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Peru
Invicta Project

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 Location:
24 km NE from Sayan, Peru

  Project Contacts:
CA. 22 De Agosto 106-, Rimac
Lima
Peru
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  • Overview
  • Owners
  • Geology
  • Mining
  • Processing
  • Production
  • Reserves
  • Costs & Financials
  • Fleet
  • Personnel
  • Filings & News

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Overview

StatusInactive / Suspended
Mine TypeUnderground
Commodities
  • Gold
  • Silver
  • Copper
  • Lead
  • Zinc
Mining Method
  • Sub-level stoping
  • Longhole open stoping
  • Dry waste backfill
Mine Life6 years (as of Jan 1, 2018)
The mine site for the Invicta Project extended across the respective territories of two communities, the Rural Community of Santo Domingo de Apache and the Rural Community of Lacsanga, and bordered land belonging to Parán.

On 19 June 2018, Parán organised the armed invasion of the Invicta Project, causing the temporary suspension of operations until Parán withdrew from the premises.

On 14 October 2018, Parán sent men to the premises of the Invicta Project, forcing Lupaka’s personnel from the area and subsequently blocking access routes to the mine. The Blockade continued indefinitely and Lupaka was never able to regain access to the site.

At the time of the blockade in October 2018, Lupaka had materially completed development of the Invicta Mine and was close to commencing production.


Owners

Source: p. 7
CompanyInterestOwnership
Invicta Mining Corp S.A.C. 100 % Direct
October 1, 2012 - Lupaka Gold Corp. (Lupaka) acquired 100% of the Invicta Mining Corp. S.A.C (IMC), the owner of the Invicta project.

On October 14, 2018, the rural community of Paraná blocked access to the mine. The blockade continued indefinitely, and Lupaka was never able to regain access to the site.

Lupaka was unable to produce gold and generate resulting cash flows to enable it to fulfil its financial obligations to creditors, including its obligation to make monthly deliveries of gold to Pandion Mine Finance L.P. (Pandion) under a prepaid gold purchase agreemen twith PLI Huaura Holding L.P. (PLI), an investment vehicle controlled by Pandion.

In July 2019, Pandion transferred its interest in PLI to Lonely Mountain Resources S.A.C. (Lonely). Subsequently, Lonely initiated foreclosure proceedings which resulted in the seizure of Lupaka’s shares in IMC and, therefore, of Lupaka’s ownership of the Invicta Project.

Contractors

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Deposit Type

  • Epithermal
  • Vein / narrow vein


Summary:

The Invicta Gold Project geology comprises mainly mafic volcanic rocks of the Calipuy group that overlie diorite, tonalite and granodiorite of the Paccho pluton, an intrusive suite that is part of the Huaura plutonic complex (Coastal batholith). Diorite and granodiorite of the Paccho intrusion are exposed in the southwest and western portions of the Invicta Gold Project. These generally comprise massive, weakly to moderately silicified rocks, with strong kaolinite, limonite and hematite altered rocks associated with mineralized zones.

Mineralized veins at the Invicta Gold Project have many of the characteristics of epithermal vein systems. Buenaventura Ingenieros S.A. (2010) concluded on the basis of fluid inclusions studies, which indicated multiple fluid populations and homogenization temperatures between 250 and 400 degrees Celsius, that mineralization at the Invicta Gold Project was mesothermal. However, field observations, including the style of veining, alteration, and the presence of open-space, vuggy textures are more in support of epithermal-style veining. The results obtained by Buenaventura Ingenieros S.A. (2010) may be explained by a depositional process controlled by fluid mixing and the cooling of the hydrothermal system associated with multiple stages of mineral deposition over a protracted period of time.

Mineralization
Mineralization is closely linked to the first stage of deformation, and occurs in three principal settings:
• ........


Mining Methods

  • Sub-level stoping
  • Longhole open stoping
  • Dry waste backfill


Summary:

The geotechnical characterization of the mineralized deposit, the wall-rock competency and the geometric shape lends itself to a sublevel long hole stoping mining method with unconsolidated waste rock backfill. This method typically responds well for obtaining a high extraction ratio, controlled dilution and reasonable to low operating cost.

Longhole drilling will be undertaken by down-the-hole hammer drills with an on-board compressor. Longhole stopes will be blasted utilizing ANFO with standard blasting techniques.

The blasted material will be mucked from the 3400- extraction level utilizing 4 cubic yard LHDs (fitted for remote use). The ore then will be dumped directly into 20 tonne haulage trucks. The trucks will then transport the material from the adit to an off-site mill processing facility.

The lower portion of the stopes will be 30 m high (sill to sill) and mined from the 3400 Level with up-hole drilling and from 3430 Level with down-hole drilling. All other levels, from 3445 to 3505 Level are 15 metres in height and will be down- hole drilled.

The total height of the stopes will be estimated at 130 metres, with a length of 40 metres, and a width of 4 to 14 metres. All stopes will be separated by rib pillars and filled with available development waste rock. The availability of backfill may not always be ready within the mine cycle therefore these designed rib pillars in-between stopes will allow for further support if th ........


Crushing and Grinding
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Processing

Flow Sheet: Subscription required

Summary:

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Projected Production:

CommodityProductUnitsLOM
Gold Equivalent Payable metal oz 145,765
Gold Equivalent Metal in concentrate oz 184,708

Operational Metrics:

Metrics
Daily milling capacity 355 t *
Daily ore mining rate 319 t *
Ore tonnes mined, LOM 669,813 t *
Tonnes milled, LOM 0.67 Mt *
Mining scale, tpd 319 t
Processing scale, tpd 355 t
* According to 2018 study.

Reserves at February 28, 2018:
Cut-off grade 3.0 g/t Au-Eq.

CategoryTonnage CommodityGradeContained Metal
Indicated 2,999 kt Gold Equivalent 5.78 g/t 558 koz
Indicated 2,999 kt Gold 4.07 g/t 392 koz
Indicated 2,999 kt Silver 24.81 g/t 2,392 koz
Indicated 2,999 kt Copper 0.6 % 39,739 k lbs
Indicated 2,999 kt Lead 0.36 % 23,678 k lbs
Indicated 2,999 kt Zinc 0.42 % 27,977 k lbs
Measured & Indicated 2,999 kt Gold Equivalent 5.78 g/t 558 koz
Measured & Indicated 2,999 kt Gold 4.07 g/t 392 koz
Measured & Indicated 2,999 kt Silver 24.81 g/t 2,392 koz
Measured & Indicated 2,999 kt Copper 0.6 % 39,739 k lbs
Measured & Indicated 2,999 kt Lead 0.36 % 23,678 k lbs
Measured & Indicated 2,999 kt Zinc 0.42 % 27,977 k lbs
Inferred 577 kt Gold Equivalent 5.29 g/t 98 koz
Inferred 577 kt Gold 4.91 g/t 91 koz
Inferred 577 kt Silver 5.49 g/t 102 koz
Inferred 577 kt Copper 0.1 % 1,311 k lbs
Inferred 577 kt Lead 0.11 % 1,365 k lbs
Inferred 577 kt Zinc 0.15 % 1,939 k lbs

Commodity Production Costs:

CommodityUnitsAverage
Cash costs Gold Equivalent USD 508 / oz *  
All-in sustaining costs (AISC) Gold Equivalent USD 575 / oz *  
Assumed price Lead USD 1.05 / lb *  
Assumed price Zinc USD 1.25 / lb *  
Assumed price Copper USD 3 / lb *  
Assumed price Silver USD 16.8 / oz *  
Assumed price Gold USD 1,300 / oz *  
* According to 2018 study / presentation.

Operating Costs:

Units2018
UG mining costs ($/t mined) USD 43 *
Processing costs ($/t milled) USD  ......  Subscription required
G&A ($/t milled) USD  ......  Subscription required
Total operating costs ($/t milled) USD  ......  Subscription required
* According to 2018 study.
Subscription required - Subscription is required.

2018 Study Costs and Valuation Metrics :

MetricsUnitsLOM Total
Initial CapEx $M USD  ......  Subscription required
Sustaining CapEx $M USD  ......  Subscription required
Total CapEx $M USD  ......  Subscription required
UG OpEx $M USD  ......  Subscription required
Processing OpEx $M USD 25.2
Transportation (haulage) costs $M USD 33.6
G&A costs $M USD 8.5
Total OpEx $M USD  ......  Subscription required
Gross revenue (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
Pre-tax NPV @ 8% $M USD  ......  Subscription required
After-tax NPV @ 5% $M USD  ......  Subscription required
After-tax NPV @ 8% $M USD  ......  Subscription required
Pre-tax payback period, years  ......  Subscription required
After-tax payback period, years  ......  Subscription required
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Pipelines and Water Supply
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Proposed Heavy Mobile Equipment as of April 13, 2018:
HME TypeSizeQuantityLeased or
Contractor
ANFO Loader ....................... Subscription required Leased
....................... Subscription required ....................... Subscription required Leased
....................... Subscription required ....................... Subscription required Leased
....................... Subscription required ....................... Subscription required Leased
....................... Subscription required ....................... Subscription required ....................... Subscription required Leased
....................... Subscription required ....................... Subscription required Leased
....................... Subscription required ....................... Subscription required ....................... Subscription required Leased
Subscription required - Subscription is required.

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Staff:

EmployeesContractorsTotal WorkforceYear
Subscription required Subscription required Subscription required 2018

Corporate Filings & Presentations:

DocumentYear
Other 2022
................................... Subscription required 2021
................................... Subscription required 2020
................................... Subscription required 2019
Corporate Presentation 2018
Corporate Presentation 2018
Preliminary Economic Assessment 2018
Press Release 2018
Technical Report 2012
Subscription required - Subscription is required.

Subscription required - Subscription is required.

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