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

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By Jorge Cirett

During the 40th week of the year (September 28th to October 5th, 2025), companies working in Mexico presented 36 press releases.  No companies presented exploration advances on early-stage properties or production figures. Nine companies presented news on financing rounds and share-related issues. Two companies updated on their advanced properties. Two companies commenced drilling on advanced projectsOne company announced mining developments. Nineteen companies informed on deals and corporate issues. ON MEXICO ISSUES, the government is cancelling a large number of mining concessions that overlap protected areas.  ON EXPLORATION, no relevant news. ON MINING, no relevant news. ON FINANCING, six companies informed on financing rounds: Zacatecas Silver (C$3.75 M), Vortex Metals (C$700 K), Guanajuato Silver (C$30 M), Apollo Silver (C$20.9 M), Silver Tiger (C$25 M) and Sonoro Gold (C$3 M). Guanajuato Silver Company and GR Silver Mining granted stock options. Aura Minerals announced the conversion of receipts into shares. ON RESOURCES AND DEVELOPMENT, Regency Silver is to commence drilling at its Dios Padre project in Sonora. Capitan Silver updated on its Cruz de Plata project in Durango. Sierra Madre Gold and Silver announced that development has started at La Guitarra mine, in Estado de Mexico. Sonoro Gold provided an update on the Cerro Caliche and San Marcial projects in Sonora. Silver Viper Minerals commenced a drilling campaign at La Virginia, in Sonora. ON DEALS AND CORPORATE ISSUES, Royal Gold received government regulatory approvals for the acquisition of Sandstorm Gold. Prime Mining’s security holders approved its acquisition by Torex Gold. Fuerte Metals, GR Silver, Empress Royalty, Almaden Minerals and Altius Minerals announced appointments to the board. Empress Royalty announced senior appointments. Mexican Gold is to acquire the Tatatila project in Veracruz from Chesapeake Gold. Sierra Madre Gold and Silver engaged marketing services. Sonoro Gold is considering to spinout the San Marcial project in Sonora. Silver Bull reported dates for the hearings on its arbitration case against Mexico. Prismo Metals and Vizsla Silver held their AGM’s. Canasil is to review opportunities in its Mexican portfolio. Silver Storm Mining contracted investor relations services. ON SOCIAL RESPONSIBILITY, Vizsla Silver released its third sustainability report.

ON MEXICO ISSUES

  • The Ministry of Economy (Secretaría de Economía) started the procedure to cancel 805 mining concessions that overlap protected natural areas (Áreas Naturales Protegidas, or ANP’s), on the base that these are not complying on certain obligations, like the payment of annual mining duties.

ON EXPLORATION

  • No Relevant News.

ON MINING

  • No Relevant News.

ON FINANCING

  • Zacatecas Silver Corp. announced the closing of its non-brokered private placement financing for total gross proceeds of C$3.75 M (Zacatecas Silver, Zacatecas).
  • Vortex Metals Inc. increased the size of its previously announced non-brokered private placement to C$700 K. “Vortex intends to allocate the gross proceeds raised from the sale of the Units as follows: approximately 40% to pay for mining concession fees, approximately 40% to pay for exploration fees and remaining 20% for general working capital purposes” (Riqueza Marina, Oaxaca).
  • Guanajuato Silver Company Ltd. entered into an agreement with Cannacord Genuity Corp. and Red Cloud Securities Inc. as co-lead underwriters and joint bookrunners to purchase on a “bought deal” basis units of the company for gross proceeds of C$30 M (El Cubo and Valenciana, Guanajuato).
  • GR Silver Mining Ltd. granted incentive stock options to certain eligible persons to purchase up to an aggregate of 600 K common shares (Plomosas, Sinaloa).
  • Apollo Silver Corp. announced a non-brokered private placement for aggregate gross proceeds of up to C$20.88 M (Cinco de Mayo, Chihuahua).
  • Aura Minerals Inc. “Announces to the holders of the Company’s Brazilian Depositary Receipts (“BDRs”) the launch of the Incentive Program for the conversion of BDRs into common shares (“Incentive Program”), under which holders may request the conversion of their BDRs (“AURA33”) into the underlying common shares (“AUGO”) listed on Nasdaq (“common shares”), at a ratio of three to one, without being required to pay the applicable fees charged by Banco Bradesco. The Incentive Program will be available for a fixed period of 32 days, from October 6, 2025, to November 6, 2025” (Aranzazu, Zacatecas).
  • Silver Tiger Metals Inc. filed a short form prospectus with the securities commissions in each of the provinces of Canada, except Quebec, in connection with its bought deal public offering of common shares for aggregate gross proceeds of C$25 M (El Tigre, Sonora).
  • Sonoro Gold Corp. announced a fully subscribed non-brokered private placement offering for gross proceeds of C$3 M (Cerro Caliche, Sonora).
  • Prismo Metals Inc. granted 850 K stock options to certain directors and officers of the company, and 100 K options to a consultant of the company. Also, 725 K restricted share units were issued to certain directors and officers of the company (Palos Verdes, Sinaloa).

ON RESOURCES AND DEVELOPMENT

  • Capitan Silver Corp. provided an update on its Cruz de Plata project in Durango. Since 2020 the company has consolidated its position in the district, more recently with the acquisition of 2,171 ha from Fresnillo plc. Capitan Silver has elaborated a geological model that includes annular structures to an elliptical intrusive body with silver mineralization in sedimentary rocks and gold mineralization in the contact of these rocks with overlying volcanic rocks. Six main targets are comprised by Casco Norte, Jesús María Northwest, Jesús María East, San Rafael, La Providencia, La Purísima, Jesús María North and El Tubo Hill. The 2025 drilling program is being expanded from 10,000 m to 15,000 m. Just over 8,000 m of drilling have been completed to date, with assays pending for 38 holes. A property-wide 385 line-km regional airborne magnetic and magnetotelluric survey has been contracted. The press release includes a table with grab and chip sample results of up to 62 gpt Au, 991 gpt Ag, 0.76% Cu, 6.25% Pb, 7% Zn.
  • Sierra Madre Gold and Silver Ltd. announced that development has started at the Nazareno mine in the La Guitarra complex in Estado de México. Over 700 tonnes of ore have been delivered to the La Guitarra processing plant, material that was not included in the mineral resource estimate. The company also announced the purchase of a new rig capable of drilling up to 150 m of NWL size and 250 m of BWL size core. The rig is capable of underground and surface drilling.
  • Sonoro Gold Corp. provided an update on the Cerro Caliche and San Marcial projects in Sonora. The company intends to commission an updated preliminary economic assessment (PEA) on Cerro Caliche by the first quarter of 2026. The current PEA contemplates a 9-year mining operation at a 12,000 tpd rate based on a gold price of US$1,800 per Oz Au. The updated PEA will include 55,360 m of drilling, trenching and the changes in the environmental report that covers the property. The project counts with a surface agreement access for the property.
  • Regency Silver Corp. commenced drilling at its Dios Padre project in Sonora. The company plans to drill approximately 4,500 m in 6 to 8 holes, focused on targeting along-strike extensions of high-grade Au-Cu-Ag mineralization previously intercepted.
  • Silver Viper Minerals Corp. commenced a 5,000 m diamond drill program at its advanced stage La Virgina project in Sonora, with the program being carried out by Globexplore Drilling Corp. Drilling will begin with 8-9 reconnaissance holes at El Molino area, the first drill testing of this area with high priority geophysical anomalies. The program will continue at El Rubi, aiming to expand mineralization along strike and at shallow depths.  

ON DEALS AND CORPORATE ISSUES

  • Sandstorm Gold Ltd. announced that Royal Gold Inc. has received all government regulatory approvals required for the previously announced acquisition of Sandstorm” (Royalty on Mercedes, Sonora).
  • Prime Mining Corp. announced that the company’s security holders have approved the plan of arrangement with Torex Gold Resources Inc., whereby Torex will acquire all of the issued and outstanding common shares of Prime (Los Reyes, Sinaloa).
  • Fuerte Metals Corp. announced that CFO Martin Rip is retiring at the end of September 2025. “Mr. John Teo, Fuerte’s Vice President of Finance, has been appointed Interim CFO” (Cristina, Chihuahua).
  • Altius Minerals Corp. announced the retirement of Ben Lewis, chief financial officer (CFO) and Chad Wells, vice president corporate development. Stephanie Hussey, current vice president finance, has been appointed chief financial officer (Llano del Nogal royalty, Sonora).
  • Royal Gold Inc. received all governmental regulatory approvals required for the company’s previously announced acquisitions of Sandstorm Gold Ltd. and Horizon Copper Corp. (Sandstorm Gold holds a royalty on Cuale, Jalisco and Llano del Nogal, Sonora).
  • Empress Royalty Corp. announced the appointment of Brad Breetzke as business development advisor, Africa and Christian Agarnaz as busines development analysts (Royalty on Tahuehueto, Durango).
  • GR Silver Mining Ltd. announced the nomination of Daniel Schieber as vice president of corporate development and corporate relations (Plomosas, Sinaloa).
  • Chesapeake Gold Corp. entered into a definitive agreement sell its Tatalila project in Veracruz to Mexican Gold Mining Corp. “in exchange for such number of common shares of Mexican Gold representing 14.99% of the outstanding common shares of Mexican Gold at closing” and a 1.5% net smelter royalty. Mexican Gold may repurchase 0.5% of the royalty  for US$500 K within ten years from the date of the agreement. “Tatatila is a gold-copper skarn district located in Veracruz State that Chesapeake identified in 2007. Tatatila surrounds Mexican Gold’s Las Minas Project, which has a reported NI 43-101 Mineral Resource Estimate and Preliminary Economic Assessment. Several skarn prospects were discovered on Tatatila by Chesapeake, including possible extensions of the Las Minas existing resource.”
  • Sierra Madre Gold and Silver Ltd. engaged “Triomphe Holdings Ltd., doing business as Capital Analytica, an arm’s length service provider, to provide certain marketing and social media services to the company” (La Guitarra, Estado de México).
  • Sonoro Gold Corp. is considering a spinout of its San Marcial project into its subsidiary Oronos Gold Corp. The property is in Santa Ana, Sonora, covering the historic San Marcial and Soledad mines that were subject to drilling programs in the last two decades of the past century.
  • Silver Bull Resources Inc. reported that the hearing for its arbitration case against Mexico  will commence on October 6, 2025, in Washington, D.C., and will conclude no later than October 11, 2025. The international arbitration proceedings under the United States–Mexico–Canada Agreement (USMCA) and the North American Free Trade Agreement (NAFTA) arised from Mexico’s refusal to take action with respect to the illegal blockade of Silver Bull’s Sierra Mojada Project in Coahuila, which commenced in September 2019 and remains ongoing.
  • Starcore International Mines Ltd. acknowledges the current postal strike across Canada, which has created significant challenges in ensuring timely delivery of shareholder communications and proxy materials. The company took a number of measures to overcome these challenges, that can be seen on the press release at the company’s website (San Martin, Querétaro).
  • Mexican Gold Mining Corp. entered into a mining concession assignment agreement with Chesapeake Gold Corp. to acquire 100% interest on the 3,824 hectares Tatatila project in Veracruz. Mexican gold shall issue Chesapeake 4.45 M common shares of the company (a $222.6 K value), representing 14.99% of the total issues and outstanding common shares of the company. As further consideration for the interest, Mexican Gold shall grant to Chesapeake a 1.5% net smelter return (NSR) royalty, of which the company might purchase 0.5% of the royalty for US$500 K within 10 years of the execution of the agreement.
  • Prismo Metals Inc. held its annual general meeting (AGM) on October 2, 2025. A board of directors was elected, comprising Alain Lambert, Louis Doyle, Craig Gibson and Martin Dupuis, with DeVisser Gray LLP re-appointed as auditor. A new long-term incentive plan was approved. Finally, a possible new corporate name as determined by the directors of the company was reviewed (Palos Verde, Sinaloa).
  • Canasil Resources Inc. is to review opportunities in its portfolio in Durango and Zacatecas. “Of Canasil’s seven Mexican silver-gold projects, the Company’s interest in the Sandra and Nora projects have been sold to Pan American Silver and Silver Dollar Resources respectively. The Company retains a 2% NSR on its claims in each project with a 1% buyout for US$ 4 million on the Sandra NSR, and 1% buyout for $1 million on the Nora NSR. Canasil holds 100% interest in all the remaining projects. La Esperanza, Salamandra, and Colibri have had successful past drill programs which have returned high-grade silver-gold intercepts”. The company sees an improved positive environment for advancing mining projects under the current federal administration.
  • Vizsla Silver Corp. announced the results of its annual general and special meeting of shareholders held on October 2, 2025. Shareholders approved all motions put forth including its change of auditor from MNP LLP to Deloitte LLP (Panuco, Sinaloa).
  • Almaden Minerals Ltd. announced the appointment of Douglas McDonald as president and CEO. Morgan Poliquin has been appointed vice chair of the company (Ixtaca, Puebla).
  • Azucar Minerals Ltd. announced the resignation of Douglas McDonald from all his roles in the company, including as director and executive vice president, but will continue in an advisory role to support related succession initiatives and ongoing business activities El Cobre, Veracruz).
  • Silver Storm Mining Inc. retained the services of Renmark to provide investor relations services to the company for an initial term of twelve months, subject to monthly renewal and a consideration of C$9 K per month (La Parrilla, Durango).

ON SOCIAL RESPONSIBILITY

  • Vizsla Silver Corp. released its third annual sustainability report which highlights its key initiatives on environmental, social and governance matters (Panuco, Sinaloa).

On the image below: Late specularite seams on quartz vein, HQ core. Picture by Jorge Cirett.

The Mining and Exploration News in Mexico: Highlights on the Third Week of September 2025

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By Jorge Cirett
During the 38th week of the year (September 15th to September 21st, 2025), companies working in Mexico presented 29 press releases. Two companies presented exploration advances on early-stage properties. One company presented financial results. Fifteen companies presented news on financing rounds and share-related issues. One company is to commence drilling at its advanced property. twelve companies informed on deals and corporate issues. ON MEXICO ISSUES, no relevant news.  ON EXPLORATION, in Sonora, Tocvan Ventures is to commence field work at Gran Pilar; Colibri Resource updated on project work at the EP project. ON MINING, Starcore International Mines filed quarterly results. ON FINANCING, five companies informed on financing rounds: Silver Tiger (C$25 M), Impact Silver (C$16 M), Minera Alamos (C$135 M), Zacatecas Silver (C$3.75 M), Silver Dollar Resources (C$5.9 M). Masivo Silver is working on its MCTO. Discovery Silver can borrow up to US$250-350 M. Sandstorm Gold declared a dividend for the quarter. Elemental Altus Royalties received approbation for consolidation. Pacifica Silver and Luca Mining issued shares to management, employees and consultants. Avino Silver & Gold Mines has been added to the Market Vectors Junior Gold Miners Index (MVGDXJTR). Xali Gold resumed trading and explained how it is addressing its current capital deficiency. ASA Gold and Precious Metals acquired 17.5% of Minera Alamos. ON RESOURCES AND DEVELOPMENT, Regency Silver is to commence drilling at its Dios Padre project in Sonora. ON DEALS AND CORPORATE ISSUES, Masivo Silver updated on the Cerro Colorado project in Sonora. Sandstorm Gold filed its notice of meeting on its Merger with Royal Gold. Almaden Minerals provided an update on its litigation against Mexico. Capitan Silver announced appointments to its management’s team and board of directors.  Plata Latina announced AGM results. Xali Gold terminated its option on the Sarape project, in Sonora. Xali Gold clarified the agreement with Remoedioambiente S.A. de C.V. on El Oro claims. Vizsla Silver announced the appointment of Eduardo Luna as lead director of the board. Southern Silver Exploration is acquiring a key inner claim at its Cerro Las Minitas project in Durango. Prime Mining announced an advisory firm is recommending shareholder vote for the Torex’s takeover. Goldgroup Mining acquired a majority on Molimentales del Noroeste, S.A. de C.V., the company holding the San Francisco mine in Sonora. Newmont divested its holdings on Orla Mining. ON SOCIAL RESPONSIBILITY, Orla Mining released its 2024 sustainability report.

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

  • Tocvan Ventures Corp. announced the commencement of field work and an airborne magnetics survey at its Gran Pilar project in Sonora. “the field work encompasses advanced geological mapping, targeted sampling, and sophisticated geophysical surveys…”. Tocvan is also preparing a drilling and trenching campaign to commence before the end of the month. The company has secured full permit approval for a 10-year pilot mine facility at the site.
  • Colibri Resource Corp. provided a corporate update. At the EP project in Sonora the company holds 4,766 ha within 25 km from Fresnillo plc´s La Herradura mine, with more than 2,500 surface samples and 12,000 m of drilling. At Pilar, also in Sonora, Colibri holds 49% interest in the project that has over 24,000 m of drilling, trenching and surface work, as well as a 1,400-tonne bulk sample completed in 2023 with 63% recoveries for gold. The projects is permitted for a 50 K tonnes pilot mine facility. The company is also advancing debt conversion-New debenture, equity financing and market initiatives.

ON MINING

  • Starcore International Mines Ltd. filed the results for its first quarter ended July 31, 2025. During the period the company had revenues of C$8.64 M, earnings of C$1.9 M, net income of C$0.93 M and EBITDA of C$1.35 M. At its San Martin mine in Queretaro, Starcore milled 54.2 K tonnes averaging 1.47 gpt Au, 12.9 gpt Ag, recovering 77.4% Au, 54.8% Ag, to produce 2,000 Oz Au, 12.3 K Oz Ag, or 2.1 K Oz AuEq, at 2,499 per Oz AuEq.

ON FINANCING

  • Masivo Silver Corp. has prepared the financial statements and is undergoing the associated audit to reverse its management cease trade order (MCTO). “Masivo expects the audit to be completed, and the required filings submitted by September 29, 2025” Cerro Colorado, Sonora).
  • Silver Tiger Metals Inc. entered into an agreement with Stifel Canada, to act as sole book underwriter, together with a syndicate of underwriters, to purchase on a bought deal basis 34.75 M common shares for gross proceeds of C$25 M. The company will grant an option to purchase an additional 15% of the offering that will, if exercised in full, raise additional C$3.75 M in gross proceeds (El Tigre, Sonora).
  • Discovery Silver Corp. entered into an agreement with a syndicate of financial institutions for a revolving credit facility that allows the company to borrow up to US$250 M, with an accordion feature for an additional US$100 M. The syndicate includes Bank of Montreal (BMO), BMO Capital Markets and Canadian Imperial Bank of Commerce (CIBC) and National Bank of Canada (NBC) (Cordero, Chihuahua).
  • Sandstorm Gold Ltd. declared the third quarterly cash dividend for 2025, in the amount of C$0.02 per common share (Royalty on Cosalá, Sinaloa).
  • Pacifica Silver Corp. issued 2.6 M stock options to directors, officers and consultants (Claudia, Durango).
  • Elemental Altus Royalties Corp. received approval of the TSX Venture Exchange for the share consolidation of the issued and outstanding shares of the company on a one to ten basis (royalty on Mercedes, Sonora).
  • Avino Silver & Gold Mines Ltd. announced that it has been added to the Market Vectors Junior Gold Miners Index (MVGDXJTR) and the VanEck Junior Gold Miners ETF (DXJ) (Avino, Durango).
  • Xali Gold Corp. addressed the current capital working deficiency, US$3.15 M as of June 30, 2025, with the following plans. Mining Fees of US$1.25 M owed in Mexico are to be reduced to nil by payments by Remedioambiente S.A. de C.V. (See note under Deals and Corporate Issues) and/or other third parties. A third party owed US$646.5 K is to be issued shares for debt for up to 50% of the amount owed and the reminder in 2026. Directors and officers who are owed US$594 K have agreed to wait and take shares for debt for up to 50% of the amount owed and the rest when possible. “Trade payables and liabilities totalling $542,393, of which up to 40% are to be paid from proceeds of a financing planned for Fall 2025, up to 25% by shares for debt and the remaining with proceeds from a second financing planned for 2026”, Ridley Rocks Inc., a company controlled by Joanne Freeze, president and CEO, had loaned the Company C$124.3 K which is payable by March 31, 2026, is not interest bearing nor does it have any securities pledged against it. During July-September 2025 Ridley Rocks is to loan additional C$150 K, bearing 3% interest, to be repaid on September 2026 (El Oro, Estado de México).
  • Impact Silver Corp. announced the closing of its previously announced “bought deal” private placement for gross proceeds of C$16 M. The company intends to advance underground development and infrastructure at the Guadalupe mine and increase processing plant throughput at the Guadalupe Production Centre (Royal Mines of Zacualpan) in the states of Mexico and Guerrero and expand mining operations and processing capacity and resource definition drilling at the Plomosas zinc-silver-lead mine in Chihuahua.
  • Minera Alamos Inc. reported the closing of the “bought deal” private placement previously announced, for gross proceeds of C$135 M (Santana, Sonora).
  • Luca Mining Corp. granted an aggregate of 3.2 M incentive stock options and 0.88 M restricted share units to certain officers and directors of the company (Campo Morado, Guerrero).
  • Zacatecas Silver Corp. increased its previously announced private placement for gross proceeds of up to C$3.75 M (Zacatecas Silver, Zacatecas).
  • Xali Gold Corp. resumed trading on September 18, 2025 (El Oro, Estado de Mexico).
  • Silver Dollar Resources Inc. upsized its previously announced brokered private placement from C$4 M to C$5.9 M. The Offering is being led by Research Capital Corp. and Mr. Eric Sprott has indicated his intention to participate in the transaction through 2176423 Ontario Ltd. (La Joya, Durango).
  • ASA Gold and Precious Metals Ltd. acquired from Minera Alamos Inc. through a private placement 55.6 M common shares and 55.6 M common shares purchase warrants for a C$19.72 M consideration in cash for the common shares. Asa Gold holds 9.6% of the issued and outstanding shares of the Issuer, or 17.5% of the issued and outstanding shares on a partially diluted basis (Santana, Sonora).

ON RESOURCES AND DEVELOPMENT

  • Regency Silver Corp. is to commence drilling on the fourth week of September at its Dios Padre project in Sonora. The program is for 4,500 m of drilling in six to eight holes.

ON DEALS AND CORPORATE ISSUES

  • Masivo Silver Corp. is advancing toward the anticipated closing of the Cerro Colorado property acquisition in Sonora, “where the project is already drill-permitted and ready for immediate mobilization of a drill program following financing and close”. The company continues to review properties in Sinaloa.
  • Sandstorm Gold Ltd. filed its notice of meeting, management information circular in connection with the special meeting of shareholders to approve the merger with Royal Gold Inc (Royalty on Cosalá, Sinaloa).
  • Almaden Minerals Ltd. provided an update to the international proceedings under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) with the United Mexican States (Mexico’s formal name). Almaden is pursuing the claim together with Almadex Minerals Ltd., which holds a 2% NSR, on illegal acts by Mexico resulting in the complete loss of the Ixtaca project (Puebla) investment. The three-person arbitration panel established the procedural calendar through to the hearing dates as follows: “Mexico is due to file its counter memorial (which responds to the Claimants’ March 20, 2025, memorial), by November 24, 2025. The Claimants will file their reply to Mexico’s counter memorial by April 27, 2026, and Mexico will file its rejoinder to this reply by August 5, 2026. The hearings are scheduled for December 14 – 18, 2026 (with December 19 held in reserve), and will be held in Washington, D.C.”. The claimants are seeking damages of US$1.06 billion.
  • Capitan Silver Corp. announced the addition to the management’s team and board of directors of Graham Scott, director; Marc Idziszek, vice president of exploration; Israel Tolano Chacón, technical services, Xochitl L- Valenzuela Verdugo, project evaluation and Greg DiTomaso, investor relations (Cruz de Plata, Durango).
  • Plata Latina Minerals Corp. announced results of its annual general meeting (AGM) held on September 16, 2025. All matters presented to the meeting were approved (La Joya, Hidalgo).
  • Xali Gold Corp. has chosen not to continue with the option onthe Sarape project, in Sonora, from Advanced Lithium Corp.
  • Xali Gold Corp. under advice by the TSX clarifies its agreement with Remedioambiente S.A. de C.V. on El Oro project, Estado de Mexico. Remedioambiente has the right to recover mineral from veins and backfill left behind in the historic El Oro mine workings on five of the El Oro concessions, paying Xali Gold 3% NSR on the extracted material above the 2,400 m level. Remedioambiente has an obligation to pay the mineral rights past due and payable in the future. Once these fees reach US$50 K, the fees may be converted in Xali shares. Remedioambiente has the right to appoint a Mining Engineer to Xali’s board, and if Remedioambiente acquires greater than 20% of Xali shares within five years, also an additional person to the position of chair of the board. A total of nine mining concessions in El Oro had been declared as cancelled by the Mexican Mines Bureau (AGM.- Agencia de Minería), in a manner that are understood to be unlawful due to the failure to provide a legally required 60-day notice directly to the company.
  • Vizsla Silver Corp. announced that Mr. Eduardo Luna, an independent director of the Company since November 2023, has been appointed as Lead Director of the Board (Panuco, Sinaloa).
  • Southern Silver Exploration Corp. reached an agreement to acquire the Puro Corazon mining claim located contiguous to its 100%-owned Cerro Las Minitas project in Durango, from an arms-length third party. The Puro Corazon mine is currently extracting ore at a 60 tpd rate, producing silver-lead and zinc concentrates. Puro Corazon is to be incorporated into the surrounding Cerro Las Minitas project to immediately commence a 12,000 m infill drilling program. On the first quarter of 2026 the company will commence the preparation of a preliminary economic assessment (PEA). The right to acquire the mining concession “m from an arms-length vendor in consideration for a series of cash payments to be made over a forty-month period following entering into of a definitive assignment agreement with the vendor”.
  • Prime Mining Corp. announced that Glass Lewis, an independent proxy advisory firm has recommended that Prime securityholders vote “FOR” the plan of arrangement with Torex Gold Resources Inc. The proxy voting deadline is September 25, 2025. “The Board of Directors of Prime unanimously recommends that the Securityholders vote FOR the Arrangement” (Los Reyes, Sinaloa).
  • Goldgroup Mining Inc. has acquired 52.7% of the creditors’ rights in Molimentales del Noroeste, S.A. de C.V. Concurso Mercantil (Chapter 11 equivalent in USA). Molimentales main asset is the San Francisco mine concession in Sonora. “Goldgroup paid approximately US$3.74 million for this acquisition, which includes payments made directly to creditors as well as expenses related to the transaction. The Company anticipates incurring additional costs as it continues acquiring further creditors’ rights”.
  • Newmont Corp. completed the sale of 43.24 M common shares of Orla Mining Ltd. at a price of US$10.14 per common share, for aggregate gross proceeds of US$439 M. Prior to the sale Newmont held 13.3% of the issued and outstanding common shares on a non-diluted basis (Peñasquito, Zacatecas).

ON SOCIAL RESPONSIBILITY

  • Orla Mining Ltd. released its 2024 sustainability report describing its responsible mining and transparent disclosure of environmental, social, and governance (“ESG”) performance. At Camino Rojo, in Zacatecas, the company stressed its low GHG emission intensity, low water usage per tonne of ore processed, purchasing from local suppliers, high training of workforce and partnership with local schools.

On the image below: Specularite veinlets in volcanosedimentary rocks, secondary hematite halo, HQ core. Picture by Jorge Cirett.

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

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By Jorge Cirett

During the 28th week of the year (July 7th to July 13th, 2025), companies working in Mexico presented 38 press releases. Two companies presented news on one early-stage property. Five companies presented quarterly operational updates. Seven companies reported on financial rounds; one company requested a trading halt, another is trading now in the OTCID Market and another was re-listed on the TSX. Two companies presented drilling results from operating mines; two companies presented channel sample results from their projects; another company updated on its environmental permit.  Eleven companies reported on deals, acquisitions, payments, activities, arbitration procedures, spinouts, AGM’s and sales. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, In Sonora, Questcorp Mining is preparing for drilling at La Union. Fortuna Mining is not proceeding with the Cecilia project option. ON MINING, Endeavour Silver, GoGold Resources, Sandstorm Gold, Torex Gold and Orla Mining presented preliminary operational/production for Q2 2025. ON FINANCING, seven companies informed on financing rounds: Silver Strom Mining (C$4 M), Aura Minerals (US$210 M), Mithril Silver and Gold (C$11.5 M), Sonoran Desert Copper (C$1 M), Endeavour Silver (US$60 M), Silver Viper (C$3.5 M) and Orogen Royalties (C$10 M). Mithril Silver and Gold shares would have halted trading during the week. Royalties Inc. started trading in the OCID Market. Orogen Royalties re-listed in the TSX. ON RESOURCES AND DEVELOPMENT, Mithril Silver and Gold updated on exploration progress at Copalquin, in Durango. Impact Silver released drilling results from Campo Morado, in Guerrero. Impact Silver presented results from drilling at Plomosas, in Chihuahua. GR Silver reported underground channel sample results from the Plomosas mine in Sinaloa (Yes, a Plomosas mine in Chihuahua and another Plomosas mine in Sinaloa). Sonora Gold updated on the status of the environmental permit for its Cerro Caliche project in Sonora. ON DEALS AND CORPORATE ISSUES, Mag Silver reminds shareholders of the upcoming voting deadline on the company’s acquisition by Pan American Silver. Santacruz Silver Mining made a further payment on the Bolivian assets acquisition. Altius Minerals updated on its project generation business activities. Almaden Minerals made public the memorial on the arbitration procedure alongside Almadex Minerals Ltd. with Mexico under the CPTPP. Royal Gold is to acquire Sandstorm Gold. Starcore International Mines is to spin its West Africa interests. Kingsmen Resources is to acquire the Almoloya project in Chihuahua. Triple Flag Precious Metals is to acquire Orogen Royalties. Silver Storm Mining is acquiring all shares from Till Capital. Starcore International Mines is to acquire the Tortilla project in Queretaro. Almaden Minerals sold a mill and paid an outstanding gold loan to Almadex Minerals. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • No Relevant News.  

ON EXPLORATION

  • Riverside Resources Inc. and Questcorp. Mining Inc. are preparing for the maiden drill program at the 2,520 ha La Union project in Sonora. The drilling will follow up on new geophysical and geochemical surveys in the search of a carbonate replacement (CRD) deposit. The program envisages 1,500 m of drilling in 7 holes 150-350 m deep to test at least three areas with historic mines.

ON MINING

  • Endeavour Silver Corp. reported second quarter 2025 production of 1.48 M Oz Ag, 7,755 Oz Au, or 2.5 M Oz AgEq. This is the first quarter that includes figures from a mine not in Mexico (Kolpa, Peru). At Guanaceví, in Durango, 96.8 K tonnes were processed (1,064 tpd), averaging 362 gpt Ag, 1.28 gpt Au, recovering 88.6% Ag, 89.7% Au, to produce 997.9 K Oz Ag, 3,562 Oz Au or 1.28 M Oz AgEq. At Bolañitos in Guanajuato, 88.1 K tonnes were processed (968 tpd) averaging 45 gpt Ag, 1.68 gpt Au, recovering 82.4% Ag, 88.3% Au, to produce 105.2 K Oz Ag, 4,193 Oz Au, or 440.7 K Oz AgEq. On Terronera, in Jalisco, the commissioning and ramp-up continues, with an average output during June of 1,232 tpd. “During commissioning of the plant, the underground mine has continued with mine development and stope preparation”.
  • GoGold Resources Inc. reported Q2 2025 production from its Parral tailings operations. The company produced during the period 201.6 K Oz Ag, 3,100 Oz Au, 128 tonnes Cu, 140 tonnes Zn (555 K Oz AgEq).
  • Sandstorm Gold Ltd. reported preliminary figures for the second quarter 2025. During the period the company sold 15,100 attributable Oz AuEq realizing US$51.4 M, with an operating margin of US$2,980 per Oz AuEq. By the end of the period the outstanding balance of the company’s revolving credit facility was US$315 M, with an undrawn balance of US$310 M (Royalty in Cosalá, Sinaloa).
  • Torex Gold Resources Inc. reported Q2 2025 production of 82,856 Oz AuEq. During the period the company mined at a rate of 2,133 tpd at the ELG open pit, moving waste at 9,313 tpd, mined at a rate of 2,790 tpd and 4,278 tpd from ELG underground and Media Luna Underground respectively, to mine at a total rate of 8,887 tpd in the Morelos Complex in Guerrero. The ore processed graded 2.92 gpt Au, 20.5 gpt Ag, 0.54% Cu, recovering 93.5% Au, 63% Ag, 84.4% Cu, to produce 69,576 Oz Au, 336.5 K Oz Ag, 8 M Lb Cu.
  • Orla Mining Ltd. provided an operational update for the second quarter of 2025, including figures from its operations in Mexico. At Camino Rojo in Zacatecas, 2.0 M tonnes were mined and 2.6 M of waste moved, for a strip ratio of 1.33. A total of 2.6 M tonnes of ore grading 0.57 gpt Au were stacked on the heaps and 25,45 Oz Au produced.  

ON FINANCING

  • Silver Storm Mining Ltd. closed the second and final tranche of its previously announced non-brokered private placement for total gross proceeds of C$130 K, for aggregate gross proceeds of C$4 M (La Parrilla, Durango).
  • Aura Minerals Inc. announces the launch of its United States public offering of common shares, seeking to raise around US$210 M (Aranzazu, Zacatecas).
  • Mithril Silver and Gold Ltd. announced on 9 July 2025 its securities trading on the ASX will be halted on the request of Mithril pending the release of announcements by MTH, until the commencement of trading on July 11, 2025 (Copalquin, Durango).
  • Sonoran Desert Copper Corp. received approval from the TSX Venture Exchange to close its private placement financing for gross proceeds of C$1 M (Cuatro Hermanos, Sonora).
  • Endeavour SilverCorp. Entered into a sales agreement with BMO Capital Markets Corp., TD Securities LLC, Ventum Financial Corp., National Bank of Canada Financial Inc., Raymond James Ltd., H.C. Wainwright & Co. LLC and ING Financial Markets LLC pursuant to which the company at its discretion may sell common share for up to US$60 M in gross proceeds (Terronera, Jalisco).
  • Royalties Inc. announced the launch of trading on the OTCID Market in the US (claims a royalty on Cozamin, Zacatecas).
  • Orogen Royalties Inc. is re-listing on the TSX Venture Exchange. The re-listing is a result of the plan of arrangement that was completed by the Company and Triple Flag Precious Metals Corp. on July 9, 2025. Concurrently with the Arrangement, Triple Flag also completed a C$10.0 M strategic private placement by subscribing Orogen shares (royalty on Ermitaño, Sonora).
  • Silver Viper Minerals Corp. closed its non-brokered private placement for aggregate gross proceeds of C$3.48 M (La Virginia, Sonora).
  • Mithril Silver and Gold Ltd. raised up to C$11.5 M in its previously announced private placement (Copalquin, Durango).

ON RESOURCES AND DEVELOPMENT

  • Mithril Silver and Gold Ltd. updated on exploration progress at Copalquin, in Durango. Drilling is to commence at Target 5 this month, after strong geochemical results from channel sampling, while drilling at Target 3 will follow later this quarter. Continuous mineralization has been mapped across 8 km, with 1,200 m of vertical extent. Highlighted channel samples at Targets 2, 3, 4 and 5 comprise 0.50 m @ 6.21 gpt Au, 265 gpt Ag; 1.00 m @ 19.85 gpt Au, 270 gpt Ag, 0.90 m @ 12.40 gpt Au, 820 gpt Ag; 0.50 m @ 13.25 gpt Au, 558 gpt Ag; 0.70 m @ 5.92 gpt Au, 392 gpt Ag; 0.65 m @ 5.67 gpt Au, 365 gpt Ag; 0.50 m @ 5.80 gpt Au; 0.90 m @ 8.03 gpt Au, 108 gpt Ag. Highlighted soil samples from the San Manuel mine area comprise 4.10 gpt Au, 83 gpt Ag; 2.73 gpt Au, 102 gpt Ag; 5.66 gpt Au, 154 gpt Ag; 5.77 gpt Au, 139 gpt Ag; 4.13 gpt Au, 120 gpt Ag; 5.03 gpt Au, 237 gpt Ag; 2.53 gpt Au, 20 gpt Ag.
  • Impact Silver Corp. released drilling results from underground drilling on the Juarez zone at its Plomosas mine in Chihuahua. Highlighted true width intercepts comprise 0.61 m @ 25 gpt Ag, 1.4% Pb, 6.3% Zn; 2.23 m @ 15 gpt Ag, 4.2% Pb, 9.9% Zn; (including 1.01 m @ 24 gpt Ag, 7.9% Pb, 17.2% Zn); 2.02 m @ 8 gpt Ag, 0.6% Pb, 13.0% Zn (including 0.81 m @ 14 gpt Ag, 0.3% Pb, 30.1% Zn); 3.94 m @ 8 gpt Ag, 0.3% Pb, 10.4% Zn (including 1.70 m @ 11 gpt Ag, 0.2% Pb, 21% Zn); 2.79 m @ 18 gpt Ag, 1.9% Pb, 4.8% Zn; 5.78 m @ 18 gpt Ag, 1.9% Pb, 4.8% Zn; 6.14 m @ 13 gpt Ag, 0.5 % Pb, 6.0% Zn (including 1.07 m @ 18 gpt Ag, 0.1% Pb, 24.9% Zn); 7.59 m @ 15 gpt Ag, 2.0% Pb, 4.2% Zn; 2.57 m @ 10 gpt Ag, 0.3% Pb, 10.7% Zn.
  • Luca Mining Corp. announced results from the first surface drill hole at the Reforma deposit and the next four underground drill holes as part of the phase one 2,500 m surface and 5,000 m underground drilling. Highlighted core length intervals comprise 21.52 m @ 4.24 gpt Au, 159 gpt Ag, 0.38% Cu, 2.1% Pb, 6.2% Zn (including 15.05 m @ 5.35 gpt Au, 188 gpt Ag, 0.31% Cu, 2.8% Pb, 8.4% Zn) on the Reforma deposit from the surface and 1.6 m @ 0.89 gpt Au, 60 gpt Ag, 0.48% Cu, 0.4% Pb, 1.9% Zn; 11.0 m @ 0.32 gpt Au, 99 gpt Ag, 4.20% Cu, 0.2% Pb, 1.6% Zn; 2.2 m @ 0.20 gpt Au, 30 gpt Ag, 0.47% Cu, 2.8% Zn; 6.1 m @ 0.17 gpt Au, 26 gpt Ag, 0.19% Cu, 0.1% Pb, 1.9% Zn; 2.3 m @ 0.49 gpt Au, 53 gpt Ag, 0.65% Cu, 0.6% Pb, 0.2% Zn; 6.4 m @ 0.72 gpt Au, 49 gpt Ag, 0.54% Cu, 0.2% Pb, 1.1% Zn; 2.20 m @ 1.09 gpt Au, 76 gpt Ag, 0.93% Cu, 0.3% Pb, 1.5% Zn; 21.5 m @ 4.24 gpt Au, 159 gpt Ag, 0.38% Cu, 2.0% Pb, 6.2% Zn (including 3 m @ 9.68 gpt Au, 277 gpt Ag, 0.36% Cu, 2.8% Pb, 8.6% Zn).
  • GR Silver Mining Ltd. reported results from underground sampling at the Plomosas mine in Sinaloa. Highlighted channel mine face samples comprise 0.8 m @ 5.74 gpt Au, 137 gpt Ag, 0.5% Cu, 16.7% Pb, 18.2% Zn; 1.0 m @ 2.32 gpt Au, 909 gpt Ag, 0.3% Cu, 6.7% Pb, 8.8% Zn; 1.2 m @ 0.54 gpt Au, 96 gpt Ag, 0.6% Cu, 29.8% Pb, 16.8% Zn; 0.8 m @ 0.18 gpt Au, 28 gpt Ag, 29.5% Pb, 5.0% Zn; 0.6 m @ 15.20 gpt Au, 310 gpt Ag, 7.2% Cu, 15.2% Pb, 26.2% Zn; 1.0 m @ 0.55 gpt Au, 68 gpt Ag, 0.1% Cu, 2.5% Pb, 5.1% Zn; 1.0 m @ 0.07 gpt Au, 864 gpt Ag, 0.1% Pb, 0.2% Zn. The results will be used to assess the implementation of a bulk sample test mining.
  • Sonoro Gold Corp. provided an update on the status of the environmental impact statement (Manifiesto de Impacto Ambiental, or MIA) for its Cerro Caliche project in Sonora. “The revised MIA was initially submitted in February 2025 and supersedes the prior MIA submitted in May 2022. Revisions to the MIA, including enhancing the mine plan and undertaking additional environmental baseline studies and socio-economic assessments … The MIA details an open-pit, heap leach mining operation including waste dumps, crushing facilities, heap leach pad, leach solution ponds, gold recovery facilities, haul roads, building structures and infrastructure”.

ON DEALS AND CORPORATE ISSUES

  • Mag Silver Corp. reminded shareholders about the proxy voting deadline for the company’s upcoming special meeting that was held in person in Vancouver, Canada on July 10, 2025, to consider the previously announced plan of arrangement with Pan American Silver Corp. regarding Magg Silver’s acquisition by Pan American (Juanicipio, Zacatecas).
  • Riverside Resources Inc. has received notice from Fortuna Mining that it has completed Phase 2 exploration work on the Cecilia project in Sonora and will not be proceeding with the option agreement. As a result, Fortuna has not earned any interest in the project.
  • Santacruz Silver Mining Ltd. has made the third payment of US$7.5 M to Glencore to satisfy the base purchase Price related to the Bolivian assets acquisition. It is part of a structured payment plan totaling US$40 M to be completed by October 31, 2025 (Zimapán, Hidalgo).
  • Altius Minerals Corp. updated its project generation business activities and its public junior equities portfolio. Overall performance of the portfolio during the quarter was largely driven by its holding of approximately 19.6% interest in Orogen Royalties Inc., which holds a royalty on the Ermitaño deposit, in Sonora. AbraSilver Resource Corp. announced a potential new porphyry copper discovery at the La Coipita project in Argentina.
  • Almaden Minerals Ltd. made public the memorial on the arbitration procedure alongside Almadex Minerals Ltd. with Mexico filed in March of this year under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). The memorial details how Mexico unlawfully expropriated the Claimants’ investments, failed to provide fair treatment, and discriminated against them. The background to the claim involves a lawsuit filed in 2015 by an ejido community against the Mexican government, arguing that the mineral title system was unconstitutional because it lacked required Indigenous consultation. In February 2023, the authorities sought to retroactively deny the original mineral title applications due to alleged minor faults, which Almaden contends breaches both Mexican and international law.  Damages sought by the Claimants total approximately US$1.06 B (Ixtaca, Puebla).
  • Sandstorm Gold Ltd. and Royal Gold Inc. informed that Royal Gold will acquire all of the issued and outstanding common shares of Sandstorm in an all-share transaction with a value of approximately US$3.5 B. Sandstorm shareholders will receive a 21% premium to the 20-day volume weighed average price (VWAP). Concurrent with the Sandstorm Transaction, Royal Gold has entered into a definitive arrangement agreement with Horizon Copper Corp., pursuant to which Royal Gold will acquire all of the issued and outstanding common shares of Horizon Copper in an all-cash transaction valued at approximately US$196 M providing an 85% premium to the 20-day VWAP (Royalty on Cosalá, Sinaloa).
  • Starcore International Mines Ltd. intends to spin out its exploration interests in Cote d’Ivoire, West Africa, through its wholly-owned subsidiary EU Gold Mining Inc. that will seek a separate listing in Canada (Juarez, Queretaro).
  • Kingsmen Resources Ltd. entered into a non-binding letter of intent (LOI) for an option to acquire the recently consolidated 866 ha Almoloya project on the Parral district in Chihuahua. The project includes the past producing Cigarrero and Las Juliettas mines. Historic production was 1.25 M tonnes @ 600 gpt Ag, 40% Pb, 25% Zn with variable Cu-Au. The company has a 60-day due diligence period under the LOI, and the option may be exercised by paying a total of US$8.6 M over eight years on staged payments, of which US$6.5 M should be paid between years five and eight of the option. The optionors will keep a 2.5% NSR, of which 1% can be bought for US$3 M (Cuatro Hermanos, Sonora).
  • Orogen Royalties Inc. and Triple Flag Precious Metals Corp. have completed the previously announced plan of arrangement in which Triple Flag has acquired all of the issued and outstanding common shares of Orogen for a total consideration of approximately C$421 M. The total consideration consists of $171.5 M in cash, $171.5 M in Triple Flag shares, and shares of 1537944 BC Ltd. (“Orogen SpinCo”) with an implied value of $78 M (Royalty on Ermitaño deposit, Sonora).
  • Silver Storm Mining Ltd. announced that “at a special meeting of the shareholders of Till Capital Corporation … the Till shareholders approved the previously announced transaction of Till with the Company, whereby Silver Storm will indirectly acquire … 100% of the issued and outstanding common shares of Till” (La Parrilla, Durango).
  • Starcore International Mines Ltd. entered into a non-binding letter of intent (LOI) with Manuel Felipe Arreguin Martinez to lease six mineral claims and two properties comprising the San Juan Nepomuceno Project, also known as the Tortilla Project, in Queretaro. The project is 40 km NE from the San Martin mine and 5 km W from La Negra mine. For a five-year lease the company is paying the owner US268 K, of which US$107 K are to be paid on signing of the definitive agreement and US$27 K monthly for the next six months, after which the owner is entitled to a 2% NSR from production derived from the Tortillas project. “During the term of the ten-year lease, the Owner has the option to sell all of the claims and concessions to Starcore at a purchase price of US$7,000.000” (San Martin, Queretaro).
  • Almaden Minerals Ltd. closed the sale of certain assets comprising the Rock Creek Mill to Metals Exploration PLC., receiving gross proceeds of US$9.7 M. “15% of the Purchase Price was payable as a commission by Almaden to an equipment sales broker.”. Almaden will now proceed with the early repayment of the outstanding gold loan pursuant to the secured gold loan agreement between Almaden and Almadex Minerals Ltd. “The Gold Loan will be settled by the return of the undrawn balance of 397 ounces” (Ixtaca, Puebla).

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

On the image below: Previous igneous phase fragment on monzonite porphyry. Picture by Jorge Cirett.

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

/ Gambusino Prospector / Leave a comment

By Jorge Cirett

By Jorge Cirett
During the 26th week of the year (June 23rd to June 29th, 2025), companies working in Mexico presented 37 press releases. Four companies presented news on early-stage properties. No company presented operational updates. Eight companies reported on financial rounds; another company amended a significant loan facility; one more set the price on its securities; one closed on a significant loan facility, and two more started trading on another stock exchange, while one more granted options, another executed a loan agreement and another declared a dividend. One company presented drilling results from historical waste dumps and one more disclosed exploration results near its operating mine. A large operating gold company is acquiring an exploration company with silver plays in Mexico and USA, another company announced appointments to the board, two more contracted services, another five informed on their AGM’s and one more clarified on a proposed acquisition. ON MEXICO ISSUES, the Mexican president pointed that no new mining concessions are to be issued, while reassuring the mining industry that some mining permits are to be granted and confirming that the open pit ban proposal has been retired. ON EXPLORATION, In Sonora, Questcorp Mining commenced work at La Union; Tocvan Ventures released RC drilling results from Gran Pilar; Masivo Silver advances on the due diligence at Cerro Colorado. ON MINING, no relevant news. ON FINANCING, eight companies informed on financing rounds: Minaurum Gold (C$8 M), Silver Storm Mining (C$4 M), Vizsla Silver (US$100-$115 M), Reyna Silver (C$1.1 M), Endeavour Silver (US$135 M), Silver Viper (C$3.5 M), Kootenay Silver (C$20 M) and Masivo Silver (C$1 M). Endeavour Silver amended a credit facility, increasing its amount to up to US$115 M. Reyna Silver set the price of its securities related to the deal with Torex Gold. Vizsla Royalties and Santacruz Silver started trading on the Frankfurt Stock Exchange and the OTCQX Best Market respectively. Santacruz Mining granted incentive securities. Gold Resource executed a loan agreement for US$6.3 M. Sandstorm Gold declared a dividend. ON RESOURCES AND DEVELOPMENT, Heliostar Metals informed on its plan to process waste stockpiles while restarting open pit mining at La Colorada. DynaResource has two near-mine exploration plays at San Jose de Gracia. ON DEALS AND CORPORATE ISSUES, Torex Gold Resources is to acquire all shares of Reyna Silver. Chesapeake Gold appointed new members to the board. Vizsla Royalties hired a contractor for a digital marketing campaign. Orla Mining, Americas Gold and Silver, Discovery Silver, Almaden Minerals and Orogen Royalties informed on their AGM´s. Vortex Metals engaged a firm for environmental services for its Oaxaca projects. Roberto Resources clarified the acquisition terms of the Claudia project. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • Claudia Sheinbaum, president of Mexico, spoke on one of its daily conferences about the tight squeeze on mining permits by its government, pointing that some of these will be authorized once its environmental impact has been reviewed and reduced (no time line offered). She also stated that the ban on open pit mining proposal was retired because of its impracticality but reiterated that no new mining concessions are to be granted.  

ON EXPLORATION

  • Questcorp. Mining Inc. commenced the first phase work program at its La Union project in Sonora. Questcorp is earning a 100% interest from Riverside Resources Inc. in the 2,520 ha property. The initial stage includes marking lines for an IP survey, sampling of limestone and dolomite host rocks for fluorescence study for vectoring, geological mapping of selected drill sites and sections on the IP lines and rock and soil sampling to identify additional targets. The project hosts carbonate replacement deposit style (CRD) mineralization hosted by “Neoproterozoic sedimentary rocks (limestones, dolomites, and siliciclastic sediments) overlying crystalline Paleoproterozoic rocks of the Caborca Terrane….. Mineralization occurs as polymetallic veins, replacement zones (mantos, chimneys), and shear zones with high-grade metal content, as shown in highlight grades of 59.4 grams per metric tonne (g/t) gold, 833 g/t silver, 11% zinc, 5.5% lead, 2.2% copper, along with significant hematite and manganese oxides…”
  • Pinnacle Silver and Gold Corp. provided an update on the Potrero project in Durango. The importance of a quartz feldspar porphyry dike is being recognized as it follows the same structure that hosts the mineralized quartz breccia vein system with some underground workings entirely within it. Additional channel sampling is now conducted in areas where access was previously restricted. “A program of combined underground and surface diamond drilling is being devised in order to systematically test the Dos de Mayo vein system”. A plant consultant reviewed the processing installations and will produce a report in the following weeks. “A permit consultant was taken to the project to initiate a site review for the purpose of permitting near term diamond drilling, mid-term mine development and site preparation, and future production”.
  • Tocvan Ventures Corp. announced reverse circulation (RC) drill results from the latest drill program at its Gran Pilar project in Sonora. Highlighted drill length results comprise 22.88 m @ 0.14 gpt Au, 5 gpt Ag (including 7.63 m @ 0.37 gpt Au, 12 gpt Ag); 42.70 m @ 0.14 gpt Au, 45 gpt Ag (including 10.68 m @ 0.11 gpt Au, 137 gpt Ag); 6.10 m @ 0.16 gpt Au; 12.20 m @ 0.14 gpt Au, 10 gpt Ag (including 4.58 m @ 0.34 gpt Au, 5 gpt Ag).
  • Masivo Silver Corp. is advancing on the due diligence to acquire the Cerro Colorado project in Sonora. Reported historic results from two 2015 drill holes by Minera Gold Zone. The two shallow holes targeted the southwestern margin of the Cerro Colorado system. Highlighted core length results comprise 29.65 m 0.062 gpt Au, 51 gpt Ag, 0.1% Pb, 0.6% Zn (including 5.05 m @ 0.262 gpt Au, 254 gpt Ag, 0.27% Cu, 0.4% Pb, 0.8% Zn; 2.95 m @ 0.395 gpt Au, 384 gpt Ag, 0.40% Cu, 0.4% Pb, 0.9% Zn; 2.45 m @ 0.432 gpt Au, 430 gpt Ag, 0.59% Cu, 0.4% Pb, 0.8% Zn); 35.80 m @ 23 gpt Ag, 0.4% Zn (including 3.15 m @ 0.188 gpt Au, 159 gpt Ag, 0.14% Cu, 0.3% Pb, 0.5% Zn and 0.60 m @ 0.705 gpt Au, 577 gpt Ag, 0.52% Cu, 0.8% Pb, 0.9% Zn). According to Masivo, “Cerro Colorado hosts a sub-epithermal polymetallic system, potentially related to breccia structures on the flank of a deeper porphyry system”.

ON MINING

  • No Relevant News.

ON FINANCING

  • Minaurum Gold Inc. entered into an agreement with Comark Securities Inc. pursuant to which Comark is to act as lead agent in connection with a “best efforts” private placement for aggregate gross proceeds of up to C$5 M (Alamos, Sonora).
  • Silver Storm Mining Ltd. intends to complete a non-brokered private placement for gross proceeds of up to C$2.6 M (La Parrilla, Durango).
  • Vizsla Silver Corp. entered into an agreement with Canaccord Genuity on behalf of itself and syndicate of underwriters, pursuant to which the underwriters have agreed to purchase, on a bought deal basis common shares for gross proceeds of US$100 M. The underwriters were granted an option for 30 days to buy an over-allotment for up to 15% of the offering. If the over allotment option is exercised in full, the total gross proceeds of the offering will be US$115 M (Panuco, Sinaloa).
  • Reyna Silver Corp. announced a financing concurrent with the definitive agreement on its acquisition by Torex Gold Resources Inc., under which Torex Gold has agreed to purchase C$1.1 M units in a non-brokered private placement. The proceeds of the private placement are to be used to make certain payments relating to its option agreements in Nevada (Batopilas, Chihuahua).
  • Minaurum Gold Inc. increased the size of the previously announced “best efforts” private placement for aggregate gross proceeds of up to C$8.0 M (Alamos, Sonora)
  • Endeavour Silver Corp. amended and restated the previously announced senior secured debt facility with ING Capital LLC and Societe Generale acting as joint lead arrangers. The credit facility was amended and restated to increase the principal amount of up to US$120 M by an additional US$15 M, bringing the aggregate principal amount up to US$135 M (Terronera, Jalisco).
  • Reyna Silver Corp. has set the price of the securities offered in connection with the non-brokered private placement previously announced, in connection with the agreement on which Torex Gold Resources Inc. is to acquire all shares of Reyna Silver. “The price of each Unit to be issued under the Private Placement has now been set at $0.095, and, as previously announced, each Unit will be comprised of one Share and one common share purchase warrant …exercisable … price of $0.13 per Purchaser Warrant ….” (GuiGui, Chihuahua).
  • Americas Gold and Silver Corp. closed its previously announced US$100 M senior secured debt facility provided by funds affiliated with SAF Group to fund spending at the Galena project in the US (Cosalá, Sinaloa).
  • Vizsla Royalties Corp. started trading on the Frankfurt Stock Exchange (Royalty on Panuco, Sinaloa).
  • Santacruz Silver Mining Ltd. has qualified to trade on the OTCQX Best Market, upgrading from the OTCQB Venture Market (Zimapán, Hidalgo).
  • Santacruz Silver Mining Ltd. granted 3.45 M stock options, deferred share units, 0.96 M restricted share units and 0.5 M performance share units to certain directors, officers, employees and consultants (Zimapán, Hidalgo).
  • Silver Viper Minerals Corp. closed its C$3.5 M non-brokered private placement (La Virginia, Sonora).
  • Gold Resource Corp. announced the execution of a loan agreement with Francisco Javier Reyes de la Campa and Jaluca Ltd. in the amount of US$6.3 M. In connection with the agreement the company also issued a common stock purchase warrant to an affiliate of Mr. Reyes de la Campa for up to 1.5 M shares at an exercise price of $0.65 (Don David, Oaxaca).
  • Sandstorm Gold Ltd. declared the second quarterly cash dividend for 2025 in the amount of C$0.02 per common share (Royalty on Cozamin, Zacatecas).
  • Kootenay Silver Inc. completed its previously announced and upsized bought deal public offering for gross proceeds of C$20 M (Columba, Chihuahua).
  • Silver Storm Mining Ltd. increased the previously announced non-brokered private placement from C$2.6 M to C$4 M. Proceeds are to be used at La Parrilla in Durango, for the procurement of mine processing flotation cells; to commence rehabilitation work of the processing facility including equipment purchase and refurbishment, labor and supplies; to order long lead items including deposits on mining equipment and ventilation fans; to fund ongoing operations for the next 12 months and for general corporate and working capital purposes (La Parrilla, Durango).
  • Masivo Silver Corp. announced a non-brokered private placement of up to C$1 M to fund exploration at one property in Mexico and another in the USA (Cerro Colorado, Sonora).

ON RESOURCES AND DEVELOPMENT

  • Heliostar Metals Ltd. released results from drilling the Truckshop stockpile at its La Colorada mine in Sonora. La Colorada was operated by El Dorado Gold Corp. in the 1990s, with the Truckshop stockpile deposited as a waste dump 400 m from the mine’s crushing circuit. Highlighted drill intercepts from 26 holes in the waste dump comprise 10.7 m @ 1.81 gpt Au, 10 gpt Ag; 19.80 m @ 0.30 gpt Au, 14 gpt Ag; 13.7 m @ 0.61 gpt Ag, 10 gpt Ag; 9.1 m @ 0.39 gpt Au, 18 gpt Ag; 7.6 m @ 0.54 gpt Au, 14 gpt Ag; 19.8 m @ 0.62 gpt Au, 32 gpt Ag; 9.1 m @ 0.86 gpt Au, 10 gpt Ag; 10.7 m @ 0.31 gpt Au, 10 gpt Ag; 35.1 m @ 0.19 gpt Au, 5 gpt Ag; 13.7 m @ 0.36 gpt Au, 8 gpt Ag; 10.7 m @ 0.28 gpt Au, 15 gpt Ag; 19.8 m @ 0.42 gpt Au, 5 gpt Ag; 13.7 m @ 0.24 gpt Au, 11 gpt Ag; 19.8 m @ 0.17 gpt Au, 9 gpt Ag. “the Company will now change the focus of drilling to test the larger El Dorado stockpile … If that drilling is successful, it may provide additional resources and cash flow similar to that currently being generated from the producing Junkyard reserve. The intention is to produce from these low-cost stockpiles to maximize cashflow ahead of primary mining from the open pit pushbacks”.
  • DynaResource Inc. updated on exploration activities at its San Jose de Gracia mine in Sinaloa. Two potential high-grade mineralized zones have been identified and are under evaluation for exploration and development potential. The Victoria vein was discovered on the hanging wall of the Tres Amigos vein system, is 1.5 m wide and has been followed along 110 m by drifting, grading between 7 to 8 gpt Au and currently is envisioned to potentially host around 25 K Oz Au in sulfide rich, chalcopyrite-sphalerite-galena bearing material. The Palos Chinos vein system has a conceptual exploration target of 90 K tonnes grading 5 to 6 gpt Au, with a potential to host 15 K Oz Au. Exploration drifts have encountered minor disseminated mineralization within the footwall of the Palos Chinos structure, with results of up to 7.6 m @ 7.4 gpt Au in channel sampling.

ON DEALS AND CORPORATE ISSUES

  • Torex Gold Resources Inc. entered into a definitive agreement to acquire all of the issued and outstanding common shares of Reyna Silver Corp. for an all-cash consideration of US$26 M (C$36 M) (Morelos Complex, Guerrero).
  • Reyna Silver Corp. entered into a definitive agreement with Torex Gold Resources Inc. pursuant to which Torex Gold has agreed to acquire all issued and outstanding common shares of Reyna Silver. Concurrently with the transaction, Torex Gold is participating in non-brokered private placement with Reyna Silver -see above in Financing- (GuiGui, Chihuahua).
  • Chesapeake Gold Corp. announced the election of Mr. Paul West-Sells to the board of directors together with the returning incumbent directors P. Randy Reifel, Randy Buffington, Doug Flegg, Lian Li, and John Perston. Mr. Jeff Stieber was also appointed to the board, while director Chris Falck is retiring and continuing as an advisor (Metates, Durango).
  • Vizsla Royalties Corp. entered into an agreement with Machai Capital Inc. for a digital marketing campaign “… including branding and content creation, data optimization services, search engine optimization, search engine marketing, lead generation, digital marketing, social media marketing, e-mail marketing and brand marketing” (Royalty on Panuco, Sinaloa).
  • Orla Mining Ltd. reported the voting results from its AGM with all nominees elected as directors (Camino Rojo, Zacatecas).
  • Americas Gold and Silver Corp. announced that all nominees listed in the management proxy circular were elected on its AGM, along with the passing of several other ordinary resolutions (Cosalá, Sinaloa).
  • Vortex Metals Inc. engaged “Pontones & Ledesma” based in Mexico City o to lead the company’s efforts in preparing environmental impact studies (EIA) at its projects Zaachila and Riqueza Marina in Oaxaca.
  • Discovery Silver Corp. announced results of its annual general meeting (AGM), electing all director nominees (Cordero, Chihuahua).
  • Roberto Resources Inc. clarified its disclosure on the proposed acquisition from Durango Gold Corp. of the Claudia project in Durango, as requested by the British Columbia Securities Commission. The company entered into an extension agreement for the due diligence period, until June 30, 2025. The company is to pay US$25 K and 10 M common shares at the closing, assume up to US$500 K in current accounts payables which includes mineral concession payments for US$465 K. Bonus payments to previous owner Silverstone Resources S.A. de C.V. as follows: if a measured and indicated resource is disclosed ranging from 1 to 500 K Oz AuEq, payment of US$7.0 M; 500 K to 1 M Oz AuEq, additional US$ 10.0 M; and 1 M to 1.5 M Oz AuEq, an additional US$2.0 M. Those gold discovery payments can be paid 50% in shares and 50% in cash. If no measures or indicated resources are published by the end of 2029, the project must be returned to Silverstone.
  • Almaden Minerals Ltd. informed all matters submitted to the shareholders were approved at their annual general meeting (Ixtaca, Puebla).
  • Orogen Royalties Inc. announced the plan of arrangement between the company and Triple Flag Precious Metals Corp. was approved on its annual general meeting (AGM), along with the election of all nominees to the board (Royalty on Ermitaño, Sonora). 

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On the image below: Tectonic breccia within a fault zone in HQ core. Picture by Jorge Cirett.