We own or control a portfolio of over a dozen precious metals projects located in Mexico, Argentina and Nevada (USA). We intend to bring two Mexican projects into production:
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Rodeo is a high-grade, open pit gold-silver mine located about 1.5 hours via road from our Velardeña Properties. We began excavation at Rodeo in late 2020 and commenced gold-silver production in January 2021. The project is expected to generate over $25 million in free cash flow over 2.25 years (per its April 2020 PEA; assumes prices of $1,622/oz Au & $14.38/oz Ag) that can be used in part to fund a startup of production at the larger Velardeña Properties. We began a drill program in Q1 2021 aimed at expanding Rodeo's resource.
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The Velardeña Properties contain two underground silver and gold mines and two processing mills. We announced successful metallurgical test work on pyrite-arsenopyrite flotation concentrate studies using a bio-oxidation ("BIOX") gold recovery process, and a PEA incorporating the BIOX technology was published in May 2020. We are now accelerating plans to bring Velardeña into production, potentially in late 2021-2022.
El Quevar is a district-scale, advanced exploration-stage silver project in Salta, Argentina. We have announced a positive PEA (2018) and earn-in agreement with Barrick Gold (2020) for El Quevar.
Santa Maria is an underground silver and gold mine with a positive (Sept. 2018) PEA, low capital cost, and a potential source of near-term production. In December 2020, Golden & Fabled Silver Gold Corp. signed an option agreement giving Fabled a two-year option to purchase Golden's interest in the property for $4M plus a royalty stream.
Yoquivo is a district-scale gold-silver exploration project 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 completed a 3,400-meter, 15-hole drill campaign in late Q4 2020 and announced promising results form the program in Q1 2021. We are planning a follow on drill program that could start in Q2 2021.
We added the Sand Canyon gold-silver project in Nevada to our portfolio of properties in 2019. We also own or control additional silver and gold properties located in or near the traditional silver-producing areas of Mexico.