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Australia
Sherlock Bay Project

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 Location:
40 Km E from Roebourne, Western Australia, Australia

  Project Contacts:
Level 1, 8 Parliament Place
West Perth
Western Australia, Australia
6005
Phone  ...  Subscription required
Fax+61 8 9481 7835
EmailEmail
WebsiteWeb
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Overview

StagePreliminary Economic Assessment
Mine TypeOpen Pit & Underground
Commodities
  • Nickel
  • Copper
  • Cobalt
Mining Method
  • Truck & Shovel / Loader
  • Sub-level caving
Mine Life13 years (as of Jan 1, 2022)


Owners

Source: p. 24
CompanyInterestOwnership
Sabre Resources Ltd. 70 % Indirect
Sabre Resources Ltd. has a 70% beneficial interest in the Sherlock Bay project.

Contractors

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Deposit Type

  • Banded iron formation


Summary:

The Sherlock Bay nickel-copper-cobalt deposit (“Sherlock Bay” or “Deposit”) is located in the Pilbara region of northwest Western Australia, within / proximal to the Scholl Shear Zone, a major regional strike-slip fault that traverses the north-western margin of the Caines Well Granitoid Complex in the West Pilbara Craton. Much of the deposit is covered by a veneer of sheetwash sediments averaging ~12 m thick. The mineralised horizon is spatially associated with intermediate to felsic metavolcanic rocks, metasedimentary rocks and mafic-ultramafic intrusions - including the Sherlock Intrusion located immediately to the south and spatially (and genetically) associated with the Deposit.

The mineralised horizon is a steeply dipping banded quartz-magnetite-amphibole schist (also referred to as a siliceous banded iron formation or amphibole-bearing chert). There is broad correlation of Ni, Cu and Co grade to sulphide content with the main species being pyrrhotite (+/- pentlandite), pyrite and chalcopyrite.

Sherlock Bay includes two nickel sulphide deposits, Symonds and Discovery, both of which are tabular and trend northeast-southwest within an overall 1.5km strike length mineralised zone within the Scholl Shear Zone corridor. Each deposit is approximately 600m to 800m in strike length, approximately 15m to 20m wide and dip almost vertically to depths in excess of 500m. The deposits remain open down-dip/plunge.

The mineralisation is associated wi ........


Mining Methods

  • Truck & Shovel / Loader
  • Sub-level caving


Summary:

Initial study was completed in 2005, that included one open pit, with a saddle between the Discovery and Symonds deposits and two, decline based, underground mines utilising sub-level caving (“SLC”) methods.

The second study in 2018 applied a regularisation dilution model to the open-pits optimisation, which had the effect of incorporating an additional 2Mt (total 6.36Mt) of lower grade “ore” at the ore-waste boundary, which has had the effect of reducing overall open-pit grade by 16% to a realistic 0.31% Ni.

Waste to ore ratio for the open pits is approximately 5:1 after applying overall slope angles of 40° (batter angles 65° and 5m berms every 20m).

The 2018 study has incorporated the underground model from the 2005 study which includes separate declines to access the Discovery and Symonds lodes, accessed from a single portal within Symonds open pit. Mining to be conducted from the top down, to provide early higher-grade feed for the plant, utilising the SLC method with 25m sub-level spacing. Production blast holes are drilled as up-holes from one level to the other and mined in a retreating manner from the limits of the orebodies. The mining rate assuming mining the two resource zones (Discovery and Symonds) at the same time, is 1Mtpa production from each (total 2Mtpa).

The combined project (2018) includes two, optimised, open pits that would operate for up to 5 years and overlap with the underground development and establish ........


Crushing and Grinding


Processing

Flow Sheet: Subscription required

Summary:

- subscription is required.


Projected Production:

CommodityUnitsAvg. AnnualLOM
Nickel t 6,00070,300
Copper t  ......  Subscription required
Cobalt t  ......  Subscription required

Operational Metrics:

Metrics
Ore tonnes mined, LOM  ......  Subscription required
Tonnes processed, LOM  ......  Subscription required
Annual processing capacity  ......  Subscription required
Annual ore mining rate  ......  Subscription required
* According to 2022 study.
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Reserves at May 31, 2018:
The Mineral Resource has been reported at a 0.15% Ni lower cut-off grade.

CategoryTonnage CommodityGradeContained Metal
Measured 12.48 Mt Nickel 0.38 % 47,100 t
Measured 12.48 Mt Copper 0.11 % 13,200 t
Measured 12.48 Mt Cobalt 0.025 % 3,100 t
Indicated 6.1 Mt Nickel 0.59 % 35,700 t
Indicated 6.1 Mt Copper 0.08 % 4,700 t
Indicated 6.1 Mt Cobalt 0.022 % 1,300 t
Inferred 6.1 Mt Nickel 0.27 % 16,400 t
Inferred 6.1 Mt Copper 0.06 % 3,700 t
Inferred 6.1 Mt Cobalt 0.016 % 900 t
Total Resource 24.6 Mt Nickel 0.4 % 99,200 t
Total Resource 24.6 Mt Copper 0.09 % 21,700 t
Total Resource 24.6 Mt Cobalt 0.022 % 5,400 t
Total Resource 24.6 Mt Nickel Equivalent 0.47 %

Commodity Production Costs:

CommodityUnitsAverage
Cash costs Nickel Equivalent USD  ......  Subscription required&nbs
Assumed price Cobalt USD  ......  Subscription required&nbs
Assumed price Nickel USD  ......  Subscription required&nbs
Assumed price Copper USD  ......  Subscription required&nbs
* According to 2022 study / presentation.
Subscription required - Subscription is required.

Operating Costs:

Units2022
OP mining costs ($/t milled) AUD 23.4 *
UG mining costs ($/t milled) AUD  ......  Subscription required
Combined mining costs ($/t milled) AUD  ......  Subscription required
Processing costs ($/t milled) AUD  ......  Subscription required
* According to 2022 study.
Subscription required - Subscription is required.

2022 Study Costs and Valuation Metrics :

MetricsUnitsLOM Total
Pre-Production capital costs $M AUD  ......  Subscription required
Total CapEx $M AUD  ......  Subscription required
OP OpEx $M AUD  ......  Subscription required
UG OpEx $M AUD  ......  Subscription required
OP/UG OpEx $M AUD  ......  Subscription required
EBITDA (LOM) $M AUD  ......  Subscription required
Pre-tax Cash Flow (LOM) $M AUD  ......  Subscription required
Subscription required - Subscription is required.


Heavy Mobile Equipment:

Mine Management:

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Feb 5, 2022
Subscription required - Subscription is required.


Corporate Filings & Presentations:

DocumentYear
Preliminary Economic Assessment 2022
................................... Subscription required 2021
Press Release 2018
Subscription required - Subscription is required.

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