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Canada
Springpole Project

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 Location:
117 km NE from Red Lake, Ontario, Canada

  Project Contacts:
Suite 2070 - 1188 West Georgia Street
Vancouver
British Columbia, Canada
V6E 4A2
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  • Overview
  • Owners
  • Geology
  • Mining
  • Processing
  • Production
  • Reserves
  • Costs & Financials
  • Fleet
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  • Filings & News

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Overview

StagePermitting
Mine TypeOpen Pit
Commodities
  • Gold
  • Silver
Mining Method
  • Truck & Shovel / Loader
Mine Life11.3 years (as of Jan 1, 2021)
Springpole is one of the largest undeveloped gold projects in Canada.


Owners

Source: p. 61
CompanyInterestOwnership
First Mining Gold Corp. 100 % Indirect
Gold Canyon Resources Inc. (operator) 100 % Direct
First Mining acquired 100% of the Springpole Gold Project on November 13, 2015 when it completed the acquisition of Gold Canyon.
All mining claims, leases and patents are registered to Gold Canyon, a wholly-owned subsidiary of First Mining.

Contractors

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Deposit Type

  • Porphyry
  • Vein / narrow vein
  • Epithermal
  • Banded iron formation hosted


Summary:

Property Geology
The Springpole Gold Project has been extensively studied during past programs and the findings of those studies will not be covered in detail here; however, they are adequately covered in the technical reports of Zabev (2004) and Armstrong et al..., (2006).

Trachyte Porphyry Intrusion
A polyphase alkali, trachyte intrusion displaying autolithic breccia textures lies at the heart of the Springpole Gold Project. The intrusion is comprised of a system of multiple phases of trachyte believed to be part of the roof zone of a larger syenite intrusion, as fragments displaying phaneritic textures were observed from deeper drill cores in the southeast portion of the Portage zone. Early intrusive phases consist of megacrystic feldspar phenocrysts, up to 5 cm long, of albite and orthoclase feldspar in an aphanitic groundmass. Successive phases show progressively finer grained porphyritic texture while the final intrusive phases are aphanitic.

Confederation Age Volcanic and Siliciclastic Rocks
The country rocks pre-date the alkali intrusion and are composed of a complex sequence of altered and metamorphosed intermediate andesitic volcanic and associated volcaniclastic rocks, siliciclastic sedimentary rocks, chemical sediments including banded iron formation (BIF), and coarse pebble conglomerates. Devaney (2001a) indicates that the sediments are likely of the Confederation assemblage dating at around 2,740 Ma, represe ........


Mining Methods

  • Truck & Shovel / Loader


Summary:

Mining Methods
The PFS is based on open pit mining of the proposed Springpole pit. This pit will provide feed material necessary to maintain the process plant feed rate at 30,000 tpd while operational.

The Springpole pit will be a three phased pit which will provide 121.6 Mt of ore grading 0.97 g/t Au, and 5.23 g/t Ag. Waste from this pit will total 275.4 Mt for a strip ratio of 2.3:1 (waste:ore). With the inclusion of the proposed quarry, the total waste movement will be 287.5 Mt for a life-of-mine (LOM) strip ratio of 2.36:1 (waste:ore).

In addition to the pit, a quarry would be established near the plant location in the pre-production period. This quarry would be used to construct mine infrastructure including haul roads, cofferdams and to meet site fill requirements for other infrastructure.

The mill feed cut-off used is 0.40 g/t Au. During the mine operation material would be stockpiled to optimize the plant feed grade and defer lower-grade material until later in the mine schedule. The three grade bins used for the stockpiles included: low grade (0.40 to 0.60 g/t Au), medium grade (0.60 to 0.80 g/t Au) and high grade (over 0.80 g/t Au).

The phases are scheduled to provide 30,000 tpd of feed to the mill over an 11.3 year mine life after three years of pre-production stripping. The first two years of pre-production stripping are construction related. The last three years of mining are stockpile reclaim. The pit ........


Crushing and Grinding
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Processing

Flow Sheet: Subscription required

Summary:

- subscription is required.


Projected Production:

CommodityUnitsAvg. AnnualLOM
Gold koz 2873,225
Silver koz  ......  Subscription required  ......  Subscription required
Gold Equivalent koz  ......  Subscription required
All production numbers are expressed as payable metal.

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
Daily processing capacity  ......  Subscription required
Tonnes processed, LOM  ......  Subscription required
Annual processing capacity  ......  Subscription required
* According to 2021 study.
Subscription required - Subscription is required.

Reserves at January 20, 2021:
Open pit mineral resources are reported at a COG of 0.3 g/t Au. COGs are based on a gold price of USD$1,550/oz and a gold processing recovery of 88% and a silver price of USD$20/oz and a silver processing recovery of 93%.
Mineral reserves are stated within the final design pit based on a USD$878/ounce gold price pit shell with a USD$1,350 /ounce gold price for revenue. The equivalent cut-off grade was 0.34 g/t Au for all pit phases.

CategoryTonnage CommodityGradeContained Metal
Probable 121.6 Mt Gold 0.97 g/t 3.8 M oz
Probable 121.6 Mt Silver 5.23 g/t 20.5 M oz
Indicated 151 Mt Gold 0.94 g/t 4.6 M oz
Indicated 151 Mt Silver 5 g/t 24.3 M oz
Inferred 16 Mt Gold 0.54 g/t 0.3 M oz
Inferred 16 Mt Silver 2.8 g/t 1.4 M oz

Commodity Production Costs:

CommodityUnitsAverage
Total cash costs Gold Equivalent USD  ......  Subscription required&nbs
Total cash costs Gold USD  ......  Subscription required *†
All-in sustaining costs (AISC) Gold Equivalent USD  ......  Subscription required&nbs
All-in sustaining costs (AISC) Gold USD  ......  Subscription required *†
Assumed price Silver USD  ......  Subscription required&nbs
Assumed price Gold USD  ......  Subscription required&nbs
* According to 2021 study / presentation.
† Net of By-Product.
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Operating Costs:

Units20212019
OP mining costs ($/t mined) USD 2.06 *1.74 *
OP mining costs ($/t milled) USD  ......  Subscription required  ......  Subscription required
Processing costs ($/t milled) USD  ......  Subscription required  ......  Subscription required
G&A ($/t milled) USD  ......  Subscription required
Total operating costs ($/t milled) USD  ......  Subscription required  ......  Subscription required
* According to 2019 study.
Subscription required - Subscription is required.

2021 Study Costs and Valuation Metrics :

MetricsUnitsLOM Total
Initial CapEx $M USD  ......  Subscription required
Sustaining CapEx $M USD  ......  Subscription required
Closure costs $M USD  ......  Subscription required
Total CapEx $M USD  ......  Subscription required
OP OpEx $M USD  ......  Subscription required
Processing OpEx $M USD 1,323
Refining and transportation $M USD  ......  Subscription required
G&A costs $M USD 96
Total OpEx $M USD  ......  Subscription required
Total Taxes $M USD  ......  Subscription required
Royalty payments $M USD  ......  Subscription required
Gross revenue (LOM) $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
Pre-tax IRR, %  ......  Subscription required
After-tax IRR, %  ......  Subscription required
Pre-tax payback period, years  ......  Subscription required
After-tax payback period, years  ......  Subscription required
Subscription required - Subscription is required.


Proposed Heavy Mobile Equipment as of January 20, 2021:
HME TypeSizeQuantity
Dozer 474 kW ....................... Subscription required
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Subscription required - Subscription is required.

Mine Management:

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Mar 29, 2022
....................... Subscription required ....................... Subscription required Subscription required Mar 29, 2022
....................... Subscription required ....................... Subscription required Subscription required Jan 20, 2021
....................... Subscription required ....................... Subscription required Subscription required Jan 20, 2021
Subscription required - Subscription is required.

Staff:

EmployeesYear
Subscription required 2021

Corporate Filings & Presentations:

DocumentYear
Corporate Presentation 2023
Corporate Presentation 2022
................................... Subscription required 2021
................................... Subscription required 2019
Corporate Presentation 2017
Preliminary Economic Assessment 2017
Press Release 2017
Annual Information Form 2016
Preliminary Economic Assessment 2016
Subscription required - Subscription is required.

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