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.

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 2021, 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) and Tambopata (Peru). Geological, geochemical and geophysical studies, including core sampling of 31 prospects, were also performed. We also expanded prospecting, evaluating 8 third-party prospects.

The results of the main projects are as follows:

Capela

Location:
Teloloapan, Guerrero.
Description:
To reinforce the unit's resources, a drilling campaign began in the last quarter of 2020. We expect to have sufficient information by the first quarter of 2022 to generate resources feasible to convert into new reserves.
Primary Metal:
Silver, lead, zinc and copper.

Reina del Cobre

Location:
Cuencamé, Durango.
Description:
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.
Primary metal:
Silver, lead, zinc and copper.

Fortuna del Cobre

Location:
Pitiquito, Sonora.
Description:
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.
Primary metal:
Copper.

Racaycocha

Location:
Perú.
Description:
Copper-gold-molybdenum project undergoing geological, geochemical and geophysical surveys.
Primary metal:
Copper.

Other projects

Location:
México, Chile and Perú.
Description:
In 2021, geological, geochemical and geophysical work took place at 31 prospects for further exploration with drilling and subsequent economical assessment. Prospecting was also intensified with the assessment of 8 external projects in search of opportunities.