News Roundup: Defiance Silver (DEF.v DNCVF) In recent months, Defiance Silver Corp. (DEF.v or DNCVF for U.S. investors) has accelerated its growth as a district-scale explorer in Mexico, delivering a new mineral resource estimate at Tepal, closing a multi-million-dollar financing, and announcing a strategic acquisition to expand its copper-gold portfolio.
Tepal Project: New Mineral Resource Estimate and Technical Report
At the end of 2024, Defiance announced a new Mineral Resource Estimate (MRE) for the 100%-owned Tepal Gold-Copper Project in Michoacn, Mexico. The MRE outlined 111.67 million tonnes of Measured and Indicated resources averaging 0.26 g/t gold, 0.19% copper, and 1.55 g/t silver. Inferred resources were also substantial, totaling 124.36 million tonnes.
Metallurgical testing showed positive recoveries, including up to 86% copper recovery in some zones. The company later filed an amended technical report in January 2025, which confirmed the resource figures without material changes. Notably, the resource is contained within an optimized pit shell and highlights exploration upside, including potential underground targets at depth.
Zacatecas Project: Technical Report Filed and Ongoing Exploration
At the same time, Defiance continued to advance its flagship Zacatecas Project in the historic Zacatecas Silver District. The company filed a new NI 43-101 technical report encompassing all projects within the Zacatecas complex, replacing a prior non-compliant resource from 2014.
While no current mineral resource estimate has been reported yet, the company has completed extensive exploration work, including 73 new drill holes totaling over 26,500m, detailed surface mapping, and soil sampling, laying the foundation for a future updated resource.
Additionally, Defiance extended its option agreement on the San Acacio Project—one of the key assets within the broader Zacatecas Project—into 2025, maintaining control over this important part of its district-scale land package.
Financing: Strengthening the Balance Sheet
Building on this momentum, Defiance closed a $3.27 million private placement across three tranches by February 2025, providing additional funding for exploration and working capital. The financing structure included units priced at C$0.20 with half-warrants exercisable at C$0.35 for 24 months, showing strong investor interest despite challenging market conditions.
Expansion Strategy: Planned Acquisition of Green Earth Metals
Most recently, Defiance has entered into a non-binding letter of intent to acquire Green Earth Metals Inc., a private company with drill-permitted copper-gold-silver projects in Sonora, Mexico. The acquisition would add three new projects—Victoria, Espiritu, and Los Ocotes—covering 6,795 hectares in a prolific mining belt near major operations like Alamos Gold's Mulatos Mine. With drill permits already in place, Defiance plans an aggressive exploration push post-acquisition.
Conclusion
Overall, Defiance Silver is positioning itself to build value through a combination of resource expansion at Tepal, continued advancement at Zacatecas, and growth into new copper and gold opportunities in one of Mexico’s most productive regions.
Full press releases here: https://defiancesilver.com/news
Posted on behalf of Defiance Silver Corp.