Guanajuato Silver Co

Exploring silver and gold projects in Guanajuato, Mexico.

This Guanajuato Silver Co profile is part of a paid investor education campaign.*


Vangold Mining Corp. (TSXV:VGLD,OTC Pink:VGLDF) is focused on exploring mineral projects in the Guanajuato region of Central Mexico. The company’s interests are in silver and gold, and its flagship project, El Pinguico, is a significant past producer of high grade gold and silver. In the near future, Vangold Mining will continue targeting the near term potential for development and monetization of both surface and underground stockpiles of mineralized material at El Pinguico.

Over a century ago, El Pinguico was a 400 tonne per day mine, owned and operated by Pinguico Mines Company and listed on the New York Stock Exchange. It was mined on 10 levels with three exterior shafts and one interior shaft. It was the highest grade mine in Guanajuato from the early 1890s until 1913.

Today, the mine is accessed from the El Carmen adit. From the portal, one can walk 800 meters to access the underground stockpile and the El Pinguico shaft. Vangold engineers are currently evaluating a range of scenarios to bring the underground material to the surface as it is much higher grade than the surface material. Vangold plans to clear the bottom of the El Pinguico shaft to gain additional access to the mine.

Overall, Vangold Mining aims to reestablish the mine to what it was 100 years ago. At the time, the mine was averaging between 1.5 and 2 ounces of gold equivalent — somewhere between 40 and 60 grams of gold equivalent, although the cutoff was only 15 grams.

Vangold Mining prides itself on having access to infrastructure, historical data and existing relationships in Mexico. It also has historic access to mine structure, and is working to get complete access to full mine.

The Veta Madre — The Mother Vein — is a regional fault structure and is visible for over 25 kilometers and is responsible for over 1.5 billion ounces of silver production.

guanajuato mexico

Vangold Mining Company Highlights

  • Vangold is focused on exploring mineral projects in the Guanajuato region of Mexico.
  • The company’s flagship project is the Pinguico Project, which is located 7 kilometers outside of Guanajuato City.
  • The property consists of two mining concessions totaling 71 hectares.
  • The El Pinguico mine was the highest grade mine in the Guanajuato region from the 1890s until 1913.
  • The remains of the mills from that time, and from the 1970s, still exist on the property.
  • Through monetization of mineralized stockpiles of silver and gold on the Pinguico mine project, Vangold looks forward to rapid growth.
  • Vangold Mining has a working relationship with Endeavor Silver (TSX:EDR). The company completed a bulk sample and metallurgical test and delivered 1,039 tonnes of mineralized material from its El Pinguico silver and gold project for processing at Endeavour Silver’s Bolanitos mill in June 2020.
  • The company has two other key projects. The Patito Project consists of the Patito I and Patito II and is located approximately 1.5 kilometers from the El Pinguico project. Vangold’s Analy Project includes the Analy I and Analy II concessions. The concessions are located 100 kilometers east of the city of Guanajuato.

Vangold Mining’s Pinguico Project

Back when it was first in production, the Pinguico mine produced 400 tonnes per day between the 1890s and 1913 before being shut down due to the Mexican Revolution.

The mine has deep roots with the Guanajuato region in Mexico, and is located just 7 kilometers away from Guanajuato City.

Vangold - el pinguico

On the surface of the El Pinguico project is a large stockpile of material, which originated as waste material from the El Pinguico shaft during mining between 1904 and 1913.

In 2012, a private company commissioned by the previous owner of El Pinguico calculated the volume of the surface stockpile as 92,849.5 m³, with a surface of 15,769. Several years later, a geological services company Vangold enlisted dug 10 holes with a backhoe into the stockpile at different locations and different depths, taking two samples from each hole.

The top samples yielded 0.62 grams per tonne (gpt) Au, 80.6 gpt Ag and 1.78 gpt AuEq, while the bottom samples pulled out 0.43 gpt Au, 61.1 gpt Ag and 1.32 gpt AuEq.

Vangold estimates the surface stockpile comprises between 175,000 to 185,000 tonnes of material grading between 0.45 gpt Au and 67 gpt Ag (1.25 gpt AuEq) and 0.52 gpt Au and 70 gpt Ag (1.35 gpt AuEq).

vangold target area 2 map

In June 2020, Vangold sent 1,039 tonnes of mineralized material from its surface stockpile to Endeavour Silver’s nearby mill for processing and testing. This test was done with material considered waste 100 years ago, when El Pinguico was known as the highest grade silver and gold mine in a 450-year-old mining camp. Results yielded 75 percent in gold recoveries and 61 percent silver recoveries. The process will help the company gain an understanding of how these higher recoveries were reached and how to replicate them in the future.

Vangold Mining’s Management Team

James Anderson, Chairman and CEO

James Anderson has been involved with the financial industry for years, beginning with a 19-year stint stretched between a retail broker, investment banker and manager with a range of Canadian investment firms. These included First Canada Capital Ltd., Research Capital Corp. and Majendie Securities Ltd. Mr. Anderson is a graduate of the University of Alberta and has assisted in the financing of small-cap public companies, notably in the mining exploration and development industry.

Dan Oliver

Dan Oliver manages Myrmikan Capital LLC, which invests in precious metals within the mining sector and is based in New York City, New York. Additionally, Mr. Oliver serves as the President of the Committee for Monetary Research and Education. He has had articles published on, The Wall Street Journal, Real Clear Markets and National Review Online, and he often speaks at precious metals conferences.

William Gehlen

William Gehlen was the manager of resource development for OceanaGold Corp. between 2013 and 2018. Mr. Gehlen previously served as vice president of exploration for Pacific Rim Mining Corp. where he managed all aspects of mineral exploration for the company. Additionally, he was in charge of exploration at the El Dorado gold deposit in El Salvador, and the Diablillos silver-gold deposit in Argentina. Mr. Gehlen currently serves as Manager of Corporate Development for Gold Standard Ventures Corp.

Stuart “Tookie” Angus

Stuart Angus is an independent business advisor in the mining industry. For over 30 years, Mr. Angus has focused on structuring and financing international exploration, development and mining ventures. Mr. Angus previously served as chairman of the board for B.C. Sugar Refinery Ltd., and he was also director of First Quantum Minerals, director of Canico Resources Corp., and a director of Bema Gold. Mr. Angus was recently managing director of mergers and acquisitions for Endeavour Financial, director of Ventana Gold and a director of Plutonic Power. He was also chairman of Nevsun Resources Ltd. until its take-over by Zijin Mining in March of 2019.

Ramon Davila

From 2004 to 2014 Mr. Davila was Chief Operating Officer and a member of the Board of Directors of First Majestic Silver Corp. Within that 10-year period, he led a team that created five new silver mining operations in Mexico, taking the company from two employees to more than 4000, growing First Majestic’s production profile from zero to over 12 million ounces of silver equivalent production per year. In September 2016, Mr. Davila was appointed Minister of Economic Development for the State of Durango, Mexico – a post he held until June 2020.


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