Mexico

Santa Maria Project

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Overview

Mine TypeUnderground
StagePreliminary Economic Assessment
Commodities
  • Silver
  • Gold
Mining Method
  • Cut & Fill
  • Sub-level stoping
Backfill type ... Lock
Mine Life... Lock
SnapshotIn 2020, Golden Minerals Company entered into an option agreement with Fabled Silver Gold Corp. under which Fabled will have the right to acquire a 100% interest in the Santa Maria property upon final payment of $2.0 million in cash in $250,000 quarterly payments through September 2024. In February 2023 Fabled defaulted on this agreement.

A Preliminary Economic Assessment report (PEA) on the Santa Maria Project has been developed for Fabled Copper Corp. (now Fabled Silver Gold Corp.) in respect of its acquisition of the Santa Maria Project from Golden Minerals Company.

Exploration and mining permits in place.

Owners

SourceSource
CompanyInterestOwnership
Transformaciones y Servicios Metalurgicos S.A. De C.V. 100 % Indirect
The Santa María silver Project currently held by Minera de Cordilleras S. de R.L. de C.V., a wholly owned subsidiary of Golden Minerals.

Transformaciones y Servicios Metalurgicos S.A. De C.V. acquired Santa Maria mining claims located in Chihuahua, Mexico from Golden Minerals Company for $1.5 million on December 1, 2023.

Deposit type

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

Summary:

The Santa María deposit type can be described as an epithermal quartz-calcite vein system. Typical banded epithermal textures are observed in underground workings and drill core. Brecciated mineral textures filled by quartz and calcite are common. Low concentrations of galena and sphalerite and the presence of silver minerals indicate an elevated level of exposure within the epithermal system. The geology of the property is dominated by rocks of the Parral Formation, rhyolites, granodioritic intrusive and a post-mineral basaltic cap on the eastern edge. The Santa María mineral deposits are hosted in and adjacent to a rhyolitic dike and granodioritic rocks. Veins are observed hosted by skarns and silicified limestones of the Parral Formation and the Tertiary rhyolite dike Santa María Main Vein The primary Santa María vein gently curves following the contact of the associated rhyolite dike and can be traced on surface for 1,150 m. The current demonstrated down dip extent is 260 m and remains open at depth and along strike. The vein occupies a fault zone near the contact between the Parral Formation sediments and the Tertiary dike. Breccia textures healed by quartz gangue are common in the vein. The vein varies in width between 1 and 4 meters with an average width of 2 meters. The dip of the vein is north varying between 75 and 85 degrees. In the underground workings, occasional post mineral normal faults can be observed to offset the mineralization locally. At surface the vein is oxidized, and oxidation extends irregularly to ~75 meters depth. In the easternmost portion of the vein sulfide mineralization is preserved in the footwall of a cross-cutting fault. Oxide portions of the vein are characterized by strong iron oxides including goethite and hematite. The observed sulfide minerals are galena and sphalerite with rare occurrences of acanthite and ruby silver sulfosalts. Santa María Dos Vein The Santa María Dos vein is a hanging wall splay from the Santa María Main vein. It diverges from the Main vein close to the entrance of the Santa María decline and can be traced along surface for 1,050 m. The vein has been drilled down-dip for approximately 200 m where it intersects the Main Vein. The Santa María vein is open along strike to the east. The vein appears to occupy a fault zone near the contact between Parral Formation limestones and an east-west striking diorite dike. The vein varies in width from 0.25 to 3.5 m and average width is around 1 m. The vein dips to the south varying between 65 and 85 degrees. At surface the vein appears as a narrow, oxidized banded and brecciated quartz vein. Oxidation is variable. In the west it extends to 40 m depth, and in the east up to 150 m depth. Oxide parts of the vein are characterized by iron oxides including goethite and hematite, and in the sulfides zone of the vein sulfide minerals are dominated by pyrite with minor galena and sphalerite. North Vein The North vein crops out approximately 350 m north of the Main vein and can be traced along surface for 350 m. The western extension is covered by post-mineral basalts. The vein varies in width from 0.15 to 2.2 m with an average of 0.8 m. The vein has been explored by several small prospect pits. The vein has a northeast strike and is steeply dipping (80° to the NW or SE depending on the vein limb). The vein appears to be offset by a NW striking fault. The host rocks are the Parral Formation limestones. At surface the vein is a narrow oxidized banded and brecciaed quartz vein with variable oxidation and rare pyrite. Cervantes Vein The Cervantes vein crops out 450 m to the east of the Santa María vein system and has been mapped and sampled over a 900 m strike length. The vein varies in width from 0.25 to 1.3 m with an average of 0.6m. The vein is explored by several prospect pits and shafts and in the center of the system, and an 80 m long tunnel has been developed on the vein exploring an area where sulfide mineralization occurs. The vein has a north-south strike and dips steeply (80°) to the west within a narrow fault zone within the Parral Formation limestones. On the surface the vein is a narrow banded and brecciated quartz-calcite vein and with variable oxidation. Adjacent to the small mine, the vein has a northeast strike and is steeply dipping (80° to the NW or SE depending on the vein limb). The vein appears to be offset by a NW striking fault. The host rocks are the Parral Formation limestones. The vein contains moderate iron oxides and iron oxide staining. However, the vein cropping out above the small mine working contains significant sulfides including sphalerite, galena and pyrite.

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

CommodityUnitsLOM
Silver oz 3,076,974
Gold oz 11,772
All production numbers are expressed as metal in ore.

Operational metrics

Metrics
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Ore tonnes mined, LOM  ....  Subscribe
Tonnes processed, LOM  ....  Subscribe
* According to 2021 study.

Production Costs

CommodityUnitsAverage
Assumed price Silver USD  ....  Subscribe
Assumed price Gold USD  ....  Subscribe
* According to 2021 study / presentation.

Operating Costs

Currency2021
UG mining costs ($/t mined) USD 74.8 *  
UG mining costs ($/t milled) USD  ....  Subscribe
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G&A ($/t milled) USD  ....  Subscribe
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* According to 2021 study.

Project Costs

MetricsUnitsLOM Total
Initial CapEx $M USD  ......  Subscribe
Sustaining CapEx $M USD  ......  Subscribe
Closure costs $M USD  ......  Subscribe
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UG OpEx $M USD  ......  Subscribe
Processing OpEx $M USD 12.3
G&A costs $M USD 6.8
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Gross revenue (LOM) $M USD  ......  Subscribe
Net revenue (LOM) $M USD  ......  Subscribe
Operating margin (LOM) $M USD  ......  Subscribe
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Pre-tax NPV @ 5% $M USD  ......  Subscribe
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Heavy Mobile Equipment

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Personnel

Mine Management

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Feb 16, 2024

Total WorkforceYear
...... Subscription required 2021

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