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Canada
NICO Project

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 Location:
171 km NW from Yellowknife, Northwest Territories, Canada

  Project Contacts:
617 Wellington Street
London
Ontario, Canada
N6A 3R6
Phone  ...  Subscription required
Fax(519)- 858-8155
EmailEmail
WebsiteWeb
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Overview

StagePermitting
Mine TypeOpen Pit & Underground
Commodities
  • Gold
  • Cobalt
  • Bismuth
  • Copper
Mining Method
  • Truck & Shovel / Loader
  • Transverse open stoping
  • Longitudinal stoping
Mine Life20 years (as of Jan 1, 2020)


Owners

Source: p. 4,13
CompanyInterestOwnership
Fortune Minerals Limited 100 % Indirect
The NICO Project is 100% owned by Fortune.

Contractors

Subscription required - Subscription is required.


Deposit Type

  • Hydrothermal
  • IOCG


Summary:

The NICO deposit can be classified as a hydrothermal iron oxide copper-gold (IOCG) deposit.

The NICO deposit is hosted in iron- and potassium-altered, brecciated basement sedimentary rocks of the Treasure Island Group at and beneath the unconformity with the volcanic Faber Group rocks.

Cobalt-gold-bismuth-copper mineralization at NICO is intimately associated with a regionalscale metasomatic event and a later, more restricted, sulphide mineralizing event. Both the Treasure Island Group metasediments and the overlying Faber Group volcanics were subjected to intense regional potassium and iron metasomatism. In the NICO area, the combination of iron and potassium metasomatism has resulted in the creation of an assemblage of amphibole-biotite ± magnetite altered metasedimentary rocks which extend along strike for approximately 2 km. The deposit is hosted within a 200-m thick package of northwest-striking and northeast-dipping amphibole-biotite ± magnetite ironstone and schist and amphibole-biotite altered subarkosic wacke. The latter is considered to be the protolith to the ironstone/schist and becomes increasingly more abundant in the upper part of the hanging wall. The dominant amphiboles are iron-rich.

Sulphide mineralization is disseminated and makes up between 3% and 10% of the mineralized rocks. The sulphide minerals are predominantly aligned along the foliation planes. Only small native gold grains have been observed. These are mainly asso ........


Mining Methods

  • Truck & Shovel / Loader
  • Transverse open stoping
  • Longitudinal stoping


Summary:

The NICO property has a number of mineral occurrences and one ore deposit, referred to as the Bowl Zone. In general, this orebody is comprised of a series of stacked stratabound lenses of ironstone that dip at approximately 50° towards the north-northeast. The mineralized zones to be mined consist of three sub-parallel lenses, approximately 40 m apart. They are referred to as the Upper, Middle and Lower Zones, which are up to 1.5 km in length, 550 m in width (down dip) and 70 m in thickness (across dip).

The Project will utilize conventional open pit mining, supplemented by trackless underground mining methods in the early years of its life. It will then convert to an open pit operation only for the remainder of its productive mine life of approximately 20 years.

Production from the open pit will be supplemented by high-grade ore mined from underground for a short period early in the Project life, in order to enhance early cash flow.

Access for underground mining will be gained by rehabilitating and deepening the existing exploration decline. It is planned to mine 21 individual stopes, generally on the retreat, using transverse and longitudinal blasthole mining methods. All underground rehabilitation, development and stoping operations will be undertaken by a contractor.


Crushing and Grinding
Source: Subscription required

- subscription is required.


Processing

Flow Sheet: Subscription required

Summary:

- subscription is required.


Projected Production:

CommodityUnitsLOM
Gold koz 814
Cobalt k lbs  ......  Subscription required
Bismuth k lbs  ......  Subscription required
Copper k lbs  ......  Subscription required
All production numbers are expressed as metal in concentrate.

Operational Metrics:

Metrics
Tonnes milled 1,695 kt *
Daily milling rate 4,645 t *
Waste tonnes, LOM 97,810 kt *
Ore tonnes mined, LOM 33,077 kt *
Total tonnes mined, LOM 130,887 kt *
* According to 2014 study.

Reserves at May 5, 2014:

CategoryOreTypeTonnage CommodityGradeContained Metal
Proven In-Situ (OP) 20,453 kt Gold 0.92 g/t
Proven In-Situ (UG) 282 kt Gold 4.93 g/t
Proven Total 20,735 kt Gold 0.97 g/t
Proven In-Situ (OP) 20,453 kt Cobalt 0.11 %
Proven In-Situ (UG) 282 kt Cobalt 0.14 %
Proven Total 20,735 kt Cobalt 0.11 %
Proven In-Situ (OP) 20,453 kt Bismuth 0.15 %
Proven In-Situ (UG) 282 kt Bismuth 0.27 %
Proven Total 20,735 kt Bismuth 0.15 %
Proven In-Situ (OP) 20,453 kt Copper 0.04 %
Proven In-Situ (UG) 282 kt Copper 0.03 %
Proven Total 20,735 kt Copper 0.04 %
Probable In-Situ (OP) 12,047 kt Gold 1.03 g/t
Probable In-Situ (UG) 295 kt Gold 5 g/t
Probable Total 12,342 kt Gold 1.13 g/t
Probable In-Situ (OP) 12,047 kt Cobalt 0.11 %
Probable In-Situ (UG) 295 kt Cobalt 0.07 %
Probable Total 12,342 kt Cobalt 0.11 %
Probable In-Situ (OP) 12,047 kt Bismuth 0.13 %
Probable In-Situ (UG) 295 kt Bismuth 0.07 %
Probable Total 12,342 kt Bismuth 0.13 %
Probable In-Situ (OP) 12,047 kt Copper 0.04 %
Probable In-Situ (UG) 295 kt Copper 0.01 %
Probable Total 12,342 kt Copper 0.04 %
Proven & Probable In-Situ (OP) 32,500 kt Gold 0.96 g/t
Proven & Probable In-Situ (UG) 577 kt Gold 4.96 g/t
Proven & Probable Total 33,077 kt Gold 1.03 g/t 1.11 M oz
Proven & Probable In-Situ (OP) 32,500 kt Cobalt 0.11 %
Proven & Probable In-Situ (UG) 577 kt Cobalt 0.1 %
Proven & Probable Total 33,077 kt Cobalt 0.11 % 82.3 M lbs
Proven & Probable In-Situ (OP) 32,500 kt Bismuth 0.14 %
Proven & Probable In-Situ (UG) 577 kt Bismuth 0.17 %
Proven & Probable Total 33,077 kt Bismuth 0.14 % 102.1 M lbs
Proven & Probable In-Situ (OP) 32,500 kt Copper 0.04 %
Proven & Probable In-Situ (UG) 577 kt Copper 0.02 %
Proven & Probable Total 33,077 kt Copper 0.04 % 27.2 M lbs

2014 Study Costs and Valuation Metrics :

MetricsUnitsLOM Total
Initial CapEx $M CAD  ......  Subscription required
Sustaining CapEx $M CAD  ......  Subscription required
Total CapEx $M CAD  ......  Subscription required
OP OpEx $M CAD  ......  Subscription required
UG OpEx $M CAD  ......  Subscription required
Processing OpEx $M CAD 422.4
Total OpEx $M CAD  ......  Subscription required
Gross revenue (LOM) $M CAD  ......  Subscription required
After-tax Cash Flow (LOM) $M CAD  ......  Subscription required
Pre-tax NPV @ 7% $M CAD  ......  Subscription required
After-tax NPV @ 7% $M CAD  ......  Subscription required
Pre-tax IRR, %  ......  Subscription required
After-tax IRR, %  ......  Subscription required
Subscription required - Subscription is required.


Proposed Heavy Mobile Equipment as of May 5, 2014:
HME TypeModelSizeQuantity
ANFO Loader ....................... Subscription required
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Mine Management:

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Sep 6, 2022
....................... Subscription required ....................... Subscription required Subscription required Sep 6, 2022
....................... Subscription required ....................... Subscription required Subscription required Sep 6, 2022
Subscription required - Subscription is required.


Corporate Filings & Presentations:

DocumentYear
Corporate Presentation 2022
................................... Subscription required 2021
Feasibility Study Report 2014
Subscription required - Subscription is required.

Subscription required - Subscription is required.

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