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Turkiye
Hod Maden Project

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 Location:
21 km S from Artvin, Turkiye

  Project Contacts:
Bestepe Mahallesi, Yasam Caddesi , Ak Plaza No: 7 / 7 Kat: 1 Yenimahalle
Ankara
Turkiye
Phone  ...  Subscription required
Fax(0 312)-219-01-67
EmailEmail
WebsiteWeb
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  • Overview
  • Owners
  • Geology
  • Mining
  • Processing
  • Production
  • Reserves
  • Costs & Financials
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  • Filings & News

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Overview

StagePermitting
Mine TypeUnderground
Commodities
  • Gold
  • Copper
  • Pyrite
Mining Method
  • Drift & Fill
  • Longhole stoping
  • Transverse stoping
  • Longitudinal stoping
  • Cemented backfill
  • Paste backfill
Mine Life13 years (as of Jan 1, 2021)


Owners

Source:
CompanyInterestOwnership
Horizon Copper Corp. 30 % Indirect
Lidya Madencilik San. ve Tic. A.S. (operator) 70 % Indirect
The Hod Maden Project has been managed by Artmin Madencilik (Artmin). Artmin is a partnership between Lidya Madencilik (70%; a wholly owned subsidiary of Çalik Holding) and Sandstorm (30%).

On August 31, 2022, Horizon Copper Corp. (TSXV: RNP) (formerly Royalty North Partners Ltd.) completed the first part of the previously announced reverse takeover transaction (the "RTO Part A") with Sandstorm Gold Ltd., which includes the purchase of a 30% interest in the Hod Maden copper-gold project in Turkey.

Contractors

Subscription required - Subscription is required.


Deposit Type

  • Porphyry
  • Epithermal


Summary:

Deposit Geology and Mineralisation
Significant mineralization identified on the property occurs within the Hod Maden Fault Zone, which at surface is a broadly north-northeast striking corridor of gossanous and locally argillic/phyllic hydrothermal alteration, up to 300 m wide, that extends for more than seven kilometres. Locally, it has intense pyrite/chalcopyrite mineralization with a significant component of supergene clay alteration.

The deposit is partitioned into a northern Main Zone and the contiguous South Zone, with the third area of mineralization located 500 m further south at the old Russian Mining area.

Main Zone: At least two styles of high-grade gold-copper mineralisation have been identified at the Main Zone:
(i) The predominant multiphase quartz-sulfide (pyrite-chalcopyrite) ± hematite/jasper breccia bodies; and
(ii) Semi-massive to massive sulphides (pyrite-chalcopyrite).

Prior to 1923, small-scale mining by Russian mining interests of narrow, high grade polymetallic veins was undertaken in the now-named old Russian Mining area. Ancient slags have also been intersected in alluvial material overlying the Main Zone. The two primary mineralisation styles are related to different mineralising events, with the semi to massive sulphide mineralisation representing an earlier mineralisation event and the multiphase breccia a later epigenetic (perhaps deep epithermal?) event. The Main Zone deposit is subvertical ........


Mining Methods

  • Drift & Fill
  • Longhole stoping
  • Transverse stoping
  • Longitudinal stoping
  • Cemented backfill
  • Paste backfill


Summary:

The Hod Maden deposit will be mined entirely utilizing underground mining techniques to minimise disturbance on the surface where a mosque and burial ground are located directly above the deposit. The deposit consists of a main and southern area however very little economic mineralisation is currently modelled in the south area.

The underground mine will be divided into two distinct mining zones with a modified drift and fill (DAF) underground mining technique applied to the Poor Ground Zone (PGZ) above 780mRL (Upper Mine) and long hole stoping (LHS) applied to the more competent ground conditions below 780mRL (Lower Mine). The bulk of the mineralisation is located below 780mRL however gold and copper grades are highest above 780mRL and reduce with deposit depth.

The lower mine will be accessed through a single portal north of the deposit with secondary egress, fresh air intake and primary exhaust through vertical shaft development. The upper mine will be accessed through two shafts located north and south of the mineralisation.

The main area extends 450 m vertically from surface over a strike distance of approximately 300 m. For the lower mine level spacing will be 25 m and for the upper mine, DAF levels will be extracted primarily in 3m high increments.

The lower mine will use electric-hydraulic jumbos for excavation and ground support with diesel powered LHD loaders and articulated dump trucks for material handling. Ground su ........


Crushing and Grinding
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Processing

Flow Sheet: Subscription required

Summary:

- subscription is required.


Projected Production:

CommodityProductUnitsAvg. AnnualLOM
Gold Metal in pyrite concentrate koz 209
Gold Metal in copper conc. koz 1,885
Gold Payable metal koz 1562,027
Copper Payable metal M lbs  ......  Subscription required  ......  Subscription required
Copper Metal in copper conc. M lbs  ......  Subscription required
Copper Concentrate kt  ......  Subscription required
Pyrite Concentrate kt  ......  Subscription required
Gold Equivalent Payable metal koz  ......  Subscription required  ......  Subscription required

Operational Metrics:

Metrics
Annual mining capacity  ......  Subscription required
Waste tonnes, LOM  ......  Subscription required
Ore tonnes mined, LOM  ......  Subscription required
Total tonnes mined, LOM  ......  Subscription required
Tonnes processed, LOM  ......  Subscription required
Annual processing capacity  ......  Subscription required
Annual ore mining rate  ......  Subscription required
* According to 2021 study.
Subscription required - Subscription is required.

Reserves at July 31, 2020:
The Mineral Resources are estimated at NSR cut-offs of USD63/t for gold/copper zones.
The Mineral Reserve estimation was carried out using a breakeven cut-off value of USD82/t and incremental cut-of values of USD63/t for stopes and USD40/t for development.

CategoryTonnage CommodityGradeContained Metal
Proven 1,899 kt Gold 16.7 g/t 1,021 koz
Proven 1,899 kt Copper 1.7 % 71 M lbs
Proven 1,899 kt Gold Equivalent 19.4 g/t
Probable 6,798 kt Gold 6.5 g/t 1,431 koz
Probable 6,798 kt Copper 1.4 % 216 M lbs
Probable 6,798 kt Gold Equivalent 8.8 g/t
Proven & Probable 8,696 kt Gold 8.8 g/t 2,452 koz
Proven & Probable 8,696 kt Copper 1.5 % 287 M lbs
Proven & Probable 8,696 kt Gold Equivalent 11.1 g/t
Measured 2,461 kt Gold 20.7 g/t 1,634 koz
Measured 2,461 kt Copper 2.3 % 124 M lbs
Measured 2,461 kt Gold Equivalent 24.3 g/t
Indicated 5,683 kt Gold 6.2 g/t 1,133 koz
Indicated 5,683 kt Copper 1.7 % 206 M lbs
Indicated 5,683 kt Gold Equivalent 8.8 g/t
Measured & Indicated 8,143 kt Gold 10.6 g/t 2,768 koz
Measured & Indicated 8,143 kt Copper 1.8 % 330 M lbs
Measured & Indicated 8,143 kt Gold Equivalent 13.5 g/t
Inferred 1,342 kt Gold 5.4 g/t 232 koz
Inferred 1,342 kt Copper 0.7 % 21 M lbs
Inferred 1,342 kt Gold Equivalent 6.5 g/t

Commodity Production Costs:

CommodityUnitsAverage
All-in sustaining costs (AISC) Copper USD  ......  Subscription required&nbs
All-in sustaining costs (AISC) Gold USD  ......  Subscription required&nbs
All-in sustaining costs (AISC) Gold USD  ......  Subscription required *†
C1 cash costs Copper USD  ......  Subscription required&nbs
C1 cash costs Gold USD  ......  Subscription required&nbs
C1 cash costs Gold USD  ......  Subscription required *†
C3 fully allocated costs Copper USD  ......  Subscription required&nbs
C3 fully allocated costs Gold USD  ......  Subscription required&nbs
C3 fully allocated costs Gold USD  ......  Subscription required *†
Assumed price Copper USD  ......  Subscription required&nbs
Assumed price Gold USD  ......  Subscription required&nbs
* According to 2021 study / presentation.
† Net of By-Product.
Subscription required - Subscription is required.

Operating Costs:

Units2021
UG mining costs ($/t milled) USD 53.7 *
Processing costs ($/t milled) USD  ......  Subscription required
G&A ($/t milled) USD  ......  Subscription required
Total operating costs ($/t milled) USD  ......  Subscription required
* According to 2021 study.
Subscription required - Subscription is required.

2021 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
UG OpEx $M USD  ......  Subscription required
Processing OpEx $M USD 211
G&A costs $M USD 96
Total OpEx $M USD  ......  Subscription required
Total Taxes $M USD  ......  Subscription required
Royalty payments $M USD  ......  Subscription required
Gross revenue (LOM) $M USD  ......  Subscription required
Net revenue (LOM) $M USD  ......  Subscription required
EBITDA (LOM) $M USD  ......  Subscription required
Pre-tax Cash Flow (LOM) $M USD  ......  Subscription required
After-tax Cash Flow (LOM) $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
Subscription required - Subscription is required.


Proposed Heavy Mobile Equipment as of February 28, 2021:
HME TypeSizeQuantity
Cable bolter ....................... Subscription required
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Subscription required - Subscription is required.

Mine Management:

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Feb 28, 2021
....................... Subscription required ....................... Subscription required Subscription required Feb 28, 2021
....................... Subscription required ....................... Subscription required Subscription required Nov 10, 2022
Subscription required - Subscription is required.

Staff:

Total WorkforceYear
Subscription required 2021

Corporate Filings & Presentations:

DocumentYear
Press Release 2022
Quarterly Report 2022
Quarterly Report 2022
................................... Subscription required 2021
................................... Subscription required 2021
................................... Subscription required 2021
Pre-Feasibility Study Report 2018
Preliminary Economic Assessment 2017
Subscription required - Subscription is required.

Subscription required - Subscription is required.

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