EL BARQUENO
The El Barqueño project hosts a significant epithermal bonanza-type vein and stockwork gold system. The project's deposits could potentially be developed into a series of open pits utilizing heap leach and/or mill processing, similar to the Pinos Altos mine.
Key Facts
Location
Jalisco,
west-central Mexico
Stage
Exploration
Ownership
100%
Property size
70,256 ha
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Overview
El Barqueño represents a significant land position for Agnico Eagle in the Guachinango Mining District, part of the Sierra Madre Belt, in the state of Jalisco, Mexico. The mineral property is divided into two sectors: El Barqueño Gold and El Barqueño Silver.
Extensive infill drilling on the property has resulted in an indicated mineral resources estimate of 8.8 million tonnes grading 1.16 g/t gold and 4.73 g/t silver (containing 331,000 ounces of gold and 1.3 million ounces of silver) at open pit depths as of December 31, 2020.
The mineral property also has inferred mineral resources as follows. The El Barqueño Gold inferred mineral resources are estimated at 9.6 million tonnes grading 1.13 g/t gold and 16.86 g/t silver (containing 351,000 ounces of gold and 5.2 million ounces of silver). The El Barqueño Silver inferred mineral resources are estimated at 4.4 million tonnes grading 124.06 g/t silver (containing 17.5 million ounces of silver) as of December 31, 2020; no gold mineral resources are reported from this property.
Geology
The Guachinango mining district lies in the Trans-Mexican Volcanic Belt. Known epithermal vein deposits are related to hydrothermal activity associated with volcanism of the Lower Volcanic Supergroup (LVS) comprising from bottom to top, equigranular and porphyritic andesitic flows and tuff units. The Barqueño pyroclastic units hosting most of the mineralization occur within the upper portion of the LVS. The mineralization consists of gold-silver (copper) veins, stockwork and vein breccia zones hosted in massive to faulted andesitic pyroclastic rocks. Vein widths range from less than 10 centimetres to several metres, and locally up to tens of metres in width, particularly where the structures intersect.
Mineralization
There are several known mineralized zones. The Azteca-Zapoteca-Cuauhtémoc prospect has potential for near-term gold resources, with a strike length of approximately 3.4 km and a depth of 300 metres locally. Eight hundred metres northwest, the Angostura prospect has more than 1,000 metres strike length from surface to 335 metres depth locally. Approximately 4 km to the east is the Olmeca area consisting of northeast- and east-striking veins. The Pena de Oro prospect, 1 km north of Olmeca, has a strike length of more than 800 metres to a depth of 160 to 250 metres locally.
In the Olmeca area, the Socorro Vein has been defined as a 1,600-metre long, east-northeast-striking, and steeply north-dipping gold-bearing structure that remains open along strike and at depth. Approximately 2 km west, the Mortero Vein has been delineated over a 300-metre strike length to a depth of 300 metres, with high grade silver values but generally low gold values. It is unclear whether the Socorro and Mortero veins form part of the same mineralized structure. Five additional subparallel gold-bearing structures with extensive alteration zones have been located within the Olmeca area.
Exploration
In 2019, 2,600 m of drilling was completed at the El Barqueño project, with a principal focus on testing new target areas. Although the El Barqueño project continues to have geological potential, current development studies indicate that the project does not meet the Company's investment criteria. Further exploration activity that excluded drilling continued in 2020.
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Did you know?
- The El Barqueño property has a rich history of artisanal lode mining dating back to the 1500s. It was named after the highest hill, Cerro Barqueño, located within the immediate project area. According to legend, it is named after the boat – or barco – used by a Spanish sailor who first explored the area during colonial times. This sailor apparently buried a treasure taken from the boat somewhere in the hills surrounding Cerro Barqueño.
- The Mexican Government (CRM) explored the property during the mid-1980s and produced 250,000 oz gold by heap leach from small pits in the area.
- Grupo Mexico (IMMSA) subsequently explored and drilled below the pits and other prospects, resulting in a historical mineral resource estimate in 2005.
- Available local infrastructure includes electric power (power lines cross the project) and a communication network including high-speed internet and cell phone services, and heavy equipment for construction and road-building purposes.