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Canada
Driftwood Creek Project

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 Location:
59 km N from Invermere, British Columbia, Canada

  Project Contacts:
1080 Howe St., Suite 303
Vancouver
British Columbia, Canada
BC V6C 2T1
Phone  ...  Subscription required
WebsiteWeb
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  • Overview
  • Owners
  • Geology
  • Mining
  • Processing
  • Production
  • Reserves
  • Costs & Financials
  • Fleet
  • Filings & News

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Overview

StagePreliminary Economic Assessment
Mine TypeOpen Pit
Commodities
  • Magnesium
Mining Method
  • Truck & Shovel / Loader
Mine Life19 years (as of Jan 1, 2018)


Owners

Source: p. 8
CompanyInterestOwnership
MGX Minerals Inc. 90 % Direct
The Company entered into an option agreement on July 7, 2014 to acquire a 90% interest in the Driftwood Claims (the “Driftwood Property”). The Company has completed the requirements as per the agreement and owns a 90% interest in the Driftwood Property.

Contractors

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Deposit Type

  • Stratabound


Summary:

The Driftwood Creek and Brisco magnesite occurrences are classified as Sparry Magnesite deposits (E09) by the B.C. Ministry of Energy and Mines (Simandl and Hancock, 1998). This deposit type is characterized by stratabound and typically stratiform, lens-shaped zones of coarse-grained magnesite mainly occurring in carbonates but also observed in sandstones or other clastic sediments. Magnesite exhibits characteristic sparry texture.

Reports by Morris (1978), Rodgers (1989), and Simandl and Hancock (1992) provide the best available geologic information on the Driftwood Creek magnesite deposit. Klewchuk (2002) provides additional detail for the Eastern Magnesite area.

According to Simandl and Hancock (1992), magnesite and sparry carbonate form stratabound lenses and pockets within the “white marker beds” subdivision of the “middle dolomite” unit of the upper Mount Nelson Formation at the Driftwood Creek property. This middle unit is called unit Hmn1, with the lower part, Hmn1A, describing the buff to light grey dolomite horizon. The upper part, Hmn1B, is applied to the magnesite.

The magnesite is either white, pale grey, or beige, and weathers buff. The unit is characterized by coarse to sparry crystals, and locally contains light green interbeds less than 1 cm in thickness. The interbeds are either regular or disrupted by growth of sparry magnesite crystals within the coarsest magnesite-rich zones (Simandl and Hancock, 1992). Vestiges of h ........


Mining Methods

  • Truck & Shovel / Loader


Summary:

The Project will be mined by conventional, quarry pit, truck-and- excavator operation. Pit optimization and mine planning were carried out on the basis of supporting a plant capacity of approximately 1,200 tonnes per day (t/d), using Measured, Indicated and Inferred resources provided by Tuun. The Project will have an operating life of 19 years, with one year of mine rock pre-stripping followed by 18-years of production operations.

All mining equipment will be supplied and operations performed by contractors. Total material movement peaks at approximately 2.2 million tonnes per annum (Mt/a), which requires a modest production fleet of up to six conventional 40-tonne haul trucks and two-2.4 m3 excavators. Drilling can be completed with two crawler- mounted Ranger drills capable of drilling up to 127 mm diameter holes, in combination with packaged emulsion for blasting.

All resource material to the plant will be mined and hauled downhill in 40-tonne mine haul trucks to the ready pile located at the bottom of the hillside as discussed in Section 18. The resource material will then be loaded onto 40-tonne highway trucks and transported to the plant facility in Cranbrook, BC.


Crushing and Grinding
Flow Sheet: Source


Processing

Flow Sheet: Subscription required

Summary:

- subscription is required.


Projected Production:

CommodityUnitsAvg. AnnualLOM
Magnesium kt 1703,055
All production numbers are expressed as oxide.

Operational Metrics:

Metrics
Stripping / waste ratio 2.4 *
Waste tonnes, LOM 19,174 kt *
Ore tonnes mined, LOM 7,843 kt *
Total tonnes mined, LOM 27,017 kt *
Plant annual capacity 440 kt *
Tonnes processed 7,843 kt *
Daily processing capacity 1,200 t *
* According to 2018 study.

Reserves at April 16, 2018:

CategoryTonnage CommodityGrade
Measured 4,703 kt Magnesium 43.31 %
Indicated 3,145 kt Magnesium 43.22 %
Measured & Indicated 7,848 kt Magnesium 43.27 %
Inferred 56 kt Magnesium 42.95 %
Total Resource 7,903 kt Magnesium 43.27 %

Commodity Production Costs:

CommodityAverage
Cash costs Magnesium 350 / t *  
All-in sustaining costs (AISC) Magnesium 351 / t *  
Assumed price Magnesium 600 / t *  USD
* According to 2018 study / presentation.

Operating Costs:

Units2018
OP mining costs ($/t mined) CAD 8.37 *
OP mining costs ($/t milled) CAD  ......  Subscription required
Total operating costs ($/t milled) CAD  ......  Subscription required
* According to 2018 study.
Subscription required - Subscription is required.

2018 Study Costs and Valuation Metrics :

MetricsUnitsLOM Total
Initial CapEx $M CAD  ......  Subscription required
Sustaining CapEx $M CAD  ......  Subscription required
Total CapEx $M CAD  ......  Subscription required
OP OpEx $M CAD  ......  Subscription required
Total OpEx $M CAD  ......  Subscription required
Total Taxes $M CAD  ......  Subscription required
EBITDA (LOM) $M CAD  ......  Subscription required
Pre-tax Cash Flow (LOM) $M CAD  ......  Subscription required
After-tax Cash Flow (LOM) $M CAD  ......  Subscription required
Pre-tax NPV @ 5% $M CAD  ......  Subscription required
After-tax NPV @ 5% $M CAD  ......  Subscription required
After-tax NPV @ 10% $M CAD  ......  Subscription required
After-tax NPV @ 8% $M CAD  ......  Subscription required
Pre-tax IRR, %  ......  Subscription required
After-tax IRR, %  ......  Subscription required
Pre-tax payback period, years  ......  Subscription required
After-tax payback period, years  ......  Subscription required
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Proposed Heavy Mobile Equipment as of April 16, 2018:
HME TypeModelSizeQuantity
Dozer (crawler) ....................... Subscription required ....................... Subscription required
....................... Subscription required ....................... Subscription required ....................... Subscription required
....................... Subscription required ....................... Subscription required ....................... Subscription required
....................... Subscription required ....................... Subscription required ....................... Subscription required
....................... Subscription required ....................... Subscription required ....................... Subscription required
....................... Subscription required ....................... Subscription required ....................... Subscription required
Subscription required - Subscription is required.

Subscription required - Subscription is required.


Corporate Filings & Presentations:

DocumentYear
Management Discussion & Analysis 2018
Preliminary Economic Assessment 2018
Technical Report 2015
Subscription required - Subscription is required.

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