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Ukraine
Shymanivske Project

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 Location:
12 km SE from Krivyi Rih, Ukraine

  Project Contacts:
3-A Mira Av., 3rd Floor
Kryviy Rih
Ukraine
50002
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  • Overview
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  • Mining
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Overview

StagePermitting
Mine TypeOpen Pit
Commodities
  • Iron
  • Iron (magnetite)
Mining Method
  • Truck & Shovel / Loader
Mine Life20 years (as of Jan 1, 2017)
Despite the ongoing war in Ukraine, Black Iron Inc.’s team has progressed the Shymanivske iron project through discussions with Ukraine’s Ministry of Defence regarding land transfer for the Project, execution of a Ukraine Government investment support agreement, and Project permitting.

To ensure our permits remain in good standing, work is currently ongoing in Ukraine to update geological and mine plans.

Finally, while Black Iron’s stakeholders wait for peace in Ukraine to advance its Shymanivske Project to construction, management has been reviewing new potential projects to generate shareholder value.


Owners

 
CompanyInterestOwnership
Black Iron Inc. 100 % Indirect

Contractors

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Deposit Type

  • Iron formation hosted


Summary:

The iron formation on the Property is of the Lake Superior-type. This type of iron formation consists of banded sedimentary rocks composed principally of bands of iron oxides, magnetite and hematite within quartz or chert-rich rock with variable amounts of silicate, carbonate and sulphide lithofacies. Such iron formations have been the principal sources of iron throughout the world (Gross, 1996).

Mineralization of economic interest on the Property is the oxide facies iron formation (OIF) or oxide facies banded iron formation and it is magnetite-rich taconite that contains minor hematite throughout. The Soviet literature commonly refers to this mineralization as “un-oxidized ferriferous quartzite”.

Concentrations of martite and goethite/limonite mineralization also occur on the Property. This latter type of mineralization is an alteration product derived from the taconite. In the Soviet literature, this type of mineralization is called “rich iron ore” or “oxidized quartzite mineralization.” This supergene enriched iron mineralization is commonly associated with the faults and fault zones, perhaps coincident with an unconformity that occurs along the western margin of the Shymanivske deposit adjacent to the Archean basement.

On the Shtmanivske property, only the magnetite-rich taconite is considered of immediate economic interest. WGM understands that under Ukrainian law martite mineralization, if not exploited, must be stockpiled for possible l ........


Mining Methods

  • Truck & Shovel / Loader


Summary:

The mining method selected for the Project, consisting of a conventional open pit, truck and shovel, drill and blast operation, has not changed from previous studies on the Property. Vegetation and topsoil will be stripped and stockpiled for future reclamation use. Overburden, as well as parts of the historic waste dumps that will be mined, will be sent to either waste dumps or to the tailings facility to be used as construction material. The mineralized material and waste rock will be mined with 15 m high benches, drilled, blasted and loaded into a fleet of haul trucks using electric cable shovels.

The overall pit slope through the iron formation is 47 degrees. This overall slope is achieved with 15 m high benches, a bench face angle of 60 degrees and a berm width of 10.6 m, which is placed every two benches. The overall pit slope through the overburden formation is 37.5 degrees which is achieved with 15 m high benches, a bench face angle of 60 degrees and a berm width of 10.9 m. Where mining will occur into the historic waste dumps, an offset of 20 m is required from the pit crest, and the dump will be mined in 5 m benches at a bench face angle of 50 degree. A catch bench of 4.2 m will be placed on every bench, resulting in an overall slope of 30 degrees.

The ramps and haul roads were designed for haulage with 228 t rigid frame mining trucks, with an overall width of 31 m. For double lane traffic, industry practice indicates the minimum running surf ........


Crushing and Grinding
Flow Sheet: Source


Processing

Flow Sheet: Subscription required

Summary:

- subscription is required.


Projected Production:

CommodityUnitsAvg. AnnualLOM
Iron (magnetite) kt 00
All production numbers are expressed as concentrate.

Operational Metrics:

Metrics
Stripping / waste ratio 0.6 *
Annual mining capacity 40 Mt *
Waste tonnes, LOM 190.4 Mt *
Ore tonnes mined, LOM 506.6 Mt *
Total tonnes mined, LOM 793.9 Mt *
Tonnes milled, LOM 506.6 Mt *
Annual milling capacity 28.7 Mt *
* According to 2017 study.

Reserves at November 21, 2017:

CategoryTonnage CommodityGrade
Measured 355.1 Mt Iron 32 %
Indicated 290.7 Mt Iron 31.1 %
Measured & Indicated 645.8 Mt Iron 31.6 %
Inferred 188.3 Mt Iron 30.1 %

Commodity Production Costs:

CommodityUnitsAverage
Cash costs Iron (magnetite) USD 31.5 / t *  
Assumed price Iron (magnetite) USD 97.2 / t *  
* According to 2017 study / presentation.

Operating Costs:

Units2017
OP mining costs ($/t mined) USD 1.83 *
* According to 2017 study.

2017 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
Total OpEx $M USD  ......  Subscription required
Royalty payments $M USD  ......  Subscription required
Gross revenue (LOM) $M USD  ......  Subscription required
Pre-tax Cash Flow (LOM) $M USD  ......  Subscription required
Pre-tax NPV @ 0% $M USD  ......  Subscription required
Pre-tax NPV @ 10% $M USD  ......  Subscription required
Pre-tax NPV @ 8% $M USD  ......  Subscription required
After-tax NPV @ 0% $M USD  ......  Subscription required
After-tax NPV @ 10% $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 November 21, 2017:
HME TypeModelSizeQuantityLeased or
Contractor
Dozer (crawler) ....................... Subscription required 80 t ....................... Subscription required Leased
....................... Subscription required ....................... Subscription required ....................... Subscription required ....................... Subscription required Leased
....................... Subscription required ....................... Subscription required ....................... Subscription required ....................... Subscription required Leased
....................... Subscription required ....................... Subscription required ....................... Subscription required ....................... Subscription required Leased
....................... Subscription required ....................... Subscription required ....................... Subscription required ....................... Subscription required Leased
....................... Subscription required ....................... Subscription required ....................... Subscription required ....................... Subscription required Leased
....................... Subscription required ....................... Subscription required ....................... Subscription required ....................... Subscription required Leased
....................... Subscription required ....................... Subscription required ....................... Subscription required ....................... Subscription required Leased
Subscription required - Subscription is required.

Mine Management:

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Nov 1, 2022
Subscription required - Subscription is required.


Corporate Filings & Presentations:

DocumentYear
................................... Subscription required 2021
................................... Subscription required 2020
................................... Subscription required 2020
................................... Subscription required 2019
Fact Sheet 2018
Preliminary Economic Assessment 2017
Subscription required - Subscription is required.

Subscription required - Subscription is required.

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