Mexico

San Martin Mine

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Overview

Mine TypeUnderground
Commodities
  • Gold
  • Silver
Mining Method
  • Room-and-pillar
  • Cut & Fill
  • Cemented (undefined) backfill
  • Unconsolidated rockfill
Production Start... Lock
Mine Life2029
ShapshotThe flagship property of Starcore International Mines is the San Martin gold and silver mine. The mine has been in operation since 1993 at 350tpd and currently operates at 850tpd.

Owners

SourceSource
CompanyInterestOwnership
Starcore International Mines Ltd. 100 % Indirect
Compañia Minera Peña de Bernal, S.A. de C.V. (operator) 100 % Direct
Starcore is engaged in exploring, extracting and processing gold and silver through its wholly-owned subsidiary, Compañia Minera Peña de Bernal, S.A. de C.V. (“Bernal”), which owns the San Martin mine in Queretaro, Mexico.

Contractors

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Deposit type

  • Vein / narrow vein
  • Epithermal

Summary:

The San Martín gold-silver district hosts classic, medium-grade gold-silver, epithermal vein deposits characterized by low sulphidation mineralization and adularia-sericite alteration. The San Martin veins are typical of most other epithermal silver-gold vein deposits in Mexico in that they are primarily hosted in the Upper Cretaceous black limestone and calcareous shales of the Soyatal-Mexcala Formation. Tertiary Lower Volcanic series of rhyolite flows, pyroclastics and epiclastics, overlain the sediments.

Mineralisation is generally made up of breccia that commonly is concordant with a limestone/shale contact (in the San Martin and San José areas) which forms the relatively steeply dipping “Tronco” and “Mantos” oreshoots, these veins contact the younger volcanic flows (dacite and ignimbrite) where they have formed the more horizontal portions of the deposit. The mineralized economic breccia grades from 30 g Ag/t to 250 g Ag/t. Exploration has been concentrated along the NE trending breccia zone however evidence of a northerly trend in area 30 and 31 leads to suspect possible other structures together with 2.0 g Au/t to 30 g Au/t over widths that vary from 1.5 to 17.0 m but averaging 4.0 m.

Mineralization at San Martín occurs in association with an epithermal low sulphidation, quartz-carbonate, fracture- filling vein hosted by a structure trending approximately N40°- 60°E, dipping to the 50° to 90° to the southeast.

The San Martin structure has been known in different stages of exploration and has adopted several names, San José, San José II, San Martín, Cuerpo 28, Cuerpo 29, Cuerpo 30 and Cuerpo 31. The structure itself is offset by a series of faults of northeast trending that divides the oreshoots. The structure behaves vertical at the San José and San Martin areas (Tronco) and becomes flatter from Cuerpo 28 to 31 (Mantos), and mineralization follows the planes of the folded rocks.

The San Martin vein itself has been known underground traced for 2 km along trend, with widths between 1.5 to 10 metres and averages approximately 4.0 m. A secondary mineralized vein is located, both in the footwall and hangingwall, of the San Martin vein, on the wetern limb of the local fold that contains the mineralization. This structure is the Santa Elena and represents a good target for exploration to the NE and SE of San Martin.

The San Martin deposit is composed by a tabular, vein-like subvertical mineralised structure that becomes to a sub-horizontal mineralised structure or “manto-like” close to surface. This mineralised structure is recognized for over 2 km along strike, with thicknesses between 1.5 and 17 metres and 400 m of vertical extent or “favourable zone”. In general, the mineralisation is hosted in the contact of limestone-shale of Soyatal-Mexcala Formation and associated to a silicified rhyolitic dike.

Reserves

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Mining Methods

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Comminution

Crushers and Mills

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Processing

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Production

CommodityUnits2023202220212020201920182017
Gold koz 00000000001214
Silver koz 000000000000010266
Gold Equivalent koz 00000000001315
All production numbers are expressed as metal in doré.

Operational metrics

Metrics202320222021202020192018
Daily milling rate 000000000000000850 t
Daily milling capacity 000000000000000000001,100 t
Tonnes milled 00000000000000000000269.6 kt
Daily ore mining rate 000850 t

Production Costs

CommodityUnits202320222021202020192018
Cash costs Gold Equivalent USD 0000 0000 0000 0000 1,061 / oz   1,237 / oz  
All-in sustaining costs (AISC) Gold Equivalent USD 0000 0000 0000 0000 1,336 / oz   1,782 / oz  

Operating Costs

Currency20232022202120202019201820172016
Total operating costs ($/t milled) USD 67  62  55  66  58  61  53  49  

Financials

Units2023202220212020201920182017
Capital expenditures M CAD  ....  Subscribe  ....  Subscribe
Revenue M CAD  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe 27.8   27.2  
Pre-tax Income M CAD  ....  Subscribe  ....  Subscribe
After-tax Income M CAD  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe -12   7.2  
Earnings M CAD  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe -4.9   0.8  
EBITDA M CAD  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe -5.2   3.5  
Operating Cash Flow M CAD  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe

Heavy Mobile Equipment

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Personnel

Mine Management

Source Source
Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Oct 23, 2023
....................... Subscription required ....................... Subscription required Subscription required Oct 23, 2023

EmployeesContractorsTotal WorkforceYear
Subscription required Subscription required Subscription required 2023
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Aerial view:

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