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Canada
Lexam Project

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 Location:
6 km SE from Timmins, Ontario, Canada

  Project Contacts:
150 King Street West Suite 2800
P.O. Box 24
Toronto
Ontario, Canada
M5H 1J9
Phone  ...  Subscription required
Fax647-258-0408
WebsiteWeb
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  • Overview
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  • Geology
  • Mining
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  • Production
  • Reserves
  • Costs & Financials
  • Personnel
  • Filings & News

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Overview

StagePreliminary Economic Assessment
Mine TypeOpen Pit
Commodities
  • Gold
Mining Method
  • Truck & Shovel / Loader
Mine Life6.5 years (as of Jan 1, 2014)
Lexam consists of four properties: the contiguous Buffalo Ankerite, Fuller and Paymaster properties, located 3 km southeast of Timmins (Lexam South), and the Davidson Tisdale Property, located approximately 4 km northeast of Lexam South.


Owners

Source: p. 18, 19
CompanyInterestOwnership
McEwen Mining Inc. 100 % Indirect
On April 26, 2017, McEwen Mining Inc. completed the acquisition of 100% of the issued and outstanding common shares of Lexam by the way of the Arrangement Agreement dated February 13, 2017 and related Plan of Arrangement. The Mineral property interests acquired include the 100% interest of the Buffalo Ankerite, Fuller and Davidson Tisdale deposits and 61% interest in the Paymaster deposit located in Timmins, Ontario. The remaining 39% interest in the Paymaster property is held by Goldcorp Inc., a joint venture partner.

Contractors

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Deposit Type

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


Summary:

BUFFALO ANKERITE
The mineralization is located primarily within a narrow pillowed mafic volcanic flow unit of the Central Series, Tisdale Assemblage. The volcanic rocks are complexly folded around the STA and Kayorum Syncline resulting in an S-shaped flexure in the stratigraphy. The pillowed mafic volcanic rock unit, which hosts the main mineralized domains of the Buffalo Ankerite South property, is flanked to the north and south by Hershey Lake Series magnesium-rich ultramafic flow units. In the area of the Buffalo Ankerite, the volcanic flows strike between 065° and 070°, and dip at approximately 60° to the north and thicken to the west. A discontinuous conglomerate unit is located along the contact between a flowtextured mafic volcanic rock unit and the south ultramafic rock unit. The conglomerate sedimentary rock unit is interpreted as Timiskaming in age containing mainly bleached mafic volcanic clasts with occasional porphyry and ultramafic clasts and typically follows this contact and is similarly oriented for dip. Quartz-feldspar porphyries intrude the volcanic rock units and late northwest-trending diabase dykes cut all the above rock types.

The majority of the mineralization is associated with tourmaline-quartz-carbonate breccia zones (TBX) located within a narrow pillowed mafic volcanic flow unit of the Central Series, Tisdale Assemblage. Breccia fragments are comprised of ankerite-sericite altered pillowed mafic volcanics within a tourmaline-ankeri ........


Mining Methods

  • Truck & Shovel / Loader


Summary:

The base case operating scenario for the Project includes open pit mining of Measured, Indicated, and Inferred Mineral Resources with direct shipping of mineralization to a toll processing facility for recovery of gold.

The mine design consists of five open pits in two areas. Four of the pits (Buffalo Ankerite South, Buffalo Ankerite North, Paymaster, and Fuller) are located in the “main cluster” approximately five kilometres southeast of Timmins city centre. The main cluster can be defined by a radius of approximately one kilometre. The fifth open pit (Davidson Tisdale) is located approximately nine kilometres to the east-northeast of Timmins city centre (approximately eight kilometres north-northeast of the main cluster).

Open pit development is characterized by relatively high stripping ratios as the primary production target is narrow steeply dipping veins. Maintaining mining selectivity to control dilution and extraction will be paramount, as well as keeping operating conditions safe as the open pits will encounter stope voids from historic underground mining operations. Initial operations will require external waste rock disposal areas, after which, pits may be backfilled.


Crushing and Grinding


Processing

Source: Subscription required

Summary:

- subscription is required.


Projected Production:

CommodityUnitsAvg. AnnualLOM
Gold koz 45293

Operational Metrics:

Metrics
Stripping / waste ratio 9.6 *
Daily mining rate 19,000 t *
Daily ore mining rate 2,000 t *
Waste tonnes, LOM 42.5 Mt *
Ore tonnes mined, LOM 4.4 Mt *
Total tonnes mined, LOM 47 Mt *
Annual mining rate 6.7 Mt *
Annual ore mining rate 0.7 Mt *
* According to 2014 study.

Reserves at June 21, 2013:
Cut-Offs:
-Open Pit - 0.51 gpt (Buffalo Ankerite, Paymaster, Fuller), 0.5 gpt (Davidson Tisdale Main Zone);
- Underground - 2.57 gpt (Buffalo Ankerite, Paymaster, Fuller), 2.6 gpt Au (Davidson Tisdale Main Zone), 2.0 gpt (Davidson Tisdale S-Zone).

CategoryOreTypeTonnage CommodityGradeContained Metal
Measured In-Situ (OP) 0.5 Mt Gold 2.44 g/t 36 koz
Measured In-Situ (UG) 0.4 Mt Gold 5.56 g/t 64 koz
Indicated In-Situ (OP) 12.1 Mt Gold 1.89 g/t 741 koz
Indicated In-Situ (UG) 4.1 Mt Gold 4.82 g/t 628 koz
Measured & Indicated In-Situ (OP) 12.6 Mt Gold 1.91 g/t 777 koz
Measured & Indicated In-Situ (UG) 4.4 Mt Gold 4.88 g/t 692 koz
Inferred In-Situ (OP) 6.3 Mt Gold 1.79 g/t 358 koz
Inferred In-Situ (UG) 4.2 Mt Gold 4.35 g/t 596 koz

Commodity Production Costs:

CommodityUnits
Cash costs Gold USD 842 / oz *  USD
All-in sustaining costs (AISC) Gold USD 866 / oz *  USD
Assumed price Gold USD 1,300 / oz *  USD
* According to 2014 study / presentation.
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2014 Study Costs and Valuation Metrics :

MetricsUnitsLOM Total
Pre-Production capital costs $M CAD  ......  Subscription required
Sustaining CapEx $M CAD  ......  Subscription required
Closure costs $M CAD  ......  Subscription required
Total CapEx $M CAD  ......  Subscription required
OP OpEx $M CAD  ......  Subscription required
Processing OpEx $M CAD 80
G&A costs $M CAD 32
Total OpEx $M CAD  ......  Subscription required
Gross revenue (LOM) $M CAD  ......  Subscription required
Net revenue (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 @ 7.5% $M CAD  ......  Subscription required
After-tax NPV @ 7.5% $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
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Heavy Mobile Equipment:

Mine Management:

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Mar 19, 2022
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Corporate Filings & Presentations:

DocumentYear
Corporate Presentation 2022
Fact Sheet 2022
................................... Subscription required 2021
................................... Subscription required 2021
Form 10-K 2018
Preliminary Economic Assessment 2014
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