Bolivar Mine

Bolivar is our growing Copper Mine

For the full year 2023

Revenue Mix
For the full year 2023
Copper Equivalent Pounds
Produced in 2023 (000s)
36,644
All-in-Sustaining Cost
(per copper equivalent pound sold) for full year 2023
$3.29

Quick Facts

Location Mexico
Ownership 100%
Deposit Type Copper skarn
Type of Mine Underground
Mining Methodology Long-hole mining
Processing Method Crushing & grinding, floatation
Milling/Processing Capacity 5,000 TPD 

Reserves & Resources

On June 20, 2024, the Company filed on SEDAR+ (www.sedarplus.ca) an updated NI 43-101 reserve and resource estimate for its Bolivar Mine. Excerpts from the report are noted below.

Bolivar Mine - Mineral Resources

Category Tonnes
kt
Cu
%
Ag
g/t
AU
g/t
NSR
US$/t
Cu
Mlb
Ag
Moz
Au
Moz
Measured 2,328 0.84% 19.83 0.33 68.65 43.22 1.48 0.02
Indicated 16,039 0.74% 14.63% 0.24 57.93 262.74 7.55 0.12
M&I 18,367 0.76% 15.29 0.25 59.29 305.96 >9.03 0.15
Inferred 12,108 0.72 12.21 0.19 54.33 192.97 4.75 0.07

Notes:

Mineral resources that are not mineral reserves do not have demonstrated economic viability. Summation errors may occur due to rounding. Reporting cut-off value is an NSR of US$ 23.80/t. NSR was calculated as follows: NSR = Cu*60.7714 + Au*26.575 + Ag*0.4406 Metal prices for the NSR formulas are: US$ 3.77/lb Cu, US$ 1,711.21/ oz Au; and US$ 22.55/ oz Ag Capping of grades varied between 1.35 % Cu and 9.0 % Cu, 0.4 g/t Au and 6.0 g/t Au, and 38.0 g/t Ag and 300.0 g/t Ag, depending on mineralized domain. The density is determined by slope of regression based on Fe block grades. Density = (Fe*0.0295)+2.9338. The Company is not aware of political, environmental or other risks that could materially affect the potential development of the mineral resources. Mineral resources are inclusive of mineral reserves.




Bolivar Mine - Mineral Reserves

Category Tonnes
kt
Cu
%
Ag
g/t
AU
g/t
NSR
US$/t
Cu
Mlb
Ag
Moz
Au
Moz
Proven 452 0.86% 26.05 0.43 75.11 8.57 0.38 0.01
Probable 5,125 0.76% 16.02% 0.26 60.38 86.17 2.64 0.04
Total Reserves 5,577 0.77% 16.83 0.28 61.58 94.74 >3.02 0.05

Notes:

Mineral reserves have been classified in accordance with the CIM Definition Standards on Mineral Resources and Mineral Reserves, whose definitions are incorporated by reference into NI 43- 101. All figures are rounded to reflect the relative accuracy of the estimates. Totals may not sum due to rounding. Mineral reserves are reported at COVs based on 2023 actual metallurgical recoveries and 2024 smelter contracts. Reporting cut-off value is an NSR: US$ 23.80/t. Sub-level Stopping mining method (“SLS”) NSR was calculated as follows: NSR =Cu∗60.7714+Au ∗26.575+Ag ∗0.4406 Mining recovery and dilution have been applied. The Company is not aware of political, environmental, or other risks that could materially affect the potential development of the mineral reserves.

Qualified Persons

Ricardo Salazar Milla (AIG #8551), Corporate Manager – Mineral Resources, is a Qualified Person (“QP”) as defined in the NI 43-101. Mr. Salazar has reviewed and approved the scientific and technical content on this page. The Technical Report was prepared by AGP Mining Consultants Inc. The QP responsible for the Mineral Resource Estimate for the Bolivar Mine is Paul Daigle, P.Geo, and the QP responsible for the Mineral Reserves for the Bolivar Mine is Alonso Gonzales, MAusIMM.

Bolivar Technical Report (June 2024) – click here

Exploration

The Bolivar Property is situated within the Piedras Verdes Mining District, which is within the major north-northwest trending Sierra Madre Precious Metals Belt extending across the states of Chihuahua, Durango and Sonora in northwestern Mexico. In general, rocks in the area trend northwest and dip gently to the northeast. These rocks are also cut by several northwest and northeast-trending faults.

Skarn-type Cu-Zn-Ag-Au mineralization in the Bolivar area is structurally controlled and forms mineralized zones that are close to structures. Mineralized zones occupy pre-existing fault structures and extensional openings formed during mineralization.

The exploration program has the following goals:

  • Brownfield programs within and close to existing mines to exploit near mine targets that can be converted into resources and reserves and brought into the existing mine plans within a shorter period of time
  • Developing a pipeline of open pit and underground opportunities through a district scale study that incorporates various geological data layers, historical drill hole and mine data