Canada

Mirado Project

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Categories

Overview

Mine TypeOpen Pit
StagePreliminary Economic Assessment
Commodities
  • Gold
Mining Method
  • Truck & Shovel / Loader
Mine Life2.8 years (as of Jan 1, 2018)
ShapshotNo exploration activity has been undertaken on the property in 2022.

Owners

SourceSource
CompanyInterestOwnership
Orecap Invest Corp. 100 % Indirect

Contractors

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Deposit type

  • Orogenic
  • Vein / narrow vein
  • Intrusion related
  • Porphyry

Summary:

At the Mirado project the gold mineralization in the Main zone is primarily associated with stockwork and disseminated sulphides in variably altered rock. The characteristics of the gold mineralization in the Main zone are similar to intrusion-related gold mineralization (Robert et al. 2005). These atypical deposits display similar regional-scale controls as orogenic deposits. They differ in styles of mineralization, metal association, interpreted crustal levels of emplacement, and relative age. Those gold deposits show a close spatial association with high- level porphyry stocks.

The gold mineralization at the Mirado Project that is the subject of this report is mainly associated with the zone historically named the Main Zone (and also referred to as the South zone is some historical reports). The shaft is located in the North zone located approximately 400 m northeast of the pit, but almost all exploration work since the 1960’s has been focused on the Main Zone that is in the vicinity of the open pit.

Mineralization defined in the current report forms three lenses north-northwest striking lenses with up to 300 m strike length and widths of 10 to 50 m. The lenses dip west at 45 to 60o and are separated by barren intervals that are 20 to 30 m wide. The strike of the mineralized zones is broadly conformable with the regional northwest lithological and structural trends, however, the dip appears to be discordant to the described lithological trends.

Gold mineralization is structurally controlled and has been identified along north-northwest trending shear zones. North-south trending brittle structures have also been recognized on the property as being favourable for gold mineralization.

Weiershauser and El-Rassi (2013) report that a west-northwest striking shear zone is associated with the Main Zone in the vicinity of the open pit. This shear zone separates massive tuff in the south from tuff with a penetrative planar fabric in the north. North of the shear zone, on the north side of the open pit, agglomerate and lapilli tuff show foliation formed by elongated clasts. The shear zone itself is characterized by tightly spaced cleavage, locally with an oblique mineral lineation. From the Main zone open pit to the North Zone the felsic tuff generally exhibits westnorthwest striking cleavage of varying intensity. The shear zone dips approximately 80 degrees to the north-northeast.

Weiershauser and El-Rassi (2013) also report that a north-northeast-striking fault observed in core (Boreholes MD13-28, MD13-06, MD13-37) appears to coincide with the southeast limits of the main auriferous zone. This fault is characterized by slickensides with chlorite, and broken core and may correlate with a northeast-striking fault with subhorizontal lineation and sinistral sense-of-shear documented on the south side of the open pit.

Gold mineralization in the Main zone commonly occurs in highly silicified fragmental rock with varying amounts of pyrite and subordinate chalcopyrite and sphalerite. Sulphide mineralization occurs as stringers, blebs and disseminations. The distribution of gold is highly variable. The current resource model is based mainly on mineralization envelopes broadly defined by sulphide mineralization.

Weiershauser and El-Rassi (2013) report that some gold occurs at and near the contact with a rhyolite which, based on information from core logging, forms an irregular body on the south side and below the Main zone.

In the North zone, gold mineralization is associated with a series of sulphide, quartz, and quartz carbonate veinlets parallel to the shear zone foliation. The strike continuity of the veins is good.

Bourne (1985) reports that the North zone was mined in five parallel stopes for about 500 feet along strike on the 250 foot level and can be traced for about 1,000 feet along strike. The North zone extends to the 500 foot level and is open at depth.

Reserves

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Mining Methods

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Comminution

Crushers and Mills

Milling equipment has not been reported.

Summary:

The construction of an on-site processing facility would not be justified given the current estimates of the quantity of potential process plant feed that can be produced by the Project.

The run-of-mine (“ROM”) mineralization will be loaded into mining haul trucks by front end loaders and delivered to a primary crushing facility near the pit rim, or to a stockpile near the crusher. The size of the mineralized rocks will be reduced by the crusher to 100% passing 0.15 m.

From the primary crusher, the material will be delivered by highway transport truck to be delivered to the toll processing facility.

The closest ore processing facility is the operating Macassa Process Plant, which is operated by Kirkland Lake Gold Ltd.

Processing

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Production

CommodityProductUnitsLOM
Gold Payable metal koz 71
Gold Metal in doré koz 71

Operational metrics

Metrics
Daily ore mining rate 1,000 t *
Daily processing capacity 1,000 t *
Annual ore mining rate 350 kt *
Stripping / waste ratio 14 *
Waste tonnes, LOM 13 Mt *
Ore tonnes mined, LOM 996 kt *
Total tonnes mined, LOM 15.9 Mt *
Tonnes processed, LOM 996 kt *
* According to 2018 study.

Production Costs

CommodityUnitsAverage
Cash costs Gold USD 941 / oz *  
All-in sustaining costs (AISC) Gold USD 969 / oz *  
Assumed price Gold USD 1,300 / oz *  
* According to 2018 study / presentation.

Operating Costs

Currency2018
OP mining costs ($/t milled) CAD 3.55 *  
Crushing costs ($/t milled) CAD  ....  Subscribe
Processing costs ($/t milled) CAD  ....  Subscribe
G&A ($/t milled) CAD  ....  Subscribe
Total operating costs ($/t milled) CAD  ....  Subscribe
* According to 2018 study.

Project Costs

MetricsUnitsLOM Total
Sustaining CapEx $M CAD  ......  Subscribe
Closure costs $M CAD  ......  Subscribe
Total CapEx $M CAD  ......  Subscribe
OP OpEx $M CAD  ......  Subscribe
Processing OpEx $M CAD 24.9
Transportation (haulage) costs $M CAD 4.9
G&A costs $M CAD 2.7
Total OpEx $M CAD  ......  Subscribe
Total Taxes $M CAD  ......  Subscribe
Gross revenue (LOM) $M CAD  ......  Subscribe
Operating margin (LOM) $M CAD  ......  Subscribe
Pre-tax Cash Flow (LOM) $M CAD  ......  Subscribe
After-tax Cash Flow (LOM) $M CAD  ......  Subscribe
After-tax NPV @ 5% $M CAD  ......  Subscribe
After-tax NPV @ 10% $M CAD  ......  Subscribe
After-tax IRR, %  ......  Subscribe
After-tax payback period, years  ......  Subscribe

Heavy Mobile Equipment

Fleet data has not been reported.

Personnel

Mine Management

Source Source
Job TitleNamePhoneEmailProfileRef. Date
....................... Subscription required ....................... Subscription required ........... Subscription required ........... Subscription required Subscription required Dec 30, 2023
....................... Subscription required ....................... Subscription required Subscription required Jan 8, 2018
....................... Subscription required ....................... Subscription required ........... Subscription required Jan 8, 2018
....................... Subscription required ....................... Subscription required ........... Subscription required Jan 8, 2018
....................... Subscription required ....................... Subscription required Subscription required Dec 30, 2023

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