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

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Slickensides related to a shear zone

By Miguel A Heredia

During the 19th week of the year (May 5th to may 11th 2025), at least 39 press releases were announced by companies working in Mexico, and one news published by the media, with twelve disclosing deals and corporate issues, eleven communicating production results, seven announcing financing rounds, five reporting resources and developments of their properties, three commenting on Mexican issues, and two informing on exploration results.  ON MEXICO ISSUES, Vizsla Silver announced that it has resumed all field work activities at its Panuco project in Sinaloa. Carlos Pavón Campos, leader of the Miners’ Union “Frente”, asserted that the USD $55M belongs to the workers, confirmed by a recent ruling against the union led by Napoleón Gómez Urrutia. Fuerte Metals, Tocvan Ventures, Kootenay Silver, and Guanajuato Silver reported the best drilling intercepts in Mexico on the second week of May, 2025. ON EXPLORATION, In Chihuahua, Kingsmen reported the reported the construction of drill pads in preparation for a diamond drilling program, which will involve 14 proposed drill holes at its Las Coloradas project, and Kootenay released latest drill results from its Columba project. Sierra Metals presented Q1, 2025 consolidated financial results (Bolivar mine, Chihuahua).  ON MINING, Impact Silver reported full year 2024 production and financial results from Zacualpan and Plomosas mines in Estado de Mexico and Chihuahua respectively. GoGold reported Q1, 2025 production and financial results from its Parral Tailings property in Chihuahua. Sierra Madre announced Q1, 2025 results (La Guitarra mine, Estado de Mexico). Pan American Silver reported Q1, 2025 unaudited operational results (La Colorada mine, Zacatecas-Durango). First Majestic announced Q1, 2025 operating and cost performance results for each of their four producing mines in Mexico. Torex reported Q1, 2025 production and financial results from its Morelos mine complex in Guerrero. Americas Gold and Silver announced Q1, 2025 production results from its Cosala mine in Sinaloa. Equinox reported Q1, 2025 consolidated operating results. United States Antimony presented Q1, 2025 production and financial results (Madero antimony smelter, Coahuila). MAG Silver released Q1, 2025 production and financial results from its Juanicipio mine in Zacatecas.  ON FINANCING, Aura declared and approved a payment of a dividend of USD $0.40 per common share (Aranzazu mine, Zacatecas). Discovery Silver filed a final short form base shelf prospectus with Canadian securities regulatory authorities, replacing its previous prospectus from March 2023 (Cordero project, Chihuahua). Capstone increased its revolving credit facility from USD $700M to USD $1 B and extended the maturity to May 2029 (Cozamine mine, Zacatecas). GR Silver announced a non-brokered private placement of up to 12M units for gross proceeds of up to $1.56M (Plomosas project, Sinaloa). Bear Creek announced the issuance of a secured promissory note to Sandstorm Gold for up to USD $6.5M, with monthly draws of up to USD $600K (Mercedes mine, Sonora). Goldgroup closed its previously announced non-brokered private placement for CADS $15M (Cerro Prieto mine, Sonora). ON RESOURCES AND DEVELOPMENT, Fuerte Metals reported results from the most recent five holes drilled at its Cristina project, Chihuahua. Osisko Development declared that San Antonio project in Sonora remains in care and maintenance and the Board of Directors has authorized a strategic review. Endeavour commenced wet commissioning at its Terronera property in Jalisco.  Guanajuato Silver provided an exploration update on El Cubo and San Ignacio mines in Guanajuato. ON DEALS AND CORPORATE ISSUES, Apollo announced the appointment of its CEO and President (Cinco de Mayo project, Chihuahua). Newmont notified that its Executive Vice President and Chief Operating officer has been promoted to President and Chief Operating Officer (Peñasquito mine, Zacatecas). Canuc and Macdonald Mines reported a delay in the previously announced transaction whereby Canuc will acquire all the shares of Macdonald Mines (San Javier project, Sonora). Silver Storm entered into a definitive arrangement agreement whereby Silver Storm will acquire 100% of the issued and outstanding shares of Till Capital (La Parrilla mine, Durango). Sierra Metals provided and update regarding Alpayana S.A.C’s increased takeover bid of CAD $1.15 per share, citing extensive conditions and uncertainties attached to the offer that may never be satisfied (Bolivar mine, Chihuahua). Santacruz made the second payment of USD $7.5M to Glencore (Zimapan mine, Hidalgo).  Chesapeake announced the resignation of one of its Directors (Metates project, Durango). Riverside and Questcorp Mining executed a definitive option agreement for La Union project in Sonora. Osisko Development reported voting results of its annual general meeting of shareholders (San Antonio project, Sonora). Canuc acquired all of the issued and outstanding shares of Macdonald Mines (San Javier project, Sonora). Silver Viper announced an agreement to acquire the Cimarron project in Sinaloa.  ON SOCIAL RESPONSIBILITY, no relevant news.  

ON MEXICO ISSUES

  • Vizsla Silver Corp., announced that it has resumed all field work activities at its Panuco project in Sinaloa due to improvement of the security conditions in the region. Ongoing programs include test mine development, geotechnical drilling, exploration drilling, mapping and geophysical surveys.
  • Carlos Pavón Campos, leader of the Miners’ Union “Frente”, asserted that the USD $55M in question belongs to the workers, confirmed by a recent ruling against the union led by Napoleón Gómez Urrutia. Pavón who worked with Napoleón Gómez Urrutia point out that the judicial process has removed Grupo Mexico and Scotiabank from the trust, leaving the responsibility solely with the union. He highlighted that the ruling mandates the union to cover any payment discrepancies for workers who received between MXP $60-80K. He also mentioned that the three emblematic strikes, which have lasted almost 18 years, are no longer effective. In Cananea, workers have returned to work and many have already been paid. In San Martín, Zacatecas, most have also returned to work, and in Taxco, Guerrero, the company had requested the termination of the collective bargaining agreement due to the lack of mineral reserves. Pavón emphasizes that the workers still waiting to return are in a precarious situation, as the mine has no reserves and many of the original workers have aged or passed away.
  • Fuerte Metals Corporation, Tocvan Ventures Corp., Kootenay Silver Inc., and Guanajuato Silver Company Ltd., reported the best drilling intercepts in Mexico on the second week of May 2025. Details are shown in the table below:

ON EXPLORATION

  • Kingsmen Resources Ltd., reported the construction of drill pads in preparation for a diamond drilling program at Las Coloradas project, Chihuahua, which will involve 14 proposed drill holes targeting the Soledad and Soledad II structures. The drilling is expected to commence in May and continue through July 2025.
  • Kootenay Silver Inc., released latest drill results from its Columba project. Drilling highlights are shown in the table below:

Compilation and validation of the completed database is underway in advance of work toward calculation of a maiden resource expected to primarily include F, D and B-Vein.

ON MINING

  • Impact Silver Corp., reported full year 2024 production and financial results from Zacualpan and Plomosas mines in Estado de Mexico and Chihuahua respectively. At Zacualpan, Estado de Mexico, the company processed 136,280 tonnes of 161 g/t Ag to produce 595.3K Oz Ag and 135 Oz Au. Impact reported a total of 592.8 Oz Ag sold in 2024. At Plomosas mine, Chihuahua, the company mined 39,169 tonnes and processed 13,633 tonnes of 12.2% Zn, 7.3% Pb, and 47  g/t Ag to sell 6.1M Lb Zn, 1.3M Lb Pb, and 35K Oz Ag. Impact reported revenue of $31.9M and at the end of the year, the company had $7.1M in cash, $9.0M in working capital and no long-term debt.
  • GoGold Resources Inc., reported Q1, 2025 production and financial results from its Parral Tailings mine in Chihuahua (all currency reported in US dollars). The company announced 377,516 tonnes stacked to produce 210.3K Oz Ag, 3,279 Oz Au, 347.2K Lb Cu, and 358.4K Lb Zn (555.5K Oz AgEq) at cash and AISC of $17.85 and $22.98 respectively. GoGold also reported revenue of $17.6M at an average realized price of $31.7 per Oz AgEq; cost of sales including depreciation of $11.1M; operating income of $3.8M; net income of $3.4M; cash flow from operations of $5.1M; and cash as of march 31, 2025 of $78.3M.
  • Sierra Madre Gold and Silver Ltd., announced Q1, 2025 results from la Guitarra mine in Estado de Mexico (all amounts are expressed in US dollars).  The company milled 39,167 tonnes to produce 70.2K Oz Ag and 1K Oz Au (165K Oz AgEq). Sierra Madre also reported revenue of $4.8M; gross profit of $1.2M; cash generated from operations of $535K; and cash including current assets of $4.3M.
  • Sierra Metals Inc., presented Q1, 2025 consolidated financial results (all amounts are expressed in US dollars). The company reported for its Bolivar mine in Chihuahua, cost of sales of $22.8M; a total cash cost of $17.3M; cash cost per tonne processed of $40.94; and cash and AISC of $2.51 and $3.16 per Lb CuEq respectively.
  • Pan American Silver Corp., reported Q1, 2025 unaudited operational results for its La Colorada mine in Zacatecas-Durango and Dolores mine in Chihuahua.  At La Colorada mine, the company produced 1.39M Oz Ag and 1.2K Oz Au at AISC of USD $19.72 per Oz Ag produced. At Dolores mine, Pan American produced 349K Oz Ag and 14K Oz Au at AISC of $569 per Oz Au.
  • First Majestic Silver Corp., announced Q1, 2025 operating and cost performance results for each of their four producing mines in Mexico (all amounts are expressed in US dollars). Figures are shown in the table below:

The company also presented consolidated financial results reporting revenue of $243.9M; mine operating earnings of $63.8M; cash flow from operations $110M; free cash flow of $43.5M; EBITDA of $98.8M; net earnings of 6.2M; cash and AISC of $13.68 and $19.24 respectively per Oz AgEq; working capital of $404.8M; and cash and restricted cash balance of $462.6M.

  • Torex Gold Resources Inc., reported Q1, 2025 production and financial results from its Morelos mine complex in Guerrero (all amounts are expressed in US dollars). The company produced 558.3K Oz Au (59.6K Oz AuEq) and sold 60.6K Oz AuEq at a realized price of $2,793 per Oz. Torex reported revenue of $170M; AISC of $1,405 per Oz AuEq; cost of sales of $94.1M; net income of $39M; adjusted net earnings of $91.8M; EBITDA of $88.1M; and adjusted EBITDA of $91.8M.
  • Americas Gold and Silver Corporation announced Q1, 2025 production results from its Cosala mine in Sinaloa (all amounts are expressed in US dollars). The company produced 132K Oz Ag, 6,7M Lb Zn and 1.6M Lb Pb at cash and AISC of $17.86 and $27.29 respectively per Oz Ag produced. The company reported revenue of 2.3M and a cost of sales of $11M.
  • Equinox Gold Corp., reported Q1, 2025 consolidated operating results. The company produced 145.3K Oz Au and sold 147.9K Oz Au at an average realized price of USD $2,858 per Oz Au. “Accordingly, the company announced on April 1, 2025 that operations at Los Filos mine in Guerrero are suspended indefinitely. The company has not included any production from Los Filos in its 2025 Guidance. Layoffs at Los Filos have been proceeding; however, the company will retain the staff required to maintain its environmental obligations and secure the company-owned infrastructure at the mine site. Commencing April 1, 2025, Los Filos is being reported as a development project.
  • United Sates Antimony Corporation presented Q1, 2025 production and financial results (all amounts are expressed in US dollars). The company reported revenue of $7M, gross profit of $2.4M; operating expenses of $2M; antimony sales of $5.9M; and cash position of $18.7M (Madero antimony smelter, Coahuila).
  • MAG Silver Corp., released Q1, 2025 production and financial results on a 100% basis from its Juanicipio mine in Zacatecas (all amounts are expressed in US dollars). MAG Silver holds 44% and Fresnillo plc 56%. The company mined 347,467 tonnes and processed 337,017 with average grades of 430 g/t Ag, 1.24 g/t Au, 1.6% Pb, and 2.9% Zn (660 g/t AgEq) to produce 3.98M Oz Ag, 8.72K Oz Au, 9.52M Lb Pb, and 12.1M Lb Zn (5.48M Oz AgEq) at cash and AISC of $8.50 and $10.64 respectively per Oz Ag sold. MAG also reported cost of sales of $175.2M; gross profit of $121M; net income before taxes of $115.2M; net income of $76.9M; operating cash flow of $86.4M; and free cash flow of $77.4M. As at March 31, 2025, Juanicipio had working capital of $178.8M, including cash of $130.6M.

ON FINANCING

  • Aura Minerals Inc., declared and approved a payment of a dividend of USD $0.40 per common share based on Q1, 2025 results (Aranzazu mine, Zacatecas).
  • Discovery Silver Corp., filed a final short form base shelf prospectus with Canadian securities regulatory authorities, replacing its previous prospectus from March 2023. This new prospectus allows the company to offer up to CAD $500M in various securities over a 25-month period, providing financial flexibility for future business developments. The company, which focuses on precious metals, has significant exposure to silver through its Cordero project in Chihuahua and has recently acquired the Porcupine Complex from Newmont Corporation, enhancing its position as a Canadian gold producer.
  • Capstone Copper Corporation increased its revolving credit facility from USD $700M to USD $1 B, with a USD $200M accordion, and extended the maturity to May 2029. The company plans to refinance some project debt using proceeds from recent senior unsecured notes. This enhances the company’s financial flexibility and simplifies its debt maturity profile (Cozamine mine, Zacatecas).
  • GR Silver Mining Ltd., announced a non-brokered private placement of up to 12M units at a price of $0.13 per unit for gross proceeds of up to $1.56M. Gross proceeds will be used for exploration targeting resource expansion in the San Marcial Area of the Plomosas project in Sinaloa, and for general working capital.
  • Bear Creek Mining Corporation announced the issuance of a secured promissory note to Sandstorm Gold Ltd., for up to USD $6.5M, with monthly draws of up to USD $600K. The note bears a 7% interest rate, matures in September 2028, and can potentially be converted into shares. The loan is secured by interests in Bear Creek’s Mercedes mine in Sonora and other assets, with approval from the TSX Venture Exchange pending. The company plans to use revenue from its Mercedes Mine to service the debt.
  • Goldgroup Mining Inc., closed its previously announced non-brokered private placement of 27,272,727 units at a price of CAD $0.55 per unit for CADS $15M. The company will use the net proceeds for near mine exploration at Cerro Prieto mine in  Sonora, mine capital equipment and production improvements, Pinos project PEA update in Zacatecas, debt reduction, ongoing assessment of acquisition opportunities and general corporate working capital purposes.
  • Silver Storm Mining Ltd., announced that it is advancing its plans to restart the La Parrilla mine in Durango, by securing non-binding proposals for multi-year lead and zinc concentrate off-take agreements and associated prepayment or structured finance facilities ranging from USD $15M to USDS $17M, with a duration of 36-48 months. The company is progressing toward formalizing these agreements, which are essential for providing near-term funding and supporting the mine’s restart operations. The proposals are subject to customary conditions, including due diligence and contractual agreements

ON RESOURCES AND DEVELOPMENT

  • Fuerte Metals Corporation reported results from the most recent five holes drilled at its Cristina project, Chihuahua. Drilling highlights (true widths reported) include holes ACD-25-266 with 2.3 g/t Au, 22 g/t Ag, 0.02% Zn, 0.01% Pb, and 0% Cu (2.59 g/t AuEq) over 10.5m, including 9 g/t Au, 90 g/t Ag, 0.02% Zn, 0.02% Pb, and 0.01% Cu (10.33 g/t AuEq) over 2.4m, plus 0.8 g/t Au, 9 g/t Ag, 0.3% Zn, 0.1% Pb, and 0.02% Cu (1.07 g/t AuEq) over 18m, including 6.9 g/t Au, 88 g/t Ag, 0.02% Zn, 0.01% Pb, and 0.03% Cu (8.19 g/t AuEq) over 0.9m; and hole ACD-25-269 with 0.4 g/t Au, 6 g/t Ag, 0.3% Zn, 0.1% Pb, and 0.04% Cu (0.71 g/t AuEq) over 95m, including 0.9 g/t Au, 91 g/t Ag, 7.6% Zn, 2% Pb, and 0.4% Cu (7.01 g/t AuEq) over 1.4m, and including 4.6 g/t Au, 12 g/t Ag, 1.3% Zn, 0.4% Pb, and 0.05% Cu (5.55 g/t AuEq) over 2.1m, and including 4.8 g/t Au, 13 g/t Ag, 0.1% Zn, 0.02% Pb, and 0.02% Cu (5.03 g/t AuEq) over 1.1m, and including 4.6 g/t Au, 12 g/t Ag, 1.3% Zn, 0.4% Pb, and 0.05% Cu (5.55 g/t AuEq) over 3.6m. Fuerte has now reported fifty holes totalling 13,754.7 metres of drilling from the current program.
  • Osisko Development Corp., declared that San Antonio project in Sonora remains in care and maintenance and the Board of Directors has authorized a strategic review. “The approval process for mining permits appears to be gaining traction, specifically for open-pit mining in the country, and the Company intends to re-submit its two permit applications this year”.
  • Endeavour Silver Corp., commenced wet commissioning at its Terronera project in Jalisco, making a significant milestone toward full-scale production. This phase involves testing plant performance with water and slurry to ensure equipment and systems operate correctly. The company continues to monitor performance closely, with plans to ramp up feed and production rates as the process progresses, reflecting its ongoing commitment to advancing the project efficiently and safely.
  • Tocvan Ventures Corp., released significant initial results from its reverse circulation drilling program at the Gran Pilar project in Sonora. The latest drilling has identified a high-grade corridor, with drillhole JES-25-114 returning 0.34 g/t Au and 4 g/t Ag over 129.63m, including 1.02 g/t Au and 10 g/t Ag over 41.18m, including 5.43 g/t Au and 39 g/t Ag over 6.1m, including 15.85 g/t Au and 140 g/t Ag over 1.53m, plus 0.84 g/t Au and 14 g/t Ag, plus 0.17 g/t Au and 2 g/t Ag over 6.1m. This discovery is part of the company’s ongoing efforts to expand known mineralization in the area, which is characterized by a geophysical anomaly extending 250 meters vertically. The company is currently focused on a 100% controlled expansion area, with results pending for seven additional drill holes, including follow-ups on previously high-grade intersections.
  • Guanajuato Silver Company Ltd., provided an exploration update on El Cubo and San Ignacio mines in Guanajuato. At El Cubo, the company is conducting an underground diamond drilling campaign with the goal of confirming lateral and vertical continuity of reported drill results of the San Luis Vein orebody. Drilling highlights (true widths reported) include holes SL-25-02 with 0.07 g/t Au and 7 g/t Ag (13 g/t AgEq) over 0.23m, plus 0.27 g/t Au and 78 g/t Ag (102 g/t AgEq) over 0.24m, plus 0.91 g/t Au and 319 g/t Ag (401 g/t AgEq) over 0.52m; hole SL-25-03A with 0.69 g/t Au and 143 g/t Ag (205 g/t AgEq) over 0.85,including 1.31 g/t Au and 298 g/t Ag (416 g/t AgEq) over 0.32m, plus 0.56 g/t Au and 96 g/t Ag (146 g/t AgEq) over 0.60m, plus 0.69 g/t Au and 315 g/t Ag (377 g/t AgEq) over 0.21m; hole SL-25-04 with 1.27 g/t Au and 248 g/t Ag (362 g/t AgEq) over 0.72m; and hole SL-25-05 with 0.11 g/t Au and 35 g/t Ag (45 g/t AgEq) over 0.30m, plus 0.11 g/t Au and 45 g/t Ag (55 g/t AgEq) over 0.24m, plus 0.87 g/t Au and 496 g/t Ag (574 g/t AgEq) over 0.08m. For 2025, Guanajuato Silver plans to drill a total of 6,500m in approximately 30 holes, targeting the San Luis Vein and other structures at El Cubo.  At San Ignacio, a geophysical study consisting of a combined Induced Polarization (IP) survey and a Controlled-Source-Audio-Frequency MagnetoTellurics (CSAMT) survey has been completed by Zonge to the west of the Santo Niño mining block, which will aid in further exploration activities, including drilling at this highly prospective area west of the Santo Nino vein mining block, which has demonstrated comparatively high gold content. The company expects to share results from the Zonge geophysical study soon.

ON DEALS AND CORPORATE ISSUES

  • Apollo Silver Corp., announced the appointment of Ross McElroy as its CEO and President, effectively immediate (Cinco de Mayo project, Chihuahua).
  • Newmont Corporation notified that its Executive Vice President and Chief Operating officer has been promoted to President and Chief Operating Officer (Peñasquito mine, Zacatecas).
  • Canuc Resources Corporation and Macdonald Mines Exploration Inc., reported a delay in the previously announced transaction whereby Canuc will acquire all the shares of Macdonald Mines (San Javier project, Sonora).
  • Silver Storm Mining Ltd., entered into a definitive arrangement agreement whereby Silver Storm will acquire 100% of the issued and outstanding shares of Till Capital Corp. Transaction will provide Silver Storm with approximately CAD $6.2M in additional liquidity to support restarting its La Parrilla property in Durango. The deal has been unanimously approved by both companies’ boards and is expected to close shortly after the shareholder meeting in July 2025. This acquisition also gains Silver Storm a portfolio of mineral investments and royalties, including a significant interest in Silver Predator and various exploration assets and royalties.
  • Sierra Metals Inc., provided and update regarding Alpayana S.A.C’s increased takeover bid of CAD $1.15 per share, citing extensive conditions and uncertainties attached to the offer that may never be satisfied. After an independent review and strategic analysis, the Sierra Metal´s Board considers the revised offer to be the best available alternative, but remains cautious due to the offer’s conditional nature. Shareholders are encouraged to review upcoming details carefully before the offer deadline on May 12, 2025 (Bolivar mine, Chihuahua).
  • Santacruz Silver Mining Ltd., made the second payment of USD $7.5M to Glencore to exercise its acceleration option and satisfy the base purchase price related to the Bolivian assets acquisition (Zimapan mine, Hidalgo).
  • Chesapeake Gold Corp., announced the resignation of one of its Directors, effective immediately, to pursue other opportunities (Metates project, Durango).
  • Riverside Resources Inc., and Questcorp Mining Inc., executed a definitive option agreement whereby Questcorp will acquire 100% interest in La Union project in Sonora. Questcorp completed a NI 43-101 report and will work to reach the conditions to earn 100% ownership of the property.  Riverside will secure up to CAD $5.5M in exploration funding to advance the property.
  • Osisko Development Corp., reported voting results of its annual general meeting of shareholders (San Antonio project, Sonora).
  • Canuc Resources Corporation acquired all of the issued and outstanding shares of Macdonald Mines Exploration Ltd., Canuc issued an aggregate of 73,768,343 shares and shareholders of Macdonald Mines received 1.497 Canuc shares for each Macdonald Mines Share aggregate of 1,200,000 BMK warrants (San Javier project, Sonora).
  • Silver Viper Minerals Corp., announced an agreement to acquire the Cimarron project in Sinaloa, from CSAC Holdings Inc. and its shareholders. This acquisition aligns with Silver Viper’s strategy to expand its portfolio of high-quality gold, silver, and copper assets in Mexico. Silver Viper has agreed to acquire all of the outstanding common shares of CSAC from the vendors in exchange for 9M common shares of Silver Viper.  The Cimarron Project is situated in a well-established mining area and has a history of extensive drilling, indicating potential for further exploration and development. Silver Viper plans to focus on three key areas within the project and believes trenching could help identify additional drill targets. The transaction is subject to various conditions, including regulatory approvals and due diligence, with closing expected to occur soon after these conditions are met.

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, slickensides related to a shear zone in a prospect in Sonora, Mexico. Photo taken by Miguel A Heredia.

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

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Galena and sphalerite in a IS epithermal quartz vein

By Miguel A Heredia

During the 13th week of the year (March 24th to March 30th 2025), at least 25 press releases were announced by companies working in Mexico, with seven announcing financial rounds, seven communicating production results, five disclosing deals and corporate issues, five reporting resources and development of theirs properties, and one commenting on Mexican issues.  ON MEXICO ISSUES, Tocvan and its JV partner Colibri reported the best drilling intercepts in Mexico on the fourth week of March, 2025. ON EXPLORATION, No relevant news.  ON MINING, MAG Silver reported 2024 annual financial results (Juanicipio mine, Zacatecas). Torex Gold reported the first copper concentrate production from its Media Luna project in Guerrero. Agnico announced that it will release Q1, 2025 results on April 24, 2025 (Pinos Altos mine, Chihuahua). Americas Gold and Silver reported full year 2024 production results from its Cosala mine complex in Sinaloa. Sierra Metals announced consolidated Q4 and full year 2024 financial and operation results (Bolivar mine, Chihuahua). Discovery reported Q4 and 2024 full year financial results (Cordero project, Chihuahua). Osisko Development reported Q4 and year-end 2024 results (San Antonio Gold project, Sonora).  ON FINANCING, Silver Storm entered into a debt settlement letter agreement with a drilling service provider (La Parrilla mine, Durango). Aura announced the renewal of its normal course issuer bid for buying back its common shares and a concurrent buyback program for its Brazilian depositary receipts (Aranzazu mine, Zacatecas). Silver Tiger announced a bought deal financing for gross proceeds of approximately CAD $15M (El Tigre project, Sonora). Colibri closed a second and final tranche of its non-brokered private placement for gross proceeds of $146,500 (Pilar project, Sonora). Heliostar closed its bough deal equity financing previously announced on March 20, 2025 for gross proceeds of $19.5M (Ana Paula project, Guerrero).  Goldgroup announced a second tranche closing for gross proceeds of CAD $775K (Cerro Prieto mine, Sonora). Silver Dollar granted stock options and awarded restricted share units to directors, officers, and consultants (La Joya project, Durango). ON RESOURCES AND DEVELOPMENT, Silver Storm filed a NI 43-101 technical report for its La Parrilla mine in Durango. Colibri and its JV Partner Tocvan, released drill assays from three holes drilled in its recent ten holes diamond drilling program at Pilar project, Sonora. Oroco reported advancements in its Santo Tomas project in Sinaloa.  Kingsmen announced the successful completion of a 3D induced polarization-resistivity survey at their fully owned Las Coloradas project in Chihuahua. ON DEALS AND CORPORATE ISSUES, MAG Silver announced its new dividend policy, which includes a fixed quarterly dividend of USD $0.02 per share and a cash flow-–linked dividend targeted at approximately 30% of cash flows from Juanicipio during Q4, 2024, at a realized price of USD $20 per Oz Ag. Fortuna announced that it will be present at Mining Forum Europe 2025 (San Jose mine, Oaxaca).  Oroco reported advancements in its Santo Tomas project in Sinaloa. Fortuna Mining filed its fiscal 2024 annual report with the U.S. Securities and Exchange Commission (SEC) (San Jose mine, Oaxaca). GoGold announced results of its annual and special meeting of shareholders (Los Ricos North and Los Ricos South properties, Jalisco). Equinox reported that it will hold its annual and special meeting of shareholders on April 24, 2025 (Los Filos mine, Guerrero).  ON SOCIAL RESPONSIBILITY, No relevant news.

ON MEXICO ISSUES

  • Tocvan Ventures Corp., and its JV partner Colibri Resources Corporation reported the best drilling intercepts in Mexico on the fourth week of March, 2025. Details are shown in the table below:

ON EXPLORATION

  • No relevant news.

ON MINING

  • MAG Silver Corp., reported 2024 annual financial results from its Juanicipio mine, Zacatecas, on a 100% basis (all amounts are expressed in US dollars).  The company mined 1,342,786 tonnes and processed 1,328,178 tonnes with grades of 468 g/t Ag, 1.25 g/t Au, 1.5% Pb, and 2.8% Zn (712 g/t AgEq) and sold 16.59M Oz Ag, 33.11K Oz Au, 36.4M Lb Pb, and 55.61M Lb Zn at cash and AISC of $0.88 and $5.54 per Oz Ag sold respectively or $8.67 and $12.03 per Oz AgEq sold respectively. MAG Silver also reported sales of $627.4M; gross profit of $382.65M; net income before taxes of $352.7; net income of $201.5M, MAG´s 44% portion of net income of $88.67M; and MAG´s 44% portion of equity income of $92.87M.
  • Torex Gold Resources Inc., reported that after three years after being released a feasibility study for its Media Luna project in Guerrero, the company completed the tie-in period at the processing plant and achieved the first copper concentrate production. Torex Gold successfully completed 83 tie-ins and commissioned 136 systems, with plans to start trucking copper concentrate soon and achieve commercial production in the coming weeks. Current mining operations are ramping up, and Torex is confident in reaching a steady-state mining rate of 7,500 tonnes per day by mid-2026, ahead of their scheduled target.
  • Agnico Eagle Mines Limited announced that it will release Q1, 2025 results on April 24, 2025 (Pinos Altos mine, Chihuahua).
  • Americas Gold and Silver Corporation reported full year 2024 production results from its Cosala mine complex in Sinaloa (all figures are in IUS dollars). The company produced 825K Oz Ag, 31.5M Lb Zn, and 9.7M Lb Pb or 2.5M Oz AgEq at cash and AISC of $17.41 and $28.13 per Oz AgEq respectively.
  • Sierra Metals Inc., announced consolidated Q4 and full year 2024 financial and operation results (all figures are in US dollars). For its Bolivar mine, Chihuahua, the company reported for Q4, 2024, a cost of sales of $24.63M; a total cash cost of $17.58M; and a cash cost per tonne processed of $38.05M. For the full year 2024, Sierra Metals reported a cost of sales of $87.41M; a total cash cost of $70.04M; and a cash cost per tonne processed of $43.07M. Cash and AISC for Q4, 2024 were $2.42 and $3.06 per Lb CuEq respectively; while for the full year 2024 were $2.50 and $3.21 per Lb CuEq respectively. The company also provided a 2025 production and cost guidance and expects to produce between 25.1M-27.4M Lb Cu, 680K-740K Oz Ag, and 7,400-8100 Oz Au at cash and AISC ranging from $2.64-$2.77 per Lb CuEq and $3.45-$3.62 per Lb CuEq respectively.
  • Discovery Silver Corp., reported Q4 and 2024 full year financial results (all figures are in Canadian dollars). Highlights for the period Q4, 2024 include a net loss of $7.92M; basic and diluted loss per share of $0.02; and a total comprehensive loss of $7.42M. Highlights for the 2024 full year include a net loss of $20.89M; basic and diluted loss per share of $0.05; and a total comprehensive loss of $23.59M. The company reported as of December 2024  cash and cash equivalent of $29.31M; total assets of $122.88M; total current liabilities of $8.61M; working capital of $24.40; and total shareholders’ equity of $111.99M (Cordero project, Chihuahua).
  • Osisko Development Corp., reported Q4 and year-end 2024 results (San Antonio Gold project, Sonora). The company also declared that its San Antonio Gold project in Sonora remains in care and maintenance, waiting for further guidance from the Mexican government regarding the permitting process and the status of open-pit mining in the country.  “The Company continues to conduct a strategic review of the project and engaged a financial advisor in connection thereof. The strategic review includes, among others, exploring the potential for a financial or strategic partner in the asset or a full or partial sale of the asset”.

ON FINANCING

  • Silver Storm Mining Ltd., entered into a debt settlement letter agreement with a drilling service provider to settle the company’s outstanding debt for past services performed in the amount of $578,200 by issuing 4,818,333 common shares in the capital of the company at a deemed price of $0.12 per common share.   (La Parrilla mine, Durango).
  • Aura Minerals Inc., announced the renewal of its normal course issuer bid for buying back its common shares and a concurrent buyback program for its Brazilian depositary receipts. Under the normal course issuer bid, the company may repurchase up to 2,694,168 common shares, representing 10% of the public float, starting March 26, 2025, and continuing until March 25, 2026. The buyback program allows for purchasing up to 8,082,504 Brazilian depositary receipts over 12 months. This initiative is aimed at enhancing shareholder value and reflects the company’s commitment to growth opportunities in the precious metals sector (Aranzazu mine, Zacatecas).
  • Silver Tiger Metals Inc., announced a bought deal financing from the sale of 45,455,000 common shares at a price of CAD $0.33 per common share for gross proceeds of approximately CAD $15M. The net proceeds will be used to fund exploration and development expenditures at its El Tigre project in Sonora, as well as for working capital and general corporate purposes.
  • Colibri Resource Corporation closed a second and final tranche of 5,816,000 units of its non-brokered private placement for gross proceeds of $146,500. Combined with the proceeds from tranche 1, the company has raised $286,900. Proceeds from the financing are expected to be applied as follows: approximately 20% for upcoming exploration expenses at Colibri’s highly prospective precious metals projects in Mexico, including the Pilar Gold Project & the EP Gold Project in Sonora, 65% for arm’s length creditors including payment of interest expenses on outstanding loans and up to 15% to non-arm’s length parties as reimbursement for expenses paid on behalf of the company by the non-arm’s length parties.
  • Heliostar Metals Ltd., closed its bough deal equity financing previously announced on March 20, 2025 for gross proceeds of $19.5M by issuing 19,500,000 common shares at a price of $1.0 per common share. The net proceeds of the Offering will be used for the development of the Company’s projects in Mexico, including drilling at Ana Paula project in Guerrero, and for general corporate purposes.
  • Goldgroup Mining Inc., announced a second tranche closing of its previously announced non-brokered private placement of 2,583,330 units at a price of CAD $0.30 per unit for gross proceeds of CAD $775K. Net proceeds will be used for improvements at Cerro Prieto mine in Sonora, preliminary economic assessment update of Pinos Altos project in Zacatecas, debt reduction and general working capital.
  • Silver Dollar Resources Inc., granted stock options to directors, officers, and consultants to purchase up to 2,050,000 shares of the company at a price of $0.30 per share until March 28, 2030 and awarded restricted share units to directors, officers, and consultants to receive up to 750,000 shares of the company (La Joya project, Durango).

ON RESOURCES AND DEVELOPMENT

  • Silver Storm Mining Ltd., filed a NI 43-101 technical report for its La Parrilla mine in Durango. This technical report updates the mineral resource estimate and highlights include a 107% increase in indicated mineral resources, from 5.2 M Oz AgEq in the 2023 mineral resource statement to 10.8 M Oz AgEq; 58% increase of inferred mineral resources, from 10.3 M Oz AgEq in the 2023 mineral resource statement to 16.3 M Oz AgEq; approximately 90% of the indicated and 85% of the inferred mineral resource tonnage is sulphide mineralization; 10% of the Indicated and 15% of the inferred mineral resource tonnage is oxide mineralization;  silver dominant: 66% of the indicated and 69% of the inferred updated mineral resource gross metal value is derived from silver; 23 additional mineralized structures have been modelled, including several that were previously mined by the former operator, with significant upside potential; and total all-in exploration cost of USD $0.22/ Oz AgEq discovered.
  • Colibri Resource Corporation and its JV Partner Tocvan Ventures Corp., released drill assays from the three holes drilled in its recent ten holes diamond drilling program at Pilar project, Sonora. The most significant intercept was encountered in hole JES-25-108 with 1.23 g/t Au, 14 g/t Ag, 0.02% Cu, 0.3% Pb, and 0.3% Zn over 64.90m, including 21.58 g/t Au, 208 g/t Ag, 0.2% Cu, 6.7% Pb, and 1.6% Zn over 3m, plus 2.84 g/t Au, 38 g/t Ag, 0.05% Cu, 0.2% Pb, and 2.3% Zn over 3.80, including 7.33 g/t Au, 101 g/t Ag, 0.13% Cu, 0.5% Pb, and 6% Zn over 1.4m. Results are still pending for the last three holes of this drilling program, which have tested the outer extents on mineralization.
  • Oroco Resources Corp., reported advancements in its Santo Tomas project in Sinaloa, following meetings in Mexico City with senior government officials, including Dr. Luis Rosendo Gutiérrez Romano, Undersecretary of the Mexican Economy, and other senior federal and state government officials. The discussions emphasized the project’s potential for responsible development and its contributions to the local economy in Sinaloa. Oroco holds an 85.5% interest in the core concessions of the project, with significant copper mineralization previously defined by extensive exploration. The project, supported by improved dialogue with the government, is positioned to benefit economically from its location near important infrastructure, including ports and railways. Oroco’s leadership is pleased with the governmental support and dialogue established during the meetings.
  • Kingsmen Resources Ltd., announced the successful completion of a 3D induced polarization-resistivity survey at their fully owned Las Coloradas project in Chihuahua Mexico. The survey identified five new high-priority drill targets associated with high chargeability and resistivity zones, complementing existing targets. A total of 14 drill holes are proposed for the upcoming program, which is based on findings from previous prospecting, mapping, and sampling efforts. The survey covered about one-third of the project area, including historic mining sites, and is expected to enhance confidence in the drilling initiative as it confirms and refines key mineralization targets at depths not previously tested.

ON DEALS AND CORPORATE ISSUES

  • MAG Silver Corp., announced its new dividend policy (all amounts expressed in US dollars), which includes a fixed quarterly dividend of $0.02 per share and a cash flow-–linked dividend targeted at approximately 30% of cash flows from Juanicipio during Q4, 2024, at a realized price of $20 per Oz Ag.  The inaugural dividend totals $0.18 per share, comprising $0.02 fixed and $0.16 linked to cash received in Q4 2024 (approximately 30% of the $53.85M cash received from Juanicipio during Q4 2024). Future dividends will be subject to the Board’s discretion and various financial factors, highlighting the company’s commitment to sharing success with shareholders.
  • Fortuna Mining Corp., announced that it will be present at Mining Forum Europe 2025, which will be held in Zurich, Switzerland from March 31 to April 2, 2025 (San Jose mine, Oaxaca).
  • Oroco Resources Corp., reported advancements in its Santo Tomas project in Sinaloa, following meetings in Mexico City with senior government officials, including Dr. Luis Rosendo Gutiérrez Romano, Undersecretary of the Mexican Economy, and other senior federal and state government officials. The discussions emphasized the project’s potential for responsible development and its contributions to the local economy in Sinaloa. Oroco holds an 85.5% interest in the core concessions of the project, with significant copper mineralization previously defined by extensive exploration. The project, supported by improved dialogue with the government, is positioned to benefit economically from its location near important infrastructure, including ports and railways. Oroco’s leadership is pleased with the governmental support and dialogue established during the meetings.
  • Fortuna Mining Corp., filed its fiscal 2024 annual report on Form 40-F with the U.S. Securities and Exchange Commission (SEC). The Form 40-F, which includes the Company’s fiscal 2024 annual audited financial statements, management’s discussion and analysis, and annual information form (San Jose mine, Oaxaca).
  • GoGold Resources Inc., announced results of its annual and special meeting of shareholders (Los Ricos North and Los Ricos South properties, Jalisco).
  • Equinox Gold Corp., reported that it will hold its annual and special meeting of shareholders on April 24, 2025 (Los Filos mine, Guerrero).

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, galena + sphalerite in a quartz vein from an intermediate sulphidation epithermal vein system in a project in Sonora, Mexico. Photo taken by Miguel A Heredia.