Guanajuato Silver (TSXV: GSVR) is reporting a major increase to the current resource estimate at their Valenciana Mines Complex in Guanajuato, Mexico. The latest update builds on a resource last updated in 2023, with inferred mineral resources said to have grown by 630% versus the prior estimate.
Highlights of the resource include:
- Indicated: 410,000 tonnes at grades of 147 g/t silver, 1.61 g/t gold (288.8 g/t silver equivalent)
- Contained resources total 1.9 million ounces of silver, 21,000 ounces of gold (3.8 million silver equivalent ounces)
- Inferred: 2,268,000 tonnes at grades of 142.2 g/t silver, 1.55 g/t gold (278.7 g/t silver equivalent)
- Contained resources total 10.4 million ounces of silver, 113,000 ounces of gold (20.3 million silver equivalent ounces)
The estimate is based on 42 vein domain models that are based on underground mapping and sampling. Data included within the estimate is sourced from 1,602 drill holes conducted over 98,975 metres, 79,985 channels over 167,759 metres.
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“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,” commented James Anderson, CEO of Guanajuato Silver.
“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.”
The update to the resource for the Valenciana Mine Complex is said to be part of a larger program that will see Guanajuato update technical reports for all of its producing mines within the country.
Guanajuato Silver last traded at $0.78 on the TSX Venture.
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