Tocvan Ventures: A High-Conviction Gold-Silver Play with Regulatory Clarity and Scalable Infrastructure

Tocvan Ventures (CSE:TOC) has emerged as a standout junior explorer in the gold-silver space, leveraging a combination of regulatory momentum, high-grade drilling results, and scalable infrastructure to position its Gran Pilar project as a near-term production candidate. With the company's recent milestones, investors are presented with a compelling case for early entry into a de-risked, capital-efficient opportunity in a sector poised for long-term growth.

Regulatory Breakthroughs: A Pathway to Production

Tocvan's most significant achievement in 2025 is the securing of full regulatory approvals for its Gran Pilar Gold-Silver Project in Sonora, Mexico. On July 30, 2025, the company received permits for a 30,000-meter drilling program and 67 trenches across its 21 km² expansion area, enabling systematic exploration of high-grade zones. This was followed by a 10-year permit for a 50,000-tonne pilot mine facility on August 14, 2025. The pilot mine includes a heap leach pad and hydrometallurgical processing on 4.5 hectares of 100% controlled ground, with a target recovery rate of 70% for gold at a head grade of 1.2 g/t.

These approvals eliminate a critical bottleneck for junior explorers, allowing Tocvan to bypass the lengthy permitting cycles that often delay projects. The pilot facility is designed to generate early cash flow while optimizing extraction methods, a strategic move to de-risk the project's economics. Sonora's mine-friendly jurisdiction further strengthens the case, as evidenced by recent open-pit expansions by neighboring operators.

High-Grade Drilling: A Multi-Metal Catalyst

The drilling program has delivered results that underscore Gran Pilar's potential as a high-grade gold-silver asset. In June 2025, Tocvan reported 42.7 meters of 41 g/t silver from surface in drillhole JES-25-120, including a standout interval of 10.7 meters at 136 g/t silver (4.4 oz/t). This is the broadest silver zone ever recorded at the project and highlights the presence of a low-sulfidation epithermal system. Gold values were also consistent, with 0.14 g/t Au across the interval, reinforcing the project's multi-metal appeal.

Other notable intercepts include 6.1 meters of 5.4 g/t Au and 39 g/t Ag (JES-25-114) and 3.1 meters of 19.4 g/t Au (JES-24-101). These results, combined with a 100% hit rate for gold mineralization in recent holes, suggest a structurally controlled system with both bulk-tonnage and high-grade vein potential. The presence of artisanal workings and anomalous base metals (copper, lead, zinc) further supports the historical significance of the area.

Metallurgical Validation: Proven Recovery Rates

Tocvan's metallurgical studies have demonstrated robust recovery rates, critical for economic viability. Agitated leach tests achieved 99% gold recovery and 97% silver recovery, while gravity tests showed 95–99% gold recovery. A 2023 bulk sample test yielded 62% gold recovery over 46 days, validating the heap leach process. These results, combined with the pilot facility's design, indicate a path to commercial-scale production with minimal capital expenditure.

The pilot mine's infrastructure includes a 1.76-hectare leach pad, ADS (Air Diffused Aeration) system, and five activated carbon columns for gold adsorption. The Zadra process—desorption at 135°C and 55 psi, followed by reactivation at 650°C—ensures efficient recovery. Environmental safeguards, including leak detection systems and monitoring wells, align with global ESG standards.

Scalable Infrastructure and Strategic Positioning

Gran Pilar's infrastructure is designed for scalability. The pilot facility, located 500 meters north of the historic Main Zone, sits on 100% controlled ground and can be expanded to accommodate larger processing volumes. Tocvan's 2023 land acquisition expanded the project area to 21 km², providing ample room for resource growth. With over 10,000 meters of drilling planned for 2025, the company aims to define a maiden resource estimate by year-end, a critical step for attracting project finance.

The project's strategic location in Sonora—Mexico's premier gold-silver district—adds to its appeal. The region's established infrastructure, skilled labor force, and political stability reduce operational risks. Tocvan's 100% ownership of the project area further enhances its value proposition, eliminating royalty or partnership dilution.

Investment Thesis: A High-Conviction Play

Tocvan's progress at Gran Pilar aligns with a bull market for gold and silver, driven by inflationary pressures and geopolitical uncertainty. The company's regulatory clarity, high-grade results, and scalable infrastructure create a compelling case for near-term production. With a pilot facility on track for 2025 operations and a maiden resource estimate in sight, Tocvan is well-positioned to transition from explorer to producer.

For investors seeking exposure to a junior gold-silver play with clear catalysts, Tocvan offers a rare combination of technical execution, jurisdictional strength, and market timing. The stock's current valuation, relative to its peers and the gold price, suggests significant upside potential as the company advances toward production.

In conclusion, Tocvan Ventures represents a high-conviction opportunity for investors willing to capitalize on a de-risked, capital-efficient project with multi-metal potential. With regulatory hurdles cleared and metallurgical validation complete, the company is poised to deliver shareholder value in a sector primed for growth.