The Penasquito Story


Peñasquito is the second-largest mine in Mexico and the fifth-largest silver mine in the world with estimated reserves of 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
for Blackberryand the Man Behind Peñasquito

Dr. Tom Patton

In January 2019, Newmont Mining Corporation announced it would 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.

The Penasquito Story Image 1

Our Team

The management team has worked on the project for the past 17 years.  Each team member has played significant roles in major discoveries and each believes that Nieves provides another opportunity for success. Their dedication and hard work have paid off as the project has gained recognition in the industry. The team’s passion for innovation and problem-solving has been the driving force behind their success. Despite facing challenges along the way, they have remained committed to their goal of creating something that will be a unique and exciting opportunity.

About Us 

In a gold and silver bull market, owning a piece of a world-class silver and gold deposit could make more sense than owning silver and gold bullion. Certainly, the leverage is much greater with Nieves’ large discovered resource — 110,000,000 ounces of silver and 116,000 ounces of gold discovered. It has been assessed and reported pursuant to the NI 43-101 Resource Estimate and a preliminary economic feasibility study. Based on all findings and with only 6% of the approximate 200 kilometers of mineralized veins tested with a drill bit, it currently has an estimated fair value exceeding $100,000,000.

Scroll to Top