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Operations and Projects

  

 

Mineros is focused on responsible development and operation of a high-quality, diversified portfolio of assets. We aim to become a prominent intermediate gold producer through both organic and inorganic growth, diversified across Central and South America. Mineros’ goal is to generate consistent returns and substantial value for our shareholders and local stakeholders through responsible development that employs talented local employees and supports local communities.

We have a diversified, high quality portfolio with producing properties and growth projects in each of Colombia, Nicaragua, and Argentina, and an advanced exploration-stage project in Chile.

By having operations in different geographies we have diversified non-operational geo-political risks.

Click here to view the Reserves and Resources table

Mines, Projects and Exploration Targets

Projects
  • We have a strong pipeline of projects at various stages of development and exploration.
  • We have three Material Properties that include three producing mining operations, three growth projects, several exploration targets and generally under-explored areas located within our Material Properties that are outside of the current mining, growth and exploration areas.
  • Our goal is to grow our annual production to approximately 500 koz of gold by 2025 through a combination of greenfield development, brownfield expansions, joint ventures, and potential complementary acquisitions.
  • Our near-term pipeline includes the potential development of the Porvenir Project, earning a 51% interest in the La Pepa Project, acquiring the remaining 50% interest in the Luna Roja Exploration Target (to bring the Company’s interest to 100%), and advancing the Caribe Exploration Target in our JV with Royal Road.
  • Our Material Properties also contain significant unexplored areas and we intend to systematically explore these areas in the coming years in order to define further exploration targets.

Production Summary
Operating Segment Years ended December 31 Revenue (US$ 000's) Gold
produced (ounces) 		Total
Cash Costs (US$/oz) 		AISC * (US$/oz)
  2020 135,130 76,725 931 998
Bandera de Colombia
Colombia		 2019 97,378 70,510 962 1,065
2018

 124,030 97,473 682 799
  2020 220,393 122,495 1,045 122
Bandera de nicaragua
Nicaragua		 2019 177,319 125,206 923 1,397
2018

 144,291 106,942 981 1,131
  2020 129,293 72,427 1,189 1,477
Bandera de Argentina
Argentina		 2019 136,529 94,208 909 1,105
2018

 3,985 2,791 1,989 1,989
  2020 485,301 271,647 1,019 1,227
 TOTAL 2019 411,361 289,924 914 1,093
  2018 272,306 207,206 841 970

* AISC means "all in sustaining costs"

Reserves Summary

Mineral Reserve Reporting Notes:
  • CIM (2014) definitions were followed for Mineral Reserves.
  • Mineral Reserves are estimated using an average long-term gold price of US$1,500/oz.
  • Numbers may not add due to rounding.
Nechí – Colombia
  • The Nechí Mineral Reserves have been expressed as tonnes by converting cubic meters to tonnes using a density factor of 2.0 t/m3.
  • Mineral Reserves are estimated at cut-off grades of 38 mg/m³ for bucket line dredge plain alluvials, 96 mg/m³ for terrace alluvials, 49 mg/m3 for Brazilian dredge alluvials, and 39 mg/m³ for suction dredge plain alluvials.
  • Gold grade includes some silver. Alluvial gold at Nechí is 890 fine for reserve estimation.
  • Reserves are estimated to the depth of dredging.
  • In situ volume represents material in the entire alluvial column from surface to maximum depth and includes overburden and gravels.
  • Mining dilution at 5.928% and 3.882% is applied to the in situ volume for bucket ladder and other reserves respectively.
Hemco Property - Nicaragua:
  • Mineral Reserves are estimated using drill hole and sample data and depleted for production through December 31, 2020.
  • Mineral Reserves are based on mine designs carried out on an updated resource model. Dilution and extraction factors average 10% and 70% for shrinkage, 15% and 90% for bench and fill, and 18% and 77.5% for sublevel open stoping (SLOS). A break-even and marginal cut-off grade of 2.72 g/t Au and 2.28 g/t Au was applied for shrinkage stoping. A break-even cut-off grade of 2.42 g/t Au and 2.61 g/t Au was applied to Panama SLOS and bench and fill stoping respectively. A break-even and marginal cut-off grade of 1.72 g/t Au and 1.42 g/t Au was applied to Pioneer SLOS.
Gualcamayo – Argentina
  • Open pit Mineral Reserves are based on mine designs carried out on an updated resource model, applying a mining loss of 5% and 5% dilution at zero grade for Magdalena and Target D. No dilution or mining losses were applied to Condor. Mineral Reserves for QDD Main are the actual reported mined ore from January to May 2020. The following marginal cut-off grades were applied:
    • QDD Main deposit – 0.27 g/t Au
    • Target D deposit – 0.35 g/t Au
    • AIM deposit – 0.50 g/t Au
    • Stockpiles – same cut-off grade as source material
  • Stockpile Mineral Resources are based upon surveyed volumes supplemented by production data.
  • Underground Mineral Reserves are based on mine designs carried out on an updated resource model. Dilution and extraction losses were estimated through a sublevel caving (SLC) blending model for QDD Lower. Dilution factors ranging from 12% to 20% and extraction factors between 80% and 90% were applied to Cuerpo Este. A cut-off grade of 0.84 g/t Au was applied to the underground mine designs
Resources Summary



Mineral Resource Reporting Notes:
  • Canadian Institute of Mining, Metallurgy and Petroleum ((CIM) Definition Standards for Mineral Resources and Mineral Reserves (CIM (2014) definitions) were followed for Mineral Resources. 
  • Mineral Resources are estimated using a long-term gold price of US$1,700 per ounce, a silver price of US$20 per ounce, and a zinc price of US$1.22 per pound.
  • Mineral Resources are exclusive of Mineral Reserves.
  • Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
  • Numbers may not add due to rounding.
Nechí – Colombia
  • Mineral Resources for 2020 at the Nechí Alluvial Property are estimated at a raw gold cut-off grade of 34 mg/m3 for suction dredge plain alluvials, 85 mg/m3 for terrace alluvials, 43 mg/m3 for Brazilian dredge alluvials, and 34 mg/m3for bucket line dredges.
  • Resources are estimated to the depth of dredging. Average depth of resources is 23.1 m.
  • Drill hole grade capping has been carried at 290 mg/m3.
  • Alluvial gold at the Nechí Alluvial Property is 890 fine for resource estimation.
  • Average thickness of the resource pay gravel is 11.1 m.
  • Volume represents material in the entire alluvial column from surface to maximum dredging depth and includes overburden and gravels.
  • The Nechí Alluvial Property Mineral Resources have been expressed as tonnes by converting cubic metres to tonnes using a density factor of 2.0 t/m3.
Hemco Property - Nicaragua:
  • Mineral Resources are estimated at a cut-off grade of 2.0 g/t Au for long hole stoping resource shapes, 2.40 g/t Au for shrinkage resource shapes, 3.0 g/t Au for artisanal areas, and a net smelter return (NSR) cut-off value of US$73.30/t for Porvenir, Leticia, and San Antonio. Open pit material above the 850 ft Level at Panama was estimated using a cutoff grade of 1.8 g/t Au.
  • A minimum mining width of 0.9 m was used at Panama and 1.15 m at Pioneer.
  • Bulk density is between 2.66 t/m3 and 2.68 t/m3 for Panama, between 2.74 t/m3 and 2.8 t/m3 for Porvenir, 2.68 t/m3 for Pioneer, 2.72 t/m3 for Leticia, 2.75 t/m3 for San Antonio, and 2.7 t/m3 for the artisanal areas.
Gualcamayo – Argentina
  • Mineral Resources are estimated at cut-off grades between 0.20 g/t Au and 0.38 g/t Au for open pit and between 0.63 g/t Au and 1.85 g/t Au for underground.
  • Open pit Mineral Resources are constrained within Whittle optimized pit shells and underground Mineral Resources are constrained within underground reporting shapes.
  • Bulk densities range between 2.47 t/m3 and 3.01 t/m3 depending on the rock type.