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Home Gold News EV Resources Revives Yanamina Gold-Silver Project Amid Market Surge

EV Resources Revives Yanamina Gold-Silver Project Amid Market Surge

by anna

EV Resources is taking a renewed look at its Yanamina gold and silver project in Peru, capitalizing on the current surge in demand and prices for both precious metals. This strategic review comes as the company evaluates multiple offers from prospective buyers against a backdrop of record-high gold prices and the highest silver prices in a decade.

Location: The Yanamina project is situated in the district of Caraz within the Ancash region of Peru.

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Resource Estimate: The project boasts a maiden resource of nearly 266,000 ounces of gold and 935,000 ounces of silver.

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Mining Potential: Yanamina presents a bulk, open-pitable mining opportunity with strong economic prospects. The indicated and inferred resource totals 6.74 million tonnes at an average grade of 1.23 grams per tonne gold and 4.31 grams per tonne silver.

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The ongoing review has revealed significant exploration targets, including:

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Faulted Extensions: Management has identified potential resource extensions further up the mountain and down-faulted hanging wall targets, which could yield considerable additional tonnage.

Mining Operations: The existing resource outcrops and sub-crops indicate a low strip-ratio mining operation, estimated by EV at around 1:1 waste-to-ore—a favorable ratio for gold mining.

Accessibility: The Yanamina project is located 16 km from Caraz and benefits from access to key mining infrastructure in the region. It is also near major operations like Barrick Gold’s Pierina and Minera Boroo’s Lagunas Norte, placing it within one of Peru’s premier silver-gold mining districts.

Market Interest: EV Resources is fielding multiple offers for Yanamina while assessing its exploration potential, with expectations to conclude this review early next year.

While reviewing Yanamina, EV Resources is also directing attention to its Parag copper-molybdenum-silver project, which is believed to harbor a significant porphyry system. Recent developments include:

Geophysical Survey: A recently completed survey indicated strong correlations with previously uncovered copper-moly resources, suggesting substantial potential.

Promising Drilling Results: A recent intersection in diamond drilling revealed 18m at 1.7% copper and 0.4% molybdenum, within a wider section showing 32m at 1.2% copper from just 3m below the surface.

High Moly Prices: Molybdenum prices have surged to approximately US$30 per pound, significantly exceeding the price of copper, which trades around US$4.25 per pound. This pricing dynamic enhances the resource’s attractiveness when converted into a copper equivalent.

EV Resources has successfully built relationships with local communities to facilitate the drilling permit process, resulting in agreements for a five-year period and commitments to local investments. Looking ahead, management is considering strategic partnerships to fund ongoing exploration and resource development activities at the Parag project, recognizing its potential as a major copper-moly porphyry play.

With a portfolio of valuable assets in Peru and increasing market interest, EV Resources faces a pivotal decision: should it focus on the promising Yanamina gold-silver project or leverage its potential sale to finance the exploration of the copper-moly-silver Parag project? The company’s strategic direction will be crucial as it navigates the evolving landscape of precious metal markets.

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