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Mexico
Nieves Project

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 Location:
14 N from Rio Grande, Zacatecas, Mexico

  Project Contacts:
10 Rockefeller Plz Ste 720
New York
New York, United States
10020
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Overview

StagePreliminary Economic Assessment
Mine TypeOpen Pit
Commodities
  • Silver
  • Gold
Mining Method
  • Truck & Shovel / Loader
Mine Life10 years (as of Jan 1, 2014)


Owners

Source:
CompanyInterestOwnership
Blackberry Ventures I, LLC 100 % Direct

Contractors

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Deposit Type

  • Epithermal
  • Vein / narrow vein


Summary:

The Nieves project is a low sulfidation epithermal silver deposit hosted in three east-northeast trending, steeply south dipping vein systems with alteration and mineralization bearing strong similarities to the Fresnillo silver deposit.

The most economically significant mineralization occurs in anastomosing carbonate-quartzsulphide veins that have been defined over a total strike length of 3.8 kilometers by 54,814 meters of drilling in 187 holes. The system develops to a maximum true width of in excess of 200 meters and has a proven down dip extent of approximately 525 meters.

The carbonate-quartz-sulphide veins contain the best grades of silver, gold, lead and zinc. This vein type consists of calcite that is partially to totally replaced by grey to white, chalcedonic, fine-grained quartz veins and veinlets. Individual veins vary in size from a few centimetres in width with a few up to 1.5 m wide with up to 50% sulphide minerals. Sulphides include pyrite, stibnite, sphalerite, galena, chalcopyrite and the silver sulphosalts: proustite, pyrargyrite, jamesonite and scarce tetrahedrite.

The central and most important of the three vein systems is the Concordia-San Gregorio-Dolores system which includes both the La Quinta and Gregorio North zones. Mineralization along the Concordia-San Gregorio-Dolores vein has a known total strike length of 1,300 meters and a true width up to 100 meters. The mineralized zone in the Gregorio North area is approxim ........


Mining Methods

  • Truck & Shovel / Loader


Summary:

The Nieves silver deposit contains mineralization at or near the surface and is distributed in continuous veins that is ideal for open pit mining methods. The method of material transport evaluated for this study is open pit mining using two16.5-m3 front end shovels as the main loading units with a 12.2-m3 front end loader as a backup loading unit. The mineralized material will be loaded into 90-tonne haul trucks and transported to the primary jaw crusher, which will be set up at the toe of the waste dump. The plan assumes that the project operator owns, operates, and maintains all equipment.

Mineralized material production is planned at a nominal rate of 10,000 tonnes per day (tpd), equivalent to 3.65 million tonnes per annum with a 10 year mine life. Mining is planned on a 7 day per week schedule, with two 12 hour shifts per day. Other mining schedules may prove to be more effective, but are not expected to significantly change project economics. Peak mineralized material and waste production is estimated at 94,000 tpd during the first year and then slowing to an average rate of 62,000 tpd. The average life of mine stripping ratio is 5.36:1 waste-to-mineralized material, using a 21.3 g/t AgEq cutoff. Lower grade material is stockpiled using 30.5 g/t AgEq cutoff in order to improve project economics which results in a maximum low grade stockpile of 2.8 million tonnes. Other cutoff scenarios using 19.4, 21.3, 23.7, 26.7 and 30.5 g/t were evaluated during the study ........


Crushing and Grinding
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Processing

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Summary:

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Projected Production:

CommodityProductUnitsAvg. AnnualLOM
Silver Concentrate kt 288
Silver Payable metal koz 5,23652,365
Silver Metal in concentrate koz 55,553
Gold Payable metal koz  ......  Subscription required  ......  Subscription required
Gold Metal in concentrate koz  ......  Subscription required

Operational Metrics:

Metrics
Stripping / waste ratio 5.36 *
Daily mining rate 61,630 t *
Daily milling capacity 10,000 t *
Daily ore mining rate 8,447 t *
Waste tonnes, LOM 189,590,753 t *
Ore tonnes mined, LOM 35,359 kt *
Total tonnes mined, LOM 224,949,931 t *
Tonnes milled, LOM 35,359 kt *
* According to 2014 study.

Reserves at January 7, 2014:
The Mineral Resource a reporting cut-off grade of 21.3 g/t AgEq.

CategoryTonnage CommodityGradeContained Metal
Indicated 27,603 kt Silver 59.1 g/t 52,440,284 oz
Indicated 27,603 kt Gold 0.05 g/t 40,811 oz
Indicated 27,603 kt Silver Equivalent 60.7 g/t 53,897,177 oz
Inferred 7,756 kt Silver 48.8 g/t 12,156,954 oz
Inferred 7,756 kt Gold 0.03 g/t 6,863 oz
Inferred 7,756 kt Silver Equivalent 49.5 g/t 12,354,752 oz

Commodity Production Costs:

CommodityUnits
Assumed price Silver USD 27 / oz *  USD
Assumed price Gold USD 1,300 / oz *  USD
* According to 2014 study / presentation.
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2014 Study Costs and Valuation Metrics :

MetricsUnitsLOM Total
Initial CapEx $M USD  ......  Subscription required
Sustaining CapEx $M USD  ......  Subscription required
Total CapEx $M USD  ......  Subscription required
OP OpEx $M USD  ......  Subscription required
Processing OpEx $M USD 333.4
G&A costs $M USD 49.9
Total OpEx $M USD  ......  Subscription required
Income Taxes $M USD  ......  Subscription required
Royalty payments $M USD  ......  Subscription required
Gross revenue (LOM) $M USD  ......  Subscription required
Pre-tax Cash Flow (LOM) $M USD  ......  Subscription required
After-tax Cash Flow (LOM) $M USD  ......  Subscription required
Pre-tax NPV @ 0% $M USD  ......  Subscription required
Pre-tax NPV @ 5% $M USD  ......  Subscription required
Pre-tax NPV @ 8% $M USD  ......  Subscription required
After-tax NPV @ 0% $M USD  ......  Subscription required
After-tax NPV @ 5% $M USD  ......  Subscription required
After-tax NPV @ 8% $M USD  ......  Subscription required
Pre-tax IRR, %  ......  Subscription required
After-tax IRR, %  ......  Subscription required
Pre-tax payback period, years  ......  Subscription required
After-tax payback period, years  ......  Subscription required
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Proposed Heavy Mobile Equipment as of January 7, 2014:
HME TypeSizeQuantity
Dozer 448 HP ....................... Subscription required
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Subscription required - Subscription is required.

Mine Management:

Job TitleNamePhoneProfileRef. Date
....................... Subscription required ....................... Subscription required ....................... Subscription required Subscription required Feb 24, 2023
Subscription required - Subscription is required.


Corporate Filings & Presentations:

DocumentYear
Quarterly Report 2016
Preliminary Economic Assessment 2014
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