NI 43-101 Technical Report

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

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Massive Pyrite

By Miguel A Heredia

During the 11th week of the year (March 10th to March 16th 2025), at least 23 press releases were announced by companies working in Mexico, and 1 news published by the media, with six announcing financial rounds, six communicating production results, five disclosing deals and corporate issues, five reporting resources and development of theirs properties, one discussing social issues, and one commenting on Mexican issues.  ON MEXICO ISSUES, Orex Minerals and Tocvan/Colibri reported the best drilling intercepts in Mexico on the second week of March, 2025. ON EXPLORATION, No relevant news.  ON MINING, Endeavour reported Q4, and full-year 2024 consolidated results from their Mexican operations. Altius reported 2024 attributable royalty revenue of CAD $64M and adjusted earnings of CAD $12.7M (Cuale project, Jalisco). Avino reported Q4 and full-year 2024 production and financial results from its Avino mine in Durango. Equinox announced filing of 2024 audited financial statements (Los Filos mine, Guerrero). Sierra Metals announced that it plans to release the Q4 and full-year 2024 financial and operating results on March 26, 2025 (Bolivar mine, Chihuahua).  Starcore reported results for the third quarter ended January 31, 2025 from its San Martin mine in Queretaro.  ON FINANCING, Bear Creek closed a brokered private placement for gross proceeds of CAD $14.5M (Mercedes mine, Sonora). Goldgroup announced a non-brokered private placement for gross proceeds of up to $7M (Cerro Prieto mine, Sonora). Prismo closed its previously announced debt settlement transactions (Palos Verdes project, Sinaloa). Colibri announced extension of its non-brokered private placement closing date (Pilar project, Sonora).  Reyna Silver closed a final tranche of its previously announced private placement for gross proceeds of CAD $169,729.95 (Batopilas project, Chihuahua). ON RESOURCES AND DEVELOPMENT, Colibri and its JV Partner Tocvan, released drill assays from the first two holes drilled in its recent ten holes diamond drilling program at Pilar project, Sonora. Fortuna Mining reported updated mineral resources for its San Jose mine in Oaxaca. Orex announced results from its Phase-VI diamond drilling program of 2,000.8m in 8 holes completed on its Coneto project in Durango. Bear Creek filed a technical report regarding its Mercedes mine in Sonora. ON DEALS AND CORPORATE ISSUES, Kootenay reported that it will commence to trade at OTCQX best market (Columba project, Chihuahua). Silver Dollar announced the appointment of its new president and CEO (La Joya property, Durango). Infinitum Copper announced the appointment of its new CEO and Director (La Adelita project, Sonora). First Majestic appointed a new member to its Board of Directors (Santa Elena mine, Sonora). Apollo engaged Danayi Capital, an arm’s-length service provider, to provide the company certain investor relations and digital marketing services (Cinco de Mayo project, Chihuahua).  ON SOCIAL RESPONSIBILITY, Grupo Mexico has positioned itself as one of the best performing environmental, social, and governance companies in the industries in which it operates.

ON MEXICO ISSUES

  • Orex Minerals Inc., and Tocvan Ventures Corp / Colibri Resource Corporation reported the best drilling intercepts in Mexico on the second week of March, 2025. Details are shown in the table below:

ON EXPLORATION

  • No relevant news.

ON MINING

  • Endeavour Silver Corp., reported Q4, and full-year 2024 consolidated results from their Mexican operations (all currency is expressed in US dollars). In Q4, 2024, the company processed 165.6K tonnes to produce 824.5K Oz Ag and 9,075 Oz Au (1.55M Oz AgEq). It produced 817.3K payable Oz Ag and 8.9K payable Oz Au at cash and AISC of $13.68 and $27.33 respectively. Endeavour also reported revenue of $42.2M from the sale of 654.5K Oz Ag and 8,343 Oz Au at realized prices of $31.56/Oz Ag and $2,647/Oz Au. Net earnings (loss) were $1M; adjusted net earnings (loss) of $4.8M; mine operating earnings of $7.7M; mine operating cash flow before taxes of $13.1M; EBITDA of $4.4M; adjusted EBITDA of $8.5M, and working capital of $78.8M. In the full year 2024, the company processed 781.4K tonnes to produce 4.47M Oz Ag and 39.5K Oz Au (7.54M Oz AgEq). It produced 4.44M payable Oz Ag and 38.3K payable Oz Au at cash and AISC of $12.99 and $23.88 respectively. Endeavour also reported revenue of $217.6M from the sale of 4.65M Oz Ag and 38.5K Oz Au at realized prices of $27.39/Oz Ag and $2,397/Oz Au. Net earnings (loss) were ($3.51M); adjusted net earnings (loss) of $8M; mine operating earnings of $42.1M; mine operating cash flow before taxes of $72.3M; EBITDA of $10M; adjusted EBITDA of $52.7M, and working capital of $78.8M.
  • Altius Minerals Corporation reported 2024 attributable royalty revenue of CAD $64M, including CAD $ 11.7M for Q4, 2024, and adjusted earnings of CAD $12.7M. The company also declared a quarterly dividend of CAD $0.09 per share payable to all shareholders of record at the close of business on March 19, 2025. The dividend is expected to be paid on or about April 02, 2025 (Cuale project, Jalisco).
  • Avino Silver & Gold Mines Ltd., reported Q4 and full-year 2024 production and financial results from its Avino mine in Durango (all currency is expressed in US dollars). In Q4, 2024, the company milled 181,733 tonnes to produce 283.8K Oz Ag, 2.56K Oz Au, and 1.77M Lb Cu (735.6K Oz AgEq). The company sold 889.3K Oz AgEq at cash and AISC of $13.88 and $18.62 per Oz AgEq payable respectively. In the full-year 2024, Avino milled 648,774 tonnes to produce 1.11M Oz Ag, 7.48K Oz Au, and 6.2M Lb Cu (2.65M Oz AgEq). The company sold 2.6M Oz AgEq at cash and AISC of $14.84 and $20.57 per Oz AgEq payable respectively. The company also reported in Q4, 2024 revenues of $24.4M; mine operating income of $10.5M; net income of $5.1M; EBITDA of $9.1M; adjusted earnings of $9.95M; cash provided by operating activities of $15.5; mine operating cash flow before taxes of $11.88M; cash of $27.3M; and working capital of $25.2M. For the full year 2024, the company reported revenues of $66.2M; mine operating income of $23.2M; net income of $8.1M; EBITDA of $18.04M; adjusted earnings of $21.3M; cash provided by operating activities of $23.1; mine operating cash flow before taxes of $27.6M; cash of $27.3M; and working capital of $25.2M.
  • Equinox Gold Corp., announced filing of 2024 audited consolidated financial statements (all currency expressed in US dollar). The company reported revenues of $1,514M; cash and cash equivalent of $239.3M; cost of sales of $304M; income from operations of $237.96M; income before income taxes of $ 630.5M; and net income of $339.3M (Los Filos mine, Guerrero).
  • Sierra Metals Inc., announced that it plans to release the Q4 and full-year 2024 financial and operating results on March 26, 2025 (Bolivar mine, Chihuahua). 
  • Starcore International Mines Ltd., reported results for the third quarter ended January 31, 2025 from its San Martin mine in Queretaro (all currency is expressed in Canadian dollars). The company milled 46.7K tonnes of 1.74 g/t Au and 11 g/t Ag with metallurgical recoveries of 87.4% and 49.1% respectively, to produce 2.2K Oz Au and 8.2K Oz Ag (2.3K Oz AuEq) at cash and AISC of $1,873 and $2,505 per Oz AuEq respectively. Starcore also reported revenues of $9M; earnings from mining operations and toll processing of $2.12M; and net income of 294K.

ON FINANCING

  • Bear Creek Mining Corporation closed a brokered private placement of 64,445,000 common shares at a price of CAD $0.225 per share for gross proceeds of CAD $14,500,125. The company intends to use net proceeds to support exploration and resource drilling at the company’s Mercedes mine in Sonora, to build a ventilation raise bore and secondary escape way at the Marianas deposit at Mercedes to ensure safe production and for general working capital purposes, the latter of which will include reducing Mercedes’ trade payables over the next quarter.
  • Goldgroup Mining Inc., announced a non-brokered private placement of up to 23,333,334 units at a price of $0.30 per unit, for gross proceeds of up to $7M, the same that later on the company upsized to 25,833,334 units at a price of $0.30 per unit, for gross proceeds of up to $7.75M. Net proceeds will be used for improvements at Cerro Prieto mine in Sonora, to update a PEA at Pinos property in Zacatecas, for debt reduction, and for general working capital.
  • Prismo Metals Inc., closed its previously announced debt settlement transactions, pursuant to which the company has issued to the creditors an aggregate of 4,451,175 common shares of the company at a price ranging from $0.075 to $0.23 per common share in full and final settlement of accrued and outstanding indebtedness in the aggregate amount of approximately $464,409 (Palos Verdes project, Sinaloa).
  • Colibri Resource Corporation announced extension of its non-brokered private placement closing date. The company obtained consent from TSX Venture Exchange to extend the closing date for a second tranche to on or before March 28, 2025. The offering is for the sale of up to 10,000,000 units at a price of $0.025 per unit, for total gross proceeds of up to $250K (Pilar project, Sonora).
  • Reyna Silver Corp., closed a final tranche of its previously announced private placement of 2,623,066 units at a price of CAD $0.075 per unit for gross proceeds of CAD $169,729.95. The company intends to use the proceeds from the offering for ongoing exploration, maintenance and development of the company’s properties and general working capital and corporate purposes (Batopilas project, Chihuahua).

ON RESOURCES AND DEVELOPMENT

  • Colibri Resource Corporation and its JV Partner Tocvan Ventures Corp., released drill assays from the first two holes drilled in its recent ten holes diamond drilling program at Pilar project, Sonora. The most significant intercept was encountered in hole JES-25-104 with 1.27 g/t Au and 1 g/t Ag over 83.45m, including 10.31 g/t Au and 5 g/t Ag over 9.72m, including 60.6 g/t Au and 13 g/t Ag over 1.62m.  Hole JES-25-103 intersected 0.09 g/t Au, 8 g/t Ag, and 0.54% Cu over 34.70m, including 0.15 g/t Au, 12 g/t Ag, and 0.9% Cu over 9.60m, including 0.4 g/t Au, 39 g/t Ag, and 2.56% Cu over 3.70m.
  • Fortuna Mining Corp., reported updated mineral resources for its San Jose mine in Oaxaca. As of December 31, 2024, the San Jose mine has measured and indicated resources of 1.2M tonnes with grades of 160 g/t Ag and 1.15 g/t Au to contain 6.1M Oz Ag and 44K Oz Au (119K Oz AuEq), and inferred resources of 1.05M tonnes of 164 g/t Ag and 1.23 g/t Au, containing 5.6M Oz Ag and 42K Oz Au (110K Oz AuEq). “The San Jose mine was placed on care and maintenance on December 24, 2024, as the company decided to enter a strategic process to divest of the non-core asset. On January 15, 2025, the company announced it had entered into a binding agreement with Minas del Balsas S.A. de C.V. (MdB), a private Mexican company, for the sale of the San Jose mine. On March 6, 2025, the company terminated the acquisition agreement with MdB and is now continuing with the sale process to divest the asset”.
  • Orex Minerals Inc., announced results from its Phase-VI diamond drilling program of 2,000.8m in 8 holes completed on its Coneto project in Durango. The Loma Verde target area was the focus of such drilling program. Drilling highlights (true widths reported) include holes BCO-85 with 0.75 g/t Au and 173 g/t Ag (3.02 g/t AuEq or 230 g/t AgEq) over 15m, including 1.37 g/t Au and 419 g/t Ag (6.88 g/t AuEq or 523 g/t AgEq) over 4.60m; and hole BCO-89 with 1.17 g/t Au and 87 g/t Ag (2.32 g/t AuEq or 176 g/t AgEq9 over 4.75m, including 5.01 g/t Au and 397 g/t Ag (9.07 g/t AuEq or 738 g/t AgEq) over 0.75m, plus 1.70 g/t Au and 180 g/t Ag (4.05 g/t AuEq or 309 g/t AgEq) over 3.94m, including 5.42 g/t Au and 603 g/t Ag (13.35 g/t AuEq or 1,105 g/t AgEq) over 0.87m.
  • Bear Creek Mining Corporation filed a technical report regarding its Mercedes mine in Sonora. The Mercedes Report supports the updated Mercedes Mineral Resource and Mineral Reserve estimates announced by the Company on January 29, 2025.

ON DEALS AND CORPORATE ISSUES

  • Kootenay Silver Inc., reported that it will commence to trade at OTCQX best market under the ticker symbol “KOOYF” effective at the opening of trading on Wednesday, March 12, 2025 (Columba project, Chihuahua).
  • Silver Dollar Resources Inc., announced the appointment of its new president and CEO (La Joya property, Durango).
  • Infinitum Copper Corp., announced the appointment of its new CEO and Director (La Adelita project, Sonora).
  • First Majestic Silver Corp., announced the appointment of a new member to its Board of Directors, effective march 13, 2025 (Santa Elena mine, Sonora).
  • Apollo Silver Corp., engaged Danayi Capital Corp., an arm’s-length service provider, to provide the company certain investor relations and digital marketing services. Under a digital marketing agreement dated March 13, 2025 (the “Agreement”), Danayi will provide digital media, marketing strategies, and advertising for a trial period of one month at a fee of USD$50K  (Cinco de Mayo project, Chihuahua).  

ON SOCIAL RESPONSIBILITY

  • Grupo Mexico S.A.B de C.V, has positioned itself as one of the best performing environmental, social, and governance companies in the industries in which it operates. For the fourth consecutive year, Grupo Mexico has been included in the Sustainability Yearbook 2025, a distinction awarded by the rating agency S&P Global to the companies with the best performance in the Corporate Sustainability Assessment, one of the most rigorous in the world. Grupo Mexico is among the top 15% of companies in the Mining and Metals sector, thanks to its performance in key areas such as environmental management systems, biodiversity, energy, human rights, water, transparency, and disclosure.

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, massive pyrite in an IOCG project in Sonora, 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

  • 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, actinolite from an IOCG project in Sonora, Mexico. Photo taken by Miguel A Heredia.

The Mining and Exploration News in Mexico: Highlights on the Fourth Week of January, 2024

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Silica Ridge

By Miguel A Heredia

During the 4th week of the year (January 22nd to January 28th, 2024), at least 26 press releases were announced by companies working in Mexico, with seven reporting resources and developments of their projects, six communicating production results, six disclosing deals and corporate issues, five informing on exploration results, one announcing financing issues, and one commenting on Mexican issues.  ON MEXICO ISSUES, Orla Mining, Gatos Silver, and Minaurum reported the best drilling intercepts in Mexico on the fourth week of January, 2024. ON EXPLORATION, In Sonora, Infinitum commenced a 2,500m drilling program in its flagship La Adelita project, Sonora, Minaurum  released final 2023 drilling results at La Adelita project, and Tocvan reported rock chip samples results from its Picachos project. In Chihuahua, Reyna Silver shared results from Artificial Intelligence optimization of existing geophysical data from the Guigui project.  In Nayarit, Angel Wings provided an exploration update and filed a NI 43-101 technical report on its La Reyna project.   ON MINING, Golden Minerals commenced mining operations at its Velardeña mine in Durango. Americas Gold and Silver reported Q4 and full- year 2023 production results from its Cosalá mine operation in Sinaloa. Capstone announced Q4 and full-year 2023 production results and provided production and cost guidance for 2024 for its Cozamin mine in Zacatecas. Mag Silver reported Q4 and full-year 2023 production results from its Juanicipio project in Zacatecas. Sierra Metals provided a summary of the work conducted in the year 2023 (Bolivar mine, Chihuahua).  SilverCrest reported Q4 and full-year 2023 production and financial results from its Las Chispas mine in Sonora. ON FINANCING, Bear Creek closed its previously announced restructuring transaction with Sandstorm Gold Ltd (Mercedes Mine, Sonora). ON RESOURCES AND DEVELOPMENT, Discovery Silver outlined its 2024 work program for its Cordero project in Chihuahua. Endeavour provides a development update for its Terronera project in Jalisco. Kootenay announced updated mineral resource estimate for its La Cigarra project, Chihuahua.  Gatos Silver reported results from its resource definition drilling program and exploration work being conducted at its Cerro Los Gatos project, Chihuahua. Orla provided an update of the infill drilling program at its Camino Rojo sulphide deposit in Zacatecas.  Prime Mining revealed the 2024 outlook for its high-grade Los Reyes project in Sinaloa.  ON DEALS AND CORPORATE ISSUES, Angel Wing announced that it has changed its auditors (La Reyna project, Nayarit).  Goldgroup announced that the TSX determined to delist the company common shares (Cerro Prieto property, Sonora). Guanajuato Silver announced that it will be updating the technical reports of their Mexican mining operations. Infinitum Copper informed that it has already completes the necessary expenditure commitment to earn an initial 80% of La Adelita property, Sonora from Minaurum Gold Inc. Mexus announced management changes (Santa Elena property, Caborca, Sonora). Prime granted incentive stock options to management of the company (Los Reyes, Sinaloa). ON SOCIAL RESPONSIBILITY, No relevant news.

ON MEXICO ISSUE

  • Orla Mining Ltd., Gatos Silver Inc., and Minaurum Gold Inc., reported the best drilling intercepts in Mexico on the fourth week of January, 2024. Details are shown in the table below:

ON EXPLORATION

  • Infinitum Copper Corp., commenced a drilling program at its flagship La Adelita project, Sonora. The program will consists of 15 diamond holes for a total of 2,500m. Objective of the drilling program is to expand the size of the high-grade mineralized area at Cerro Grande zone as well as test for mineralization at depth in the Las Trancas zone.
  • Minaurum  Gold Inc., released 2023 drilling results from the last six holes drilled at La Adelita project in Sonora. Hole AD-23-0034 encountered sporadic mineralization across multiple horizons: 0.08% Cu, 0.2 g/t Au, 16 g/t Ag, and 0.7% Zn over 3m, plus 0.40% Cu, 0.46 g/t Au, 86 g/t Ag, and 0.26% Zn over 0.95m, plus 0.117% Cu, 1.03 g/t Au, 30 g/t Ag, and 0.18% Zn over 2.80m, and plus 0.90% Cu, 0.18 g/t Au, 43 g/t Ag, and 0.33% Zn over 4.05m.
  • Tocvan Ventures Corp., reported results of 75 rock chip samples from its Picachos project in Sonora. The 75 samples average 0.6 g/t Au and 2 g/t Ag with the values up to 15.9 g/t Au and 32 g/t Ag. “A new mineralized trend extending over 1.6 km in length has been discovered marked by old historic workings and exposure of mineralized veins and shear zones”.
  • Reyna Silver Corp., shared results from Artificial Intelligence (AI) optimization of existing geophysical data from the Guigui project in Chihuahua. Explore Tech´s proprietary AI algorithm highlight a strong, multi-layered magnetic anomaly southeast of the 0.5 sq.km sulphide- mineralized skarn footprint identified in 2022 drilling. Explore Tech’s platform first uses AI to identify and locate where a geophysical anomaly actually is and then design the optimum hole geometry to hit it. “The results reinforce existing geological thinking that the intrusive source for the district lies in that area and greatly enhance the area’s potential. Pads to drill the target are already permitted and accessible”.
  • Angel Wings Metals Inc., provided an exploration update and filed a NI 43-101 technical report on its La Reyna project, Nayarit. La Reyna is a contiguous block of fully titled mineral claims hat consolidates most of the historical Aguila de Oro mining district, with rock chip samples returning from nil to 27.12 g/t Au and nil to 2,938 g/t Ag., as well as anomalous values of Pb, Zn, Cu, Co, Bi, and Mo. “Mineralization is hosted in an extensive area of alteration that has been mapped over 70 square kilometers and is host to numerous past producing shallow mine and gambusino workings. To date, over 20 prospects with highly anomalous gold and silver have been identified on the project. A ground geophysics program including 11.2 line kilometers of Induced Polarization and 2 line kilometers of HSMAT is underway over El Polo-Dolorosa. Data is being processed with a report including the sections and maps due in early February”.

ON MINING

  • Golden Minerals Company commenced mining operations at its Velardeña mine in Durango. It begin mining in six stopes and is steadily ramping up daily production to reach a rate of approximately 150 tonnes per day  in March, and ultimately a full production rate of approximately 325 tpd in the second quarter.
  • Americas Gold and Silver Corporation reported Q4 and full-year 2023 production results from its Cosalá mine operation in Sinaloa. The company produced 321K Oz Ag, 2.7M Lb Pb, and 8.3M Lb Zn (3.8M Oz AgEq) in Q4, 2023 to complete a total production of 1.1M Oz Ag, 11.5M Lb Pb, and 34.1M Lb Zn in the full-year 2023.
  • Capstone Copper Corp., announced Q4 and full-year 2023 production results and provided production and cost guidance for 2024 for its Cozamin mine in Zacatecas. During Q4, 2023 the company produced 14.7M Lb Cu for a total production of 54.5M Lb Cu in the full year 2023. Capstone also provided production and cost guidance for 2024 and expects to produce between 49.3M Lb Cu and 53.8M Lb Cu at a cash costs of USD $1.85-USD $2.05 per Lb Cu produced. 
  • Mag Silver Corp., reported Q4 and full-year 2023 production results from its Juanicipio project in Zacatecas (56% / 44% Fresnillo plc and Mag Silver, respectively). In Q4, 2023, Juanicipio processed on 100% basis, 346,766 tonnes of 467 g/t Ag, 1.37 g/t Au, 1.3% Pb, and 2.4% Zn to produce 4.5M Oz Ag, 10.59K Oz Au, 9.19M Lb Pb, and 15.08M Lb Zn. For the full-year 2023, the tonnage processed on 100% basis was 1,268,756 tonnes of 520 g/t Ag, 1.39 g/t Au, 0.9% Pb, and 1.7% Zn to produce 16.8M Oz Ag, 36.7K Oz Au, 28.35M Lb Pb, and 44.75M Lb Zn.
  • Sierra Metals Inc., provided a summary of the work conducted in the year 2023 at its Bolivar mine in Chihuahua. The company announced that Bolivar mine achieved record production levels and that it also replaced 104% of the ore mined. On the other hand, Cusi mine in Chihuahua was placed on care and maintenance allowing management to direct full effort and resources to optimize the company’s two core assets at Yauricocha (Peru) and Bolivar (Mexico).  The company also announced that it raised CAD $16M and that its share price increased by more than 210%, moving from CAD $0.24 to CAD $0.75.
  • SilverCrest Metals Inc., reported Q4 and full-year 2023 production and financial results from its Las Chispas mine in Sonora. In Q4, 2023 the company milled 78,600 tonnes of 4.28 g/t Au and 410 g/t Ag, with metallurgical recoveries of 98.3% and 97.7% respectively to recover 14,100 Oz Au and 1.34M Oz Ag (2.47 M Oz AgEq), of which it sold 16,100 Oz Au and 1.27M Oz Ag (2.56M Oz AgEq) at average realized prices of USD $1,977 per Oz Au and USD $23.09 per Oz Ag, generating USD $61.3M of revenue. In the full-year 2023 the company milled 300,900 tonnes of 4.39 g/t Au and 423 g/t Ag, with metallurgical recoveries of 98.1% and 96.5% respectively to recover 59,700 Oz Au and 5.65M Oz Ag (10.4M Oz AgEq), of which it sold 58,200 Oz Au and 5,62M Oz Ag (10.25 M Oz AgEq), at average realized prices of USD $1,945 per Oz Au and USD $245.1M of revenue.

ON FINANCING

  • Bear Creek Mining Corporation closed its previously announced restructuring transaction with Sandstorm Gold Ltd. The Transaction is expected to improve the Company’s ability to produce free cash flow in the near term from the Mercedes mine in Sonora.

ON RESOURCES AND DEVELOPMENT

  • Discovery Silver Corp., outlined its 2024 work program for its Cordero project in Chihuahua. The Feasibility Study (FS) is nearing completion and is expected to be delivered later this quarter. The FS will include an additional 35,000m of reserve definition and expansion drilling, the results from the FS metallurgical testwork program as well as additional geotechnical and hydrogeology data collected in 2023. The Company will also provide an updated resource estimate concurrent with the results of the Study. In Permitting, the Environmental Impact Assessment is under review and approval by the Secretariat of the Environment and Natural Resource (SEMARNAT), while the Change of Land Use (CUS) known as Estudio Tecnico Justificativo (ETJ) will be finalized in the coming months with formal submission of the CUS expected to be made by 3Q 2024. Impact assessment and power installation studies were completed in 2023 confirming that there is sufficient capacity in the existing power grid to supply the project with power for operations at peak throughput levels. In 2023 the Company secured the surface rights that correspond with the planned open pit and key infrastructure locations at Cordero. The two potential sources of water for the project are local groundwater and water from local water treatment plants in the region. The Company has completed a hydro geological assessment through its Mexican specialist consultant utilizing data from hydrogeology drilling and pump test wells. Initial results indicate the potential for sufficient local groundwater for Phase 1 of the project (mill throughput of ~25,000 tonnes per day). In 2024, the company plans to complete mapping and sampling of new target areas along with 2,500 m of drilling.
  • Endeavour Silver Corp., provides a development update for its Terronera project in Jalisco. The company has made significant construction progress and has updated its initial capital cost, schedule, and execution plan. The table below summarizes the main items:

In terms of project funding, the company expects to make the first draw under the $120 million project loan debt facility in the first quarter of 2024. Construction of the project remains on track and the funds available under the project loan debt facility will be allocated to fund construction.

  • Kootenay Silver Inc., announced updated mineral resource estimate for its La Cigarra project, Chihuahua. The 2024 Mineral Resource Estimate (MRE) incorporates a significantly revised geological model compared to the previous resource and features a database of 201surface diamond and RC drillholes totaling 36,988 meters and 26,419 assay intervals. The below table shows the 2024 MRE for la Cigarra project:
  • Gatos Silver Inc., reported results from its resource definition drilling program being conducted at the South-East Deeps Zone, as well as an update of the exploration work carried out a its Cerro Los Gatos project in Chihuahua. Resource definition drilling highlights (true widths reported) include holes SE-557 with 245 g/t Ag, 2.0% Zn, 1.9% Pb, 0.3 g/t Au, and 0.67% Cu over 5.5m, including 528 g/t Ag, 0.3% Zn, 1.3% Pb, 0.06 g/t Au, and 1.41% Cu over 2.8M; hole SE-558 with 88 g/t Ag, 11.7% Zn, 3.7% Pb, 0.15 g/t Au, and 0.23% Cu over 3.1m, plus 70 g/t Ag, 2.7% Zn, 1.7% Pb, 0.03 g/t Au, and 0.3% Cu over 1.2m, plus 151 g/t Ag, 2.8% Zn, 6.1% Pb, 0.18 g/t Au, and 0.43% Cu over 4m, including 291 g/t Ag, 4.3% Zn, 12.2% Pb, 0.4 g/t Au, and 0.55% Cu over 1.6m: hole SE-559 with 103 g/t Ag, 16.5% Zn, 7.0% Pb, 0.14 g/t Au, and 0.21% Cu, plus 52 g/t Ag, 9.8% Zn, 3.2% Pb, 0.22 g/t Au, and 0.13% Cu over 2.4m; hole SE-560 with 58 g/t Ag, 3.2% Zn, 2.2% Pb, 0.05 g/t Au, and 0.09% Cu over 1.3m, plus 243 g/t Ag, 9.7% Zn, 6% Pb, 0.39 g/t Au, and 0.28% Cu in 3.3m; hole SE-562 with 31 g/t Ag, 3.1% Zn, 0.9% Pb, 0.16 g/t Au, and 0.08% Cu over 2.5m, plus 179 g/t Ag, 5.8% Zn, 4.5% Pb, 1.1 g/t Au, and 0.65% Cu over 2.5m, plus 20 g/t Ag, 5.8% Zn, 2.2% Pb, 0.4 g/t Au, and 0.02% Cu over 1.7m; hole SE-563 with 133 g/t Ag, 8.3% Zn, 3.2% Pb, 0.11 g/t Au, and 0.16% Cu over 8.9m, plus 54 g/t Ag, 2.8% Zn, 4.1% Pb, 0.07 g/t Au, and 0.11% Cu over 1.2m; and hole SE-272 with 97 g/t Ag, 7.8% Zn, 2.4% Pb, 0.24 g/t Au, and 0.35% Cu over 4.8m, including 201 g/t Ag, 15.4% Zn, 4.3% Pb, 0.25 g/t Au, and 0.73% Cu over 1.3m. Greenfields exploration work in Los Gatos District continues to advance in preparation for increased drilling expected to start in Q2 2024. One hole has been completed at Portigueño and one hole at Cascabel with positive indicator minerals and favourable structures present. The company also completed detailed mapping and rock geochemistry at the Esperanza, San Agustin, Portigueño, Cieneguita and San Luis areas to support drill target generation.
  • Orla Mining Ltd., provided an update of the 37, 677m infill drilling program at its Camino Rojo sulphide deposit in Zacatecas. Drilling highlights of 23 out of 56 holes include holes CRSX23-17 with 2.54 g/t Au over 68.5m, including 13.1 g/t Au over 1.5m; hole CRSX23-19C with 2.08 g/t Au over 124.5m, including 2.46 g/t Au over 60m, and including 11.7 g/t Au over 1.5m, and including 11.7 g/t Au over 3m, and including 3.11 g/t Au over 20.5m; hole CRSX23-20B with 2.22 g/t Au over 96.5m, including 3.24 g/t Au over 33.9m, including 12.8 g/t Au over 1.2m, and including 17.5 g/t Au over 1.6m; hole CRSX23-20F with 2.36 g/t Au over 65.4m, including 2.77 g/t Au over 13.5m, and including 2.86 g/t Au over 36.5m, and including 14.8 g/t Au over 1.5m; hole CRSX23-21A with 2.44 g/t Au over 49.5m, including 4.59 g/t Au over 21m, including 17.21 g/t Au over 1.5m, and including 18.8 g/t Au over 1.5m; hole CRSX23-23A with 3.41 g/t Au over 36m, including 5.94 g/t Au over 18m, and including 29.2 g/t Au over 3m; and hole CRSX23-24A with 2.94 g/t Au over 66.5m, including 4.98 g/t Au over 16.5m, including 21.7 g/t Au over 1.5m, and including 13.9 g/t Au over 1.5m.
  • Prime Mining Corp., revealed the 2024 outlook for its high-grade Los Reyes project in Sinaloa. The 2024 plans include the targeting completion of 40,000m of drilling and continue the geological mapping and geochemical sampling; continue preliminary investigations of metallurgical, geotechnical  and mine planning parameters, including process optimization, assessment of open pit VS underground opportunities and evaluation of permitting requirements; continue to engage with local ejidos through educational and community programming access improvements, and water access; and target a late-2024 resource increase. The exploration drilling will focus on extending the high-grade at Z-T areas; expanding the high-grade mineralization at Guadalupe East; increasing the Central Area resource; and generative target drilling of high-grade intercepts at Las Primas, Mariposa, Fresnillo, Mina, and others to further develop the resource potential at Los Reyes.

ON DEALS AND CORPORATE ISSUES

  • Angel Wing Metals Inc., announced that it has changed its auditors from Kenway Mack SlusarchukStewart LLP to Davidson & Company LLP (La Reyna project, Nayarit).
  • Goldgroup Mining Inc., announced that the TSX determined to delist the company common shares effective at the close of market on February 16, 2024 for failing to meet the continued listing requirements of the TSX (Cerro Prieto property, Sonora).
  • Guanajuato Silver Company Ltd., announced that, because of a disclosure review of the British Columbia Securities Commission, it will be providing updates to its NI 43-101 technical reports (El Cubo mine, Guanajuato).
  • Infinitum Copper Corp., informed that it has already completes the necessary expenditure commitment to earn an initial 80% of La Adelita property, Sonora from Minaurum Gold Inc., by making a total expenditure on the project of CAD $3,042,090.
  • Mexus Gold US announced management changes. The company and Mr. Mark Ashley have mutually agreed to terminate the August 2, 2023 contract between both parties. The termination of this agreement was completed on December 26, 2023 (Santa Elena property, in Caborca, Sonora).
  • Prime Mining Corp., granted incentive stock options to management of the company for a total of 991,626 options, 455,846 restricted share units, and 661,202 deferred share units. The Options were granted to management of the company and are exercisable at the price of $1.83 per share. The Options will vest and become exercisable over a three year period, with one-third vesting on the first year anniversary of the grant, one-third on the second year anniversary, and one-third on the third year anniversary (Los Reyes, Sinaloa).

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, silica ridge in a low-sulphidation epithermal vein system in a project in Zacatecas. Photo by Miguel A Heredia