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Mexico
Bolivar Expansion Project (Bolivar)

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 Location:
54 km NE from Choix, Chihuahua, Mexico

  Project Contacts:
Blas Cano de los Rios #500 Col. San Felipe
Chihuahua
Chihuahua, Mexico
31203
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WebsiteWeb
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  • Overview
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Overview

StagePreliminary Economic Assessment
Mine TypeUnderground
Commodities
  • Gold
  • Silver
  • Copper
  • Zinc
  • Lead
  • Iron (magnetite)
Mining Method
  • Sub-level stoping
  • Room-and-pillar
Production Start...
Mine Life14 years (as of Jan 1, 2021)
On April 16, 2021, the Company announced the approval by its Board for an investment of $28 million for the construction of a magnetite processing plant at the Bolivar Mine. The plant is expected to produce approximately 500,000 tonnes of 62% iron ore fines concentrate each year.


Owners

Source: p. 39
CompanyInterestOwnership
Sierra Metals Inc. 100 % Indirect
Dia Bras Mexicana SA de CV (operator) 100 % Direct
Dia Bras Mexicana is a wholly-owned subsidiary of Sierra Metals.

Contractors

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Deposit Type

  • Carbonate hosted
  • Skarn


Summary:

At the Bolivar Property, the volcanic rocks strike northwest and dip gently to moderately to the northeast.

Skarn alteration and mineralization at the Bolivar Property is hosted primarily in a package of sedimentary rocks that occur as a layer or lens within the LVS (Reynolds, 2008). All sedimentary units have undergone low grade metamorphism. The lowermost sedimentary horizon observed is a dolostone which ranges from 24 m to 40 m in thickness. The lower part of the dolostone horizon is interlayered with siltstone. To the south, progressively less of the sedimentary sequence is cut out by granodioritic intrusive rocks and the dolostone is observed to be underlain by a siltstone horizon.

The Bolivar deposit is classified as a high-grade Cu-Zn skarn and exhibits many characteristics common to this type of deposit. The term ‘skarn’ refers to coarse-grained calcium or magnesian silicate alteration formed at relatively high temperatures by the replacement of the original rock, which is often carbonate-rich.

The dikes locally cut the granodiorite, have planar, chilled contacts, and are generally finely crystalline. Both their texture and crosscutting relations suggest that the dikes are younger and shallower than the granodiorite. Both granodiorite and andesite dikes have alteration and locally skarn along their contacts. In addition, endoskarns, which are skarns of igneous origin that form within the granite mass itself, affect both the granodiorit ........


Mining Methods

  • Sub-level stoping
  • Room-and-pillar


Summary:

Sub-level stoping and room and pillar mining methods are currently used in the main areas of the mine to obtain a production rate of 5,000 tpd.

Using the resources estimated by SRK Consulting through December 2019, Sierra Metals performed a growth analysis to determine how the Bolívar Mine could achieve sustainable production of 7,000 tpd - 15,000 tpd. The analysis indicates that the production objectives are achievable through the expansion of the sub-level stoping mining method in the new production areas, which will allow the sustainability of the operation. A new configuration of the mining method will allow greater recovery of resources and production rates.

The longhole method is applied in the shallow dipping mineralized bodies in Bolivar West. Excavation for longholes with openings of 9.0 m and pillars of 7.0 m x 7.0 m for stope heights between 12.0 m and 15.0 m. From the access ramp, access to the mineralized material is established in the central part of the chamber and the mineral cut begins. A drive is developed within the mineralized material, then the drilling of long holes is carried out and extraction begins. Ramps are established in some cases in mineralized material to minimize waste extraction.

The longhole method is applied to the mineralized structures at the El Gallo Inferior deposit. Each level has 20.0 m of vertical stope height and is accessed through a ramp to the central part of the level. A mineralized material driv ........


Crushing and Grinding
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Processing

Flow Sheet: Subscription required

Summary:

- subscription is required.


Projected Production:

CommodityProductUnitsLOM
Gold Payable metal M oz 0.2
Silver Payable metal M oz  ......  Subscription required
Copper Payable metal Mt  ......  Subscription required
Iron (magnetite) Concentrate kt  ......  Subscription required

Operational Metrics:

Metrics
Daily ore mining rate  ......  Subscription required
Daily processing capacity  ......  Subscription required
Tonnes processed, LOM  ......  Subscription required
Annual ore mining rate  ......  Subscription required
* According to 2021 study.
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Reserves at December 31, 2019:
Mineral Resources are reported at a value per tonne cut-off of US$24.25/t using the following metal prices and recoveries; Cu at US$3.08/t and 88% recovery; Ag at US$17.82/oz and 78.6% recovery, Au at US$1,354/oz and 62.9% recovery.

CategoryTonnage CommodityGradeContained Metal
Indicated 19.4 Mt Gold 0.21 g/t 127.8 koz
Indicated 19.4 Mt Silver 15.1 g/t 9.4 M oz
Indicated 19.4 Mt Copper 0.77 % 149,116 t
Indicated 19.4 Mt Iron 13.8 %
Inferred 21.4 Mt Gold 0.21 g/t 145.6 koz
Inferred 21.4 Mt Silver 14.2 g/t 9.8 M oz
Inferred 21.4 Mt Copper 0.78 % 167,077 t
Inferred 21.4 Mt Iron 13.5 %

Commodity Production Costs:

CommodityUnitsAverage
Cash costs Copper Equivalent USD  ......  Subscription required&nbs
Cash costs Copper Equivalent USD  ......  Subscription required *†
Assumed price Iron (magnetite) USD  ......  Subscription required&nbs
Assumed price Lead USD  ......  Subscription required&nbs
Assumed price Zinc USD  ......  Subscription required&nbs
Assumed price Copper USD  ......  Subscription required&nbs
Assumed price Silver USD  ......  Subscription required&nbs
Assumed price Gold USD  ......  Subscription required&nbs
* According to 2021 study / presentation.
† Net of By-Product.
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Operating Costs:

Units2021
UG mining costs ($/t milled) USD 10.4 *
Processing costs ($/t milled) USD  ......  Subscription required
G&A ($/t milled) USD  ......  Subscription required
Total operating costs ($/t milled) USD  ......  Subscription required
* According to 2021 study.
Subscription required - Subscription is required.

2021 Study Costs and Valuation Metrics :

MetricsUnitsLOM Total
Closure costs $M USD  ......  Subscription required
Total CapEx $M USD  ......  Subscription required
UG OpEx $M USD  ......  Subscription required
Processing OpEx $M USD 225.6
Backfill costs $M USD  ......  Subscription required
G&A costs $M USD 55.4
Total OpEx $M USD  ......  Subscription required
EBITDA (LOM) $M USD  ......  Subscription required
After-tax Cash Flow (LOM) $M USD  ......  Subscription required
After-tax NPV @ 8% $M USD  ......  Subscription required
Subscription required - Subscription is required.


Proposed Heavy Mobile Equipment as of September 21, 2021:
HME TypeModelSizeQuantity
ANFO Loader ....................... Subscription required ....................... Subscription required
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Subscription required - Subscription is required.

Mine Management:

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Aug 3, 2022
....................... Subscription required ....................... Subscription required Subscription required Nov 28, 2022
....................... Subscription required ....................... Subscription required Subscription required Aug 3, 2022
Subscription required - Subscription is required.


Corporate Filings & Presentations:

DocumentYear
................................... Subscription required 2021
................................... Subscription required 2021
................................... Subscription required 2020
................................... Subscription required 2020
................................... Subscription required 2019
Technical Report 2018
Subscription required - Subscription is required.

Subscription required - Subscription is required.

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