Production results

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

/ gambusinoprospectormexico / Leave a comment

Low-angle sheeted quartz veins displaced by high-angle faults

By Miguel A Heredia

During the 17th week of the year (April 21st to April 27th 2025), at least 30 press releases were announced by companies working in Mexico, with eleven disclosing deals and corporate issues, six communicating production results, five reporting resources and developments of their properties, five announcing financial rounds, two informing on exploration results, and one commenting on Mexican issues.  ON MEXICO ISSUES, Fuerte Metals and Luca Mining reported the best drilling intercepts in Mexico on the fourth week of April, 2025. ON EXPLORATION, In Sonora, Masivo announced a strategic eight holes, 1,300m drill program to be conducted at its Cerro Colorado project. In Zacatecas, Galore provides an update on its Dos Santos project.  ON MINING, Fortuna Mining reported that it will release its Q1, 2025 financial results on May 7, 2025 (San Jose mine, Oaxaca). Sierra Madre announced Q4 and full year 2024 financial results from its La Guitarra mine, Estado de Mexico. Luca Mining reported Q4 and full year 2024 production and financial results (Tahuehueto mine, Durango and Campo Morado mine, Guerrero).  MAG Silver announced Q1, 2025 production results for its Juanicipio mine in Zacatecas. Agnico Eagle reported Q1, 2025 production results (Pinos Altos mine, Chihuahua). ON FINANCING, Aztec Minerals announced that it intends to complete a non-brokered private placement for gross proceeds of up to CAD $3M (Cervantes project, Sonora). Canuc extended the final closing day of its previously announced non-brokered private placement to May 21, 2025 (San Javier project, Sonora). Vizsla Copper upsized its previously announced non-brokered private placement to CAD $5.6M. Teck announced an eligible dividend of $0.125 per share. Kingsmen announced that it has received conditional approval from the TSX Venture Exchange for its previously announced private placement (Las Coloradas project, Chihuahua). Gold Royalty reported Q1, 2025 preliminary results (Cozamin mine, Zacatecas).  ON RESOURCES AND DEVELOPMENT, Teck reported that the engagement with government authorities and stakeholders is ongoing to support the review of both the Environmental Impact Assessment and Land Use Change permits for its San Nicolas project, Zacatecas. Luca Mining released results from 6 of the first seven underground holes drilled at its Campo Morado mine, Guerrero. Fuerte Metals reported results from the most recent five holes drilled at its Cristina project in Chihuahua. Tocvan announced that five drill holes have been completed at the Gran Pilar project, Sonora. Agnico Eagle announced that In Q1, 2025, Minas de San Nicolás in Zacatecas (50/50 JV with Teck Resources Limited) continued working on a feasibility study, with completion expected in the H2, 2025. ON DEALS AND CORPORATE ISSUES, Sierra Metals and Alpayana reached an agreement for an all-cash takeover bid where Alpayana Canada will offer CAD $1.15 per share for all common shares of Sierra Metals (Bolivar mine, Chihuahua). Silver Bull announced voting results of its annual general meeting of shareholders (Sierra Mojada project, Coahuila). Vizsla Royalties informed that that its common shares have started trading on the OTCQB market place under the trading symbol VROYF (Panuco project, Sinaloa). Triple Flag and Orogen Royalties entered into a definitive agreement in which Triple Flag will acquire all of the issued and outstanding common shares of Orogen for total consideration of approximately CAD $421M, or CAD $2.00 per share (Ermitaño mine, Sonora). Altius Minerals announced that Triple Flag has proposed to acquire Orogen Royalties for approximately CAD $421M, which includes cash, shares, and a stake in a new entity called Orogen Spinco. Heliostar appointed its Vice President of Investor Relations and Development, and its Corporate Secretary (La Colorada mine, Sonora). Equinox Gold and Calibre Mining amended their arrangement agreement regarding a proposed business combination (Los Filos mine, Guerrero). Luca Mining announced the appointment of its new COO (Tahuehueto mine, Durango). Teck reported voting results from its annual meeting of shareholders. Discovery Silver appointed new members to the company management such as its COO, Executive Vice President, Corporate Affairs and Sustainability, Vice President Canadian Operations, and Senior Vice President Exploration & Grow (Cordero project, Chihuahua). Agnico Eagle released voting results of its annual and special meeting of shareholders (Pinos Altos mine, Chihuahua).  ON SOCIAL RESPONSIBILITY, no relevant news.  

ON MEXICO ISSUES

  • Fuerte Metals Corporation and Luca Mining Corp. reported the best drilling intercepts in Mexico on the fourth week of April 2025, 2025. Details are shown in the table below:

ON EXPLORATION

  • Masivo Silver Corp., announced a strategic eight holes, 1,300m drill program to be conducted at its Cerro Colorado project in Sonora.
  • Galore Resources Inc., provides an update on its Dos Santos project in Zacatecas, focusing specifically on the Los Gemelos / Duraznillo property. The company is currently engaged in drilling activities, targeting a total of 5,000 meters, with initial drill core results appearing promising. Geological indicators suggest a significant copper-gold target due to various structural features and mineralization evidence. In addition to drilling, Galore is preparing to process over 25,000 tonnes of mineralized rock at the Duraznillo mine, with favorable laboratory results indicating potential revenue generation. The company is also in discussions for joint ventures to enhance exploration efforts and is considering implementing ore-sorting technology to improve mineral recovery efficiency. Furthermore, Galore is exploring the use of satellite imaging technology to aid in mineral discovery and is looking to expand its drilling capacity by mobilizing additional rigs. The management team is optimistic about the project’s progress and future opportunities, aiming to apply their aggressive exploration strategy across the broader Dos Santos Project area.

ON MINING

  • Fortuna Mining Corp., reported that it will release its Q1, 2025 financial results on May 7, 2025 (San Jose mine, Oaxaca).
  • Sierra Madre Gold and Silver Ltd., announced Q4 and full year 2024 financial results from its La Guitarra mine, Estado de Mexico (all currency is expressed in US dollars). During Q4, 2024 the company reported revenue of $3.9M, gross profit of $1.1M, cost of sales of $2.8M, approximately $20.95 per Oz Ag sold, and a loss of 37,936. Sierra Madre averaged $31.58 per Oz Ag sold and $2,667 per Oz Au sold. For the full year 2024 (in fact were only six month’s period ending December 31, 2024) the company reported revenue of $6.1M, gross profit of $1.36M, cost of sales of $5.1M, approximately $22.40 per Oz Ag Eq sold, and a loss of 0.98M. Sierra Madre averaged $30.37 per Oz Ag sold and $2,594 per Oz Au sold. Current assets, including cash totaled $3.5M at December 31, 2024.
  • Gold Royalty Corp., reported Q1, 2025 preliminary results (all amounts are expressed in US dollars). It announced that total revenue, land agreement proceeds, and interest was $3.6M (revenue of $3.1M) equating to 1,249 Oz AuEq. Gold Royalty maintains its 2025 full-year production guidance 5,700-7,000 Oz AuEq (the company holds cash flowing royalties at Cozamin mine, Zacatecas).
  • Luca Mining Corp., reported Q4 and full year 2024 production and financial results for its Tahuehueto mine, Durango and Campo Morado mine, Guerrero (all amounts are expressed in US dollars). In Q4, 2024 the company mined 213,511 tonnes and milled 208,649 tonnes to produce 7,120 Oz Au, 228.3K Oz Ag, 6.8M Lb Zn, 2.2M Lb Cu, and 1.7M Lb Pb (17.4K Oz AuEq) at cash and AISC of $1,436 and $1,794 per Oz AuEq produced. Realized prices were $2,671/Oz Au, $31.39/Oz Ag, $1.34/Lb Zn, $4.16/Lb Cu, and $0.91/Lb Pb. Luca reported also net revenue of $27.9M; cost of sales of $18.8M; mine operating earnings of $9.1M; mine operating cash flow before taxes of ($2.6M); net loss of ($17.9M); net free cash flow before working capital of $3.8M; EBITDA of ($14.1M); and an adjusted EBITDA of $8.05M. In the fiscal year 2024, the company mined 660,878 tonnes and milled 671,971 tonnes to produce 19.3K Oz Au, 782.9K Oz Ag, 26.3M Lb Zn, 7.3M Lb Cu, and 5.8M Lb Pb (57.5K Oz AuEq) at cash and AISC of $1,503 and $1,827 per Oz AuEq produced. Realized prices were $2,424/Oz Au, $28.21/Oz Ag, $1.25/Lb Zn, $4.02/Lb Cu, and $0.93/Lb Pb. Luca reported also net revenue of $60.6M; cost of sales of $63.4M; mine operating earnings of $17.2M; mine operating cash flow before taxes of 22.3M; net loss of $10.4M; net free cash flow before working capital of $6.6M; EBITDA of ($2.6M); and an adjusted EBITDA of $14.1M.
  • MAG Silver Corp., announced Q1, 2025 production results for its Juanicipio mine in Zacatecas. On 100% basis, Juanicipio milled 337K tonnes at grades of 430 g/t Ag, 1.24 g/t Au, 1.6% Pb, and 2.9% Zn to produce 4.5M Oz Ag, 10.2K Oz Au, 10.6M Lb Pb, and 16.9M Lb Zn. Silver production at Juanicipio for 2025 is forecast to range between 14.M Oz Ag 7-16.7M Oz Ag with payable silver production expected between $13.1M-$14.9M at a silver grade head of 380-430 g/t, and gold head grade range between 1-2-1.4 g/t.
  • Agnico Eagle Mines Limited reported Q1, 2025 production results for its Pinos Altos mine in Chihuahua (all currency expressed in US dollars).  The company milled 381K tonnes of 1.48 g/t Au to produce about 17.3K Oz Au at a total cash cost of $2,170 per Oz Au and a production cost of $2,470 per Oz Au. Agnico reported revenue of $57.3M; capital expenditures of $6.4M; capitalized exploration of 0.4M; and a development expenditures capital of $5M.

ON FINANCING

  • Aztec Minerals Corp., announced that it intends to complete a non-brokered private placement of up to 16,666,667 units at a price of CAD $0.18 per unit for gross proceeds of up to CAD $3M. Part of the gross proceeds will be used to conduct exploration work at its Cervantes project in Sonora, as well as for general working capital purposes.
  • Canuc Resources Corporation extended the final closing day of its previously announced non-brokered private placement to May 21, 2025. Proceeds will be used to complete the acquisition of MacDonald Mines Exploration Ltd., and for the exploration and development of the company’s new and existing exploration and development assets (San Javier project, Sonora).
  • Vizsla Copper Corp., upsized its previously announced non-brokered private placement to CAD $5.6M. The Company intends to use the net proceeds from the sale of Hard Dollar Units for working capital and general corporate purposes.
  • Teck Resources Limited announced today that its Board of Directors has declared an eligible dividend of $0.125 per share on its outstanding Class A common shares and Class B subordinate voting shares, to be paid on June 30, 2025 to shareholders of record at the close of business on June 16, 2025.
  • Kingsmen Resources Ltd., announced that it has received conditional approval from the TSX Venture Exchange for its previously announced private placement. Upon review, it has

decided to raise the exercise price of the associated warrant to $1.05 per share (Las Coloradas project, Chihuahua).

ON RESOURCES AND DEVELOPMENT

  • Tech Resources Limited reported that the engagement with government authorities and stakeholders is ongoing to support the review of both the MIA-R (Environmental Impact Assessment) and ETJ (Land Use Change) permits for its San Nicolas project, Zacatecas.   Additionally, progress on the feasibility study and execution strategy continues, with target completion in the second half of 2025, positioning the project for a potential sanction decision following the receipt of necessary permits.
  • Luca Mining Corp., released results from six of the first seven underground holes of an ongoing 5,000m phase 1 exploration drill program at its Campo Morado mine, Guerrero. Drilling highlights include holes CMUG-25-01 with 0.27 g/t Au, 10 g/t Ag, 0.21% Cu, 0.2% Pb, and 2.3% Zn over 11.2m, plus 2.3 g/t Au, 150 g/t Ag, 0.56% Cu, 0.7% Pb, and 3.7% Zn over 5.6m, plus 0.24 g/t Au, 23 g/t Ag, 0.92% Cu, 0.03% Pb, and 1.0% Zn over 11.1m, including 0.28 g/t Au, 28 g/t Ag, 1.43% Cu, 0.03% Pb, and 1.2% Zn over 5.5m; hole CMUG-25-06 with 0.27 g/t Au, 21 g/t Ag, 0.68% Cu, 0.07% Pb, and 2.2% Zn over 2.3m, plus 0.65 g/t Au, 32 g/t Ag, 0.85% Cu, 0.03% Pb, and 0.1% Zn over 3.2m, plus 0.2 g/t Au, 8 g/t Ag, 0.55% Cu, 0.03% Pb, and 2.9% Zn over  22.5m, including 0.19 g/t Au, 7 g/t Ag, 0.8% Cu, 0.01% Pb, and 5.1% Zn over 6.3m, including 0.1 g/t Au, 11 g/t Ag, 1.5% Cu, 0.01% Pb, and 8.6% Zn over 2.7m, and including 0.1 g/t Au,  8 g/t Ag, 1.0% Cu, 0.1% Pb, and 5.8% Zn over 2.9m, including 0.12 g/t Au, 13 g/t Ag, 1.91% Cu, 0.2% Pb, and 11.0% Zn over 1.4m; and hole CMUG-25-07 with 0.67 g/t Au, 33 g/t Ag, 0.72% Cu, 0.1% Pb, and 3.0% Zn over 6.4m, plus 0.49 g/t Au, 20 g/t Ag, 0.7% Cu, 0.1% Pb, and 3.0% Zn over 9.1m, plus 0.59 g/t Au, 51 g/t Ag, 1.21% Cu, 0.2% Pb, and 4.6% Zn over 4.6m, plus, 0.59 g/t Au, 33 g/t Ag, 0.92% Cu, 0.4% Pb, and 0.6% Zn over 1.3m, plus 0.44 g/t Au, 26 g/t Ag, 0.98% Cu, 0.01% Pb, and 0.03% Zn over 1.3m, plus 0.13 g/t Au, 8 g/t Ag, 0.77% Cu, 0.1% Pb, and 4.8% Zn over 11.9m, including 0.12 g/t Au, 14 g/t Ag, 1.57% Cu, 0.1% Pb, and 12.0% Zn over 2m, and including 0.05 g/t Au, 8 g/t Ag, 1.77% Cu, 0.03% Pb, and 5.7% Zn over 2.3m, plus 0.16 g/t Au, 7 g/t Ag, 0.87% Cu, 0.1% Pb, and 2.2% Zn over 10.3m. Fourteen underground drillholes have been completed to date as part of the 5,000m Phase 1 program targeting near-mine resource expansion.
  • Fuerte Metals Corporation, reported results from the most recent five holes drilled at its Cristina project in Chihuahua. Drilling highlights (true width reported) include holes ACD-25-263 with 0.4 g/t Au, 133 g/t Ag, 0.5% Zn, 0.2% Pb, and 0.01% Cu (2.6 g/t AuEq) over 17m, including 0.9 g/t Au, 504 g/t Ag, 0.6% Zn, 0.1% Pb, and 0.02% Cu (8.5 g/t AuEq) over 4m; hole ACS-25-261 with 1.1 g/t Au, 73 g/t Ag, 0.5% Zn, 0.2% Pb, and 0.02% Cu (2.4 g/t AuEq) over 11m, including 4.8 g/t Au, 60 g/t Ag, 0.7% Zn, 0.2% Pb, and 0.04% Cu (6.1 g/t AuEq) over 1.4m; and hole ACD-25-265 with 0.8 g/t Au, 8 g/t Ag, 0.2% Zn, 0.05% Pb, and 0.02% Cu (1 g/t AuEq) over  13m, plus 0.8 g/t Au, 70 g/t Ag, 4% Zn, 0.9% Pb, and 0.9% Cu over 1.3m, plus 0.2 g/t Au, 15 g/t Ag, 1.4% Zn, 0.4% Pb, and 0.05% Cu (1.3 g/t AuEq) over 15.1m, including 0.5 g/t Au, 64 g/t Ag, 7.9% Zn, 2.2% Pb, and 0.13% Cu (6.1 g/t AuEq) over 1.7m. To date, Fuerte has reported 45 holes totalling 11,995.5m of drilling from the current program. “The goal of targeting the higher-grade zones within the main Guadalupe Vein, as well as other high-grade veins in the area, is to both increase the size and the grade of the resource and demonstrate the underground resource potential at Cristina”.
  • Tocvan Ventures Corp., announced that five drill holes have been completed at the Gran Pilar project, Sonora. To date, a total of 712.2m of RC drilling has been completed across five drill holes. Currently samples for three drillholes have been submitted for analysis, results are pending.
  • Agnico Eagle Mines Limited announced that In Q1, 2025, Minas de San Nicolás in Zacatecas (50/50 JV with Teck Resources Limited) continued working on a feasibility study, with completion expected in the H2, 2025. Project approval is expected to follow, subject to receipt of permits and the results of the feasibility study.

ON DEALS AND CORPORATE ISSUES

  • Sierra Metals Inc., and Alpayana S.A.C. reached an agreement for an all-cash takeover bid where Alpayana Canada will offer CAD $1.15 per share for all common shares of Sierra Metals. The bid has received unanimous support from Sierra Metals’ Board of Directors, who recommends that shareholders tender their shares. The agreement includes a plan to enter into a support agreement by April 30, 2025, and the bid’s expiry has been extended to May 12, 2025, to provide shareholders ample time to respond. Financial advice has affirmed that the offer is fair from a financial perspective for Sierra shareholders (Bolivar mine, Chihuahua).
  • Silver Bull Resources Inc., announced voting results of its annual general meeting of shareholders (Sierra Mojada project, Coahuila).
  • Vizsla Royalties Corp., informed that that its common shares have started trading on the OTCQB market place under the trading symbol VROYF. The Company’s common shares will continue to trade on the TSX Venture Exchange under the symbol VROY (Panuco project, Sinaloa).
  • Triple Flag Precious Metals Corp., and Orogen Royalties Inc., entered into a definitive agreement in which Triple Flag will acquire all of the issued and outstanding common shares of Orogen for total consideration of approximately CAD $421M, or CAD $2.00 per share. The total consideration consists of approximately CAD $171.5M in cash, approximately CAD $171.5M in Triple Flag shares, and shares of a new company (Orogen Spinco) with an implied value of approximately CAD $78M. Orogen Spinco will be led by the CEO of Orogen, and will hold all of Orogen’s mineral interests except for the 1.0% Expanded Silicon NSR royalty. Upon Orogen Spinco going public, Triple Flag has agreed to separately invest CAD $10M to obtain an approximate 11% interest in Orogen Spinco.
  • Altius Minerals Corporation announced that Triple Flag Precious Metals Corp. has proposed to acquire Orogen Royalties Inc., for approximately CAD $421M, which includes cash, shares, and a stake in a new entity called Orogen Spinco. Altius Minerals, a major shareholder of Orogen with 39.5% support from management and directors, has entered a voting support agreement for the transaction. The deal is subject to regulatory approvals and is expected to close in Q3 2025. Shareholders of Orogen will have the option to elect cash or shares as part of the transaction, which offers a 38% premium based on recent share prices.
  • Heliostar Metals Ltd., appointed its Vice President of Investor Relations and Development, and its Corporate Secretary (La Colorada mine, Sonora).
  • Equinox Gold  Corp., and Calibre Mining Corp., amended their arrangement agreement regarding a proposed business combination, originally announced on February 23, 2025. Under the new terms, Calibre shareholders will receive 0.35 Equinox Gold shares for each Calibre share held, representing a 10% premium based on Calibre’s closing price before the announcement. The shareholder meetings for both companies, initially scheduled for April 24, 2025, have been adjourned to May 1, 2025, to allow shareholders more time to consider the amended agreement. Both companies’ boards recommend that shareholders vote in favor of the transaction (Los Filos mine, Guerrero).
  • Luca Mining Corp., announced the retirement of its COO and its replacement (Tahuehueto mine, Durango).
  • Teck Resources Limited reported voting results from its annual meeting of shareholders.
  • Discovery Silver Corp. announced the appointment of new members to the company management such as its COO, Executive Vice President, Corporate Affairs and Sustainability, Vice President Canadian Operations, and Senior Vice President Exploration & Grow. The appointments are all effective immediately (Cordero project, Chihuahua). 
  • Agnico Eagle Mines Limited released voting results of its annual and special meeting of shareholders (Pinos Altos mine, Chihuahua).

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, low-angle sheeted quartz veins displaced by high-angle faults in an IOCG project in Sonora, Mexico. Photo taken by Miguel A Heredia.

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

/ gambusinoprospectormexico / Leave a comment

Rhyolite dike showing flow banded texture

By Miguel A Heredia

During the 8th week of the year (February 19th to February 25th, 2024), at least 29 press releases were announced by companies working in Mexico, with ten communicating production results, eight reporting resources and developments of their projects, five disclosing deals and corporate issues, four announcing financing issues, one commenting on Mexican issues, and one  informing on exploration results.  ON MEXICO ISSUES, Orla Mining, Silver Storm, and Prismo Metals reported the best drilling intercepts in Mexico on the fourth week of February, 2024. ON EXPLORATION, In Sonora, Prismo provided an exploration update on its Pavitos project. ON MINING, Aura reported Q4 and year-end 2023 production and financial results from its Aranzazu mine in Zacatecas, and provided guidance for 2024. Gatos Silver announced Q4 and year-end 2023 production and financial results from its Cerro Los Gatos mine, Chihuahua, and provided 2024 guidance. Capstone released Q4, 2023 production results from its Cozamin mine, Zacatecas. Alamos Gold announced Q4 and year-end 2023 production and financial results from its Mulatos mine, Sonora. Coeur reported Q4 and year-end 2023 production and financial results from its Palmarejo mine in Chihuahua.  Equinox provided 2024 production guidance for its Los Filos mine, Guerrero. Minera Alamos announced 2024 operational outlook for its Santana mine in Sonora. Torex reported Q4 and year-end 2023 production results from its El Limon-Guajes Mine Complex, Guerrero. First Majestic announced Q3 and year-end production and financial results from their Mexican operations. SilverCrest provided 2024 production guidance for its Las Chispas mine, Sonora. ON FINANCING, Kootenay closed the final tranche of its previously announced non-brokered private placement for gross proceeds of $237.5K to complete a total aggregate gross proceeds of $3.7M (Columba project, Chihuahua). Oroco announced the closing of a non-brokered private placement for net proceeds of $1M (Santo Tomas project, Sinaloa). Sonoran Dessert declared that in response to the continuing weakness in the junior resource sector, the company will be reducing the price and increasing the amount of its private placement financing. Vizsla announced $30M bought deal financing (Panuco project, Sinaloa). ON RESOURCES AND DEVELOPMENT, Vizsla filed an independent technical report containing an updated Mineral Resource Estimate on its Panuco project in Sinaloa. Luca reported significant improvements at its Campo Morado mine, Guerrero. Alamos Gold reported Mineral Resources and Reserves at its Mulatos mine operation in Sonora, as of December 31, 2023. Silver Storm released results from three holes drilled at its la Parrilla mine in Durango. Silver Tiger provided an update on the Company’s ongoing Pre-feasibility Study (PFS) drilling program on the Stockwork Gold Deposit on its El Tigre Project in Sonora. Orla discovered new style of mineralization at its Camino Rojo project in Zacatecas and recent drilling extended mineralization beyond the current mineral resource envelope, presenting a considerable opportunity for resource expansion. Prime Mining provided a summary of the 2023 exploration activities and  released the final 2023 drilling results for its Los Reyes Gold-Silver Project in Sinaloa. Discovery Silver announced results from the Feasibility Study (FS) on its Cordero project, Chihuahua.  ON DEALS AND CORPORATE ISSUES, Trident Royalties Plc, in a joint venture with Sonoroy Holdings Limited, is acquiring a 3.0% Gross Revenue Royalty over the Sonora Lithium Project in Mexico. Bear Creek announced the resignation of its CEO effective March 8, 2024, and later on appointed its successor (Mercedes mine, Sonora). DynaResource announced the resignation of two Directors and appointed two new members to its Board of Directors. The resignations and appointments are effective February 16, 2024 (San Jose de Gracia project, Sinaloa).  Tarachi notified that its CEO was elected to the Board of Directors (Magistral Mill & Tailings project, Durango). ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUE

  • Orla Mining Ltd., Silver Storm Mining Ltd., and Prismo Metals Inc., reported the best drilling intercepts in Mexico on the fourth week of February, 2024. Details are shown in the table below:

ON EXPLORATION

  • Prismo Metals Inc., provided an exploration update on its Pavitos project in Sonora. Prismo Metals has reported positive results from its ongoing exploration program at Los Pavitos, a 5,300 ha Project in southern Sonora State, Mexico. The 2023 exploration program included geologic mapping, sampling, and drilling that resulted in identifying 5 structures and positive results from 4 widely-spaced structures. The best results from the drilling were 2.6 g/t Gold over 0.5m and 1.18 g/t Gold over 0.5m at the Las Auras and Oromuri structures. In addition, a new zone with several structures was identified and sampled in the previously unexplored northeastern portion of the project area. Surface sampling along the northeastern projection of the gold and silver-rich Santa Cruz structure yielded high silver assay of 1,130 g/t Ag, with 1.33 g/t Au over 0.15 meters. Based on the exploration results, Los Pavitos gold footprint has grown 2.5 km to the northeast and silver footprint also grew 1 km.

ON MINING

  • Aura Minerals Inc., reported Q4 and year-end 2023 production and financial results from its Aranzazu mine in Zacatecas, and provided guidance for 2024. In Q4, 2023, the company produced at its Aranzazu mine 26,532 Gold Equivalent Ounces (GEO), for a total of 106,119 GEO. It also provided guidance for 2024 and estimate to produce between 94K-108K GEO at cash and all in sustaining costs of USD $826-1008 and USD $1,089-1,331 per Oz Au produced respectively.
  • Gatos Silver Inc., announced Q4 and year-end 2023 production and financial results from its Cerro Los Gatos mine, Chihuahua and provided 2024 guidance (the reported currency is USDS $). The company has a 70% interest in the Los Gatos JV. Los Gatos JV (100% basis) milled in Q4, 2023 a total of 277,318 tonnes of 318 g/t Ag, 3.9% Zn, 1.9% Pb, and 0.3 g/t Au to produce 2.6M Oz Ag, 14.6M Lb Zn, 10.2M Lb Pb, and 1.4K Oz Au (3.9M Oz AgEq) at cash and all in sustaining costs of $11.26 and $14.73 per Oz AgEq respectively ($6.02 and  $11.12 per Oz Ag). In the 2023 full year, the company milled a total of 1,071,400 tonnes of 299 g/t Ag, 3.9% Zn, 1.8% Pb, and 0.29 g/t Au to produce 9.2M Oz Ag, 57.3M Lb Zn, 38.9M Lb Pb, and 5.3K Oz Au (14.3M Oz AgEq) at cash and all in sustaining costs of $12.11 and $15.51 per Oz AgEq respectively ($6.31 and $11.33 per Oz Ag). Gatos Silver also reported for the period Q4, 2023 revenue of $73.5M; cost of sales of $28M; net income of $24.9M; EBIDTA of $38.6M; cash from operating activities of $38.2M; sustaining capital of $11.7M; and free cash flow of $22.3M. For the 2023 year full it reported revenue of $268.7M; cost of sales of $111.3M; net income of $53.4M; EBIDTA of $135.8M; cash from operating activities of $142M; sustaining capital of $41.6M; and free cash flow of $84.9M. The company expects to produce in 2024 between 8.4-9.2M Oz Ag, 61-69M Lb Zn, 40-46M Lb Pb, and 4.5-5.5K Oz Au (13-5-15M Oz AgEq) at a all in sustaining cost of $9.50-$11.50 per Oz Ag (or $14-$16 per Oz AgEq).
  • Capstone Copper Corporation released Q4, 2023 production results from its Cozamin mine, Zacatecas. The company processed 6,564 tonnes to produce 14.8M Lb Cu at a cash cost of USD $1.76 per Lb Cu produced. Capstone provided an outlook for 2024 and expects to produced between 49.3-53.8M Lb Cu at cash cost of USD $1.85-USD $2.05 per Lb Cu produced.
  • Alamos Gold Inc., announced Q4 and year-end 2023 production and financial results from its Mulatos mine, Sonora. During the period Q4, 2023, the company produced 48.1K Oz Au and sold 50,489 Oz Au. Alamos reported cost of sales of USD $68.3M; cost of sales per Oz Au sold (including amortization) of USD $1,353; total cash cost per Oz Au sold of USD $957; mine site all in sustaining cost (AISC) per Oz Au sold of USD $1,030; and a capital expenditure of USD $8.4M. For the year-end 2023, Alamos produced 212,800 Oz Au and sold 215,833 Oz Au. The company reported cost of sales of USD $265.9M; cost of sales per Oz Au sold (including amortization) of USD $1,232; total cash cost per Oz Au sold of USD $883; mine site AISC Oz Au sold of USD $967; and a capital expenditure of USD $30.4M. It also provided its 2024 guidance and expects to produce between 160-170K Oz Au at total and AISC of USD $925-975, and USD $1,000-1,050 per Oz Au sold respectively.
  • Coeur Mining Inc., reported Q4 and year-end 2023 production and financial results from its Palmarejo mine in Chihuahua. Highlights are provided below:
  • Equinox Gold Corp., provided 2024 production and cost guidance for its Los Filos mine, Guerrero. The company expects to produce 155K-175K Oz Au at cash costs of USD $1,785- $1,885 per Oz Au and AISC of USD $2,090- $2,190 per Oz Au.
  • Minera Alamos Inc., announced 2024 operational outlook for its Santana mine in Sonora. The company is looking forward to significant advancements at the Santana gold mine in 2024 after facing challenges in 2023. It plans to expand mining and stacking operations using the current permitted pad space while awaiting permit amendments for future expansion. The company is finalizing plans for the year, including discussions with their mining contractor and permit approvals. Advanced development activities have already begun at the Nicho Main zone to support the new operational plan. Upgrades to equipment and personnel are expected to increase production levels from 2023. “Approximately 20K Oz Au at an average grade of 0.63 g/t and an approximate strip ratio of 1.6:1has now been defined for mining and loading over a 12-month schedule utilizing the current leach pad installed capacity. Included in the current plan are an additional 4,500 Oz of higher grade (~1 g/t) mineralized material. Due to its elevated gold content, this mineralization will be stockpiled initially for future processing pending additional studies to determine an optimal approach for crushing and processing to maximize recoveries”.
  • Torex Gold Resources inc., reported Q4 and year-end 2023 production results from its El Limon-Guajes Mine Complex, Guerrero (all currency is reported in USD$). In Q4, 2023, the company produced 137,993 Oz Au and sold 138,794 Oz Au at an average realized gold price of $1,995, contributing to revenue of $282.4M. Total cash costs of $885 per Oz Au sold and all-in sustaining costs of $1,073 per Oz Au sold. Cost of sales was $191.6M or $1,380 per Oz Au sold. Torex reported net income of $50.4M, generated an EBITDA and adjusted EBITDA of $115.4M and $142.6M respectively. Net cash generated from operating activities totalled $120M and $133.5M before changes in non-cash operating working capital, including income taxes paid of $12M and negative free cash flow of $24.3M. In the full-year 2023, the company produced 453,778 Oz Au and sold 444,750 Oz Au at an average realized gold price of $1,952, contributing to revenue of $882.6M. Total cash costs of $866 per Oz Au sold and all-in sustaining costs of $1,200 per Oz Au sold. Cost of sales was $600.1M or $1,349 per Oz Au sold. Torex reported net income of $204.4M, generated an EBITDA and adjusted EBITDA of $422.6M and $442.2M respectively. Net cash generated from operating activities totalled $300.8M and $340.8M before changes in non-cash operating working capital, including income taxes paid of $116.2M and negative free cash flow of $185.4M.
  • First Majestic Silver Corp., announced Q3 and year-end production and financial results from their Mexican operations. Figures by separate mine are provided below:
  • SilverCrest Metals Inc., provided 2024 production guidance for its Las Chispas mine, Sonora. The company expects to produce between 9.8-10.2M Oz AgEq at cash and AISC of USD $9.5-$10 and USD $15-$15.90 per Oz AgEq sold respectively. Sustaining Capital of USD $40M-$44M will be largely related to underground development and underground infrastructure. An exploration budget within a range of USD $12M-$14M has been approved for 2024 with a focus on converting inferred resources to indicated for reserve consideration in proximity to existing or planned infrastructure, return to early stage exploration at Las Chispas, and regionally define new targets that could benefit mine life extensions.

ON FINANCING

  • Kootenay Silver Inc., closed the final tranche of its previously announced non-brokered private placement for gross proceeds of $237.5K to complete a total aggregate gross proceeds of $3.7M from the offering. Net proceeds will be used for exploration activities, property commitments on the Company’s projects, working capital and general corporate purposes (Columba project, Chihuahua).
  • Oroco Resource Corp., announced the closing of a non-brokered private placement for net proceeds of $1M through the sale of 2.57M units at a price of $0.4 per unit. Net proceeds will be used to continue improving various underlying aspects of the Company’s Preliminary Economic Assessment, including those relating to the Santo Tomas mine plan, together with property maintenance and corporate overhead.
  • Sonoran Dessert Copper Corporation declared that in response to the continuing weakness in the junior resource sector, the Company will be reducing the price and increasing the amount of its private placement financing. Previously, the company was offering up to 2.5M units priced at $0.20, for aggregate gross proceeds of up to $500K. The updated financing will now offer up to 10M units priced at $0.10, for aggregate gross proceeds of up to $1M. Proceeds from the financing will be used for general working capital, the continuing development of the company’s Cuatro Hermanos Copper Project in Sonora, and to evaluate and secure further opportunities in the copper sector.
  • Vizsla Silver Corp., announced $30M bought deal financing by selling 20M common shares at a price of $1.5 per common share. Net proceeds will be used to advance the exploration, drilling, and development of its Panuco project in Sinaloa, as well as for working capital and general corporate purposes.

ON RESOURCES AND DEVELOPMENT

  • Vizsla Silver Corp., filed an independent technical report containing an updated Mineral Resource Estimate on its Panuco project in Sinaloa.
  • Luca Mining Corp., reported significant improvements at its Campo Morado mine, Guerrero. Highlights include significantly improved overall performance in Q4, 2023 compared to previous quarters, yielding increased revenues; plant performance exceeded expectations with operational consistency; and higher metallurgical recoveries and concentrate grades, especially for copper in the bulk concentrate increasing from less than 48% recovery to over 70% recovery. Currently, Campo Morado produces a zinc concentrate, and a bulk copper-lead concentrate.
  • Alamos Gold Inc., reported Mineral Resources and Reserves as of December 31, 2023 for its Mulatos mine operation. Proven reserves are 1,032,000 of 3.98 g/t Au for a total of 132K Oz Au contained and probable reserves are 15,661,000 tonnes of 2.02 g/t Au for a total of 1.32M Oz Au contained. Proven + Probable reserves are 16,693,000 tonnes of 2.71 g/t Au for a total of $1.45M Oz Au contained. Mineral Resources are exclusive of Mineral Reserves, and the company reported measured resources for 1,333,000 tonnes of 1.76 g/t Au for a total of 76K Oz Au contained and indicated resources for 10,284,000 tonnes of 1.48 g/t Au for a total of 488K Oz Au contained. Measured + Indicated resources are 11,617,000 tonnes of 1.51 g/t Au for a total of 564K Oz Au contained. Inferred resources are 1,651,000 tonnes of 1.07 g/t Au for a total of 57K Oz Au contained.
  • Silver Storm Mining Ltd., released results from three holes drilled at the Quebradillas mine within its la Parrilla property in Durango. Drilling highlights include holes Q-23-022A with 64 g/t Ag, 0.16 g/t Au, 0.9% Pb, 16.7% Zn, and 0.21% Cu (535 g/t AgEq) over  0.55m, plus 498 g/t Ag, 0.08 g/t Au, 6.5% Pb, 8.5% Zn, and 0.06% Cu (911 g/t AgEq) over 13.65m, including 1,350 g/t Ag, 0.23 g/t Au, 2.1% Pb, 8.4% Zn, and 0.06% Cu (2,361 g/t AgEq) over 2.60m, and 674 g/t Ag, 0.06 g/t Au, 5.4% Pb, 16.2% Zn, and 0.06% Cu (1,266 g/t AgEq) over 2.15m; and hole Q23-023 with 124 g/t Ag, 0.16 g/t Au, 0.6% Pb, 7.2% Zn, and 0.07% Cu (347 g/t AgEq) over 9.65m, including 136 g/t Ag, 0.18 g/t Au, 0.4% Pb, 8.7% Zn, and 0.08% Cu (397 g/t AgEq) over 5.3m. “Combined, these two holes have demonstrated the mineralization extends 74 metres below the last mined stope (1767 EL), with higher grades and widths than what was previously mined in this area”. More drilling will be allocated in this location in 2024.
  • Silver Tiger Metals Inc., provided an update on the Company’s ongoing Pre-feasibility Study (PFS) drilling program on the Stockwork Gold Deposit on its El Tigre Project in Sonora. The PFS aims to de-risk the Stockwork Deposit through the 25,000m drilling program focused on increasing confidence of the Mineral Resource with in-fill drilling expansion and classification, metallurgical and geotechnical as it progresses from an exploration to a development project. The company expects the publication of the PFS in H2-2024, and it continues to work on a substantial, permitted underground Mineral Resource Estimate and advance towards a Preliminary Economic Assessment by H2-2024.
  • Orla Mining Ltd., discovered a new polymetallic sulphide replacement-style mineralization at its Camino Rojo project in Zacatecas and recent drilling extended mineralization beyond the current mineral resource envelope, presenting a considerable opportunity for resource expansion. The drill program involved over 2,600 meters of drilling across four holes, with significant mineralized intercepts up to 450 meters down-plunge of the existing open pit mineral resource boundaries. Drilling highlights are provided in the table below:

The company also reported positive initial metallurgical results and plans to complete a 30,000-meter drill program in 2024 to further explore the extensive potential of the growing Camino Rojo Deposit.

  • Prime Mining Corporation provided a summary of the 2023 exploration activities and   released the final 2023 drilling results for its Los Reyes Gold-Silver Project in Sinaloa.   The company completed 58,896m of drilling over 184 holes following success-based exploration program; 162 drill holes intercepted mineralization above approximately 0.2 g/t Au cutoff. The drilling outlined indicated resources of 1M Oz Au at 1.16 g/t and 35M Oz Ag at 40 g/t Ag (1.47M Oz AuEq at 1.16 g/t), and inferred resources of 0.5M Oz Au at 0.85 g/t and 18.4M Oz Ag at 31 g/t (0.77M Oz AuEq at 1.26 g/t). The company is focused on resource expansion through new discoveries and technical de-risking activities. Prime advanced the metallurgical, geochemical, geotechnical and project understanding through testwork and field studies.
  • Discovery Silver Corp., announced results from the Feasibility Study (FS) on its Cordero project, Chihuahua. Highlights include 19-year mine life with average annual production of 37M Oz AgEq in Year 1 to Year 12; average AISC of less than USD $12.50 over the first eight years of the mine life; initial development capex of USD $606M resulting in an attractive after-tax NPV-to-capex ratio of 2.0; Base Case after-tax NPV5% (NPV) of USD $1.2 B and IRR of 22% with NPV expanding to USD $2.2 B in Year 4; Reserves of 302M Oz Ag, 840K Oz Au, 3 B Lb Pb, and 5.2 B Lb Zn; 240M tonnes of Measured & Indicated Resource sit outside the FS pit highlighting the potential to materially extend the mine life at modestly higher silver prices; an initial investment of over USD $600M, 2,500 jobs created during construction, USD $4 B of goods and services purchased and estimated tax contributions of over USD $1.4 B within Mexico; and third-party reviews of proposed environmental practices to ensure adherence to both Mexican regulatory standards and Equator Principles 4.

ON DEALS AND CORPORATE ISSUES

  • Trident Royalties Plc, in a joint venture with Sonoroy Holdings Limited, is acquiring a 3.0% Gross Revenue Royalty over the Sonora Lithium Project in Mexico. The completion date for the transaction has been extended to December 31, 2026, allowing time for resolution of ongoing litigation and administrative reviews. Trident has the option to terminate the joint venture based on the outcome of the litigation. The acquisition aims to provide exposure to a long-life lithium project with expansion potential, operated by Ganfeng Lithium Co., Ltd. The company’s strategy focuses on building a diversified mining royalty and streaming portfolio while targeting small-to-mid size transactions in resource-friendly jurisdictions worldwide.
  • Bear Creek Mining Corporation announced the resignation of its CEO effective March 8, 2024, and later on the Board of Directors appointed its successor effective on or about March 18, 2024 (Mercedes mine, Sonora).
  • DynaResource Inc., announced the resignation of two Directors and appointed two new members to its Board of Directors (San Jose de Gracia project, Sinaloa).
  • Tarachi Gold Corp., notified that its CEO was elected to the Board of Directors (Magistral Mill & Tailings project, Durango).

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 rhyolite dike showing flow banded texture on a project of the Sonoran Desert. Photo taken by Miguel A Heredia.