Guanajuato Silver posts new El Cubo Mineral Resource Estimate, Mexico
Guanajuato Silver Company Ltd. [TSXV: GSVR; OTCQX: GSVRF] reported a new mineral resource estimate for its 100%-owned El Cubo mine complex in Guanajuato, Mexico.
The new El Cubo mineral resource estimate 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 El Cubo Mine complex, the Valenciana Mines Complex, and the San Ignacio mine, all located within the state of Guanajuato, and the Topia mine located in northwestern Durango.
James Anderson, Chairman and CEO, said, “The sizable expansion of total mineral resources at El Cubo, after several years of mining depletion, is a testament to the resilience and durability of the mines of Guanajuato. We believe that El Cubo will remain the centerpiece of our hub-and-spoke mining strategy for many years.”
Highlights of El Cubo Mineral Resource Estimate: Inferred mineral resources increased 85% over previous resource estimate to 35.6 million silver-equivalent ounces (AgEq).
Inferred mineral resource tonnes of 3,711 kt represents a 179% increase over the previous resource estimate.
Indicated mineral resources of 3.9M AgEq: after three years of substantial mining activity at El Cubo, the resources within the Indicated Resource category have declined by just 23% from the previous estimate.
Exploration expansion potential remains high; drilling to convert Inferred resources to Indicated Resources planned for January, 2025.
The 2024 MRE was prepared by APEX Geoscience Ltd. with an effective date of August 1, 2024. The 2024 MRE supersedes and updates the previous mineral resource estimate for the El Cubo mine, disclosed previously by the Company in the technical report entitled “Technical Report – El Cubo/El Pinguico Silver Gold Complex Project” with an effective date of December 31, 2023. The Updated Technical Report will replace the Prior Technical Report as the current NI 43-101 technical report on El Cubo.
The updated El Cubo database now includes a total of 43,919 underground channel samples and 24,602 drillhole samples. Included in these totals, GSilver has collected a total of 26,806 underground channel samples totaling 16,824 metres and 4,157 drillhole samples from 129 drillholes since they took over the Project in 2021. As of the effective date of the 2024 MRE, the company has collected a total of 17,402 underground chip channel samples from 4,863 channels, totalling 11,076 metres of channel length, that are from the Villalpando and Santa Cecilia areas of El Cubo and are within the mineral estimation domains. A total of 445 drillhole samples collected by the company are from within the mineral estimation domains.
The 2024 MRE comprises Indicated Mineral Resources of 3.9 million troy ounces (Moz) AgEq at 283.9 g/t AgEq within 429 thousand tonnes (kt), and Inferred Mineral Resources of 35.6 Moz AgEq at 298.5 g/t AgEq within 3,711 kt.
Measured resources are currently not defined. The 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 is a precious metals producer engaged in reactivating past producing silver and gold mines in central Mexico. The company produces silver and gold concentrates from the El Cubo Mine, Valenciana Mines Complex, and the San Ignacio mine; all three mines are located within the state of Guanajuato. Additionally, the company produces silver, gold, lead, and zinc concentrates from the Topia mine in northwestern Durango. With four operating mines and three processing facilities, Guanajuato Silver is one of the fastest growing silver producers in Mexico.