chief Technology Officer and expires five years from the date of their issuance. A second tranche of 100K options, exercisable at $0.58 has been granted to one other eligible person in accordance with Luca’s omnibus equity incentive plan. These options are exercisable over a period of two years (Campo Morado mine, Guerrero).
  • MAG Silver Corp., announced the retirement of a member of its Investor Relations team (Juanicipio mine, Zacatecas).
  • First Majestic Silver Corp., completed the acquisition of Gatos Silver Inc., pursuant to the agreement and plan of merger previously announced. Both companies announced that they received all necessary shareholder approvals at the respective special meetings of each company’s shareholders. With the transaction now complete, the Gatos Silver shares will cease trading and will be delisted from the New York Stock Exchange and the Toronto Stock Exchange.
  • Inomin Mines Inc., commenced initial discussions with companies interested in partnering or acquiring its la Gitana project in Oaxaca. Drilling at La Gitana has outlined a significant gold-silver deposit open to expansion.
  • Agnico Eagle Mines Limited offered O3 Mining Inc., shareholders $1.67 per share in cash, representing a 58% premium over O3’s closing price on December 11, 2024. The offer expires on January 23, 2025, and has been unanimously recommended by O3 Mining’s Board and Special Committee. Approximately 39% of O3’s outstanding shares are already committed through Lock-up Agreements. Shareholders are encouraged to tender their shares promptly to ensure timely processing.

ON SOCIAL RESPONSIBILITY

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On the picture above, actinolite from an IOCG project in Sonora, Mexico. Photo taken by Miguel A Heredia.