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United States
Lik Project

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 Location:
74,2 km NE from Kivalina, Alaska, United States

  Project Contacts:
Suite 500 Park Place 666 Burrard Street
Vancouver
British Columbia, Canada
V6C 3P6
Phone  ...  Subscription required
Fax877 878-7098
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Overview

StagePreliminary Economic Assessment
Mine TypeOpen Pit
Commodities
  • Zinc
  • Lead
  • Silver
Mining Method
  • Truck & Shovel / Loader
Processing
  • Flotation
Mine Life10 years (as of Jan 1, 2014)
Latest NewsSolitario Zinc Completes Acquisition of Zazu Metals and Interest in Lik Zinc Project     July 8, 2017


Owners & OPERATOR

Source: p. 2
CompanyInterestOwnership
Teck Resources Ltd. 50 % Direct
Solitario Exploration & Royalty Corp. (operator) 50 % Indirect
Zazu Metals Corp. 50 % Direct
Solitario is the project operator of Lik.

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 approximately 1,100 m long and 600 m wide and much of it is flat-lying. It contains the bulk of the tonnage in the Lik South area. The second largest lens, B Lens, is approximately 500 m long, up to 200 m wide, and averages approximately 120 m wide. The R Lens is approximately 400 m north-south, 100 m east-west, and up to 5 m thick and lies about 6 m above the A Lens. Mineralization in the Lik South deposits has been tested down dip to a depth of approximately 150 m to 200 m.

The Lik North deposit is approximately 700 m long and 350 m wide. As with the Lik South deposit, mineralization is interpreted as occurring in a number of lenses, with most of the mineralization present in a single lens referred to as the North Lens in this report. The North Lens plunges at about 25° to 42° and has been tested down dip to a depth of about 300 m.

The deposits strike broadly northerly and dip westerly at approximately 25° to 40°. The mineralization comprises irregular, stratiform lenses. The mineralogy of the sulfides is simple and comprises pyrite, marcasite, sphalerite, and galena, with rare tetrahedrite, bournonite, and boulangerite. Gangue minerals include quartz (as chert), clay minerals, carbonate, and barite. Noranda recognized six different ore types in its logging of drill core (Scherkenbach et al., 1985). Sulfide grain sizes and grades vary between different ore types. Maximum sphalerite grain size is about 100 µm.


Mining Methods

  • Truck & Shovel / Loader


Summary:

The deposit will be a conventional, open pit, truck-and-shovel operation. A mill feed of approximately 5,500 t/d is planned over a nine-year mine life. There will be a small quantity of pre-strip material in Year -1, with a full production ramp-up in year 1. The throughput rate in Year 1 was reduced to 80% of full capacity to reflect mill construction and start-up time.


Crushing and Grinding


Processing

  • Flotation

Flow Sheet: Subscription required

Summary:

The grinding circuit will reduce the size of the crushed material to a product size P80 of 40 µm. The grinding process will be a two-stage operation with the SAG mill followed by one ball mills in closed circuit with the cyclones. A pebble crusher will be included in closed circuit with the SAG mill to handle coarse pebbles from the SAG mill discharge screen. The grinding circuit will process ore at an operating rate of 248 tonnes per hour.

Water and lime will be added to the SAG mill feed as required, and to maintain the slurry density at 74% solids. The SAG mill will operate at a critical speed of 76.9% with a nominal 12% ball load. Discharge from the SAG mill will be directed to a vibrating screen. Undersize from the screens will be discharged to the cyclone feed pump box, and oversize material (15-25% of new feed) will be sent to the pebble crusher by conveyor. The crushed material from the pebble crusher will be returned to the SAG mill. SAG mill discharge will combine ........

Recoveries & Grades:

CommodityParameterAvg. LOM
Zinc Recovery Rate, %  ......  Subscription required
Zinc Head Grade, % 7.7
Zinc Concentrate Grade, %  ......  Subscription required
Lead Recovery Rate, %  ......  Subscription required
Lead Head Grade, % 2.6
Lead Concentrate Grade, %  ......  Subscription required
Silver Head Grade, oz/t 1.38
Subscription required - Subscription is required.

Projected Production:

CommodityProductUnitsAvg. AnnualLOM
Zinc Metal in concentrate M lbs 2342,090
Zinc Concentrate kdmt 2842,539
Lead Concentrate kdmt  ......  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
Waste 105.7 Mt *
Daily milling rate 5,500 t *
Stripping / waste ratio 5.1 *
Ore tonnes mined, LOM 20.8 Mt *
Total tonnes mined, LOM 126.5 Mt *
Annual milling capacity 2 Mt *
* According to 2014 study.

Reserves at July 1, 2018:

CategoryOreTypeTonnage CommodityGrade
Indicated In-Situ (OP) 17.29 Mt Zinc 8.09 %
Indicated In-Situ (UG) 0.82 Mt Zinc 8.18 %
Indicated Total 18.11 Mt Zinc 8.1 %
Indicated In-Situ (OP) 17.29 Mt Lead 2.7 %
Indicated In-Situ (UG) 0.82 Mt Lead 3.12 %
Indicated Total 18.11 Mt Lead 2.72 %
Indicated In-Situ (OP) 17.29 Mt Silver 50.2 g/t
Indicated In-Situ (UG) 0.82 Mt Silver 48.9 g/t
Indicated Total 18.11 Mt Silver 50.2 g/t
Inferred In-Situ (OP) 2.87 Mt Zinc 8.59 %
Inferred In-Situ (UG) 2.47 Mt Zinc 8.76 %
Inferred Total 5.34 Mt Zinc 8.66 %
Inferred In-Situ (OP) 2.87 Mt Lead 2.68 %
Inferred In-Situ (UG) 2.47 Mt Lead 2.7 %
Inferred Total 5.34 Mt Lead 2.69 %
Inferred In-Situ (OP) 2.87 Mt Silver 37.5 g/t
Inferred In-Situ (UG) 2.47 Mt Silver 38.7 g/t
Inferred Total 5.34 Mt Silver 38 g/t

Commodity Production Costs:

CommodityUnitsAverage
Cash costs Lead USD 0.04 / lb *†
Cash costs Zinc USD 0.63 / lb *†
Assumed price Lead USD 1.01 / lb *
Assumed price Zinc USD 0.92 / lb *
Assumed price Silver USD 19.4 / oz *
* According to 2014 study / presentation.
† Net of By-Product.

Operating Costs:

Units2014
OP mining costs ($/t milled) USD 18.4 *
Processing costs ($/t milled) USD  ......  Subscription required
Total operating costs ($/t milled) USD  ......  Subscription required
* According to 2014 study.
Subscription required - Subscription is required.

2014 Study Costs and Valuation Metrics :

MetricsUnitsLOM Total
Pre-Production capital costs $M USD  ......  Subscription required
Sustaining CapEx $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 2
....................... Subscription required ....................... Subscription required 1
....................... Subscription required ....................... Subscription required 1
....................... Subscription required ....................... Subscription required 1
....................... Subscription required ....................... Subscription required 1
....................... Subscription required ....................... Subscription required 1
....................... Subscription required ....................... Subscription required 8
Subscription required - Subscription is required.

Subscription required - Subscription is required.


Corporate Filings & Presentations:

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

News:

NewsDate
Solitario Zinc Completes Acquisition of Zazu Metals and Interest in Lik Zinc Project July 8, 2017

Subscription required - Subscription is required.

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