Cusi Mine

The Cusi Mine, while our smallest operation, is a growing silver producer in Mexico

As of December 31, 2020

to Total Revenue
Revenue Mix
By Metal in 2020
Silver Equivalent Ounces
Produced in 2020 (000's)
All-in-Sustaining Cost
(per silver equivalent ounce sold) in 2020

Quick Facts

Location Mexico
Ownership 100%
Type of Mine Underground
Mining Methodology Sub-level caving and long-hole mining
Processing Method Crushing and grinding, floatation
Milling/Processing Capacity (TPD) 1,000
Number of Employees & Contractors 292 (FT), 107 (Contract)
Silver Eq Production (000s) Ozs - guidance for 2021 1,650 - 1,725
Cash Costs - guidance for 2021 $13.37 - $14.08
AISC - guidance for 2021 $21.43 - $22.46

Reserves & Resources

On November 18, 2020, the Company released details of an updated Resource Estimate for the Cusi Mine.

An updated NI 43-101 Technical Report completed by SRK Consulting Inc. of Vancouver, Canada, will be filed within 45 days.
Category Tonnes
(M oz)
Measured 850 213 0.26 0.30 0.06 231 6.3
Indicated 4,506 176 0.54 0.63 0.13 212 30.7
Measured & Indicated 5,356 182 0.49 0.58 0.12 215 37.0
Inferred 4,893 146.0 0.43 0.69 0.18 183 28.8


  1. The effective date of the mineral resource estimate is August 31, 2020.
  2. Resources are presented at a 95 g/t Ag cut-off grade.
  3. Details of the estimate are provided in the Company's November 18, 2020 press release and a NI 43-101 compliant technical report will be filed on SEDAR within 45 days.
  4. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

(Complete details of the reserve and resource estimate will be available when the NI 43-101 technical report is filed.

The Company's Cusi Mine is located in Chihuahua State, Mexico, approximately 135 kilometres from Chihuahua City. The Property encompasses 73 concessions covering 11,665 hectares over a range of elevation of 2,000 to 2,500 meters above sea level in the Sierra Madre Occidental Mountain Range.

Although commercial production was declared in January 2013, the Cusi Mine is still considered to be somewhat in the development stage as portions of the mines production comes from development rock within the Santa Rosa de Lima zone. Mill throughput at the Company`s Mal Paso plant increased from 450 to 650 tonnes per day in 2018 and is on-track to reach 1,200 tonnes per day in Q2 2019. In June 2018, the Company released a preliminary economic assessment examined to increase the production rate to 1200 tonnes per day in 2019 and to 2,700 tonnes per day in 2021.

The Mal Paso Plant, located 44 km from the Cusi Mine, uses a conventional crushing-milling-flotation circuit to recover the minerals and to produce commercial quality concentrates. Ore is delivered from the mine to the plant in 20 tonne trucks. Cusi processing facilities include two interconnected process plants, containing conventional ball mill and flotation plants fed from a crushing circuit. The flotation circuit has the ability to produce lead and zinc concentrates.


Exploration at Cusi is currently focused on the Cusi Fault and the Santa Rosa de Lima vein complex . The Cusi Fault extends on the Company’s property for a length of 12 kilometers. The Cusi Mine lies within the Sierra Madre Occidental Mountain Range and located within the municipality of Cusihuiriachi in the central portion of Chihuahua State, Mexico. In addition to Santa Rosa de Lima vein complex, the company is exploring within the San Nicolas Fault and the Border Fault. Additionally there are numerous satellite exploration targets which are the subject of drilling and exploration drifts.

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