Santacruz Silver Mining has announced a significant update to its proven and probable mineral reserves at its Bolivian silver-zinc assets. The company now estimates a total of 54 million silver-equivalent (AgEq) ounces, comprising 19 million ounces of silver and 259,000 tonnes of zinc. These reserves are contained within 2.6 million tonnes of material grading 227 grams per tonne (g/t) silver and 9.99% zinc.
The Bolivar mine accounts for roughly half of the silver and zinc reserves, while the Caballo Blanco mines contribute a substantial portion of the remaining reserves. The Soracaya project, however, currently holds only inferred resources.
In addition to reserves, Santacruz has also reported substantial mineral resources. Measured and indicated resources amount to 102 million ounces of AgEq, including 32 million ounces of silver and 518,000 tonnes of zinc. These resources are found within 3.6 million tonnes of material grading 281 g/t silver and 14.49% zinc. Inferred resources, meanwhile, total 189 million ounces of AgEq, comprising 72 million ounces of silver and 882,000 tonnes of zinc, contained within 7.4 million tonnes grading 303 g/t silver and 11.88% zinc.
Arturo Préstamo, Executive Chairman and CEO of Santacruz, highlighted the significance of this update, calling it a "noteworthy milestone" in the company's journey to becoming a mid-tier silver and base metals producer. He emphasised that the verified mineral resources and reserves underpin the company's robust asset base.
Préstamo further expressed optimism about the potential for further growth in both mineral resources and reserves. He noted that the Bolivian producing mines are open along strike and at depth, suggesting ample opportunity for expansion through ongoing exploration efforts.
Santacruz acquired these Bolivian assets from Glencore in late 2021, in a deal valued at over $102 million. This acquisition marked a significant step for the company, expanding its portfolio beyond its previous focus on Mexico, where it operates the Zimapán mine.
The announcement of these updated reserves and resources positions Santacruz as a key player in the silver and base metals market. The company's commitment to exploration and development in Bolivia promises further growth and contribution to the region's mining sector.