October 15, 2025 | Vancouver, British Columbia
Starcore International Mines Ltd. (TSX: SAM) has made a significant move in the mining sector by finalizing a ten-year lease on a historical silver mine in Queretaro, Mexico. This strategic acquisition, made through its wholly-owned subsidiary Compañia Minera Peña de Bernal, encompasses six mineral claims and concessions, collectively known as the San Juan Nepomuceno Project, or the Tortilla Project.
A Rich Historical Context
The Tortilla Project is not just another mining venture; it is steeped in history. Located approximately 150 kilometers from Santiago de Queretaro, the area has been a site of mining activity since 1557, with operations continuing until 1870 under Spanish control. Originally known as the El Doctor Mine, it saw a brief resurgence in the late 19th century when a British company, O. J. Braniff, attempted to revive mining operations. Unfortunately, these efforts were short-lived, lasting only two years, and no historical production records exist.
Financial Terms of the Lease
On October 9, 2025, Starcore finalized the Definitive Agreement for the Tortilla Project, with a total lease consideration of MX$5,000,000 (approximately US$268,500). The payment structure includes an initial payment of MX$2,000,000 (about US$107,500) upon signing, followed by six monthly payments of MX$500,000 (approximately US$27,000) starting November 9, 2025.
Upon completion of the lease payments, the lessor will receive a 2% Net Smelter Return (NSR) from any mineral production derived from the project. Additionally, the lessor retains the option to sell all claims and concessions to Starcore for US$5,000,000 during the lease term and for two years thereafter.
Mineral Potential and Preliminary Findings
Ongoing work at the Tortilla Project has yielded promising insights into the mineralized structure of the historical mine. Two primary mineralized zones have been identified:
Oxides Zone:
Average Silver Grade: 424 g/t
Average Gold Grade: 0.51 g/t
Average Sampling Width: 1.45 m
Sulfide Zone:
Average Silver Grade: 973 g/t
Average Gold Grade: 0.43 g/t
Average Sampling Width: 2.80 m
Notably, the grades of silver and gold appear to increase with depth, aligning with historical records that suggest greater potential at lower levels.
Preliminary metallurgical tests conducted on samples from the sulfide zone have shown favorable results, with a silver recovery rate of 91.49% and a gold recovery rate of 48.25%. These results indicate that the ore can be effectively treated using conventional methods, presenting a robust opportunity for economic development.
Leadership Insights
Robert Eadie, President and CEO of Starcore, expressed enthusiasm regarding the Tortilla Project’s potential. “We are really excited about the potential and economic value of the Tortilla Project,” he stated. “If our technical and metallurgical analyses are confirmed, we believe this investment will deliver significant returns for our shareholders.”
Salvador Garcia, B. Eng., the Company’s Chief Operating Officer and a director, is the qualified person overseeing the project, ensuring compliance with NI 43-101 standards.
About Starcore International Mines Ltd.
Starcore International Mines is a prominent player in the precious metals sector, focusing primarily on operations in Mexico. The company not only boasts a robust portfolio of producing assets but also engages in exploration and development projects across North America and internationally, including a project in Côte d’Ivoire. Starcore is committed to corporate social responsibility and aims to make value-driven decisions that enhance long-term shareholder value.
For more information, visit Starcore’s Investor-Friendly Website.
Conclusion
The acquisition of the Tortilla Project marks a pivotal moment for Starcore International Mines Ltd. With its rich historical context, promising mineral potential, and strategic financial arrangements, the company is poised to make significant strides in the mining industry. As the project progresses, stakeholders and investors alike will be keenly watching for developments that could reshape the landscape of precious metals production in Mexico.
English