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 and an updated resource for the project during 2018. The project was subject to an Earn-In Agreement with Barrick Gold Corp. from April 2020 to April 2024. The project has now reverted back to the company, and we intend to advance El Quevar as funding becomes available.
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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.
We restarted mining at our Velardeña Properties in December 2023 and continued through the end of February 2024 when it was determined that the initial performance of both the mine and the plant did not achieve expected results. We processed all the mineralized material that had been mined and shut down the processing plant at the end of March 2024, and are now holding the Velardeña Properties for short-term sale as we evaluate options to realize value from the assets.
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.