Advance Metals Accelerates Exploration Planning at Guadalupe y Calvo Gold-Silver Project
Advance Metals (ASX: AVM) is accelerating plans for a maiden exploration program at its recently acquired Guadalupe y Calvo (GyC) gold-silver project in Chihuahua, Mexico.
Advance entered into a binding agreement with Endeavour Silver in late July for the right to earn-in up to a 100% interest in the GyC project over a 4-year period.
The agreement significantly expanded Advance’s precious metals portfolio, adding a total of 60.6 million ounces of silver equivalent and taking the company’s endowment across three projects in Mexico to more than 100Moz.
On-Site Activities Underway
The company’s technical team has commenced on-site activities at GyC, including an initial inspection of past and potential future drilling sites.
The inspections are part of the process to obtain the required drilling approvals, with the company also holding meeting representatives of the local community for initial discussions.
The proposed drilling program will target extensions to the known resources associated with the high-priority Rosario and Nankin veins, while the company has also identified significant regional discovery potential at El Chapito to the south and San Carlos to the north.
Advance will commence work on upgrading the current GyC foreign resource of 9.50 million tonnes at 2.7 grams per tonne gold equivalent to a new JORC-compliant estimate in the coming weeks.
Major Mexican Player
Managing director Dr Adam McKinnon said the GyC acquisition positioned Advance as the largest ASX-listed participant in the silver-gold exploration and development space in Mexico.
“The company finds itself in a fantastic position to leverage off its operating expertise, existing infrastructure and established team in Mexico, with GyC conveniently located at the mid-point between Yoquivo to the north and Gavilanes to the south,” he said.
“Along with silver, GyC adds significant high-grade gold to our portfolio at a time of very strong demand and prices for both metals.”