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

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Orogenic Quartz Vein

By Miguel A Heredia

During the 9th week of the year (February 24th to March 02nd 2025), at least 33 press releases were announced by companies working in Mexico, with eleven disclosing deals and corporate issues, ten announcing financing rounds, seven reporting resources and development of their properties, seven announcing financing rounds, six disclosing deals and corporate issues, three informing on exploration results, and one communicating production results, and one commenting on Mexican issues.  ON MEXICO ISSUES, Torex Gold, Tocvan, Prime Mining, Southern Silver, and Minaurum Gold reported the best drilling intercepts in Mexico on the fourth week of February, 2025. ON EXPLORATION, In Sonora, Riverside provided updates on H1, 2025 exploration programs of its Cuarentas, Ariel, and Union projects, and Minaurum reported results from its ongoing drilling program at its Alamos Silver project.  In Sinaloa, Prismo provided an update on its Palos Verdes project.  ON MINING, Heliostar reported Q4, 2024 financial results from their Mexican operations. ON FINANCING, Capitan Mining closed its previously announced private placement for gross proceeds of CAD $5.3M (Cruz de Plata project, Durango). Mexican Gold announced a non-brokered private placement for gross proceeds of CAD $160K (Las Minas project, Veracruz). Mithril confirmed that 7,000,000 ordinary shares will be released from escrow (Copalquin project, Durango).  Oroco upsized its oversubscribed private placement and received $2,303,555.75 in gross proceeds (Santo Tomas project, Sinaloa). Pinnacle closed a non-brokered private placement for gross proceeds of $800K (Potrero project, Durango).  Sailfish declared Q1, 2025 dividend and announced dividend reinvestment plan (Gavilanes project, Durango). Southern Silver closed a non-brokered private placement for gross proceeds of $3,583,680.03 (Cerro Las Minitas, Durango). Alamos Gold declared quarterly dividend (Mulatos mine, Sonora). Aura declared and approved the payment of a dividend respect of its Q4, 2024 financial results (Aranzazu mine, Zacatecas).  Reyna Silver closed a third tranche of its previously announced non-brokered private placement for gross proceeds of CAD $106.5K (Batopilas project, Chihuahua). ON RESOURCES AND DEVELOPMENT, Torex reported drilling results from Media Luna West and Media Luna East in its Morelos Mine Complex in Guerrero. Southern Silver reported results from six core holes totalling 2,395m from its Q4, 2024 “proof of concept” drilling being conducted at its Cerro Las Minitas in Durango. Tocvan released results of 4 RC holes totalling 776.2m drilled at its Pilar project in Sonora. Prime Mining reported generative drilling results of 14 holes completed at its Los Reyes project in Sinaloa. Mammoth Resources announced plans to initiate small-scale gold-silver production at its Tenoriba project in Chihuahua.  Guanajuato Silver completed development to high-grade Santo Niño Vein in san Ignacio mine, Guanajuato. GoGold announced the filing of NI 43-101feasibility study technical report at its Los Ricos South project in Jalisco. ON DEALS AND CORPORATE ISSUES, Equinox Gold and Calibre Mining entered into a definitive arrangement agreement to merge, forming New Equinox Gold (Los Filos mine, Guerrero). Apolo Silver appointed a new member to its Board of Directors (Cinco de Mayo project, Chihuahua). Pinnacle signed a definitive agreement for option to acquire El Potrero project in Durango. Chesapeake announced the appointment of its Chief Metallurgical Officer (Metates project, Durango). Plata Latina declared that a wholly subsidiary of Fresnillo plc has exercised its right to purchase the NSR on the Naranjillo property, Guanajuato. Roberto Resources announced a proposed acquisition of the Claudia Gold and Silver Project in Durango. Canasil announced the appointment of a new member to its Board of Directors and its CFO (Nora project, Durango). Defiance Silver entered into an agreement for six month for investor relations services (San Acacio project, Zacatecas). Masivo Silver signed a letter of intent to acquire Cerro Colorado project in Sonora. Xali Gold entered into a binding letter of intent to option the Sarape project in Sonora. ON SOCIAL RESPONSIBILITY,  no relevant news.

ON MEXICO ISSUES

  • Torex Gold Resources Inc., Tocvan Ventures Corp., Prime Mining Corp., Southern Silver Exploration Corp., and Minaurum Gold Inc., reported the best drilling intercepts in Mexico on the fourth week of February, 2025. Details are shown in the table below:

ON EXPLORATION

  • Riverside Resources Inc., provided updates on H1, 2025 exploration programs of its Cuarentas, Ariel, and Union projects in Sonora, and on additional projects and partnerships. At Cuarentas project, Riverside has identified four priority drill targets using geochemical, geophysical, and mapping techniques. The project is drill-permitted and has a history of high-grade mining. At Ariel project, the company is focused on a large, undrilled porphyry copper system, with surface indicators suggesting deeper copper potential. Recent work includes mapping and geochemical sampling in the area. At Union project, Riverside has identified a high-grade carbonate replacement deposit with potential for a deeper porphyry system. It has been identified as a high-priority target for future exploration campaigns. Other projects in Riverside´s portfolio include the Suaqui Verde project, which is currently under option to Sothern Empire, and the neighboring Suaqui Grande copper project, which Riverside retains 100% ownership of.  “Exploration efforts for H1 2025 continue across multiple projects, with further results expected from Cecilia project and other key targets. Riverside also remains actively engaged in joint venture discussions, welcoming potential partnerships to advance its exploration programs”.
  • Minaurum Gold Inc., reported results from its ongoing drilling program, which have further expanded the Promontorio vein zone and confirmed consistent grade continuity at the Alamos Silver Project, Sonora. Drilling highlights are shown in the table below:
  • Prismo Metals Inc., provided an update on its Palos Verdes project in Sinaloa, where this property involves a collaborative drilling program between Prismo Metals and Vizsla Silver Corp. This is the fourth phase of drilling and was focusing on three main targets to trace the mineralized vein system. The drilling began in September 2024, with two holes completed to test the down-dip extension of previously identified high-grade mineralization. However, the program faced challenges, including slow progress and budget constraints, leading to a curtailment in late November 2024, with assay results still pending.

 ON MINING

  • Heliostar Metals Ltd., reported Q4, 2024 financial results from their Mexican operations (all currency expressed in Canadian dollars). The company produced 5,429 Oz Au from re-leaching of the heap leach piles at la Colorada and San Agustin mines located in Sonora and Durango respectively, with some additional contribution from residual production from the heap leach pads at the Castillo mine in Durango. Heliostar sold 5,145 Oz Au (5,277 Oz AuEq) at cash cost and AISC of $1,755 and $2,089 per Oz AuEq respectively. Cost of sales was $1,849 per Oz AuEq.  The company also reported revenues of $19.5M; mine operating earnings of $9.56M; gain on bargain purchase of $90.4M; exploration expenses of $2.8M; net (loss) earnings of $84.4M or $0.41 per share; cash and cash equivalents as of December 31, 2024 of $7.7M; total assets of $174.7M; and working capital of $51.97M.The company had a debt facility of up to USD $10M but all debt was fully re-paid by February 2025. Heliostar also provided 2025 production and costs guidance. At La Colorada, Sonora, it expects to produce between 17K-23.3K Oz Au and 42.5K-51K Oz Ag (17.5K-23.8K Oz AuEq) at cash and AISC of USD $1,800-$1,950 and USD $1,850-$1975 per Oz AuEq respectively. At San Agustin, Durango, Heliostar expects to produce between 8.5K-11K Oz Au at cash and AISC of USD $1,500-$1,650 and USD $1,700-$1850 per Oz AuEq respectively. At San Agustin re-start, the company expects to produce between 4.5K-5.7K Oz Au and 34K-43K Oz Ag (5K-6.2K Oz AuEq) at cash and AISC of USD $2,350-$2,500 and USD $2,900-$3,035 per Oz AuEq respectively.Heliostaralso reported consolidated figures and expects to produce between 30K-40K Oz Au and 76.5K-94.5 Oz Ag (31K-41K Oz AuEq) at cash and AISC of USD $1,800-$1,950 and USD $1,950-2,100 per Oz AuEq.

ON FINANCING

  • Capitan Silver Corp., Mining closed its previously announced private placement of 13,250,000 units at a price of CAD $0.40 per unit for gross proceeds of CAD $5.3M. Net proceeds will be used to fund exploration activities at its Cruz de Plata project in Durango, additional consolidation opportunities as well as to fund working capital, and general corporate expenses.
  • Mexican Gold Mining Corp., announced a non-brokered private placement for gross proceeds of CAD $160K through the issuance of 4,000,000 units at a price of CAD $0.04 per unit. Net proceeds will be used to fund claim fee payments and continuing operations of Las Minas project in Veracruz, as well as to fund to fund annual OTCQB listing fees, payment of outstanding invoices, and for general working capital.
  • Mithril Silver and Gold Limited confirmed that 7,000,000 ordinary shares will be released from escrow on March 4, 2025 at the conclusion of the four months from issue hold period (Copalquin project, Durango).
  • Oroco Resource Corp., upsized its oversubscribed private placement and received $2,303,555.75 in gross proceeds by the issuance of 9,214,223 units at a price of $ 0.25 per unit. Net proceeds will be used for the advancement of the Santo Tomas project in Sinaloa, as well as working capital, corporate marketing, and other general corporate purposes.
  • Pinnacle Silver and Gold Corp., closed a non-brokered private placement and the associated staged option to acquire up to a 100% interest in the Potrero property in Durango, Mexico, for gross proceeds of $800K through the issuance of 20,000,000 units at a price of $0.06 per unit. Gross proceeds will be used for exploration and development of the Potrero Project, Durango, payment of the back-taxes, and for working capital.
  • Sailfish Royalty Corp., declared Q1, 2025 dividend of USD $0.0125 per share, payable on April 15, 2025. It also introduced a Dividend Reinvestment Plan (DRIP) which allows shareholders to reinvest their dividends into additional shares. Participation in the DRIP is optional and does not affect cash dividend payouts unless shareholders choose to participate. Future dividends will be determined at the discretion of the Board based on the company’s financial situation and other relevant factors (Gavilanes project, Durango).
  • Southern Silver Exploration Corp., closed a non-brokered private placement for gross proceeds of $3,583,680.03 through the issuance of 19,909,335 units at a price of $0.18 per unit. Net proceeds will be used for working capital, the continued advancement and development of the Cerro Las Minitas property, Durango and the compilation of data and exploration of the newly acquired Nazas property, Durango, in preparation for permitting and drill testing of the property later in 2025.
  • Alamos Gold Inc., declared a quarterly dividend of USD $0.025 per common share, payable on March 27, 2025 to shareholders. The company has paid dividends for 15 consecutive years, including returning USD $41M to shareholders in 2024 (Mulatos mine, Sonora)
  • Aura Minerals Inc., declared and approved the payment of a dividend of USD $0.25 per common share (approximately USD $18.3M in total) respect of its Q4, 2024 financial results. The dividend will be paid on March 14, 2025 (Aranzazu mine, Zacatecas).
  • Reyna Silver Corp., closed a third tranche of its previously announced non-brokered private placement of 1,420,000 units at a price of CAD $0.075 per unit for gross proceeds of CAD $106.5K. Gross proceeds of the third tranche will be used for ongoing exploration, maintenance and development of the company´s properties and general working capital and corporate purposes. In aggregate, the company has issued 37,749,899 units for aggregate gross proceeds of CAD $2,831,242.43 to date in the offering, inclusive of the first closing, second closing and third closing.

ON RESOURCES AND DEVELOPMENT

  • Torex Gold Resources Inc., reported drilling results from Media Luna West and Media Luna East in Guerrero. The ongoing drilling program is focused on unlocking additional near-mine opportunities at the Media Luna Cluster in order to further enhance and extend the production profile of the Morelos Complex. Drilling highlights include hole ML24-1043DB collared at Media Luna West, with 3.16 g/t Au, 2 g/t Ag, and 0.04% Cu (3.25 g/t AuEq) over 1.3m, plus 13.36 g/t Au, 2 g/t Ag, and 0.01% Cu (13.4 g/t AuEq) over 28.4m, including 22.66 g/t Au, 3 g/t Ag, and 0.02% Cu (22.73 g/t AuEq) over 13.1m, including 20.2 g/t Au and 1 g/t Ag (20.22 g/t AuEq) over 1m, and including 23.7 g/t Au, 3 g/t Ag, and 0.03% Cu (23.79 g/t AuEq) over 1m; and hole MLE-003 collared at Media Luna East, with 4.89 g/t Au, 49 g/t Ag, and 2.11% Cu (8.92 g/t AuEq) over 60.9m, plus 14.73 g/t Au, 26 g/t Ag, and 2.0% Cu (18.28 g/t AuEq) over 12m, including 28.82 g/t Au, 23 g/t Ag, and 2.3% Cu (32.83 g/t AuEq) over 4.4m, plus 18.84 g/t Au, 158 g/t Ag, and 4.52% Cu (28.12 g/t AuEq) over 18.3m. The advanced exploration drilling program at Media Luna West has defined a mineralized footprint of 600m by 400m with multiple high-grade intercepts, and the initial drill testing at Media Luna East returned strong results, with multiple high-grade intercepts, many with copper grades in excess of 2%.
  • Southern Silver Exploration Corp., reported results from six core holes totalling 2,395m from its Q4, 2024 “proof of concept” drilling being conducted at its Cerro Las Minitas in Durango. “Drilling tested gaps within the current block model, lateral extensions of the mineralization and successfully intersected thick intervals of mineralized skarn in a hole which tested the depth projection of the main mineralized shoot of the South Skarn deposit”. The best drill intercept was encountered in hole 24CLM-198 with 19 g/t Ag, 1 g/t Au, 0.1% Pb, and 0.1% Zn (105 g/t AgEq) over 1.8m, including 51 g/t Ag, 4.1 g/t Au, 0.1% Pb, and 0.2% Zn (393 g/t AgEq) over 0.3m, plus 124 g/t Ag, 5.2 g/t Au, 4% Pb, and 0.4% Zn (682 g/t AgEq) over 0.9m, plus 135 g/t Ag, 1 g/t Au, 0.1% Cu, 0.6% Pb, and 0.3% Zn (267 g/t AgEq) over 0.7m, plus 81 g/t Ag, 0.2 g/t Au, 0.1% Cu, 0.4% Pb, and 3.9% Zn (267 g/t AgEq) over 5.6m, plus 61 g/t Ag, 0.1 g/t Au, 0.6% Cu, and 0.4% Zn (155 g/t AgEq) over 18.5m, including 97 g/t Ag, 0.1 g/t Au, 0.7% Cu, 0.1% Pb, and 0.7% Zn (222 g/t AgEq) over 12.6m, and including 154 g/t Ag, 0.2 g/t Au, 5.6% Cu, and 0.1% Zn (834 g/t AgEq) over 0.6m.
  • Tocvan Ventures Corp., released results of 4 RC holes totalling 776.2m drilled at its Pilar project in Sonora on the 100% controlled expansion area immediately north of known mineralized trends. It was the first ever drill program on this area and the scout drilling intersected anomalous gold and silver. The best drill intercept was encountered in hole JES-24-101 with 0.61 g/t Au and 1 g/t Ag over 106.8m, including 3.06 g/t Au and 2 g/t Ag over 19.8m, including 19.39 g/t Au and 4 g/t Ag over 3.1m.  “Recent soil sampling further north on the trend returned 519 ppb Au, more drilling will be planned on these corridors to further evaluate the full potential of area. Recent surface sampling and mapping has indicated mineralization continues 700 m north and 2,000 m east of this area”.
  • Prime Mining Corp., reported generative drilling results of 14 holes completed at Fresnillo and mariposa targets within its Los Reyes project in Sinaloa. Drilling highlights (true widths reported) include holes 24NB-75 with 1.82 g/t Au and 13 g/t Ag (1.99 g/t AuEq) over 9.6m, including 18.4 g/t Au and 125 g/t Ag (20.02 g/t AuEq) over 0.8m, plus 1.56 g/t Au and 30 g/t Ag (1.95 g/t AuEq) over 0.7m, plus 5.03 g/t Au and 82 g/t Ag (6.09 g/t AuEq) over 0.8m; hole 24NB-71 with 1.12 g/t Au and 2 g/t Ag (1.15 g/t AuEq) over 1.2m, plus 2.52 g/t Au and 24 g/t Ag (2.83 g/t AuEq) over 6.2m, including 5.38 g/t Au and 47 g/t Ag (5.99 g/t AuEq) over 2.8m, plus 5.47 g/t Au and 46 g/t Ag (6.07 g/t AuEq) over 1.1m; hole 24NB-69 with 1.08 g/t Au and 30 g/t Ag (1.46 g/t AuEq) over 9.8m, including 5.35 g/t Au and 109 g/t Ag (6.76 g/t AuEq) over 1.4m, plus 0.49 g/t Au and 16 g/t Ag (0.69 g/t AuEq) over 7.8m, including 1.55 g/t Au and 37 g/t Ag (2.03 g/t AuEq) over 0.9m; and hole 24FRE-29 with 1.14 g/T Au and 8 g/t Ag (1.24 g/t AuEq) over 1.2m, plus 1.17 g/t Au and 22 g/t Ag (1.45 g/t AuEq) over 6.8m, including 1.76 g/t Au and 39 g/t Ag (2.26 g/t AuEq) over 1.9m, including 1.93 g/t Au and 29 g/t Ag (2.31 g/t AuEq) over 1.5m. These results are not included in the October 15, 2024 Mineral Resource Estimate.
  • Mammoth Resources Corp., announced plans to initiate small-scale gold-silver production at its Tenoriba project in Chihuahua. The company is investigating custom milling and heap leaching scenarios. It is exploring opportunities to process mineralized material at a nearby 200-tonne per day flotation mill, which is under construction. The company is working with environmental consultants to investigate permitting pathways for mineral extraction, which could include either custom milling or small-scale heap leaching. Permitting could be approved in six months for heap leaching if the pad is under two hectares and uses non-cyanide dissolution methods. Preliminary tests using cyanide dissolution showed up to 90% gold recoveries. The current high gold prices, nearing USD $3,000 per ounce, have heightened their enthusiasm for these projects, as they could provide cash flow and valuable data to support further exploration efforts targeting a nearly 2M Oz Au resource at Tenoriba.
  • Guanajuato Silver Company Ltd., completed development to high-grade Santo Niño Vein in san Ignacio mine, Guanajuato. The 430 Ramp has reached the Purisima vein where mining activity has been initiated. The advance of the ramp then continued to the west approximately another 10m where the Santo Nino vein was contacted. The Santo Nino vein offers the Company access to an entirely new mining area with comparatively higher gold content.  “Exploration at San Ignacio for 2025 will focus on infill drilling in the Melladito North area, exploring deeper extensions to the Nombre de Dios veins, and evaluating additional veins to the west of Santo Nino, supported by geophysics and geological surface mapping. 
  • GoGold Resources Inc., announced the filing of NI 43-101 feasibility study (FS) technical report at its Los Ricos South project in Jalisco. The FS includes a re-engineered 2,000 tonne per day underground mine plan compared to the Preliminary Economic Assessment (PEA) which was released in September 2023 and incorporates an updated Mineral Resource Estimate (MRE). Highlights of the FS, with a silver price of USD $26.8/Oz, gold price of USD $2,330/Oz, and copper price of USD $4/Lb include (all figures in US dollars): an after-tax net present value (using a discount rate of 5%)  of $355M, with an after-tax IRR of 34%; 15 year mine life producing a total of 80M payable Oz AgEq, consisting of 41M Oz Ag, 424K Oz Au, and 11M Lb Cu; initial capital cost of $227M, including $21M in contingency costs, over an expected two year build, and sustaining capital cost of $100M over the life of mine(LOM); average operating cash cost of $9.91 per Oz AgEq, and all in sustain cost (AISC) of $11.19 per Oz AgEq over the first 5 years of production, with average AISC of $12.32 per Oz AgEq over the underground mine life; average annual production of 7.3M Oz AgEq 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 11 metres using bulk mining method of longitudinal sublevel long-hole mining.

ON DEALS AND CORPORATE ISSUES

  • Equinox Gold Corp., and Calibre Mining Corp., entered into a definitive arrangement agreement to merge, forming New Equinox Gold, which will become the second largest gold producer in Canada. Equinox will acquire all the issued and outstanding common shares of Calibre pursuant to a court-approved plan of arrangement. The combined company is expected to produce approximately 950K Oz Au in 2025, not including production from Valentine in Newfoundland & Labrador, Canada or Los Filos in Guerrero, Mexico.  “Calibre shareholders will receive 0.31 Equinox common shares for each Calibre common share held immediately prior to the effective time of the transaction. Upon completion of the transaction, existing Equinox shareholders and former Calibre shareholders will own approximately 65% and 35% of the outstanding common shares of the combined company, respectively, on a fully diluted in-the-money basis. The implied market capitalization of the combined company is estimated at CAD $7.7 B”.
  • Apolo Silver Corp., appointed a new member to its Board of Directors. The company granted an aggregate of 300K incentive stock options to its new Director (Cinco de Mayo project, Chihuahua).
  • Pinnacle Silver and Gold Corp., signed a definitive agreement for option to acquire a 100% interest in the El Potrero project in Durango, spanning 1,074 hectares. Pinnacle plans to explore and develop the property, leveraging its experienced management team and aiming for production in a cost-effective manner. The transaction for acquiring the El Potrero project is structured as a staged earn-in, allowing Pinnacle to progressively acquire a 100% interest in the property through a series of cash payments and share issuances, totaling approximately USD $7.5 million in cash and 3.5M shares. Key terms include an initial payment of USD $50K cash and 500K shares upon signing the definitive agreement (DA); USD $200K in cash and 1M shares  at 8 months from signing; USD $750K cash and 1M shares at a year of signing; USD $1M cash for a 50% interest when the plant is upgraded and all permits are received or 4 years from signing; USD $1.5M cash for an additional 20% interest 1 year after commencing production or 5 years from signing;  USD $3M cash for another 20% totaling 90% interest 2 years after commencing production or 7 years from signing; a contingent bonus of USD $1M cash and 1M shares if a Mineral Resource Estimate of at least 350K Oz Au is established; and a royalty of 2% NSR on the remaining interest held by the vendor after Pinnacle completes the acquisition. Pinnacle will also pay back taxes estimated at USD $183K for the property through a payment plan with Mexican authorities.
  • Prismo Metals Inc., has previously announced a notice of termination of Los Pavitos project option agreement with Minera Cascabel, as the company is currently unable to support the project due to market conditions and ongoing funding requirements. This decision reflects a strategic move to focus resources on more promising projects.
  • Chesapeake Gold Corp., announced the appointment of its Chief Metallurgical Officer, effective February 26, 2025 (Metates project, Durango).
  • Plata Latina Minerals Corporation declared that a wholly subsidiary of Fresnillo plc has exercised its right to purchase the 3% NSR on the Naranjillo property, Guanajuato, for a total of USD $6M. The transaction is expected to close before the end of March, 2025.
  • Roberto Resources announced a proposed acquisition of the Claudia Gold and Silver Project in Durango, Mexico, which covers an 11,876-hectare area with known high-grade gold and silver mineralization. Previous drilling campaigns identified multiple mineralized zones and indicated the potential for significant discoveries along various structures, specifically the Aguilareña and Guadalupana veins. The company plans to conduct further exploration and drilling after the acquisition is complete, aiming to enhance its understanding and development of the project. Key terms of the agreement include a payment of USD $25K in cash at closing, the issuance of 10M shares to an escrow agent, which will be distributed to Durango´s shareholders, an assumption up to USD $500K in current accounts payable related to the project; and an obligation to make a bonus payment if a measured and indicated resource exceeds 500K Oz Au.
  • Canasil Resources Inc., announced the appointment of a new member to its Board of Directors and its CFO (Nora project, Durango).
  • Defiance Silver Corp., entered into an agreement for six months with Triomphe Holdings Ltd. (dba Capital Analytica) for investor relations services, effective March 1, 2025 for a fee of $120K. The company also granted 2,888,500 stock options to employees and directors at an exercise price of $0.22, with a five-year term and three-year vesting schedule. Additionally, various other equity incentives, including 643,500 Deferred Share Units were granted to certain Directors, 55,000 Performance Share Units were granted to certain employees, and 252,475 Restricted Share Units, were also granted to certain employees (San Acacio project, Zacatecas).
  • Masivo Silver Corp., signed a letter of intent to acquire the Cerro Colorado project in Sonora, which is located near significant mining operations, including the Piedras Verdes copper mine. The Cerro Colorado project consists of two mineral concessions covering a total of 2,649 hectares. Initial exploration activities, including mapping, sampling, and induced polarization on an area where strong brecciation with strong phyllic alteration, mainly sericite and iron oxides is observed. This initial exploration campaign has revealed promising mineralization, with historical samples showing high grades of silver and gold, such as 2,200 g/t Ag and 4.57 g/t Au in an old collapsed tunnel; 1,840 g/t Ag, 4.8 g/t Au, 3.06% Cu, 4.5% Pb and 2.92 % Zn in another collapsed tunnel; and a trench that returned 7.2m true-wide with 0.75 g/t Au, 159 g/t Ag, 0.24% Cu, 0.52 % Pb, and 0.29% Zn. The company plans to drill 8 holes to utilize a $75K drill credit for the upcoming drilling program.
  • Xali Gold Corp., entered into a binding letter of intent to option the Sarape project in Sonora, from Advanced Lithium Corp. The Sarape project covers 57 square kilometers within a promising mining district known for high-grade silver and gold deposits, including proximity to SilverCrest´s Las Chispas Mine. The project exhibits significant exploration potential with extensive mineralization and favorable geological characteristics associated with low-sulphidation epithermal deposits. Xali Gold plans to implement an accelerated exploration program and sees immense potential for the discovery of deeper high-grade mineralization. The acquisition involves earning a 90% interest in the Sarape Project through a series of stages; an initial payment of 1M shares to Advanced Lithium upon signing the definitive agreement; cash payments totaling CAD $450K in stages to fund exploration drilling, not exceeding 10% of each financing;  partial earn-in of 51% interest in Sarape once Xali has completed 10,000m of drilling and issuing 26.6M shares; second earn-in of 70% interest in Sarape by completing an additional 5,000m of drilling and issuing an additional 21M shares, along with complete cash payments of the CAD $450K; A final interest of 90% in Sarape upon completing an additional 5,000m of drilling (cumulative total of 20,000m) and an additional 91.4M shares are issued (total of 104M which is 50% of shares outstanding on date of signing). Xali Gold anticipates the timing for the earn-in of the 90% interest to be between 12-18 months post regulatory approval.  The Project is subject to a 1.5% Net Smelter Return, with no current buyout option.

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, orogenic quartz vein in an orogenic gold project in Sonora, Mexico. Photo taken by Miguel A Heredia.

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

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Flow Banded Rhyolite

By Miguel A Heredia

During the 1st week of the year (December 30th 2024 to January 5th 2025), at least 7 press releases were announced by companies working in Mexico, and 1 news published by the media, with four disclosing deals and corporate issues, two announcing financing rounds, one reporting resources and development of their properties, and one commenting on Mexican issues.  ON MEXICO ISSUES, An independent economic analysis indicated that the year 2024 was a crucial period for the Mexican economy, characterized by a scenario of contrast in the midst of a challenging global environment. ON EXPLORATION, no relevant news. ON FINANCING, Luca Mining reported that one of the company´s insiders sold an aggregate of 5,699,975 common shares (Tahuehueto project, Durango). Odyssey Marine secured $4M in funding to support the project’s development and extended the maturity of its existing debt. ON RESOURCES AND DEVELOPMENT, Silver Tiger provided a year-end review of 2024 highlights and a 2025 outlook for its El Tigre project, Sonora. ON DEALS AND CORPORATE ISSUES, Sierra Metals adopted shareholder rights plan (Bolivar mine, Chihuahua). US Antimony announced second contract for international supply of antimony (Madero smelter, Coahuila). Elemental Altus announced the appointment of a new Director (Mercedes mine, Sonora). Odyssey Marine formed a JV with Capital Latinoamericano to develop a strategic fertilizer project in Mexico, focusing on high-quality phosphate resources within the country’s Exclusive Economic Zone. ON SOCIAL RESPONSIBILITY,  no relevant news.

ON MEXICO ISSUE

  • An independent economic analysis indicated that the year 2024 was a crucial period for the Mexican economy, characterized by a scenario of contrast in the midst of a challenging global environment. Factors such as the slowdown of developed economies, geopolitical tensions and domestic policy decisions have shaped the country’s economic behavior. According to data from the National Institute of Statistics and Geography (INEGI), Mexico’s Gross Domestic Product (GDP) closed 2024 with an estimated growth of 2.8%. Although this represents a slight improvement over previous years, it is still below the expectations of international organizations such as the World Bank, which had projected growth close to 3.5%. Economic performance was mainly driven by: 1 Manufacturing sector and exports: the automotive and electronics industry continued to be a key driver, benefiting from nearshoring and the relocation of supply chains by global companies;  2 Remittances: money transfers from abroad reached a new record, with more than USD $60 B entering the country, which boosted consumption in vulnerable sectors; and 3 Tourism: the recovery of international tourism and the growth of domestic tourism contributed significantly to the economy, especially in regions such as Quintana Roo and Baja California Sur. Inflation closed the year at 4.2%, getting closer to the Bank of Mexico (Banxico) objective of 3%. This achievement is attributed to a restrictive monetary policy that kept the interest rate at high levels for much of the year. However, this also generated an impact on consumer credit and private investment, limiting economic growth. One of the most significant challenges of the year was the weakness in gross fixed investment, which showed a marginal growth of 0.8%. This reflects investor concerns about regulatory uncertainty and the political environment, especially in sectors such as energy and mining. The economic closure of 2024 shows that Mexico faces significant challenges, but also has unique opportunities to strengthen its economy in an uncertain global context. The key to 2025 will be to foster business confidence, consolidate its integration into global value chains and maintain a clear focus on sustainability and inclusive development.

ON EXPLORATION

  • No relevant news.

ON MINING

  • No relevant news.

ON FINANCING

  • Luca Mining Corp., reported that one of the company´s insiders, Calu Opportunity Fund LP (Calu) sold an aggregate of 5,699,975 common shares, at a price of approximately $0.62 per common share for sales gross proceeds of $3,533,984. Calu advised the company´s management that it intends to use $2M for the sales proceeds to exercise a total of 4M warrants at an exercise price of $0.50 per warrant (Tahuehueto project, Durango).
  • Odyssey Marine Exploration Inc., entered into a securities purchase agreement to secure $4M in funding to support the project’s development and extended the maturity of its existing debt. Separately, holders of Odyssey’s debt have agreed to extend the maturity date of notes due December 2024 to December 2025 and notes due June 2025 to April 2026.

ON RESOURCES AND DEVELOPMENT

  • Silver Tiger Metals Inc., provided a year-end review of 2024 and an outlook for 2025, highlighting significant progress in its El Tigre project, Sonora. Key achievements in 2024 included the completion of a Preliminary Feasibility Study (PFS) with a base case After-Tax NPV of USD $222M and an After-Tax IRR of 40%. The company also updated its Mineral Resource Estimate and commenced underground drilling on high-grade veins, sulphide, and shale zones. For 2025, Silver Tiger plans to complete a 5,000m underground drill program, with the first drill results expected in January 2025, deliver a Preliminary Economic Assessment (PEA) during H1-2025 for the underground resource, secure project financing for the open pit portion of the project, and make a construction decision upon receipt of the open pit permit.

ON DEALS AND CORPORATE ISSUES

  • Sierra Metals Inc., adopted a shareholder rights plan effective December 30, 2024, aimed at ensuring fair treatment of shareholders during take-over bids and protecting against creeping bids. The plan allows shareholders to purchase additional common shares at a 50% discount if rights become exercisable. However, it requires ratification by shareholders and approval from the Toronto Stock Exchange by June 30, 2025; otherwise, the plan will terminate (Bolivar mine, Chihuahua).
  • US Antimony Corporation (USAC) announced on December 30, 2024, a second contract for the international supply of antimony, with initial shipments of 50 wet metric tons from Thailand expected to arrive at the Mexican port of Manzanillo in March 2025 to be processed at the company´s Madero smelter in Coahuila. Additionally, USAC filed a new $100M universal shelf registration statement with the United States Securities and Exchange Commission (SEC), aimed at providing flexibility for future financing opportunities. It will replace its existing $25M universal shelf registration statement that will expire in January 2025. This move is part of USAC’s strategy to secure quality antimony supply for its smelters and set up for a strong financial performance in 2025.
  • Elemental Altus Royalties Corp., announced the appointment of a new member to its Board of Directors as an independent non-executive Director (Mercedes mine, Sonora).
  • Odyssey Marine Exploration Inc., formed a JV with Capital Latinoamericano S.A.de C.V. to develop a strategic fertilizer project in Mexico, focusing on high-quality phosphate resources within the country’s Exclusive Economic Zone. The initiative aims to establish a partnership with the Mexican government to enhance food security and empower local farmers, particularly small-scale producers, by providing access to affordable fertilizers. The project combines Odyssey’s expertise in subsea resource exploration with Mr. Juan Cortina’s leadership in agriculture, promoting sustainable practices and rural development. The project will employ advanced technology and proven sustainable dredging techniques, which have been successfully used in over 200 similar projects in Mexican waters by a local operating partner for the project. Odyssey secured $4M in funding to support the project’s development and extended the maturity of its existing debt.

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, flow banded rhyolite in an epithermal vein system project in Durango, Mexico. Photo taken by Miguel A Heredia.

The Mining and Exploration News in Mexico: Highlights on the First Week of August, 2024

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Hydrothermal Quartz Breccia

By Miguel A Heredia

During the 31st week of the year (July 29th to August 04th 2024), at least 32 press releases were announced by companies working in Mexico, with ten communicating production and financial results, nine disclosing deals and corporate issues, five announcing financing rounds, five reporting resources and development of their properties, two informing on exploration results, and one commenting on Mexican issues.   ON MEXICO ISSUES, First Majestic and Silver Tiger reported the best drilling intercepts in Mexico on the first week of August, 2024. ON EXPLORATION, In Sonora, Reyna Gold released the final drill results from its La Gloria project.  In Sinaloa, Prismo announced that a man-portable drill is mobilizing for the upcoming drilling program at its Palos Verdes project.  ON MINING, Gold Resourceannounced that it will host a conference call on Wednesday, August 7 2024 to report Q2, 2024 results (Don David Gold mine, Oaxaca).Capstone announcedQ2, 2024 production results (Cozamin mine, Zacatecas).  First Majestic reported Q2, 2024 consolidated financial results from their Mexican operations. Sierra Madre announced the first silver-gold concentrate shipment from its La Guitarra mine, Mexico. Starcore reported Q3 and year end 2024 results for its San Martin mine in Queretaro. Gatos Silver announced that it will release its Q2, 2024 financial and operating on August 6, 2024 results (Cerro Los Gatos, Chihuahua). Agnico Eagle reported Q2, 2024 production and financial results from their Pinos Altos mine in Chihuahua and La India mine in Sonora.  Alamos Gold presented Q2, 2024 production and financial results from its Mulatos mine in Sonora. Endeavour reported Q2, 2024 operational and financial results from their Mexican operations. MAG Silver released (on a 100% basis), Q2, 2024 production and final results from its Juanicipio min in Zacatecas.  ON FINANCING, Defiance Silver closed the second and final tranche of its previously announced non-brokered private placement for gross proceeds of CAD $608,715 (Zacatecas project, Zacatecas). Vizsla closed the first tranche of its previously announced non-brokered private placement for gross proceeds of CAD $4,967,498 (Panuco property, Sinaloa). Southern Silver extended closing of the second and final tranche of its previously announced non-brokered private placement for gross proceeds of up to $4.5M for a period of 30 days (Cerro Las Minitas, Durango). Vizsla Royalties closed the final tranche of its previously announced non-brokered private placement for gross proceeds of $225K (Panuco project, Sinaloa). ON RESOURCES AND DEVELOPMENT, Silver Tiger reported results from its Pre-Feasibility Study drilling program at its El Tigre project in Sonora. Infinitum provided an update on progress at its Adelita project in Sonora. Orogen Royalties and operator First Majestic announced a new significant gold-silver discovery on the Ermitaño mine concession in Sonora, where Orogen holds a 2% net smelter return royalty. Torex provided an update on the development of its Media Luna project in Guerrero.   ON DEALS AND CORPORATE ISSUES, Candelaria announced changes to its Board of Directors (Pinos project, Zacatecas).  Florida Canyon announced incentive plan grants to certain employees, executive officers, directors, and consultants (El Castillo mine, Durango).  Plata Latina presented voting results of its annual general meeting of shareholders (Naranjillo project, Guanajuato).  Galore Resources announced that the British Columbia Securities Commission issued a management cease trade order that prohibits all trading by the CEO and CFO (Dos Santos project, Zacatecas).  Silver Storm reported that it delayed the filing of its annual financial statements, management’s discussion and analysis and related officer certifications for the financial year ended March 31, 2024 (La Parrilla mine, Durango).  Sonoro Gold corrected disclosures related to its Cerro Caliche project in Sonora. Bear Creek announces that its Board of Directors authorized and approved a grant of 200K to its VP Exploration and Geology (Mercedes mine, Sonora). Santacruz granted stock options to directors, officers, employees and consultants (Zimapan mine, Hidalgo).  Vizsla Royalties completed a consolidation of its issued and outstanding common shares (Panuco project, Sinaloa). Golden Minerals declared that the company does not have sufficient resources to meet its expected cash needs over the next twelve months (Velardeña project, Durango). ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUE

  • First Majestic Silver Corp., and Silver Tiger Metals Inc., reported the best drilling intercepts in Mexico on the first week of August, 2024. Details are shown in the table below:

ON EXPLORATION

  • Prismo Metals Inc., announced that a man-portable drill is mobilizing for the upcoming drilling program at its Palos Verdes project in Sinaloa. Drilling is planned to commence on August 5, 2024 and the goal is “trace the down dip extension of the mineralized shoot defined by previous drilling on the southwest portion of the vein, Seek continuation of the vein on the northeast extension of the vein across a cross-fault believed to have offset the vein downward, and test the extreme northeasterly extension of the Palos Verdes vein system near the concession limit adjacent to the historical Jesusita mine”.
  • Reyna Gold Corp., released the final drill results from its La Gloria project in Sonora. Drilling highlights in The Western Target include holes LG-23-58 with 0.29 g/t Au over 39.1m, including 0.99 g/t Au over 4.85m, including 7.16 g/t Au over 0.55m; hole LG-23-59 with 0.26 g/t Au over 14.2m, including 1.82 g/t Au over 0.4m and 1.06 g/t Au over 0.95m; hole LG-23-60 with 0.23 g/t Au over 12.7m, including 1.95 g/t Au over 0.65m, and 1.10 g/t Au over 0.50m, plus 0.92 g/t Au over 3.30m, including 5.16 g/t Au over 0.55m. Drilling highlights in the La Republica Target include holes LG-23-49 with 0.19 g/t Au over 13.7m, including 3.6 g/t Au over 0.5m, plus 0.23 g/t Au over 35.2m, including 0.65 g/t Au over 0.55m, 2.09 g/t Au over 0.50, 1.2 g/t Au over and 2.19 g/t Au over 1m; and hole LG-23-42 with 0.23 g/t Au over 25.35m, including 2.77 g/t Au over 0.60m, and 3.91 g/t Au over 0.5m, plus 72 g/t  Ag, 0.5% Cu and 0.55% Pb over 1.60m

ON MINING

  • Gold Resource Corporation announced that it will host a conference call on Wednesday, August 7 2024 to report Q2, 2024 results (Don David Gold mine, Oaxaca).
  • Capstone Copper Corp., announcedQ2, 2024 production results (Cozamin mine, Zacatecas). The company produced 13.78M Lb Cu at cash cost of USDS $1.74 per Lb Cu produced.
  • First Majestic Silver Corp., reported Q2, 2024 consolidated financial results from their Mexican operations (all numbers expressed in US dollars). The company announced a revenue of $136.2M; a mine operating earnings of $15.5M; operating cash flows before movements in working capital and taxes of $23.8M; consolidated cash cost and AISC of $15.29 and $21.64 per Oz AgEq respectively; and cash and restricted cash balance of $269.7M consisting of $152.2M cash and cash equivalents and $117.5M of restricted cash- First Majestic declared a cash dividend of $0.0046 per common share (Santa Elena mine in Sonora, San Dimas mine in Durango, and  La Encantada mine in Coahuila).
  • Sierra Madre Gold and Silver Ltd., announced the first silver-gold concentrate shipment from its La Guitarra mine, Mexico. The company shipped 90.68 dry metric tonnes (DMT) which contained approximately 3,000 grams of silver and 30 grams gold per DMT. The company has approximately 90 dry metric tonnes of additional concentrate that is expected to ship later this week.
  • Starcore International Mines Ltd., reported Q3 and year end 2024 results for its San Martin mine in Queretaro. In Q3, the company milled 55.9K tonnes of 1.91 g/t Au and 20 g/t Ag with metallurgical recoveries of 88.6% and 56.9% respectively to produce 3K Oz Au and 19.7K Oz Ag (3.2K Oz AuEq) at a operating cash cost of USD $1,411 per Oz AuEq.It also reported revenue of 9.3M; income from mining operations of $2.2M; total assets of $51.98M; and cash in hands of $5.7M. In the full year 2024, Starcore milled 224.3K tonnes of 1.50 g/t Au and 16 g/t Ag with metallurgical recoveries of 87% and 50.9% respectively to produce 9.4K Oz Au and 58K Oz Ag (10.1K Oz AuEq) at a operating cash cost of USD $1,686 per Oz AuEq. It also reported revenue of 28.3M; income from mining operations of $2.4M; total assets of $51.98M; and cash in hands of $5.3M.
  • Gatos Silver Inc., announced that it will release its Q2, 2024 financial and operating on August 6, 2024 results via conference call and webcast (Cerro Los Gatos, Chihuahua).
  • Agnico Eagle Mines Limited reported Q2, 2024 production and financial results from their Pinos Altos mine in Chihuahua and La India mine in Sonora (currency is expressed in US dollars). At Pinos Altos, Chihuahua the company milled 454K tonnes of 1.7 g/t Au to produce 23,754 Oz Au at production cost of $1,815 per Oz Au and total cash cost of $1,414 per Oz Au. Agnico also reported a sustaining capital expenditure of $6.1M; development capital expenditures of $806K; net income of $67.8M; payable metal sold of 25,510 Oz Au; total cash cost co-product of $1,793 per Oz Au, and total cash cost by-product of $1,414 per Oz Au. At La India, Sonora (residual leaching to continue through year-end 2024), the company produced 6,079 Oz Au at production cost of $2,146 per Oz Au and total cash cost of $2,171 per Oz Au. Agnico also reported net income of $16.55M; payable metal sold of 7,020 Oz Au; total cash cost co-product of $2,230 per Oz Au, and total cash cost by-product of $2,172 per Oz Au.
  • Alamos Gold Inc., presented Q2, 2024 production and financial results from its Mulatos mine in Sonora (currency is expressed in US dollars). The company produced 53,400 Oz Au and sold 56,100 Oz Au to generate cost of sales for $75.2M, at a cost of sale per Oz Au (includes amortization) of $1,340. Total cash cost and mine-site all in sustaining cost per Oz Au sold were $907 and $963 respectively. Alamos Gold also reported revenue of $133.4M; earnings from operations of $54.3M; cash provided by operations activities of $77.7M; and mine-site free cash flow of $69.9M.
  • Endeavour Silver Corp., reported Q2, 2024 operational and financial results from their Guanacevi mine in Durango and Bolañitos mine in Guanajuato (currency expressed in US dollars). At Guanacevi, Durango it mined 112,898 tonnes to produce 1.2M Oz Ag (1.5M Oz AgEq) at cash cost and all in sustaining cost of $17.17 and $24.53 per Oz Ag respectively. At Bolañitos, Guanajuato the company mined 106,092 tonnes to produce 111.3K Oz Ag (621.2M Oz AgEq) at cash cost and all in sustaining cost of $26.67 and $8.15 per Oz Ag respectively. Endeavour also presented consolidated financial results, reporting strong revenue of $ $58.3M from the sale of 1,217,569 Oz Ag and 9,887 Oz Au at average realized prices of $28.94 per Oz Ag and $2,374 per Oz Au; mine operating cash flow before taxes of $18.9M; a loss of $1M; and cash position of $68.1M, and working capital of $64.5M.
  • MAG Silver Corp., released (on a 100% basis), Q2, 2024 production and final results from its Juanicipio min in Zacatecas (currency is expressed in US dollars). The company mined 349,460 tonnes and processed 336,592 tonnes of 498 g/t Ag, 1.2 g/t Au, 1.6% Pb, and 3% Zn (746 g/t AgEq) to produce 4.27M Oz Ag, 7.2K Oz Au, 9.2M Lb Pb, and 15.2M Lb Zn at cash and all in sustaining costs of $8.86 and $11.31 per Oz AgEq sold respectively. MAG reported net income of $21.6M ($0.21 per share); adjusted EBITDA of $50.3M; strong operating cash flow of $92.8M and free cash flow of $88.6M.Juanicipio returned a total of $29.8M in interest and loan principal repayments to MAG further augmenting MAG’s liquidity position to $97.3M million at the end of the quarter.

ON FINANCING

  • Defiance Silver Corp., closed the second and final tranche of its previously announced non-brokered private placement for gross proceeds of CAD $608,715, with the issuance of 3,043,575 units at a price of CAD $0.20 per unit. The aggregate gross proceeds of the first tranche and final tranche total CAD $3,222,615 representing 16,113,075 Units. The net proceeds of the offering will be used by the company for exploration and general working capital purposes (Zacatecas project, Zacatecas).
  • Vizsla Royalties Corp., closed the first tranche of its previously announced non-brokered private placement for gross proceeds of CAD $4,967,498 by the issuance of 82,791,636 units at a price of CAD $0.06 per share. Net proceeds from the offering are expected to be used for working capital and general corporate purposes (Panuco property, Sinaloa).
  • Southern Silver Exploration Corp. extended closing of the second and final tranche of its previously announced non-brokered private placement for gross proceeds of up to $4.5M for a period of 30 days. Net proceeds from the private placement will be used for the continued development of the Cerro Las Minitas property, Durango, Mexico and for working capital. “Specifically, the company plans to initiate a program of resource expansion of up to 6000m of drilling in 11 holes to test shallow targets along the north side of the Cerro between the North Felsite and Skarn Front deposits. Drilling will start in early September. Work continues to de-risk the project through the initiation of base-line studies and continued social engagement”.
  • Vizsla Royalties Corp., closed the final tranche of its previously announced non-brokered private placement for gross proceeds of CAD $225K by the issuance of a further 3,750,000 shares at a price of CAD $0.06 per share. The total gross proceeds raised for the offering was CAD $5,192,498, issuing 86,541,636 common shares of the company at CAD $0.06 per share.  Net proceeds from the offering are expected to be used for working capital and general corporate purposes (Panuco project, Sinaloa).

ON RESOURCES AND DEVELOPMENT

  • Silver Tiger Metals Inc., reported results from its Pre-Feasibility Study (PFS) drilling program at its El Tigre project in Sonora. The most significant drill intercepts were encountered in hole ET-24-609 with 0.76 g/t Au and 1 g/t Ag (0.77 g/t AuEq or 58 g/t AgEq) over 24.2m (Stockwork Zone), plus 0.56 g/t Au and 3 g/t Ag (0.6 g/t AuEq or 45 g/t AgEq) over 53.8m (stockwork Zone), plus 0.09 g/t Au and 74 g/t Ag (1.08 g/t AuEq or 81 g/t AgEq) over 40m (El Tigre Vein Keel), including 0.12 g/t Au and 135 g/t Ag (1.92 g/t AuEq or 144 g/t AgEq) over 17.3m, plus 0.17 g/t Au and 142 g/t Ag (2.07 g/t AuEq or 155 g/t AgEq) over 50.7m (Seitz Kelly Vein Keel), including 0.2 g/t Au and 319 g/t Ag (4.46 g/t AuEq or 334 g/t AgEq) over 14.3m. To date, 138 holes for the PFS have been drilled at El Tigre and results are highlighting the expansion of stockwork mineralization in the Keel Zone, now projecting mineralization 100 metres below the PEA designed pit. “On May 20th, Silver Tiger has completed PFS Drilling, totalling 24,550 metres focused on expanding the Mineral Resource, upgrading the classification, completing metallurgical test work and geotechnical studies as it progresses from an exploration to a development project. The value-added PFS progress is on schedule for publication in H2-2024”.
  • Infinitum Copper Corp., provided an update on progress at its Adelita project in Sonora. The company mobilized equipment to provide access to the Cerro Grande adit to drive a 100m long, 3m wide x 3 m access tunnel to the mineralized body.
  • Orogen Royalties Inc., and operator First Majestic Silver Corp., announced a new significant gold-silver discovery (Navidad Vein) on the Ermitaño mine concessions in Sonora, where Orogen holds a 2% net smelter return royalty. Highlight drill holes include holes EW-24-364 with 8.15 g/t Au and 427 g/t Ag over 4.78m; hole EW-24-370 with 10.13 g/t Au and 86 g/t Ag over 4.42m and 5.65 g/t Au and 46 g/t Ag over 5.75m in the hanging wall vein; and hole EW-24-368 with 54.93 g/t Au and 399 g/t Ag over 1.82m.  “The Navidad vein system, that includes a hanging wall vein, has an apparent strike continuity of 750m and dip continuity of 250m. Vein thickness for both areas range from 1.5m to 6.0m. The zone is open in all directions”.
  • Torex Gold Resources Inc., provided an update on the development of its Media Luna project in Guerrero.  As of June 30, 2024, the Media Luna Project by Torex Gold is 78% complete and on schedule, with first copper concentrate production expected by the end of 2024 and commercial production anticipated in Q1, 2025. Remaining expenditures of the project’s budget have been reviewed and finalized at USD $950M, reflecting a USD $75M increase due to the stronger Mexican peso. Given the project capital increase, the Media Luna capital expenditures guidance for 2024 will be adjusted and the range narrowed to $430 – $450M, from $350 – $400M.Key construction activities include the installation of a mine-wide pumping system, progress in surface construction, and ongoing recruitment and training for operational readiness. Overall, the project is advancing steadily towards its goals.

ON DEALS AND CORPORATE ISSUES

  • Candelaria Mining Corp., announced changes to its Board of Directors (Pinos project, Zacatecas).
  • Florida Canyon Gold Inc., announced incentive plan grants to certain employees, executive officers, directors, and consultants. The company granted an aggregate of 1,980,833 restricted share units and 498,659 deferred share units (El Castillo mine, Durango).
  • Plata Latina Minerals Corporation presented voting results of its annual general meeting of shareholders (Naranjillo project, Guanajuato).
  • Galore Resources Inc., announced that the British Columbia Securities Commission issued a management cease trade order (MCTO) that prohibits, effective immediately, all trading of the securities of the company by the CEO and CFO. The MCTO is being issued with respect to the Company’s delay in meeting the deadline for filing its annual financial statements, Management Discussion and Analysis and related CEO / CFO certifications due July 29, 2024 (Dos Santos project, Zacatecas).
  • Silver Storm Mining Ltd., reported that it delayed the filing of its annual financial statements, management’s discussion and analysis and related officer certifications for the financial year ended March 31, 2024. The Company is providing this default announcement in accordance with National Policy 12-203 Management Cease Trade Orders (La Parrilla mine, Durango).
  • Sonoro Gold Corp., corrected disclosures contained in corporate presentations posted on the Company’s website and emails distributed to an investor relations contact list, related to its Cerro Caliche project in Sonora.
  • Bear Creek Mining Corporation announces that its Board of Directors authorized and approved a grant of 200K to its VP Exploration and Geology at the strike price of CAD $0.325 per share (Mercedes mine, Sonora).
  • Santacruz Silver Mining Ltd., granted 675K deferred share units, 850K restricted share units, 2.5M performance share units and 2.47M stock options to directors, officers, employees and consultants (Zimapan mine, Hidalgo).
  • Vizsla Royalties Corp., completed a consolidation of its issued and outstanding common shares on the basis of one new common share for every existing ten common shares. The consolidation was approved by the Company’s Board of Directors on July 31, 2024 (Panuco project, Sinaloa).
  • Golden Minerals Company declared that the company does not have sufficient resources to meet its expected cash needs over the next twelve months. The company is facing financial challenges, with approximately USD $1.4M in cash and USD $4.8M in liabilities as of June 30, 2024. The company has ceased mining operations at the Velardeña mine and is exploring options to secure funding, including the sale of assets, such as the Velardeña and Yoquivo properties in Mexico, and the El Quevar project in Argentina. Golden Minerals has entered into agreements to sell certain assets for USD $5.5M but are experiencing delays in receiving full payments. Without additional cash inflows, the company anticipates exhausting its resources by September 2024, which could lead to a cessation of operations and potential liquidation.

ON SOCIAL RESPONSIBILITY

  • No relevant news.

Content like what you have just read can be seen at https://gambusinoprospector.com/ and at LinkedIn’s Mexico Mineral Exploration Group.

On the picture above, a hydrothermal quartz breccia in an epithermal vein system in a project in Zacatecas, Mexico. Photo taken by Miguel A Heredia.

SilverCrest Announces Additional Positive Metallurgical Recoveries for Las Chispas

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nr_20190418

VANCOUVER, BC – April 18, 2019 – SilverCrest Metals Inc. (“SilverCrest” or the “Company”) is pleased to announce positive metallurgical test results for the Las Chispas Property (the “Property”) located in Sonora, Mexico. Previous metallurgical testing of Las Chispas mineralization suggested precious metal recoveries for three separate composites of two veins using standard bottle roll leach tests showing 98.9% for gold (“Au”) and 86.6% for silver (“Ag”). These new detailed metallurgical test results show estimated recoveries for gold ranging from 98.4% to 98.9% and for silver ranging from 91.4% to 94.8%, or recovery for silver equivalent (“AgEq”; based on 75 (Ag): 1 (Au), defined in table below) from 94.0% to 96.5%, confirming high gold recoveries and improved silver recoveries. These test results were based on a process flowsheet, using conventional methods comprised of gravity concentration and intensive leaching followed by gravity tails standard leaching. The upcoming Preliminary Economic Assessment (“PEA”) will use AgEq recoveries approximately 4% lower than the average of three master composites until further detail test-work is completed in 2019.

Minera Alamos Concludes a Successful Year ofDevelopment at La Fortuna Gold Project in Durango,Mexico

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minera alamos concludes a successful year of development at la fortuna_dgo

Toronto, Ontario and Vancouver, British Columbia–(Newsfile Corp. – December 20, 2018) – Minera Alamos Inc. (TSXV: MAI)(“Minera” or the “Company”) is pleased to provide an update of its 2018 development activities at the La Fortuna (“Fortuna”or the “Project”) gold project located in Durango, Mexico.