The development of mining projects is key to Peñoles' organic growth strategy. For this reason, we continuously invest in exploration throughout metal’s economic-price cycles.


Peñoles’ has highly qualified professionals devoted to exploration and discovery of polymetallic and copper deposits in Mexico, Chile and Peru, who perform the following tasks:

  • Prospection
  • Detection
  • Development of new projects
  • Opportunity assessment, by performing studies in early stages of exploration to identify projects of interest to the Company

This approach ensures we have a stable portfolio of projects and prospects at diverse stages of development.

Our Projects and Prospects Portfolio


Exploration projects

In 2022, we carried out direct exploration work, drilling a total of 47 thousand meters. Exploration includes core sampling in the vicinity of the Velardeña (Durango) and Capela (Guerrero) mines. Core sampling was also performed in Reina del Cobre (Durango), Fortuna del Cobre (Sonora), Racaycocha (Peru) and Yastai (Chile). Geological, geochemical, and geophysical studies, including core sampling of 18 prospects, were also performed. We also expanded prospecting, evaluating 9 third-party prospects.

The results of the main projects are as follows:


  • Teloloapan, Guerrero.

  • In 2022, a drilling campaign was completed, which generated inferred resources of 5.4 million tons, containing 4.3% copper equivalent, which are feasible to be converted into new reserves for this mining unit.

  • Silver, lead, zinc and copper.

Reina del Cobre

  • Cuencamé, Durango.

  • Skarn-type polymetallic deposit with sulfuric bodies located 20 km from Velardeña. Inferred resources totaled 19 million tons of ore with 1.9% of copper equivalent. We expect to have a new estimate on the resources by the end of 2024.

  • Silver, lead, zinc and copper.

Fortuna del Cobre

  • Pitiquito, Sonora.

  • Project to detect possible new mineralized zones. Disseminated copper deposit with inferred resources of 10 million metric tons of ore, with 1.2% copper, in a secondary enrichment zone. The first phase of the drilling campaign was completed, so we are currently quantifying resources and conducting economic assessments. 

  • Copper.


  • Perú.

  • Copper-gold-molybdenum project undergoing geological, geochemical and geophysical surveys.

  • Copper.

Other projects

  • México, Chile and Perú.

  • In 2022, geological, geochemical, and geophysical work took place at 18 prospects for further exploration with drilling and subsequent economic assessment. Prospecting was also intensified with the assessment of 9 external projects in search of opportunities.