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    Coeur’s US$158M Mexico exploration push: resource upside notes for mine planners

    July 23, 2026|

    Reviewed by Joe Ashwell

    Coeur’s US$158M Mexico exploration push: resource upside notes for mine planners

    First reported on MINING.com

    30 Second Briefing

    Coeur Mining has doubled its 2026 Mexico exploration budget to US$158 million, funding 202 km of drilling split between Palmarejo in Chihuahua (US$27 million, 83 km) and Las Chispas in Sonora (US$24 million, 119 km), and lifting its five‑year spend in the country to about US$340 million. Key intercepts include 11.5 m at 6.9 g/t Au and 1,250 g/t Ag from 274 m at Palmarejo’s San Miguel (SMDH‑138) and 9.1 m at 16.5 g/t Au and 206 g/t Ag from 473 m at Independencia Sur (VIDH‑221), with San Miguel and La Union remaining open in all directions. Palmarejo and Las Chispas together produced 11.6 million oz silver and 156,000 oz gold last year, and Scotia Capital’s Eric Winmill sees Palmarejo’s Eastern District as a longer‑term production front with Independencia Sur offering nearer‑term reserve additions.

    Technical Brief

    • Hole SMDH-118 at San Miguel cut 10.8 m @ 3.4 g/t Au, 1,083 g/t Ag from 335 m.
    • La Union hole LUDH-111 returned 14.5 m @ 6.3 g/t Au, 19 g/t Ag from 415 m depth.
    • Shallower La Union hole LUDH-093 intersected 7.9 m @ 7 g/t Au, 14 g/t Ag from 194 m.
    • Independencia Sur hole VIDH-221 hit 9.1 m @ 16.5 g/t Au, 206 g/t Ag from 473 m.
    • Coeur confirms San Miguel and La Union mineralisation remains open in all directions, supporting step-out drilling.
    • Palmarejo complex comprises three underground mines, a central processing plant, satellite deposits and a dedicated camp.
    • Palmarejo contributed 36% of Coeur’s silver and 24% of gold output in the last reported year.
    • Las Chispas, accessed by highway from Hermosillo, exploits narrow high-grade underground veins with historic workings dating to the 1640s.

    Our Take

    With Palmarejo already contributing over a third of Coeur Mining’s silver output, the stepped-up drilling at Palmarejo and Las Chispas positions Mexico as a counterweight to the company’s newer Canadian assets like Rainy River and New Afton highlighted in our 23 March 2026 coverage.

    The acquisition of SilverCrest Metals for US$1.7 billion to secure Las Chispas, combined with US$340 million of exploration spend in Mexico over five years, signals Coeur is locking in a long-lived gold-silver platform in Chihuahua and Sonora rather than treating these as short-cycle satellite operations.

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    Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.

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