James Anderson, CEO of Guanajuato Silver (TSX.V:GSVR – OTCQX:GSVRF), joins us to outline the key takeaways from the updated resource estimate at the El Cubo Mine released on December 19^th,  and he provides an exploration update from multiple other mines in Guanajuato, with recent or ongoing drill programs.

Highlights of the El Cubo Mineral Resource Estimate

• Inferred mineral resources increase 85% over previous resource estimate to 35.6 million silver-equivalent ounces (“AgEq”). See table below for assumptions regarding the calculation of AgEq.
• Inferred mineral resource tonnes of 3,711 kt represents a 179% increase over the previous resource estimate.
• Indicated mineral resources of 3.9M AgEq; after three years of substantial mining activity at El Cubo, the resources within the Indicated Resource category have declined by just 23% from the previous estimate.
• Exploration expansion potential remains high; drilling to convert Inferred resources to Indicated Resources planned for January, 2025.

Next we get an exploration update from the recent drill results released to the market in November from the Valenciana Mines Complex nearby the Cata mine and mill, and the results from around the Pinguico Mine.  James notes that a drill is currently also turning at the Topia Mine, along with one at Valenciana, and the company would like to get more drilling into the San Ignacio Mine later in 2025.

The Company produces silver and gold concentrates from the El Cubo Mine Complex, Valenciana Mines Complex, and the San Ignacio mine; all three mines are located within the state of Guanajuato, which has an established 480-year mining history. In addition, the Company produces silver, gold, lead, and zinc concentrates from the Topia mine in northwestern Durango. The operations team is also augmenting material at the Cata processing facility in Guanajuato with ore from both the historic Horcon Mine project, located in the state of Jalisco, and from stockpiles at the Pinguico mine. This effectively means they are seeing production from 6 of their mines, even though only the 4 primary mines have active ongoing underground mining.  

If you have any follow up questions for James on Guanajuato Silver, then please email me at Shad@kereport.com and we’ll get those addressed by management or in future interviews.

* In full disclosure, Shad has a position in Guanajuato Silver at the time of this recording.

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