Heliostar Metals (TSX-V:HSTR) has begun open pit mining at the Veta Madre pit, within its La Colorada mine in Mexico, to support the construction of the Ana Paula Project.
Veta Madre hosts 48,000 ounces of gold (Au) @ 0.71 grams per tonne Au in 2.1 million tonnes (Mt) of ore. Through H1 2026, the company completed a drilling program targeting an additional 20,000 ounces of Au beyond the current reserve base within the planned Veta Madre Plus pit.
The operation is currently producing gold from injection leaching and is on track to meet its production guidance of 20,000–22,300 ounces of gold this year.
CEO Charles Funk says this progress is part of the company’s corporate plan to secure cash flow through 2027 and 2028 to construct Ana Paula.
“Gold production is moving from the innovative approach of stockpile-and-injection leaching that has driven our current production to stacking higher-grade new gold ore for production starting next year,” Funk says.
“The company has designed a larger pit than detailed in the 2025 technical report as a result of our recent exploration drilling campaign. Called the Veta Madre Plus pit, it targets an additional 20,000 ounces of gold beyond the current reserve.
“We see significant potential for additional growth at La Colorada and now have a steady production base from which we can continue to expand the future of the mine.”
More about Heliostar’s projects
The La Colorada mine hosts reserves of 376,000 ounces of Au @ 0.68g/t Au in 17.1Mt of ore. The current technical report and operating plan for the mine show a six-year mine life averaging 46,100 ounces of annual gold production.
Ana Paula is Heliostar’s flagship development asset. A 2025 preliminary economic assessment outlines a nine-year mine life producing 101,000 ounces of gold annually.
At a US$3,800 ($5,282) per ounce gold price, Ana Paula has a post-tax net present value of US$1.012 billion and a 51.3% internal rate of return with a 1.9-year payback period.
A Feasibility Study is currently underway, with plans to start extending the underground decline through 2026 ahead of targeted commercial production in 2028.
Heliostar Metals is a growing gold producer with the aim to produce 500,000 ounces of gold per year by the end of the decade. The company has assets in Mexico and the US.
Write to Aaliyah Rogan at Mining.com.au
Images: Heliostar Metals
