Overview
Stage | Permitting |
Mine Type | Open Pit |
Commodities |
|
Mining Method |
|
Mine Life | 15 years (as of Jan 1, 2021) |
San Nicolas property is considered the largest undeveloped VMS deposit in Mexico and one of the largest undeveloped VMS deposits in the world.
In the fourth quarter of 2023, Minas de San Nicolás, which is jointly owned by the Company and Teck Resources Limited, continued to advance the San Nicolás project, including with respect to stakeholder engagement on the permitting process. The partners also continued to advance the feasibility study, with the intention to initiate detailed engineering and further optimization work later in 2024, and plan to be complete in 2025. Project approval would be expected to follow, subject to receipt of permits and the results of the feasibility study. In January 2024, Minas de San Nicolás submitted its application for an Environmental Impact Assessment permit, which is an important milestone in advancing the development of the San Nicolás project. |
Source:
p. 35
San Nicolas property is held by Minas de San Nicolás, S.A.P.I. de C.V. (MDSN), a 50/50 joint venture between Teck and Agnico Eagle Mines Limited formed in April 2023.
Contractors
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Summary:
The San Nicolás volcanogenic massive sulfide (VHMS) deposit was discovered by Teck in November of 1997 through geological mapping, geophysical surveys and drilling. Drilling on the property has intersected two massive sulphide deposits, the largest of which is San Nicolás that is divided into upper and lower zones. Additional base metal mineralization and alteration has been identified elsewhere on the property.
Mineralization is hosted in volcaniclastic rhyolite, flanking flows and breccias of a flow-dome complex. Mafic flows, sills and dykes dominate the footwall lithologies. Alteration consists of common calcite stringers, Fe-carbonate and barite in the footwall with localized intense chlorite plus quartz-sericite alteration of the felsic and mafic host rocks.
The upper sulphide zone (Cap Zone) is dominated by finegrained pyrite with high concentrations of sphalerite and chalcopyrite that range from massive to semi-massive to laminated and strongly brecciated. The lower sulphide zone (Feeder Zone) is dominated by finegrained pyrite and chalcopyrite with local sphalerite.
Mineralization is generally massive to semi-massive sulphide with well-developed sulphide stringers developed below and lateral to the massive sulphide.
Summary:
The project contemplates a modern truck-and-shovel open pit, processing, and flotation operation.
Source:
Summary:
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Projected Production:
Commodity | Units | Avg. Annual |
Copper
|
kt
| 66 |
Zinc
|
kt
| ...... |
Gold
|
koz
| ...... |
Silver
|
koz
| ...... |
Copper Equivalent
|
kt
| ...... |
All production numbers are expressed as metal in concentrate.
Operational Metrics:
Metrics | |
Daily processing capacity
| ...... |
Tonnes processed, LOM
| ...... |
* According to 2021 study.
Reserves at December 31, 2023:
2023 reported reserves and resources are unchanged from 2022. The estimates assume net smelter return cut-offs for low zinc/copper ores and high zinc/copper ores, respectively, of US$9.71/tonne and US$13.15/tonne net smelter return based on an estimate of the marginal cost of production for the relevant ore. Net smelter return calculations include metal price assumptions as US$3.00/lb copper, US$1.10/lb zinc, US$1,300/oz gold and US$20/oz silver and scaled costs from previous studies.
Category | Tonnage | Commodity | Grade | Contained Metal | Recoverable Metal |
Proven & Probable
|
105,200 kt
|
Copper
|
1.12 %
|
kt
|
460 kt
|
Proven & Probable
|
105,200 kt
|
Zinc
|
1.5 %
|
kt
|
630 kt
|
Proven & Probable
|
105,200 kt
|
Gold
|
0.4 g/t
|
koz
|
120 koz
|
Proven & Probable
|
105,200 kt
|
Silver
|
22.3 g/t
|
koz
|
14,550 koz
|
Measured & Indicated
|
6,594 kt
|
Copper
|
1.18 %
|
78,030 t
|
|
Measured & Indicated
|
6,594 kt
|
Zinc
|
0.69 %
|
45,260 t
|
|
Measured & Indicated
|
6,594 kt
|
Gold
|
0.19 g/t
|
40 koz
|
|
Measured & Indicated
|
6,594 kt
|
Silver
|
11.43 g/t
|
2,422 koz
|
|
Inferred
|
4,936 kt
|
Copper
|
0.94 %
|
46,288 t
|
|
Inferred
|
4,936 kt
|
Zinc
|
0.62 %
|
30,710 t
|
|
Inferred
|
4,936 kt
|
Gold
|
0.13 g/t
|
20 koz
|
|
Inferred
|
4,936 kt
|
Silver
|
9.26 g/t
|
1,470 koz
|
|
Commodity Production Costs:
| Commodity | Units | Average |
C1 cash costs
|
Copper
|
USD
|
......
|
Assumed price
|
Zinc
|
USD
|
......
|
Assumed price
|
Copper
|
USD
|
......
|
Assumed price
|
Silver
|
USD
|
......
|
Assumed price
|
Gold
|
USD
|
......
|
* According to 2021 study / presentation.
† Net of By-Product.
2021 Study Costs and Valuation Metrics :
Metrics | Units | LOM Total |
Initial CapEx
|
$M USD
|
......
|
After-tax NPV @ 8%
|
$M USD
|
......
|
After-tax IRR, %
|
|
......
|
After-tax payback period, years
|
|
......
|
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Mine Management:
Job Title | Name | Profile | Ref. Date |
.......................
|
.......................
|
|
Mar 20, 2024
|
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Corporate Filings & Presentations:
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