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Canada
Tower Project

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 Location:
98 km E from Timmins, Ontario, Canada

  Project Contacts:
65 Third Avenue
Timmins
Ontario, Canada
P4N 1C2
Phone  ...  Subscription required
EmailEmail
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Overview

StagePreliminary Economic Assessment
Mine TypeOpen Pit & Underground
Commodities
  • Gold
Mining Method
  • Truck & Shovel / Loader
  • Longhole stoping
  • Transverse stoping
  • Longitudinal retreat
  • Paste backfill
Mine Life23.8 years (as of Jan 1, 2022)
The Tower Gold Project consist of two properties, Golden Highway and Garrison. No historical mining has occurred on the Golden Highway property, whereas the Garrison property contains one past-producing mine (Jonpol), which produced 9,476 ounces of gold between 1996 and 1997.


Owners

Source: p. 27
CompanyInterestOwnership
Moneta Gold Inc. 100 % Indirect
Moneta Gold owns 100% of the Tower Gold Project.

Contractors

Subscription required - Subscription is required.


Deposit Type

  • Vein / narrow vein
  • Orogenic
  • Breccia pipe / Stockwork


Summary:

The deposits located on the Garrison and Golden Highway Properties are interpreted to be structurally- controlled orogenic gold deposits in an Archean greenstone belt setting. This deposit type is a significant source of gold mined in the Superior and Slave provinces of the Canadian Shield. These deposits are typically quartz-carbonate vein hosted and are distributed along crustal-scale fault zones that mark convergent margins between major lithological boundaries such as those between volcano-plutonic and sedimentary domains. The greenstone- and sediment-hosted quartz-carbonate vein deposits are structurally controlled, epigenetic deposits characterized by simple to complex networks of gold-bearing, laminated quartzcarbonate structure-fill veins. These veins are hosted by moderately to steeply dipping, compressional, brittle-ductile shear zones and faults with locally associated extensional veins and hydrothermal breccias.

The Tower Gold Project to date hosts nine gold deposits: six on the Golden Highway property, and three on the Garrison property. Most of the gold occurrences are found within a corridor parallel to the DPFZ. This corridor contains two highly prospective geological settings: a North Corridor with sheared mafic and ultramafic volcanic units and syenitic intrusive complexes, and a South Corridor defined by Timiskaming sediments containing banded iron formation (BIF).

This section describes the geology and gold mineralization of the foll ........


Mining Methods

  • Truck & Shovel / Loader
  • Longhole stoping
  • Transverse stoping
  • Longitudinal retreat
  • Paste backfill


Summary:

The Tower Gold project consists of seven mineral deposits (Southwest, Westaway, 55, Windjammer, Garrcon, 903 and Jonpol). The overall steady state production rate is 7.0 Mt/a at 0.94 g/t over the 24-year Life of Mine (LOM). Extraction of the economic mineable inventory is proposed through a combination of open pit and underground mining as this presented the best case from an economic, environmental, and sustainable development perspective, with open pit mining occurring over two phases.

For the first 11 years of the project, the open pit mine will be responsible for a steady state production of 6.1Mt/a at an average grade of 1.03 g/t. Once the underground mine is complete, the open pit will be responsible for a steady state production of 7Mt/a at an average grade of 0.75g/t until pit depletion in Year 20, followed by 4 years of low-grade stockpile feed at an average grade of 0.38g/t. The Tower Gold project will employ a conventional truck shovel open pit mining method comprising separate waste and mineralized material equipment fleets to improve on selectivity and reduce waste removal costs. The mineralized material fleet consists of 12 m³ excavators and 92 tonne trucks while the waste fleet consists of 29 m³ excavators and 227 tonne trucks.

Underground Mine Design
The Tower Gold Project will be extracted with a combination of open pit mining for mineralization closer to surface, and underground mining for mineralization at depth. The combined out ........


Crushing and Grinding
Source: Subscription required

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Processing

Flow Sheet: Subscription required

Summary:

- subscription is required.


Projected Production:

CommodityProductUnitsAvg. AnnualLOM
Gold Payable metal koz 4,579
Gold Metal in doré koz 1934,581

Operational Metrics:

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

Reserves at :


Commodity Production Costs:

CommodityUnitsAverage
Total 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 2022 study / presentation.
Subscription required - Subscription is required.

Operating Costs:

Units2022
Combined mining costs ($/t mined) CAD 3.7 *
Combined mining costs ($/t milled) CAD  ......  Subscription required
Processing costs ($/t milled) CAD  ......  Subscription required
G&A ($/t milled) CAD  ......  Subscription required
Total operating costs ($/t milled) CAD  ......  Subscription required
* According to 2022 study.
Subscription required - Subscription is required.

2022 Study Costs and Valuation Metrics :

MetricsUnitsLOM Total
Initial CapEx $M CAD  ......  Subscription required
Sustaining CapEx $M CAD  ......  Subscription required
Closure costs $M CAD  ......  Subscription required
Total CapEx $M CAD  ......  Subscription required
OP/UG OpEx $M CAD  ......  Subscription required
Processing OpEx $M CAD 1,676
Refining costs $M CAD  ......  Subscription required
Refining and transportation $M CAD  ......  Subscription required
Transportation (haulage) costs $M CAD 11
G&A costs $M CAD 156
Total OpEx $M CAD  ......  Subscription required
Total Taxes $M CAD  ......  Subscription required
Royalty payments $M CAD  ......  Subscription required
Gross revenue (LOM) $M CAD  ......  Subscription required
EBITDA (LOM) $M CAD  ......  Subscription required
Pre-tax Cash Flow (LOM) $M CAD  ......  Subscription required
After-tax Cash Flow (LOM) $M CAD  ......  Subscription required
Pre-tax NPV @ 5% $M CAD  ......  Subscription required
After-tax NPV @ 5% $M CAD  ......  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
Subscription required - Subscription is required.

Water Supply

The process will require both fresh and reclaim water to maintain the plant water balance. Fresh water will be used to supply gland seal pumps, reagent makeup water and the elution circuit. Reclaim water will be taken from the consolidated tailings supernatant water pond as well as from captured surface runoff. The process is estimated to require 23 m3 /h of fresh water for use in gland seals, reagent make-up, and the carbon elution system.


Proposed Heavy Mobile Equipment as of November 29, 2022:
HME TypeSizeQuantity
ANFO Loader ....................... Subscription required
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Subscription required - Subscription is required.

Mine Management:

Job TitleNameEmailProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Nov 29, 2022
....................... Subscription required ....................... Subscription required Subscription required Nov 29, 2022
....................... Subscription required ....................... Subscription required ....................... Subscription required Subscription required Dec 27, 2022
....................... Subscription required ....................... Subscription required Subscription required Dec 27, 2022
Subscription required - Subscription is required.

Staff:

Total WorkforceYear
Subscription required 2022

Corporate Filings & Presentations:

DocumentYear
Corporate Presentation 2022
Preliminary Economic Assessment 2022
Preliminary Economic Assessment 2022
Subscription required - Subscription is required.

Subscription required - Subscription is required.

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