Well, good afternoon, everybody. It is my pleasure to be here with you and present again the Andean Silver story and our flagship Cerro Bayo Gold Silver project. What a year it has been. I am going to take you through what we have been achieving over the last 12 months, and I will take you through what we want to achieve over the next very short period of time. I am conscious that a lot of you are focused on silver, and I wanted to just take you back over the silver journey over the last 12 months. This day 12 months ago, silver price was still below $40 /oz . Today, it is just under $70 /oz.
It has been a very good ride for Andean Silver over the last year, and I think we are just starting to see the market re-rate as those demand and supply markets are lacking the fill in the supply deficit. Let us just quickly touch base on what we have achieved in the last 12 months. We have delivered an updated mineral resource estimate in July. We are a project of 136 million ounces silver equivalent, and I know a few people do not like equivalencies, so let us break that down. That is 55 million ounces of pure silver and 1 million ounces of pure gold. Nothing else. That is in the project. We currently have six rigs operating. We are getting through nearly 4,000 meters a month of drilling at the moment, and that is going to rapidly climb.
We are looking to drill the resource out to over 70% indicated over the coming few months so we can start delivering both scoping studies and feasibility studies into 2027. More importantly, this is a restart. This is a brownfield restart project. We already have the infrastructure in place. If you want to come by the booth, I will show you inside the mill, but you will see some pictures shortly of the infrastructure. We have the mill. We have the crushers. We have the power station. More importantly, we have the environmental impact approvals as well as extraction permits. A lot of that work is in place. This is a restart project. Within the last few months, we have been updating the results of our infill drilling.
Outstanding results recently were announced at Trinidad, the single best discovery made on the tenement to date, 2.4 meters at over 15,000 grams silver equivalent per ton, and that is within 700 meters of the process plant. Our exploration team continue to grow the potential beyond our known resource. I will take you through some of the results from the Juanita discovery that we announced in July. We have some of the rock chip samples outside, and Alex, our Exploration Manager, can take you through why the Juanita discovery is groundbreaking and very important for the future of this project. More importantly, we are funded here. We have a very large institutional register, including very, very strong names, including Eric Sprott's group, Equinox out of the U.S., Rob Cohen at 1832. Rick Rule is a key supporter of ours, and we were included in the GDXJ back in March earlier this year.
Share price and performance. We have tracked very closely to the silver price. If you want direct correlation exposure to silver, our share price provides very strong exposure to silver, and that reflects our development stage. We are rapidly moving through the milestones to get this project back and restarted, and we expect that the market cap of this company will start to mirror some of our TSX-listed peers over the next 12 months. Great management team. I have an excellent team supporting me. Alex Forster, I mentioned, is here. You can come meet her at the booth later on. We have a very experienced team that have worked Latin America for a long period of their careers. We will add to the team as we build the execution capability in coming months.
I already have a very, very strong team and a very strong board supporting the development of this project. Cerro Bayo. Let's just put you into regional context firstly before we start to dive in on some of the key items we want to focus on. This is part of the Deseado Massif. It's a large series of epithermal mines extending all the way out to the Atlantic coastline. We are the only project on the Chilean side of the border. Names like Hochschild, Newmont, Anglo American, and Pan American, AngloGold and Pan American, operating just over the Argentinian side of the border in the Santa Cruz province in very similar geological setting. Here is our tenure map and our project overview. We're going to talk predominantly about two key areas today. The Laguna Verde area where the mill is located.
We have been drilling there for two years since we took this project over. We have taken a 25-million-ounce resource two years ago now to 136-million-ounce silver equivalent resource within 1.5 km of the process plant. We have not drilled outside that radius in the last two years. That's why this is a super exciting bit of ground. I'll show you some of the exploration prospects over at the Cerro Bayo to Droughtmaster corridor, and that is where we start to drill later this year. Infrastructure. Here is our infrastructure hub, a full- process plant on warm idle, a diesel power station. A working tailings dam. We have on-site assay laboratory. We turn around our gold and silver assays in three to five days on-site. That is infrastructure that you cannot replace. The replacement cost of this infrastructure is currently insured for AUD 150 million.
I love this particular slide. It tells you the mine's history on a page. There's four distinct phases of operation historically, but the important line is the blue line. That is the silver price under which this project was developed and operated. You can see that historically, the mine was developed and operated at sub-AUD 10 silver prices. That drove a philosophy that was hand- to- mouth. The mill would operate for four to five years, deplete the existing resource, it would shut down, and it would then restart with the next discovery. You can see consistent new discoveries through the mine's history. The mine has produced nearly 100 million ounces silver equivalent in 25 years of production. We now have 136 million ounces already in the resource envelope before we touch the greenfields. That puts us at over a 230-million-ounce district before we touch the greenfields.
Look what's happened to silver price since we acquired this project just over two years ago now. This is a very different project to what it was under AUD 10 silver. Let's have a look at some of the opportunities. I will let you read this one in your own time. This just gives you the context of Cerro Bayo versus global silver production. Very important to note, though, Mexico is the source of the majority of pure- play silver production, and that has some geopolitical challenges for new developments. Let's dive in on the Laguna Verde district, firstly, where the process plant is located and where our six rigs have been operating since we took over a little bit over two years ago. You can see on the image on the right the underground.
In green is the underground resources that were modeled through a scoping study we did deliver internally earlier this year. In blue, the outlines for the open pit optimization work that we have done. The red gives you the underground as-built infrastructure that gives us six individual portal accesses to those undergrounds. I am going to look firstly through the Coyita underground. This is a 1.3-kilometer strike-l ength deposit developed down five levels, but we have, through drilling, deepened this now to about 450 meters already. Existing infrastructure in place. This will feature as part of our early underground mines. Grades down there of over 400 grams per ton silver equivalent. This is an excellent bit of infrastructure that will be featuring early in our mine plan. I mentioned the discovery at Trinidad. The image on the bottom right inset shows you where that sits, 30 meters above existing workings.
We are finding 15,500 grams per ton over 2.4 meters in that mine. More recently, a new discovery at Temer. We have just finished drilling here, and that was the first drilling there in over 20 years, 700 meters from the mill. You can look from that deposit straight down at the mill, and that is going to give us ample tons early in the mine life. If I jump now 10 km to the east of Laguna Verde, the Cerro Bayo district was developed between 2002, 2008. Has not been drilled since 2008. We are going to start drilling here later this year. There is a number of existing mines. I am going to talk about both Marcela and the Guanaco complex in the next two slides. Firstly, Marcela. The infrastructure was put in in 2007. It is developed by a 1-kilometer drift out from the Cerro Bayo underground. Infrastructure is in place. It has not been mined.
That will feature in our restart planning. That infrastructure is already in place, ready to go. The Guanaco system. This is a very interesting area. You can see on the inset on the bottom left, this is how you mine at AUD 5 silver. It is a slot cut, open pit mine, rip and strip, feed the mill. No one has drilled below that existing slot cut. We are going to put the first holes in there very shortly. You can see we expect similar to what we have done over at Laguna Verde. When we start drilling these areas, we expect to extend them along strike and significantly at depth because there is very little drilling in this area. This is what I wanted to get to. This is the real exciting part about the Cerro Bayo project. It is a brownfield site with infrastructure, but exploration potential here is outstanding.
On this map, you can see three key areas that we're going to talk about. Firstly, Juanita. This is a prospect that has very, very interesting attributes, something unique, not seen and tested elsewhere other than in our Appaloosa structure today. We've just talked about the middle section, the Guanaco to Cerro Bayo zone, and then up into the Droughtmaster/Sinter Hill corridor is another focus area for the exploration team. Juanita. We put this announcement out in July. There's a rock chip on the desk outside. Alex will take you through why this is a very interesting and exciting opportunity. It's a breccia-style target. It was drilled with scout drilling back in the early 2000s. You can see four of the holes there. Shallow drilling between 300 grams and 1,200 grams per ton. Never followed up. We did rock chips earlier this year. 62,600 grams per ton at surface.
We've just finished the sawn channels. The sawn channels will come to market in the next few weeks. They're going through the assays right now. This has the potential, with a 2-kilometer strike length, to form a large open pitable baseload resource for this project's restart. This is super exciting. It's a different mineralization style not seen elsewhere on the property to date other than in the Appaloosa. The team are working this up for drilling. This is going to be super exciting when we get into this zone. Go and have a chat to Alex. She's hiding in the back corner, listening away. Go and chat to her at the booth. Guanaco. The team have already mapped this up. This is ready for drilling. It's permitted. We'll get into here later this year. You can see in pink the existing resource envelope.
The red dots show you where we've started to map up additional vein systems that we're going to be putting drill rigs on very shortly. Droughtmaster. This is the third major district I mentioned. All up, this measures about 8 km, the systems we've just looked at in the last three slides. Super exciting area being permitted now. We'll start drilling here late this year. But again, super high grades at surface. We've mapped it up. Start drilling next year. I'm going to close now just with infrastructure, our social license, and the work plan going forward. Here is our infrastructure pathway to port. 200 km to the port at Chacabuco. Ferry and road. This material gets on to deepwater ports. Historically, it's gone into Antofagasta and over into Asia. It's a highly sought-after concentrate. The concentrate grade's about 1.5% silver and con, and about 120 grams- 150 grams.
We deliver about 11,000 tons of concentrate per year at operational stage. Social license. We're actively engaged in the community. We're a drive-in, drive-out workforce. We'll employ 500 people directly on the mine out of a town of 4,500 people. We are highly integrated to the community, and we spend a lot of time working to get social support for the project. What's ahead of us? Resource infill drilling. We want to finish the infill drilling, convert the resource early in the new year, and deliver that scoping study early in the new year to this project. Feasibility study's ongoing. We're now fully funded to start the early works on the mill, and we're going to be starting to ramp this project up through 2027 for restart in 2028.
I don't want to underestimate any of the elements here, but this is a brownfield project with large-scale exploration growth opportunity. Come and see Alex and myself outside of the booth. Thank you for your attention to the story, and thank you to all the shareholders that have come and visited us.