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Chile
Volcan Project

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 Location:
115 km E from Copiapo, Chile

  Project Contacts:
Av. Apoquindo 4775 Oficina 1002
Santiago
Chile
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Overview

StagePermitting
Mine TypeOpen Pit
Commodities
  • Gold
  • Silver
Mining Method
  • Truck & Shovel / Loader
Mine Life15 years (as of Jan 1, 2011)
Hochschild Mining Plc. has also recently begun to re-establish operations in Chile at its 100%-owned Volcan gold project. In 2022, the Company expects to complete a work programme to optimise the business case for this substantial gold asset. In parallel, the project is expected to be restructured into a newly established Canadian company, named Tiernan Gold.


Owners

Source: p. 7
CompanyInterestOwnership
Hochschild Mining Plc. 100 % Indirect
The Volcan Gold Deposit was acquired as part of the Company’s acquisition of Andina Minerals Inc, announced in November 2012.

Contractors

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Deposit Type

  • Hydrothermal
  • Breccia pipe / Stockwork
  • Porphyry


Summary:

The authors consider that Volcan has characteristics similar to other known deposits which occur within the Maricunga Gold-(Copper) Belt of Chile.

The Maricunga belt is a region of numerous gold silver-copper prospects and deposits in the high Andes of northern Chile. Zones of hydrothermally altered rocks give rise to strong colour anomalies detectable by satellite imagery and aerial photography. Several of the altered zones host significant metal concentrations including high-sulphidation epithermal gold-(silver) deposits (La Coipa, La Pepa) and porphyry gold (copper) deposits (Refugio, Aldebaran, Marte, Lobo).

Three main structural trends are present in the Maricunga belt. First, north to northeasttrending high-angle reverse faults that bound basement rocks are probably coincident with the onset of flattening of the subduction zone. A second structural trend consists of northwest-striking normal faults, dikes and veins, suggesting southwest-northeast extension. A third structural trend is defined by east-northeast satellite lineaments interpreted as dexteral shear zones that mark the southern boundary of the Altiplano Puna plateau.

The Volcan property covers the Dorado sector (Dorado Este, Central and Oeste zones, of which the latter has been sub-divided into the Oeste Norte and Oeste Sur zones) and the Ojo de Agua sector which lies to the northeast of Dorado. The following descriptions of the Dorado deposits have been excerpted from Easdon ........


Mining Methods

  • Truck & Shovel / Loader


Summary:

The Volcan project is planned as an open-pit gold operation processing 55,000 t/d of ore. A total of up to 75 Mt of material (ore and waste) are scheduled to be mined per year. The operation is designed to use industry-proven mining practices and equipment. Mining will be accomplished using a combination of 9.25-in and 12.25-in blasthole drills, loading units consisting of 34-m 3 shovels (PC8000 class) and 24-m 3 front-end loaders, and CAT 797- class haul trucks (320-t) as the primary mining equipment. These production units will be supported by D10 and Dl1 size dozers, 40-m 3 water trucks and CAT 16G size graders. It is assumed that management of explosives will be done by a contractor.

The block model for the pit design was with individual blocks being 10 m by 10 m by 10 m.

Pit slope angles had been determined by Vector Peru S.A.C. during earlier geotechnical studies. Inter-ramp angles varied between 42° and 52° with face slopes all at 73°. A ramp width of 32 m was used based on the selected haul trucks.

The mining operation will be based on a conventional diesel-fuelled truck and shovel equipment configuration. Pre-production stripping of 3 Mt will take place on both the Dorado West and East areas, starting in Dorado West. Over the 15-year life of the mining operation, capacity builds up from 40 Mt/y in year 1 to a peak of 75 Mt/y in year 5 and which is maintained to year 13.


Crushing and Grinding
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Processing

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Summary:

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Projected Production:

CommodityProductUnitsAvg. AnnualLOM
Gold Payable metal oz 4,315,320
Gold Metal in doré oz 282,900

* According to 2011 study.

Reserves at December 31, 2019:

CategoryTonnage CommodityGradeContained Metal
Measured & Indicated 389,681,000 t Gold 0.71 g/t 8,881 koz
Measured & Indicated 389,681,000 t Silver Equivalent 57 g/t 719.4 M oz
Inferred 41,553,000 t Gold 0.5 g/t 670.7 koz
Inferred 41,553,000 t Silver Equivalent 41 g/t 54.3 M oz

Commodity Production Costs:

CommodityUnits2022
Cash costs Gold USD 615 / oz *  USD
Total cash costs Gold USD 621 / oz *  USD
Assumed price Gold USD 1,025 / oz *  USD
* According to 2011 study / presentation.
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Operating Costs:

Units2022
OP mining costs ($/t mined) USD 1.09 *
OP mining costs ($/t milled) USD  ......  Subscription required
Processing costs ($/t milled) USD  ......  Subscription required
G&A ($/t milled) USD  ......  Subscription required
Total operating costs ($/t milled) USD  ......  Subscription required
* According to 2011 study.
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2011 Study Costs and Valuation Metrics :

MetricsUnitsLOM Total
Initial CapEx $M USD  ......  Subscription required
Sustaining CapEx $M USD  ......  Subscription required
Closure costs $M USD  ......  Subscription required
Total CapEx $M USD  ......  Subscription required
OP OpEx $M USD  ......  Subscription required
Processing OpEx $M USD 1,380
G&A costs $M USD 210.7
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
EBITDA (LOM) $M USD  ......  Subscription required
Net Income (LOM) $M USD  ......  Subscription required
After-tax Cash Flow (LOM) $M USD  ......  Subscription required
After-tax NPV @ 0% $M USD  ......  Subscription required
After-tax NPV @ 5% $M USD  ......  Subscription required
After-tax NPV @ 10% $M USD  ......  Subscription required
After-tax IRR, %  ......  Subscription required
After-tax payback period, years  ......  Subscription required
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Proposed Heavy Mobile Equipment as of December 31, 2011:
HME TypeModelSize
Dozer ....................... Subscription required
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Subscription required - Subscription is required.

Mine Management:

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required May 11, 2022
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Staff:

EmployeesYear
Subscription required 2011

Corporate Filings & Presentations:

DocumentYear
................................... Subscription required 2021
................................... Subscription required 2021
................................... Subscription required 2019
Annual Report 2018
Annual Report 2017
Annual Report 2016
Pre-Feasibility Study Report 2011
Technical Report 2011
Technical Report 2010
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