Exploration Projects in Mexico
The Ana Paula gold project in the state of Guerrero
“Ana Paula contains approximately 700,000 oz Au in M&I and 450,000 oz in inferred in a high-grade underground resource, which we believe could increase to 1.5 million oz with further drilling. What sets Ana Paula apart is a 60-meter-wide, high-grade panel averaging 5 to 5.5 g/t Au. Such wide, high-grade, bulk underground-mineable deposits are extremely rare globally. We aim to complete the feasibility study by mid-2026 and make a final investment decision on underground construction at the same time.”
Charles Funk, CEO, Heliostar Metals
The Cristina polymetallic project in the state of Chihuahua
“Cristina has a resource of 750,000 oz AuEq in indicated resources and about the same in inferred. It is a polymetallic deposit with roughly one-third gold, one-third silver, and one-third base metals. We are wrapping up the first phase of the 21,000-meter program, moving toward geological modeling and a resource update. We are not just targeting resource expansion but also focusing on grade, as we chase some very high-grade zones in the vein system to demonstrate the multi-million-ounce potential of the deposit. The original resource was modeled as an open-pit estimate, but given the nature of the orebody, we believe it is more amenable to underground mining.”
Tim Warman, CEO, Fuerte Metals (formerly Atacama Copper)
The El Tigre silver-gold project in the state of Sonora
“El Tigre is a classic example of Mexican precious metals mineralization: Underground you find flowering epithermal systems with a high-grade silver vein with 70% silver and 30% gold, and, epigenetic to that vein at surface, a dissemination of wide zones of lower-grade mineralization, which is your open-pit. We constructed a 500-meter-long, 5.5x5.5-meter-wide underground portal, which will serve as both a haulage way and an access point for deeper drilling. Our primary goal is resource expansion in preparation for an underground PEA and a pre-feasibility study (PFS), targetting production by the end of 2026.”
Glenn Jessome, President and CEO, Silver Tiger Metals
The Cerro Caliche gold project in the state of Sonora
“Our resources at Cerro Caliche support a 10-year, 12,000 t/d operation, yielding an average of 33,000 oz/y Au based on the PEA. At a recovery of 74% in the lab (72% in the field), we would produce 300,000 oz of gold over the 10-year LOM. We used a cut-off grade of 0.2 g/t Au, but given the higher gold prices today, we can assume a lower cut-off grade could be achieved, which could potentially expand the minable ounces. At the initial US$1,800/oz gold, we would look at an NPV (before tax) of US$71 million, and IRR of 59% pre-tax (45% after-tax), with payback in 2.9 years. The upfront cost to bring the project into production came at US$15.5 million.”
Kenneth MacLeod, CEO, Sonoro Gold