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Mexico
Valenciana Mines Complex (Guanajuato Mine, San Ignacio Mine)

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 Location:
0 km from Guanajuato, Guanajuato, Mexico

  Address:
Ex Hacienda de Bustos S/N Colonia Cata
Guanajuato
Guanajuato, Mexico
36010
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WebsiteWeb
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  • Mining
  • Processing
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  • Reserves
  • Costs & Financials
  • Fleet
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  • Filings & News

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Overview

StageProduction
Mine TypeUnderground
Commodities
  • Silver
  • Gold
Mining Method
  • Mechanized Cut & Fill
  • Cut & Fill
  • Longhole stoping
  • Hydraulic backfill
Production Start...
Mine Life2028
The Valenciana Mines Complex (VMC) includes the Guanajuato mine, the San Ignacio mine and the Cata mill facility and was acquired by Guanajuato Silver on August 4,2022.

VMC and Cata were put on care and maintenance by previously owner in November 2021 due to a lack of tailings capacity. Guanajuato Silver has reviewed and evaluated the original permit submissions and, if economic, will be preparing a new submission to implement dry stacking at VMC for the expansion of the tailings capacity.

VMC recommenced production in August 2022, Recommissioning of the Cata plant began in December 2022 with processing at the plant commencing in January 2023.


Owners

Source: p. 11,12
CompanyInterestOwnership
Minera Mexicana El Rosario, S.A. de C.V. (operator) 100 % Direct
Guanajuato Silver Company, Ltd. 100 % Indirect
On August 4, 2022, Guanajuato Silver acquired 100% of Great Panther Mining’s Ltd.’s Mexican subsidiary, Minera Mexicana Rosario S.A. de C.V. which holds the Valenciana Mine Complex. Minera Mexicana El Rosario, SA de C.V. operates the Valenciana Mine Complex.

Contractors

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Deposit Type

  • Epithermal
  • Vein / narrow vein
  • Breccia pipe / Stockwork


Summary:

The mineral deposits in the Guanajuato area are classic fissure-hosted low-sulphidation epithermal gold-silver-bearing quartz veins and stockwork.

Mineralization
Guanajuato
The “Veta Madre” quartz-adularia vein / breccia system is closely associated with the Veta Madre fault and an associated diorite dyke (thickness varying from discontinuous lenses at Guanajuatito to a 50-100m thick body in the Cata, Los Pozos, and Santa Margarita areas), oriented 325-degrees with a 45-degree southwest dip.

Ore mineralization comprises an early silver-rich phase associated with adularia, as well as a later low-silver variant, which is typified by calcite and quartz. The post-ore mineralization is also precious metal poor, with accessory calcite, dolomite, and fluorite. Zone thickness ranges from centimeter-scale to tens of meters.

The vertical extent of the deposits at Guanajuato spans over 600 meters. Mineralization occurring above the 2,100-meter elevation was termed “upper ore”, between 2,100 meter and 1,700 meter “lower ore”, and below the 1,700-meter elevation “deep ore” (Randall, 1994).

The best mineralization is often found related to bends in the Veta Madre orientation (Barclay, 2007 and Rhys, 2013) such as at San Vicente in the Rayas area, and at Cata and Santa Margarita.

At the Guanajuatito area the main mineralization occurs just into the footwall Esperanza Formation deformed siltstone and shale.

At the ........


Mining Methods

  • Mechanized Cut & Fill
  • Cut & Fill
  • Longhole stoping
  • Hydraulic backfill


Summary:

Valenciana Mine Complex (VMC, formerly known as the Guanajuato Mine Complex or GMC) comprises the Guanajuato and San Ignacio operations. Typically, all zones at the VMC are extracted by the Cut & Fill mining method.

Continuing operations at VMC will be achieved through the backfilling of tailings underground using a hydraulic fill system that will make use of select voids and open stopes that have been created at VMC over the past 450 years of underground mining.

The Guanajuato Silver will benefit from increased operational efficiency through the use of the newly refurbished StopeMate as the Guanajuato Silver can now employ longhole stoping as a mining method where appropriate.

Longhole stoping is used to extract mineralized material from an underground mine by drilling a pattern of closely spaced, parallel holes into the mineralized material and then blasting the mineralized material between the holes. The StopeMate drill is designed to drill these closely spaced, parallel holes quickly and efficiently from a single position. This ensures that the holes are drilled straight and parallel, which is important for extracting mineralized material more effectively, with less dilution and lower costs. The long hole drill is commonly used for underground bulk mining which will be applied in stopes over 1.5 meters in width, this will allow the Guanajuato Silver to increase production in approximately 25% of the production areas of the mine.


Crushing and Grinding
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Processing

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Summary:

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Production:
GSilver began consolidating the operating results, cash flows and net assets of Minera Mexicana El Rosario S.A. De C.V from August 4, 2022, onwards. Production from August 4, 2022, to December 31, 2022 is as follows: Silver is 4,653oz; Gold is 110oz; Silver Equivalent is 13,104oz.

CommodityUnits2022202120202019201820172016
Silver oz  ......  Subscription required *  ......  Subscription required  ......  Subscription required  ......  Subscription required1,096,7571,386,9641,473,229
Gold oz  ......  Subscription required*  ......  Subscription required  ......  Subscription required  ......  Subscription required  ......  Subscription required  ......  Subscription required  ......  Subscription required
Silver Equivalent oz  ......  Subscription required*  ......  Subscription required  ......  Subscription required  ......  Subscription required  ......  Subscription required  ......  Subscription required  ......  Subscription required
All production numbers are expressed as metal in concentrate. * Combined production for Topia Mine and Valenciana Mines Complex
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Operational Metrics:

Metrics202220212020201920182017
Daily processing capacity  ......  Subscription required  ......  Subscription required1,000 t
Daily processing rate  ......  Subscription required  ......  Subscription required
Ore tonnes mined  ......  Subscription required  ......  Subscription required150,804 t185,587 t301,014 t316,810 t
Tonnes milled  ......  Subscription required  ......  Subscription required151,001 t187,610 t300,624 t319,963 t
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Reserves at July 31, 2021:
Guanajuato mine: Cut-offs are based on the marginal operating costs per mining area being US$135.70/tonne for Cata, US$135.70/tonne for Santa Margarita, US$96.50/tonne for Los Pozos, US$124.90/tonne for Guanajuatito, US$148.50/tonne for Promontorio, and US$113.10/tonne for Valenciana.

San Ignacio mine: Cut-offs are based on the marginal operating costs per mining area being US$127.40/tonne for San Ignacio.

CategoryTonnage CommodityGradeContained Metal
Measured & Indicated 519,493 t Silver 196 g/t 3,269,927 oz
Measured & Indicated 519,493 t Gold 2.3 g/t 38,386 oz
Measured & Indicated 519,493 t Silver Equivalent 391 g/t 6,537,755 oz
Measured & Indicated 519,493 t Gold Equivalent 4.61 g/t 76,915 oz
Inferred 665,977 t Silver 194 g/t 4,149,076 oz
Inferred 665,977 t Gold 2.42 g/t 51,876 oz
Inferred 665,977 t Silver Equivalent 400 g/t 8,558,540 oz
Inferred 665,977 t Gold Equivalent 4.7 g/t 100,689 oz

Commodity Production Costs:

CommodityUnits202120202019201820172016
Cash costs (sold) Silver USD  ......  Subscription required  ......  Subscription required  ......  Subscription required 10.2 / oz†   4.32 / oz†   0.85 / oz†  
All-in sustaining costs (sold) Silver USD  ......  Subscription required  ......  Subscription required  ......  Subscription required 14.1 / oz†   9.17 / oz†   5.2 / oz†  
† Net of By-Product.
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Operating Costs:

Units20192018201720162015
Total operating costs ($/t milled) USD 95  107  92  78  91  

Financials:

Units202120202019201820172016
Sustaining costs M USD  ......  Subscription required  ......  Subscription required  ......  Subscription required 1.1   2.1   2.8  
Revenue M USD  ......  Subscription required  ......  Subscription required  ......  Subscription required 39.6   49.4   49.8  
Pre-tax Income M USD  ......  Subscription required  ......  Subscription required  ......  Subscription required 1   10.9   17.9  
After-tax Income M USD  ......  Subscription required  ......  Subscription required  ......  Subscription required 1.1   10   16.9  
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Water Supply
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Heavy Mobile Equipment as of December 31, 2022:
HME TypeQuantity
Drill (long hole) ....................... Subscription required
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Mine Management:

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Sep 14, 2023
....................... Subscription required ....................... Subscription required Subscription required Sep 14, 2023
....................... Subscription required ....................... Subscription required Subscription required Sep 14, 2023
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Staff:

EmployeesContractorsTotal WorkforceYear
Subscription required Subscription required Subscription required 2021
Subscription required Subscription required Subscription required 2020
Subscription required 2019
Subscription required 2018
Subscription required 2017

Corporate Filings & Presentations:

DocumentYear
Quarterly Report 2023
Financial Review 2022
Management Discussion & Analysis 2022
Other 2022
Press Release 2022
Quarterly Report 2022
Technical Report 2022
................................... Subscription required 2021
................................... Subscription required 2021
................................... Subscription required 2021
................................... Subscription required 2020
................................... Subscription required 2020
................................... Subscription required 2020
................................... Subscription required 2019
................................... Subscription required 2019
................................... Subscription required 2019
Financial Review 2018
Management Discussion & Analysis 2018
Year-end Mineral Reserves 2018
Financial Review 2017
Management Discussion & Analysis 2017
Management Discussion & Analysis 2016
Financial Review 2015
Management Discussion & Analysis 2015
Management Discussion & Analysis 2014
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