Heliostar Metals (TSXV: HSTR) has begun open pit mining at the Veta Madre pit at its La Colorada mine, restarting conventional mining at an operation the company has spent much of the year drilling and permitting toward.
The significance is in how the gold gets made. La Colorada has been running on stockpile and- njection leaching, an unconventional approach that has carried production all year. Fresh, higher grade ore from the pit will now be stacked instead, with gold from that material expected to begin flowing next year.
Veta Madre holds 48,000 ounces of gold grading 0.71 grams per tonne in 2.1 million tonnes of ore, a slice of a broader La Colorada reserve of 376,000 ounces at 0.68 g/t in 17.1 million tonnes. The current operating plan calls for a six-year mine life averaging 46,100 ounces of annual gold production.
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The pit now being dug is larger than the one drawn up in the 2025 technical report. Drilling through the first half of the year, including intercepts of 10.9 metres at 22.1 g/t and 40.8 metres at 2.23 g/t, supported an expanded design called Veta Madre Plus that targets an additional 20,000 ounces beyond the current reserve. Final documentation for the change of use of soils permit arrived earlier this year.
“The restart of open-pit mining at La Colorada is another important milestone for Heliostar,” Chief Executive Officer Charles Funk said. “This progress is part of our corporate plan to secure cash flow through 2027 and 2028 to support construction at Ana Paula. We see production from Veta Madre as a critical part of that plan.”
La Colorada remains on track for 2026 guidance of 20,000 to 22,300 ounces, still sourced from leaching.
Heliostar reported record second quarter output of 14,803 ounces and record revenue of $56.5 million, ending the period with $43.0 million in cash and no debt. La Colorada accounted for 7,587 of those ounces at a cash cost of $1,531 per ounce.
Funk said the company sees significant potential for further growth at La Colorada, and now has a steady production base to expand from.
Heliostar Metals last traded at $2.30 on the TSX Venture.
