- Starcore International Mines (TSX:SAM), a microcap gold and silver stock, has significantly increased mineral resources and reserves at its San Martin mine in Queretaro State, Mexico
- Proven and probable reserves of 104,962 ounces of gold equivalent represent a 27 per cent increase compared with the 2022 estimate
- Starcore is a precious metals producer in Mexico with exploration and development projects in North America and Côte d’Ivoire
- Starcore International Mines stock has added 3.85 per cent year-over-year and 50 per cent since 2019
Starcore International Mines (TSX:SAM), a microcap gold and silver stock, has significantly increased mineral resources and reserves at its San Martin mine in Queretaro State, Mexico.
The 2024 estimate, dated April 30, 2024, and reported net of production at the mine, details proven and probable reserves of 96,298 ounces of gold and 710,435 ounces of silver for 104,962 ounces of gold equivalent, representing a 27 per cent increase compared with the 2022 estimate.
This is in addition to measured and indicated resources of 97,396 ounces of gold and 720,623 ounces of silver for a total of 106,185 ounces of gold equivalent, as well as inferred resources of 47,972 ounces of gold and 355,856 ounces of silver for a combined 52,312 ounces of gold equivalent. The 2022 estimate, for its part, came in at indicated and inferred resources of 93,092 ounces of contained equivalent gold.
The 2024 estimate features a carbonaceous mineral that corresponds to 49,539 of total reserves and boasts a grade of 3.1 grams per ton of gold and 20 grams per ton of silver. Based on 2024 metallurgical recovery rates of 70 per cent gold and 55 per cent silver, management believes this carbonaceous ore merits further exploration and holds the potential for shareholder value creation by increasing resources and reserves in the short and medium term.
Starcore intends to drill for more than 6,000 metres at San Martin in 2024 with multiple leads to replace mineral reserves.
Leadership insights
“With this updated estimate, Starcore has increased San Martin’s mineral reserves since operations began in 2008, adding approximately (to date) 286,112 ounces before mining depletion,” Salvador Garcia, Starcore International Mines’ chief operating officer, said in a statement. “Our 2023 conversion drilling program has enabled us to grow our reserves and measured and indicated resources. Based on planned conversion and exploration programs for 2024, I am very excited for the potential to add more ounces over the coming year.”
About Starcore International Mines
Starcore is a precious metals producer in Mexico with exploration and development projects in North America and Côte d’Ivoire.
Starcore International Mines stock (TSX:SAM) last traded at C$0.14 per share. The stock has added 3.85 per cent year-over-year and 50 per cent since 2019.
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(Top photo of core samples from the San Martin gold and silver mine in Mexico: Starcore International Mines)
