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Mexico

Santo Tomas Project

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Overview

Mine TypeOpen Pit
StagePreliminary Economic Assessment
Commodities
  • Copper
  • Molybdenum
  • Gold
  • Silver
Mining Method
  • Truck & Shovel / Loader
Mine Life... Lock
SnapshotSanto Tomás hosts a large, outcropping porphyry copper deposit comprised of fracture-hosted and disseminated Cu and Mo sulphides with significant Au and Ag credits.

The August 2024 Preliminary Economic Assessment (PEA) Update establishes the Santo Tomas Project as one of the most capital-efficient large-scale, low-cost copper projects in the world.

The updated PEA outlines a phased open-pit operation, starting at 60,000 tonnes per day in Year 1 and doubling to 120,000 tonnes per day in Year 8 with the addition of a second processing line.

Proximal infrastructure includes the deep-water port of Topolobampo, located 160km to the south-west, connected by sealed roads, a rail line, high voltage power supply, and a high-pressure gas pipeline, all within 20km or less of Santo Tomás.

Owners

SourceSource
CompanyInterestOwnership
Oroco Resource Corp. 85.5 % Indirect
Oroco Resource Corp. holds a net 85.5% interest in the Core Concessions of the Santo Tomas Project.

Contractors

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Deposit type

  • Replacement
  • Porphyry
  • Skarn

Summary:

Deposit Types
The Santo Tomás exploration programs have primarily focused on Cu-Mo-Au-Ag porphyry deposit types. Herein, exploration recommendations continue with this deposit-type target.

Santo Tomás Mineralization
Mineralization at Santo Tomás is developed along a 5 km strike length below a cap of Cretaceous limestone and later felsic volcanics. Erosion has exposed the mineralization along the Santo Tomás Ridge with the main area of surface exposure in the North Zone on the east flank of the ridge, above the Río Fuerte. Mineralization is mostly continuous along strike, but a lower-grade area separates the North Zone and South Zone and the Río Fuerte separate the North Zone from Brasiles area. Indications are that mineralisation extends down dip until it intersects the Granodiorite (GD) as either an intrusive contact or a faut bounded contact, as interpreted in the 3D geological model. The North Zone lies on the eastern flank of the prominent N-S trending Santo Tomás Ridge whereas the South Zone lies on western flank. The main mineralized zone varies in thickness between 100 to 400 m (locally 600 m) in true thickness and dips moderately to the west at 50° in the North Zone. Similar moderate angle dips are apparent in the southerly portion of the South Zone where mineralization dips sub-parallel, or slightly steeper than, the west-facing slope of the Santo Tomás Ridge. The moderate westerly dip of the mineralized zone is cut by later post mineralization faults faulting along the western fault zone.

Santo Tomás Cu (Mo-Au-Ag) mineralization is characterized by copper porphyry and skarn/replacement style mineralization linked to the Laramide orogeny (80-40 Ma age). Technical reports published by Bridge (2020) and the MRE (Ausenco, 2023) reported a K-Ar age of 57.2 ± 1.2 Ma for a quartz-monzonite. This age was originally reported by Damon et al., (1983), relating it to the age of the mineralization. This age is likely from a sample of an intrusive collected from a location not consistent with the Santo Tomás mineralization. To develop confidence in the mineralization age and genesis, Oroco undertook a comprehensive sampling program to develop a set of precise ages for the mineralization, and the intrusive and extrusive lithologies on the Property. Results from the Re-Os dating, define the Santo Tomás mineralization at between 76 and 72 Ma, coeval to the QMhbl and MZ/QM intrusions, which yielded U-Pb ages between 75.11 and 64.99 Ma, contemporaneous with the first generation (76?74 Ma) of copper porphyries within the southern North American Cordillera belt (Lazcano et al., 2023), and other associated Laramide- age deposits.

At Santo Tomás Laramide intrusions were emplaced into Jurassic-Cretaceous strata comprising metamorphosed andesite, limestone, and minor argillaceous and clastic units. Mineralization is strongly structurally controlled and associated with the Laramide-age Santo Tomás fault and fracture zone, interpreted as an early-stage structural zone which provided the pathway for the quartz-monzonite dyke swarm and related hydrothermal alteration, hydrothermal breccias, and sulphide mineralization. This early-stage structural zone can be mapped as a well-defined fracture zone (Mx) of sheeted quartz-monzonite dykes, and screens of highly fractured, hornfelsed andesite, and lesser limestone. Mineralization distributed along this zone forms a tabular NW dipping zone primarily defined by finely disseminated sulphides and fracture-fillings with subordinate sulphides hosted in stockwork quartz veinlets. Sulphides are dominated by pyrite-chalcopyrite–(molybdenite) and are distributed in altered quartz-monzonite and altered andesite. Minor mineralization is associated with skarn and replacement-style mineralization in the hanging wall limestone.

The mineralogy comprises chalcopyrite, pyrite and molybdenite with minor bornite, covellite, and chalcocite. Sulphides occur as fracture fillings, veinlets, and fine disseminations together with potassium feldspar, quartz, calcite, chlorite, and locally, tourmaline. Minor copper oxides occur near surface. Chalcopyrite is the main copper mineral associated with the altered monzonitic intrusives and andesites. Chalcopyrite occurs with pyrite both as fine-grained disseminations and in 1 mm to 2-3 mm microfractures associated with quartz and potassium feldspar, and locally tourmaline. Chlorite and magnetite may also present. Oroco developed a vein classification system to characterize the complex vein system and along with hydrothermal alteration, develop vectors to higher-grade mineralized zones, associated with potassic and phyllic (QSP) alteration. Mineralization is closely related to extant “white micas” and the zones of pervasive A and B-type veining with a sulphide assemblage of chalcopyrite-molybdenite and minor bornite. Increased vein thickness, up to 2.5 cm, is typically also accompanied by higher grades. B-type veinlets are the dominant Cu-Mo mineralization microstructures at Santo Tomás, hosted within altered quartz-monzonite and andesite. Proximal B-type veins are typified by quartz and chalcopyrite with molybdenite developed as a thin vein selvage or along the vein suture and a K-feldspar and illite alteration halo. Distal veins are typified by quartz with molybdenitechalcopyrite and pyrite and an illite and green sericitic alteration halo.

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

CommodityProductUnitsAvg. AnnualLOM
Copper Payable metal M lbs 4,774
Copper Metal in concentrate M lbs 2194,960
Copper Concentrate kt 8,458
Molybdenum Payable metal M lbs 81
Molybdenum Metal in concentrate M lbs 3.682
Molybdenum Concentrate kt 83
Gold Payable metal koz 300
Gold Metal in concentrate koz 19428
Silver Payable metal koz 26,673
Silver Metal in concentrate koz 1,31029,636
Copper Equivalent Payable metal M lbs 2385,324

Operational metrics

Metrics
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Annual milling capacity  ....  Subscribe
Stripping / waste ratio  ....  Subscribe
Waste tonnes, LOM  ....  Subscribe
Ore tonnes mined, LOM  ....  Subscribe
Total tonnes mined, LOM  ....  Subscribe
Tonnes milled, LOM  ....  Subscribe
* According to 2024 study.

Production Costs

CommodityUnitsAverage
Total cash costs Copper USD  ....  Subscribe
All-in sustaining costs (AISC) Copper USD  ....  Subscribe
Assumed price Molybdenum USD  ....  Subscribe
Assumed price Copper USD  ....  Subscribe
Assumed price Silver USD  ....  Subscribe
Assumed price Gold USD  ....  Subscribe
* According to 2024 study / presentation.
** Net of By-Product.

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 2024 study.

Project Costs

MetricsUnitsLOM Total
Initial CapEx $M USD  ......  Subscribe
Expansion 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 3,363
Refining and treatment costs $M USD  ......  Subscribe
Transportation (haulage) costs $M USD 740.9
G&A costs $M USD 539
Total OpEx $M USD  ......  Subscribe
Total Taxes $M USD  ......  Subscribe
Royalty payments $M USD  ......  Subscribe
Gross revenue (LOM) $M USD  ......  Subscribe
EBITDA (LOM) $M USD  ......  Subscribe
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After-tax Cash Flow (LOM) $M USD  ......  Subscribe
Pre-tax NPV @ 5% $M USD  ......  Subscribe
Pre-tax NPV @ 10% $M USD  ......  Subscribe
Pre-tax NPV @ 8% $M USD  ......  Subscribe
After-tax NPV @ 5% $M USD  ......  Subscribe
After-tax NPV @ 10% $M USD  ......  Subscribe
After-tax NPV @ 8% $M USD  ......  Subscribe
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Required Heavy Mobile Equipment

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Personnel

Mine Management

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Aerial view:

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