Thanks, Joe. Good afternoon, everyone. It's a pleasure to be here at Beaver Creek once again to give you an update on Americas Gold and Silver. I've been here now for a little over six months with the rest of our team, and we've had quite a bit of change in the last six and a half months. I'm excited to talk to you about it. I'll talk about this in another slide here. Just the executive team, it's pretty much the same team that has stuck together since Klondex, Karora, and now over to Americas Gold and Silver. A bit of the past, some of the things we've done, and some of the turnaround we've done. But again, very focused at what we're doing today at Americas Gold and Silver. We're about 80% of our revenue comes from our silver production. What have we done so far?
First step was taking over 40% of Eric Sprott's 40% ownership in the Galena asset. Eric had invested $20-$38 million. It was $20 million out of the gate, and then another $18 million over time in the Galena asset. And we approached him to buy out his 40% and merge it into a newer company, which he owns 20% of. That was very strategic so that the shareholders would own 100% of the Galena Mine. My talk today will really talk mostly about Galena. I'll talk a bit about Mexico, but our efforts are really focused on the turnaround story at Galena for the moment. Mexico has been running quite smoothly. We're quite proud of Mexico. And the opportunities truly exist on that turnaround story at Galena, similar to what we did at both Klondex and Karora. Out of the gate, we did a CAD $50 million financing, Canadian.
Most recently, we've just raised $100 million with our partners at SAF, and along with that financing, with the $100 million, we raised $11.5 million of equity at a premium, I might add. That is really strengthening our balance sheet and putting us into a commanding position to deliver on all the projects we need to do to turn around Galena and just to update some of the changes we really need to do in Mexico as we get into the new area, that EC120 in Mexico, so where are we? Obviously, I've been talking a bit about Idaho here, our flagship Galena Mine. We've got the Cosalá operation in Sinaloa. The other two assets are non-core. We've got Relief Canyon and San Felipe. Where are we located? In one of the greatest silver jurisdictions you're going to find in the world, alongside other silver producers.
We've got ourselves, Coeur, Lucky Friday with Hecla right next to us, six miles away. They've been mining there for quite a few years. They've been mining 100% of the stuff they do is longhole . 100% of the stuff we're doing is with handheld jack legs, which is something we're in the process of changing quite rapidly. That first picture on our slide deck showed a picture of a miner with a handheld jack leg. Up until the moment we got here, everything we were doing was being done with jack legs. And that's a big part of our turnaround and the change, recognizing that longhole can be adopted at Galena. And in fact, we've done our first longhole stope, and I've got some pictures of it here, and I'm quite happy to show you them here in the slide deck.
So what do we see that's very important? Obviously, back in 2002, you look back 20 years ago, the Galena Mine actually produced over 5 million ounces. A lot of people don't understand that. So we're not trying to reinvent the wheel here. We're not like we were at either Klondex or Karora, where we were up in front of people telling them we were trying to accomplish something that had never been done before. This isn't the case here. This has been done. Galena produced 5.6 million ounces at about just shy of 600 tons per day. So our goal is to repeat the success it's had. And we've identified the bottlenecks which exist to prevent us from getting there. And there's really four big ones, actually. We needed to change the leadership team on site. We needed to improve the shaft.
Our shaft is an older shaft. In order to increase the speed of it, we're moving at about 700 tons of ore, or sorry, of rock a day. So whether that's ore or waste, we move 700 tons a day. Or by hour, it's about 42 tons per hour. The new changes we're adopting and we're doing, we're in the process of doing them right now, will have us going to about 118 tons per hour with the main shaft. And I'll show you that picture. But this is a very important slide because if you look back 10 years, the mine has been producing about 1.2-1.4 million ounces a year, just getting by, while the focus was really on another mine in Nevada. And that mine, unfortunately, Relief Canyon, didn't work out so well, which created the opportunity for us.
What we see as the biggest opportunity is restoring Galena back to that above 5 million ounces a year, but then sustaining it, making sure we put in the infrastructure and the team, and we have the ability to do it year after year after year. So it's a plan, a growth plan, and one that we're quite happy to be on that journey of. This is a long section of the Galena Mine. This has been around for over 100 years. And those of you who haven't been there, I'd encourage you, if you have time in your life, come visit the Galena Mine. It's a very exciting mine, a lot of cool things to see. But there are four shafts. I don't know if this pointer works. Yeah, there's four shafts. There's the Coeur Shaft, there's the Number 3 Shaft, Galena Shaft, and the Caladay Shaft.
Why is that important? We're only using one of those four shafts today. We use the Number 3 Shaft . As I said, for the last 10 years, we've been able to move around 700 tons ore and waste together out of that Number 3 Shaft . With the upgrades that we're doing, the main upgrades to the shaft are, number one, increasing the hoist motors. We have 1,750 horsepower motors at the moment. We're going to increase them to 2,250. The other, our braking system in that shaft is an older system. We're updating that. We're putting in a new braking system. With that new speed, we'll be able to go from 42 tons per hour up to that 118 tons per hour or over 1,800 tons a day. We're going from 650 to 700 tons a day to over 1,800 tons a day.
That's a big change from where this has been over a decade. What are the other important things on this slide? Well, we've got two mills. We've got the Galena Mill, and we've also got the Coeur Mill. Up until about six months ago, we've been using the Galena Mill only two days a week. So we've been running this mine at about 1.2 million ounces per year, running a mill at two days a week. Those of you in mining know that doesn't work. It's not sustainable. We finally got the mill at five days a week. Obviously, we need to get that mill to seven days a week. And it was all part of the plan of getting the capital in place, improving the shaft, which is step one, which we're currently in the process of doing, changing the mining method to longhole .
In order to adopt the longhole mining method, we need to have a backfill plant. We do not have a backfill plant at the Galena Mine. We have a sand fill station, very different. The backfill plant will allow us to cycle our stopes much quicker and get us away from those handheld drills. The handheld drills, you can imagine and appreciate, we're doing at about 5-6 tons per man shift. Longhole will be north of 50-60 tons per man shift. Big, big game changer. In the future, we're looking at consolidating everything and seeing about using the Coeur Shaft or using the Caladay Shaft because everything is open at depth. It's open above our heads. We have recently started the drilling here. There hasn't been any drilling at Galena, any exploration drilling, I should say.
There's been infill drilling, but not a whole lot. No exploration drilling. We have started exploring since we've gotten there. And I'll show you the results of the 149 and the 34. These are new discoveries within the older Galena Mine. And some of the grades, they're more than double, triple what we've been mining over the last couple of years. In order to get to the longhole , what do we need? We need equipment. We didn't have any remote control scoops underground. So those of you who are familiar with longhole , you can't do any longhole without remote controls. So we finally got four brand new remote control scoops. You see one of them right there, the Komatsu. We didn't even have any trucks underground. We were hauling everything with scoops up and down our declines and on our main level.
Big changes, putting in a truck in the mine. More importantly, that top picture is a picture of a drill. That drill there is a small, narrow longhole drill. Personally, I've used them all over the world, and I'm from Timmins. I've used them in Canada. I've used them in South Africa, Australia, the U.S. We've just brought one of these drills into Galena. It's been there for two months now. We drilled our first stope. It was 60 feet in height, so 20 meters approximately, about 120 feet in strike. We blasted that stope. We carved it out about one meter wide, 1.1 meter wide. We could not have done a better job if we did it with jack legs.
If we did one round at a time, drilling and blasting, breasting that down, underhand cut and fill, like was done over the last 20 years, we couldn't have done any better with handheld drills as we did with that longhole drill, and you'll see it here, so this is very critical to our success, getting the drill, so drills are down, equipment's down. The shaft work is being done as we speak. The backfill plant will be done in the new year. It's not quite done, but it's all part of the cycle in order to get us cycling the stopes. We need about four stopes a month to sustain over 1,000 tons a day. This is an actual CMS or cavity monitoring survey of that stope we took.
So you can see it was, again, 120 feet in strike, 60 feet in height, and three feet wide right at that picture. And if you went along that stope or if you looked at the CMS, you looked at the raw data from that survey, you'd see the average widths right around 3.1-3.2 feet wide, so 1.1 meters. That is phenomenal. All we got to do is continue doing that. It's no more complicated than that. We don't have to complicate Galena. We've just got to set it up so we can continue to do this time and time again and repeat it, backfill it, drill it, backfill it, and continue to have more headings. We just need more faces exposed, remove the bottleneck in the shaft, and then obviously the next bottleneck will be at the mill.
Our mill that we're using right now at five days a week, we're going to be going to seven days a week very soon. Then we'll likely be needing the second mill, which is already on our doorstep. We produce two types of concentrates at the Galena Mine. We have a silver-lead concentrate, and then we have a copper-silver concentrate. Both of our mills can produce each of those different types of concentrates. This is actually one of the results of our newest drilling. So this just goes to show you that the drill bit actually does pay off. Again, no drilling here for 10 years. Same thing in our Mexican asset.
Our asset in Mexico. I know I'm not talking a lot about Mexico, but the one thing that they both share in common is both Mexico, our Cosalá asset, and our asset here in Idaho didn't have any dollars allocated each year for exploration. So you go 5 to 10 years in these types of deposit and do no exploration, only infill drilling. You're going to end up running up against a wall. And in our case, you can see the early on results from the drilling. This 34 Vein, look, 3.4 meters wide. That first stope we're drilling and blasting, the vein was 0.6 meters wide. We're mining it at 1.1 meters. So we get in to start injecting some of these and co-mingling that or blending it with some of the narrower stuff. This is double our average grade. Our average grade sits right around 400-420 grams.
That's probably one of the top three silver mines around. So our grade is very high. We have plenty of it. We've got 160-180 million ounces, so plenty of years in front of us. It's just about making sure we can take advantage of the grade now and extracting it at the right rate. Another one slide, and I think it's just worth showing again some of the drill results. So 24,000 grams, that's 60 times higher than our average grade. So we're quite excited about these. What's really important about this is look at how close it is to our infrastructure and our shaft. So this was never even discovered. We're pretty excited about it. That's the future of our Galena operation. Most recently, we've put out some results on antimony. We are currently the only antimony producer in the U.S.
We're actually producing antimony as it is. In the past, when we shipped our antimony up to Canada, we used to get penalized for it. Our new agreement, we are going to get paid for antimony, so we flipped that. With the new negotiations, we're going to start getting paid for antimony in the future, which is very different, but one thing that getting penalized for it in the past allowed us to do was understand how much antimony we had. We don't have an antimony resource yet, and I will say yet because the antimony is a tremendous opportunity for us.
Sorry, Paul. You're out of time.
I'm out of time, Joe. All right. No worries.
We'll have to quit on the high antimony note.
That's okay. It's all good. Thanks, Joe.
All right. Thanks.