Gualcamayo Records Peak Gold Concentration in Drill Sample
Gualcamayo, the gold mine in San Juan, achieved an exploration result that particularly captured the attention of its geologists. In a drill hole completed in the Santiago body within the Carbonatos Profundos project, 1.80 meters of rock yielded a gold concentration of 1,510 grams per tonne.
In mining, this metric is known as "grade" and simply indicates how much metal is contained in a given quantity of rock. In this case, laboratory analysis determined that for each tonne of rock within that interval, there was a concentration equivalent to 1,510 grams of gold. Additionally, 1,250 grams of silver per tonne were detected.
According to Minas Argentinas records, this represents the highest gold concentration obtained to date in the Gualcamayo district and exceeds by more than tenfold the maximum values previously recorded.
The result corresponds to drill hole 26QD-1649, completed on the Santiago body within Carbonatos Profundos (DCP), the project through which the company aims to extend Gualcamayo's productive life via a future underground operation.
A milestone for San Juan mining
A concentration of 1,510 grams of gold per tonne of rock is an extraordinary value. To put it in perspective, it equates to 1.51 kilos of gold contained in a tonne of material if that concentration were scaled across a full tonne.
However, this data must be interpreted with caution. An exceptional concentration in a single drill hole does not automatically mean a new deposit or new gold reserve exists.
Geologists must now drill additional areas to determine whether that mineralization continues, what volume it represents, and its characteristics. Only with this information can it be established whether the discovery has the potential to modify the project's resources or reserves.
Visible gold before laboratory results
The result also had a distinctive feature. During core review—the cylindrical rock samples extracted through drilling—geologists observed visible gold before samples were sent to the laboratory.
The drill hole was completed from a underground gallery located approximately 700 meters from the main entrance. The interval of highest concentration appeared starting at 138 meters into the hole.
Ignacio Cuadra, Exploration Manager at Minas Argentinas, explained that this represents a "bonanza or high-grade zone", consistent with the geological interpretation the company has developed for this mineralization type, with characteristics comparable to Carlin-style deposits in Nevada, United States.
The challenge now is determining whether that concentration represents a discrete interval or part of a wider mineralized zone with greater continuity.
A result within a district already holding millions of ounces
The discovery adds to an already substantial geological base. The independent technical report NI 43-101 from December 2025 registers for the Gualcamayo Mining District 7.14 million ounces of gold in measured, indicated, and inferred resources.
Additionally, it accounts for more than 3.1 million ounces in proven and probable reserves, according to the estimate from that period.
Carbonatos Profundos concentrates a significant portion of those resources: approximately 4.86 million ounces, and 2.43 million ounces in proven and probable reserves, per documentation cited by the company.
The new result is not yet part of those figures. To incorporate it into a future estimate, mineralization continuity and volume must be demonstrated.
Only a fraction of the territory has been explored
The discovery also occurs within a district where substantial territory remains to be investigated. According to Minas Argentinas, exploration conducted to date represents approximately 4% of its mining property.
During 2026, the geotechnical, definition, and exploration drilling campaign has already exceeded 19,000 meters of the more than 26,000 planned, with four crews working simultaneously.
The drilling aims to better understand project geology, obtain samples for metallurgical studies, and provide information for designing the future underground operation.
Carbonatos Profundos, the bet to extend Gualcamayo
The result emerges as Carbonatos Profundos advances, the next major phase projected for Gualcamayo.
The project contemplates a new underground mine and a pressure oxidation (POX) plant, with an announced investment of USD 665 million. The company currently projects commercial production startup between 2030 and 2031.
Projections released by Minas Argentinas contemplate more than 1,500 jobs during construction, three decades of operation, average annual gold production of 166,000 ounces, and cumulative exports exceeding USD 26 billion.
Gualcamayo already has developed mining infrastructure, including roads and access, high-voltage electrical connection, water systems, camps, maintenance facilities, and underground galleries.
Attention now returns to the Santiago body. The question is whether those 1,510 grams of gold per tonne found in 1.80 meters of rock represent an exceptional point or the expression of a larger mineralized zone.
The answer will arrive with upcoming drill holes.