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Canada
Martison Project

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 Location:
70 km N from Hearst, Ontario, Canada

  Project Contacts:
350 Bay Street, Suite 700
Toronto
Ontario, Canada
M5H 2S6
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WebsiteWeb
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  • Overview
  • Owners
  • Geology
  • Mining
  • Processing
  • Production
  • Reserves
  • Costs & Financials
  • Fleet
  • Personnel
  • Filings & News

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Overview

StagePreliminary Economic Assessment
Mine TypeOpen Pit
Commodities
  • Phosphate rock
  • Niobium
Mining Method
  • Truck & Shovel / Loader
Mine Life26 years (as of Jan 1, 2022)
Latest NewsFox River Closes Oversubscribed Private Placement Financing     March 15, 2023


Owners

Source: p. 81
CompanyInterestOwnership
Fox River Resources Corp. 100 % Indirect
The claims are registered in the name of Fox River Resources Corporation and Baltic. Each company owns title to 50% of such lease and claims. Baltic is a wholly owned subsidiary of Fox River, such that Fox River owns directly or indirectly 100% of the Martison Phosphate Project.

Contractors

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Deposit Type

  • Carbonatite hosted


Summary:

Regional Geology
The Martison phosphate deposit lies in a geological province referred to as Precambrian volcanic and metamorphic rock sequences, which are over one billion years in age. The occurrence of carbonatite deposits is the result of late magmatic injections of carbon dioxide gases, calcium and magnesium carbonate solutions, including associated crystalline apatite, magnetite and mica minerals, through conduits into volcanic vents. The subsequent exposure of the carbonatite rock for long periods of time to erosion and chemical weathering has resulted in the thick accumulation of a palaeo-soil residue called a “residuum” which has concentrations of relatively insoluble minerals such as phosphate bearing apatite, lying on top of the competent and largely unweathered surface of the carbonatite.

The Martison carbonatite is one of 50 known locations of the Central Ontario Carbonatite Complex found on the Kapuskasing structural high (located 110 km east of the Martison Project) to the Albany Forks structural high, (located 260 km west of the Martison Project). Almost all of the carbonatite bodies occur along recognisable major tectonic features.

A number of complexes have been examined for their mineral potential. They all contain apatite in the carbonatite phase between 5% to 25%, and some contain significant enrichments of apatite through leaching out of carbonates. Such enrichment occurs on the Cargill Limited complex, located on a branch st ........


Mining Methods

  • Truck & Shovel / Loader


Summary:

This section details this Technical Report’s proposed open pit mining operation, focusing exclusively on the future mining of the Anomaly A deposit. Based on information currently available, Anomaly A is the only of the three known aeromagnetic anomalies defined to the extent where a mining plan can be developed.

Both Indicated and Inferred resources have been used in the mine planning, though the latter are considered too speculative geologically to have the economic considerations applied to them. Consequently, further exploration will be required to confirm the results of this Technical Report based on the combination of these two resource classifications.

Conventional open pit mining methods are planned for Anomaly A to produce a phosphate concentrate for further processing. The open pit mining operation was designed to provide sufficient feed to the beneficiation plant (subsequently referred to in this section as “mill feed”) and will produce a steady state containing 500 ktpa of P2O5 products (i.e., MAP, NPS and SPA).

Mine planning for the Project is based on a conventional truck and shovel mining method, which aims to strip overburden, waste, lateritic and mill feed materials from Anomaly A. Materials mined from Anomaly A will be directed to the following destinations for deposition and potential rehandling:

- Beneficiation plant – Mill feed materials.

- Waste facility – Waste materials with overlying muskeg ........


Crushing and Grinding
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Processing

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Summary:

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Projected Production:

CommodityProductUnitsAvg. AnnualLOM
Phosphate rock Concentrate kt 1,41035,286
P2O5 Oxide kt  ......  Subscription required
Ammonium phosphate Fertilizer t  ......  Subscription required
Phosphoric acid Acid t  ......  Subscription required
NPS Fertilizer t  ......  Subscription required

Operational Metrics:

Metrics
Stripping / waste ratio  ......  Subscription required
Waste tonnes, LOM  ......  Subscription required
Ore tonnes mined, LOM  ......  Subscription required
Total tonnes mined, LOM  ......  Subscription required
Tonnes milled, LOM  ......  Subscription required
Annual milling rate  ......  Subscription required
* According to 2022 study.
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Reserves at April 21, 2022:
Mineral Resources are estimated at a cut-off grade of 6% P2O5 in the Residuum or 0.2% Nb2O5 in the Lateritic material.

CategoryTonnage CommodityGradeContained Metal
Indicated 60 Mt P2O5 21.42 % 12.86 Mt
Indicated 60 Mt Niobium 0.49 % 0.3 Mt
Inferred 133.6 Mt P2O5 16.67 % 22.27 Mt
Inferred 133.6 Mt Niobium 0.43 % 0.58 Mt

Commodity Production Costs:

CommodityUnitsAverage
Cash costs NPS USD  ......  Subscription required&nbs
Cash costs Phosphoric acid USD  ......  Subscription required&nbs
Cash costs Ammonium phosphate USD  ......  Subscription required&nbs
Site cash costs (produced) Phosphate rock USD  ......  Subscription required&nbs
Cash costs Phosphate rock USD  ......  Subscription required&nbs
Assumed price NPS USD  ......  Subscription required&nbs
Assumed price Phosphoric acid USD  ......  Subscription required&nbs
Assumed price Ammonium phosphate USD  ......  Subscription required&nbs
* According to 2022 study / presentation.
Subscription required - Subscription is required.

Operating Costs:

Units2022
OP mining costs ($/t mined) USD 2.42 *
OP mining costs ($/t milled) USD  ......  Subscription required
* According to 2022 study.
Subscription required - Subscription is required.

2022 Study Costs and Valuation Metrics :

MetricsUnitsLOM Total
Initial CapEx $M USD  ......  Subscription required
Sustaining CapEx $M USD  ......  Subscription required
OP OpEx $M USD  ......  Subscription required
After-tax Cash Flow (LOM) $M USD  ......  Subscription required
Pre-tax NPV @ 8% $M USD  ......  Subscription required
After-tax NPV @ 8% $M USD  ......  Subscription required
Pre-tax IRR, %  ......  Subscription required
After-tax IRR, %  ......  Subscription required
After-tax payback period, years  ......  Subscription required
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Pipelines
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Proposed Heavy Mobile Equipment as of April 21, 2022:
HME TypeSizeQuantity
Crane 45 t ....................... Subscription required
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Mine Management:

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Jun 1, 2022
....................... Subscription required ....................... Subscription required Subscription required Jun 1, 2022
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Corporate Filings & Presentations:

DocumentYear
Preliminary Economic Assessment 2022
Quarterly Report 2022
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News:

NewsDate
Fox River Closes Oversubscribed Private Placement Financing March 15, 2023
Fox River Announces Increase in Private Placement Financing to $2,300,000 February 21, 2023
Fox River Announces Private Placement Financing of up to $1,500,000 February 16, 2023

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