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

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By Jorge Cirett

During the 4th week of the year (January 20th to January 26th, 2025), companies working in Mexico presented 26 press releases. Two companies informed on exploration on their properties, three companies presented quarterly reports and one updated on the refurbishment of an antimony smelter. Nine companies informed on financing rounds and two granted stock options. Two companies reported drilling results from producing mines and one more from an advanced property. A company resumed operations at its advanced property after a fatal accident. Two companies informed on senior staff changes. One company informed on another’s company acquisition process and one more informed on the TSX stand in relation to a take-over bid. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, in Sonora, Tocvan Ventures reported surface exploration results at its Gran Pilar project. In Nayarit, Angel Wing commenced drilling at La Reyna project. ON MINING, Capstone Gold, Avino Silver and Dyna Resource presented Q4 2024 results. US Antimony provided an operational update on its Madero smelter. ON FINANCING, companies that commenced or closed financing rounds include Defiance Silver (C$732 K), Colibri Resource (C$250 K), Zacatecas Silver (C$1.5 M), Capitan Silver (C$4.2 M), Goldgroup Mining (C$3.5 M), Gold Resource Corp. (US$2.5 M). Southern Silver Exploration (C$2.5 M), Silver Storm Mining (C$3.5 M), Mexican Gold (C$160 K). Sonoro Gold and Angel Wing Metals granted options to officers and directors. ON RESOURCES AND DEVELOPMENT, Vizsla Silver resumed limited operations after a fatal accident on Panuco, in Sinaloa. Sierra Metals reported drilling results from Bolivar, in Chihuahua. Mithril Silver and Gold presented drilling results from Copalquin, in Durango. First Majestic Silver released drilling results from San Dimas, in Durango.  ON DEALS AND CORPORATE ISSUES, Zacatecas Silver and Infinitum Copper announced movements on their boards. Agnico Eagle acquired 94% of O3 Mining shares. Sierra Metals was notified by the TSX on relation to a take-over bid. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

  • Angel Wing Metals Inc. commenced a 1,500 m diamond drill program at La Reyna project in Nayarit. “The first phase of the program will include 10-12 holes aimed at confirming historical surface sampling grades, on strike continuity, orientation and depth of known mineralization, and artisanal mine workings”. Drilling is to focus on the Dolorosa, Zorrillo, San Ramon and El Polo targets.
  • Tocvan Ventures Corp. reported on surface exploration results from its 100% owned Gran Pilar project in Sonora. A total of 188 rock samples and 9 infill soil samples were analyzed from the Southern Block, with four new target areas within a 1.8 km long by 1.0 km wide zone. Another zone 2.1 km by 2.4 km remains to be sampled. Highlighted rock sample results comprise: 3.11 gpt Au, 18 gpt Ag, 0.5% Pb, 0.1% Zn; 2.74 gpt Au, 17 gpt Ag, 0.7% Pb; 2.71 gpt Au, 17 gpt Ag, 0.7% Pb, 0.1% Zn; 2.29 gpt Au, 24 gpt Ag, 0.9% Pb; 2.13 gpt Au, 0.1% Cu, 0.1% Zn; 1.45 gpt Au, 0.2% Zn; 1.12 gpt Au, 64 gpt Ag, 0.6% Pb; 1.09 gpt Au, 10 gpt Ag, 0.4% Cu; 0.88 gpt Au; 0.19 gpt Au, 0.7% Cu; 0.17 gpt Au, 0.7% Pb. High pathfinder numbers on rock sampling comprise up to 0.5% As, 312 ppm Mo and 98 ppm Sb. Nine infill soil samples returned up to 0.45 gpt Au, 8 gpt Ag, 110 ppm Cu, 671 ppm Pb, 147 ppm Zn, 463 ppm As, 3 ppm Mo. Diamond drilling continues on the Pilar project (JV with Colibri Resource Corp.) with core sample preparation ongoing of the 408 m already completed on four holes.

ON MINING

  • Capstone Copper Corp. announced consolidated production for 2024, including information from its operations in Mexico. During Q4 2024 the company produced 6,724 tonnes Cu at Cozamin, in Zacatecas, for a total yearly production of 24,906 tonnes Cu, out of a total of 141,698 tonnes Cu produced by their sulfide business. For 2025, guidance for Cozamin is similar to 2024, with 23 – 26 K tonnes Cu at cash cost $1.60 – $1.80.
  • Avino Silver & Gold Mines Ltd. presented Q4 and full year 2024 production results. At Avino, in Durango, 181.7 K tonnes were processed during the quarter, grading 56 gpt Ag, 0.59 gpt Au, 0.52% Cu, recovering 87% Ag, 74% Au, 86 % Cu, to produce 283.8 K Oz Ag, 2,560 Oz Au, 1.77 M Lb Cu (or 735 K Oz AgEq). For the year 648.8 K tonnes were processed, grading 61 gpt Ag, 0.51 gpt Au, 0.51% Cu, recovering 88% Ag, 71% Au, 87% Cu, to produce 1.1 M Oz Ag, 7,477 Oz Au, 6.2 M Lb Cu (or 2.65 M Oz AgEq). “Avino had approximately $26 million in cash at the end of 2024 and remains debt-free, excluding operating equipment leases”.
  • Fortuna Mining Corp. reported production results for the fourth quarter and full year 2024, including figures from its operations in Mexico. At San José, in Oaxaca, Fortuna milled 190 K tonnes during the quarter, at a rate of 2,437 tpd, grading 118 gpt Ag, 0.85 gpt Au, recovering 82.7% Ag, 82% Ag, to produce 594.4 K Oz Ag, 4,239 Oz Au. For the year, 735.6 K tonnes were milled at a rate of 2,138 tonnes per day, grading 125 gpt Ag, 0.89 gpt Au, recovering 86.1% Ag, 84.8% Au, to produce 2.55 M Oz Ag, 17,811 Oz Au. Last week the company announced the sale of the San José mine.
  • Dyna Resource Inc. announced its preliminary 2024 operating results and 2025 guidance. During the quarter Dyna mined 67.7 K tonnes, grading 4.12 gpt Au, recovering 76% Au to produce 6,775 Oz Au. For the year, 257.7 K tonnes were mined, averaging 4.07 gpt Au, recovering 76% Au to produce 25,677 Oz Au. For 2025 Dyna expects to produce 27,000 to 30,000 Oz Au, at an AISC of $1,850 to $2,050 per Oz Au, with US$2.5 to US$3 M in exploration expenditures.
  • United States Antimony Corp. provided an operational update on its Madero smelter in Coahuila. “Initial plans are for the Madero Smelter to process antimony ore in an amount approximating 100 tons per month”, starting next March. The company will repair and refurbish six of the seventeen furnaces at the smelter over the next month. The less than US$1 M capital expenditure program is also geared to more streamline antimony feedstock in a faster, more mechanical and less human interaction manner, allowing for increased throughput in the future.

ON FINANCING

  • Defiance Silver Corp. closed a first tranche of a non-brokered private placement for aggregate gross proceeds of C$732K (Zacatecas project, Zacatecas).
  • Colibri Resource Corp. intends to conduct a non-brokered private placement for gross proceeds for up to C$250 K (Diamante, Sonora).
  • Zacatecas Silver Corp. arranged a non-brokered private placement for total proceeds of C$1.5 M (Zacatecas Silver project, Zacatecas; Esperanza, Morelos).
  • Capitan Silver Corp. intends to raise up to C$4.2 M through a non-brokered private placement. “The Offering is expected be led by a strategic investment from the Jupiter Gold & Silver Fund” (Cruz de Plata, Durango).
  • Goldgroup Mining Inc. closed the non-brokered private placement previously announced. The company raised C$3.5 M in gross proceeds (Cerro Prieto, Sonora).
  • Gold Resource Corp. closed the registered offering for US$2.5 M in gross proceeds (Don David).
  • Angel Wing Metals Inc. granted 1.7 M stock options to directors of the company (La Reyna, Nayarit).
  • Southern Silver Exploration Corp. revised the terms of the previously announced non-brokered private placement, which is now to comprise gross proceeds of up to C$2.5 M (Cerro Las Minitas, Durango).
  • Silver Storm Mining Ltd. increased the size of its previously announced non-brokered private placement, for gross proceeds of up to C$3.5 M. First Majestic Silver (a significant shareholder) subscribed C$1.5 M in shares, which is considered a related party transaction (La Parrilla, Durango).
  • Mexican Gold Mining Corp. announced a non-brokered private placement to raise up to C$160 K (Las Minas, Veracruz).
  • Sonoro Gold Corp. granted options to certain directors, officers and consultants of the company (Cerro Caliche, Sonora).

ON RESOURCES AND DEVELOPMENT

  • Vizsla Silver Corp. resumed limited operations after the recent fatal accident at Panuco, in Sinaloa, to work in a test mine and advance towards a feasibility study.
  • Sierra Metals Inc. reported drill results for the 2024 drill program in the Marian Zone at the Bolivar mine in Chihuahua. Highlighted true width core intervals comprise 26.0 m @ 1.29% Cu, 0.34 gpt Au, 11 gpt Ag; 20.0 m @ 1.37% Cu, 0.31 gpt Au, 24 gpt Ag, 0.2% Zn; 9.5 m @ 0.85% Cu, 0.14 gpt Au, 24 gpt Au, 3.0% Zn; 10.0 m @ 1.26% Cu, 0.26 gpt Au, 40 gpt Ag, 8.3% Zn; 7.0 m @ 2.45% Cu, 0.42 gpt Au, 12 gpt Ag; 6.7 m @ 0.93% Cu, 0.22 gpt Au, 2 gpt Ag. Marian is a chalcopyrite, lesser bornite and pyrite mineralized body, interpreted as a feeder zone, cutting carbonate rocks previously affected by calc-silicate metasomatism. Mineralization is 9.0 to 26.4 m wide, with the current results having the potential to extend the ore body 300 m along strike and 600 m downdip.
  • Mithril Silver and Gold Ltd. continues drilling the Target 1 resource area at its Copalquin project in Durango. Highlighted core length intervals comprise: 7.37 m @ 4.16 gpt Au, 70 gpt Ag; 0.75 m @ 2.53 gpt Au, 60 gpt Ag; 7.65 m @ 0.23 gpt Au, 9 gpt Ag; 2.00 m @ 0.63 gpt Au, 61 gpt Ag; 5.00 m @ 0.53 gpt Au, 29 gpt Ag; 13.90 m @ 0.71 gpt Au, 35 gpt Ag (including 1.00 m @ 4.15 gpt Au, 195 gpt Ag). The company is to complete a resource estimate for the Target 1 by end of Q1 2025, and drilling is to commence with a second drill rig at the Target 2 area by April 2025.
  • First Majestic Silver Corp. released results from the 2024 drilling program at its San Dimas mine in Durango. Resource conversion and exploration drilling was performed on El Oro, Perez, Sinaloa, Santa Teresa, Rosario, Intermedia, Santa Regina, Santa Jessica and Nochebuena veins. Highlighted true length results comprise: 3.26 m @ 10.03 gpt Au, 1,996 gpt Ag; 2.30 m @ 6.28 gpt Au, 1,001 gpt Ag; 3.14 m @ 3.66 gpt Au, 485 gpt Ag; 5.06 m @ 2.00 gpt Au, 309 gpt Ag; 2.31 m @ 23.33 gpt Au, 1,045 gpt Ag; 2.97 m @ 6.61 gpt Au, 501 gpt Ag; 1.69 m @ 10.91 gpt Au, 796 gpt Ag; 1.64 m @ 8.31 gpt Au, 507 gpt Ag; 3.41 m @ 10.02 gpt Au, 359 gpt Ag; 5.86 m @ 3.11 gpt Au, 166 gpt Ag; 1.69 m @ 13.53 gpt Au, 211 gpt Ag.

ON DEALS AND CORPORATE ISSUES

  • Zacatecas Silver Corp. announced the appointment of Mr. Eric Vanderleeuw as chief executive officer and director and Mr. Mario Vetro as advisor (Zacatecas Silver project, Zacatecas; Esperanza, Morelos).
  • Infinitum Copper Corp. announced the resignation of Steve Robertson as chairman and as a director and Garrick Mendham as director of the company (La Adelita, Sonora).
  • Agnico Eagle Mines Ltd. and O3 Mining Inc. provided O3 Mining share Holders with a final reminder to tender to Agnico Eagle’s friendly all cash offer to acquire 100% of the common shares of O3 Mining at $1.67 per share, which expires on January 23, 2025 (Pinos Altos, Chihuahua).
  • Agnico Eagle Mines Ltd. announced the acquisition of 94.1% of the outstanding common shares of O3 Mining Inc., with expiry of the buy offer extended to February 3, 2025 (Pinos Altos, Chihuahua).
  • Sierra Metals Inc. was notified by the Toronto Stock Exchange (TSX) “that the TSX will defer its consideration of the acceptance of the Company’s shareholder rights plan dated December 30, 2024”. This is in relation to the un-solicited take-over bid by Alpayana S.A.C. for all of the common shares of Sierra Metals (Bolivar, Chihuahua).

ON SOCIAL RESPONSIBILITY

  • No Relevant news.

On the image below: Old mine working in the Sonoran Desert. Drone picture by Jorge Cirett.

The Mining and Exploration News in Mexico: Highlights on the Third Week of June, 2024

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Quartz vein hosted in volcanic rocks

By Miguel A Heredia

During the 25th week of the year (June 17th to June 23th, 2024), at least 26 press releases were announced by companies working in Mexico, and 2 news published by the media, with eleven disclosing deals and corporate issues, six announcing financing rounds, six commenting on Mexican issues, and five reporting resources and development of their properties.  ON MEXICO ISSUES, Almadex and Almaden confirmed that they have commenced international arbitration proceedings against Mexico (Ixtaca project, Puebla). Silver Bull provided an update on its international arbitration claim against Mexico (Sierra Mojada project, Coahuila). Arcelor Mittal declared that it has immobilized 300K tones of steel to be processed since last May 25, when the mining workers went on strike.  José Jaime Gutiérrez Núñez, president of the Mining Chamber of Mexico (Camimex), denounced that insecurity continues to be one of the main problems affecting mining. Pan American Silver and Silver Tiger reported the best drilling intercepts in Mexico on the third week of June, 2024. ON EXPLORATION, no relevant news.  ON MINING, no relevant news. ON FINANCING, Prismo closed its previously announced non-brokered private placement for gross proceeds of $1,147,500 (Palos Verdes project, Sinaloa). Vizsla closed its previously announced brokered private placement for gross proceeds of CAD $5.46M (Copala project, Sinaloa). Southern Silver announced a non-brokered private placement for gross proceeds of $3,510,000 (Cerro Las Minitas project, Durango). Guanajuato Silver settled $805K in outstanding liabilities by the issuance of 2,683,333 common shares at a price of $0.30 per share (Cubo, Valenciana, San Ignacio Mine Complexes, Guanajuato).  Heliostar closed the initial tranche of its previously announced non-brokered private placement offering for gross proceeds of approximately $4,479,715 (Ana Paula project, Guerrero). Silver Storm entered into a debt settlement agreement letter to settle the company´s outstanding debt for past services in the amount of $286,760.95 (La Parrilla mine, Durango).   ON RESOURCES AND DEVELOPMENT, Silver Tiger presented results from its ongoing drilling program at El Tigre property, Sonora. Tocvan provided a progress update from its 2024 RC drilling program at its Pilar project, Sonora. Pan American Silver released drill results from its la Colorada property in Zacatecas. Starcore along with Xali Gold and Kappes, Cassiday & Associates (KCA) have commenced drilling at El Oro Mine Tailings project in Mexico as well as an environmental rehabilitation project to    clean up tailings from the Municipality of El Oro in Mexico. ON DEALS AND CORPORATE ISSUES, Vizsla shareholders approved the plan of arrangement with Vizsla Royalties Corp at the special meeting of shareholders (Copala project, Sinaloa). Mag Silver announced voting results of its annual general meeting of shareholders (Juanicipio project, Zacatecas). Riverside announced the acquisition of the Maria Luisa Copper property, immediately north of its Ariel property in Sonora. Candelaria announced voting results of its annual general meeting of shareholders (Caballo Blanco project, Veracruz). Ranchero Gold announced it has closed the sale of its Santa Daniela project in Sonora. Prime announced voting results of its annual general meeting of shareholders (Los Reyes project, Sinaloa). Vizsla Silver revealed that the Supreme Court of British Columbia has issued its final order approving the plan of arrangement with Vizsla Royalties (Panuco project, Sinaloa). Aura announced results of its annual general meeting of shareholders (Aranzazu mine, Zacatecas). Orla reported voting results for the election of its Board of Directors which took place at its annual general meeting of shareholders (Camino Rojo mine, Zacatecas). Fortuna Silver announced voting results of its annual general meeting of shareholders, including the change of the company´s name to Fortuna Mining Corp (San Jose mine, Oaxaca).  ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUE

  • Almadex Minerals Ltd., and Almaden Minerals Ltd., confirmed hat that they have commenced international arbitration proceedings against Mexico under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership. Almadex alleges that Mexico has breached its obligations under the CPTPP through actions which blocked the development of the Ixtaca project and ultimately retroactively terminated the Ixtaca project mineral concessions, causing the loss of the Company’s investment in Mexico. Almadex is pursuing this arbitration together with Almaden Minerals Ltd., on behalf of themselves and their Mexican subsidiaries, and based on a preliminary estimate will be seeking damages of no less than USD $200M, in the aggregate. Almadex would be entitled to damages relating to its 2.0% NSR royalty on the Ixtaca project in Puebla, if such damages were to be awarded.
  • Silver Bull Resources Inc., provided an update on its international arbitration claim against Mexico, setting out a damage claim of USD $408M under the agreement between the United States of America, Mexico, and Canada (the “USMCA”) and the North American Free Trade Agreement (“NAFTA”). The arbitration arises from Mexico’s unlawful expropriation and other unlawful treatment of Silver Bull by the Mexican Government resulting in a total loss of its investment due to an illegal blockade of Silver Bull’s Sierra Mojada project, Coahuila that began in September 2019 and continues to this day. 
  • Arcelor Mittal declared that it has immobilized 300K tones of steel to be processed since last May 25, when the mining workers went on strike. After 20 days of strike at the facilities of the largest steel producer in Michoacán, Mexico, Arcelor Mittal, the National Chamber of the Iron and Steel Industry (Canacero) demanded that the federal and local governments intervene to find “a prompt solution to the labor conflict with the union, since it has a strong impact on the entire North American value chain. The miners’ petition demands payment of 10% of profits, given Arcelor Mittal’s refusal to present the production sheet for the year 2023. Arcelor Mittal is the largest steel company in the country, headquartered in Lázaro Cardenas, Michoacán, with 3.98M tonnes of steel at the end of 2023, concentrating the largest production of rod, wire rod, billet, slab and steel rolls, for national consumption as export. The governor of Michoacán, Alfredo Ramírez Bedolla, hoped that this week there will be a reparation agreement that will end the strike of section 271 of the Mining Union at the Arcelor Mittal plant.
  • José Jaime Gutiérrez Núñez, president of the Mining Chamber of Mexico (Camimex), denounced that insecurity continues to be one of the main problems affecting mining. He pointed out that robberies, kidnapping, extortion and the collection of land rights are situations that the industry that operates in the country faces daily. According to the Fraser Institute of Canada, Mexico is the fourth most unsafe country in Latin America to carry out mining activity, only below Venezuela, Colombia and Nicaragua. Globally, the Institute placed Mexico in 73rd place out of 84 jurisdictions evaluated in terms of investment attraction. The president of the Mining Chamber of Mexico assured that although they had already presented this panorama to the head of the Secretariat of Security and Citizen Protection, Rosa Icela Rodríguez, it has not been possible to put a stop to the insecurity situation that faces the mining industry.
  • Pan American Silver Corp., and Silver Tiger Metals Inc., reported the best drilling intercepts in Mexico on the third week of June, 2024. Details are shown in the table below:

ON EXPLORATION

  • No relevant news.

ON MINING

  • No relevant news.

ON FINANCING

  • Prismo Metals Inc., closed its previously announced non-brokered private placement for gross proceeds of $1,147,500 through the issuance of 6,750,000 units. Gross proceeds will be used to fund drilling at its Palos Verdes project, Sinaloa, and for general working capital purposes.
  • Vizsla Silver Corp., closed its previously announced brokered private placement for gross proceeds of CAD $5.46M through the issuance of 9,379,088 units of the company at a price of CADS $0.11 per Unit and 36,923,800 flow-through units of the company, and together with the units at a price of CAD $0.12 per flow-through unit. The company plans to use the gross proceeds for working capital and general corporate purposes (Copala project, Sinaloa).
  • Southern Silver Exploration Corp., announced a non-brokered private placement for gross proceeds of $3,510,000, consisting of 13,000,000 units at a price of $0.27 per unit. Net proceeds will be used for the continued development of its Cerro Las Minitas project, Durango, as well as for working capital.
  • Guanajuato Silver Company Ltd., settled $805K in outstanding liabilities by the issuance of 2,683,333 common shares at a price of $0.30 per share (Cubo, Valenciana, San Ignacio Mine Complexes, Guanajuato).
  • Heliostar Metals Ltd., closed the initial tranche of its previously announced non-brokered private placement offering. Pursuant to the offering, Heliostar issued 16,904,585 common shares at a price of $0.265, for gross proceeds of approximately $4,479,715. The company expects to close a final tranche of the offering upon receipt of TSX Venture Exchange approval for the creation of a new insider of the company.  Assuming such approval is obtained, the final tranche is expected to close on or around June 28, 2024, for gross proceeds of approximately $499,790. Gross proceeds will be used for the commencement of drilling at Ana Paula project, Guerrero, and general working capital.
  • Silver Storm Mining Ltd., entered into a debt settlement agreement letter with a legal service provider (creditor) to the company to settle the company´s outstanding debt for past services performed by the creditor in the amount of $286,760.95 by issuing 972,200 common shares at a price of $0.18 per share, in addition to the payment to the creditor of $111,760.95 (La Parrilla mine, Durango). 

ON RESOURCES AND DEVELOPMENT

  • Silver Tiger Metals Inc., presented results from its ongoing drilling program at El Tigre property, Sonora. Drilling highlights at the Stockwork Zone include holes ET-24-583 with 0.97 g/t Au and 12 g/t Ag (1.13 g/t AuEq or 85 g/t AgEq) over 79.5m, including 1.79 g/t Au and 21 g/t Ag (2.07 g/t AuEq or 155 g/t AgEq) over 35.4m, plus 0.67 g/t Au and 4 g/t Ag (0.72 g/t AuEq or 54 g/t AgEq) over 26m; hole ET-24-571 with 0.49 g/t Au and 38 g/t Ag (1 g/t AuEq or 75 g/t AgEq) over 44.2m, including 0.89 g/t Au and 84 g/t Ag (2.01 g/T AuEq or 151 g/t AgEq) over 12.7m, plus 0.31 g/t Au and 1 g/t Ag (0.32 g/t AuEq or 24 g/t AgEq9 over 57m, plus 1.55 g/t Au and 62 g/t Ag (2.37 g/t AuEq or 178 g/t AgEq)over 4.5m; hole ET-24-576 with 0.43 g/t Au and 0.5 g/t Ag (0.44 g/t AuEq or 83 g/t AgEq) over 7.5m, plus 0.92 g/t Au and 9 g/t Ag (1.03 g/t AuEq or 78 g/t AgEq) over 41.1m, including 1.52 g/t Au and 8 g/t Ag (1.62 g/t AuEq or 122 g/t AgEq) over 14.2m; and hole ET-24-580 with 0.68 g/t Au and 5 g/t Ag (0.74 g/t AuEq or 56 g/t AgEq) over 27.1m, plus 1.6 g/t Au and 12 g/t Ag (1.75 g/t AuEq or 131 g/t AgEq) over 9m. These new results are highlighting the expansion of the mineralization along the Footwall of the PEA “Starter Pit”. “The results may increase the updated MRE associated with the PFS-level study, as well as further de-risk the project.”
  • Tocvan Ventures Corp., provided a progress update from its 2024 RC drilling program at its Pilar project, Sonora. During the current year, the company has completed 3,268m in 26 drill holes of which 11 holes are still pending of results. “Drilling at Pilar has been paused to allow for the review of results and assess the summer weather conditions. A second drilling rig for core is being contemplated for later this year to expedite the build out of a robust geological model and accompany the remaining infill and step out drill holes for resource estimation.” The company plans to complete a grid soils sampling along with mapping and rock chip sampling across the area to better define the extents of the mineralization. In addition, Tocvan will also evaluate a UAV based magnetics survey to further assist in the definition of fault structures and alteration.
  • Pan American Silver Corp., released drill results from its la Colorada property in Zacatecas, where the company discovered an entirely new set of vein structures with high silver grades to the east and southeast of the main NC2 Vein. A total of 75 holes for 15,705m of infill drilling was completed, focusing on the vein targets NC2, Mariana, Intermedia, Veta 3, SE system, and Liz, from both surface and underground. 15 surface exploration holes successfully extended the NC2 Vein to the east and intercepted two new structures (Mariana and Intermedia). Drilling highlights include holes S-102-23 with 1,131 g/t Ag, 3% Pb, and 5.5% Zn over 1.42m (NC2 Vein) and 760 g/t Ag, 0.5% Pb, and 0.9% Zn over 0.95m (Mariana Vein); hole S-27-24 with 5,991 g/t Ag, 4.1% Pb, and 8.7% Zn over 1.04m (NC2 Vein), 2,291 g/t Ag, 3.3% Pb, and 6.1 % Zn over 0.59m (Intermediate East), and 426 g/t Ag, 1.2% Pb, and 3.6% Zn over 2.51m (Mariana Vein); hole S-05-24 at Colorada Skarn Zone with 825 g/t Ag, 4.5% Pb, and 9.3% Zn over 1.41m (San Geronimo Vein), a splay vein with 1,755 g/t Ag, 2.7% Pb, and 5.8% Zn over 1.95m, and a second structure with 1,190 g/t Ag, 1.2% Pb, and 2.2% Zn over 2.16m; hole S-20-24 with 614 g/t Ag, 2.1% Pb, and 5.9% Zn over 5.67m (Cristina Vein), a new splay veins with 2,336 g/t Ag, 2.2% Pb, and 4.5% Zn over 0.36m, and 1,212 g/t Ag, 2.3% Pb, and 2.6% Zn over 1.12m, and 1,551 g/t Ag, 5.3% Pb, and 7.9% Zn over 0.65m; and hole S-71-24 with 3,342 g/t Ag, 1% Pb, and 4.6% Zn over 1.89m (Cristina Vein), and a second vein with 128 g/t Ag, 0.8% Pb, and 5.8% Zn over 29.5m.
  • Starcore International Mines Ltd., along with Xali Gold Corporation and Kappes, Cassiday & Associates (KCA) have commenced a 20 hole sonic drilling program at El Oro Mine Tailings project in Mexico with the purpose of taking a representative sample, which will be used in metallurgical test work to confirm the process flowsheet. Additionally, Starcore and KCA will also commence an environmental rehabilitation project to clean up tailings from the Municipality of El Oro in Mexico.

ON DEALS AND CORPORATE ISSUES

  • Vizsla Silver Corp., shareholders approved the plan of arrangement with Vizsla Royalties Corp. at the special meeting of shareholders. Under the arrangement, the owners of common shares of Vizsla Silver are entitled to receive one-third of a common share of Spinco and one-third of a common share purchase warrant of Spinco for each Vizsla share held immediately prior to the closing of the arrangement. Following the arrangement, Spinco will no longer be a wholly owned subsidiary of Vizsla Silver (Copala project, Sinaloa).
  • Mag Silver Corp., announced voting results of its annual general meeting of shareholders (Juanicipio project, Zacatecas).
  • Riverside Resources Inc., announced the acquisition of the Maria Luisa Copper property, immediately north of its Ariel property in Sonora. Riverside resolved outstanding tax issues for the previously private owner, completed required filings and then reimbursed the property owner minus those costs with a total payment of USD $200K with no royalty or retained interest, giving Riverside100% control. All concessions are now in good standing with data available.
  • Candelaria Mining Corporation announced voting results of its annual general meeting of shareholders (Caballo Blanco project, Veracruz).
  • Ranchero Gold Corp., announced that its wholly-owned subsidiary Minera y Metalurgia Paikas SA de CV, has closed the sale of its Santa Daniela project in Sonora to Minas de Oro Nacional SA de CV, a wholly-owned subsidiary of Alamos Gold Inc. Ranchero Gold received a total of USD $2, 550,000 of which USD $658,000 was paid on signing a letter of intent, and a further USD $1,892,000 on closing, following official transfer of the licenses to Minas de Oro.  Additionally, in the event that Minas de Oro declares a Mineral Reserve of, or mines, greater than 500K Oz Au within the Licenses, a further payment of USD $2,500,000 will be due to Paika from Minas de Oro.
  • Prime Mining Corp., announced voting results of its annual general meeting of shareholders (Los Reyes project, Sinaloa).
  • Vizsla Silver Corp., revealed that the Supreme Court of British Columbia has issued its final order approving the plan of arrangement with Vizsla Royalties Corp. The closing of the arrangement was approved by TSX and will occur on 12:01 a.m. on June 24, 2024, being the effective Date (Panuco project, Sinaloa).
  • Aura Minerals Inc., announced results of its annual general meeting of shareholders (Aranzazu mine, Zacatecas).
  • Orla Mining Ltd., reported voting results for the election of its Board of Directors which took place at its annual general meeting of shareholders (Camino Rojo mine, Zacatecas).

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, quartz veins hosted in volcanic rocks in an epithermal vein system in a project in Oaxaca, Mexico. Photo taken by Miguel A Heredia.