Santacruz Silver Announces Drilling Exploration Start

Santacruz Silver Mining has just updated information on its underground exploration activities on the Horizontes mineral zone at the Zimapan mine, Hidalgo. In a press release, the company informed that it began diamond drilling.

The 22 hole, 3,400-meter drilling program is targeting mantos, chimney and skarn-style mineralization along the projected 200-meter strike length of the Horizontes one and Horizontes two mineral bodies, says the press release. The drilling is programmed to explore 70 to 100 meters down dip from known mineralization. The objective of this exploration is to identify higher silver grade zones to use those deposits to support the ongoing milling operation at the Zimapan Project.

Between 2010 and 2020, Carrizal Mining mined approximately 235,000 tons from the Horizontes mineral zone at an average head grade of 119 g/t silver, 3.17 percent lead, 4.48 percent zinc and 0.20 percent copper.

The CEO of Santacruz, Carlos Silva stated that “The historic Lomo del Toro zone (Horizontes mineral zone) is a promising area where we have wide mineral bodies with significant silver grades. We anticipate that the exploration activities deliver positive results, which would allow us to increase our average head grades at the mine.” He continued, “The first six holes of the drill program are designed to test the Horizontes one and Horizontes two mineral bodies adjacent to current underground development work.”

The Acquisition of Zimapan Mine

The Zimapan mine is the most recent acquisition of Santacruz Silver Mining. As reported by MBN, Santacruz Silver announced the acquisition of the Zimapan Mine assets from Minera Cedros, owned by Grupo Peñoles. The transaction was funded by Trafigura Mexico which facilitated a US$17.6 million loan for the transaction. The Zimapan mill facility is made up of 34 mining concessions and surface and underground infrastructure to carry on day-to-day operations. As described by the company, the Zimapan mill is a 75,000 dry metric tons per month facility with zinc, lead and copper circuits.

Silva had previously mentioned that the acquisition of the Zimapan Mine would represent a new beginning for the company. “Adding the Zimapan Mine, which I had the privilege to lead throughout the last 12 years, to the company's existing mining projects will be a transformational transaction for Santacruz.”