PFS

The Mining and Exploration News in Mexico; Highlights on the Fourth Week of January 2026

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By Jorge Cirett

During the 4th week of the year (January 19th to January 25th, 2026), companies working in Mexico released 43 press releases. Six companies informed on early-stage properties work, eight more presented quarterly reports and one informed on an illegal blockade. Eight companies presented news on financing rounds, one on trading on a new market, one on the halting of trading and one more on a favorable ranking. Six companies presented updates on advanced properties, while nine companies informed on deals and corporate issues. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, in Sonora, Questcorp Mining and partner Riverside Resources released favorable channel sample results from La Unión;  Tocvan Ventures released drilling results from the North Block at its Gran Pilar project. In Chihuahua, Kingsmen Resources released drilling results from Las Coloradas; Mammoth Resources is working in planning and permitting a resource definition drilling campaign at Tenoriba. In Durango, Pinnacle Silver and Gold released underground sampling results from El Potrero. In Oaxaca, EV Resources is mobilizing a rig to Los Lirios. ON MINING, Luca Mining, Orla Mining, Gold Resource, Pan American Silver, GoGold Resources, Americas Gold and Silver, Gold Royalty and Avino Silver and Gold Mines presented quarterly reports. Gold Resource reported an illegal blockade at its Don David mine in Oaxaca. ON FINANCING, four companies informed on financing rounds: Canasil Resources (C$0.5 M), Apollo Silver (C$15 M), Kootenay Silver (C$16.5 M), and Pacifica Silver (C$23 M). Silver Spruce Resources corrected a previous offering note. Santacruz Silver Mining commenced trading on the Nasdaq Capital Market. Silverco Mining halted trading on the TSX. Guanajuato Silver and Luca Mining were named to the 2026 OTCQX Best 50. EV Resources received A$0.6 M from the sale of an Australian property. ON RESOURCES AND DEVELOPMENT, Kootenay Silver is to conduct a PEA on La Cigarra. Vizsla Silver updated on 2025 work at Panuco, and plans for 2026. Capitan Silver commenced a 60,000 m drilling campaign at Cruz de Plata. Mithril Silver and Gold released drilling results from Coplaquin. Alamos Gold presented drilling results from the PDA, Cerro Pelón and Halcón deposits in the Mulatos district. Silver Tiger Metals filed an updated PFS on the Stockwork zone and a PEA on the underground at El Tigre project. ON DEALS AND CORPORATE ISSUES, Bear Creek Mining informed on the incoming meeting of shareholders to resolve its arrangement with Highlander Silver. Mammoth Resources elected board directors at its AGM. Regency Silver optioned the La India concession near its Dios Padre project in Sonora. Silverco Mining is acquiring Nuevo Silver, owner of la Negra mine in Querétaro. Southern Empire Resources acquired the Pedro project in Durango from Enduro Metals. Radius Gold continues discussions with Pan American Silver to advance the Amalia project in Chihuahua. Silver Viper Minerals announced an appointment to the board.  ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • No Relevant News. 

ON EXPLORATION

  • Kingsmen Resources Corp. released results from three diamond drill holes on the Soledad structure at its Las Coloradas project in Chihuahua. Two of the holes intersected old workings, with the remaining hole intercepting 15.7 m of core length averaging 0.04 gpt Au, 46 gpt Ag, 9.9% Pb, 0.7% Zn (including 7.7 m @ 0.08 gpt Au, 89 gpt Ag, 1.8% Pb, 1.2% Zn, which includes 0.60 m @ 0.867 gpt Au, 848 gpt Ag, 18.2% Pb, 11.7% Zn). “The geological sequence consists of variably sheared and interbedded arenite and lutite…. Alteration comprises green chlorite-epidote-nontronite and sericite with pyrite-calcite veinlets, sphalerite-(galena) veinlets, grey to white bleaching +/- disseminated pyrite (mm-cm) size.
  • Mammoth Resources Corp. is advancing steps towards the planning and permitting to complete a resource definition drill program at its Tenoriba project in Chihuahua. The company also intends to proceed with studies to confirm potential gold-silver recoveries from a coarser fraction heap leach metallurgical test and to define high-grade areas to source material for a pilot plant operation.
  • EV Resources Ltd. announced the mobilization of drilling equipment to its Los Lirios antimony project in Oaxaca. The 1,500-2,000 m drill program targets high-grade Sb mineralization beneath historical workings along the Lirios fault zone, testing for both veins and carbonate replacement targets on 900 m of the 9 km long system.
  • Pinnacle Silver and Gold Corp. released underground sampling results from the Estrella vein at its El Potrero project in Durango. Channel sampling identified two mineralized zones within the 42 m long workings, one of 5.49 gpt Au, 48 gpt Ag across 0.72 m and another yielding 1.87 gpt Au, 51 gpt Ag, averaging 1.1 m in width. The identification of high-grade Au-Ag mineralization at La Estrella is significant, as it lies 500 m from the main Dos de Mayo structure and is topographically 300 to 400 m above, with “… brecciated, lattice bladed and banded textures”. 
  • Questcorp Mining Corp. and partner Riverside Resources Inc. reported results from channel sampling at La Unión, in Sonora. A 30 m continuous channel sample oblique to strike along the decline wall at La Unión mine averaged 20 gpt Au, 226 gpt Ag. The companies continue to forward the CRD and sediment hosted mineralization models for the property.
  • Tocvan Ventures Corp. released drilling results from its maiden (reverse circulation?) drill program on the North block at its Gran Pilar project in Sonora, five kilometers north of the South Block/Main Zone. Highlighted results from five drill holes comprise 7.64 m @ 23 gpt Ag (including 1.53 m @ 92 gpt Ag); 7.63 m @ 18.8 gpt Ag, 0.1% Zn; 10.71 m @ 0.3% Zn; 3.06 m @ 20 gpt Ag, 0.5% Pb, 0.3% Zn. Other elements were as high as 0.13% Cu, 170 ppm As, 276 ppm Sb.

ON MINING

  • Luca Mining Corp. provided its production report for Q4 2025, and achieved its revised full-year 2025 production guidance. During 2025 Campo Morado in Guerrero produced 8,735 Oz Au, 1 M Oz Ag, 4,921 tonnes Pb, 38,740 tonnes Zn, 8,895 tonnes Cu, while Tahuehueto in Durango produced 17,410 Oz Au, 316.1 K Oz Ag, 4,000 tonnes Pb, 6,472 tonnes Zn, 1,185 tonnes Cu, for a consolidated production of 26,144 Oz Au, 1.33 M Oz Ag, 8,921 tonne Pb, 45,212 tonnes Zn, 10,081 tonnes Cu. Payable production ranged between 70 and 82% of metals. During the quarter 5,836 m of drilling were completed, for a total of 22,855 m in the year, with an investment of US$3.8 M. The company’s cash position at the end of the period was US$25.1 M. 
  • Orla Mining Ltd. provided an operational update for the fourth quarter and year 2025. The company produced a total of 95,405 Oz Au in the quarter and 300,620 Oz Au in the year from its operations in Mexico and the US. At Camino Rojo in Zacatecas, 1.86 M tonnes of ore were stacked grading 0.47 gpt Au to produce 19,587 Oz Au during the quarter, and stacked 8.94 M tonnes of ore grading 0.54 gpt Au to produce 96,764 Oz Au in the year.
  • Gold Resource Corp. announced preliminary fourth quarter production from its Don David mine in Oaxaca. During the period 85.9 K tonnes were milled at a rate of 1,305 tpd, grading 0.96 gpt Au, 298 gpt Au, 0.16% Cu, 0.58% Pb, 1.22% Zn, to produce 1,993 Oz Au, 687.5 K Oz Ag, 87 tonnes Cu, 306 tonnes Pb, 750 tonnes Zn. “During the quarter, the Company’s production profile has transitioned into more of a silver producer, accounting for about 80% of its revenue….. a total gold equivalent (AuEq) ounces of 10,413”. For the full year, the company produced 23,125 Oz AuEq. 
  • Pan American Silver Corp. presented preliminary 2025 results, with a total of 22.8 M Oz Ag, 742,200 Oz Au consolidated production. In Mexico the company produced during the fourth quarter 1.61 M Oz Ag, 1,100 Oz Au at La Colorada (Zacatecas), 1.91 M Oz Ag, 4,800 Oz Au at Juanicipio (Zacatecas), 0.11 M Oz Ag, 5,400 Oz Au at Dolores (Chihuahua). For the year production was 6.02 M Oz Ag, 4,600 Oz Au at La Colorada, 2.49 M Oz Ag, 6,700 Oz Au at Juanicipio, 5.4 M Oz Ag, 37,600 Oz Au at Dolores, with 61% of Ag and 6.5% Au consolidated production coming from Mexico. Guidance for 2026 is 25-27 M Oz Ag, 700,000-750,000 Oz Au, with a budgeted US$55 M on brownfield exploration, US$ 55 M on project related exploration and US$-22-25 M on regional exploration in Brazil, Mexico, Canada and Chile.
  • Americas Gold and Silver Corp. had consolidated production of 2.65 M Oz Ag in 2025. At Cosalá, in Sinaloa, 463 K Oz Ag were produced in the quarter, for a total of 1.19 M Oz Ag during the year. The rest of the production was from its USA operations.
  • GoGold Resources Inc. reported production for the quarter ended December 31, 2025. At its Parral operations in Chihuahua, the company produced 205.1 K Oz Ag, 2,914 Oz Au, 96 tonnes Cu, 150 tonnes Zn, or 456.2 K Oz AgEq.
  • Gold Royalty Corp. released preliminary fourth quarter 2025 results. Total revenue, land agreement proceeds and interest was US$5.2 M (revenue of US$4.2 M), or 1,255 Oz AuEq. For 2025, total revenue, land agreement and proceeds and interest added up to US$17.7 M (revenue of US$13.9 M), or 5,173 Oz AuEq (royalty on Cosalá, Sinaloa).
  • Gold Resource Corp. announced that an illegal blockade is underway at its mine in Oaxaca. Employees of terminated contractors on Union membership affiliation grounds established an illegal mine-access blockade. “This dispute is between the union and four contractors who were previously affiliated with the union. This is not a dispute between the Company and the union nor between the Company and the four contractors” (Don David, Oaxaca).
  • Avino Silver & Gold Mines Ltd. reported full year 2025 production of 1.16 M Oz Ag, 7,621 Oz Au, 5.67 M Lb Cu, or 2.6 M Oz AgEq. During the year 724,940 K tonnes were processed at Avino, in Durango, averaging 0.44 gpt Au, 56 gpt Ag, 0.42% Cu, recovering 73% Au, 84% Ag, 84% Cu, to produce 7,544 Oz Au, 1.1 M Oz Ag, 5.67 M Lb Cu (or 2.55 M Oz AgEq). At La Preciosa, 19 kilometers from Avino, 12 K tonnes were processed, averaging 0.32 gpt Au, 191 gpt Ag, recovering 62% Au, 66% Ag, to produce 77 Oz Au, 48.2 K Oz Ag (or 54.9 K Oz AgEq). The company commenced extraction, haulage and processing of mineralized development material from La Preciosa during the fourth quarter 2025. Avino Silver had US$100 M in cash at the end of 2025.  

ON FINANCING

  • Canasil Resources Inc. announced a private placement for a total of C$500 K in gross proceeds. Insiders of the Company subscribed for a total of 2.5 M shares, which constitutes a related party transaction  (Nora, Durango).
  • Silver Spruce Resources Inc. corrected a previous press-release that stated 976 K units offered, to 9.76 M units (Pinos, Chihuahua).
  • Santacruz Silver Mining Ltd. has commenced trading on the Nasdaq Capital Market. (Zimapán, Hidalgo).
  • Silverco Mining Ltd. announced the halting of its common shares on January 21, 2026, at the request of the TSX Venture Exchange to facilitate the review of the binding letter with Nuevo Silver Inc. (Cusi, Chihuahua).
  • Apollo Silver Corp. closed the final tranche of its previously announced non-brokered private placement for aggregate gross proceeds of C$15 M. Eric Sprott, through 2176423 Ontario Ltd.  participated with C$12.5 M, taking its stake in the company to 10.3% of outstanding shares on a non-diluted basis and 15.8% on a partially diluted basis, assuming the exercise of such warrants (Cinco de Mayo, Chihuahua).
  • Kootenay Silver Inc. announced an engagement letter with Red Cloud Securities Inc. as lead underwriter pursuant to which the underwriters have agreed to purchase shares of the company on a bought deal basis in a private placement for C$10 M in gross proceeds. The underwriters have the option to buy shares at the same price for gross proceeds of C$1.5 M before the closing of the placement (Columba, Chihuahua).
  • Guanajuato Silver Co. has been named to the 2026 OTCQX Best 50, a ranking of top performing companies traded on the OTCQX Best Market last year (El Cubo, Guanajuato).
  • Kootenay Silver Inc. increased the size of its previously announced “bought deal”  private placement from C$10 M to C$16.5 M in gross proceeds. The underwriters have the option to buy shares for another C$1.5 M in gross proceeds.(undisclosed projects, Mexico).
  • Luca Mining Corp. has been named to the 2026 OTCQX Best 50,  a ranking of top performing companies traded on the OTCQX Best Market last year (Campo Morado, Guerrero).
  • EV Resources. confirmed the receipt of A$600 K in cash from the sale of a project in Australia. The funds are to be used in the upcoming drill program at Los Lirios antimony project in Oaxaca.
  • Pacifica Silver Corp. closed its previously announced upsized, private placement offering for aggregate gross proceeds of C$23 M (Claudia, Durango).

ON RESOURCES AND DEVELOPMENT

  • Kootenay Silver Inc. engaged  engineering firms Sacré-Davey Engineering Inc. and Canenco Consulting Corp. to conduct a preliminary economic assessment (PEA) on its La Cigarra project in Chihuahua. The pit constrained mineral resource totals 51.6 M Oz Ag in the measured and indicated categories in 15.7 M tonnes averaging 0.07 gpt Au, 102 gpt Ag, 0.16% Pb, 0.21% Zn and 11 M Oz Ag on the inferred category in 3.4 M tonnes averaging 0.06 gpt Au, 102 gpt Ag, 0.2% Pb, 0.19% Zn. 
  • Vizsla Silver Corp. informed that during 2025 the company published a feasibility study (FS) on the Panuco project in Sinaloa, with $1.8 B after-tax NPV. 11% IRR and a 7-month payback period, with annual production of 17.4 M Oz AgEq over 9.4 years, securing financing with over US$450 M in cash and advanced test mine operations to 700 m depth. For 2026, Vizsla plans to begin construction following receipt of environmental permits (expected mid-year), complete 60,000 m of drilling on the district, advance detailed engineering and contractor selection and continue exploration on newly acquired properties.
  • Capitan Silver Corp. commenced a 60,000 m drilling campaign of diamond and reverse circulation (RC) drilling for 2026 at its Cruz de Plata project in Durango. The company informed that during 2025 the company raised C$29 M, restarted drilling operations, the first since 2023, extending mineralization by 250 m, increased Capitan Hill resources to 525,000 Oz Au, bought the main royalty on the project for US$1 M, and acquired claims from Fresnillo, consolidating and increasing the land position by 85%. For 2026 Capitan Silver launched a drilling campaign, expanding from one RC rig to three core rigs and one RC rig, with focus on several targets including the 3.7 km Jesús María trend and infill drilling at Capitan Hill to upgrade resources. An airborne geophysical survey is planned, as well as mechanical trenching.
  • Mithril Silver and Gold Ltd. released drilling results from expansive resource drilling at Target 1 within the Copalquin project in Durango. Drilling extended 300 m west the mineralized structure and 300 m down dip on the Refugio 1 structure. Highlighted core length intercepts comprise 3.95 m @ 1.37 gpt Au, 22 gpt Ag; 3.05 m @ 1.68 gpt Au, 107 gpt Ag (including 0.5 m @ 9.6 gpt Au, 612 gpt Ag); 2.8 m @ 2.29 gpt Au, 60 gpt Ag; 4.4 m @ 2.18 gpt Au, 15 gpt Ag (including 0.5 m @ 15.5 gpt Au, 66 gpt Ag); 1.55 m @ 2.11 gpt Au, 6 gpt Ag; 1.35 m @ 21.94 gpt Au, 357 gpt Ag (including 0.5 m @ 57.65 gpt Au, 924 gpt Ag); 5.45 m @ 0.78 gpt Au, 36 gpt Ag.
  • Alamos Gold Inc. updated on drilling results within the Mulatos District in Sonora, where exploration has shifted from targeting oxides to higher grade sulfide mineralization. “A total of $20 million was spent on exploration in the Mulatos District in 2025, similar to spending in 2024. The near-mine and regional drilling program totalled 56,117 m in 170 holes. This included 13,779 m of surface exploration drilling in 58 holes at the GAP-Victor and PDA targets at PDA, and 21,394 m in 56 holes at Cerro Pelon. Regional exploration drilling totalled 20,944 m in 56 holes …” with the Halcon discovery being part of the latter program.  At Cerro Pelón, drill intersects comprise 23.85 m @ 5.60 gpt Au; 5.93 m TW @ 5.85 gpt Au; 15.15 m @ 6.58 gpt Au; 8.67 m TW @ 6.64 gpt Au; 14.10 m @ 4.28 gpt Au; 4.25 m @ 12.95 gpt Au; 7.20 m @ 6.13 gpt Au; 2.75 m @ 6.05 gpt Au. At PDA (Puerto del Aire) drill intersects comprise 8.97 m @ 13.64 gpt Au; 15.60 m @ 3.72 gpt Au; 15.61 m @ 4.27 gpt Au; 14.92 m @ 4.85 gpt Au; 6.92 m @ 8.79 gpt Au; 7.10 m @ 5.77 gpt Au; 2.91 m @ 15.00 gpt Au; 0.81 m @ 43.70 gpt Au. At Halcon drill intersects comprise 47.60 m @ 3.04 gpt Au (including 4.50 m @ 7.78 gpt Au; 3.75 m @ 13.41 gpt Au); 37.35 m @ 3.53 gpt Au (including 10.20 m @ 8.13 gpt Au); 31.50 m @ 3.46 gpt Au (including 6.00 m @ 5.56 gpt Au); 19.00 m @ 3.88 gpt Au (including 3.40 m @ 10.08 gpt Au).
  • Silver Tiger Metals Inc. filed two studies, a preliminary economic assessment (PEA) on the underground at El Tigre and an updated prefeasibility study (PFS) on the Stockwork Zone for its El Tigre project in Sonora. The PEA proposes a base-case Ag price of US$38 per Oz and of US$3,200 per Oz Au, with After-Tax (NPV 5%) of US$ 304 M and After-Tax IRR of 42.8% and a payback period of 2.6 years. The study envisages 15-year UG mine life with 3-year historical tailings processing  to recover 34 M Oz Ag, 130 K Oz Au (or 38 M Oz AgEq, or 453 K Oz AuEq), producing an average of 2.1 M Oz Ag, 8 K Oz Au per year. The updated PFS with the same base-case metal prices includes an After-Tax (NPV 5%) of US$456 M with an After-Tax IRR of 65.7% with a 1.4 years payback period, 10-year mine life recovering 9 M Oz Ag, 408 K Oz Au (or 43 M Oz AgEq, or 509 K Oz Au), producing an average of 4.8 M Oz AgEq or 56.5 K Oz AuEq. 

ON DEALS AND CORPORATE ISSUES

  • Bear Creek Mining Corp. filed its notice of meeting, management information circular and related documents with securities regulators in connection with the special meeting of shareholders of Bear Creek to approve the proposed plan of arrangement with Highlander Silver Corp. and the interest deferral agreements entered into between the company and each of Royal Gold Inc. and Equinox Gold Corp. The proxy voting deadline is February 17, 2026 (Mercedes, Sonora).
  • Mammoth Resources Corp. announced shareholders at its annual general meeting (AGM) elected Thomas Atkins, Paul O’Brien, Jose Antonio Berlanga Balderas, Edgardo Espinosa Velasco, Jose Antonio Berlanga Lopez, and Richard Simpson as directors and appointed Kresto GTA, Chartered Accountants as auditors of the company (Tenoriba, Chihuahua). 
  • Regency Silver Corp. entered into an agreement to option the 4,823 ha La India mining concession located 10 km to the north of its Dios Padre project in Sonora. The claim hosts Early cretaceous andesitic volcanic rocks that are proximal to late cretaceous plutonic rocks associated with Laramide age porphyries in the district. The deal involves an initial US$60 K payment and staged payment totalling US$580 K over five years , as well as to pay US$145 K in owed taxes. A payment of US$1 M is due upon the publication of a mineral resource estimate over 1 M Oz Au. The vendors are entitled to a 2% NSR, on which the company has the right to purchase half by paying US$1 M. 
  • Silverco Mining Ltd. entered into a binding letter to acquire Nuevo Silver Inc., which recently entered into a share purchase agreement to acquire 100% of the producing La Negra mine in Querétaro. Holders of Nuevo Silver shares will be issued 16.8 M Silverco shares, and upon completion former holders of Silverco shares will hold 34% of Silverco shares. Silverco will also assume US11 M in debt associated with La Negra mine, US$12.5 M in milestone payments due in Q1 2027 and US$5 M in contingent payments potentially due between Q1 2027 and Q1 2028. “La Negra is currently operating at approximately 55% capacity”.
  • Southern Empire Resources Corp. completed the acquisition of the 1,750 ha Pedro gold project in Durango, from Enduro Metals Corp. The company issued Enduro 2 M common shares, agreeing to a future milestone payment of US$2 M upon production commencement, with Enduro retaining a 2% NSR. The project area displays “hematite-stained, silica-rich ridges of angular chalcedony fragments and silicified sedimentary rocks within a coarse breccia” with values of up to 2.3 gpt Au”. Geology, alteration and geochemistry mapped at Pedro are indicative of a potential low-sulphidation epithermal vein system, with some indications of possible Carlin style mineralization. Previous drilling intercepted up to 15.2 m averaging 0.577 gpt Au. “Fortuna Mining Corp. (Fortuna) has informed Southern Empire that it has resumed its 3,500 m core drilling program at the Centauro Gold Project, located 100 km northwest of Pedro”. Fortuna acquired the option rights for Centauro from Southern Empire in 2025.
  • Radius Gold Inc. informed that between “2019 and 2022, Radius and joint venture partner Pan American Silver Corp. completed 67 drill holes for 23,058 meters of diamond drilling at the Amalia Project, in Chihuahua, with multiple targets remaining untested. “Pan American held the right to earn 65 % interest under an existing option agreement. As operator Pan American Silver suspended work on the property during merger negotiations with Yamana in 2022. Radius continues discussions with Pan American with the objective of agreeing a pathway forward for the Amalia … ” project.
  • Silver Viper Minerals Corp. announced the appointment of Mr. Rakesh Malhotra as chief financial officer (La Virginia, Sonora).

ON SOCIAL RESPONSIBILITY

  • No Relevant News. 

On the image below: Quartz veining cut by late specularite veins in volcanosedimentary rocks, HQ core. Picture by Jorge Cirett.

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

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Quartz vein showing boiling texture

By Miguel A Heredia

During the 21st week of the year (May 20th to May 26th, 2024), at least 25 press releases were announced by companies working in Mexico, and 1 news published by the media, with twelve disclosing deals and corporate issues, six reporting resources and developments of their properties, three announcing financing rounds, two discussing social issues, two commenting on Mexican issues, and one informing on exploration results.  ON MEXICO ISSUES, AMLO denied that the government has expropriated a mine owned by the American firm Vulcan, in Quintana Roo, where the company extracts limestone, although he clarified that the company´s facilities remain closed. Silver Tiger, Tocvan/Colibri, Vizsla, and Kootenay Silver reported the best drilling intercepts in Mexico on the fourth week of May, 2024. ON EXPLORATION, In Sinaloa, Centenario Gold announced that it will host a webinar to provide investors with an update and the next phase exploration and drilling program on its Eden project.  ON MINING, no relevant news. ON FINANCING, Impact Silver closed its first tranche of the non-brokered private placement financing for gross proceeds of CAD $7.1M (Plomosas mine, Chihuahua). Centenario Gold announced a non-brokered private placement for gross proceeds of up to $1M (Eden project, Sinaloa). Guanajuato Silver announced the complete repayment of the USD $5M concentrate pre-payment facility (Cubo, San Ignacio, and Valenciana mines in Guanajuato and Topia mine, Durango).  ON RESOURCES AND DEVELOPMENT, Tocvan and its JV partner Colibri released results from its 2024 RC drilling program from its Pilar project in Sonora. Silver Tiger presented results from its ongoing PFS drilling program at its El Tigre project, Sonora. Luca Mining confirmed new high-grade gold zone with significant mining widths at its Tahuehueto mine, Durango. Vizsla released results from 16 new drillholes from its Panuco project, Sinaloa. Kootenay announced results from the first six holes targeting the eastern extension of the D-Vein target at its Columba project, Chihuahua.  ON DEALS AND CORPORATE ISSUES, Monumental Energy announced the termination of its option agreement on the Jemi REE project, Coahuila. Goldgroup reported contractor fatality at its Cerro Prieto mine in Sonora. Mag Silver announced the planned retirement of Peter Megaw after 20 years of dedicated services to Mag. Avino reminded his shareholders to vote their shares in the 2024 upcoming annual general meeting of shareholders (Avino mine, Durango). Sierra Metals entered into a binding agreement with Silverco to sell its Cusi property in Chihuahua.  Vizsla Silver filed the management information circular in connection with special meeting to approve spinout of Vizsla Royalties. Alamos Gold reported results from its annual general and special meeting of shareholders (Mulatos mine, Sonora). First Majestic announced ticker symbol change on the Toronto Stock Exchange (TSX), and announced voting results of its annual general meeting of shareholders. Sierra Madre Gold and Silver announced the appointment of the General Manager of its La Guitarra Mine and Mill Complex in Mexico State, as well as announced the issuance of stock options to La Guitarra employees, advisors and consultants of the company. Chesapeake announced agreement to acquire intellectual property rights to a leaching technology which are currently held under license from Hycroft by Alderley (Metates, Durango).  Mexus provided an update to shareholders for its Santa Elena mine (Caborca), Sonora. ON SOCIAL RESPONSIBILITY, GoGold presented its 2023 sustainability report (Parral Tailings project, Chihuahua). Torex released its 2023 responsible gold mining report (El Limon-Guajes mine complex, Guerrero).

ON MEXICO ISSUE

  • AMLO denied that the government has expropriated a mine owned by the American firm Vulcan, in Quintana Roo, where the company extracts limestone, although he clarified that the company´s facilities remain closed. Secretary of State Anthony Blinken stated before a Senate committee that the action of the Mexican authorities is not a good way to attract investment. Mexican authorities ordered a halt to limestone extraction in the coastal state of Quintana Roo in 2022, alleging environmental damage by the company, which described the measure as “unexpected” and “arbitrary”. Since the, Vulcan Minerals has been unable to export its production and is demanding more than USD $1,500M in compensation through the International Center for Settlement of Investment Disputes (ICSID). Tensions increased in 2023, when the company announced that Mexican security forces took possession of its port terminal in southern Mexico. Last year, AMLO announced that he was offering USD $391M to buy the land where Vulcan Materials operates and resolve the dispute. “The site is closed and they will not be able to work”, he said Wednesday.
  • Silver Tiger Metals Inc., Tocvan Ventures Corp/Colibri Resources Corporation, Vizsla Silver Corp., and Kootenay Silver Inc., reported the best drilling intercepts in Mexico on the fourth week of May, 2024. Details are shown in the table below:

ON EXPLORATION

  • Centenario Gold Corp., announced that it will host a webinar at 10:00 am PDT on Thursday May 30th, 2024, to provide investors with an update and the next phase exploration and drilling program on its Eden project in Sinaloa. 

ON MINING

  • No relevant news.

ON FINANCING

  • Impact Silver Corp., closed its first tranche of the non-brokered private placement financing for gross proceeds of CAD $7.1M from the issuance of 15,526,190 units at a price of CAD $0.27 per standard unit. Net proceeds will be used to accelerate exploration activity at its Plomosas high-grade zinc-lead-silver property located in Chihuahua, Mexico, as well as to develop its prolific silver assets at its legacy Royal Mines of Zacualpan district, in Mexico State.
  • Centenario Gold Corp., announced a non-brokered private placement for gross proceeds of up to $1M through the issuance of up to 20M units at a price of $0.05 per unit (Eden project, Sinaloa).
  • Guanajuato Silver Company Ltd., announced the complete repayment of the USD $5M concentrate pre-payment facility owed to Ocean Partners UK Limited, , a metal off-take and trading firm (Cubo, San Ignacio, and Valenciana mines in Guanajuato and Topia mine, Durango).

ON RESOURCES AND DEVELOPMENT

  • Tocvan Ventures Corp., and its JV partner Colibri Resource Corporation released results from its 2024 RC drilling program from its Pilar project in Sonora. The best drill intercepts were encountered in hole JES-24-79 with 0.82 g/t Au and 0.5 g/t Ag over 50.32m, including 0.96 g/t Au and 0.6 g/t Ag over 42.7m, including 10.9 g/t Au and 2 g/t Ag over 3.05m, including 21.4 g/t Au and 3 g/t Ag over 1.52m. “Like the Main Zone, the North Hill trend is exposed at surface along a rounded ridge top, allowing the potential for a low strip ratio during early development. The hole tested near-surface mineralization and was stopped at 125.1m, mineralization at North Hill remains open along trend and to the east. 
  • Silver Tiger Metals Inc., presented results from its ongoing PFS drilling program at its El Tigre project, Sonora. Hole ET-24-568 collared at the Keel Zone intercepted 6.21 g/t Au and 410 g/t Ag (11.67 g/t AuEq or 876 g/t AgEq) over 16m, including 90.9 g/t Au and 6,034 g/t Ag (171.35 g/t Au or 12,852 g/t Ag( over 1m. The hole passed through the El Tigre vein located some 15m beneath the floor of the PEA Open Pit and is referred to as the Keel Zone.  Other new intersections through the Stockwork deposit include holes ET-24-570 with 1.63 g/t Au and 22 g/t Ag (1.92 g/t AuEq or 144 g/t AgEq) over 59.3m; hole ET-23-563 with 0.7 g/t Au and 35 g/t Ag (1.17 g/t AuEq or 88 g/t AgEq) over 45m, including 1.01 g/t Au and 89 g/t Ag (2.2 g/t AuEq or 165 g/t AgEq) over 15m, including 1.43 g/t Au and 634 g/t Ag (9.89 g/t AuEq or 742 g/t AgEq) over 2m, plus 0.68 g/t Au and 2 g/t Ag (0.71 g/t AuEq or 53 g/t AgEq) over 6m; and hole ET-23-552 with 0.83 g/t Au and 6 g/t Ag (0.92 g/t AuEq or 69 g/t AgEq9 over 35.5m, including 2.1m mining void, plus 1.66 g/t Au and 2 g/t Ag (1.68 g/t AuEq or 126 g/t AgEq) over 7m, plus 0.44 g/t Au and 0.5 g/t Ag (0.45 g/t AgEq or 33 g/t AgEq9 over 19.5m. “The results may increase the updated MRE associated with the PFS-level study which we expect to deliver by September 2024, which will also further de-risk the project.”  Mr. Jessome (Silver Tiger CEO) continued, “We contemplate being able to make a build decision based on our upcoming PFS.”
  • Luca Mining Corp., confirmed new high-grade gold zone with significant mining widths at its Tahuehueto mine, Durango. New geological mapping and sampling at the Main Creston Vein at underground Level 23 confirmed the presence of breccia ore shoots up to 20m wide with some internally assayed channel samples returning greater than 20 g/t Au. These wide and higher-grade Au mineralization zones at depth confirm the enormous upside potential of the mine.
  • Vizsla Silver Corp., released results from 16 new drillholes from its Panuco project, Sinaloa. Drilling highlights (true widths reported) include holes NP-24-431 (Napoleon and HW 4 Structures) with 362 g/t Ag, 0.44 g/t Au, 0.3% Pb, and 0.8% Zn (405 g/t AgEq) over 0.73m, plus 1,551 g/t Ag, 14.08 g/t Au, 1% Pb, and 3.8% Zn (2,561 g/t AgEq) over 2.40m, including 2,460 g/t Ag, 23.2 g/t Au, 1.6% Pb, and 6.1% Zn (4,121 g/t AgEq) over 1.24m, plus 62 g/t Ag, 1.18 g/t Au, 0.1% Pb, and 0.7% Zn (165 g/t AgEq) over 0.75m, plus 132 g/t Ag, 1.1 g/t Au, 0.3% Pb, and 0.9% Zn (236 g/t AgEq) over 0.70m; hole NAP-23-004 (Napoleon Structure) with 939 g/t Ag, 6.26 g/t Au, 0.5% Pb, and 1.9% Zn (1,503 g/t AgEq) over 0.40m, plus 328 g/t Ag, 4.32 g/t Au, 0.8% Pb, and 2.1% Zn (696 g/t AgEq) over 6.5m, including 505 g/t Ag, 6.33 g/t Au, 2.9% Pb, and 0.1% Zn (1,038 g/t AgEq) over 3.65m; hole NP-24-429 (Molino, Napoleon and HW Structures) with 105 g/t Au, 0.46 g/t Au, 0.1% Pb, and 0.3% Zn (145 g/t AgEq) over 1.55m, plus 2,390 g/t Ag, 28.1 g/t Au, 2.2% Pb, and 9.6% Zn (4,533 g/t AgEq) over 1.30m, plus 144 g/t Ag, 1.06 g/t Au, 0.1% Pb, and 0.2% Zn (217 g/t AgEq) over 0.75m, plus 2,508 g/t Ag, 26.04 g/t Au, 1.8% Pb, and 6.8% Zn (4,525 g/t AgEq) over 0.8m, including 2,380 g/t Ag, 35.1 g/t Au, 2% Pb, and 8.8% Zn (4,959 g/t AgEq) over 0.42m; and hole NP-24-435 (HW and Napoleon Structures) with 1,429 g/t Ag, 11.76 g/t Au, 0.3% Pb, and 0.7% Zn (2,156 g/t AgEq) over 1.4m, plus 53 g/t Ag, 0.13 g/t Au, 0.3% Pb, and 7.3% Zn (330 g/t AgEq9 over 0.40m. “New drilling along the central and southern portions of the Napoleon resource area has successfully expanded known zones of high-grade mineralization, proximal to potential development. Additionally, expansion drilling targeting the Hanging Wall 4 structure and the recently discovered El Molino Vein, returned significant gold and silver values outboard of the current resource boundary. We are very pleased with how Luisa, Napoleon and Copala are responding to tighter spaced drilling. This supports increased potential for resource conversion as we de-risk the project ahead of the preliminary economic assessment planned for early Q3.”
  • Kootenay Silver Inc., announced results from the first six holes targeting the eastern extension of the D-Vein target at its Columba project, Chihuahua. Drilling highlights (true widths reported) include holes CDH-24-153 with 183 g/t Ag, 0.01% Pb, and 0.2% Zn over 12.95m, including 481 g/t Ag, 0.02% Pb, and 0.7% Zn over 3.52m, including 920 g/t Ag, 0.8% Pb, and 3.3% Zn over 0.43m; and hole CDH-24-152 with 83 g/t Ag, 0.05% Pb, and 0.2% Zn over 18m, including 240 g/t Ag, 0.1% Pb, and 0.4% Zn over 5.40m, including 347 g/t Ag, 0.2% Pb, and 0.6% Zn over 3.36m, including 492 g/t Ag, 0.4% Pb, and 1% Zn over 1.59m, including 539 g/t Ag, 0.3% Pb, and 1.6% Zn over 0.60m. “The company has completed over 30,000m of diamond drilling in 153 holes at Columba since 2019 and intercepted numerous veins with high silver grades and widths indicating excellent resource potential. Prospective veins on the project are hosted within a volcanic caldera setting; the surface extent of mapped veins measuring roughly 4km by 3km. Management believes that Columba may be a newly recognized vein district that is nearly entirely preserved from erosion.

ON DEALS AND CORPORATE ISSUES

  • Monumental Energy Corp., announced the termination of its option agreement on the Jemi REE project, Coahuila. Following its assessment of exploration results, the company has elected to discontinue its activities under the Jemi Option Agreement in which they had the right to acquire a 100% interest in six mineral concessions comprising approximately 3,560 hectares located in the Ocampo municipality of Coahuila State.
  • Goldgroup Mining Inc., reported contractor fatality at its Cerro Prieto mine in Sonora. The contractor’s employee was fatally injured while working in the Esperanza pit when recently blasted rock dislodged striking the worker during inspection of the blasted area.
  • Mag Silver Corp., announced the planned retirement of Peter Megaw, Co-Founder and Chief Exploration Officer, after 20 years of dedicated services to Mag. Peter will continue as a consultant to the Company following his retirement from executive duties at Mag. “My admiration and deep respect to Peter for his brilliant work in the mining exploration in Mexico”.
  • Avino Silver & Gold Mines Ltd., reminded his shareholders to vote their shares in the upcoming 2024 annual general meeting of shareholders, to be held on Thursday, May 30, 2024, at 10:00 AM PT (Avino mine, Durango).
  • Sierra Metals Inc., entered into a binding agreement with Silverco Mining Corp., to sell its Cusi property in Chihuahua, and related assets including, among other things, land and land agreements, equipment and environmental permits. Terms of the agreement include a cash payment of USD $2.5M at closing, and a 2.0% net smelter royalty in respect of the Cusi Mine granted in favour of Sierra Metals. Silverco will have the right to purchase half of the royalty (being 1.0%) at any time in exchange for a cash payment to Sierra Metals of USD $5M.
  • Vizsla Silver Corp., filed the management information circular in connection with special meeting to be held on June 17, 2024 at 10:00 AM (PST), to approve spinout of Vizsla Royalties Corp. “The purpose of the meeting is to seek approval of the previously announced spinout by way of a plan of arrangement between Vizsla Silver and Vizsla Royalties Corp. (Spinco), whereby the owners of common shares of Vizsla Silver are entitled to receive one-third of a common share of Spinco and one-third of a common share purchase warrant of Spinco for each Vizsla Silver share held immediately prior to the closing of the Arrangement. Each full Spinco warrant will entitle the holder thereof to purchase one Spinco share at an exercise price of $0.05 per share for a period expiring on the earlier of: (i) 120 days after the date the Spinco shares and Spinco warrants are listed on the TSX Venture Exchange; and (ii) December 31, 2025”.
  • Alamos Gold Inc., reported results from its annual general and special meeting of shareholders virtually held on Thursday, May 23, 2024 (Mulatos mine, Sonora).
  • First Majestic Silver Corp., announced ticker symbol change on the Toronto Stock Exchange (TSX), effective as of market opens Monday, May 27, 2024. First Majestic symbol will change from “FR” to “AG”. As a result of this change, “AG” will now be the ticker symbol for First Majestic’s common shares listed in Canada on the TSX, and in the United States on the New York Stock Exchange (NYSE), allowing for enhanced, harmonized brand alignment within the Canadian and United States capital markets. The company’s ticker symbol on the Frankfurt Stock Exchange remains “FMV”. The company also announced voting results of its annual general meeting of shareholders held on Thursday, May 23, 2024 in Vancouver, BC, Canada.
  • Sierra Madre Gold and Silver Ltd., announced the appointment of the General Manager of its La Guitarra Mine and Mill Complex in Mexico State, as well as announced the issuance of stock options to La Guitarra employees, advisors and consultants of the company.
  • Chesapeake Gold Corp., announced agreement to acquire intellectual property rights to a leaching technology which are currently held under license from Hycroft Mining Holding Corporation by Alderley Gold Corp. Pursuant to the purchase agreement, Chesapeake has agreed to pay CAD $2M in cash and to issue 1,026,518 common shares of the company for the Intellectual Property Rights. The common shares will be subject to a hold period of four months and one day (Metates, Durango).  
  • Mexus Gold US provided an update to shareholders for its Santa Elena mine (Caborca), Sonora. The company continues to negotiate for a favorable deal with multiple companies vying for the right to team with Mexus. There are currently two companies doing due diligence on 2 of the 3 properties Mexus has rights to in Sonora State, Mexico.

ON SOCIAL RESPONSIBILITY

  • GoGold Resources Inc., presented its 2023 sustainability report, which sets out the company’s performance and achievements with respect to its environmental, social and governance (ESG) practices. Highlights of the reports include energy consumption decrease of 44% compared to prior year, including a 25% decrease at Parral; decreased carbon dioxide emissions by 38% compared to the previous year; 0.006 tCO2e per oz of silver equivalent produced at Parral; 0.006 tCO2e per tonne of ore processed; increase of over 8% in safety and professional development training to over 12,000 hours; awarded the ESR distinction (Empresa Socialmente Responsables – Corporate Social Responsibility); USD $17.2M spent in local purchases, including USD $422K in community investment; donation of 600 machine hours to nearby towns in order to help with local infrastructure; and social impacts in nearby communities include providing food packages to elderly, educational and sports supplies to local children and medical attention to residents.
  • Torex Gold Resources inc., released its 2023 responsible gold mining report, titled At the Heart of Who we Are, the Company’s ninth annual disclosure of its Environmental, Social and Governance (ESG) performance (El Limon-Guajes mine complex, Guerrero). Highlights include “industry-leading safety performance, ending 2023 with a lost-time injury frequency of 0.31 per million hours worked for our employees and contractors; the company also achieved 10 million hours worked without a lost-time injury at El Limón Guajes (ELG) for the third time since 2020;  zero reportable environmental incidents or spills; continued implementation of our Community Development Agreements (CODECOPs) in partnership with 11 host communities, with $3.1M directly invested in community development and infrastructure projects;  released an Economic Impact Study demonstrating direct, indirect, and induced benefits in Mexico at the state and national levels, including a 3% annual contribution to Guerrero State’s annual gross domestic product;  66% water usage recycled; 63% non-mineral waste recycled;  108.5 hectares reforested, with 70,560 native trees planted from two on-site greenhouses;  99% employees from Mexico with ~69% from Guerrero State; 9% overall turnover rate in 2023 down from 14% in 2022;  90% of procurement spend in Mexico; $158M spent on procurement within Guerrero State, almost a 50% increase relative to 2022; continued progress on implementation of the requirements of the World Gold Council’s Responsible Gold Mining Principles, International Cyanide Management Code, and the Global Industry Standard on Tailings Management; continued improvement in scoring from key ESG ratings agencies including MSCI, Sustainalytics, and CDP”.

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, boiling texture in an epithermal vein system in a project in Sonora, Mexico. Photo taken by Miguel A Heredia.