Overview
| Status | Inactive / Suspended |
| Mine Type | Open Pit |
| Commodities |
|
| Mining Method |
|
| Production Start | ...  |
| Mine Life | 2028 |
The San Francisco operation is comprised of two open pits with heap leach processing facility.
February 16, 2023: Magna Gold Corp. announces that its subsidiary, Molimentales del Noroeste S.A. de C.V. has received Notices of Claims from three of its creditors in Mexico.
March 3, 2023: Magna Gold Corp. has filed a Notice of Intention to Make a Proposal under the Bankruptcy and Insolvency Act. KSV Restructuring Inc. was appointed as proposal trustee. Magna Gold is seeking to restructure; not liquidate.
March 27, 2023: Magna Gold Corp. announces that it was granted an Initial Order pursuant to the Companies' Creditors Arrangement Act by the Ontario Superior Court of Justice. The Initial Order, among other things authorizes Magna Gold to incur no further expenses in relation to any filings and disclosures.
Management of Magna Gold and Molimentales remain responsible for the day-to-day operations, under the general oversight of the KSV Restructuring Inc. and the Concurso Court. |
Source:
p. 11,14,41
| Company | Interest | Ownership |
|
Molimentales del Noroeste, S.A. de C.V.
(operator)
|
100 %
|
Direct
|
|
Magna Gold Corp.
|
100 %
|
Indirect
|
Magna Gold Corp. holds a 99.9% interest in Minera Magna. Minera Magna holds a 99.9% interest in Molimentales.
Molimentales owns a 100% interest in the San Francisco Project and the surrounding mineral concessions.
March 3, 2023 Magna Gold Corp. has filed a Notice of Intention to Make a Proposal (the "NOI") under the Bankruptcy and Insolvency Act (Canada) which will provide creditor protection while the Company seeks to restructure its affairs. KSV Restructuring Inc. was appointed as proposal trustee under the NOI to monitor Magna Gold's operations and restructuring.
The initial ruling in connection with the Insolvency Application was issued by the Concurso Court on March 3, 2023 and certain pre-emptive protections were granted in favour of Molimentales including, inter alia, a suspension of all enforcement proceedings against the assets or rights of Molimentales.
Contractors
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Deposit Type
- Vein / narrow vein
- Orogenic
- Mesothermal
Summary:
PROPERTY GEOLOGY
The San Francisco property lies in a portion of the Mojave-Sonora megashear belt characterized by the presence of Precambrian to Tertiary age rocks represented by different grades of deformation and metamorphism as evidenced in the field by imbricate tectonic laminates. The rocks principally involved in the process of deformation and associated with the gold mineralization in the region are of Precambrian, Jurassic and Cretaceous age.
The metamorphic rocks are intruded by a Tertiary igneous package, which includes leucocratic granite with visible feldspar and quartz, and is porphyritic to gneissic in texture. It appears that the granite was emplaced along low angle northwest-southeast shear zones in the system which developed between an older gabbro and the metamorphic sequence. This is the reason that in some places the granite bodies appear as stratiform lenses that vary in width from centimetres to more than 40 m and are subparallel to the foliation. It is seen, however, that the emplacement of leucocratic granite also favours the N30°W fault system, causing the granite to take an elongated form, principally in direction N60°W, but with extensions along the N30°W system.
MINERALIZATION
The San Francisco property is located within the Sierra Madre Occidental metallogenic province which extends along western Mexico from the state of Sonora, south to the state of Jalisco. In the state of Sonora, the most import ........
Summary:
Mining at the San Francisco and La Chicharra pits is conducted by a contractor, using open pit mining methods. At the San Francisco pit, a small underground mine was exploited during the second half of 2020 in order to accelerate cash flow by targeting some higher-grade mineralization in the block model.
Magna has now started to process ore from the low-grade stockpiles as well from the La Chicharra pit and plans to initiate underground mining from the higher grade lenses in the southwall of the San Francisco pit, as well as resuming open pit mining in portions of the San Francisco pit.
Magna will also establish its own stockpile for the lower grade material (but above the cut-off grade) being mined. This lower grade material can be processed later in the mine life, used to top up the crushing capacity from time to time or left to be processed at the end of the mine life.
Mine Plans and Activities
Production from the La Chicharra deposit recommenced in June, 2020. The San Francisco and La Chicharra pits are planned to be mined at the same time. Magna is also processing the remainder of Alio’s low-grade stockpile. The La Chicharra pit is located 1,000 m west of the San Francisco pit.
All mining activities are being conducted by the contractor, Peal Mexico, S.A. de C.V. (Peal Mexico), of Navojoa, Mexico. The contractor is obliged to supply and maintain the appropriate principal and auxiliary mining equipment and personnel requ ........
Source:
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Flow Sheet:
Summary:
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Production:
Production and Cost statistics for the 2022 year are available for the nine-month period ending on September 30, 2022. Magna Gold will not to incur any further expenses related to filings and disclosures in connection with the Insolvency Application, according to the Initial Order.
Production statistics for the 2020 year are calculated and provided by the two companies - Alio gold inc.(old owner) and Magna Gold Corp.(new owner).
| Commodity | Units | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|
Gold
|
oz
| ...... | ...... | ...... | ...... | 53,990 | 83,558 | 100,322 |
|
Silver
|
oz
| ...... | ...... | ...... | ...... | ...... | ...... | ...... |
All production numbers are expressed as metal in doré.
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Operational Metrics:
| Metrics | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|
Daily mining rate
| ...... | ...... | 29,941 t | | 63,887 t | 71,113 t |
|
Daily processing rate
| ...... | ...... | 7,231 t | 16,864 t | 17,839 t | 20,649 t |
|
Stripping / waste ratio
| ...... | ...... | 7.51 | | 1.99 | 2.71 |
|
Ore tonnes mined
| ...... | ...... | | | 6,046 kt | 6,997 kt |
|
Waste
| ...... | ...... | | | 15,510 kt | 18,960 kt |
|
Total tonnes mined
| ...... | ...... | | | 23,318 kt | 25,956 kt |
|
Tonnes processed
| ...... | ...... | | 6,155 kt | 6,511 kt | 7,537 kt |
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Reserves at August 8, 2020:
Mineral Resource Estimate for the San Francisco Deposit with Cut-off (Au g/t) 0.14 for Open pit and 1.40 for Underground and for La Chicharra Deposits Cut-off (Au g/t) 0.12.
| Category | OreType | Tonnage | Commodity | Grade | Contained Metal |
|
Proven
|
Stockpiles
|
782 kt
|
Gold
|
0.256 g/t
|
6 koz
|
|
Proven
|
In-Situ (OP)
|
20,967 kt
|
Gold
|
0.495 g/t
|
334 koz
|
|
Proven
|
In-Situ (UG)
|
91 kt
|
Gold
|
4.186 g/t
|
12 koz
|
|
Proven
|
Total
|
21,840 kt
|
Gold
|
0.501 g/t
|
352 koz
|
|
Probable
|
In-Situ (OP)
|
25,769 kt
|
Gold
|
0.488 g/t
|
404 koz
|
|
Probable
|
In-Situ (UG)
|
20 kt
|
Gold
|
3.657 g/t
|
2 koz
|
|
Probable
|
Total
|
25,789 kt
|
Gold
|
0.49 g/t
|
406 koz
|
|
Proven & Probable
|
Stockpiles
|
782 kt
|
Gold
|
0.256 g/t
|
6 koz
|
|
Proven & Probable
|
In-Situ (OP)
|
46,736 kt
|
Gold
|
0.491 g/t
|
738 koz
|
|
Proven & Probable
|
In-Situ (UG)
|
111 kt
|
Gold
|
4.089 g/t
|
15 koz
|
|
Proven & Probable
|
Total
|
47,629 kt
|
Gold
|
0.495 g/t
|
758 koz
|
|
Measured
|
In-Situ (OP)
|
34,564 kt
|
Gold
|
0.449 g/t
|
500 koz
|
|
Measured
|
In-Situ (UG)
|
111 kt
|
Gold
|
4.16 g/t
|
15 koz
|
|
Measured
|
Total
|
34,675 kt
|
Gold
|
0.462 g/t
|
515 koz
|
|
Indicated
|
In-Situ (OP)
|
64,789 kt
|
Gold
|
0.424 g/t
|
884 koz
|
|
Indicated
|
In-Situ (UG)
|
236 kt
|
Gold
|
3.907 g/t
|
30 koz
|
|
Indicated
|
Total
|
65,025 kt
|
Gold
|
0.437 g/t
|
914 koz
|
|
Measured & Indicated
|
In-Situ (OP)
|
99,353 kt
|
Gold
|
0.433 g/t
|
1,385 koz
|
|
Measured & Indicated
|
In-Situ (UG)
|
347 kt
|
Gold
|
3.988 g/t
|
44 koz
|
|
Measured & Indicated
|
Total
|
99,700 kt
|
Gold
|
0.446 g/t
|
1,430 koz
|
|
Inferred
|
In-Situ (OP)
|
11,374 kt
|
Gold
|
0.467 g/t
|
171 koz
|
Source:
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Corporate Filings & Presentations:
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