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Mexico
Velardena Mine

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 Location:
61 km SW from Torreon, Durango, Mexico

  Project Contacts:
Calle Rio Tamesis, No. 2505 Col. Las Magdalenas
Torreon
Chihuahua, Mexico
27010
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  • Overview
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  • Geology
  • Mining
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  • Filings & News

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Overview

StageRestarting
Mine TypeUnderground
Commodities
  • Silver
  • Gold
  • Lead
  • Zinc
Mining Method
  • Resue mining
  • Mechanized Cut & Fill
Mine Life10.5 years (as of Jan 1, 2023)
The Velardeña Properties in Durango State, Mexico contain two past-producing underground silver and gold mines and two processing mills. Mining was suspended in November 2015 when a combination of low metals prices, mining dilution and metallurgical challenges rendered operations unprofitable.

As of August 2023, preparations to restart mining operations at Velardeña are progressing on schedule including arrangements with union staff, contract miners, plant operators, and support personnel.
Latest NewsGolden Minerals Files Updated PEA for Velardeña Project     September 15, 2023


Owners

Source: p. 25
CompanyInterestOwnership
Golden Minerals Company 100 % Indirect
Golden Minerals Company holds the concessions comprising the Velardeña Properties through wholly-owned Mexican subsidiary Minera William S.A. de C.V.

Contractors

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Deposit Type

  • Vein / narrow vein


Summary:

Although detailed petrologic studies of veins in the Velardeña property have not been completed, individual deposits within the nearby Santa María dome have been studied in some detail and found to correspond to both shallow epithermal and deeper-seated mesothermal styles of mineralization. Epithermal veins, often displaying banded and open-space-filling quartz, occur at the Industria Mine where they are clearly distal to the main intrusive mass. The higher-level veins at Velardeña appear to be of this type. Many veins, especially at deeper levels in the Santa Juana and Terneras mines, are dominated by high modal percentages of coarse and fine grained, polymetallic sulfides, have little silicate gangue, and occupy a position within and proximal to intrusions and their thermally metamorphosed aureoles.

True epithermal veins occur at Velardeña, but at depth the majority of veins, breccias, and massive sulfide replacements are mesothermal in character, commonly contain arsenopyrite, and may be related to a deeper intrusive source.

Two main vein systems are present on the Velardeña property. The first is the northwest striking system found in the Santa Juana deposit, while the second is the east-west trending vein array which includes the Terneras, San Juanes, Roca Negra and San Mateo deposits.

Mineralization consists primarily of calcite-quartz veins with minor calc-silicate hosted (“skarn”) and massive sulfide replacement bodies. All mineraliza ........


Mining Methods

  • Resue mining
  • Mechanized Cut & Fill


Summary:

The Project is planned to be operated as an exclusively underground operation.

The past extraction methods used at the Velardeña mines are mechanized cut and fill stoping and mechanized resuing cut and fill stoping. These methods are suitable for the steeply dipping veins found at the Project.

Resue Cut and Fill Stoping
Mechanized resue cut and fill stoping is used when a vein system contains high grade material in a narrow width, less than one meter in width for the Velardeña vein packages. The following sequence outlines the stope life:
- Resue stoping begins by accessing the vein from a development drift with an attack ramp that enters the vein at a near perpendicular angle. The slope of the attack ramps ranges from -27% (initial) to +27% (final) to keep the attack development length to a minimum.
- The excavation of the stope’s sublevel is driven away from the attack ramp intersection on vein. The sublevel is excavated using a horizontal resue technique; the footwall side of the face is excavated to one meter width for a single drill-round, followed by a slab waste round on the hanging wall side that brings the sublevel’s final width for the single drill round to +/-2.0 m. The single round horizontal resue technique is continued until the longitudinal boundaries of the process grade material is reached. Internal waste chutes encountered in the sublevel are excavated to the final sublevel width, +/-2.0 m, with a single drill round. The ........


Crushing and Grinding
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Processing

Flow Sheet: Subscription required

Summary:

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Production:

CommodityProductUnits20152014LOM
Silver Metal in zinc concentrate koz 426
Silver Metal in pyrite concentrate koz 1,886
Silver Metal in lead concentrate koz 10,651
Silver Payable metal koz 3272912,020
Gold Metal in lead concentrate koz  ......  Subscription required
Gold Payable metal koz  ......  Subscription required  ......  Subscription required  ......  Subscription required
Gold Metal in pyrite concentrate koz  ......  Subscription required
Lead Payable metal M lbs  ......  Subscription required  ......  Subscription required  ......  Subscription required
Lead Metal in lead concentrate M lbs  ......  Subscription required
Lead Concentrate kt  ......  Subscription required  ......  Subscription required  ......  Subscription required
Zinc Payable metal M lbs  ......  Subscription required  ......  Subscription required  ......  Subscription required
Zinc Concentrate kt  ......  Subscription required  ......  Subscription required  ......  Subscription required
Zinc Metal in zinc concentrate M lbs  ......  Subscription required
Pyrite Concentrate kt  ......  Subscription required
Silver Equivalent Payable metal oz  ......  Subscription required  ......  Subscription required

Operational Metrics:

Metrics
Ore tonnes mined, LOM  ......  Subscription required
Tonnes milled, LOM  ......  Subscription required
Daily milling rate  ......  Subscription required
Tonnes milled  ......  Subscription required
* According to 2023 study.
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Reserves at June 1, 2023:
Mineral Resources are reported at a $195 net smelter return (“NSR”) cutoff.

CategoryTonnage CommodityGradeContained Metal
Measured & Indicated 665,900 t Silver 402 g/t 8,608,900 oz
Measured & Indicated 665,900 t Gold 5.54 g/t 118,500 oz
Measured & Indicated 665,900 t Lead 1.69 % 24,770,700 lbs
Measured & Indicated 665,900 t Zinc 2.08 % 30,479,400 lbs
Inferred 1,059,900 t Silver 413 g/t 14,067,200 oz
Inferred 1,059,900 t Gold 5.1 g/t 173,700 oz
Inferred 1,059,900 t Lead 1.81 % 42,294,600 lbs
Inferred 1,059,900 t Zinc 2.26 % 52,697,800 lbs

Commodity Production Costs:

CommodityUnitsAverage
Credits (by-product) Silver USD
Cash costs Silver USD
Cash costs Silver USD
Assumed price Lead USD  ......  Subscription required
Assumed price Silver USD  ......  Subscription required
Assumed price Gold USD  ......  Subscription required
† Net of By-Product.
* According to 2023 study / presentation.
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2023 Study Costs and Valuation Metrics :

MetricsUnitsLOM Total
Initial CapEx $M USD  ......  Subscription required
Sustaining CapEx $M USD  ......  Subscription required
Total CapEx $M USD  ......  Subscription required
UG OpEx $M USD  ......  Subscription required
Processing OpEx $M USD 33.9
G&A costs $M USD 49.4
Total OpEx $M USD  ......  Subscription required
Gross revenue (LOM) $M USD  ......  Subscription required
EBITDA (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 @ 8% $M USD  ......  Subscription required
After-tax NPV @ 8% $M USD  ......  Subscription required
Pre-tax IRR, %  ......  Subscription required
After-tax IRR, %  ......  Subscription required
Pre-tax payback period, years  ......  Subscription required
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Water Supply
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Heavy Mobile Equipment as of March 1, 2022:
HME TypeModelQuantity
Backhoe loader ....................... Subscription required ....................... Subscription required
Backhoe loader ....................... Subscription required ....................... Subscription required
Backhoe loader ....................... Subscription required ....................... Subscription required
Drill jumbo (single boom) ....................... Subscription required ....................... Subscription required
Drill jumbo (single boom) ....................... Subscription required ....................... Subscription required
Grader ....................... Subscription required ....................... Subscription required
Loader (FEL) ....................... Subscription required ....................... Subscription required
Loader (FEL) ....................... Subscription required ....................... Subscription required
Personnel Carrier ....................... Subscription required
Scoop Tram ....................... Subscription required ....................... Subscription required
Scoop Tram ....................... Subscription required ....................... Subscription required
Scoop Tram ....................... Subscription required ....................... Subscription required
Scoop Tram ....................... Subscription required ....................... Subscription required
Scoop Tram ....................... Subscription required ....................... Subscription required
Scoop Tram ....................... Subscription required ....................... Subscription required
Scoop Tram ....................... Subscription required ....................... Subscription required
Scoop Tram ....................... Subscription required ....................... Subscription required
Scoop Tram ....................... Subscription required ....................... Subscription required
Scoop Tram ....................... Subscription required ....................... Subscription required
Scoop Tram ....................... Subscription required ....................... Subscription required
Telescopic Handler ....................... Subscription required ....................... Subscription required
Truck (underground) ....................... Subscription required ....................... Subscription required
Truck (underground) ....................... Subscription required ....................... Subscription required
Truck (underground) ....................... Subscription required ....................... Subscription required
Subscription required - Subscription is required.

Mine Management:

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Aug 29, 2023
....................... Subscription required ....................... Subscription required Subscription required Aug 29, 2023
Subscription required - Subscription is required.


Corporate Filings & Presentations:

DocumentYear
Press Release 2023
Corporate Presentation 2022
Form 10-K 2022
Preliminary Economic Assessment 2022
Technical Report 2022
................................... Subscription required 2020
Form 10-K 2016
Form 10-K 2015
Preliminary Economic Assessment 2014
Subscription required - Subscription is required.

News:

NewsDate
Golden Minerals Files Updated PEA for Velardeña Project September 15, 2023
Golden Minerals Company: Updated PEA for Velardeña Properties (Durango, Mexico) Shows $87.6 Million After-Tax NPV August 22, 2023

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