Guanajuato Silver Increases El Cubo Mineral Resources by 85%

Canada-based silver miner Guanajuato Silver released an updated mineral resource estimate (MRE) for its El Cubo mine complex in Guanajuato. Owing to the program, the company increased El Cubo’s inferred mineral resource by 85%. 

This new MRE is part of an ongoing program to update the company's NI 43-101 technical reports and resource estimates for its producing mines in Mexico, including El Cubo, the Valenciana Mines Complex, the San Ignacio mine, and the Topia mine.

The 2024 MRE for El Cubo shows a significant increase in mineral resources. Inferred mineral resources have risen by 85% compared to the previous estimate, totaling 35.6Moz of silver equivalent (AgEq), with an inferred mineral resource tonnage of 3,711 kilotonnes (kt), reflecting a 179% increase. The indicated mineral resources total 3.9Moz AgEq, a decrease of 23% from the prior estimate, after three years of mining activity at the El Cubo mine.

Guanajuato Silver noted that El Cubo's mineralization consists primarily of silver and gold, occurring in several stratigraphic formations, with the most important being the La Bufa, Guanajuato, and Calderones formations. The deposit is characteristic of high-grade silver-gold banded epithermal vein deposits, with productive veins sub-parallel to the Veta Madre system and high-grade gold mineralization in transverse veins.

Guanajuato Silver said its exploration and sampling activities have contributed significantly to this new estimate, with the company collecting over 43,919 underground channel samples and 24,602 drill hole samples since taking control of the project in 2021. The total number of underground chip channel samples collected by the company as of the effective date of the 2024 MRE amounts to 17,402, along with 445 drill hole samples.

Despite the increase in resources, Guanajuato Silver maintains plans for continued exploration, with drilling efforts in January 2025 aimed at converting inferred resources into indicated resources.

Guanajuato Silver said the updated mineral resource estimate was prepared by APEX Geoscience. The resource update report will be filed under Guanajuato Silver’s SEDAR+ profile within 45 days, in compliance with the NI 43-101 requirements.