Blog posts

By Miguel A Heredia

During the 7^th week of the year (February 10^th to February 16^th 2025), at least 30 press releases were announced by companies working in Mexico, with ten reporting resources and development of their properties, seven announcing financing rounds, six disclosing deals and corporate issues, four communicating production results, two informing on exploration results, and one commenting on Mexican issues.  ON MEXICO ISSUES, Silver Tiger, Impact Silver, and Kootenay the best drilling intercepts in Mexico on the second week of February, 2025. ON EXPLORATION, IN Sonora, Minaurum announced the latest drill results from its drill program at its Alamos Silver project. In Chihuahua, Kootenay released results from eleven holes drilled at its Columba project.  ON MINING, Sierra Madre reported record monthly production results from its Guitarra mine in Estado de Mexico for the month of January, 2025. First Majestic announced 2025 production and cost guidance for their Mexican mining operations. GoGold released Q1, 2025 production and financial results (Parral Tailing project, Chihuahua). Agnico reported Q4 and 2024 full year production results from their Mexican operations. ON FINANCING, Capitan Silver announces a revision to the warrant acceleration right related to its private placement financing warrants (Cruz de Plata project, Durango).  Defiance Silver closed first a second tranche and then a third and final tranche of its non-brokered private placement for gross proceeds of CAD $1,560,600 and CAD $975K respectively (San Acacio property, Zacatecas). Oroco announced that its previously announced non-brokered private placement is now oversubscribed (Santo Tomas project, Sinaloa). Colibri closed a first tranche of its previously announced non-brokered private placement for gross proceeds of $140,400 (Pilar and EP project, Sonora). Reyna Silver closed a second tranche of its previously announced non-brokered private placement for gross proceeds of CAD $1,607,992.50 (Batopilas project, Chihuahua). ON RESOURCES AND DEVELOPMENT, Sonora Desert completed the compilation of the geophysical dataset and outlined the results of geophysical analyses from its Cuatro Hermanos project in Sonora. Tocvan and its JV partner Colibri announced that a total of 1,122m has been drilled in ten drill holes at its Pilar project in Sonora. Hecla reported year-end mineral reserves and resources for its San Sebastian mine, Durango. Apollo provided an update of its recently acquired Cinco de Mayo project, Chihuahua. Silver Tiger released drilling results from its El Tigre project in Sonora.  Impact Silver reported underground drilling results from the Kena Vein South in its producing mine in the Zacualpan mining district, Estado de Mexico. Zacatecas Silver designed a new drill program for its silver projects in Zacatecas. Agnico Eagle provided and update on year-end 2024 mineral reserves and mineral resource, 2024 exploration results and 2025 exploration plans.  ON DEALS AND CORPORATE ISSUES, Guanajuato Silver announced the receipt from the TSX Venture Exchange (TSXV) of approval for graduation from Tier 2 Issuer Status to Tier 1 Issuer Status (El Cubo and Pinguico Mine Complex, Guanajuato). Infinitum Copper announced the resignation of a member of its Board of Directors (La Adelita project, Sonora). SilverCrest received court approval for arrangement with Coeur Mining (Las Chispas mine, Sonora). Tocvan granted stock options to officers, directors and consultants (Pilar project, Sonora). Heliostar announced that it has successfully repaid a USD $5M acquisition loan just three months after securing it to purchase gold assets in Mexico from Florida canyon. Coeur reported that it has completed the acquisition of SilverCrest (Las Chispas mine, Sonora). ON SOCIAL RESPONSIBILITY,  no relevant news.

ON MEXICO ISSUES

• Silver Tiger Metals Inc., Impact Silver Corp., and Kootenay Silver Inc., reported the best drilling intercepts in Mexico on the second week of February, 2025. Details are shown in the table below:

ON EXPLORATION

• Minaurum Gold Inc., announced the latest drill results from its drill program at its Alamos Silver project in Sonora. This drilling campaign is targeting the highly prospective Promontorio vein. Drilling highlights are shown in the table below:

• Kootenay Silver Inc., released results from eleven holes drilled at its Columba project in Chihuahua. Drilling highlights are shown in the table below:

 ON MINING

• Sierra Madre Gold and Silver Ltd., reported record monthly production results from its Guitarra mine in Estado de Mexico for the month of January, 2025. The company shipped a total of 349.38 dry metric tonnes of concentrate with an additional 45.81 tonnes in inventory. Provisional weighted average Ag grade of concentrate shipments was 2,429 g/t, gold averaged 32.124 g/t.
• First Majestic Silver Corp., announced 2025 production and cost guidance for their Mexican mining operations. Figures are shown in the table below:

• GoGold Resources Inc., released Q1, 2025 production and financial results (Parral Tailing project, Chihuahua). The company produced 226.3K Oz Ag, 3.2K Oz Au, 271K Lb Cu, and 360.6K Lb Zn (551.4K Oz AgEq) at adjusted cash and AISC of USD $19.33 and USD $22.45 per Oz AgEq respectively. GoGold also announced financial results for the quarter ending December 31, 2024 with record revenue of USD $19.1M on the sale of 626K Oz AgEq at an average realized price of USD $30.51 per Oz Ag. It also reported cash of USD $76M and cash flow from operations of USD $7.9M.
• Agnico Eagle Mines Ltd., reported Q4 and 2024 full year production and results from their Mexican operations (all currency is expressed in US dollars). At Pinos Altos, Chihuahua, in Q4, 2024 the company milled 381,000 tonnes of 1.58 g/t Au to produce 18.6K Oz Au at a production cost of $2,435 per Oz Au and a total cash cost of $1,921 per Oz Au. For the 2024 dull year, Agnico milled 1,707,000 tonnes of 1.69 g/t Au to produce 88.4K Oz Au at a production cost of $1,902 per Oz Au and a total cash cost of $1,530 per Oz Au. At La India, Sonora, the company produced in Q4, 2024, over 3.4K Oz Au at a production cost of $3,045 per Oz Au and total cash cost of $1,835 per Oz Au. On the 2024 full year, it produced 24.6K Oz Au at a production cost of $2,025 per Oz Au and a total cash cost of $1,945 per Oz Au. The company reported revenue of $61.47M for Pinos Altos, Chihuahua and $9.26M for La India, Sonora.  Agnico provided three-year production guidance and expects to produce at Pinos Altos, Chihuahua between 75-85K Oz Au in 2025 and 2026, and between 85-95K Oz Au in 2027. Production guidance for 2025 is to mill 1,350,000 tonnes with an average grade of 1.96 g/t Au. 

ON FINANCING

• Capitan Silver Corp., Mining announces a revision to the warrant acceleration right related to its private placement financing of up to 13,250,000 units at CAD $0.40 per unit, totaling up to CAD $5.3M. Each unit consists of one common share and one common share purchase warrant, exercisable for one share at CAD $0.50 for 12 months. The Company can accelerate the expiry of the warrants with a notice if the closing price exceeds CAD $0.50 and following a significant property acquisition announcement. Closing is set for February 17, 2025, pending regulatory approvals (Cruz de Plata project, Durango).
• Defiance Silver Corp., closed first a second tranche and then a third and final tranche of its non-brokered private placement of 7,803,000 units at a price of CAD $0.20 per unit for gross proceeds of CAD $1,560,600 for the second tranche, followed 4,875,000 units at a price of CAD $0.20 per unit for gross proceeds of CAD $975K for the third and final tranche. In total, the company issued 16,339,000 units for aggregate gross proceeds of CAD $3,267,800. Gross proceeds will be used for exploration and general working capital purposes (San Acacio property, Zacatecas).
• Oroco Resource Corp., announced that its previously announced non-brokered private placement is now oversubscribed due to strong investor demand. As a result, the company is no longer accepting new subscriptions and now intends to close the offering, subject to the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange (Santo Tomas project, Sinaloa).
• Colibri Resource Corporation closed a first tranche of its previously announced non-brokered private placement of 5,616,000 units at a price of $0.025 per unit for gross proceeds of $140,400. Net proceeds are expected to be used as follow: approximately 20% for upcoming exploration expenses at Colibri's highly prospective precious metals projects in Mexico, including the Pilar Gold Project & the EP Gold Project in Sonora, 65% for arm's length creditors including payment of interest expenses on outstanding loans and up to 15% to non-arm's length parties as reimbursement for expenses paid on behalf of the Company by the non arm's length parties.
• Reyna Silver Corp., closed a second tranche of its previously announced non-brokered private placement of 21,439,900 units at a price of CAD $0.075 per unit for gross proceeds of CAD $1,607,992.50. Gross proceeds will be used for ongoing exploration, maintenance and development of the company´s properties and general working capital and corporate purposes (Batopilas project, Chihuahua).
• Barksdale Resources Corp., announced on February 14, 2024, the extension of its convertible debenture´s maturity date to December 31, 2025, with the conversion price reduced to $0.12 per share. The debentures have a remaining principal amount of $1.5M and all other terms of the debentures remain unchanged. The company issued 1,684,931 units to creditors to settle 151,644 in accrued interest, with each unit priced at $0.09 and including warrant for future purchase at $0.12. Additionally, Barksdale issued 8,000,000 share purchase warrants as an extension fee, valid until December 31, 2025. The company continues to advance its base metal projects in North America, including the San Javier project in Sonora, Mexico.

ON RESOURCES AND DEVELOPMENT

• Sonoran Desert Copper Corporation completed the compilation of the geophysical dataset and outlined the results of geophysical analyses from its Cuatro Hermanos project in Sonora, focusing on resistivity and induced polarization (IP) data. Key findings include the identification of deep shear zones that may serve as channels for sulphide-rich mineralizing fluids, enhancing the potential for copper and molybdenum mineralization. The updated geophysical profiles suggest the presence of mineralization linked to these shear structures, with nearby drillholes indicating increasing copper grades toward these anomalies.
• Tocvan Ventures Corp., and its JV partner Colibri Resource Corporation announced that a total of 1,122m has been drilled in ten drill holes at its Pilar project in Sonora. It was reported that samples for first three drill holes have been sent to lab for analysis and that an initial review of drill core indicates key structures and favourable rock characterization has been encountered. Tocvan and Colibri are advancing plans for up to 50,000 tonnes bulk sample/pilot facility.
• Hecla Mining Company reported year-end mineral reserves and resources for its San Sebastian mine, Durango. The company reported indicated resources for San Sebastian-Oxide of 1,233,000 tonnes with grades of 205 g/t Ag and 3.11 g/t Au for a total of 8.15M Oz Ag and 121K Oz Au contained, while for San Sebastian-Sulfide it reported 1,164,000 tonnes with grades of 165 g/t Ag, 0.31 g/t Au, 2% Pb, 3.1% Zn, and 1.3% Cu for a total of 6.2M Oz Ag, 15K Oz Au, 52.64M Lb Pb, 80.42M Lb Zn, and 34.14M Lb Cu contained. Hecla reported inferred resources for San Sebastian-Oxide of 2,163,000 with grades of 221 g/t Ag and 1.87 g/t Au for a total of 15.36M Oz Ag and 134K Oz Au contained, while for San Sebastian-Sulfide the company reported 326, 000 tonnes with grades of 134 g/t Ag, 0.31 g/t Au, 1.7% Pb, 2.6% Zn, and 0.9% Cu for a total of 1.39M Oz Ag, 4K Oz Au, 12.7M Lb Pb, 18.86M Lb Zn, and 6.92M Lb Cu contained.
• Apollo Silver Corp., provided an update of its recently acquired Cinco de Mayo project, Chihuahua. Recently, on February 3, 2025, a new pro-development executive for the Ejido Benito Juarez, owner of the surface rights covering the Cinco de Mayo claims, was officially certified after winning an election by majority and an approximate margin of 2:1. This change is significant as it opens opportunities for economic proposals regarding the project's continued development, which aims to include community investments aligned with Apollo´s plans for the site. The company is keen to restore social license and build relationships in the region, which has not been feasible for the past decade due to local governance challenges.
• Silver Tiger Metals Inc., released the first assays from the drilling program being conducted from underground drill pads targeting the high-grade Vein, Sulfide and Shale results at its El Tigre project in Sonora. Drilling highlights includes holes ET-24-627 and ET-24-626, whose results are shown in the table below:

• Impact Silver Corp., reported underground drilling results from the Kena Vein South in its producing mine in the Zacualpan mining district, Estado de Mexico. Drilling highlights include holes MPZ-UG-005-24 with 597 g/t Ag, 1.15 g/t Au, 0.8% Pb, and 0.6% Zn over 2.77m, plus 338 g/t Ag, 0.87 g/t Au, 0.4% Pb, and 1.7% Zn over 0.35m, plus 1,460 g/t Ag, 0.04 g/t Au, 0.3% Pb, and 0.7% Zn over 0.55m,and plus 298 g/t Ag, 0.03 g/t Au, 0.1% Pb, and 0.04% Zn over 1.35m; hole MPZ-UG-006-24 with 195 g/t Ag, 0.05 g/t Au, 0.2% Pb, and 0.5% Zn over 3.70m, including 611 g/t Ag, 0.17 g/t Au, 0.6% Pb, and 1.3% Zn over 0.90m; and hole MZP-UG-007-24 with 519 g/t Ag, 0.54 g/t Au, 0.2% Pb, and 0.4% Zn over 0.75m.
• Zacatecas Silver Corp., designed a new drilling program for its silver projects in Zacatecas, aimed at expanding existing mineral resources and following up on previously identified high-grade silver intercepts. Key areas of focus include the Panuco Deposit, which has shown high-grade silver results, and the El Cristo Vein System, which has many unexplored targets. In addition, the company has identified two additional high-priority exploration targets: San Gil Breccia and Muleros zones. San Gill Breccia Zone, located in the southern part of the main Zacatecas concessions, about two kilometers southwest of the Veta Grande vein. It features intense brecciation and quartz veining, along with abundant iron oxides after sulfides, and Muleros Zone, situated south of Panuco and north of El Cristo, this vein system extends over a three-kilometer strike length and consists of three main veins: the South Vein, North Vein, and El Rosario Vein.
• Silver Storm Mining Ltd., announced a significant update to its mineral resource estimate at its La Parrilla mine in Durango. Key highlights include a 107% increase in indicated mineral resources, growing from 5.2M Oz AgEq to 10.8M Oz AgEq; a 58% increase in inferred mineral resources, from 10.3M Oz AgEq to 16.3M Oz AgEq; approximately 90% of the indicated and 85% of the inferred resources comprise sulphide mineralization, 10% of the indicated and 15% of the inferred mineral resource tonnage is oxide mineralization, with silver accounting for 66% of the indicated and 69% of the inferred gross metal value; the modeling of 23 additional mineralized structures, indicative of further potential; and the total exploration cost was recorded at USD $0.22 per Oz AgEq discovered. Silver Storm is optimistic about future drilling results and its strategic position to potentially resume operations, given the substantial increase in mineral resources and a fully permitted processing plant.
• Agnico Eagle Mines Limited provided and update on year-end 2024 mineral reserves and mineral resources, 2024 exploration results and 2025 exploration plans. The company reported proven + probable reserves for their Mexican operations. For Pinos Altos, Chihuahua, it reported 433K Oz Au @94 g/t Au and 8.5M Oz Ag @ 38 g/t Ag, and for San Nicolas, Zacatecas (50%) 672K Oz Au @ 0.4 g/t Au and 37.7m Oz Ag, 1.32 B Lb Cu @ 1.12% Cu, and 1.74 B Lb Zn @ 1.5% Zn. Agnico also reported mineral resources for their operations. Measured + Indicated (M+I) resources reported for Pinos Altos, Chihuahua were 741K Oz Au @ 2.09 g/t Au and 16M Oz Ag @ 47 g/t Ag, and Inferred resources were 58K Oz Au @1.67 g/t Au and 1.33M Oz Ag @ 39 g/t Ag; for San Nicolas, Zacatecas (50%), 20K Oz Au @ 0.19 g/t Au, 1.2M Oz Ag @ 11 g/t Ag, 87.4M Lb Cu @ 1.18% Cu, and 48.4M Lb Cu @ 0.8% Zn (M+I), and 10K Oz Au @ 0.13 g/t Au, 7.35M Oz Ag @ 9 g/t Ag, 51.8 B Lb Cu @ 0.94% Cu, 34.4M Lb Zn @ 0.6% Zn (Inferred); for La India, Sonora, 89K Oz Au @ 0.52 g/t Au and  464K Oz Ag @ 3 g/t Ag (M+I resources); for Tarachi, Sonora, 361K Oz Au @ 0.58 g/t Au (M+I) and 4K Oz Au @ 0.52 g/t Au (Inferred); for Chipriona, Sonora, 326K Oz Au @ 0.92 g/t Au, 35.6M Oz Ag @ 101 g/t Ag, 38.7M Lb Cu @ 0.16% Cu, and 205.3M Lb Zn @ 0.8% Zn (M+I) and 21K Oz Au @ 0.66 g/t Au, 2.7M Oz Ag @ 87 g/t Ag, 2.63M Lb Cu @  0.12% Cu, and 15.8M Lb Zn @ 0.7% Zn (Inferred); for El Barqueño, Jalisco, 331K Oz Au @1.16 g/t Au, 1.34M Oz Ag @ 5 g/t Ag, 36.7M Lb Cu @ 0.19% Cu (M+I) and 351K Oz Au @ 1.13 g/t Au, 22.7M Oz Ag @ 99 g/t Ag, 51.5M Lb Cu @ 0.2% Cu (Inferred); and for Santa Gertrudis, Sonora, 563K Oz Au @ 0.91 g/t Au (M+I) and 1.43M Oz Au @ 2.36 g/t Au. Agnico also provided its 2025 exploration program and corporate development guidance. At Pinos Altos, Chihuahua, the company expects to spend USD $3.8M for 19,600m of capitalized and expensed exploration drilling. On Mexico Regional, it expects to spend USD $17.6M.

ON DEALS AND CORPORATE ISSUES

• Guanajuato Silver Company Ltd., announced the receipt from the TSX Venture Exchange (TSXV) of approval for graduation from Tier 2 Issuer Status to Tier 1 Issuer Status. The company will commence trading as a Tier 1 Issuer on February 14, 2025 (El Cubo and Pinguico Mine Complex, Guanajuato).
• Infinitum Copper Corp., announced the resignation of a member of its Board of Directors (La Adelita project, Sonora).
• SilverCrest Metals Inc., received court approval for arrangement with Coeur Mining Inc., whereby Coeur will, among other things, indirectly acquires all of the issued and outstanding SilverCrest shares. (Las Chispas mine, Sonora).
• Tocvan Ventures Corp., granted 1,675,000 stock options at an exercise price of $0.50 per share to officers, directors and consultants. All options issued will expire February 11, 2030 (Pilar project, Sonora).
• Heliostar Metals Inc., announced that it has successfully repaid a USD $5M acquisition loan just three months after securing it to purchase gold assets in Mexico from Florida Canyon Gold Inc. Being debt-free will enable Heliostar to reinvest all profits from operations into growth initiatives, focusing on increasing production and developing new resources in 2025 (La Colorada mine, Sonora).
• Coeur Mining Inc., reported that it has completed the acquisition of SilverCrest Metals Inc. Coeur acquired all the outstanding common shares of SilverCrest, with SilverCrest shareholders receiving 1.6022 Coeur common shares for each SilverCrest common share (Las Chispas mine, Sonora)

ON SOCIAL RESPONSIBILITY

• No relevant news.

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

On the picture above, a quartz-FeOx stockwork veining with chrysocolla stains from an IOCG system in a project in Sonora, Mexico. Photo taken by Miguel A Heredia.