The Nueva Esperanza Project is a gold and silver mining initiative owned by Kingsgate Consolidated Limited, located in the Maricunga Belt of Chile’s Atacama Region, 140 km northeast of Copiapó. It comprises three main deposits—Arqueros, Chimberos, and Teterita—within a high-sulphidation epithermal system, alongside several exploration targets. The project has key infrastructure, including water rights secured until 2039, and is situated near major mines like Gold Fields’ Salares Norte and Kinross’ La Coipa.
Key Details:History: Kingsgate acquired Arqueros in 2009 and Chimberos and Teterita in 2011, consolidating them into Nueva Esperanza. Arqueros was previously mined underground, while Chimberos was an open-pit operation, yielding ~40 Moz of silver from 1998–1999.Mineral Resources (as of 2016): Combined measured, indicated, and inferred resources are 39.4 Mt at 0.39 g/t gold and 66 g/t silver, equating to 0.49 Moz gold and 83.4 Moz silver (1.88 Moz gold equivalent).
Geology: Mineralization includes silver-rich horizontal “mantos” and vertical gold-rich zones with vuggy silica, hosted in Tertiary volcanics (Arqueros, Teterita) and Paleozoic sediments (Chimberos). It’s linked to Miocene hydrothermal activity from the Cerro Bravo paleovolcano.
Development Status: Currently at the pre-feasibility stage. A 2014 feasibility study and environmental impact declaration were completed, with plans for a 3 Mt/year heap-leach operation producing 18,000–22,000 oz gold and 6–8 Moz silver annually. However, activity has been limited since 2016 due to financial constraints following the closure of Kingsgate’s Chatree mine in Thailand.
Recent Updates: In 2024, Kingsgate announced plans to explore options to unlock value, including a potential separate listing and a targeted exploration program revisiting historical data to assess gold endowment.
Past Transactions: In 2021, TDG Gold Corp. signed a letter of intent to acquire the project but did not finalize the deal. In 2019, Kingsgate considered selling due to funding issues, but no sale was confirmed.
Exploration Highlights: A 2015 drilling campaign at the Carachita area, 2 km from the proposed plant site, intersected significant gold grades (e.g., 9 m at 2.93 g/t) from shallow depths, indicating further potential.Challenges and Outlook:Kingsgate’s focus has shifted somewhat due to its financial recovery efforts post-Chatree closure, but Nueva Esperanza remains a significant asset, ranked as the largest undeveloped silver deposit globally. The project’s future hinges on securing funding for exploration and development, with potential for renewed activity if market conditions or partnerships align.
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