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Peñasquito is an Au-Ag-Zn-Pb deposit and currently the principal Au-producing mine in Mexico. It is the most recent major discovery in the historically important Concepción del Oro mining district. Current Au reserves plus historic production at Peñasquito stand at 12.67 Moz, in addition to 527 Moz Ag, 3,600 lb Pb, and 8,000 lb Zn in remaining proven and probable reserves.

Mineralization is centered on the Peñasco and Brecha Azul diatreme breccias, which cut an Upper Jurassic to Upper Cretaceous marine carbonate-dominated sedimentary sequence, which underwent folding during the Laramide orogeny. The diatreme breccias and associated mineralization are associated with early Oligocene quartz-feldspar porphyries dated at 34.4 ± 0.4 to 33.7 ± 0.4 Ma and thus 3 to 10 m.y. younger than the other skarn and polymetallic deposits known in the district.

The Peñasco diatreme is about 1 km in diameter and hosts epithermal-style disseminated mineralization, whereas the contiguous Cretaceous carbonaceous and calcareous siltstone and interbedded sandstone of the Caracol Formation is the principal host for stockwork and manto-type, massive base metal sulfide mineralization. Skarn-type mineralization is Cu-Zn rich, extends to the current depth of drilling some 2 km below the premine surface, and is hosted by the Jurassic-Cretaceous sequence beneath the Caracol Formation. In addition, weakly developed stockwork Mo (±Cu) mineralization has also been intersected by drilling at depths of nearly 2 km.

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