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South Africa
Volspruit Project

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 Location:
20 km SW from Mokopane, South Africa

  Project Contacts:
Constantia Office Park Cycad House, Ground Floor Block 17 Cnr 14th Avenue & Hendrik Potgieter Road W
PO Box 976 Florida Hills 1716
Johannesburg
South Africa
1709
Phone  ...  Subscription required
Fax+27-11-673-0365
EmailEmail
WebsiteWeb
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Overview

StagePreliminary Economic Assessment
Mine TypeOpen Pit
Commodities
  • Gold
  • Platinum
  • Copper
  • Palladium
  • Nickel
Mining Method
  • Truck & Shovel / Loader
Production Start...
Mine Life8.7 years (as of Jan 1, 2022)
Volspruit is divided into two project areas, North and South. The scoping study includes only the NB as the SB results are still being reviewed. The NB comprises 58% of the project area and hence the Scoping Study only includes 58% of the total potential Mineral Resources of the project. Importantly, the Volspruit NB Scoping Study allows for a life of these resources of 8.7 years; hence the US$27.3m pre-tax value ascribed to this project is for this very short period of mining, which the Company feels optimistic will be extended to 15 years or more as MREs are updated in the future.

An updated MRE and Scoping Study is underway to combine the Volspruit North and South Body and to include rhodium. This is anticipated to be completed by Q1 FY2024;


Owners

Source: p. 11
CompanyInterestOwnership
IOLITE TRADING 16 (PTY) LTD 26 % Indirect
Sylvania Platinum Ltd. 74 % Indirect

Contractors

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Deposit Type

  • Magmatic


Summary:

Deposit Type The Volspruit Reef has provisionally been classified as a disseminated, PGE-Cu-Ni, syn-genetic, ortho-magmatic deposit within the Lower Zone of the RLS. The deposit has been linked to a series of partially developed ultramafic magmas which progressively increase in Cu, Pt, and Pd towards the top of cyclic unit 10 and the first six metres of cyclic unit 11. Hulbert (1983) observed a sharp increase in iron (Fe) and oxygen fugacity (ƒO ) upwards 2 through cyclic units 10 to 11, which led to the conclusion that the Volspruit Reef was formed as a result of a younger more evolved magma intruding the Lower Zone and mixing with the ultramafic unit 10 magmas to provide the means for sulphur saturation and precipitation of PGMs alongside base metals in cyclic unit 11. Mineralization The North Body deposit is displaced by a north-south trending fault termed the Magoga Fault, which has thrusted the deposit downwards towards the east. The deposit can be sub-divided into two main structural domains: a northern domain (North Body) and a southern domain (South Body). The northern domain represents a flat-lying and sub-cropping body that is overlain by subsequent cyclic units or regolith. The southern domain is the largest, deepest domain and appears as a graben structure bounded by inward stepping faults along its periphery. The Volspruit Reef mineralisation is predominantly interstitial disseminated to net-textured sulphide assemblages hosted within olivine and chrome bearin ........


Mining Methods

  • Truck & Shovel / Loader


Summary:

The planned mining method for the Volspruit North Project Pit is conventional open-pit mining, using trucks (i.e., combination of rigid and articulated dump trucks) and backhoe (excavators) combinations. Blast hole drilling (i.e., pit vipers and crawler rigs) will take cognisance of geological contacts for grade control purposes as well as appropriate fragmentation. The blast holes will be charged with emulsion explosives. These explosives will be detonated remotely from a safe distance. After blasting, the broken rock will be removed by excavators and loaded onto trucks, which will transport the material to the designated areas.

Mining will be conducted in 10 m benches (minimum flitch size will be 2.5 m, in line with the original Z-height of the parent cell of the grade block model, which equates to the smallest mining unit). Flitches of the waste material may vary between 2.5 m and 10 m for both blasting and loading activities. 120 Tonne (t) excavators with 5.2 m³ bucket size configurations will load 60t dump trucks. The average hauling distance over the life of the project is 2,760 m from the point of loading to the RoM pad and 1,618 m for waste to the Waste Rock Dump (WRD) and In-Pit backfilling.

The pit slopes are guided by the geotechnical recommendations of 45 degrees (°) for the weathered zone of approximately 30 m and 55° pit wall angles for the pyroxenites underlying the weathered zone. The ramps are designed to a maximum gradient of 7% with berms 6 m wide.


Crushing and Grinding


Processing


Summary:

Steady state mining production is designed and planned to feed the mills with a capacity of 150,000 tonnes per month (ktpm).

The business case is built on delivering and selling concentrate to a third-party smelter approximately 320 km away from the project location.

Recoveries & Grades:

CommodityParameterAvg. LOM
3E (Pt, Pd, Au) Recovery Rate, % 65.7
3E (Pt, Pd, Au) Head Grade, g/t 2.13
3E (Pt, Pd, Au) Concentrate Grade, g/t 69.8
Copper Recovery Rate, % 64.1
Copper Head Grade, % 0.06
Copper Concentrate Grade, % 1.97
Nickel Recovery Rate, % 56.2
Nickel Head Grade, % 0.17
Nickel Concentrate Grade, % 4.87

Projected Production:

CommodityUnitsAvg. AnnualLOM
3E (Pt, Pd, Au) koz 70704
Copper k lbs  ......  Subscription required
Nickel k lbs  ......  Subscription required
All production numbers are expressed as metal in concentrate.

Operational Metrics:

Metrics
Stripping / waste ratio  ......  Subscription required
Waste tonnes, LOM  ......  Subscription required
Ore tonnes mined, LOM  ......  Subscription required
Tonnes milled, LOM  ......  Subscription required
Annual ore mining rate  ......  Subscription required
* According to 2022 study.
Subscription required - Subscription is required.

Reserves at :


Commodity Production Costs:

CommodityUnitsAverage
All-in sustaining costs (AISC) Platinum Equivalent USD  ......  Subscription required&nbs
All-in sustaining costs (AISC) 3E (Pt, Pd, Au) USD  ......  Subscription required&nbs
Assumed price Palladium USD  ......  Subscription required&nbs
Assumed price Platinum USD  ......  Subscription required&nbs
Assumed price Nickel USD  ......  Subscription required&nbs
Assumed price Copper USD  ......  Subscription required&nbs
Assumed price Gold USD  ......  Subscription required&nbs
* According to 2022 study / presentation.
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Operating Costs:

Units2022
OP mining costs ($/t mined) ZAR 41 *
Total operating costs ($/t milled) ZAR  ......  Subscription required
* According to 2022 study.
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2022 Study Costs and Valuation Metrics :

MetricsUnitsLOM Total
Sustaining CapEx $M ZAR  ......  Subscription required
Total CapEx $M ZAR  ......  Subscription required
Total OpEx $M ZAR  ......  Subscription required
Operating margin, %  ......  Subscription required
Pre-tax NPV @ 12.5% $M ZAR  ......  Subscription required
Pre-tax IRR, %  ......  Subscription required
Pre-tax payback period, years  ......  Subscription required
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Heavy Mobile Equipment:

Mine Management:

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Oct 24, 2022
....................... Subscription required ....................... Subscription required Subscription required Feb 23, 2023
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Corporate Filings & Presentations:

DocumentYear
Corporate Presentation 2022
Other 2022
Preliminary Economic Assessment 2022
Press Release 2022
Quarterly Report 2022
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