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Canada
Lexam VG Project (Buffalo Ankerite Project, Davidson Tisdale Project, Fuller Project, Paymaster 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

StagePreliminary Economic Assessment
Mine TypeOpen Pit
Commodities
  • Gold
Mining Method
  • Truck & Shovel / Loader
Processing
  • Gravity separation
  • Flotation
  • Concentrate leach
  • Cyanide (reagent)
Mine Life7 years (as of Jan 1, 2014)


Owners

Source: p. 18, 19
CompanyInterestOwnership
McEwen Mining Inc. 100 % Indirect
Lexam VG Gold Inc. 100 % Direct
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.

Deposit Type

  • Porphyry
  • Vein / narrow vein


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-ankerite rich matrix. The finer the size of the carbonatized mafic fragments within the vein, the higher the gold grade.

FULLER
Fuller is underlain by a generally east-west-trending assemblage of massive and pillowed mafic metavolcanic flows with minor variolitic flows. These have been traced onto the adjacent Paymaster mine and Dome mine properties to the east. To the west, the units are traceable into complex fold structures; part of the package is believed to be folded to the south around the STA, while the northerly part of the package appears to trend onto the Hollinger mine property.

Most of the mineralization found at Fuller is within the Contact Zone, which is located along the contact between massive and pillowed basalt rock units. Mineralization is characterized by numerous parallel to subparallel quartz-carbonate veinlets hosted within a suite of volcanic rocks. Pyrite is often abundant, both as very fine-grained disseminations and small pyrite trains roughly conformable to the stringers. The Contact Zone meanders along the contact between the pillowed and massive volcanic rock units, and frequently occurs entirely within one of the units. The boundaries of the zone are locally gradational.

PAYMASTER
The north part of the Paymaster property hosts the assemblage of massive and pillowed mafic metavolcanic flows with minor variolitic flows which extend east from the Fuller property which strike 075° and dip from 65° to 80° north.

In the eastern part of the property the Paymaster porphyry intrudes the basalts. The Paymaster Porphyry is characterized by the inclusion of one percent to three percent small (one to ten millimetres) clasts of the country rock, typically of ultramafic composition.

The main producing area of the Paymaster is associated with the Paymaster Porphyry stock and other small porphyry bodies to the north and northwest with quartz ankerite veins occurring to the north, west and southwest of the porphyry. In general the tenure of gold in the quartz ankerite veins appears to increase with increased silicification and quartz impregnation partially replacing the ankerite. North- and south-trending white quartz veins are barren. The #10 vein is on the north porphyry contact on the upper levels, dipping 65° away from the porphyry at depth. There is some folding and faulting along this vein. The #1 vein lies north of #10 vein with the two veins joining to the west. This vein extends west through a barren section and is again productive as No. 5 Shaft, #14 vein. The #7 vein is at the top of the Key flow (sheared variolitic flow top breccia). The #22 vein is on the strike of the #7 vein to the west, but is in a younger flow due to a drag fold. The large #20 (Kurts) vein to the northwest contains erratic gold values but has not produced any ore. In the No. 5 Shaft area, #3-24 vein, lying near the bottom of the #99 flow (chloritized, lightly to moderately foliated uniformed textured basalt) has been a substantial producer. The #8 vein lies southwest of the porphyry with the fracture entering the porphyry. The #8 vein terminates at the #18 vein which follows a strong fault. The #36 mineralized zone, lies in volcanics just north of the talc-chlorite carbonate fault zone. This zone is separated from the large ultramafic intrusive sill (or flows) by 30 ft of basalt. There is one narrow quartz carbonate vein in the mineralized zone and only a few stringers. The sulphide content is as high as ten percent combined pyrrhotite, pyrite and locally chalcopyrite. The mineralized zone extends east, and a short distance west, from a tongue of the Edward Shaft Porphyry. The #36 mineralized body is the down plunge extension of the Fuller mineralized body to the west.

DAVIDSON TISDALE
The property is located in the PGC, along the possible offset easterly projection of the Hollinger-Macintyre trend. The property is underlain by a sequence of overturned east-striking, north dipping, pillowed and massive, magnesium tholeiitic volcanic flows of the Tisdale Group. In the southernmost part of the property there are outcrops of the distinctive V8 variolitic flows, underlain by a massive flow (“99”), which forms the basal member of the iron tholeiitic group of rock. Minor graphitic sedimentary rocks containing minor pyrite and pyrrhotite have been noted locally on the property.

Two types of quartz veins were identified on the property (Brooks, 1987): The first (Type 1) are continuous tabular veins striking generally east-west and dipping 15º to 55º to the north. The other (Type 2) are discontinuous, irregular, sub-vertical and steep north-dipping to shallow south-dipping lenses of quartz stringers and veins, striking 040º to 070º azimuth.


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

  • Gravity separation
  • Flotation
  • Concentrate leach
  • Cyanide (reagent)

Source: Subscription required

Summary:

For the Project, metallurgical testwork was done on the Buffalo Ankerite, Paymaster, Fuller, and Davidson Tisdale Properties and some historic operating data was reviewed by RPA. The results from the historical work were used to estimate the gold recovery, although there is little information about sample location. For purposes of this evaluation, the data from testwork that included gravity concentration and cyanidation of the gravity tailings was used; however, the results from tests that utilized gravity, flotation, and cyanidation of the flotation concentrate were very similar so the results would not change appreciably.

Recoveries & Grades:

CommodityParameterAvg. LOM
Gold Recovery Rate, %  ......  Subscription required
Gold Head Grade, g/t 2.23
Subscription required - Subscription is required.

Projected Production:

CommodityUnitsAvg. AnnualLOM
Gold koz 45293

Operational Metrics:

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

Reserves at :


Commodity Production Costs:

CommodityUnitsAverage
Cash costs Gold USD 842 / oz *
Assumed price Gold USD 1,300 / oz *
* According to 2014 study / presentation.

Operating Costs:

Units2014
OP mining costs ($/t milled) CAD 36.5 *
Processing costs ($/t milled) CAD  ......  Subscription required
Total operating costs ($/t milled) CAD  ......  Subscription required
* According to 2014 study.
Subscription required - Subscription is required.

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
Subscription required - Subscription is required.

Heavy Mobile Equipment:

Mine Management:

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Mar 6, 2019
Subscription required - Subscription is required.


Corporate Filings & Presentations:

DocumentYear
................................... Subscription required 2018
Preliminary Economic Assessment 2014
Subscription required - Subscription is required.

Subscription required - Subscription is required.

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