Guanajuato Silver to Restart Development at Pinguico Mine

Canada-based silver producer Guanajuato Silver announced it received an explosives permit from the Ministry of Defense (SEDENA) for its Pinguico gold-silver project in Guanajuato. The company stated the general use explosives permit allows it to restart underground development at the historic mine, which is located near its El Cubo Mines Complex.

Guanajuato Silver expects to recommence work in 4Q25, drifting along the mineralized San Jose vein structure. The primary objective is to access a large, historic underground stockpile of potentially low-cost mineralized material. This material is located within 10km of the company's El Cubo processing facility. 

Any economic mineralization encountered during the 500m development drive will be sent to the El Cubo plant to help offset development costs for the 2025-2026 program. "We are excited to restart work at our Pinguico mine. The timely granting of this explosives permit allows underground development to restart at what was once the Guanajuato district's highest-grade mine,” stated James Anderson, Chair and CEO, Guanajuato Silver.

Beyond accessing the stockpile, the development will open the mine for a planned 2026 underground exploration drilling program. The company noted that this program aims to discover new mineralized shoots, justified by previously reported high-grade drill results from the site. Historically, the Pinguico mine was the highest-grade gold and silver mine in the Guanajuato region from 1890 to 1913, Guanajuato Silver notes.