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Highlights
- Geophysical surveys underway at Los Lirios
- Processing plant refurbishment progressing
- Dual-track strategy targeting exploration and near-term production
EV Resources is advancing its Mexico antimony hub through geophysical surveys, drilling, and plant refurbishment, aiming to combine exploration growth with near-term production potential.
EV Resources Ltd (ASX:EVR), part of the broader ASX mining stocks segment, is advancing its Mexico-based antimony strategy through simultaneous exploration and processing developments at the Los Lirios project and Tecomatlán plant.
What is happening at the Los Lirios Antimony Project?
Why are geophysical surveys important?
The company has commenced Controlled-Source Audio-frequency Magnetotellurics (CSAMT) and ground magnetic surveys across key target zones:
- Covering 13 line-kilometres across Lirios 1 and Lirios 2
- Targeting 1.3km of strike along the Lirios Fault Zone (LFZ)
- Aiming to identify high-priority drilling targets
The LFZ extends over a larger regional structure and is considered a critical control point for antimony mineralisation.
What makes CSAMT relevant here?
CSAMT has been selected due to the presence of stibnite, the primary sulphide mineral associated with antimony. The goal is to:
- Map subsurface mineralisation patterns
- Develop a geophysical fingerprint for future targeting
- Improve drilling precision across the project
What exploration progress has been made so far?
Has drilling already started?
Yes. EV Resources has completed:
- 11 diamond drill holes
- The first systematic drilling program at Los Lirios
These drill holes are testing a system where surface samples have returned high-grade antimony indications.
Are there new discoveries?
A newly identified structure — the San Miguel vein — has been discovered near surface:
- Approximately 2 metres wide
- No prior historical mining activity
- Early sampling shows antimony mineralisation presence
Importantly, more than 90% of the project area remains unexplored, including several kilometres of prospective strike.
What is happening at the Tecomatlán Processing Plant?
Why is this plant significant?
The Tecomatlán plant, located near the project, is central to EVR’s near-term production strategy.
What progress has been made?
- Refurbishment has begun on the grinding circuit
- Three ball mills are being rehabilitated
- Electrical systems and infrastructure upgrades are underway
The refurbishment program is structured in milestones, aligning spending with progress.
What advantage does this provide?
Using an existing plant:
- Reduces capital expenditure
- Speeds up potential production timelines
- Avoids the need to build a new processing facility
What are the next key milestones?
EV Resources is targeting several upcoming developments:
- Drill assay results expected in the near term
- A maiden JORC resource estimate planned for later in the year
- Continued exploration across the broader project area
- Additional soil sampling programs at US-based assets
How does this shape the company’s strategy?
What is the broader vision?
EV Resources is pursuing a dual-track strategy:
- Exploration upside at Los Lirios
- Near-term production readiness via Tecomatlán
This combination aims to balance long-term resource growth with shorter-term operational potential.
What are the key watchpoints?
- Exploration success across largely untested ground
- Timing and results of drilling assays
- Progress on plant commissioning
- Commodity demand dynamics for antimony
Final Take
EV Resources is progressing both exploration and infrastructure development in Mexico, positioning itself to potentially move from discovery toward production. The combination of large unexplored ground, early drilling success, and an existing processing pathway forms the core of its evolving investment narrative.
