Mining Intelligence and News
Canada

Timmins (TTM) Project

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Overview

Mine TypeOpen Pit
StagePreliminary Economic Assessment
Commodities
  • Talc
  • Magnesium
Mining Method
  • Truck & Shovel / Loader
Mine Life... Lock
SnapshotA PEA study report for the Timmins Talc-Magnesite Project was published in 2012.

In January 2014, Globex announced that it had received a 21-year mining lease.

Globex continues to explore various opportunities for the potential products that could be produced and to seek senior level financing opportunities for the project.

Owners

SourceSource
CompanyInterestOwnership
Globex Mining Enterprises Inc. 100 % Direct
The Timmins Talc-Magnesite Project is 100% owned by Globex Mining Enterprises Inc.

Contractors

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Deposit type

  • Hydrothermal
  • Breccia pipe / Stockwork

Summary:

The Timmins Talc-Magnesite deposit is a hydrothermally altered ultramafic rock composed, at its core, largely of talc and magnesite although, at its fringes, the content of calcium in the carbonate increases.

Several occurrences of talc-magnesite are known to be present on the property, the largest of which is located to the south of the diabase dike and is referred to as the A Zone. This zone has been traced by surface trenching, mapping and drill hole information along a strike length of approximately 1,000 m, to depths of approximately 100 to 150 m and achieves widths of 200 m at surface. The information available to date suggests that the A Zone has a near vertical dip in an overall sense, although the north and south contacts can be seen to locally dip steeply to either the north or south. A second zone of magnesite mineralization is located to the north of the diabase dike, although its dimensions and extents are known only from a small number of drill holes that suggest a strike length on the order of 1,000 m, with widths measuring on the order of a few tens of metres. A third zone of mineralization is located in the southwestern portions of the claim holdings and is exposed in surface outcroppings, but the extents of this zone are not known in detail.

Mineralization
The deposit consists of either a single large magnesite-talc altered dunitic komatiite or a series of altered flows. It is hosted by basaltic or andesitic lavas, serpentinized peridotitic komatiite and quartz-carbonate iron formation. It is about 1,800 m long, has a maximum width of 300 m and has been drilled to a depth of 120 m.

The very low CaO content in the magnesite-talc body makes the carbonate mineralization a potential source of refractory magnesia. However, iron substitution in the magnesite lattice means that the iron cannot be removed by standard physical methods. The iron, therefore, limits the grade of magnesia concentrate or dead-burned refractory product. Extensive metallurgical testing by Canadian Magnesite Mines over a period of years has demonstrated that the best grade of magnesite obtained by flotation concentration produces a 92-94% dead-burned MgO product with 4 to 6% Fe2O3.

The core magnesite zone is a massive, coarse grained, over-printed and re-crystallized magnesite and lesser talc unit showing no visible relic original textures. Within surfacestripped zones the exposures show a well developed set of quartz-carbonate extensional veins and stockworks, with subvertical to steep south dipping linker veins that strike easterly and are sigmoidally curved, moderately dipping tension ladder structures. Drilling indicates that the “high-grade” magnesite zones are wider than when exposed on surface, and carry much less veining than anticipated.

The transition zone has been logged as a talc carbonate-chlorite zone. It is physically similar to the above described core magnesite zone, other than it tends to be darker in tone (medium grey) due to the presence of aphanitic to fine grained black chlorite and tends overall to be more bladed to foliated in texture. The zone may be richer in talc and has a strongly developed carbonate groundmass, but shows variable lesser amounts of magnesite in inverse proportion to developed ferro-dolomite.

Reserves

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Mining Methods

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Comminution

Crushers and Mills

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Processing

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Production

CommodityUnitsAvg. AnnualLOM
Talc t 123,5002,469,603
Magnesia t 119,0652,381,301

Production Costs

CommodityUnitsAverage
Assumed price Magnesia USD 570 / t *  USD
Assumed price Talc USD 500 / t *  USD
* According to 2012 study / presentation.

Operating Costs

CurrencyAverage
OP mining costs ($/t mined) CAD  ....  Subscribe
Processing costs ($/t milled) CAD  ....  Subscribe
G&A ($/t milled) CAD  ....  Subscribe
Total operating costs ($/t milled) CAD  ....  Subscribe
* According to 2012 study.

Project Costs

MetricsUnitsLOM Total
Initial CapEx $M CAD  ......  Subscribe
Sustaining CapEx $M CAD  ......  Subscribe
Total CapEx $M CAD  ......  Subscribe
Processing OpEx $M CAD 690.2
G&A costs $M CAD 143.4
Total OpEx $M CAD  ......  Subscribe
Total Taxes $M CAD  ......  Subscribe
Royalty payments $M CAD  ......  Subscribe
Gross revenue (LOM) $M CAD  ......  Subscribe
Net revenue (LOM) $M CAD  ......  Subscribe
Operating margin, %  ......  Subscribe
EBITDA (LOM) $M CAD  ......  Subscribe
Pre-tax Cash Flow (LOM) $M CAD  ......  Subscribe
After-tax Cash Flow (LOM) $M CAD  ......  Subscribe
Pre-tax NPV @ 10% $M CAD  ......  Subscribe
Pre-tax NPV @ 8% $M CAD  ......  Subscribe
After-tax NPV @ 10% $M CAD  ......  Subscribe
After-tax NPV @ 8% $M CAD  ......  Subscribe
Pre-tax IRR, %  ......  Subscribe
After-tax IRR, %  ......  Subscribe
After-tax payback period, years  ......  Subscribe

Required Heavy Mobile Equipment

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Personnel

Mine Management

Job TitleNamePhoneEmailProfileRef. Date
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Aerial view:

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