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Liberia
New Liberty Expansion Project (New Liberty)

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 Location:
87 km NW from Monrovia, Liberia

  Project Contacts:
1st Floor Suites 101 & 105 Rose Garden Plaza Crown Hill, Broad Street
Monrovia
Liberia
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WebsiteWeb
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  • Overview
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  • Mining
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  • Reserves
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Overview

StagePre-Feasibility
Mine TypeOpen Pit & Underground
Commodities
  • Gold
Mining Method
  • Truck & Shovel / Loader
  • Longhole open stoping
Mine Life11 years (as of Jan 1, 2019)


Owners

Source: p. 96
CompanyInterestOwnership
Avesoro Holdings Ltd 100 % Indirect
Bea Mountain Mining Corp. 100 % Direct
Bea Mountain Mining Corporation (BMMC) has a 100% interest in the current Bea Mineral Development Agreement, which was signed with the Liberian Government in November 2001. Bea Mountain Mining Corporation is a 100% owned subsidiary of Avesoro Resources Inc., dual listed on the Alternative Investment Market (AIM) in London (LSE) and Toronto Stock Exchange (TSX).

Avesoro Resources was delisted at TSX in January 2020.

Contractors

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Deposit Type

  • Orogenic


Summary:

The property hosts a typical Upper Archean to lower Proterozoic style of metallogeny, characteristic of greenstone-hosted lode gold mineralisation, where deposits are often referred to as orogenic, and characterised by the presence of gold-quartz veins and disseminated mineralisation. Gold mineralisation is hosted in moderate to steeply dipping quartz-dominated shear zones with associated extensional vein systems. This model is consistent with Archean orogenic gold deposits described by Hagemann and Cassidy (2000), Richards and Tosdal (2001), Goldfarb et al. (2001) and Roberts et al. (1989).

New Liberty
Within the ultramafic unit, silicification is found proximal to the mineralisation, within the immediate hangingwall and rarely in the footwall gneisses. Other alteration styles associated with the mineralisation include the presence of phlogopite as well as chlorite within the mineralised zone, and an associated sulphidic bleaching of the rocks linked with the destruction of magnetite.

These features point to a pathway for the mineralising fluids which was active over a long period of time. The deposit shows the classic signs of sulphidation, with iron sulphides (mainly pyrrhotite) replacing the magnetite and it has a low sulphide content with sulphides forming between 0.1% and 1% of the mineralised zones.

Multi element analyses of cores have highlighted a clear association between gold and arsenic, sulphur, nickel and t ........


Mining Methods

  • Truck & Shovel / Loader
  • Longhole open stoping


Summary:

Mining activity for the combined project will include:

- open pit mining of the New Liberty deposit until the breakeven cut-off for underground mining is reached, which corresponds to pitshell 33;

- a transition to underground mining by long- hole open stoping methods (LHOS) and mining of reserves by underground methods;

- open pit mining of the reserves at the Ndablama deposit and direct shipping of Ndblama ore to the New Liberty mill later in the life of the project.


Crushing and Grinding


Processing

Flow Sheet: Subscription required

Summary:

- subscription is required.


Projected Production:

CommodityUnitsAvg. AnnualLOM
Gold oz 114,5001,259,400
All production numbers are expressed as metal in doré.

Operational Metrics:

Metrics
Tonnes milled, LOM 17,069 kt *
Annual milling rate 1.8 Mt *
* According to 2019 study.

Reserves at December 31, 2018:
Reporting cut-off for New Liberty is 0.80 g/t Au for Open Pit.

CategoryTonnage CommodityGradeContained Metal
Proven 0.3 Mt Gold 2.13 g/t 21 koz
Probable 16.769 Mt Gold 2.49 g/t 1,344 koz
Proven & Probable 17.069 Mt Gold 2.49 g/t 1,365 koz
Measured 0.37 Mt Gold 2.32 g/t 27.3 koz
Indicated 20.1 Mt Gold 2.66 g/t 1,721 koz
Measured & Indicated 20.47 Mt Gold 2.66 g/t 1,748 koz
Inferred 3 Mt Gold 2.8 g/t 271 koz

Commodity Production Costs:

CommodityUnitsAverage
Cash costs Gold USD  ......  Subscription required&nbs
Total cash costs Gold USD  ......  Subscription required&nbs
All-in sustaining costs (AISC) Gold USD  ......  Subscription required&nbs
All-in costs Gold USD  ......  Subscription required&nbs
Assumed price Gold USD  ......  Subscription required&nbs
* According to 2019 study / presentation.

Operating Costs:

Units2019
Total operating costs ($/t milled) USD 56.6 *
* According to 2019 study.

2019 Study Costs and Valuation Metrics :

MetricsUnitsLOM Total
Pre-Production capital costs $M USD  ......  Subscription required
Sustaining CapEx $M USD  ......  Subscription required
Total CapEx $M USD  ......  Subscription required
OP/UG OpEx $M USD  ......  Subscription required
Processing OpEx $M USD 391.2
G&A costs $M USD 12.8
Total OpEx $M USD  ......  Subscription required
Income Taxes $M USD  ......  Subscription required
Royalty payments $M USD  ......  Subscription required
Gross revenue (LOM) $M USD  ......  Subscription required
Operating margin, % $M USD  ......  Subscription required
EBITDA (LOM) $M USD  ......  Subscription required
Pre-tax Cash Flow (LOM) $M USD  ......  Subscription required
After-tax Cash Flow (LOM) $M USD  ......  Subscription required
Pre-tax NPV @ 5% $M USD  ......  Subscription required
After-tax NPV @ 5% $M USD  ......  Subscription required
Subscription required - Subscription is required.


Proposed Heavy Mobile Equipment as of January 31, 2019:
HME TypeModelQuantity
Dozer ....................... Subscription required ....................... Subscription required
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Subscription required - Subscription is required.

Mine Management:

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Jan 31, 2019
....................... Subscription required ....................... Subscription required Subscription required Sep 21, 2022
Subscription required - Subscription is required.


Corporate Filings & Presentations:

DocumentYear
................................... Subscription required 2019
Subscription required - Subscription is required.

Subscription required - Subscription is required.

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