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Mexico
Cerro del Gallo Project

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 Location:
13 km SE from Dolores Hidalgo, Guanajuato, Mexico

  Project Contacts:
9600 Prototype Court
Reno
Nevada, United States
89521
Phone  ...  Subscription required
Fax(775) 284 4426
EmailEmail
WebsiteWeb
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  • Overview
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Overview

StagePermitting
Mine TypeOpen Pit
Commodities
  • Gold
  • Silver
  • Copper
Mining Method
  • Truck & Shovel / Loader
Mine Life15.5 years (as of Jan 1, 2019)
In Q3 2021, the Company received notice from SEMARNAT, the federal environmental regulatory agency in Mexico, that the mandatory time in which it has to make an environmental permit decision had expired. SEMARNAT also provided the Company with requests for additional information within this notice, and the Company is working on updating the baseline studies and preparing a new Environmental Impact Assessment (Manifiesto de Impacto Ambiental or “MIA”) for the Cerro del Gallo project.


Owners

Source: p. 11
CompanyInterestOwnership
Argonaut Gold Inc. 100 % Indirect
The Argonaut owns 100% of the Cerro del Gallo Project as its foreign operations in Mexico.

Contractors

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Deposit Type

  • Vein / narrow vein
  • Porphyry
  • Epithermal
  • Intrusion related


Summary:

The Cerro del Gallo copper-gold-silver deposit can be considered to be a member of a distinct subclass of “reduced” porphyry-style copper-gold mineralization as first proposed by Rowins (2000c). These reduced porphyry copper-gold deposits lack primary hematite, magnetite and sulfate minerals, but contain abundant hypogene pyrrhotite, commonly have carbonic ore fluids, and are associated with ilmenite-bearing, reduced I-type granitoids (Rowins 2000c). Cerro del Gallo displays all these features. In addition, there is a consistent pattern of higher temperature potassic alteration overprinted by lower temperature propylitic-style mineral alteration. Propylitic alteration boundaries are gradational and irregular, and more widespread than potassic alteration.

The Cerro del Gallo copper-gold-silver deposit also has characteristics supporting an intrusion related gold system (IRGS) model as proposed by Thompson et al 1999; Rowins 2000c; Champion 2005; Hart 2005. IRGS deposits are typically found in continental tectonic settings inboard of convergent plate boundaries, often where the regional metallogeny is characterized by tungsten-tin magmatic provinces. Felsic intrusives have an intermediate oxidation state between ilmenite and magnetite series with a gold-enriched metal assemblage derived from igneous fractionation, and a distinctive metallogenic signature of gold, bismuth, tin and tungsten. Hydrothermal fluids are carbonic, and pyrrhotite is common.

The C ........


Mining Methods

  • Truck & Shovel / Loader


Summary:

The Cerro del Gallo project has been planned as an open-pit truck and shovel operation. The truck and shovel method provides reasonable cost benefits and selectivity for this type of deposit. Only open-pit mining methods are considered for mining at Cerro del Gallo.
The open pit mining operation will require the stripping and disposal of waste rock. The total waste quantity is approximately 57.8 million tonnes with an overall mining waste-to-ore ratio of approximately 0.63:1. The bulk of the waste rock from the pit will be placed into a single external waste dump located to the east of the pit and north of the HLF and is named as the Waste Rock Dump (WRD).

For the PFS and based on the waste rock quantities and maximum footprint area provided by others, Golder developed a WRD design in its 2019 Study. Due to the potential for acid waste rock drainage three geomembrane lined contact water ponds are designed at the base of the three natural drainages within the area of the WRD.

The initial waste that is extracted from the pit will be placed below the Phase 1 and 4 leach pad footprints as structural fill and select waste rock, thereafter the waste will be placed in the western drainage of the WRD. After the western drainage of the WRD is full to capacity, the WRD surface will be regraded to an overall slope of 3H:1V that will cover the contact water pond and the surface will receive a cover system. The same process will be conducted for the remaining t ........


Crushing and Grinding
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Processing

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Summary:

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Projected Production:

CommodityProductUnitsAvg. AnnualLOM
Gold Payable metal oz 986,192
Gold Metal in doré oz 64,000986,932
Silver Payable metal oz  ......  Subscription required
Silver Metal in conc./ doré oz  ......  Subscription required  ......  Subscription required
Copper Payable metal t  ......  Subscription required
Copper Metal in concentrate t  ......  Subscription required  ......  Subscription required
Gold Equivalent koz  ......  Subscription required

Operational Metrics:

Metrics
Stripping / waste ratio  ......  Subscription required
Daily ore mining rate  ......  Subscription required
Waste tonnes, LOM  ......  Subscription required
Ore tonnes mined, LOM  ......  Subscription required
Total tonnes mined, LOM  ......  Subscription required
Daily processing rate  ......  Subscription required
Tonnes processed, LOM  ......  Subscription required
Annual processing rate  ......  Subscription required
* According to 2020 study.
Subscription required - Subscription is required.

Reserves at December 31, 2020:
Cut-off grades for reserves range from 0.30 to 0.39 g/t AuEQ depending on ore type.
Cut-off grades for resources range from 0.25 to 0.30 g/t AuEQ depending on ore type.

CategoryTonnage CommodityGradeContained Metal
Proven 70.4 Mt Gold 0.59 g/t 1,326 koz
Proven 70.4 Mt Silver 13.7 g/t 31,088 koz
Proven 70.4 Mt Copper 0.1 % 67.691 kt
Probable 21.3 Mt Gold 0.46 g/t 313 koz
Probable 21.3 Mt Silver 11.7 g/t 8,012 koz
Probable 21.3 Mt Copper 0.08 % 17.821 kt
Proven & Probable 91.8 Mt Gold 0.56 g/t 1,638 koz
Proven & Probable 91.8 Mt Silver 13.3 g/t 39,100 koz
Proven & Probable 91.8 Mt Copper 0.09 % 85.512 kt
Measured & Indicated 201.9 Mt Gold 0.44 g/t 2,864 koz
Measured & Indicated 201.9 Mt Silver 12.2 g/t 79,103 koz
Measured & Indicated 201.9 Mt Copper 0.09 % 187.1 kt
Inferred 5.1 Mt Gold 0.43 g/t 71 koz
Inferred 5.1 Mt Silver 11.9 g/t 1,947 koz
Inferred 5.1 Mt Copper 0.06 % 0.001 kt

Commodity Production Costs:

CommodityUnitsAverage
Cash costs Gold USD  ......  Subscription required *†
All-in sustaining costs (AISC) Gold USD  ......  Subscription required *†
Assumed price Copper USD  ......  Subscription required&nbs
Assumed price Silver USD  ......  Subscription required&nbs
Assumed price Gold USD  ......  Subscription required&nbs
* According to 2020 study / presentation.
† Net of By-Product.

Operating Costs:

Units2020
OP mining costs ($/t mined) USD 1.72 *
OP mining costs ($/t milled) USD  ......  Subscription required
Processing costs ($/t milled) USD  ......  Subscription required
Total operating costs ($/t milled) USD  ......  Subscription required
* According to 2020 study.
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2020 Study Costs and Valuation Metrics :

MetricsUnitsLOM Total
Pre-Production capital costs $M USD  ......  Subscription required
Sustaining CapEx $M USD  ......  Subscription required
Total CapEx $M USD  ......  Subscription required
OP OpEx $M USD  ......  Subscription required
Processing OpEx $M USD 641.7
G&A costs $M USD 64.7
Total OpEx $M USD  ......  Subscription required
Mining Taxes $M USD  ......  Subscription required
Income Taxes $M USD  ......  Subscription required
Total Taxes $M USD  ......  Subscription required
Royalty payments $M USD  ......  Subscription required
Net revenue (LOM) $M USD  ......  Subscription required
Pre-tax Cash Flow (LOM) $M USD  ......  Subscription required
After-tax Cash Flow (LOM) $M USD  ......  Subscription required
Pre-tax NPV @ 0% $M USD  ......  Subscription required
Pre-tax NPV @ 5% $M USD  ......  Subscription required
Pre-tax NPV @ 10% $M USD  ......  Subscription required
Pre-tax NPV @ 8% $M USD  ......  Subscription required
After-tax NPV @ 0% $M USD  ......  Subscription required
After-tax NPV @ 5% $M USD  ......  Subscription required
After-tax NPV @ 10% $M USD  ......  Subscription required
After-tax NPV @ 8% $M USD  ......  Subscription required
Pre-tax IRR, %  ......  Subscription required
After-tax IRR, %  ......  Subscription required
After-tax payback period, years  ......  Subscription required
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Proposed Heavy Mobile Equipment as of January 31, 2020:
HME TypeModelSizeQuantityLeased or
Contractor
Backhoe ....................... Subscription required
....................... Subscription required ....................... Subscription required ....................... Subscription required Leased
....................... Subscription required ....................... Subscription required ....................... Subscription required
....................... Subscription required ....................... Subscription required ....................... Subscription required
....................... Subscription required ....................... Subscription required ....................... Subscription required ....................... Subscription required Leased
....................... Subscription required ....................... Subscription required ....................... Subscription required ....................... Subscription required Leased
....................... Subscription required ....................... Subscription required ....................... Subscription required
....................... Subscription required ....................... Subscription required ....................... Subscription required ....................... Subscription required Leased
....................... Subscription required ....................... Subscription required ....................... Subscription required Leased
....................... Subscription required Leased
....................... Subscription required ....................... Subscription required ....................... Subscription required ....................... Subscription required Leased
....................... Subscription required ....................... Subscription required Leased
....................... Subscription required ....................... Subscription required ....................... Subscription required
Subscription required - Subscription is required.

Mine Management:

Job TitleNamePhoneEmailProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Jan 31, 2020
....................... Subscription required ....................... Subscription required Subscription required Jan 31, 2020
....................... Subscription required ....................... Subscription required ....................... Subscription required ....................... Subscription required Subscription required Mar 16, 2022
Subscription required - Subscription is required.

Staff:

Total WorkforceYear
Subscription required 2019

Corporate Filings & Presentations:

DocumentYear
................................... Subscription required 2021
................................... Subscription required 2021
................................... Subscription required 2021
................................... Subscription required 2021
................................... Subscription required 2020
................................... Subscription required 2020
................................... Subscription required 2020
................................... Subscription required 2020
................................... Subscription required 2020
Corporate Presentation 2018
Management Discussion & Analysis 2018
Annual Information Form 2017
Press Release 2017
Corporate Presentation 2016
Year-end Mineral Reserves 2016
Year-end Mineral Reserves 2015
Feasibility Study Report 2012
Subscription required - Subscription is required.

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