Argentina

Cerro Moro Mine

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Overview

Mine TypeOpen Pit & Underground
StatusActive
Commodities
  • Gold
  • Silver
Mining Method
  • Truck & Shovel / Loader
  • Bench & Fill
  • Longhole stoping
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SnapshotThe Cerro Moro gold and silver operation consists of several open pit and underground mines, producing doré through a conventional leaching and Merrill-Crowe process.

Owners

SourceSource
CompanyInterestOwnership
Pan American Silver Corp. 100 % Indirect
On March 31, 2023, Pan American completed its previously announced acquisition of all of the issued and outstanding common shares of Yamana Gold Inc.

Cerro Moro is comprised of ten grouped mining concessions consisting of a combination of 70 mining minas and 12 exploration cateos, totalling 304,167 hectares. Estelar Resources S.A. (“Estelar”), an indirect subsidiary of Yamana, holds valid and marketable title to the Cerro Moro group of concessions.

Contractors

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Deposit type

  • Vein / narrow vein
  • Epithermal

Summary:

Cerro Moro is located within the Deseado Massif, a tectonic block in the central portion of the Santa Cruz Province that covers an area of approximately 60,000 square kilometres. The Deseado Massif is host to several producing and past-producing gold and silver mines, all of the low-sulphidation gold-silver quartz vein deposit type. This deposit type is characterized by quartz veins, stockworks, and breccias that contain gold, silver, electrum, argentite, and pyrite with lesser and variable amounts of sphalerite, chalcopyrite, galena, rare tetrahedrite and sulphosalt minerals that form in high-level (epizonal) to near-surface environments. At Cerro Moro, gold-silver mineralization is associated with low-sulphidation epithermal veins, stockwork, and breccia units. Phreatic breccias (unit Hbx) are commonly spatially associated with low- sulphidation veins consisting of quartz, some adularia, and variable concentrations of pyrite, acanthite, sphalerite, and other very minor base metal sulphides. The Cerro Moro property is underlain by Tertiary marine sediments, Quaternary gravels and volcanic rocks of Jurassic age assigned to the Bahía Laura Group by Panza et al. (1994). The current distribution of rock units is strongly controlled by faulting. Stratified rocks generally dip gently to the south but are displaced along numerous faults. Actual displacement vectors on faults are poorly defined and structural observations of veins and fault surfaces show a complex history, with reactivation of fault surfaces showing different displacement vectors during different periods of deformation and resultant mineralization. Gold-silver mineralization at Cerro Moro is associated with epithermal veins. Geological mapping and ArAr age dating on vein adularia have defined at least three episodes of veining, spread over 9 million years from 180 to 171 Ma. The different ages of veining tend to have different orientations and structural controls on high-grade shoots. The earlier pulses of veining (Michelle vein at 180 Ma, Esperanza at 175 Ma, and Gabriela at 178 Ma) are characterized by banded crystalline quartz veins with local adularia and low sulphide content. These veins are generally poorly mineralized although they locally contain significant ore shoots. Grades are lower than in the younger pulse of mineralization and ore shoots terminate at shallow depths, suggesting significant erosion of the vein systems has taken place. A second later pulse (171 Ma) consisting of black silica, is rich in base metal and silver sulphides and hosts high-grade gold mineralization, mainly in the Escondida-Zoe vein system. These high-grade veins and stockworks consist of banded veins with white quartz, fine-grained black silica, and coarse sulphides including pyrite, palecoloured sphalerite, galena, and acanthite as well as local electrum. The black silica is also characterized by anomalously high molybdenum content. Veining at Cerro Moro is complex and widespread. Veining varies from simple single veins to complex vein systems. Veins are typically steeply dipping to sub-vertical. Outcropping veins locally reach widths up to 4 m, whilst associated zones of quartz stringers and stockwork may reach widths in the order of 10 to 15 m. The strike length of individual veins is variable and ranges generally between 200 metres and 1 kilometre. Alteration has been identified by Terraspec using spectrometry and is typical of the low-sulphidation model, with broad haloes of white mica and less common kaolinite alteration around the mineralized veins. Structural controls on veining at Cerro Moro vary with the age of the veins. The oldest veins at Cerro Moro trend north to northeast and mineralization is preferentially hosted in northeast trending segments, especially in areas close to intersections with northwest or east-west structures, suggesting possible reactivation with emplacement of younger mineralization. A second episode of white quartz-adularia veining was emplaced along northwest-trending structures. These veins are widespread in the main mine area and host lower-grade but significant mineralization in the Gabriela and Esperanza-Nini areas. The mineralization in these veins extends to relatively shallow depths below the current surface and probably represent the roots of deeply eroded veins. The third high-grade episode of sulphide-rich mineralization is also hosted along northwest trending faults. The main Escondida fault is a large displacement south side-down fault. Mineralization is localized around east-west trending segments as well as in small east-west splays off the main structure. These observations, along with the stratigraphic displacement observed above, suggest a strong sinistral-normal oblique movement vector that controls this part of the mineralization.

Reserves

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Mining Methods

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Comminution

Crushers and Mills

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Processing

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Production

2023 Cerro Moro production data represent operating results from March 31, 2023 to December 31, 2023, following the completion of the Yamana Acquisition on March 31, 2023.
CommodityUnits2024202320222021202020192018
Gold koz  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe12193
Silver koz  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe6,3234,119
Gold Equivalent oz  ....  Subscribe  ....  Subscribe  ....  Subscribe194,574144,352
All production numbers are expressed as metal in doré. ^ Guidance / Forecast.

Operational metrics

Metrics202320222021202020192018
Waste  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe6,640,990 t6,416,534 t
Ore tonnes mined  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe352,332 t210,644 t
Tonnes processed  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe367,334 t199,602 t
Daily processing capacity  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe1,000 t1,000 t
Annual processing capacity  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe365,000 t
Daily processing rate  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe

Production Costs

CommodityUnits2024202320222021202020192018
Cash costs (sold) Gold Equivalent USD  ....  Subscribe  ....  Subscribe  ....  Subscribe 725 / oz   629 / oz  
Cash costs Silver USD 5.98 / oz  
Cash costs Gold USD 479 / oz  
Cash costs (sold) Silver USD  ....  Subscribe  ....  Subscribe
All-in sustaining costs (sold) Gold Equivalent USD  ....  Subscribe  ....  Subscribe  ....  Subscribe 969 / oz   848 / oz  
All-in sustaining costs (AISC) Silver USD 7.49 / oz  
All-in sustaining costs (AISC) Gold USD 600 / oz  
All-in sustaining costs (sold) Silver USD  ....  Subscribe  ....  Subscribe
^ Guidance / Forecast.
** Net of By-Product.

Financials

Units2024202320222021202020192018
Capital expenditures (planned) M USD  ....  Subscribe
Capital expenditures M USD  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe 43.4   87.6  
Sustaining costs M USD  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe 23.5   15  
Growth Capital M USD  ....  Subscribe  ....  Subscribe  ....  Subscribe
Revenue M USD  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe 299.6   126.8  
Operating Income M USD  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe 24.2   11.6  

Heavy Mobile Equipment

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Personnel

Mine Management

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Apr 4, 2024
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Total WorkforceYear
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Aerial view:

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