Santa Maria

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  • Project Details
  • Resources & Geology
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Chihuahua State, Mexico

Land Area
101 hectares

Property Description
Silver and gold underground mine

Silver and gold

Project sold in December 2023

Project Stage
Advanced Exploration

Current Activities & Work

Exploration and mining permits in place


On December 1, 2023, Golden Minerals completed the previously-announced sale of its interests in the Santa Maria gold-silver property located in Chihuahua State, Mexico to Transformaciones y Servicios Metalurgicos S.A. DE C.V. (“TSM”).

Upon closing, the Company has received (all figures in USD) $1.50 million plus $0.24 million in Value Added Tax (“VAT”). The Company is permitted to keep the VAT and use it to offset its current VAT receivable.

In addition, sales terms include:

  • TSM has granted Golden a 1.5% net smelter return (“NSR”) royalty on the Santa Maria concession, capped at $1 million.
  • TSM may purchase from Golden the right to receive the NSR royalty for $0.5 million at any time prior to TSM beginning commercial production at Santa Maria.



NI 43-101 Compliant Mineral Resource Estimate

  Tonnes Silver  Gold  AgEq. Silver  Gold
(M) (M oz) ('000 oz) (M oz) g/t g/t
Santa Maria            
Measured 0.04 0.37 1.13 0.45 271 0.8
Indicated  0.17 1.59 5.70 2.01 291 1.0
Inferred  0.26 2.30 7.61 2.92 272 0.9
  • Source:  Tetra Tech NI 43-101 Technical Report & Updated Preliminary Economic Assessment, September 14, 2018. 
  • Silver equivalents calculated at 74:1.  Cutoff grade 180 g/t.

Geology & Mineralization

The Santa Maria vein deposit is hosted in Cretaceous Mescalera Group sediments associated with Tertiary felsic dikes and partially covered by post-mineral basalt.  Two distinct veins have been recognized and modeled.  The main Santa Maria vein averages 1.5 meters in thickness, strikes east-west and dips north at about 65 degrees.  The secondary vein is a hanging-wall split and averages about 0.5 meters in width with a south dip.  The veins are epithermal quartz veins characterized by low temperature chalcedonic quartz in the near surface portions and commonly with a healed brecciated texture.  Sphalerite and galena are observed in portions of the vein with amounts generally increasing with depth.  Oxidation of the vein is observed to about 75 meters depth in most areas; in the eastern extension of the vein the depth of oxidation increases to more than 200 meters below surface. 

Santa Maria Drill Results

Santa Maria 2017-18 Drilling Results