As Global Demand Increases, Mexico's Silver Production Jumped This Year Becoming One of the Top Silver Producers
27 Sep, 2021, 08:45 ET
PALM BEACH, Fla., Sept. 27, 2021 /PRNewswire/ -- FinancialNewsMedia.com News Commentary - In 2020, Mexico once again became was the world's leading silver producer. The Silver Institute (SI) projects 2021 to become a better year for silver production as demand for industrial use is expected to increase. Mexico continues to be the world´s top silver producer, despite challenges caused by COVID-19. Industry stakeholders are optimistic that 2021 will be a better year for silver production, especially as its industrial demand continues to grow in the coming years. In 2020, Mexico had a total silver production of 5,541 tons, followed by China with 3,443 tons, Peru with 2,991 tons, Bolivia with 1,589 tons and Chile with 1,474 tons. Global production totaled 25,516 tons, representing a 3.7 percent decrease compared to a 2019 production of 26,500 tons. As the world's number one silver producer, Mexico's potential is boosted by a bullish market and growing demand. To make optimal use of this opportunity, long-term exploration, successful operation and regulatory certainty need to be up to par. In 2020 Mexico produced approximately 178 million oz of silver, beating Peru with its 110 million oz by a landslide. An article interviewing industry insiders and executives said that: "Looking at camps that have produced over 1 billion oz of silver, Mexico takes up 8 spots of the Top 15," said one executive. What makes Mexico so special when it comes to its silver is hard to pin down, he explained. "But what is more important is that people recognize this potential and, crucially, know where to look in their exploration efforts. Experts already note that silver has been bullish for a while now, but that demand could grow even further on the long term." He continued: "We are cautiously bullish about the price of gold and silver in the near future. We expect prices to be at a good level in 2021". Active Companies in the markets today include Silverton Metals Corp. (OTCQB: SVTNF) (TSX-V: SVTN), First Majestic Silver Corp. (NYSE: AG) (TSX: FR), Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI), Pan American Silver Corp.(NASDAQ: PAAS) (TSX: PAAS), Silvercorp Metals Inc. (NYSE: SVM) (TSX: SVM).
The article continued: "Mining has a long and rich history in Mexico. "Historic global silver production has been between 48 and 50 billion oz, of which 12 billion oz have come from Mexico," said one executive. Part of this production goes back many centuries: "Conquistadores came for gold but stayed for the silver. It was silver that supported the Spanish empire for several centuries. Landmark silver vein discoveries go back as far as 1522. In Megaw's point of view, this makes silver the "economic heart" of Mexico. Carbonate Replacement deposits (CRDs) and epithermal vein systems offer riches under the surface, but many remain unexplored."
Silverton Metals Corp. (OTCQB: SVTNF) (TSX-V: SVTN) BREAKING NEWS: SILVERTON METALS CORP. ANNOUNCES THE COMMENCEMENT OF EXPLORATION AT THE PLUTON SILVER – ZINC – LEAD PROJECT, DURANGO, MEXICO - Silverton Metals Corp. ("Silverton" or the "Company") is pleased to announce the commencement of exploration at the Pluton silver-zinc-lead project in the state of Durango, Mexico.
The Pluton property is within the prolific carbonate replacement, gold, silver, zinc and lead Ojuela-Mapimi Mining District in northern Durango, Mexico. The property covers 6,534 hectares and is located near Excellon Resources' Platosa mine, one of the highest-grade silver producers in Mexico. In the first six months of 2021, Platosa grade was 506 g/t silver with a silver equivalent metal production of over one million ounces. Not only does Pluton share a similar geological environment to Platosa, but it also lies along strike from the past producing La Ojuela mine, historically one of the richest silver mines in Mexico and one of the first mines developed by Peñoles in the late 1800's. La Ojuela was in production for over 350 years. Exploration targets at Pluton are Platosa and Ojuela style silver-lead-zinc manto and chimney carbonate replacement deposits ("CRD"), which may lie beneath the shallow alluvium and strongly altered clastic rocks that overlie the productive carbonate rocks.
Mr. John Theobald, President & CEO of Silverton comments "I am very pleased to start working on Pluton, the district is a major hydrothermal system with favourable lithologies, structure, alteration and widespread mineralisation yet despite this remains relatively unexplored. Pluton is a district scale project targeting high-grade carbonate replacement type silver-zinc-lead deposits which are typically in the range of tens of millions of tons such as the Santa Eulalia mine in Chihuahua and represent robust exploration targets. The nearby Platosa mine is Mexico's highest-grade silver mine with a silver equivalent grade of over 1,000g/t".
Aeromagnetic and ZTEM surveys show that Pluton, Platosa and the Ojuela-Mapimi district lie in close proximity to a 25 km x 10 km area of intrusions which do not outcrop. The aeromagnetic and ZTEM results along with geochemical and IP surveys identified five targets and resulted in a 3900m nine-hole diamond drill program in 2011. All holes encountered silver-lead-zinc mineralization in veins in an altered shale (hornfels) that overlies the carbonate horizon which host the along strike extension of the Ojuela mine. None of the holes were drilled deep enough to intersect carbonate rocks. The vein mineralization discovered is interpreted as leakage into the nonreactive shale-hornfels and is potentially connected to mineralized bodies in the carbonate rocks below. The high-grade target of silver-rich massive sulfides could lie at the contact of the limestone and the downward projection of the mineralized fractures seen in the hornfels. An ancillary advantage to the district is that the Peñoles Torreon smelter is only 50km away, and transport and power infrastructure is excellent. CONTINUED… Read this full release for Nepra Foods at: https://www.financialnewsmedia.com/news-svtn/
Other recent mining developments in the markets of note include:
First Majestic Silver Corp. (NYSE: AG) (TSX: FR) recently announced that total production in the second quarter of 2021 from the Company's four producing operations, the San Dimas Silver/Gold Mine, the Santa Elena Silver/Gold Mine, the La Encantada Silver Mine and the recently acquired Jerritt Canyon Gold Mine, reached 6.4 million silver equivalent ounces consisting of 3.3 million ounces of silver and 46,545 ounces of gold. The Company's financial results for the second quarter of 2021 are scheduled to be released on Monday, August 16, 2021.
SECOND QUARTER HIGHLIGHTS WERE: Total Production: The Company produced 6.4 million silver equivalent ounces consisting of 3.3 million ounces of silver and 46,545 ounces of gold, representing an increase of 13% and 95%, respectively, compared to the previous quarter primarily due to a 14% increase in silver equivalent production from the three operating Mexican mines and the inclusion of production from the Jerritt Canyon operation effective April 30, 2021.
Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) recently announced that Mr. David Volkert is voluntarily retiring as Fortuna's Vice President of Exploration - Latin America effective September 30, 2021.
Jorge A. Ganoza, President and CEO, commented, "On behalf of the Board and management I want to thank David for his passion and dedication in carrying out Fortuna's exploration programs for the past five years. We wish him well." Mr. Ganoza added, "With the promotions of Paul Weedon as Senior Vice President Exploration for the corporation and David Whittle as Vice President Operations West Africa we continue to draw from the exceptional pool of talent of the corporation. Both Paul and David are seasoned mining executives with proven track records and leadership in their respective fields."
Paul Weedon, Fortuna's Vice President of Exploration - West Africa, has been appointed Senior Vice President of Exploration, effective October 1, 2021. Paul is a senior geologist with 30 years of international mining industry experience in exploration, development and production in Africa and Australasia spanning different types of geologic environments and precious metals deposits. Prior to working at Roxgold Inc. before the business combination with Fortuna was completed, Paul worked in several African countries, Australia and New Zealand across multiple roles of increasing responsibility in junior and senior mining companies.
Pan American Silver Corp.(NASDAQ: PAAS) (TSX: PAAS) recently reported its estimated mineral reserves and resources as of June 30, 2021. Proven and probable mineral reserves are estimated to contain approximately 529 million ounces of silver and 4.2 million ounces of gold. Measured and indicated mineral resources (excluding proven and probable reserves) are estimated to total approximately 818 million ounces of silver and 8.3 million ounces of gold. In addition, inferred mineral resources total 460 million ounces of silver and 5.8 million ounces of gold.
Christopher Emerson, Pan American's Vice President of Business Development and Geology commented: "Despite the restrictions the COVID-19 pandemic placed on our 2020 exploration program, excellent results were achieved at many of our operations. At La Arena, we replaced 141% of the ounces mined, extending mine life by another year. Mine life was also extended by another year at Timminsthrough the discovery of 209 thousand ounces of new gold mineral reserves, replacing 147% of ounces mined. At La Colorada, the ventilation restrictions impacted exploration activities, however, recent improvements to the ventilation circuit will allow us to ramp up exploration drilling at this long-life mine where we have over 100 million ounces of silver mineral reserves and 192 million ounces of inferred resources, including the large skarn deposit. Pan American has one of the largest holdings of silver mineral resources and reserves in the world."
Silvercorp Metals Inc. (NYSE: SVM) (TSX: SVM) recently reported the results of an updated National Instrument 43-101 ("NI 43-101") Technical Report entitled "NI 43-101 Technical Report Update on the Gaocheng Ag-Zn-Pb Project in Guangdong Province, People's Republic of China" with an effective date of March 31, 2021 (Mineral Resources and Mineral Reserves effective December 31, 2020), prepared by AMC Mining Consultants (Canada) Ltd. ("AMC") (the "GC NI 43-101 Technical Report").
Five of the six authors of the GC NI 43-101 Technical Report qualify as independent Qualified Persons, two of whom visited the GC Mine in January 2018 and examined all aspects of the project, including drill core, underground workings, processing plant, and surface infrastructure. The non-independent author, who is a Silvercorp employee, has visited the site on numerous occasions, with the last two visits from 25 to 30 October 2019 and from 13 to 28 May 2021. The GC NI 43-101 Technical Report will be made available for review on the Company's SEDAR profile and website.
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