Mining Intelligence and News
Mexico

Guanacevi Operation

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Summary

Mine TypeUnderground
StatusActive
Commodities
  • Silver
  • Gold
Mining Method
  • Longhole stoping
  • Avoca
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SnapshotThe GuanacevĂ­ operation is producing from three underground silver-gold mines along a five kilometre length of the prolific Santa Cruz vein.

At GuanacevĂ­, 2025 plant throughput is estimated to range from 1,000 tonnes per day (tpd) to 1,100 tpd and average 1,060 tpd with material mined mainly from the Porvenir Cuatro extension on the El Curso concessions. Mine grades in 2025 are expected to be slightly lower and recoveries are expected to be similar to 2024.

In 2025, at GuanacevĂ­, $19.3 million will be invested in capital projects, the largest of which is 5.3 kilometres of mine development at El Curso and Milache for an estimated $12.7 million. An additional $2.8 million will be invested in mine infrastructure and equipment. A further $1.8 million will be invested in the plant and tailings storage facility. The remaining $2.0 million will be spent on various surface infrastructure or equipment.

Owners

SourceSource
CompanyInterestOwnership
Endeavour Silver Corp. 100 % Indirect
Endeavour Silver Corp. controls the GuanacevĂ­ Project through its 100% owned Mexican subsidiary, Endeavour Gold Corporation S.A. de C.V. (Endeavour Gold). Endeavour Gold holds the project through its two 100% owned subsidiaries, Minera Plata Adelante S.A. de C.V. (Minera Plata Adelante) and Refinadora Plata GuanacevĂ­ S.A. de C.V. (Refinadora Plata GuanacevĂ­).

Contractors

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Deposit type

  • Vein / narrow vein
  • Epithermal

Summary:

Project Geology
The Santa Cruz mine property, which forms part of the main portion of the GuanacevĂ­ Mines Project, covers about a 3.0 km strike length of the Santa Cruz fault/vein system. The Santa Cruz vein is similar in many respects to other veins in the GuanacevĂ­ district, except that it is the only one to lie on the west side of the horst of GuanacevĂ­ Formation and associated facies, and it dips west instead of east.

The broader and higher-grade mineralized ore shoots tend to occur along flexures in the Santa Cruz vein structure, where sigmoidal loops are developed both along strike and down dip. The vein in Deep Santa Cruz for instance splays into two, three or four separate mineralized structures with the intervening wall rocks also often well mineralized, giving mining widths up to 20 m in some places. These sigmoidal loops tend to develop with some regularity along strike and all the ore shoots at the Santa Cruz mine have about a 60° plunge to the northwest. A shallow northwest plunging striation, raking at 15°-30°, is noted on a number of fault planes within the Santa Cruz structure; these striations appear to be consistent with an observed sinistral movement seen on minor faults which produce small offsets of the Santa Cruz vein.

Local Structure
The Santa Cruz vein, the principal host of silver and gold mineralization, is located on the west side of the horst of the Guanaceví Formation. The mineralized vein is part of a major fault system that trends northwest and principally places the Guanaceví Formation in the footwall against andesite and/or rhyolite in the hanging wall. The vein/fault presents a preferred strike of N45°W with dips from 45° to 70° to the southwest. From Santa Cruz Sur to Milache, it extends 6.5 km and averages approximately 3 m in width.

Deposit Type
The GuanacevĂ­ silver-gold district comprises classic, high-grade silver-gold, epithermal vein deposits, characterized by low sulphidation mineralization and adularia-sericite alteration. The GuanacevĂ­ veins are typical of most other epithermal silver-gold vein deposits in Mexico in that they are primarily hosted in the Tertiary Lower Volcanic series of andesite flows, pyroclastics and epiclastics, overlain by the Upper Volcanic series of rhyolite pyroclastics and ignimbrites. Evidence is accumulating in the GuanacevĂ­ mining district that the mineralization is closely associated with a pulse of silicic eruptions that either signaled the end of Lower Volcanic Sequence magmatism or the onset of Upper Volcanic Sequence activity.

Low sulphidation epithermal veins in Mexico typically have a well-defined, sub-horizontal ore horizon about 300 m to 500 m in vertical extent where the bonanza grade ore shoots have been deposited due to boiling of the hydrothermal fluids. Neither the top nor the bottom of the Santa Cruz ore horizon has yet been found but, given that high-grade mineralization occurs over a 400-m vertical extent from the top of the Garibaldi shaft (south of the Santa Cruz mine) to below Level 13 in Santa Cruz, it is likely that erosion has not removed a significant extent of the ore horizon.

Mineralization
The principal mineralization within the Santa Cruz-Porvenir mines is an epithermal low-sulfidation, quartzcarbonate, fracture-filling vein hosted by a fault-structure that trends approximately N45°W and dips 55° southwest. The fault and vein comprise a structural system referred to locally as the Santa Cruz vein structure or Santa Cruz vein fault. The Santa Cruz vein structure has been traced for 6.5 km along the trend and averages about 3 m in width. Mineralization in the system is not continuous but occurs in steeply northwestraking shoots up to 200 m in strike length. A second vein, sub-parallel to the Santa Cruz vein but less continuous, is economically significant in the Porvenir Dos zone, the northern portion of deep North Porvenir, in the Milache zone and finally in the Santa Crus Sur zone. It is referred to in these areas as the “Footwall vein”.

Santa Cruz Vein
The Santa Cruz vein is a silver-rich structure with lesser amounts of gold, lead and zinc. Mineralization has averaged 500 g/t silver and 1 g/t gold over 3 m true width. The minerals encountered are argentite-acanthite, limited gold, galena, sphalerite, pyrite and manganese oxides. Gangue minerals noted are barite, rhodonite, rhodochrosite, calcite, fluorite and quartz. The mineralization down to Level 6 in the Santa Cruz mine is mainly oxidized, with a transition zone of oxides to sulfides occurring between Levels 6 to 8, although some sulfide ore was mined above Level 6.

Mineralization exhibits evidence of episodic hydrothermal events which generated finely banded textures. The higher-grade mineralization in the district is commonly associated with multiple phases of banding and brecciation. The first phase, deposition of white quartz, white calcite and pyrite in stockwork structures, often exhibits horse-tail structures bifurcating both in the horizontal and vertical sense to form imbricate pods. The second phase deposited semi translucent quartz with argentite, scarce gold, and oxides of manganese (2%) and rare lead and zinc sulfide (4%), the latter particularly in the lower part of the hydrothermal system. The second phase was accompanied by the deposition of barite, rhodonite, rhodochrosite, fluorite and calcite.

This second phase comprises multiple pulses of mineralization expressed in the vein structures as bands of massive, banded or brecciated quartz. Massive and massive-to-banded quartz are commonly associated with carbonate which is predominantly manganoan calcite and calcitic rhodochrosite. Rhodonite is much less abundant than carbonates but is not uncommon.

According to results obtained through diamond drilling, the lead and zinc mineralization occurs more commonly in the vein below the water table which, in the Santa Cruz mine, is just below the 13 Level.

Reserves

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Mining Methods

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Heavy Mobile Equipment

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Comminution

Crushers and Mills

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Processing

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Commodity Production

CommodityProductUnits20252024202320222021202020192018201720162015
Silver Metal in dorĂ© koz  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe2,203 1,964 2,066 2,364 3,441 
Gold Metal in dorĂ© koz  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe6.1 5.2 4.7 5.3 7.4 
Silver Equivalent Payable metal koz  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe
Silver Payable metal koz  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe2,1961,9622,0642,3603,406
Gold Payable metal koz  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe6.15.24.75.37.3
^ Guidance / Forecast.

Operational metrics

Metrics20252024202320222021202020192018201720162015
Daily processing rate  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe885 t841 t880 t1,007 t
Daily processing capacity  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe1,200 t1,200 t1,200 t1,200 t1,200 t
Tonnes processed  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe322,988 t307,042 t321,113 t367,441 t431,431 t
Waste  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe
Ore tonnes mined  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe
^ Guidance / Forecast.

Production Costs

CommodityUnits20242023202220212020201920182017
Total cash costs Silver USD  ....  Subscribe  ....  Subscribe  ....  Subscribe 16 / oz   17.2 / oz   14 / oz  
Total cash costs Gold USD  ....  Subscribe  ....  Subscribe  ....  Subscribe 1,394 / oz   1,393 / oz   1,040 / oz  
Total cash costs Silver USD  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe 15.9 / oz **   17.6 / oz **   13.4 / oz **  
All-in sustaining costs (AISC) Silver USD  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe 22.9 / oz **   27 / oz **   22.9 / oz **  
** Net of By-Product.

Operating Costs

Currency202420232022202120202019201820172016
Direct operating costs ($/t milled) USD  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe

Mine Financials

Units202520242023202220212020201920182017
Capital expenditures (planned) M USD  ....  Subscribe
Sustaining costs M USD  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe 10.9   15.7   17.1  
Capital expenditures M USD  ....  Subscribe  ....  Subscribe  ....  Subscribe
Revenue M USD  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe 44.7   39.2   43.4  
Pre-tax Income M USD  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe -12.8   27.3   -4.9  
After-tax Income M USD  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe -17.2   20.5   0.04  

Personnel

Mine Management

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Apr 23, 2025
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Workforce

EmployeesContractorsTotal WorkforceYear
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Aerial view:

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