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Peru
Antilla Project

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 Location:
140 km SW from Cusco, Peru

  Project Contacts:
Av. Pardo y Aliaga 699, Oficina 901B San Isidro
Lima
Peru
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  • Overview
  • Owners
  • Geology
  • Mining
  • Processing
  • Production
  • Reserves
  • Costs & Financials
  • Fleet
  • Personnel
  • Filings & News

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Overview

StagePreliminary Economic Assessment
Mine TypeOpen Pit
Commodities
  • Copper
  • Molybdenum
Mining Method
  • Truck & Shovel / Loader
Mine Life17 years (as of Jan 1, 2018)


Owners

Source: p. 12
CompanyInterestOwnership
Panoro Minerals Ltd. 25 % Indirect
Heeney Capital Acquisition Company Inc. 75 % Indirect
On December 3, 2021, the Company sold 75% of its interest in Antilla Copper, S.A. (“Antilla Copper”), a subsidiary of the Company. The Company received $10.0 million on December 3, 2021, the closing date of the transaction and a further payment of $2.8 million was to be received on October 3, 2022, ten months from the closing date of the transaction. As at November 25, 2022, the payment of $2.8 million has not been received by the Company.

Contractors

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Deposit Type

  • Porphyry


Summary:

The mineralization identified to date on the property is consistent with a supergene enrichment blanket hosted in a sandstone-quartzite package of Soraya Formation associated with an Andean-type copper-molybdenum porphyry system.

The most important mineralization encountered to date on the property is a tabular body of fracture-controlled and disseminated chalcocite and chalcopyrite with minor molybdenite-coated fractures overlain by a barren, leached zone of variable thickness. The tabular zone strikes 50 degrees and dips 20 degrees to the east over an area 1.2 kilometres long and 1.2 kilometres wide. The supergene chalcocite mineralization has a true thickness of 40 to 80 metres. Associated with the chalcocite mineralization is weak sericitization, chloritization, and silicification of arenite and quartzite. The strongest chalcocite mineralization is associated with brittle faults. Below the chalcocite mineralization, low grade disseminated chalcopyrite, bornite, and molybdenite mineralization occurs. Altered, weakly-mineralized porphyritic felsic intrusives are associated with the hypogene mineralization. Unaltered, unmineralized porphyritic dikes cut the mineralization.

The most economically significant mineralization encountered to date on the property is fracture-controlled and disseminated chalcocite. The chalcocite occurs as:

1. Sooty or scaly coatings 1 millimetre wide, filled to partially open fractures;
2. Sooty coatings on r ........


Mining Methods

  • Truck & Shovel / Loader


Summary:

The mining operations proposed for the Antilla project are typical of open pit, truck-and-shovel heap leach mining methods for year-round operations in mountainous terrain. Truck-and-shovel mining operations are assumed to be completed by a contract miner utilizing their own mining fleet.

The mine operations are organized into three departments: mine maintenance, technical services, and direct mining. Mine maintenance accounts for the supervision and planning of the mine maintenance activities. Technical services account for the technical support from mine engineering, planning, geology, and surveying functions. Direct mining accounts for the drilling, blasting, loading, hauling, and pit maintenance activities in the mine.

Operations are assumed to run 365 days per year, 24 hours per day, seven days a week, on a 12-hour shift rotation.

The production schedule targets 20,000 tonnes/day of leach material, resulting in 7.3 million annual tonnes of crushed leach material placed on the leach pad. Marginally economic leach material is stockpiled to increase leach material grades. The stockpile is reclaimed in later years of the mine schedule when it is economically beneficial to do so. Mine waste rock is used to construct site infrastructure where applicable or is placed in the Rock Storage Facility to the west of the pit area.

The Antilla mining operations will be undertaken by contract miners who will supply and maintain their own fle ........


Crushing and Grinding
Flow Sheet: Source

Crushing Plant
The crushing plant considers a multi-stage circuit to reduce the ROM ore to approximately 100% minus 1” inch. The crushed ore will be stockpile, then loaded onto dump trucks and transferred to the heap leach plant using a front-end loader and 20 tonne dump trucks.


Processing

Flow Sheet: Subscription required

Summary:

- subscription is required.


Projected Production:

CommodityProductUnitsAvg. AnnualLOM
Copper Payable metal M lbs 46787
Copper Cathode M lbs 48819

Operational Metrics:

Metrics
Stripping / waste ratio 1.38 *
Daily ore mining rate 20,000 t *
Waste tonnes, LOM 163,439 kt *
Ore tonnes mined, LOM 118,667 kt *
Total tonnes mined, LOM 294,868 kt *
Daily processing capacity 20,000 t *
Daily processing rate 19,944 t *
Tonnes processed, LOM 118,667 kt *
Annual processing rate 7.3 Mt *
Annual mining rate 16,952 kt *
Annual ore mining rate 7.3 Mt *
* According to 2018 study.

Reserves at October 19, 2015:
Reported at a cut-off grade of 0.175 CuEq%; assuming an open pit extraction scenario, a copper price of US$3.25 per pound and a molybdenum price of US$ 9.00 per pound, and a metallurgical recovery of 90% for copper and 80% for molybdenum.

CategoryTonnage CommodityGrade
Indicated 291,800 kt Copper 0.34 %
Indicated 291,800 kt Molybdenum 0.01 %
Indicated 291,800 kt Copper Equivalent 0.36 %
Inferred 90,500 kt Copper 0.26 %
Inferred 90,500 kt Molybdenum 0.007 %
Inferred 90,500 kt Copper Equivalent 0.28 %

Commodity Production Costs:

CommodityUnitsAverage
C1 cash costs Copper USD 1.51 / lb *  
C2 total cash costs Copper USD 1.82 / lb *  
Assumed price Copper USD 3.05 / lb *  
* According to 2018 study / presentation.

Operating Costs:

Units2018
OP mining costs ($/t milled) USD 1.63 *
Processing costs ($/t milled) USD  ......  Subscription required
G&A ($/t milled) USD  ......  Subscription required
Total operating costs ($/t milled) USD  ......  Subscription required
* According to 2018 study.
Subscription required - Subscription is required.

2018 Study Costs and Valuation Metrics :

MetricsUnitsLOM Total
Initial CapEx $M USD  ......  Subscription required
Closure costs $M USD  ......  Subscription required
OP OpEx $M USD  ......  Subscription required
Processing OpEx $M USD 552.7
Transportation (haulage) costs $M USD 4.2
G&A costs $M USD 89
Total OpEx $M USD  ......  Subscription required
Mining Taxes $M USD  ......  Subscription required
Income Taxes $M USD  ......  Subscription required
Total 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 @ 5% $M USD  ......  Subscription required
Pre-tax NPV @ 10% $M USD  ......  Subscription required
Pre-tax NPV @ 7.5% $M USD  ......  Subscription required
After-tax NPV @ 5% $M USD  ......  Subscription required
After-tax NPV @ 10% $M USD  ......  Subscription required
After-tax NPV @ 7.5% $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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Water Supply

The Antilla project will collect runoff water during the wet season to supply the water needs. Principal sources are represented by the Huancaspato River passing by a side of the operational area and the Ticlia lagoons located 7 kms to the northwest, both into the Antilla’s property. Surface water management will include collection ponds, settling ponds and water diversion channels around the leach pad area. There is no allowance for a water treatment plant in this study. A potable water supply system is included.


Proposed Heavy Mobile Equipment as of June 11, 2018:
HME TypeSizeLeased or
Contractor
Loader 15 cu. m Leased
....................... Subscription required ....................... Subscription required Leased
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Mine Management:

Job TitleNamePhoneProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Jun 11, 2018
....................... Subscription required ....................... Subscription required ....................... Subscription required Subscription required Dec 26, 2022
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Corporate Filings & Presentations:

DocumentYear
Management Discussion & Analysis 2022
Press Release 2018
Technical Report 2018
Subscription required - Subscription is required.

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