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