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Mexico
El Cubo Complex (El Cubo - El Pinguico Project) (El Cubo - El Pinguico Project)

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 Location:
7 km E from Guanajuato, Guanajuato, Mexico

  Address:
6 Km al SE de la Cd. de Guanajuato Congregacion El Cubo del Mineral
Guanajuato
Guanajuato, Mexico
36250
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Fax662-212-3827
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  • Overview
  • Owners
  • Geology
  • Mining
  • Processing
  • Production
  • Reserves
  • Costs & Financials
  • Fleet
  • Personnel
  • Filings & News

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Overview

StageProduction
Mine TypeUnderground
Commodities
  • Silver
  • Gold
Mining Method
  • Mechanized Cut & Fill
Mine Life7 years (as of Jan 1, 2021)
VanGold Mining Corp suspended mining operations at the El Cubo underground mine on November 30, 2019 as reserves were exhausted.

On March 16, 2021, Guanajuato Silver signed a definitive asset purchase agreement with Endeavour Silver Corp. to acquire the El Cubo Complex in Guanajuato, Mexico and on April 9, 2021, asset purchase transaction closed.

Guanajuato Silver completed the refurbishment of the El Cubo mill in September 2021, with crushing and grinding of mill feed from El Cubo commencing on October 8, 2021.

The El Cubo mill continues to have ample capacity for expansion to handle additional material from nearby El Pinguico and/or other sources of material from the greater Guanajuato Mining District.


Owners

Source: p. 5,6
CompanyInterestOwnership
Guanajuato Silver Company, Ltd. 100 % Indirect
On March 16, 2021, the Guanajuato Silver signed a definitive asset purchase agreement (the “Agreement”) with Endeavour Silver Corp. (“Endeavour”) to acquire the El Cubo Complex in Guanajuato, Mexico and on April 9, 2021, asset purchase transaction closed.

El Cubo mine and mill (the “El Cubo Complex”) is 100% owned of Guanajuato Silver.

Obras Mineras El Pinguico, S.A. de C.V., a subsidiary of Guanajuato Silver, holding all of the Company’s interests in El Cubo and El Pinguico.

Contractors

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Deposit Type

  • Vein / narrow vein
  • Epithermal


Summary:

Deposit Type The Guanajuato Mining District is a world-class, high-grade, silver-gold, epithermal vein system with low sulfidation and adularia-sericite alteration. It is historically a well-known, studied, and documented mining district. The Guanajuato veins are typical of most epithermal silver-gold vein deposits in Mexico with respect to volcanic activity, volcanic and sedimentary host rock affinities, mineral paragenesis, silver-gold grades and ratios, vein mineralogy, and alteration styles. Epithermal systems form relatively near the surface, ranging from hot spring style gold and gold-silver mineralization developed in sinter terraces and shallow bedrock with deeper hydrothermal feeder zones to vein deposits and hanging wall splits at depths of several hundred meters. The hydrothermal solutions are driven by heat from volcanic activity. The hot circulating hydrothermal waters rise up through fissures with pressures building up until the hydrostatic pressure is released (sometimes explosively) allowing solutions to boil and precipitate the metallic minerals. Typically, this is a cyclical or recurring event as the fissures repeatedly get plugged and pressures build up until fracturing once again releases the hydrostatic pressure. The typical banding nature of the veins represents the cyclical pressure buildup, release by fracturing, boiling, and precipitation of minerals multiples of times until the system is finally exhausted. These multiple events allow the range of e ........


Mining Methods

  • Mechanized Cut & Fill


Summary:

Guanajuato Silver plans to operate the combined El Cubo and El Pinguico properties to provide feed to the El Cubo Mill. Mechanized cut-and-fill stoping using small LHD (load-haul-dump) machines and handheld jackleg drills is the proposed method for the initial production from the underground operation. This method does allow for some degree of resuing to eliminate or minimize the amount of waste dilution and to provide fill for the stopes. Other methods, such as long hole stoping or stull stoping(tumbe sobre levante), may be considered in the future. Development methods that would be proposed would be conventional drill-blast-muck using jumbos for drilling and LHDs and trucks for haulage. Ground support would be installed, as required. Planned production from El Cubo will initially occur from stopes that were shut down and require no pre-production development. Endeavour Silver reported that approximately 9,000 tonnes have been drilled and blasted and can be hauled to the mill provided access can be restored. Another 60,000 tonnes of material is ready for drill and blasting after some minor development. Some de-watering may be required. Production would next occur in areas that have been drilled, sampled, and defined as Resources. These areas require decline ramps, ore drifts, and ventilation shafts. Approximately 150,000 tonnes are identified for development. El Cubo was last in operation in 2019. FWhen Endeavour operated the mine, the mine was divided up into differen ........


Crushing and Grinding
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Processing

Flow Sheet: Subscription required

Summary:

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Production:
The El Cubo Project was put on care and maintenance at the end of November 2019. Production of silver and gold concentrate from the El Cubo Mill re-commenced in October 2021.

CommodityProductUnits20212019201820172016
Silver Metal in concentrate oz  ......  Subscription required  ......  Subscription required2,582,7401,919,1022,018,745
Gold Metal in concentrate oz  ......  Subscription required  ......  Subscription required  ......  Subscription required  ......  Subscription required  ......  Subscription required
Silver Equivalent Metal in concentrate oz  ......  Subscription required
Silver Payable metal oz  ......  Subscription required2,508,8501,842,3381,937,995
Gold Payable metal oz  ......  Subscription required  ......  Subscription required  ......  Subscription required  ......  Subscription required
Subscription required - Subscription is required.

Operational Metrics:

Metrics20212019201820172016
Ore tonnes mined  ......  Subscription required245,418 t520,784 t511,836 t678,850 t
Tonnes processed  ......  Subscription required245,418 t520,784 t511,836 t583,772 t
Daily processing capacity  ......  Subscription required1,500 t1,500 t1,500 t1,500 t
Annual processing capacity  ......  Subscription required
Daily ore mining rate  ......  Subscription required672 t1,427 t1,402 t1,599 t
Subscription required - Subscription is required.

Reserves at January 31, 2021:

CategoryTonnage CommodityGradeContained Metal
Indicated 508,055 t Silver 194 g/t 3,169,000 oz
Indicated 508,055 t Gold 2.44 g/t 39,860 oz
Indicated 508,055 t Silver Equivalent 389 g/t
Inferred 1,453,000 t Silver 214 g/t 10,004,000 oz
Inferred 1,453,000 t Gold 2.78 g/t 129,900 oz
Inferred 1,453,000 t Silver Equivalent 435 g/t

Commodity Production Costs:

CommodityUnits20212019201820172016
Cash costs Silver Equivalent USD  ......  Subscription required
Cash costs Silver USD  ......  Subscription required 8.46 / oz   11.8 / oz   12.6 / oz  
Cash costs Gold USD  ......  Subscription required 685 / oz   879 / oz   938 / oz  
Cash costs Silver USD  ......  Subscription required† 2.87 / oz†   7.93 / oz†   10.1 / oz†  
All-in sustaining costs (AISC) Silver Equivalent USD  ......  Subscription required
All-in sustaining costs (AISC) Silver USD  ......  Subscription required† 8.86 / oz†   17.8 / oz†   13.3 / oz†  
† Net of By-Product.
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Operating Costs:

Units202120192018201720162015
UG mining costs ($/t milled) USD 42.6
Direct operating costs ($/t milled) USD  ......  Subscription required  ......  Subscription required  ......  Subscription required  ......  Subscription required  ......  Subscription required
Processing costs ($/t milled) USD  ......  Subscription required
Total operating costs ($/t milled) USD  ......  Subscription required
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Financials:

Units202120202019201820172016
Sustaining costs M USD  ......  Subscription required  ......  Subscription required 10   13.9   1.8  
Revenue M USD  ......  Subscription required  ......  Subscription required 71.5   58.7   60.5  
Operating Income M USD  ......  Subscription required
Pre-tax Income M USD  ......  Subscription required  ......  Subscription required 18.3   15.8   11.9  
After-tax Income M USD  ......  Subscription required  ......  Subscription required  ......  Subscription required 18   15.4   11.4  
EBITDA M USD  ......  Subscription required
Operating Cash Flow M USD  ......  Subscription required
Subscription required - Subscription is required



Heavy Mobile Equipment as of January 31, 2021:
HME TypeSizeQuantity
Jumbo ....................... Subscription required
Scoop Tram 1.5 cu. m ....................... Subscription required
Scoop Tram 4.5 cu. m ....................... Subscription required
Truck (haul) 7 cu. m ....................... Subscription required
Truck (underground) 10 t ....................... Subscription required
Subscription required - Subscription is required.

Mine Management:

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Jun 15, 2022
....................... Subscription required ....................... Subscription required Subscription required Jan 16, 2023
....................... Subscription required ....................... Subscription required Subscription required Nov 15, 2022
....................... Subscription required ....................... Subscription required Subscription required Jan 16, 2023
....................... Subscription required ....................... Subscription required Subscription required Jun 15, 2022
Subscription required - Subscription is required.

Staff:

EmployeesContractorsTotal WorkforceYear
Subscription required Subscription required Subscription required 2019
Subscription required Subscription required Subscription required 2018
Subscription required Subscription required Subscription required 2017
Subscription required Subscription required Subscription required 2016
Subscription required Subscription required Subscription required 2015

Corporate Filings & Presentations:

DocumentYear
Other 2022
................................... Subscription required 2021
................................... Subscription required 2021
................................... Subscription required 2021
................................... Subscription required 2021
................................... Subscription required 2021
................................... Subscription required 2020
................................... Subscription required 2020
................................... Subscription required 2020
................................... Subscription required 2020
................................... Subscription required 2020
................................... Subscription required 2020
................................... Subscription required 2020
................................... Subscription required 2020
................................... Subscription required 2020
................................... Subscription required 2019
................................... Subscription required 2019
................................... Subscription required 2019
................................... Subscription required 2019
................................... Subscription required 2019
Financial Review 2018
Management Discussion & Analysis 2018
Press Release 2018
Press Release 2018
Corporate Presentation 2017
Financial Review 2017
Management Discussion & Analysis 2017
Technical Report 2017
Year-end Mineral Reserves 2017
Financial Review 2016
Management Discussion & Analysis 2016
Press Release 2016
Technical Report 2016
Form 40-F 2015
Management Discussion & Analysis 2015
Technical Report 2015
Management Discussion & Analysis 2014
Management Discussion & Analysis 2013
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