Project Overview
The Metates gold-silver project, ownded by Chesapeake Gold is located in Mexico, 160 kilometers northeast of the city of Durango state and is one of the largest, undeveloped disseminated gold and silver deposits in the world.
The Metates project is situated within a window of Mesozoic basement rocks exposed by erosion of the extensive flat-lying Tertiary volcanic cover. The basement complex of Cretaceous to Jurassic aged rocks consists of a sequence of interbedded sandstones, shales, and argillites. Mineralization is typically expressed as sulphide stockwork veinlets or disseminations. Within both the sedimentary and intrusive rocks, veinlets are composed almost completely of pyrite, sphalerite, arsenopyrite, and galena, with very little gangue mineralization such as quartz or calcite.
Extensive mineralogical investigations indicate that some amounts of native gold and electrum occur as both rare free mineral grains, as micron-sized grains that are generally enclosed within the pyrite grains, or as solid solution within the crystal structure of the pyrite.
In 2023, Chesapeake published a Preliminary Economic Assessment for a sulfide heap leach project at Metates. Due to partial refractory nature of Metates, the materials will undergo a two-stage process of oxidation of the sulfides on an on-off pad, followed by conventional cyanide heap leaching to produce dore. Recoveries are projected to be lower compared to pressure oxidation but the process will not be as capital intensive.
In August 2019, Chesapeake exercised its option to repurchase two-thirds of the royalty (1%) for US$9.0 million, with Wheaton continuing to hold a 0.5% royalty interest. In addition, Wheaton has a right of first refusal on any future silver stream or royalty with Chesapeake on Metates.
Stream Details
| Date of Contract |
Aug - 19 |
| Royalty Terms |
Life of Mine |
| Royalty Parameters |
0.5% NSR |
For more information on the Metates project, please visit: chesapeakegold.com(opens in new tab)