Geology
The La Negra property is located in the Sierra Gorda range, a prolific range that hosts numerous deposits. Mineralization at La Negra is hosted within a polymetallic skarn system and is classified as a Lead-Zinc – Silver skarn with associated copper. The principal minerals at La Negra consist of sphalerite(marmatite), galena, and chalcopyrite, with silver present as hessite (Ag2Te) in association with galena and as argentite and pyrargyrite.
Despite a long history of production and more than 230,000 metres of drilling, significant exploration potential remains with the deposit open along strike, at depth, and toward surface, where indications suggest the potential for higher silver grades.
Combined with limited modern exploration across the broader land package, this geological setting presents multiple avenues for growth through both near-mine expansion and regional target development.
There is a historical resource estimate (2022) for the project,, but this estimate will be updated in H2 2026.
Historic resources for the La Negra Mine were estimated using Ordinary Kriging, were wireframe constrained, and stated at a base case cut-off grade of US$28/t NSR accounting for value from Ag, Pb, Zn, and Cu and penalties from As and Fe.
| La Negra Historical Mineral Resource Statement at US$28/t NSR Cutoff, March 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|
| Classification | Cutoff Grade US$NSR/t | Tonnes (M) | Grade US$NSR/t | Grade Ag g/t | Grade Pb% | Grade Zn% | Grade Cu% |
| Indicated | 28 | 2.46 | 73 | 64 | 0.27 | 1.95 | 0.5 |
| Inferred | 28 | 6.42 | 80 | 80 | 0.65 | 1.8 | 0.4 |