Vollständig genehmigt, aktive Exploration in Umsetzung
El Picacho
Projekt
100 % Eigentum
Erstklassige Bergbauregion
Mehrere hochgradige Ziele
The El Picacho Gold-Silver property is interpreted as an orogenic gold system within the regional Caborca Orogenic Gold Belt known for producing gold mines that include La Herradura (>10 Moz Au) and San Francisco (>3 Moz Au). The project is 140 kilometers north of Hermosillo and totals 24 square kilometers. Five primary zones of mineralization have been identified across the property totalling over six kilometers of prospective trends. Surface sampling and historic workings have identified high-grade gold and silver values. The project has only seen widely spaced reconnaissance drilling with no follow-up. Tocvan believes this provides an excellent opportunity for discovery of a muti-million ounce district.
0
Hectares
Sonora
Bergbauregion
0%
100 % Volle Eigentumsrechte*
Metalle: Au-Ag (Gold-Silber)Au-Ag
Metalle
Ziele identifiziert
Stage
orogenisch / scherzonen-gebunden
Zieltyp
Ihre Fragen beantwortet
FAQs
What makes the Picacho project strategically valuable for Tocvan investors?
Picacho represents a high-potential district-scale exploration opportunity in the prolific Caborca Orogenic Gold Belt, home to major gold deposits including La Herradura (>10 million oz Au) and San Francisco (>3 million oz Au). Located just 18 kilometers southwest of the producing San Francisco Mine, Picacho covers 24 km² (2,414 hectares) with five primary mineralization zones spanning over six kilometers of prospective trends. The project provides Tocvan with portfolio diversification and significant blue-sky discovery potential in a proven orogenic gold district, while the company’s primary focus remains advancing Gran Pilar to production. With 100% ownership and full permits for 15,000 meters of drilling and 2,000 meters of trenching, Picacho offers investors exposure to a second high-quality asset in Sonora, Mexico.
What geological model is being targeted at Picacho and why is it significant?
Picacho is interpreted as an orogenic gold system within the regional Caborca Orogenic Gold Belt, a geological setting responsible for some of Mexico’s largest gold deposits. This contrasts with Gran Pilar’s epithermal system, providing Tocvan with exposure to a different mineralization style. Orogenic gold systems are characterized by shear-zone and intrusion-related gold mineralization, often forming large-tonnage deposits. The project exhibits key features including high-grade gold-silver values in historic underground workings (up to 22 g/t Au with Ag values to 32 g/t), oxidized near-surface mineralization suitable for heap leaching, extensive quartz veining and alteration, and structural controls along regional thrust fault contacts that serve as major conduits for mineralization.
What drilling has been completed at Picacho and what were the results?
Tocvan completed its maiden drill program at Picacho in late 2022/early 2023, with ten holes totaling 1,075 meters focused on the San Ramon Prospect. The program successfully confirmed the exploration model of near-surface oxide gold mineralization connected to underground workings. Key results include: 44.2m @ 0.6 g/t Au from 41.2 meters depth, including 12.2m @ 2.0 g/t Au and 7 g/t Ag, and including 3.1m @ 7.6 g/t Au and 9 g/t Ag. Additional holes returned 27.5m @ 0.5 g/t Au including 12.2m @ 1.1 g/t Au, and 16.8m @ 0.5 g/t Au including 4.6m @ 1.8 g/t Au and 6 g/t Ag. Importantly, the best mineralization was discovered in the 100-meter step-out furthest from historic workings, confirming significant expansion potential beyond known zones.
What surface exploration results support Picacho's potential?
Recent surface programs have significantly expanded Picacho’s known mineralization footprint. A 2024 surface program collected 75 rock chip samples averaging 0.6 g/t Au and 2 g/t Ag, with values up to 15.9 g/t Au and 32 g/t Ag. The program defined a new 1.6-kilometer mineralized trend marked by historic workings and exposed mineralized veins and shear zones. A significant discovery includes a rock float sample with visible coarse gold found 200 meters from the drill discovery at San Ramon. Historic underground sampling at San Ramon returned 23 samples ranging from 0.3 to 22 g/t Au with Ag to 26 g/t, while a second working 250 meters north yielded nine samples from 0.5 to 8.2 g/t Au with Ag to 32 g/t. These high-grade surface showings over extensive trends confirm the presence of a robust mineralized system with district-scale potential.
What are the key target areas at Picacho and what is their status?
Picacho hosts five primary gold-silver targets totaling over six kilometers of prospective trends: San Ramon – The most advanced target covering a 500m by 500m area with high-grade underground workings, confirmed drill mineralization, and a newly defined 1.6 km trend. Tortuga – One of five priority targets within the Caborca Belt. Murcielago – Identified target area mentioned in 2022 updates. Virgen Maria – Target area with artisanal workings. Jabali – A 450-meter trend identified for trenching and evaluation. All targets feature artisanal workings with high-grade gold-silver mineralization, and the company is targeting both high-grade structures and broader low-grade zones. The majority of these targets have never been drill tested, representing significant untapped discovery potential across the 24 km² land package.
How does Picacho compare to nearby producing mines in the Caborca Belt?
Picacho sits in the same geological belt as major producers including La Herradura (>10 million oz Au) owned by Fresnillo and San Francisco (>3 million oz Au), located just 18 km northeast. Both deposits demonstrate the district’s capacity to host multi-million ounce gold systems. The San Francisco Mine, in particular, provides a direct comparison, it was discovered from similar surface characteristics and substantial artisanal workings, the same features present at Picacho. CEO Brodie Sutherland has stated: „We believe we have the same structure and the same geology as the San Francisco mine“, which has 43-101 mineral reserves of 758,000 ounces. The presence of multiple historic underground workings, high-grade surface samples, and confirmed near-surface mineralization at Picacho suggest the potential for a significant discovery in this proven gold district.
What is the timeline for advancing Picacho and what is the exploration strategy?
Tocvan is permitted for 15,000 meters of drilling and 2,000 meters of trenching at Picacho. Tocvan’s strategy prioritizes Gran Pilar’s advancement to production while opportunistically advancing Picacho when optimal drilling conditions exist (October through June). The exploration approach includes: surface mapping and sampling to define drill targets, trenching programs across priority areas including San Ramon (500m by 500m), Jabali (450m trend), and Cornea (2,300m trend), systematic grid drilling to test for bulk-tonnage mineralization adjacent to high-grade workings, and follow-up drilling of successful intercepts to define resource potential. With the project 100% owned and requiring no joint venture approvals, Tocvan maintains full operational flexibility.
What infrastructure advantages does Picacho offer?
Picacho benefits from excellent infrastructure positioned for cost-effective exploration and potential development. The project is road accessible and located 140 kilometers north of Hermosillo, Sonora’s capital. A railroad runs just 2 kilometers east of the project boundary, providing potential transport infrastructure for future production scenarios. The property’s location in an active mining district means access to experienced contractors, skilled labor, and support services. The operating season runs from October to June, avoiding the intense summer heat and rain season typical of the Sonoran Desert. Historic access to underground workings and extensive exploration by previous operators including Timmins Gold and Millrock Resources demonstrates the area’s accessibility and prior industry validation. These factors significantly reduce exploration costs and de-risk future development scenarios.
Why has Tocvan not advanced Picacho more aggressively?
Tocvan’s strategy reflects disciplined capital allocation focused on maximizing shareholder value. CEO Brodie Sutherland stated: „The only reason we acquired this project is because it fit our model of being able to acquire quality projects at the right time“. While Picacho offers significant exploration potential, Gran Pilar provides a clearer near-term value creation pathway through its advanced-stage development, permitted pilot mine, and imminent production timeline. The company’s approach is to advance Gran Pilar to production and resource definition first, generating cash flow and data to support both projects. As Gran Pilar de-risks and demonstrates production economics, Picacho represents a second high-quality asset that can be advanced with either internal cash flow or through strategic partnerships, maximizing optionality without excessive dilution.
What would a discovery at Picacho mean for Tocvan shareholders?
A significant discovery at Picacho would transform Tocvan’s valuation profile by establishing the company as a multi-asset producer/developer in one of Mexico’s premier gold districts. The Caborca Belt’s demonstrated capacity for multi-million ounce deposits (La Herradura >10 Moz, San Francisco >3 Moz) provides a reference for potential scale. Tocvan believes Picacho offers „an excellent opportunity for discovery of a multi-million ounce district“, with 24 km² of prospective ground and over 6 km of mineralized trends largely untested by modern exploration. Management’s internal assessment suggests exploration potential on par with major regional systems. For investors, success at Picacho would: establish Tocvan as a district-scale explorer/developer with two quality assets in Sonora, attract potential partnership or acquisition interest from mid-tier and major producers active in the Caborca Belt, provide optionality for production sequencing or joint development scenarios, and significantly expand the company’s resource base and production profile beyond Gran Pilar alone.
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