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Mexico
Los Reyes Project

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 Location:
112 km N from Mazatlan, Sinaloa, Mexico

  Project Contacts:
710 - 1030 West Georgia St.
Vancouver
British Columbia, Canada
V6E 2Y3
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  • Overview
  • Owners
  • Geology
  • Mining
  • Processing
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  • Reserves
  • Costs & Financials
  • Fleet
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  • Filings & News

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Overview

StagePreliminary Economic Assessment
Mine TypeOpen Pit
Commodities
  • Gold
  • Silver
Mining Method
  • Truck & Shovel / Loader
Mine Life11 years (as of Jan 1, 2014)
Latest NewsPrime Drills Multiple Wide, High-Grade Intercepts in Z-T Area Including Bonanza-Grade Intervals     January 11, 2023


Owners

Source: p. 16
CompanyInterestOwnership
Prime Mining Corp. 100 % Indirect
During fiscal 2021, Prime Mining Corp. completed the acquisition of the Los Reyes Project.

Contractors

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Deposit Type

  • Breccia pipe / Stockwork
  • Epithermal
  • Vein / narrow vein


Summary:

The Property is in the Sierra Madre Occidental (SMO) mountain range of the North American Cordillera that extends for hundreds of kilometers from central to northern México in the Basin and Range province (Rossotti, Ferrari, Lopez-Martinez, & Rosas-Elguere, 2002). The SMO is a large continuous sequence of volcanicsthat spans in age from late Cretaceousto middle Tertiary (McDowell & McIntosh, 2012).

The mineralized zone is characterized by a low sulphide epithermal system containing silica stockwork veins. These zones are generally formed in felsic subaerial complexes in extensional strike slip structural settings. Low sulphidation gold deposits are associated with magmas where ore deposition occurs several kms above the intrusion, and display certain alteration assemblages (Cooke & Simmons, 2000). The intrusions are likely the result of tectonic activity, such as plate subduction and extension. Deep hydrothermal fluid flow systems comprised of meteoric water, as well as near surface systems such as hot springs, are the sites of mineralization. Mineral deposition takes place as the fluids undergo cooling by fluid mixing, boiling and decompression.

Mariposa-El Zapote-Tahonitas Trend
The Mariposa-El Zapote-Tahonitas structure strikes to the south-southeast and dips at approximately 50° to the southwest. Mariposa is the northernmost deposit along the mineralized trend and has a length of approximately 750 m. The structure at Mariposa is at the contact ........


Mining Methods

  • Truck & Shovel / Loader


Summary:

The Guadalupe de los Reyes Project has been divided into East and West areas. The West area open pits are El Zapote North, El Zapote South, San Miguel North, San Miguel South, and Noche Buena. The proposed mining methods for the Guadalupe de los Reyes deposit is conventional open pit methods utilizing off-highway trucks and loaders. Mining is proposed to occur sequentially in five open pits.

The West area pit designs incorporate a 50 degree inter-ramp pit slope depending on rock type. Bench configuration is based on triple benching 5-meter benches with a dig-face angle of 70 degrees. The majority of benches were designed with five-meter-wide benches with 7- meter catch benches. Catch benches were designed at every third bench.

Haul roads were designed for a total width of 15 meters, which accommodates the main haul surface, berms, and ditches. All haul roads were designed not to exceed 10 percent gradients. This haul road width and grade will support the selected truck size.


Crushing and Grinding
Source: Subscription required


Processing

Flow Sheet: Subscription required

Summary:

- subscription is required.


Projected Production:

CommodityProductUnitsLOM
Gold Payable metal koz 328
Silver Payable metal koz  ......  Subscription required
Gold Equivalent Metal in doré koz  ......  Subscription required

Operational Metrics:

Metrics
Daily milling rate 1,500 t *
Stripping / waste ratio 11.7 *
Daily ore mining rate 1,500 t *
Waste tonnes, LOM 64,531 kt *
Ore tonnes mined, LOM 5,502 kt *
Total tonnes mined, LOM 70 Mt *
Tonnes milled, LOM 5.5 Mt *
Annual ore mining rate 540,000 t *
* According to 2014 study.

Reserves at March 24, 2020:
Cutoff grade of 0.22 g/t gold applied.

CategoryTonnage CommodityGradeContained Metal
Measured 8,527 kt Gold 1.24 g/t 341 koz
Measured 8,527 kt Silver 28.98 g/t 7,946 koz
Indicated 11,225 kt Gold 0.81 g/t 293 koz
Indicated 11,225 kt Silver 23.99 g/t 8,658 koz
Measured & Indicated 19,752 kt Gold 1 g/t 633 koz
Measured & Indicated 19,752 kt Silver 26.15 g/t 16,604 koz
Inferred 7,094 kt Gold 0.78 g/t 179 koz
Inferred 7,094 kt Silver 29.95 g/t 6,831 koz

2014 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 129.3
Refining costs $M USD  ......  Subscription required
G&A costs $M USD 8.1
Total OpEx $M USD  ......  Subscription required
Income Taxes $M USD  ......  Subscription required
Royalty payments $M USD  ......  Subscription required
Gross revenue (LOM) $M USD  ......  Subscription required
Net revenue (LOM) $M USD  ......  Subscription required
After-tax Cash Flow (LOM) $M USD  ......  Subscription required
After-tax NPV @ 8% $M USD  ......  Subscription required
After-tax IRR, %  ......  Subscription required
After-tax payback period, years  ......  Subscription required
Subscription required - Subscription is required.


Proposed Heavy Mobile Equipment as of July 3, 2014:
HME TypeSizeQuantity
ANFO Loader ....................... Subscription required
....................... Subscription required ....................... Subscription required ....................... Subscription required
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Subscription required - Subscription is required.

Mine Management:

Job TitleNamePhoneEmailProfileRef. Date
....................... Subscription required ....................... Subscription required ....................... Subscription required ....................... Subscription required Subscription required Nov 15, 2022
....................... Subscription required ....................... Subscription required ....................... Subscription required ....................... Subscription required Subscription required Nov 15, 2022
Subscription required - Subscription is required.

Staff:

Total WorkforceYear
Subscription required 2014

Corporate Filings & Presentations:

DocumentYear
................................... Subscription required 2021
................................... Subscription required 2020
................................... Subscription required 2019
................................... Subscription required 2019
Form 10-K 2018
Technical Report 2018
Technical Report 2014
Subscription required - Subscription is required.

News:

NewsDate
Prime Drills Multiple Wide, High-Grade Intercepts in Z-T Area Including Bonanza-Grade Intervals January 11, 2023
Prime Mining Corp. Announces Closing of C$21.0M Million Bought Deal Private Placement Financing Including Full Exercise of Over-Allotment Option December 22, 2022

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