Peñoles

Exploration

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.

Exploration
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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

Grafica

Exploration projects

In 2023, we completed 21,241 meters of drilling in five locations and carried out geological, geochemical, and geophysical work to follow up on 20 prospects for further exploration with drilling and subsequent assessment. We also assessed 12 important external projects to weigh opportunities for acquisition or investment. 

The results of the main projects are as follows:

Tizapa

  • Zacazonapan, State of Mexico

  • In 2023, a drilling campaign was conducted over 6,700 meters throughout the current mineralized mantles to define areas with additional mineralization, which was achieved in two directions. Drilling will continue in 2024, aiming to replenish the mineral reserves of this mining unit and extend its operational life.

  • Gold, silver, lead, zinc and copper.

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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. For 2024, we expect to carry out backfill drilling in the upper portion of the deposit, along with a preliminary economic study.

  • Silver, lead, zinc and copper.

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Fortuna del Cobre

  • Pitiquito, Sonora.

  • In this disseminated copper deposit, we completed the parametric drilling phase in 2022, determining inferred resources of 62.5 million metric tons, with values of 0.48% copper equivalent. The upper portion of the deposit is leachable ore. We are currently reviewing the metallurgical studies, and have begun economic studies to determine its viability

  • Copper.

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Flobar

  • Nacozari, Sonora.

  • This is a porphyry type copper project with deep-lying, low-grade resources, and over 2.5 million metric tons of fine copper equivalent (copper, molybdenum, and zinc). Several potential targets were identified in adjacent areas. Weak copper mineralization was found, along with other metals of interest. Through geological, geophysical, and geochemical work, four new drilling targets were defined for 2024.

  • Copper.

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International exploration

  • Perú and Chile

  • At the Racaycocha copper-gold-molybdenum project in Peru.

    • In 2023, a potential resource of moderate interest was quantified in the Pucajirca area in the continuation of the deposit.
    • Towards the end of the year, drilling of 2,000 meters was conducted, with assay results pending.

    At the Yastai copper-gold project in Chile.

    • A second parametric drilling campaign was carried out covering 9,850 meters; this significantly expanded the mineralization defined.
    • Drilling campaigns will continue on probable new targets within the reservoir.

  • Copper, gold and molybdenum

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Other projects

  • México, Chile and Perú.

  • In 2023, geological, geochemical, and geophysical work took place at 20 prospects for further exploration with drilling and subsequent economic assessment. Prospecting was also intensified with the assessment of 12 external projects in search of opportunities.

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