Peñasquito is the second largest mine in Mexico and the fifth largest silver mine in the world with estimated reserves at 17,800,000 oz of gold and 1,070,000,000 oz of silver.
Prior to starting Blackberry Ventures I, LLC, the BlackBerry team started Western Silver, a mineral exploration company focused on discovering and developing silver properties. It was based in Vancouver from 1997 To 2006.
Western Silver identified the Peñasquito property as likely having a large resource of silver. Their company bought Peñasquito in 1997 and successfully explored the 39,000-hectare property.
By 2003, they felt Peñasquito would become "one of the world’s largest silver resources."
By 2005, the property was emerging as a silver-gold-lead-zinc district with significant exploration upside. It was independently confirmed to be one of the largest undeveloped silver deposits in the world.
From 2001 to 2006, Western Silver’s stock price went from below $1 (U.S.) to over $42. In 2006, Western Silver sold Penasquito to Glamis Gold Ltd. for $1,200,000,000.
By 2010, Peñasquito was an open pit mine. It’s now Mexico's second largest open pit mine.
Dr. Thomas Patton —
Senior VP of Exploration
and the Man Behind
In January, 2019, Newmont Mining Corporation announced it will buy rival Goldcorp Inc. The acquisition is valued at US$10 billion. Penasquito (Goldcorp’s largest holding) represents US$4.6 billion of the $10 billion acquisition.
The BlackBerry team believes the Nieves property could hold significant silver reserves. They anticipate Nieves could become Mexico’s fourth open pit mine.