Liberia

New Liberty Expansion Project

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Overview

Mine TypeOpen Pit & Underground
StagePre-Feasibility
Commodities
  • Gold
Mining Method
  • Truck & Shovel / Loader
  • Longhole open stoping
Mine Life... Lock
Related AssetNew Liberty

Owners

SourceSource
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.

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 tungsten in the mineralised zones. Enhanced values of magnesium, sodium, potassium, rubidium and barium occur along the margins of the mineralisation. It is hypothesised that the gold-bearing metamorphic fluid may include a granitic component in its evolution.

Vast majority of the mineralisation at the Project is hosted within the altered parts of the sheared ultramafic rocks. Pyrrhotite, gersdorffite and arsenopyrite are the main sulphides with occasional pyrite and rare chalcopyrite or pentlandite. Metallurgical tests of the mineralised sections carried out by Lakefield Research Limited (Lakefield, 1999b) indicated that the gold is free in form. Gold mineralisation occurs in zones of variable thickness, with average widths of 10 m, and is nearly continuous along 2 km of strike.

Ndablama
Gold mineralisation is associated with hydrothermal alteration and disseminated sulphides and is related to shear deformation which follows the granite-metavolcanic contact zone.

Alteration is consistently defined by silicification, magnetite destruction, phlogopite and chlorite, with phlogopite dominating the relationship. Magnetite destruction within the ultramafics has been identified as having a direct relationship with gold mineralisation.

The mineralisation is located within a sheared package of ultramafic and mafic rocks intercalated within a gneiss sequence overlying/adjacent to a granite batholith. The mineralization consists of three bodies; the central zone 430 m long has been drilled to vertical depth of 290 m, southern- eastern zone which has 300 m strike length has been tested to 120 m depth, and the last zone, along north to south direction, which has about 1300 m strike length has been drilled to 360 m vertical depth. All have shallow westerly-dip (25° on average) and strike north-south. The dip of the orebody decreases with depth. Mineralisation continues to the north but at a lower grade.

Sheared amphibolite schists with biotite/phlogopite and ultramafic tremolite chlorite schists host the gold mineralisation at Ndablama, with occasional magnetite-poor ultramafics and intrusive granites also containing mineralisation. Petrography carried out during 2014 shows that the gold is associated with disseminated pyrite and pyrrhotite and trace chalcopyrite (Thatcher, 2014).

Gold often occurs at sheared contact zones between ultramafic and mafic rocks that have been intruded by granite dykes and breccias. The breccia often marks the end of the gold mineralisaOon. Spatially, gold mineralisation remains open in all directions.

Reserves

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Mining Methods

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Comminution

Crushers and Mills

Milling equipment has not been reported.

Processing

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Production

CommodityUnitsAvg. AnnualLOM
All production numbers are expressed as metal in doré.

Operational metrics

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

Production Costs

CommodityUnitsAverage
Cash costs Gold USD 767 / oz *  
Total cash costs Gold USD 806 / oz *  
All-in sustaining costs (AISC) Gold USD 862 / oz *  
All-in costs Gold USD 890 / oz *  
Assumed price Gold USD 1,300 / oz *  
* According to 2019 study / presentation.

Operating Costs

Currency2019
Total operating costs ($/t milled) USD 56.6 *  
* According to 2019 study.

Project Costs

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

Heavy Mobile Equipment

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Personnel

Mine Management

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Jan 31, 2019
....................... Subscription required ....................... Subscription required Subscription required Jan 13, 2024
....................... Subscription required ....................... Subscription required Subscription required Jan 13, 2024
....................... Subscription required ....................... Subscription required Subscription required Jan 13, 2024

Aerial view:

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