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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
Phone  ...  Subscription required
Fax662-212-3827
EmailEmail
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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
  • Resue mining
  • Mechanized Cut & Fill
  • Longhole open stoping
  • Dry waste backfill
Mine Life2028
Guanajuato Silver operates the combined El Cubo and El Pingüico properties.

El Cubo is approximately 5 kilometers from El Pingüico. Both properties utilize El Cubo’s existing mill.

Guanajuato Silver is currently exploring, developing, and processing mineralized material from the El Cubo property and other sources. At El Pingüico, only material from the surface stockpile has been hauled to the El Cubo concentrator for processing.


Owners

Source: p. 11,12
CompanyInterestOwnership
Guanajuato Silver Company, Ltd. 100 % Indirect
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

  • Resue mining
  • Mechanized Cut & Fill
  • Longhole open stoping
  • Dry waste backfill


Summary:

Guanajuato Silver operates the combined El Cubo and El Pingüico properties to provide feed to the El Cubo mill (also known as the El Tajo plant). Material from the underground mine at El Cubo, combined with mineralized material from other sources, will be the primary feedstock to the El Cubo mill between 2023 and 2028. Although some material from El Pingüico has been processed since 2021, for purposes of this PEA, no additional feed from the El Pingüico stockpiles is projected to be fed to the El Cubo processing facility at this time.

Mechanized cut-and-fill stoping using small LHD (load-haul-dump) machines and handheld jackleg drills is the current mining method. 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. A small amount of long hole open-stoping has also been utilized. Other methods, such as stull stoping, may be considered in the future.

Development at El Cubo is conventional drill-blast-muck using jumbos for drilling and LHDs and trucks for haulage. Ground support is installed, as required.

At El Pingüico, only material from the surface stockpile has been hauled to the El Cubo concentrator for processing. At this time, no mining methods have been proposed for recovery of the underground stockpiles.

EL CUBO
Starting in 2021, Guanajuato Silver initially extracted mineralized material from El Cubo from stopes that were shut down ........


Crushing and Grinding
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Processing

Flow Sheet: Subscription required

Summary:

- subscription is required.


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.

CommodityProductUnits202220212019201820172016
Silver Metal in concentrate oz  ......  Subscription required  ......  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  ......  Subscription required
Silver Equivalent Metal in concentrate oz  ......  Subscription required  ......  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:

Metrics20222021201920182017
Daily ore mining rate  ......  Subscription required672 t1,427 t1,402 t
Daily processing capacity  ......  Subscription required  ......  Subscription required1,500 t1,500 t1,500 t
Ore tonnes mined  ......  Subscription required  ......  Subscription required245,418 t520,784 t511,836 t
Tonnes processed  ......  Subscription required  ......  Subscription required245,418 t520,784 t511,836 t
Annual processing capacity  ......  Subscription required  ......  Subscription required
Subscription required - Subscription is required.

Reserves at December 31, 2022:

CategoryOreTypeTonnage CommodityGradeContained Metal
Indicated 453,180 t Silver 200 g/t 2,914,000 oz
Indicated Stockpiles 453,180 t Silver 93 g/t 467,600 oz
Indicated 453,180 t Gold 2.51 g/t 36,500 oz
Indicated Stockpiles 453,180 t Gold 0.65 g/t 3,257 oz
Indicated 453,180 t Silver Equivalent 400 g/t
Indicated Stockpiles 453,180 t Silver Equivalent 146 g/t
Inferred 1,364,000 t Silver 219 g/t 9,585,000 oz
Inferred 1,364,000 t Gold 2.84 g/t 129,900 oz
Inferred 1,364,000 t Silver Equivalent 446 g/t

Commodity Production Costs:

CommodityUnits20222021201920182017
Cash costs Silver USD  ......  Subscription required 8.46 / oz   11.8 / oz  
Cash costs Gold USD  ......  Subscription required 685 / oz   879 / oz  
Cash costs Silver USD  ......  Subscription required 2.87 / oz†   7.93 / oz†  
Total cash costs Silver Equivalent USD  ......  Subscription required  ......  Subscription required
All-in sustaining costs (AISC) Silver Equivalent USD  ......  Subscription required  ......  Subscription required
All-in sustaining costs (AISC) Silver USD  ......  Subscription required 8.86 / oz†   17.8 / oz†  
† Net of By-Product.
Subscription required - Subscription is required.

Operating Costs:

Units2022202120192018201720162015
UG mining costs ($/t milled) USD 33.9  42.6  
Direct operating costs ($/t milled) USD  ......  Subscription required  ......  Subscription required  ......  Subscription required  ......  Subscription required  ......  Subscription required
Processing costs ($/t milled) USD  ......  Subscription required  ......  Subscription required
Total operating costs ($/t milled) USD  ......  Subscription required  ......  Subscription required
Subscription required - Subscription is required.

Financials:

Units2022202120202019201820172016
Sustaining costs M USD  ......  Subscription required  ......  Subscription required  ......  Subscription required 10   13.9   1.8  
Capital expenditures M USD  ......  Subscription required
Revenue M USD  ......  Subscription required  ......  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  ......  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


Pipelines and Water Supply
Source: Subscription required

- subscription is required.


Heavy Mobile Equipment:
HME TypeSizeQuantityStatusRef. Date
Drill (long hole) ....................... Subscription required Existing Jun 30, 2023
Drill jumbo (single boom) ....................... Subscription required Existing Jan 31, 2022
Scoop Tram 1.5 cu. m ....................... Subscription required Existing Jan 31, 2022
Scoop Tram 2.5 cu. m ....................... Subscription required Existing Jan 31, 2022
....................... Subscription required ....................... Subscription required ....................... Subscription required Proposed Jan 31, 2022
Truck (haul) 7 cu. m ....................... Subscription required Existing Jan 31, 2022
Truck (underground) 10 t ....................... Subscription required Existing Jan 31, 2022
Subscription required - Subscription is required.

Mine Management:

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Dec 31, 2022
....................... Subscription required ....................... Subscription required Subscription required Dec 31, 2022
....................... Subscription required ....................... Subscription required Subscription required Sep 12, 2023
....................... Subscription required ....................... Subscription required Subscription required Sep 12, 2023
....................... Subscription required ....................... Subscription required Subscription required Sep 12, 2023
....................... Subscription required ....................... Subscription required Subscription required Sep 12, 2023
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
Quarterly Report 2023
Financial Review 2022
Management Discussion & Analysis 2022
Other 2022
Preliminary Economic Assessment 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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