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Venezuela
Siembra Minera (Brisas-Cristinas) Project

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 Location:
5 km W from Las Claritas, Venezuela

  Project Contacts:
999 W. Riverside Ave., Suite 401
Spokane
Washington, United States
99201
Phone  ...  Subscription required
Fax(509)-623-1634
WebsiteWeb
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  • Overview
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Overview

StagePreliminary Economic Assessment
Mine TypeOpen Pit
Commodities
  • Gold
  • Copper
  • Silver
Mining Method
  • Truck & Shovel / Loader
Mine Life45 years (as of Jan 1, 2018)
The Project is a combination of the Brisas and Cristinas properties into a single project now called the Siembra Minera Project.


Owners

Source: p. 9
CompanyInterestOwnership
Gold Reserve Inc. 45 % Indirect
Corporacion Venezolana De Mineria, S.A. 55 % Indirect
Empresa Mixta Ecosocialista Siembra Minera, S.A (operator) 100 % Direct
The operating company Empresa Mixta Ecosocialista Siembra Minera, S.A., which holds the rights to the Siembra Minera Project, is a mixed capital company with 55% being owned by a Venezuelan state entity [owned by the Bolivarian Republic of Venezuela through the Corporación Venezolana de Minería] and 45% by GR Mining Barbados, Inc., a wholly-owned subsidiary of Gold Reserve Inc.

Contractors

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Deposit Type

  • Porphyry


Summary:

BRISAS
A possible deposit analogy is of a copper porphyry forming over a magmatic source (yet to be discovered) that was very rich in boron. A peraluminous granite might fit the boron requirements and a sufficient volume of basaltic/andesitic rock could provide the copper. Thin lenses of high Cu and Mo extending away along bedding/foliation planes could be the result of periodic high confining pressures within the Blue Whale that forced mineralizing fluids outward along these planes. The fluids replaced crystals and lithic fragments, evidence of which can be viewed in drill core.

There are four distinct types of gold and copper mineralization present at Brisas, defined by geometry, associated minerals, and the gold-copper ratio. These zones are the Blue Whale body, disseminated gold + pyrite ± copper, disseminated high copper, and shear-hosted gold. Only the first three types are encountered within the proposed pit geometry.

The Blue Whale mineralized body is a discrete, sharply bounded, flattened, cigar-shaped feature that trends more or less parallel to the local schistosity and plunges approximately 35° southwest.

Mineralogically, the Blue Whale is a sericite- tourmaline-pyrite-chalcopyrite-quartz schist, with a smaller volume of quartz-tourmaline-sulphide breccia.

The bulk of mineralization occurs in disseminated, coalescing, lensoid bodies, and high in gold and in most cases low in copper. These bodies lie almost ex ........


Mining Methods

  • Truck & Shovel / Loader


Summary:

The Siembra Minera Project is an open-pit gold- copper mining project. The mine will be a conventional truck and shovel open pit mining operation, which will utilize hydraulic shovels and 236-tonne trucks as the primary mining equipment. Ancillary activities will include, however not be limited to, road maintenance, road dust control, site dewatering, dump and stockpile maintenance, and grade control.

Brisas inter-ramp pit slopes based on Vector (2007) range from 22° to 30° in saprolite, 36.2° to 46.6° in the east wall, and 46.6° to 52° in the west wall. Cristinas pit slopes based on SNCLavalin (2005) are 31° for saprolite, 45° for east wall, and 50° to 55° for hard rock on the west and south wall.

The pit slopes used for RPA’s pit optimization were 36° for oxide saprolite, 46° for sulphide saprolite, and 48° for hard rock for the entire deposit.

The resource pit is approximately 6,000 m long and 1,900 m wide with a maximum depth of approximately 700 m. The total material including waste is 5,910 million tonnes. The pit slope on the east wall follows the mineralization with slopes from 36° to 38°; the west wall final pit has overall pit slopes ranging from 48° to 50°.


Crushing and Grinding
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Processing

Flow Sheet: Subscription required

Summary:

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Projected Production:

CommodityProductUnitsAvg. AnnualLOM
Gold Payable metal koz 83637,639
Gold Metal in conc./ doré koz 38,127
Copper Payable metal M lbs  ......  Subscription required  ......  Subscription required
Copper Metal in concentrate M lbs  ......  Subscription required
Silver Payable metal koz  ......  Subscription required  ......  Subscription required
Silver Metal in conc./ doré koz  ......  Subscription required

Operational Metrics:

Metrics
Stripping / waste ratio 1.16 *
Daily mining capacity 400,000 t *
Waste tonnes, LOM 2,320,350 kt *
Ore tonnes mined, LOM 2,004,741 kt *
Total tonnes mined, LOM 4,325,091 kt *
Daily processing capacity 182,000 t *
Tonnes processed, LOM 2,004,741 kt *
* According to 2018 study.

Reserves at December 31, 2017:
Mineral Resources are estimated at an NSR cut-off value of US$7.20 per tonne for oxide-saprolite material and US$5.00 per tonne for sulphide-saprolite and fresh rock material.

CategoryTonnage CommodityGradeContained Metal
Measured 10 Mt Gold 1.02 g/t 318 koz
Measured 10 Mt Copper 0.18 % 38 M lbs
Indicated 1,174 Mt Gold 0.7 g/t 26,504 koz
Indicated 1,174 Mt Copper 0.1 % 2,649 M lbs
Measured & Indicated 1,184 Mt Gold 0.7 g/t 26,822 koz
Measured & Indicated 1,184 Mt Copper 0.1 % 2,687 M lbs
Inferred 1,291 Mt Gold 0.61 g/t 25,389 koz
Inferred 1,291 Mt Copper 0.08 % 2,300 M lbs

Commodity Production Costs:

CommodityUnitsAverage
Credits (by-product) Gold USD -262 / oz *  
Site cash costs (produced) Gold USD 495 / oz *  
Cash costs Gold USD 542 / oz *  
Cash costs Gold USD 280 / oz *†  
Total cash costs Gold USD 428 / oz *†  
All-in sustaining costs (AISC) Gold USD 483 / oz *†  
Assumed price Copper USD 3 / lb *  
Assumed price Silver USD 17 / oz *  
Assumed price Gold USD 1,300 / oz *  
* According to 2018 study / presentation.
† Net of By-Product.

Operating Costs:

Units2018
OP mining costs ($/t mined) USD 1.36 *
OP mining costs ($/t milled) USD  ......  Subscription required
Direct operating costs ($/t milled) USD  ......  Subscription required
Processing costs ($/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
Closure costs $M USD  ......  Subscription required
Total CapEx $M USD  ......  Subscription required
OP OpEx $M USD  ......  Subscription required
Processing OpEx $M USD 9,881
G&A costs $M USD 2,654
Total OpEx $M USD  ......  Subscription required
Income Taxes $M USD  ......  Subscription required
Total Taxes $M USD  ......  Subscription required
Gross revenue (LOM) $M USD  ......  Subscription required
EBITDA (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 @ 10% $M USD  ......  Subscription required
After-tax NPV @ 5% $M USD  ......  Subscription required
After-tax NPV @ 10% $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
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Proposed Heavy Mobile Equipment as of March 16, 2018:
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 Mar 16, 2018
....................... Subscription required ....................... Subscription required Subscription required Mar 16, 2018
Subscription required - Subscription is required.


Corporate Filings & Presentations:

DocumentYear
................................... Subscription required 2019
Preliminary Economic Assessment 2018
Press Release 2018
Year-end Mineral Reserves 2008
Subscription required - Subscription is required.

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