Mining Intelligence and News
Argentina

Martha Mine

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Overview

Mine TypeOpen Pit & Underground
StatusCare and Maintenance
Commodities
  • Gold
  • Silver
Mining Method
  • Truck & Shovel / Loader
  • Shrinkage stoping
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SnapshotThe Martha Project is the site of past exploration for, and surface and underground mining and recovery of, silver and gold. The property consists of mining facilities including a flotation mill and a tailings retention facility.

There was no production at Martha during the year ended December 31, 2023 as the Company did not produce concentrate from Martha after April 2020. The operations at the Martha plant continue to be on care and maintenance pending the discovery of new material to put through the plant.

No exploration activities were undertaken at Martha during the year ended December 31, 2022 and December 31, 2023.

Owners

SourceSource
CompanyInterestOwnership
FOMICRUZ 5 % Indirect
Patagonia Gold Corp. 95 % Indirect
Patagonia Gold S.A (operator) 100 % Direct
The Martha project is 100% owned by Patagonia Gold S.A. (“PGSA”). The Patagonia Gold Corp has interest in 95% of PGSA.

Fomento Minero de Santa Cruz Sociedad del Estado (“Fomicruz”) the Santa Cruz provincial mining and petroleum company has a 5% interest in the Patagonia Gold S.A.

Deposit type

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

Summary:

Martha Mineralized Zones
Silver and gold mineralization at Martha is located within a series of quartz-rich, locally banded and brecciated, veins and veinlets. The style of mineralization has been interpreted to be intermediate-sulfidation in character (Paéz et al, 2015 and Sillitoe, 2005). The main trend of the mineralized systems is WNW and EW and dip steeply to moderately to the S, SW. On surface, mineralized structures can be several meters wide but often are much less than a meter in true width but may expand in width in the subsurface.

Base and precious metal-bearing minerals at Martha (Paéz et al, 2015 are galena, sphalerite, chalcopyrite, polybasite [(Ag,Cu)6(Sb,As)2S7][Ag9CuS4], silver-bearing tetrahedrite, pyrargyrite (Ag3SbS3), freieslebenite (AgPbSbS3), acanthite and native silver. Pyrite and arsenopyrite are common. Gold-bearing minerals have not been identified.

Dating of base and precious mineralization is often performed by dating spatially-related minerals. At Martha, Sernageomin (2011), for Paéz’s thesis (Paéz, 2011), dated vein-hosted adularia (a low-temperature variety of orthoclase with the chemical formula KAlSi3O8) at 156.5 mya (million years ago). The host rock was dated at 157.6 mya. Alteration assemblages at Martha have been studied by several workers including the exploration staff at Coeur (Birak et al, 2007) and can be generally grouped into major sets: propylitic, silico-argillic, argillic and silicic. Cedillo Frey (2009) documented the following alteration observations at the Martha Oeste vein, which is situated on strike with, and west of, the Martha vein (translated and paraphrased from original Spanish by the Qualified Person).

“Crystallization of sericite, quartz and adularia occurred from pH neutral, hydrothermal fluids ranging in temperature from 200o to 250 o C. This alteration developed two main zones.
a) An outer zone, extending 1 to 5 meters from the vein with sericite as replacement of potassium feldspar, plagioclase, biotite and phengite (muscovite-like mineral). This alteration increased towards the vein forming muscovite and illite.
b) An Inner zone, extending less than 1 meter from the vein, with massive silicification.
In both zones, adularia can be found but is most abundant in the inner zone.”

Deposit Types
Silver and gold mineralization at Martha, along with lesser amounts of base metals, occurs within quartz rich veins, veinlets, breccias and stockworks. The style of mineralization is interpreted to epithermal in original. Epithermal silver and gold deposits, according to Sillitoe and Hedenquist (2003), occur as “both vein and bulk-tonnage styles may be broadly grouped into high-sulfidation (HS), intermediate-sulfidation (IS), and low-sulfidation (LS) types based on the sulfidation states of their hypogene sulfide assemblages”.   

According to Sillitoe (2005) “The overall characteristics of the Martha veins, in particular the occurrence of bonanza grades in association with massive sulfide bands, the high Ag/Au ratios, and the elevated fluid inclusion salinity values, suggest that the deposit is of intermediate-sulfidation epithermal type, albeit with some low-sulfidation features”.

The precious metal, vein-hosted deposits at Martha tend to occur in two general orientations: WNW and EW striking. The location of the main Martha area veins have been inferred to be located along the S-SW margin of a Jurassic-aged volcanic caldera Martha veins can vary significantly in width, ranging from a few millimeters or centimeters (e.g., the Betty System veins) up to a few meters (e.g., Martha vein). However, what sets the Martha veins apart from other veins systems in the Deseado Massif are their bonanza metal grades which can exceed several thousands of grams of silver per tonne (Paéz et al, 2015) and very high silver to gold ratios.

High-grade silver and gold mineralization can be found in surface exposures but often may only be anomalous on surface; changing in tenor, width and orientation at depth. The longitudinal section of contoured silver grades within the Catalina vein system (part of the Del Medio System) is a good example of how grades and the size of the mineralized zones can change with depth at Martha.

Reserves

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Mining Methods

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Comminution

Crushers and Mills

Milling equipment has not been reported.

Processing

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Production

CommodityUnits202020192018
Gold oz  ....  Subscribe232403
Silver oz  ....  Subscribe65,620181,008
Gold Equivalent oz  ....  Subscribe1,008
All production numbers are expressed as metal in concentrate.

Operational metrics

Metrics202120202019
Daily processing capacity  ....  Subscribe  ....  Subscribe240 t

Production Costs

CommodityUnits20202019
Cash costs Gold Equivalent USD  ....  Subscribe 714 / oz  

Financials

Units202120202019
Revenue M USD  ....  Subscribe 2.3  
Gross profit M USD  ....  Subscribe 0.7  
Pre-tax Income M USD  ....  Subscribe  ....  Subscribe -0.8  
After-tax Income M USD  ....  Subscribe  ....  Subscribe -1.7  

Heavy Mobile Equipment

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Personnel

Mine Management

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Aug 14, 2024
....................... Subscription required ....................... Subscription required Subscription required Aug 14, 2024

Aerial view:

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