• Advanced Exploration

Exploration | Pitarrilla

Pitarrilla, one of the largest undeveloped silver projects in the world, is expected to form one of the key cornerstones of Endeavour’s long-term growth profile.

Pitarrilla Project, Mexico

Endeavour acquired the Pitarrilla Project from SSR Mining in 2022. A presentation outlining the Company’s acquisition is available here.

Pitarrilla is located ~160 kilometres north of Durango City, in Durango State, a state that has a long history of mining and is considered a mining-friendly jurisdiction. There are several mines in operation in Durango, including our Guanacevi mine, which has been in operation since 2005.

There has been comprehensive work done by the SSR to advance the Pitarrilla project. As a result, the property is easily accessible with excellent infrastructure, including access to the power grid. A number of key permits are already in place for underground mining and development, including permits for water use and discharge, general use of explosives, change use of soil, as well, underground mining and development are permitted under an Environmental Impact Statement.

Pitarrilla has a historic M&I resource* of 525 million ounces of silver grading close to 100 grams per tonne, plus material amounts of lead and zinc. To put this in context, Endeavour’s current mineral reserve base is 86 million ounces of silver equivalent with M&I resources of 44 million ounces silver equivalent. We are treating this resource as historical under 43-101 guidelines and are targeting the end of the year to issue a current NI 43-101 mineral resource estimate. Over the next couple of years, Pitarrilla will be a major focus for our exploration team.

While the previous owner categorized Pitarrilla as a development asset, we are viewing it as an advanced exploration project while we conduct comprehensive verification work.

This acquisition is an excellent fit for Endeavour Silver and we believe Pitarrilla has the potential to provide shareholders with another opportunity for long-term value creation.

Location & Infrastructure

Located in Durango State, which has a history of mining and is known as a mining-friendly jurisdiction, Pitarrilla is ~160 kilometres north of Durango City, where Endeavour’s exploration office and team reside. The project is easily accessible and has excellent infrastructure, including access to the power grid and a skilled workforce.

Property Description

4,950 hectares (1.3 km x 0.6 km), consisting of 5 mineral concessions.


Pitarrilla is an intermediate sulphidation epithermal system.

Historic Resource*

Historic measured and indicated resource of 525 million ounces of silver grading close to 100 grams per tonne, plus material amounts of lead and zinc.


Pitarrilla is expected to be one of the key cornerstones of Endeavour’s long-term growth profile. It is anticipated that it will be accretive on a silver equivalent resource per share, provide optionality in a rising silver price environment and help us to maintain our high exposure to silver.

*Historical Estimate – Pitarrilla Project: Pitarrilla is a large undeveloped silver, lead, and zinc project located 160 kilometres north of Durango City, in northern Mexico. The Pitarrilla property consists of 4,950 hectares across five concessions and has significant infrastructure in place with direct access to utilities. SSR Mining filed a technical report prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) titled “NI 43-101 Technical Report on the Pitarrilla Project” dated December 14, 2012 (the “2012 Technical Report”). The 2012 Technical Report provided a feasibility study outlining a large, mainly open-pit operation and a mineral resource estimate, which has since been updated by SSR Mining for its Annual Information Form for the financial year ended December 31, 2020 (together, the “Historical Estimate”). The economic analysis presented in the 2012 Technical Report is not considered current, is not being relied upon by Endeavour and should not be considered as representing the expected economic outcome under Endeavour’s ownership. A qualified person has not done sufficient work to classify the Historical Estimate as current mineral resources or mineral reserves. The Company is not treating this information as current mineral resources or reserves, has not verified this information and is not relying on it. Following closing of the Transaction, Endeavour plans to prepare a current mineral resource estimate for Pitarrilla, develop exploration targets and analyze the economics of various scales of production.

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