Guanajuato Silver increases resources at Valenciana Mines Complex, Mexico
Guanajuato Silver Company Ltd. [TSXV: GSVR; OTCQX: GSVRF] posted a new Mineral Resource Estimate for the 100%-owned Valenciana Mines Complex (VMC) located in Guanajuato, Mexico. The 2025 VMC Mineral Resource Estimate supersedes the historical Mineral Resource Estimate for VMC, disclosed previously by the company in the technical report entitled “Technical Report on the Valenciana Mines Complex, Guanajuato, Mexico” with an effective date of December 31, 2023.
James Anderson, Chairman and CEO, commented, “The establishment of a current Mineral Resource at VMC that is a substantial expansion from the historical resource, represents another important milestone for the Company, and reflects the strength and continuity of the underlying Veta Madre mineral system at Valenciana. This new mineral resource estimate reinforces our confidence in the long-term viability and expanded potential of the project, and in VMC’s role as a core asset for the Company going forward.”
Highlights of the 2025 VMC Mineral Resource Estimate: Inferred Mineral Resources increased by 630% relative to the previous historical Mineral Resource Estimate to 20.3 million silver-equivalent (AgEq) ounces, despite ongoing mining activities (2.27 million tonnes (Mt) at 142.2 g/t silver and 1.55 g/t gold, containing 10.4 million ounces (Moz) Ag and 113 thousand ounces (Koz) Au).
Inferred Mineral Resource tonnes of 2,268,000 tonnes represent a 927% increase relative to the previous historical Mineral Resource Estimate.
Indicated Mineral Resources increased by 18% relative to the combined Measured and Indicated Mineral Resources reported in the previous historical Mineral Resource Estimate, reflecting differences in classification criteria and confidence thresholds applied between estimates. No Measured Mineral Resources are defined in the 2025 MRE.
The 2025 VMC MRE highlights significant potential for future resource expansion and opportunities to upgrade existing Inferred Resources as exploration activities continue.
The 2025 VMC MRE is part of a scheduled program to update GSilver’s NI 43-101 technical reports and resource estimates for all of its producing mines in Mexico, which includes the VMC, the Bolanitos Mine, the El Cubo Mines Complex, and the San Ignacio Mine, all located within the state of Guanajuato, and the Topia Mine located in northwestern Durango.
The 2025 VMC MRE was prepared by Warren Black, M.Sc., P.Geo., of APEX Geoscience Ltd. with an effective date of November 27, 2025. An updated technical report in support of the 2025 MRE will be filed under the company’s SEDAR+ profile within 45 days of this news release, The updated technical report will supersede the 2023 VMC Report as the current NI 43-101 technical report on the VMC.
The 2025 MRE includes 42 vein domain models based on underground mapping and sampling, drillhole geological logging, along with the silver and gold assays. The updated VMC database now includes a total of 229,690 underground channel samples from 79,985 channels totaling 167,759 m and 91,456 drillhole samples from 1,602 drillholes totaling 98,975.23 m. Included in these totals, as of the Effective Date of the 2025 MRE, GSilver has collected 229,690 underground channel samples from 79,985 channels totaling 167,759 m and 2,487 drillhole samples from 24 drillholes totaling 1,897.35 m since acquiring the Project in 2022.
The 2025 VMC MRE comprises Indicated Mineral Resources of 3.8 million troy ounces AgEq at 288.8 g/t AgEq within 410,000 tonnes, and Inferred Mineral Resources of 20.3 Moz AgEq at 278.7 g/t AgEq within 2,268 kt.
Measured resources are currently not defined. The 2025 MRE relies heavily on underground channel samples, often in areas flagged as mined out or remnant, limiting their ability to inform domain locations for in-situ material. Additional underground or surface drilling is needed away from the channel samples to assist in better defining the estimation domains.
GSilver has a core operational footprint of four operating silver-gold assets in the state of Guanajuato. The company also produces silver, gold, lead, and zinc concentrates from the Topia mine in northwestern Durango.