Industrias Peñoles reported that it has prospects and projects in various Latin American countries, among which Chile and Peru stand out.
In Peru, field work has been completed and drilling work will begin in the fourth quarter in the northern portion of the advanced Racaycocha Project.
Likewise, drilling is scheduled to begin at the Tambopata polymetallic project.
In Chile, Industrias Peñoles completed the design of the drilling campaign that is scheduled to be carried out in the Némesis projects in November this year and Pichasca in 2022.
In general, the company has an Exploration Directorate that is dedicated to the location, acquisition, study, analysis and development of economic deposits of non-ferrous metallic minerals in order to increase the company’s equity.
Said Directorate has offices in Mexico located in the following states: State of Mexico, Sonora, Chihuahua, Coahuila and Zacatecas.
In the international project portfolio, due to the health contingency, no significant progress was made in the talks on the acquisition of land for a possible mining operation for the Racaycocha copper-gold-molybdenum project in Peru, where the company maintains a good relationship with local communities.
Additionally, since the beginning of the year, geology and geophysics have been carried out in the northern portion of the district, on lands belonging to Industrias Peñoles, which have yielded evidence of mineralization. Drilling will be done in 2021 to test its potential.
Drilling was also carried out at the Laura and Campanario projects in Chile, although no economic mineralization was detected. In both Peru and Chile, six drilling prospects are being prepared and opportunities in third-party projects are being evaluated.
Exploration is a fundamental pillar of permanence and growth in the long term.
The Peñoles Exploration team focuses on the detection and development of polymetallic and copper deposits in Mexico and South America, mainly Peru and Chile.
Likewise, it evaluates foreign projects in the early stages of exploration, with a view to possible acquisitions or associations with third parties, in addition to supporting mining units to generate new mineral reserves that guarantee their continuity and growth.
Consolidated investment in exploration during 2020 was 141 million dollars, a figure 32.2% lower than the previous year.
Of these resources, 22.7 million were allocated to new Peñoles projects, 11.5 million to explorations in the mines to replenish and increase their reserves, and the remainder to mines and projects of Fresnillo plc.