Coeur Mining doubles exploration spend at Mexican gold-silver mines

Coeur Mining, Inc. (NYSE: CDE) released an exploration update for its Palmarejo and Las Chispas gold-silver operations in Mexico, according to a company press release.

The Chicago-based miner has allocated $158 million to exploration programs in 2026, twice the level of the prior year. The budget includes $27 million and 83 kilometers of drilling at Palmarejo and $24 million and 119 kilometers at Las Chispas. Over the past five years, the company has invested approximately $340 million in exploration across its portfolio.

At Palmarejo, drilling in the Eastern District at the San Miguel and La Unión deposits has returned high-grade intercepts, including 11.5 meters at 6.9 grams per tonne (g/t) gold and 1,250 g/t silver at San Miguel and 14.5 meters at 6.3 g/t gold and 19 g/t silver at La Unión. San Miguel and La Unión now account for more than 20% of Palmarejo's total mineral inventory. Approximately 70% of Palmarejo's 2026 exploration budget is directed toward the Eastern District. The company said it is initiating internal development studies for the area.

Drilling along the Main Mine Trend has expanded mineralization at the Hidalgo Corridor and Independencia Sur, with results expected to add near-term reserves both within and outside Franco-Nevada gold stream boundaries.

At Las Chispas, the Gap Zone between the Babicanora and Las Chispas Blocks has been identified as a growth corridor. The Augusta vein system, discovered in 2024, now comprises eight veins and splays with an approximate combined 4.2 kilometers of strike length. Augusta contributed to year-end 2025 reserves within 12 months of discovery. The La Promesa vein, discovered in 2025, has been traced for up to 470 meters along strike and 220 meters vertically.

Combined drilling at both sites is expected to exceed 200,000 meters in 2026.

"At Palmarejo, continued success in the Eastern District is demonstrating the potential for a significant new growth platform," said Aoife McGrath, Executive Vice President, Exploration, adding that Las Chispas shows "one of the fastest discovery-to-reserve conversion cycles in our portfolio."

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