Mining Intelligence and News
French Guiana

Montagne d'Or Project

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Overview

Mine TypeOpen Pit
StatusInactive / Suspended
Commodities
  • Gold
Mining Method
  • Truck & Shovel / Loader
Mine Life... Lock
SnapshotOn February 14, 2024, Orea Mining Corp. (the company) announced Resignations and Wind-Up. The Company reports that it exhausted all possible options to move the Company and the Montagne d'Or gold project forward due to the extenuating circumstances resulting from international sanctions imposed against its joint venture partner Nord Gold plc.

Orea was assigned into bankruptcy on April 17, 2024. Crowe MacKay & Company Ltd., has been appointed as Licensed Insolvency Trustee of Orea's bankrupt estate, and affirmed by Orea's creditors at a meeting held on May 7, 2024.

Owners

SourceSource
CompanyInterestOwnership
Nord Gold plc 55.01 % Indirect
The Montagne d’Or project is a joint venture between Nordgold SE (55.01%) and Orea Mining Corp., formerly Columbus Gold Corp.(44.99%).

On August 31, 2022, Nordgold Group announces that it has entered into a legally binding letter agreement with Orea Mining Corp. to sell its 55.01% interest in the Montagne d’Or joint-venture company in French Guiana, France.

November 28, 2023 - Orea and its legal team are not aware of any transactions obtaining approval by the Canadian government related to persons sanctioned under the Special Economic Measures (Russia) Regulations, and considers it unlikely that the Acquisition will receive approval soon, or ever, therefore the Acquisition has been terminated.

May 08, 2024, Vancouver, British Columbia- Orea Mining Corp., has been permanently delisted from trading on the Toronto Stock Exchange and the OTCQB; transfer agent, clearing, CDS and DTC services are inactive or have terminated. Orea was assigned into bankruptcy on April 17, 2024.

Contractors

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Deposit type

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

Summary:

The current interpretation is that Montagne d’Or is a deformed volcanogenic massive sulphide deposit (Ross 2014).

The Montagne d’Or prospect consists of a family of tabular mineralized bodies that form closelyspaced sub-parallel east-northeast (084°) striking and steeply (72°) south-dipping mineralized zones. Mineralization has been encountered over a strike length of more than 2,500 m and to a vertical depth of at least 200 m. Only a small portion of the gold mineralization has been subjected to upper level oxidation. The significant fine-grained gold mineralization is principally affiliated with sulphide veins and masses within fresh country rock that begins at shallow depths.

Two significant styles of gold mineralization have been recognized although they show a gradational relationship between each other:

-SMS with gold mineralization
-Sulphides in disseminated stringers with gold mineralization

SMS was a term coined by previous operators and was used to support a “VMS” type model for the mineralization. It is characterized by a high sulphide content (>20%) and occurs over intervals ranging from tens of centimetres to up to 4 m. This mineralization was later interpreted to represent zones of thicker, deformed and transposed sulphide ± quartz-rich veins and a denser distribution of disseminated sulphide as compared to that of the disseminated type.

The SMS also includes sulphide-rich breccia dykes, which host rolled and milled clasts of host rock within a ductily deformed pyrite-chalcopyrite-pyrrhotite matrix. In addition, bornite is present, and minor amounts of arsenopyrite have been identified petrographically. There is a clear correlation between sulphide veinlets and sulphide-rich breccia zones and high gold grades.

Mineralization is hosted by felsic, mafic and intercalated mafic/felsic rocks to varying degrees. However, approximately 80% of the gold mineralization in the deposit occurs within the more felsic units, mainly the Felsic tuff unit.

The mineralization appears as elongated lenses of higher grade material within broader zones of low grade but anomalous mineralization (0.25 g/t Au to 0.4 g/t Au). Several distinct anomalous mineralized domains are recognized, separated by barren intercalated mafic and felsic rocks.

The Montagne d’Or deposit is now thought to be part of a stratiform/stratabound deposit type. Mineralization consists of pyrite, pyrrhotite and chalcopyrite with minor sphalerite, magnetite and arsenopyrite. Arsenopyrite, although observed, does not appear to have an obvious relationship with either gold or copper mineralization. Distinct phases are reported as stratiform disseminated sulphides, stockwork sulphide veinlets and layers of semi-massive sulphides that are tectonically transposed. The latter facies is considered as syn-volcanic in origin and as the most favourable occurrence for gold mineralization.

The disseminated sulphide veins could be related to feeder zones and/or remobilized on fold hinges and shear zones. In addition, evidence is found for tectonic remobilization with sulphides concentrated within fold hinges and pressure shadows, and cross-cutting sulphide-bearing veins.

Visible gold occurs in chlorite-rich zones or is spatially related to sulphide mineralization (after Giraud, Tremblay, Jébrak and Lefrançois, 2014). This particular 1 m interval ran 80.75 g/t Au. There is generally an increase in gold grades as sulphide (excluding pyrrhotite) content increases. Microscopic studies indicate that gold occurs as very fine grains in the host rock groundmass and at the junctions of quartz crystals. Gold has only very rarely been seen as inclusions within sulphide minerals.

Reserves

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Mining Methods

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Comminution

Crushers and Mills

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Processing

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Production

CommodityUnitsAvg. AnnualLOM
Gold koz 2142,572
All production numbers are expressed as metal in doré.

Operational metrics

Metrics
Daily processing rate 12,330 t *
Annual mining rate 35,091 kt *
Plant annual capacity 4,500 kt *
Annual processing rate 4,575 kt *
Stripping / waste ratio 4.5 kt *
Waste tonnes, LOM 241,753 kt *
Ore tonnes mined, LOM 54,114 kt *
Total tonnes mined, LOM 295,867 kt *
Tonnes processed, LOM 54,115 kt *
* According to 2017 study.

Production Costs

CommodityUnitsAverage
Cash costs Gold USD 606 / oz *  
All-in sustaining costs (AISC) Gold USD 779 / oz *  
Assumed price Gold USD 1,250 / oz *  
* According to 2017 study / presentation.

Operating Costs

CurrencyAverage
OP mining costs ($/t mined) USD  ....  Subscribe
OP mining costs ($/t milled) USD  ....  Subscribe
Processing costs ($/t milled) USD  ....  Subscribe
G&A ($/t milled) USD  ....  Subscribe
Total operating costs ($/t milled) USD  ....  Subscribe
* According to 2017 study.

Project Costs

MetricsUnitsLOM Total
Initial CapEx $M USD  ......  Subscribe
Sustaining CapEx $M USD  ......  Subscribe
Closure costs $M USD  ......  Subscribe
Total CapEx $M USD  ......  Subscribe
OP OpEx $M USD  ......  Subscribe
Processing OpEx $M USD 621.8
G&A costs $M USD 224.3
Total OpEx $M USD  ......  Subscribe
Income Taxes $M USD  ......  Subscribe
Royalty payments $M USD  ......  Subscribe
Gross revenue (LOM) $M USD  ......  Subscribe
Net revenue (LOM) $M USD  ......  Subscribe
EBITDA (LOM) $M USD  ......  Subscribe
Net Income (LOM) $M USD  ......  Subscribe
Pre-tax Cash Flow (LOM) $M USD  ......  Subscribe
After-tax Cash Flow (LOM) $M USD  ......  Subscribe
Pre-tax NPV @ 5% $M USD  ......  Subscribe
After-tax NPV @ 5% $M USD  ......  Subscribe
Pre-tax IRR, %  ......  Subscribe
After-tax IRR, %  ......  Subscribe
Pre-tax payback period, years  ......  Subscribe
After-tax payback period, years  ......  Subscribe

Required Heavy Mobile Equipment

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Personnel

Mine Management

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Apr 28, 2017
....................... Subscription required ....................... Subscription required Subscription required Apr 28, 2017

EmployeesYear
...... Subscription required 2017

Aerial view:

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