Fifteen companies released silver results from drilling programs in Mexico during the second quarter of 2025. The highest silver intercept was from Endeavour Silver’s Pitarrila project in Durango, with 247 m averaging 129 gpt Ag. The Ag-Pb-Zn mineralization at Pitarrilla developed in at least four veins, two dikes and as matrix replacement in a conglomerate (Manto Pitarrilla) overlying marine sedimentary rocks. “Drilling has confirmed that all structures originate below the marine sediments, extend through Manto Pitarrilla, and into the upper volcanics. These feeder structures remain open at depth”. The drill program is focused in further defining the geometry of the multiple, sub-vertical, mineralized feeder structures and the mineralized manto.
Two other deposits, Columba in Chihuahua and Don David in Oaxaca presented drill intercepts with grade*meter values greater than 5,000. These three deposits, along with Zacualpan, La Reyna, and Alamos Silver are intermediate sulfidation epithermal systems. The Cristina and Gran Pilar projects are also of intermediate sulfidation affinity, but probably distal to porphyry copper centers. Panuco in Sinaloa and (tentatively) La Colorada in Sonora straddle from low to intermediate sulfidation epithermal mineralization, and Santa Elena, Copalquin and El Cubo present low sulfidation characteristics of epithermal mineralization. Finally, Campo Morado is a volcanogenic massive sulfides (VMS) deposit and El Limón a skarn system. Please note that the projects in the table below are scattered through Mexico from Sonora in the northwest to Guerrero and Oaxaca in the south.
Thirteen companies released results from drilling programs in Mexico during the first quarter of 2025. The highest gold intercept was at El Limón-Guajes Underground Sur deposit in Guerrero, with 10.30 m averaging 43.31 gpt Au, including a 2.90 m subinterval over 78 gpt Au. The drilling program was focused on extending the mine life at ELG underground “by identifying new zones of higher-grade mineralization, expanding resources within known areas, and replacing mined reserves”.
Since Q3 of 2024, deposits in the Guerrero Gold Belt, like ELG Underground, characterized by skarn mineralization have shown the highest gold intercepts on each quarter. Campo Morado, also in Guerrero, is part of a volcanogenic massive sulfide (VMS) system, and the only other deposit in the table below that is not of epithermal origin.
Epithermal deposits compose the rest of the table. Santa Elena, Copalquin and El Cubo are low sulfidation epithermal systems, Don David, Columba, La Reyna and Alamos Silver belong to the intermediate sulfidation category, while La Colorada (Sonora) and Panuco straddle these two categories. Gran Pilar and Cristina are intermediate sulfidation epithermal systems that are probably distal part of porphyry copper centers.
Summarizing, one deposit shows skarn mineralization, one more belongs to the VMS category, while eleven display low and/or intermediate sulfidation epithermal mineralization.
During the 4th week of the year (January 20th to January 26th, 2025), companies working in Mexico presented 26 press releases. Two companies informed on exploration on their properties, three companies presented quarterly reports and one updated on the refurbishment of an antimony smelter. Nine companies informed on financing rounds and two granted stock options. Two companies reported drilling results from producing mines and one more from an advanced property. A company resumed operations at its advanced property after a fatal accident. Two companies informed on senior staff changes. One company informed on another’s company acquisition process and one more informed on the TSX stand in relation to a take-over bid. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, in Sonora, Tocvan Ventures reported surface exploration results at its Gran Pilar project. In Nayarit, Angel Wing commenced drilling at La Reyna project. ON MINING, Capstone Gold, Avino Silver and Dyna Resource presented Q4 2024 results. US Antimony provided an operational update on its Madero smelter. ON FINANCING, companies that commenced or closed financing rounds include Defiance Silver (C$732 K), Colibri Resource (C$250 K), Zacatecas Silver (C$1.5 M), Capitan Silver (C$4.2 M), Goldgroup Mining (C$3.5 M), Gold Resource Corp. (US$2.5 M). Southern Silver Exploration (C$2.5 M), Silver Storm Mining (C$3.5 M), Mexican Gold (C$160 K). Sonoro Gold and Angel Wing Metals granted options to officers and directors. ON RESOURCES AND DEVELOPMENT, Vizsla Silver resumed limited operations after a fatal accident on Panuco, in Sinaloa. Sierra Metals reported drilling results from Bolivar, in Chihuahua. Mithril Silver and Gold presented drilling results from Copalquin, in Durango. First Majestic Silver released drilling results from San Dimas, in Durango. ON DEALS AND CORPORATE ISSUES, Zacatecas Silver and Infinitum Copper announced movements on their boards. Agnico Eagle acquired 94% of O3 Mining shares. Sierra Metals was notified by the TSX on relation to a take-over bid. ON SOCIAL RESPONSIBILITY, no relevant news.
ON MEXICO ISSUES
No Relevant News.
ON EXPLORATION
Angel Wing Metals Inc. commenced a 1,500 m diamond drill program at La Reyna project in Nayarit. “The first phase of the program will include 10-12 holes aimed at confirming historical surface sampling grades, on strike continuity, orientation and depth of known mineralization, and artisanal mine workings”. Drilling is to focus on the Dolorosa, Zorrillo, San Ramon and El Polo targets.
Tocvan Ventures Corp. reported on surface exploration results from its 100% owned Gran Pilar project in Sonora. A total of 188 rock samples and 9 infill soil samples were analyzed from the Southern Block, with four new target areas within a 1.8 km long by 1.0 km wide zone. Another zone 2.1 km by 2.4 km remains to be sampled. Highlighted rock sample results comprise: 3.11 gpt Au, 18 gpt Ag, 0.5% Pb, 0.1% Zn; 2.74 gpt Au, 17 gpt Ag, 0.7% Pb; 2.71 gpt Au, 17 gpt Ag, 0.7% Pb, 0.1% Zn; 2.29 gpt Au, 24 gpt Ag, 0.9% Pb; 2.13 gpt Au, 0.1% Cu, 0.1% Zn; 1.45 gpt Au, 0.2% Zn; 1.12 gpt Au, 64 gpt Ag, 0.6% Pb; 1.09 gpt Au, 10 gpt Ag, 0.4% Cu; 0.88 gpt Au; 0.19 gpt Au, 0.7% Cu; 0.17 gpt Au, 0.7% Pb. High pathfinder numbers on rock sampling comprise up to 0.5% As, 312 ppm Mo and 98 ppm Sb. Nine infill soil samples returned up to 0.45 gpt Au, 8 gpt Ag, 110 ppm Cu, 671 ppm Pb, 147 ppm Zn, 463 ppm As, 3 ppm Mo. Diamond drilling continues on the Pilar project (JV with Colibri Resource Corp.) with core sample preparation ongoing of the 408 m already completed on four holes.
ON MINING
Capstone Copper Corp. announced consolidated production for 2024, including information from its operations in Mexico. During Q4 2024 the company produced 6,724 tonnes Cu at Cozamin, in Zacatecas, for a total yearly production of 24,906 tonnes Cu, out of a total of 141,698 tonnes Cu produced by their sulfide business. For 2025, guidance for Cozamin is similar to 2024, with 23 – 26 K tonnes Cu at cash cost $1.60 – $1.80.
Avino Silver & Gold Mines Ltd. presented Q4 and full year 2024 production results. At Avino, in Durango, 181.7 K tonnes were processed during the quarter, grading 56 gpt Ag, 0.59 gpt Au, 0.52% Cu, recovering 87% Ag, 74% Au, 86 % Cu, to produce 283.8 K Oz Ag, 2,560 Oz Au, 1.77 M Lb Cu (or 735 K Oz AgEq). For the year 648.8 K tonnes were processed, grading 61 gpt Ag, 0.51 gpt Au, 0.51% Cu, recovering 88% Ag, 71% Au, 87% Cu, to produce 1.1 M Oz Ag, 7,477 Oz Au, 6.2 M Lb Cu (or 2.65 M Oz AgEq). “Avino had approximately $26 million in cash at the end of 2024 and remains debt-free, excluding operating equipment leases”.
Fortuna Mining Corp. reported production results for the fourth quarter and full year 2024, including figures from its operations in Mexico. At San José, in Oaxaca, Fortuna milled 190 K tonnes during the quarter, at a rate of 2,437 tpd, grading 118 gpt Ag, 0.85 gpt Au, recovering 82.7% Ag, 82% Ag, to produce 594.4 K Oz Ag, 4,239 Oz Au. For the year, 735.6 K tonnes were milled at a rate of 2,138 tonnes per day, grading 125 gpt Ag, 0.89 gpt Au, recovering 86.1% Ag, 84.8% Au, to produce 2.55 M Oz Ag, 17,811 Oz Au. Last week the company announced the sale of the San José mine.
Dyna Resource Inc. announced its preliminary 2024 operating results and 2025 guidance. During the quarter Dyna mined 67.7 K tonnes, grading 4.12 gpt Au, recovering 76% Au to produce 6,775 Oz Au. For the year, 257.7 K tonnes were mined, averaging 4.07 gpt Au, recovering 76% Au to produce 25,677 Oz Au. For 2025 Dyna expects to produce 27,000 to 30,000 Oz Au, at an AISC of $1,850 to $2,050 per Oz Au, with US$2.5 to US$3 M in exploration expenditures.
United States Antimony Corp. provided an operational update on its Madero smelter in Coahuila. “Initial plans are for the Madero Smelter to process antimony ore in an amount approximating 100 tons per month”, starting next March. The company will repair and refurbish six of the seventeen furnaces at the smelter over the next month. The less than US$1 M capital expenditure program is also geared to more streamline antimony feedstock in a faster, more mechanical and less human interaction manner, allowing for increased throughput in the future.
ON FINANCING
Defiance Silver Corp. closed a first tranche of a non-brokered private placement for aggregate gross proceeds of C$732K (Zacatecas project, Zacatecas).
Colibri Resource Corp. intends to conduct a non-brokered private placement for gross proceeds for up to C$250 K (Diamante, Sonora).
Zacatecas Silver Corp. arranged a non-brokered private placement for total proceeds of C$1.5 M (Zacatecas Silver project, Zacatecas; Esperanza, Morelos).
Capitan Silver Corp. intends to raise up to C$4.2 M through a non-brokered private placement. “The Offering is expected be led by a strategic investment from the Jupiter Gold & Silver Fund” (Cruz de Plata, Durango).
Goldgroup Mining Inc. closed the non-brokered private placement previously announced. The company raised C$3.5 M in gross proceeds (Cerro Prieto, Sonora).
Gold Resource Corp. closed the registered offering for US$2.5 M in gross proceeds (Don David).
Angel Wing Metals Inc. granted 1.7 M stock options to directors of the company (La Reyna, Nayarit).
Southern Silver Exploration Corp. revised the terms of the previously announced non-brokered private placement, which is now to comprise gross proceeds of up to C$2.5 M (Cerro Las Minitas, Durango).
Silver Storm Mining Ltd. increased the size of its previously announced non-brokered private placement, for gross proceeds of up to C$3.5 M. First Majestic Silver (a significant shareholder) subscribed C$1.5 M in shares, which is considered a related party transaction (La Parrilla, Durango).
Mexican Gold Mining Corp. announced a non-brokered private placement to raise up to C$160 K (Las Minas, Veracruz).
Sonoro Gold Corp. granted options to certain directors, officers and consultants of the company (Cerro Caliche, Sonora).
ON RESOURCES AND DEVELOPMENT
Vizsla Silver Corp. resumed limited operations after the recent fatal accident at Panuco, in Sinaloa, to work in a test mine and advance towards a feasibility study.
Sierra Metals Inc. reported drill results for the 2024 drill program in the Marian Zone at the Bolivar mine in Chihuahua. Highlighted true width core intervals comprise 26.0 m @ 1.29% Cu, 0.34 gpt Au, 11 gpt Ag; 20.0 m @ 1.37% Cu, 0.31 gpt Au, 24 gpt Ag, 0.2% Zn; 9.5 m @ 0.85% Cu, 0.14 gpt Au, 24 gpt Au, 3.0% Zn; 10.0 m @ 1.26% Cu, 0.26 gpt Au, 40 gpt Ag, 8.3% Zn; 7.0 m @ 2.45% Cu, 0.42 gpt Au, 12 gpt Ag; 6.7 m @ 0.93% Cu, 0.22 gpt Au, 2 gpt Ag. Marian is a chalcopyrite, lesser bornite and pyrite mineralized body, interpreted as a feeder zone, cutting carbonate rocks previously affected by calc-silicate metasomatism. Mineralization is 9.0 to 26.4 m wide, with the current results having the potential to extend the ore body 300 m along strike and 600 m downdip.
Mithril Silver and Gold Ltd. continues drilling the Target 1 resource area at its Copalquin project in Durango. Highlighted core length intervals comprise: 7.37 m @ 4.16 gpt Au, 70 gpt Ag; 0.75 m @ 2.53 gpt Au, 60 gpt Ag; 7.65 m @ 0.23 gpt Au, 9 gpt Ag; 2.00 m @ 0.63 gpt Au, 61 gpt Ag; 5.00 m @ 0.53 gpt Au, 29 gpt Ag; 13.90 m @ 0.71 gpt Au, 35 gpt Ag (including 1.00 m @ 4.15 gpt Au, 195 gpt Ag). The company is to complete a resource estimate for the Target 1 by end of Q1 2025, and drilling is to commence with a second drill rig at the Target 2 area by April 2025.
First Majestic Silver Corp. released results from the 2024 drilling program at its San Dimas mine in Durango. Resource conversion and exploration drilling was performed on El Oro, Perez, Sinaloa, Santa Teresa, Rosario, Intermedia, Santa Regina, Santa Jessica and Nochebuena veins. Highlighted true length results comprise: 3.26 m @ 10.03 gpt Au, 1,996 gpt Ag; 2.30 m @ 6.28 gpt Au, 1,001 gpt Ag; 3.14 m @ 3.66 gpt Au, 485 gpt Ag; 5.06 m @ 2.00 gpt Au, 309 gpt Ag; 2.31 m @ 23.33 gpt Au, 1,045 gpt Ag; 2.97 m @ 6.61 gpt Au, 501 gpt Ag; 1.69 m @ 10.91 gpt Au, 796 gpt Ag; 1.64 m @ 8.31 gpt Au, 507 gpt Ag; 3.41 m @ 10.02 gpt Au, 359 gpt Ag; 5.86 m @ 3.11 gpt Au, 166 gpt Ag; 1.69 m @ 13.53 gpt Au, 211 gpt Ag.
ON DEALS AND CORPORATE ISSUES
Zacatecas Silver Corp. announced the appointment of Mr. Eric Vanderleeuw as chief executive officer and director and Mr. Mario Vetro as advisor (Zacatecas Silver project, Zacatecas; Esperanza, Morelos).
Infinitum Copper Corp. announced the resignation of Steve Robertson as chairman and as a director and Garrick Mendham as director of the company (La Adelita, Sonora).
Agnico Eagle Mines Ltd. and O3 Mining Inc. provided O3 Mining share Holders with a final reminder to tender to Agnico Eagle’s friendly all cash offer to acquire 100% of the common shares of O3 Mining at $1.67 per share, which expires on January 23, 2025 (Pinos Altos, Chihuahua).
Agnico Eagle Mines Ltd. announced the acquisition of 94.1% of the outstanding common shares of O3 Mining Inc., with expiry of the buy offer extended to February 3, 2025 (Pinos Altos, Chihuahua).
Sierra Metals Inc. was notified by the Toronto Stock Exchange (TSX) “that the TSX will defer its consideration of the acceptance of the Company’s shareholder rights plan dated December 30, 2024”. This is in relation to the un-solicited take-over bid by Alpayana S.A.C. for all of the common shares of Sierra Metals (Bolivar, Chihuahua).
ON SOCIAL RESPONSIBILITY
No Relevant news.
On the image below: Old mine working in the Sonoran Desert. Drone picture by Jorge Cirett.
During the 47th week of the year (November 18th to November 24th 2024), at least 25 press releases were announced by companies working in Mexico, and 2 news published by the media, with six communicating production and financial results, six disclosing deals and corporate issues, six announcing financing rounds, five reporting resources and development of their properties, three commenting on Mexican issues, and one informing on exploration results. ON MEXICO ISSUES, The Ministry of Finance and Public Credit (SHCP) proposed to increase the mining rights in the Federal Income Law initiative released last November 15, 2024. Despite all the contribution that the Mexican mining industry makes to the country’s economy, all analysts were surprised by the blow that is intended to be given to this industry in the proposal for the 2025 Economic Package that was presented last November 15, 2024. Mining will be key to meeting renewable goals in Mexico. Kootenay Silver, Guanajuato Silver, and Silver Storm reported the best drilling intercepts in Mexico on the third week of November, 2024. ON EXPLORATION, In Chihuahua, Kootenay released results from 4 holes drilled at its Columba project. ON MINING, Elemental Altusreported consolidated Q3, 2024 operating and financial results (Mercedes mine, Sonora). Minera Alamos reported Q3, 2024 operating results from its Santana property in Sonora. Golden Minerals announced Q3, 2024 operating and financial results (Velardeña property, Durango). Starcore reported production results for the second fiscal quarter ended Oct 2024 at its San Martin mine in Queretaro. Guanajuato Silver reported Q3, 2024 production results from their Mexican mines located in Guanajuato and Durango states. ON FINANCING, Kingsmen closed its previously announced non-brokered private placement for gross proceeds of $1M (Las Coloradas project, Chihuahua). Quetzal Copper announced a brokered private placement for aggregate gross proceeds of up to $3M (Cristinas project, Chihuahua). Endeavour Silver announced a USD $73M bought deal financing (Pitarrilla project, Durango). Alamos Gold declared quarterly dividends (Mulatos mine, Sonora). Angel Wings announced a non-brokered private placement for gross proceeds of up to $1M (La Reyna project, Nayarit). ON RESOURCESAND DEVELOPMENT, Minera Alamos provided an update on their Santana and Cerro de Oro properties in Sonora and Zacatecas respectively. Southern Silver initiated a drilling program at its Cerro Las Minitas project in Durango. Mammoth Resources announced the results of an independent study confirming a gold-silver exploration target at its 100% owned Tenoriba property in Chihuahua. Silver Storm released results from nine holes drilled at the La Estrella and San Rafael Zones in its Parrilla mine, Durango. Guanajuato Silver reported results from its 2024 drilling program being conducted at its Valenciana Mine Complex, Guanajuato. ON DEALS AND CORPORATE ISSUES, Talent Infinity signed a conditional and non-binding letter of intent with Advantage Mining for gold-silver claims located in Sonora. Tarachi Gold announced its decision to discontinue a transaction with Prospector Portal due to the expiration of their non-binding letter of intent (Tarachi property, Sonora). Sonoro Gold declared that it has paid the final installment of USD $250K to acquire a 100% interest in the Cerro Caliche group of concessions in Sonora. Fresnillo plc reported results from its annual general meeting of shareholders. Luca Mining announced the hiring of a highly experienced geological team to advance its exploration strategy at the Tahuehueto and Campo Morado sites located in Durango and Guerrero respectively. Sierra Mojada announced a significant breakthrough with the conditional lifting of a five-year blockade at the Sierra Mojada Mining Project in Coahuila. ONSOCIAL RESPONSIBILITY, no relevant news.
ON MEXICO ISSUE
The Ministry of Finance and Public Credit (SHCP) proposed to increase the mining rights in the Federal Income Law initiative released last November 15, 2024. SHCP stated that considering that minerals and substances are non-renewable public domain assets, it is proposed to increase the special and extraordinary rights on mining, raising rates from 7.5 to 8.5% and from 0.5 to 1.0%, respectively, as established in articles 268 and 270 of the Federal Law of Rights. The SHCP also argued that this adjustment responds to the upward trend in international metal prices, ensuring that those who benefit from these resources contribute equitably to the State. Currently, the SHCP charges a special fee of 7.5% on the net profit for the disposal or sale of the extractive activity, as well as an extraordinary fee on mining, corresponding to 0.5% on the income from the disposal of gold, silver and platinum. In addition, an additional mining fee per hectare is applied in concessions without exploration or exploitation. According to data from the Mexican Mining Chamber (CAMIMEX), fiscal contributions from the mining sector experienced a drop of 32.2% in 2023 compared to 2022, registering an amount of MXP $49,445.4M, “as a direct consequence of the closure of operations and the lack of growth in the sector.” In a breakdown, these contributions were as follows: Income Tax (MXP $37,888M), mining rights (MXP $2,876M), and new mining rights (MXP $8,682M).
Despite all the contribution that the Mexican mining industry makes to the country’s economy, all analysts were surprised by the blow that is intended to be given to this industry in the proposal for the 2025 Economic Package that was presented last November 15, 2024. It is one of the most important industries in Mexico, since it is key to more than 70 productive sectors, and even many of the things we use daily could not be done without the intervention of mining. In Mexico, the mining industry is key to the development of the economy, there are 24 states that have a high vocation for mining, and more than 696 communities dedicated exclusively to that activity, where many legislators, authorities and businessmen from other branches should consider a trip to learn more about how they operate and, above all, the high degree of technology they use today, which makes them one of the industries with the greatest investments in both human capital and technology to make facilities safer. The Economic Package proposes an increase from 7.5% to 8.5% of the special right and from 0.5% to 1% the extraordinary right to mining activity, which threatens the competitiveness of an industry. Key that in recent years has already faced an adverse environment with the reforms to the Mining Law, the suspension of concessions and the lack of permits, and it seems that no one has realized the negative effects that would have on everyone.
Mining will be key to meeting renewable goals in Mexico. Demand for critical minerals to produce electric cars, solar panels and wind turbines will quadruple by 2030. The objectives of companies operating in the country and the Mexican government to transition to greater consumption of renewable energies such as solar or wind will be impossible to meet if mining investment, responsible for producing critical minerals such as copper, lithium, silver, gold, nickel, manganese, cobalt, graphite, copper, zinc and rare earths necessary to manufacture electric vehicles, solar panels and wind turbines is not encouraged. In this sense, it is estimated that until 2030, the demand for critical minerals for clean energy technologies can grow up to four times. For some minerals, the growth can be much greater: the energy sector’s demand for lithium will grow more than 10 times by 2050 according to estimates by the Mexican Mining Chamber (CAMIMEX). With all of the above, the general director of CAMIMEX stated it is necessary for the authorities to carefully analyze the proposal that seeks to prohibit open pit mining, since this would impact not only the production of essential metals for the energy transition, but also would impact the social well-being of one million people in 690 communities that directly depend on mining activity. The Mexican mining industry set the goal of reducing its environmental footprint on a large scale while increasing its productivity, especially of strategic minerals for the energy transition, which is why by 2030 they will seek to achieve 46 percent of the country’s total energy consumption.
Kootenay Silver Inc., Guanajuato Silver Company Ltd., and Silver Storm Mining Ltd., reported the best drilling intercepts in Mexico on the third week of November, 2024. Details are shown in the table below:
ON EXPLORATION
Kootenay Silver Inc., released results from 4 holes drilled at its Columba project, in Chihuahua. Drilling highlights (true widths reported) include holes CDH-24-174 with 104 g/t Ag, 0% Pb, and 0.1% Zn over 4.90m, plus 99 g/t Ag, 0% Pb, and 0.1% Zn over 4.20m, including 533 g/t Ag, 0% Pb, and 0.1% Zn over 0.3m, plus 233 g/t Ag, 0.1% Pb, and 0.3% Zn over 27.60m, including 1,100 g/t Ag, 0.4% Pb, and 0.3% Zn over 2.68m, including 3,090 g/t Ag, 0.9% Pb and 0.2% Zn over 0.74m; hole CDH-24-175 with 270 g/t Ag, 0.2% Pb, and 3.4% Zn over 3.42m; and hole CDH-24-017 with 71 g/t Ag, 0% Pb, and 0.1% Zn over 11.11m, including 146 g/t Ag, 0.1% Pb, and 0.2% Zn over 5.4m, including 212 g/t Ag, 0.2% Pb, and 0.3% Zn over 2.49m, plus 159 g/t Ag, 0.1% Pb, and 0.4% Zn over 8.47m, including 513 g/t Ag, 0.6% Pb, and 1.7% Zn 0ver 0.82m. These results comprise tests from three areas at Columba: I-Vein, D-Vein and B-Vein Corridor which is the extension of the historically mined F-Vein. “The company is focused on testing extensions and gaps within the data set in advance of the preparation of a mineral resource estimate”.
ON MINING
Elemental Altus Royalties Corp., reported consolidated Q3, 2024 operating and financial results, and provided its guidance range for adjusted revenue and reduced its guidance range for Oz AuEq. The company recorded quarterly cash flow and EBITDA, for the three and nine months ended September 30, 2024 (Mercedes mine, Sonora).
Minera Alamos Inc., reported Q3, 2024 operating results. Mining and stacking during this period from the new Nicho Main Zone pit within its Santana property in Sonora reached 3,800 Oz Au with an average grade of 0.6 g/t Au.
Golden Minerals Company announced Q3, 2024 operating and financial results (all figures are in US dollars). The company recorded no revenue related to gold and silver in doré, but recorded revenue of $0.1M from the sale of metals at the Velardeña Properties during the third quarter 2024. This revenue relates to concentrate shipments that were completed earlier in 2024 but were finalized during the third quarter 2024. In the third quarter 2023, the Company recorded $2.5M of revenue which was related to the sale of metals at its Rodeo mine in Durango.
Starcore International Mines Ltd., reported production results for the second fiscal quarter ended Oct 2024 at its San Martin mine in Queretaro. It milled 48,248 tonnes of 1.10 g/t Au and 10 g/t Ag with metallurgical recoveries of 80.25% and 49.16% respectively to produce 1,466 Oz AuEq.
Guanajuato Silver Company Ltd., reported Q3, 2024 production results from their Mexican mines located in Guanajuato and Durango states (all dollar amounts are in US dollars). At El Cubo, Guanajuato, the company milled 69,897 tonnes to produce 263.4K Oz AgEq at cash and AISC of $18.33 and 21.79 per Oz AgEq respectively. At Valenciana Mine Complex, Guanajuato, it milled 40,440 tonnes to produce 146.4K Oz AgEq at cash and AISC of $23.19 and 26.21 per Oz AgEq respectively. At San Ignacio, Guanajuato, the company milled 20,427 tonnes to produce 89.1K Oz AgEq at cash and AISC of $22.51 and 26.25 per Oz AgEq respectively. At Topia, Durango, it milled 13,772 tonnes to produce 280.9K Oz AgEq at cash and AISC of $15.73 and 16.33 respectively. Guanajuato Silver reported Consolidated Results of 144,537 tonnes milled to produce 413.6K Oz Ag, 3,617 Oz Au, 806.9K Lb Pb, and 926K Lb Zn (779.8K Oz AgEq) at cash and AISC of 18.787 and $23.88 per Oz AgEq respectively. The company also reported revenue of $18.31M, mine operating cash flow before taxes of $3.3M, EBITDA of ($662.8K), adjusted EBITDA of $892.3K, and cash and cash equivalents of $1.6M as of September 30, 2024.
ON FINANCING
Kingsmen Resources Ltd., closed its previously announced non-brokered private placement for gross proceeds of $1M by issuing 400K units at a price of $0.25 per unit. Gross proceeds will be used to further advance its Las Coloradas Silver/Gold project in Chihuahua and for working capital.
Quetzal Copper Corp., announced a brokered private placement for aggregate gross proceeds of up to $3M from the sale of up to 6,666,666 units of the company at a price of $0.15 per unit for gross proceeds of up to $M from the sale of units; and up to 10,526,315 common shares of the Company (FT Shares), and together with the units, at a price of $0.19 per FT Share for gross proceeds of up to $2M from the sale of FT Shares. Each FT Share will be issued as a “flow-through share” within the meaning of the Income Tax Act (Canada). Gross proceeds will be used for exploration and development activities and general corporate purposes. The gross proceeds from the sale of the FT Shares will be used by the company to incur eligible “Canadian exploration expenses” (Cristinas project, Chihuahua).
Torex Gold Resources Inc., received approval from the Toronto Stock Exchange for a normal course issuer bid (NCIB), allowing the company to purchase up to 7,116,777 of its common shares, which is about 10% of its public float as of November 13, 2024. This buyback program will run from November 21, 2024, to November 20, 2025. The company plans to fund these purchases using its available working capital, and all shares bought back will be cancelled. Torex aims to use this strategy to return capital to shareholders while maintaining flexibility in its capital allocation. Torex’s strategic objectives include optimizing the Morelos Property, achieving growth in reserves and production, achieving full production at Media Luna, retains and attracts best industry talent, and enhancing ESG practices.
Endeavour Silver Corp., announced a USD $73M bought deal financing consisting of 15,825,000 common shares of the company at a price of USD $4.60 per common share. Net proceeds will be used for general working capital and the advancement of the Pitarrilla project in Durango.
Alamos Gold Inc., declared quarterly dividends of USD $0.025 per common share. The Company has paid dividends for 15 consecutive years including returning USD $41M to shareholders thus far in 2024 (Mulatos mine, Sonora).
Angel Wings Metals Inc., announced a non-brokered private placement of up to 20,000,000 units at a price of $0.05 per unit for gross proceeds of up to $1M. Net proceeds will be used for diamond drilling at its La Reyna project, Nayarit.
ON RESOURCES AND DEVELOPMENT
Minera Alamos Inc., provided an update on their Santana and Cerro de Oro properties in Sonora and Zacatecas respectively. At Santana property, Sonora, the company is completing final preparations for the Phase 2 leach pad expansion to increase the area available for site leaching operations by 40%. The larger Phase 3 pad expansion is awaiting permit amendment approval that will allow the company to execute on the larger future planned expansion of activities at Santana. At Cerro de Oro property, Zacatecas, the company continues with the engineering work in advance of final permits receipt.
Southern Silver Exploration Corp., initiated a drilling program at its Cerro Las Minitas project in Durango. The program plans to conduct up to 6,000m of core drilling to explore extensions of high-grade mineralization near existing deposits. Previous drilling efforts have identified significant mineral resources, with indicated resources of 13.3M tonnes averaging 102 g/t Ag, 0.07 g/t Au, 0.17% Cu, 1.3% Pb, and 3.1% Zn totalling 43.4M Oz Ag, 32K Oz Au, 49M Lb Cu, 374M Lb Pb, and 921M Lb Zn; and inferred resources of 23.4M tonnes averaging 111 g/t Ag, 0.14 g/t Au, 0.21% Cu, 1.1% Pb, and 2.1% Zn totalling 83.4M Oz Ag, 104K Oz Au, 111M Lb Cu, 582M Lb Pb, and 1,106M Lb Zn. The current drilling aims to demonstrate the potential for continued resource growth and improve the project’s economic viability. It will focus on the South Skarn Deposit and target down-dip extensions of higher-grade mineralized areas, as well as resource gaps in the North Felsite deposit. Additionally, baseline data collection, including hydrology, geotechnical, archaeological, and land surveys, is underway to support the project’s advancement. The company is also exploring various opportunities identified after a recent Preliminary Economic Assessment (PEA) conducted in July 2024.
Mammoth Resources Corp., announced the results of an independent study confirming a gold-silver exploration target at its 100% owned Tenoriba property in Chihuahua, estimating over 1M Oz AuEq. The exploration target was divided into two defined areas: a “High Confidence” area based on drill hole proximity and a broader “Extended” area inferred from surface features favorable for mineralization. The study highlights a significant mineralization potential in the shallow, near-surface mixed oxidized-sulfide/transition zone. The study utilized thousands of gold-silver sample analyses from 55 diamond drill holes and surface geomorphology interpretations to define the target areas, which include Carneritos, Masuparia, and Moreno.
Silver Storm Mining Ltd., released results from nine holes drilled at the La Estrella and San Rafael Zones in its Parrilla mine, Durango. Drilling highlights include holes Q-24-039 with 640 g/t Ag, 0.12 g/t Au, 2.4% Pb, 2% Zn, and 0.02% Cu (768 g/t AgEq) over 7.26m, including 1,010 g/t Ag, 0.28 g/t Au, 5.6% Pb, 13.4 % Zn, and 0.09% Cu (1,546 g/t AgEq) over 0.49m, plus 2,440 g/t Ag, 0.38 g/t Au, 1.5% Pb, 1.5% Zn, and 0.03% Cu (2,550 g/t AgEq) over 0.50m, plus 944 g/t Ag, 0.09 g/t Au, 2,13% Pb, 0.94% Zn, and 0.02% Cu (1,034 g/t AgEq) over 0.94m; hole Q-24-031 with 2,370 g/t Ag, 0.05 g/t Au, 4.1% Pb, 0.4% Zn, and 0.11% Cu (2,495 g/t AgEq) over 0.40m, plus 350 g/t Ag, 0.03 g/t Au, 0.7% Pb, 0.4% Zn, and 0.0% Cu (382 g/t AgEq) over 3.5m, including 598 g/t Ag, 0.05 g/t Au, 1.1% Pb, 0.3% Zn, and 0.01% Cu (640 g/t AgEq) over 1.56m; hole Q-24-035 with 323 g/t Ag, 0.06 g/t Au, 1% Pb, 0.3% Zn, and 0.0% Cu (361 g/t AgEq) over 5m, including 1,260 g/t Ag, 0.12 g/t Au, 1.3% Pb, 0.3% Zn, and 0.01% Cu (1,313 g/t AgEq) over 0.5m, plus 358 g/t Ag, 0.05 g/t Au, 5.1% Pb, 0.05% Zn, and 0.0% Cu (502 g/t AgEq9 over 0.5m, plus 376 g/t Ag, 0.02 g/t Au, 0.6% Pb, 1% Zn, and 0.01% Cu (422 g/t AgEq) over 4.36m, plus 909 g/t Ag, 0.09 g/t Au, 1.6% Pb, 2.2% Zn, and 0.01% Cu (1,019 g/t AgEq) over 0.9m; hole Q-24-036 with 282 g/t Ag, 0.01 g/t Au, 1% Pb, 0.9% Zn, and 0.01% Cu (333 g/t AgEq) over 5.75m, including 1,410 g/t Ag, 0.02 g/t Au, 5.1% Pb, 5.2% Zn, and 0.04% Cu (1,690 g/t AgEq) over 0.5m, plus 154 g/t Ag, 0.03 g/t Au, 0.5% Pb, 0.6% Zn, and 0.01% Cu (186 g/t AgEq9 over 0.5m; and hole Q-24-038 with 374 g/t Ag, 0.06 g/t Au, 2.1% Pb, 1.7% Zn, and 0.02% Cu (482 g/t AgEq) over 8.19m, including 876 g/t Ag, 0.12 g/t Au, 7.8% Pb, 5.6% Zn, and 0.05% Cu (1,248 g/t AgEq) over 1.12m, plus 130 g/t Ag, 0.02 g/t Au, 0.2% Pb, 0.1% Zn, and 0.02% Cu (141 g/t AgEq) over 0.70m. These results were not modelled or included in the NI-43-101 Mineral Resource Estimate published on August 2023.
Guanajuato Silver Company Ltd., reported results from its 2024 drilling program being conducted at Cata and Maravillas mines in its Valenciana Mine Complex, Guanajuato. Drilling highlights (true width reported) at Cata mine include holes UGC24-001 with 1.32 g/t Au and 306 g/t Ag (418 g/t AgEq) over 0.82m, plus 3.72 g/t Au and 7 g/t Ag (323 g/t AgEq) over 0.45m; hole UGC24-005 with 2.87 g/t Au and 3 g/t Ag (247 g/t AgEq) over 0.22m; and hole UGC24-007 with 4.82 g/t Au and 1,114 g/t Ag (1,523 g/t AgEq) over 0.69m, plus 4.75 g/t Au and 1,311 g/t Ag (1,715 g/t AgEq) over 0.49m, plus 3.84 g/t Au and 12 g/t Ag (338 g/t AgEq) over 0.64m. Drilling highlights (true width reported) at Maravillas mine include holes UGM24-001 with 0.31 g/t Au and 107 g/t Ag (133 g/T AgEq) over 0.50m, plus 1.11 g/t Au and 398 g/t Ag (492 g/t AgEq9 over 3.19m, including 6.63 g/t Au and 2,239 g/t Ag (2,803 g/t AgEq) over 0.42m, including 0.4 g/t Au and 196 g/t Ag (230 g/t AgEq) over 0.66m, including 0.82 g/t Au and 344 g/t Ag (414 g/t AgEq) over 0.38m.
ON DEALS AND CORPORATE ISSUES
Talent Infinity Resource Developments Inc., signed a conditional and non-binding letter of intent with Advantage Mining Group Ltd., for gold-silver claims located in Sonora that Advantage represents that they have the rights to acquire. The claims are located within the “prominent northwest-trending Sonora Gold Belt and parallel to the well-known, precious metals-rich Mojave-Sonora Megashear”.
Tarachi Gold Corp. announced its decision to discontinue a transaction with Prospector Portal Inc. due to the expiration of their non-binding letter of intent in which Tarachi would acquire all of the outstanding shares of Prospector in a transaction that would transform Tarachi into an artificial intelligence-focused mining services company. The company will refocus on precious metals exploration, leveraging its $3M cash reserve to pursue new opportunities in the sector (Tarachi property, Sonora).
Sonoro Gold Corp., declared that it has paid the final installment of USD $250K to acquire a 100% interest in the Cerro Caliche group of concessions in Sonora. The option agreement represents 67% of the total surface area of the Cerro Caliche Gold Project, for total consideration of USD $2.98M. Under the terms of the assignment agreement, the company also executed a royalty agreement, entitling the vendor to a 2% net smelter returns royalty (NSR) from the proceeds of the sale of minerals from the concessions. The company may purchase the NSR for USD $1M for each one percent of the royalty after year four of production.
Fresnillo plc reported results from its annual general meeting of shareholders.
Luca Mining Corp., announced the hiring of a highly experienced geological team to advance its exploration strategy at the Tahuehueto and Campo Morado sites located in Durango and Guerrero respectively. The primary goals of this strategy include identifying additional high-grade mineralization to enhance cash flow, leveraging a vast historical geosciences database for resource expansion, and exploring the district-scale potential in both sites by targeting high-impact exploration zones further from the mine sites.
Sierra Mojada Resources Inc., announced a significant breakthrough with the conditional lifting of a five-year blockade at the Silver-Zinc Sierra Mojada Mining Project in Coahuila, following unanimous approval from the local cooperative Cooperativa de Explotacion Minera Mlneros Norteños. The company plans to propose a “Merger of Equals” with project owners to restore financial health, secure future financing, and benefit all stakeholders. The project has identified approximately 200,000 tonnes of high-grade silver/zinc oxides, ready to be gravimetrically concentrated, which are expected to generate cash and ensure financial independence. This resolution marks a transformative opportunity for sustainable growth in the region.
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, ankerite vein related to an orogenic gold deposit in a project in Sonora, Mexico. Photo taken by Miguel A Heredia.
During the 40th week of the year (September 30th to October 6th,2024), companies working in Mexico posted at least 12 press releases. One company informed on exploration advances on its property, one other company updated on mining operations, one company notified on the extension of a financing round, two companies granted stock options/deferred-share-units, two companies announced share consolidation programs, two companies reported drilling results on its advanced property/mine, another reported AGM results, one informed on appointments to the board and two more on their merger. ON MEXICO ISSUES,an illegal mining operation was terminated in Sonora. Vulcan Materials warned on the intensification of its legal dispute with the Mexican government.ON EXPLORATION, in Nayarit, Angel Wings Metals provided an exploration update on La Reyna project. ON MINING, Luca Mining updated on planned activities at its Campo Morado and Tahuehueto mines, in Guerrero and Durango respectively. ON RESOURCES AND DEVELOPMENT, Vizsla Silver reported drilling results from Panuco, in Sinaloa. Gatos Silver released drilling results from two areas of the Cerro Los Gatos mine in Chihuahua. ON DEALS AND CORPORATE ISSUES, Vizsla Silver presented results of its AGM. Apollo Silver made directors appointments. Coeur Mining and SilverCrest Metals announced their merger. ON SOCIAL RESPONSIBILITY, no relevant news.
ON MEXICO ISSUES
An illegal gold mining operation was closed down in Sonora. The mining operation was being conducted without permits on La Cienega area in the Sonoran Desert, which is an historically active dry placer mining area. Eight persons were detained and diverse equipment sequestered.
Vulcan Materials warned that it is to intensify its legal dispute with the government of Mexico, under which the company demands the payment of US$1.5 billion.
ON EXPLORATION
Angel Wing Metals Inc. provided an exploration update on La Reyna project, in Nayarit. The exploration focus is on the El Polo-Dolorosa target area, where historic trench results include 21 m grading 5.01 gpt Au, 12.7 m grading 1.21 gpt Au and 15.52 m grading 0.92 gpt Au. “Principal prospects include the former El Polo open pit mine, and the Dolorosa, San Ramon, La Feña, and El Zorillo shallow workings. The Company intends on commencing a diamond drill program in Q4 of this year”. Exploration is focused on bulk tonnage size potential in altered and brecciated volcanic rocks with stockwork quartz veining. The first 2,500 m drill phase is to test five widely spaced prospects from near surface depths to 175 m.
ON MINING
Luca Mining Corp. updated on planned activities at its two mines in Mexico. At Campo Morado, in Guerrero, a mining contractor was hired to increase performance and exceed 2,000 tpd rates, improvements to metallurgy processes have been made and the first drilling program in over a decade is commencing. At Tahuehueto, in Durango, construction has been completed and commercial production is expected to be declared during Q4. A significant drilling campaign is to commence during the quarter. “Luca will commence repayments of its debt owed to Trafigura, from cashflow, in October 2024 under the terms of the restructured debt agreement”.
ON FINANCING
Aztec Minerals Corp. granted 1.57 M stock options to directors, management, and consultants of the company (Cervantes, Sonora).
GRSilver Mining Ltd. granted 97.5 K deferred share units (DSU) to non-executive directors for director’s fees to Q3 2024. eligible persons in accordance with the Omnibus Long-Term Incentive Plan. “Once vested, each DSU entitles the holder thereof to receive either one common share of the Company, the cash equivalent of one common share or a combination of cash and common shares, as determined by the Company, net of applicable withholdings” (Plomosas, Sinaloa).
Silver Spruce Resources Inc. proposed to consolidate its common shares on a 1:15 basis on its annual and special meeting on October 29, 2024 (Pino de Plata, Chihuahua).
Apollo Silver Corp. announced a non-brokered private placement for aggregate gross proceeds of up to C$10 M. Following the closing of the offering, the company intends to consolidated its issued and outstanding shares on a five to one basis. (Cinco de Mayo, Chihuahua).
Colibri Resource Corp. announced the extension of its non-brokered private placement to raise up to C$450 K, to close on or before November 3, 2024 (EP project, Sonora)
ON RESOURCES AND DEVELOPMENT
Vizsla Silver Corp. reported results from 11 holes targeting the Copala resource area at its Panuco project in Sinaloa. Highlighted true width intercepts comprise 2.88 m @ 0.45 gpt Au, 92 gpt Ag; 1.46 m @ 15.47 gpt Au, 1,935 gpt Ag; 0.55 m @ 6.26 gpt Au, 437 gpt Ag; 2.30 m @ 37.30 gpt Au, 2,851 gpt Ag; (including 1.05 m @ 73.10 gpt Au, 5,410 gpt Ag); 1.70 m @ 1.35 gpt Au, 238 gpt Ag; 5.80 m @ 14.85 gpt Au, 2,551, gpt Ag (including 0.46 m @ 146.50 gpt Au, 21,953 gpt Ag); 2.30 m @ 0.98 gpt Au, 79 gpt Ag; 4.15 m @ 3.29 gpt Au, 732 gpt Ag (including 1.37 m @ 7.56 gpt Au, 1,634 gpt Ag); 5.65 m @ 26.06 gpt Au, 3,007 gpt Ag (including 1.48 m @ 96.11 gpt Au, 10,869 gpt Ag); 0.65 m @ 1.99 gpt Au, 384 gpt Ag; 7.50 m @ 1.23 gpt Au, 222 gpt Ag; 4.90 m @ 1.06 gpt Au, 145 gpt Ag; 1.00 m @ 5.39 gpt Au, 874 gpt Ag; 0.90 m @ 12.05 gpt Au, 1,830 gpt Ag; 4.35 m @ 3.00 gpt Au, 781 gpt Ag (including 0.73 m @ 12.45 gpt Au, 2,990 gpt Ag). “Exploration and resource focused drilling at Copala has traced mineralization along ~1,770 metres of strike length and ~400 metres down dip”.
Gatos Silver Inc. updated on the drilling exploration programs in the 70%-owned Los Gatos district in Chihuahua. Positive results have been obtained on the Central Deeps target and the South-East Deeps zone at the Cerro Los Gatos mine, as well as key developments on the regional exploration program. Highlighted true width intercepts comprise 7.5 m @ 0.20 gpt Au, 101 gpt Ag, 0.17% Cu, 5.5% Pb, 11.1% Zn; 3.3 m @ 0.28 gpt Au, 153 gpt Ag, 0.08% Cu, 6.6% Pb, 17.5% Zn; 2.8 m @ 0.03 gpt Au, 40 gpt Ag, 0.22% Cu, 0.7% Pb, 3.0% Zn; 1.3 m @ 0.57 gpt Au, 151 gpt Ag, 0.09% Cu, 3.0% Pb, 3.8% Zn; 6.5 m @ 0.04 gpt Au, 47 gpt Ag, 0.26% Cu, 1.1% Pb, 2.4% Zn; 4.5 m @ 0.09 gpt Au, 88 gpt Ag, 0.52% Cu,1.8% Pb, 3.2% Zn; 7.8 m @ 0.17 gpt Au, 90 gpt Ag, 0.14% Cu, 4.9% Pb, 5.8% Zn; 4.4 m @ 0.20 gpt Au, 55 gpt Ag, 0.37% Cu, 3.4% Pb, 1.6% Zn, 2.8 m @ 0.07 gpt Au,122 gpt Ag, 0.56% Cu, 3.4% Pb, 9.5% Zn; 5.0 m 0.14 gpt Au, @ 126 gpt Ag, 0.35% Cu, 5.5% Pb, 15.8% Zn; 1.1 m @ 2.03 gpt Au. Drilling below the Central Zone has intercepted a new zone of mineralization, and the “latest results in the South-East Deeps zone show further extension potential to the south-east of the current mineral reserves in this area. Moreover, we continue to pursue the longer term potential across the broader Los Gatos district”.
ON DEALS AND CORPORATE ISSUES
Vizsla Silver Corp.held its annual general meeting, fixing the number of directors at seven persons, elected the directors for the ensuing year, re-appointed the auditor of the company and approved the company’s omnibus equity incentive compensation plan. (Panuco, Sinaloa).
Apollo Silver Corp. announced the appointment of Alex Tsakumis to its board of directors and of Amandip Singh as vice president, corporate development (Cinco de Mayo, Chihuahua).
Coeur Mining Inc. and SilverCrest Metals Inc. entered into a definitive agreement in which Coeur is to acquire all issued and outstanding shares of SilverCrest. All SilverCrest shareholders will receive 1.6022 Coeur common shares. The exchange ratio implies $11.34 per SilverCrest shares, representing an 18% premium and a total equity value of $1.7 billion based on SilverCrest’s shares outstanding. “Upon completion of the Transaction, existing Coeur stockholders and SilverCrest shareholders will own approximately 63% and 37% of the outstanding common stock of the combined company, respectively” (Palmarjo, Chihuahua; Las Chispas, Sonora).
ON SOCIAL RESPONSIBILITY
No Relevant News.
On the image below: Drilling under the scarp in Sonora. Picture by Jorge Cirett.
