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United States
Lik Project

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 Location:
74 km NE from Kivalina, Alaska, United States

  Project Contacts:
4251 Kipling Street, Suite 390 Wheat Ridge
Wheat Ridge
Colorado, United States
80033
Phone  ...  Subscription required
Fax303-534-1809
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Overview

StagePreliminary Economic Assessment
Mine TypeOpen Pit
Commodities
  • Zinc
  • Lead
  • Silver
Mining Method
  • Truck & Shovel / Loader
Mine Life10 years (as of Jan 1, 2014)
On May 12, 2022, Teck announced the formation of its Zinc Satellite initiative to surface value from Teck’s portfolio of world-class zinc development assets. The Lik Zinc Project is one, among five projects selected for Teck’s value creating initiative.


Owners

Source: p. 26
CompanyInterestOwnership
Teck Resources Ltd. 50 % Indirect
Solitario Zinc Corp. 50 % Indirect
The Lik project is held in a joint venture between Teck Resources Limited (50%) and Solitario Zinc Corp. (50%).

Contractors

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Deposit Type

  • Sediment-hosted


Summary:

The Lik deposits are examples of a large group of deposits broadly referred to as sedimenthosted zinc-lead-silver deposits.

The Lik deposit is hosted in the upper part of the Ikalukrok Unit of the Kuna Formation. At Lik, the immediate host rocks are carbonaceous and siliceous black shale, with subordinate black chert and fine-grained limestone. These rocks strike broadly north-south and dip at approximately 25° to 40° to the west . The massive sulfides are overlain conformably by rocks of the Siksikpuk Formation. The sequence is overridden by allochthonous rocks that form high hills north and west of the deposits.

The mineralized sequence is cut by a number of minor faults. Recent drilling has demonstrated that several of the interpreted faults may not exist, or the movement on the fault is minor. The most significant of these faults is the Main Break Fault. While the plunge of the northern end of the Lik deposit increases to approximately 25° to 42°, it is no longer apparent that there is a break separating the Lik South and Lik North deposits. It is also unclear whether there is a change in strike north of the fault, or whether the change is more apparent due to topography.

Recent work appears to show that the fault does not exist, or its effects are very minor. The division into two parts is maintained and the boundary is taken as Section 13800N for this report. As presently tested, the largest lens, the A Lens of the Lik South deposit, is ........


Mining Methods

  • Truck & Shovel / Loader


Summary:

The project is situated approximately 17 kilometers (10.4 miles) northwest of Teck’s operating Red Dog mine, one of the world’s largest, highest grade and lowest cost zinc mines.

In 2014, a PEA has been completed that incorporated a variety of prefeasibility level studies into the analysis. These studies included resource estimation, mining and processing recovery estimates, a preliminary mining and processing plan, infrastructure layout, environmental considerations and economic analysis based on the base case parameters.

The PEA envisioned an open pit mining operation with a 5,500 ton per day floatation mill for processing resulting in a nine-year mine life. Concentrates would be handled through the DeLong Mountain Regional Transportation System (the “DMTS”) road and port system that currently handles all concentrate produced by the nearby Red Dog zinc mine of Teck.

The PEA analyzed the Lik project as a stand-alone operation and assumes construction of its own independent processing, tailings and port facilities. Alternate development scenarios might be developed utilizing infrastructure under the control of the nearby Red Dog operation. However, no agreements are in place to develop such plans and are therefore hypothetical.

As end of 2021 Solitario and Teck are in final discussions to jointly fund a 2022 exploration program, with Teck acting as project manager. The program, if approved, consists of drilling three core holes ........


Crushing and Grinding
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Processing

Flow Sheet: Subscription required

Summary:

- subscription is required.


Projected Production:

CommodityProductUnitsAvg. AnnualLOM
Zinc Metal in concentrate M lbs 2342,090
Zinc Concentrate kt 2842,539
Lead Concentrate kt  ......  Subscription required  ......  Subscription required
Lead Metal in concentrate M lbs  ......  Subscription required  ......  Subscription required
Silver Metal in concentrate koz  ......  Subscription required  ......  Subscription required

Operational Metrics:

Metrics
Daily milling rate 5,480 t *
Stripping / waste ratio 5.1 *
Daily milling capacity 5,500 t *
Daily ore mining rate 5,500 t *
Waste tonnes, LOM 105.7 Mt *
Ore tonnes mined, LOM 20.8 Mt *
Total tonnes mined, LOM 126.5 Mt *
Annual milling rate 2 Mt *
* According to 2014 study.

Reserves at December 31, 2021:

CategoryTonnage CommodityGradeContained Metal
Indicated 17,600 kt Zinc 8.07 % 3,131,806 k lbs
Indicated 17,600 kt Lead 2.68 % 1,040,054 k lbs
Indicated 17,600 kt Silver 50.1 g/t 28,350 koz
Inferred 2,800 kt Zinc 8.64 % 533,434 k lbs
Inferred 2,800 kt Lead 2.73 % 168,550 k lbs
Inferred 2,800 kt Silver 38.9 g/t 3,502 koz

2014 Study Costs and Valuation Metrics :

MetricsUnitsLOM Total
Pre-Production capital costs $M USD  ......  Subscription required
Sustaining CapEx $M USD  ......  Subscription required
Closure costs $M USD  ......  Subscription required
Total CapEx $M USD  ......  Subscription required
OP OpEx $M USD  ......  Subscription required
Processing OpEx $M USD 629.2
G&A costs $M USD 121.8
Total OpEx $M USD  ......  Subscription required
Total Taxes $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 @ 8% $M USD  ......  Subscription required
After-tax NPV @ 8% $M USD  ......  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.


Proposed Heavy Mobile Equipment as of March 3, 2014:
HME TypeModelSizeQuantity
Dozer (crawler) ....................... Subscription required ....................... Subscription required
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Subscription required - Subscription is required.

Mine Management:

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Oct 17, 2022
....................... Subscription required ....................... Subscription required Subscription required Oct 17, 2022
....................... Subscription required ....................... Subscription required Subscription required Oct 17, 2022
Subscription required - Subscription is required.


Corporate Filings & Presentations:

DocumentYear
Press Release 2022
................................... Subscription required 2021
Fact Sheet 2018
Preliminary Economic Assessment 2014
Subscription required - Subscription is required.

Subscription required - Subscription is required.

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