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Canada
Albany Project

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 Location:
68 km NE from Hearst, Ontario, Canada

  Project Contacts:
1205 Amber Drive, Suite 210
Thunder Bay
Ontario, Canada
P7B 6M4
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  • Overview
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  • Fleet
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Overview

StagePreliminary Economic Assessment
Mine TypeOpen Pit
Commodities
  • Graphite
Mining Method
  • Truck & Shovel / Loader
Mine Life22 years (as of Jan 1, 2015)
February 15, 2023
Zentek Ltd. and 1329307 BC Ltd. are pleased to announce that they have signed a non-binding letter of intent dated February 13, 2023 (the “LOI”), pursuant to which the parties have agreed to negotiate a transaction (the “Transaction”) involving the transfer of Zentek’s Albany Graphite Deposit in northern Ontario to an entity (“SpinCo”) to be listed on a recognized Canadian stock exchange.

Zentek believes that transferring the Albany Graphite Deposit asset to a separate entity will enable the Albany Graphite project to move forward with the second year of environmental baseline and hydrogeology studies, with the aim to eventually complete a prefeasibility study.


Owners

Source: p. 11,4
CompanyInterestOwnership
Zentek Ltd. 100 % Direct

Contractors

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Deposit Type

  • Breccia pipe / Stockwork
  • Hydrothermal


Summary:

The Albany graphite deposit is a unique example of an epigenetic graphite deposit in which a large volume of highly crystalline, fluid-deposited graphite occurs within an igneous host. The deposit is interpreted as a vent pipe breccia that formed from CO2-rich fluids that evolved due to pressure-related degassing of syenites of the Albany Alkalic Complex and is described in the following subsections (Conly, 2014a; Conly, 2014b; Conly and Moore, 2015).

Preliminary petrography indicates that the graphite-hosting breccias range in composition from diorite to granite, and are generally described as “syenite”. Graphite occurs both in the matrix, as disseminated crystals, clotted to radiating crystal aggregates and veins and along crystal boundaries, and as small veins within the breccia fragments. In addition to graphite, the matrix consists primarily of quartz, alkali feldspar, and plagioclase feldspar with minor phlogopite and amphibole and trace amounts of pyrite-pyrrhotite and magnetite. Alteration is minor, and is most pronounced as a paleo-weathering profile in the upper 20 m of the breccia pipes where bleaching and late, carbonate-filled fractures are common. The stockwork graphitic veins can be several centimetres wide while the veinlets and hairline fractures are millimetre and submillimetre scale. Breccia fragments are dominantly massive to weakly foliated AAC syenite (>95%) with minor to trace chlorite-biotite-rich schist fragments, and mafic to intermediate ........


Mining Methods

  • Truck & Shovel / Loader


Summary:

The combination of owner-operated mining and contractor mining will be carried out using a conventional open pit method consisting of the following activities:
1. Drilling performed by conventional production drills.
2. Blasting using ANFO and a down-hole delay initiation system.
3. Loading and hauling operations performed with hydraulic shovel, front-end loader, and rigid frame haulage trucks.


Crushing and Grinding
Source: Subscription required


Processing

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Summary:

- subscription is required.


Projected Production:

CommodityUnitsAvg. AnnualLOM
Graphite kt 30634
All production numbers are expressed as refined graphite.

Operational Metrics:

Metrics
Stripping / waste ratio 6.8 *
Daily ore mining rate 2,807 t *
Waste tonnes, LOM 142.38 Mt *
Ore tonnes mined, LOM 20.9 Mt *
Total tonnes mined, LOM 163.31 Mt *
Tonnes milled, LOM 20.9 Mt *
Annual processing rate 982,500 t *
Annual ore mining rate 982,500 t *
* According to 2015 study.

Reserves at June 1, 2015:
Open Pit Mineral Resources estimates a cut-off grade of 0.9% Cg.
Underground Mineral Resources estimates a cut-off grade of 1.5% Cg.

CategoryTonnage CommodityGradeContained Graphite
Indicated 24.3 Mt Graphite 3.98 % 968,000 t
Inferred 16.9 Mt Graphite 2.64 % 445,000 t

Commodity Production Costs:

CommodityUnits
Cash costs Graphite USD 2,046 / t *  USD
Assumed price Graphite USD 7,500 / t *  USD
* According to 2015 study / presentation.
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Operating Costs:

Units2015
OP mining costs ($/t mined) USD 11.3 *
Processing costs ($/t milled) USD  ......  Subscription required
Total operating costs ($/t milled) USD  ......  Subscription required
* According to 2015 study.
Subscription required - Subscription is required.

2015 Study Costs and Valuation Metrics :

MetricsUnitsLOM Total
Initial CapEx $M USD  ......  Subscription required
Sustaining CapEx $M USD  ......  Subscription required
Total CapEx $M USD  ......  Subscription required
OP OpEx $M USD  ......  Subscription required
Processing OpEx $M USD 844.3
G&A costs $M USD 215
Total OpEx $M USD  ......  Subscription required
Gross revenue (LOM) $M USD  ......  Subscription required
Net revenue (LOM) $M USD  ......  Subscription required
EBITDA (LOM) $M USD  ......  Subscription required
Net Income (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 @ 10% $M USD  ......  Subscription required
Pre-tax NPV @ 8% $M USD  ......  Subscription required
After-tax NPV @ 10% $M USD  ......  Subscription required
After-tax NPV @ 8% $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 July 9, 2015:
HME TypeSizeQuantityLeased or
Contractor
Backhoe 8 cu. m ....................... Subscription required Leased
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....................... Subscription required ....................... Subscription required ....................... Subscription required Leased
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....................... Subscription required ....................... Subscription required ....................... Subscription required Leased
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....................... Subscription required ....................... Subscription required Leased
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....................... Subscription required ....................... Subscription required ....................... Subscription required Leased
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Subscription required - Subscription is required.

Mine Management:

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Feb 17, 2022
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Corporate Filings & Presentations:

DocumentYear
................................... Subscription required 2021
Preliminary Economic Assessment 2015
Subscription required - Subscription is required.

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