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Canada
Lundberg Project

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 Location:
56 km SE from Deer Lake, Newfoundland and Labrador, Canada

  Project Contacts:
55 University Avenue, Suite 1805
Toronto
Ontario, Canada
M5J 2H7
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  • Costs & Financials
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Overview

StagePreliminary Economic Assessment
Mine TypeOpen Pit
Commodities
  • Zinc
  • Lead
  • Copper
  • Silver
  • Gold
Mining Method
  • Truck & Shovel / Loader
Mine Life10 years (as of Jan 1, 2013)
On March 1, 2019, Buchans reported an updated pit-constrained Mineral Resource Estimate for Lundberg containing more than 1.25 billion pounds Zinc Equivalent, with 97.8% of the Mineral Resources in the Indicated category.

The principal recommendation arising from this Mineral Resource Estimate is that an updated assessment of the deposit’s economic potential be completed as the next phase of project evaluation. This could take the form of a new Preliminary Economic Assessment or an internal economic study leading to a decision to proceed directly to a PFS assessment.


Owners

Source: p. 24
CompanyInterestOwnership
Buchans Minerals Corp. 100 % Direct
Buchans Resources Ltd. 100 % Indirect
The Lundberg Deposit is 100% controlled by Buchans Minerals Corporation (“BMC”), a wholly-owned subsidiary of Buchans Resources Limited (“BRL”).

Contractors

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Deposit Type

  • VMS
  • Breccia pipe / Stockwork


Summary:

The Buchans area deposits and showings are classified as being of volcanogenic massive sulphide (VMS) association, primarily comprised of base-metal sulphides and barite and show strong similarities to the Kuroko style deposits of Japan (Thurlow, 1981).

The Buchans deposits include three distinct but genetically related deposit types, and occur as in situ sulphides, mechanically transported sulphides, and stockwork sulphides (Thurlow and Swanson, 1981).

The Lundberg Deposit as defined in this Report is comprised of two mineralized zones, these being the Lundberg zone and the Engine House zone, both of which are hosted by felsic to intermediate volcanic rocks of the Buchans Group and lie within the NE-SW trending Central Mobile Belt (CMB) of Central Newfoundland (Williams, 1979; Kean et al., 1981; Swinden, 1990, Williams 1995). The Buchans Group is a Lower Ordovician volcanic sequence that ranges in composition from basalt to rhyolite and shows a relative increase in its felsic component with height in the stratigraphic section (Thurlow and Swanson, 1981). Five main Zn-Pb-Cu-Ag-Au deposits were historically mined at Buchans and all occur in association with the same felsic stratigraphic horizon within the Buchans Group (Thurlow and Swanson, 1981). The Lundberg Deposit surrounds the former Lucky Strike mine site, where ASARCO operated a near-surface underground and glory hole mining operation until mine closure in 1984. The Lundberg Deposit is main ........


Mining Methods

  • Truck & Shovel / Loader


Summary:

Preliminary Economic Assessment (2011) of the Lundberg and Engine House zones was completed by Wardrop Engineering Inc. (a Tetra Tech company), based on the 2008 resource estimate by Mercator. This study determined that the combined deposits have potential to support a stand-alone, 5,000 tonne per day open pit mining and milling operation having a 10 year mine life.

Pit design criteria includes:
- 10 m benches;
- 85° face angle;
- double benching;
- 15 m catch-bench;
- overall pit slope of 50°, without inclusion of a ramp;
- 26 m ramp width, double lane (based on 90 t haul trucks);
- 17.5 m ramp width, single lane (based on 90 t haul trucks).

An approximate pushback width was determined based on:
- A Komatsu PC2000-8 diesel hydraulic shovel, loading Caterpillar 777F haul trucks.
- A minimum double-side loading width of a diesel hydraulic shovel at 26.3 m for the Caterpillar 777F haul truck.
- A 26 m haul road width.
- The proposed minimum pushback width is the sum of the minimum doubleside loading width at 26.3 m, and the haul road width at 26 m, for a total minimum width of 52.3 m.

MINE DEVELOPMENT AND PRODUCTIONS CHEDULE
The mine development used a number of push-backs, or phases, designed to meet the following objectives:
- enable the mining of high grade resource as early as possible;
- effectively reduce stripping ratio in the initial mining stage;
- balance the st ........


Crushing and Grinding


Processing

Flow Sheet: Subscription required

Summary:

- subscription is required.


* According to 2011 study.

Reserves at February 28, 2019:
Price assumptions used were $1.20 US/lb Zn, $1.00 US/lb Pb, $3.00 US/lb Cu, $1250 US/oz Au, and $17 US/oz Ag.
A cut-off value of $20 US/t NSR within the optimized pit shell was used to estimate Mineral Resources.

CategoryTonnage CommodityGrade
Indicated 16,790,000 t Zinc 1.53 %
Indicated 16,790,000 t Lead 0.64 %
Indicated 16,790,000 t Copper 0.42 %
Indicated 16,790,000 t Silver 5.69 g/t
Indicated 16,790,000 t Gold 0.07 g/t
Measured & Indicated 16,790,000 t Zinc 1.53 %
Measured & Indicated 16,790,000 t Lead 0.64 %
Measured & Indicated 16,790,000 t Copper 0.42 %
Measured & Indicated 16,790,000 t Silver 5.69 g/t
Measured & Indicated 16,790,000 t Gold 0.07 g/t
Inferred 380,000 t Zinc 2.03 %
Inferred 380,000 t Lead 1.01 %
Inferred 380,000 t Copper 0.36 %
Inferred 380,000 t Silver 22.35 g/t
Inferred 380,000 t Gold 0.31 g/t

Commodity Production Costs:

CommodityUnits
Assumed price Lead USD 1.1 / lb *  USD
Assumed price Zinc USD 1.22 / lb *  USD
Assumed price Copper USD 3.62 / lb *  USD
Assumed price Silver USD 22.7 / oz *  USD
* According to 2011 study / presentation.
Subscription required - Subscription is required.

Operating Costs:

Units2022
OP mining costs ($/t mined) CAD 2.27 *
OP mining costs ($/t milled) CAD  ......  Subscription required
Processing costs ($/t milled) CAD  ......  Subscription required
* According to 2011 study.
Subscription required - Subscription is required.

2011 Study Costs and Valuation Metrics :

MetricsUnitsLOM Total
Total CapEx $M CAD  ......  Subscription required
OP OpEx $M CAD  ......  Subscription required
Total OpEx $M CAD  ......  Subscription required
Gross revenue (LOM) $M CAD  ......  Subscription required
Pre-tax NPV @ 10% $M CAD  ......  Subscription required
Pre-tax NPV @ 8% $M CAD  ......  Subscription required
Pre-tax IRR, %  ......  Subscription required
Subscription required - Subscription is required.


Proposed Heavy Mobile Equipment as of April 26, 2013:
HME TypeModelSizeQuantity
Backhoe ....................... Subscription required 1.5 cu. m ....................... Subscription required
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Subscription required - Subscription is required.

Mine Management:

Job TitleNamePhoneProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Nov 28, 2022
....................... Subscription required ....................... Subscription required ....................... Subscription required Nov 28, 2022
Subscription required - Subscription is required.

Staff:

Total WorkforceYear
Subscription required 2011

Corporate Filings & Presentations:

DocumentYear
Management Discussion & Analysis 2022
................................... Subscription required 2019
Technical Report 2013
Preliminary Economic Assessment 2011
Subscription required - Subscription is required.

Subscription required - Subscription is required.

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