Torex Gold plans to start the Media Luna mine in late 2023, although formally the opening of operations is planned for the first half of 2024, said Alfredo Phillips, director of Mexico’s Corporate Affairs for Torex Gold.
Media Luna is an underground deposit containing mainly gold, silver and copper mineralization.
The deposit is located on the south side of the Balsas river, approximately 7 kilometers from the El Limón Guajes processing plant, which is located on the north side of the river.
The deposit was discovered in March 2012 and excavation of a 7-kilometer access tunnel under the Balsas River is expected to begin in the second half of 2020.
Torex Gold announced an updated estimate of mineral resources for the Media Luna project in a press release dated January 13, 2020, which includes an indicated mineral resource of 2.24 million ounces of gold equivalent with a gold equivalent grade of 5.55 g / t and inferred mineral resource of 4.56 million gold equivalent ounces at a gold equivalent grade of 4.23 g / t.
Torex Golgd and his project
The company is a Canadian-based intermediate gold producer, engaged in the exploration, development and operation of its 100% -owned Morelos Gold property, an area of 29,000 hectares in the highly prospective Guerrero Gold Belt, located 180 kilometers southwest of Mexico City.
The company’s main assets are the El Limón Guajes (ELG) mining complex, which includes the El Limón, Guajes and El Limón Sur open pits, the El Limón Guajes underground mine, including the areas known as Sub-Sill and ELD, and the processing plant and related infrastructure, which began commercial production as of April 1, 2016, and the Media Luna deposit, which is an early-stage development project, and for which the company issued an updated preliminary economic evaluation in September 2018. The property remains 75% unexplored.
Competition and opportunities
The company’s strategy is to increase the production of high-quality conventional mining assets, or those with the potential to achieve high value through the deployment of Muckahi technology.
The Morelos Gold property provides a significant opportunity to implement this strategy. The Media Luna Project provides growth potential in the medium term. The development of ELG Underground provides a short-term growth opportunity in both the secondary deposit and ELD deposits.
The numerous untested exploration targets at this prolific property provide long-term growth opportunities. In addition to harnessing the full potential of the Morelos Gold Property, Torex Gold is seeking opportunities to acquire assets in the Americas that allow for profitable and effective geographic diversification.
The exploration and mining business is competitive in all phases of exploration, development and production.
Torex Gold competes with other entities, many of which have greater resources and experience, in the search and acquisition of potentially productive mineral properties.
The company’s ability to acquire additional properties depends, among other things, on its ability to select, acquire and bring into production suitable properties or prospects for mineral exploration and development.