We own or control a portfolio of around a dozen precious metals projects located in Mexico, Argentina and Nevada (USA).
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El Quevar is a district-scale, advanced exploration-stage silver project in Salta, Argentina. We announced a positive PEA for Quever in 2018 and have had an ongoing earn-in agreement with Barrick Gold since 2020. Barrick has the opportunity to earn up to a 70% interest by spending $10M+ and completing a Pre-Feasibility study demonstrating a profitable operation with 2M+ AuEq oz within 8 years.
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Yoquivo is a district-scale silver-gold exploration project (Chihuahua State, Mexico) with historic high-grade silver production. Our claims cover an underexplored epithermal precious metals district with excellent access in the productive part of the Sierra Madre. We have completed three drill programs, with reported results (Jan. 2022, Feb. 2022, Aug. 2022) indicating the presence of potentially economic grades on several veins in this multi-vein system property. We released an initial Mineral Resource Estimate for Yoquivo in Q1 2023. Golden holds an option to purchase the 7 concessions that comprise the Yoquivo property, totaling 1,975 hectares, subject to 2 to 3% NSR royalty interests on production, capped at $2.8 million.
Sarita Este is a gold-silver-copper exploration project located in northwest Salta Province, Argentina, near First Quantum’s Taca Taca project. Sarita Este sits at elevations between 3,550-3,750 meters above sea level. We are targeting a copper porphyry system with some similarities to Taca Taca in the northeast portion of the Sarita Este claim at the Kachi target and a high sulfidation gold-silver system in the southern portion of the concession at the Sico target.
The Velardeña Properties in Durango State, Mexico contain two past-producing underground silver and gold mines and two processing mills.
The company restarted mining operations at Velardeña in late December 2023 but stopped operations in late February 2024. The Velardeña plan called for progressively increasing production at the mine during the first half of 2024 until it achieved positive cash flow. However the initial performance of the mine and processing plant during the course of the initial several months of production did not achieve the results projected by the company; therefore, the company elected to cease mining operations. As a result, the company intends to evaluate potential alternatives for the Velardeña Properties, which may include a sale of properties or winding up of certain of the company’s Mexico operations.
We added the Sand Canyon gold-silver project in Nevada to our portfolio of properties in 2019. We also own or control additional exploration properties, most of which lie in and around the traditional silver-producing areas in Mexico.
We concluded operations at the Rodeo open pit gold-silver mine during the third quarter of 2023. During its 2021-2023 lifespan, Rodeo generated over $57 million in revenue and $18 million in net operating margin for Golden Minerals.