We own or control a portfolio of around a dozen precious metals projects located in Mexico, Argentina and Nevada (USA).
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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 broke even in its first quarter of production and generated $12.3 million in 2021 net operating margin that can be used in part to fund a startup of production at the larger Velardeña Properties. We completed a drill program in Q4 2021 that has extended the mine life by around six months and we currently estimate Rodeo will operate profitably through Q3 2023.
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The Velardeña Properties contain two underground silver and gold mines and two processing mills. We continue to work on advancing Velardeña ahead of making a production re-start decision. We are in the final stages of testing pyrite concentrates for optimum processing using bio-oxidation technology in South Africa and we estimate we will receive final results in April 2022.We are also conducting test mining underground this spring to ensure that with our chosen mining subcontractor we can control mining dilution, which is critical to the ultimate success of the project. Upon completion of test mining, we plan to make the formal decision on resumption of mining activities around mid-year 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 (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 two drill programs as of Q1 2022, with reported results (Jan. 2022, Feb. 2022) indicating the presence of potentially economic grades on several veins in this multi-vein system property. Golden holds an option to purchase 7 concessions that comprise the Yoquivo property, totaling 1,974.8 hectares, for payments totaling $0.75 million over four years and subject to a 2% net smelter return royalty on production, capped at $2 million.
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.