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Spain
Salave Project

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 Location:
15 km NE from Vegadeo, Spain

  Project Contacts:
Ground Floor, Regent House Rodney Road
Cheltenham
United Kingdom
GL50 1HX
Phone  ...  Subscription required
WebsiteWeb
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Overview

StagePreliminary Economic Assessment
Mine TypeUnderground
Commodities
  • Gold
Mining Method
  • Sub-level stoping
  • Vertical Crater Retreat
  • Paste backfill
Mine Life14 years (as of Jan 1, 2019)


Owners

Source: p. 1
CompanyInterestOwnership
Black Dragon Gold Corp. 100 % Indirect
BDG owns 100% of the Salave gold deposit through its wholly owned Spanish subsidiary, Exploraciones Mineras del Cantábrico SL (EMC).

Contractors

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Deposit Type

  • Vein / narrow vein
  • Intrusion related


Summary:

Gold mineralisation at Salave is related to hydrothermal alteration of the host granodiorite. The highest gold grades are associated with intense albite-sericite alteration with fine- grained arsenopyrite, commonly disseminated as fine needles, pyrite and stibnite. Destruction of the original texture is a major feature of the most intensively altered and mineralised granodiorite. Quartz veins, and quartz-carbonate molybdenite-bearing veins present in the deposit do not contain gold and represent a separate mineralising event.

BDG consider the Salave deposit to be an intrusive related gold deposit with similarities to other intrusions related gold deposit models including Fort Knox, Pogo and Donlin Creek in Alaska and Telfer and Boddington in Western Australia.

The Salave gold deposit is hosted mainly by the strongly altered Salave granodiorite at its western boundary, close to the contact with the Los Cabos sedimentary sequence.

Most of the gold mineralisation has been delineated within an area 400 m wide, 500 m long and 350 m deep. Gold mineralisation occurs in a series of stacked, north to northwest trending, shallowly southwest dipping irregular lenses related to faults and fracture zones that are parallel to the contact of the intrusive and metasedimentary rocks. The faults and fracture zones appear to be related to one or more vertical structures some of which contain high-grade gold mineralisation. These structures may play an importa ........


Mining Methods

  • Sub-level stoping
  • Vertical Crater Retreat
  • Paste backfill


Summary:

Given environmental and community considerations, the PEA has only evaluated underground mining operations. The primary mining method selected for detailed analysis in this study was the vertical retreat mining (“VRM”). Sub-level stoping was considered as a secondary method applicable to specific vertical thin geometries (<15m length). Rock and paste fill will be used as backfill to maximise mining recovery.

The mine design was based on basic economic assumptions to create mineable stope outlines. A value of 2 g/t was assumed as mine cut-off grade. Mining dilution and mineralised material loss factors were also applied to each mining shape to reflect the selected mining method.

The mine production rate targets a 0.70 Mtpa of RoM. A conceptual mine layout was designed including stopes and development with 60m levels and 3 x 20m sub-levels. The total mineralised material from stopes, drives and sill pillar recovery (50%) will total 9.2Mt at 3.87 g/t Au.


Crushing and Grinding
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Processing

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Summary:

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Projected Production:

CommodityProductUnitsAvg. AnnualLOM
Gold Concentrate kt 560
Gold Metal in concentrate koz 791,108

Operational Metrics:

Metrics
Daily milling rate 2,000 t *
Daily ore mining rate 2,000 t *
Annual mining capacity 0.7 Mt of ore *
Ore tonnes mined, LOM 9.19 Mt *
Tonnes milled, LOM 9.19 Mt *
Annual milling capacity 0.7 Mt *
* According to 2019 study.

Reserves at October 22, 2018:
A cut-off grade of 2 g/t Au has been applied when reporting the Mineral Resource Estimate.

CategoryTonnage CommodityGradeContained Metal
Measured 1.03 Mt Gold 5.59 g/t 185 koz
Indicated 7.18 Mt Gold 4.43 g/t 1,023 koz
Measured & Indicated 8.21 Mt Gold 4.58 g/t 1,208 koz
Inferred 3.12 Mt Gold 3.47 g/t 348 koz

Commodity Production Costs:

CommodityUnitsAverage
Cash costs Gold USD  ......  Subscription required&nbs
All-in sustaining costs (AISC) Gold USD  ......  Subscription required&nbs
Assumed price Gold USD  ......  Subscription required&nbs
* According to 2019 study / presentation.

Operating Costs:

Units2019
OP mining costs ($/t milled) USD 40.7 *
Processing costs ($/t milled) USD  ......  Subscription required
G&A ($/t milled) USD  ......  Subscription required
Total operating costs ($/t milled) USD  ......  Subscription required
* According to 2019 study.
Subscription required - Subscription is required.

2019 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
Pre-tax NPV @ 5% $M USD  ......  Subscription required
After-tax NPV @ 5% $M USD  ......  Subscription required
Pre-tax IRR, %  ......  Subscription required
After-tax IRR, %  ......  Subscription required
After-tax payback period, years  ......  Subscription required
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Heavy Mobile Equipment:

Mine Management:

Job TitleNamePhoneEmailProfileRef. Date
....................... Subscription required ....................... Subscription required ....................... Subscription required ....................... Subscription required Subscription required Jan 27, 2023
Subscription required - Subscription is required.


Corporate Filings & Presentations:

DocumentYear
Management Discussion & Analysis 2022
................................... Subscription required 2019
Technical Report 2018
Preliminary Economic Assessment 2011
Subscription required - Subscription is required.

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