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Ecuador

Cangrejos Project

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Overview

Mine TypeOpen Pit
StagePermitting
Commodities
  • Gold
  • Copper
  • Silver
  • Molybdenum
Mining Method
  • Truck & Shovel / Loader
Mine Life... Lock
SnapshotCangrejos Gold-Copper deposit is a large-scale robust project. It is unique in that the waste haulage distances begin to slowly reduce over much of the mine life from Year 15 until just a few years before completion of mine life. This is because the WRSF rises in elevation to meet the exit elevation from the pit.

The Project consists of two adjacent open pit mines referred to as Cangrejos (eastern pit) and Gran Bestia (western pit).

The Project is proposed to be developed in three phases of staged increases in daily milled throughput, as follows:
* 30 kt/d in Year 1
* 60 kt/d in Year 4
* 80 kt/d in Year 7 until the end of mine life.

Owners

SourceSource
CompanyInterestOwnership
Lumina Gold Corp. 100 % Indirect
The Cangrejos Project consists of six mining concessions totaling 6,374 ha. All concessions are held by Lumina through its 100% owned Ecuadorian subsidiary, Odin.

Contractors

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Deposit type

  • Metamorphic hosted
  • Porphyry
  • Breccia pipe / Stockwork

Summary:

The Cangrejos and Gran Bestia deposits are gold-copper, silica-saturated, alkalic porphyry-style deposits. This type of deposit is found along paleo-subduction margins.

The Cangrejos Project is largely underlain by a Miocene porphyritic dacite and a Cretaceous equigranular quartz diorite which is interpreted as being part of the El Oro metamorphic complex. Gold showings are associated with the Miocene porphyry and adjacent breccias and metamorphic rocks.

Mineralization
Gold-copper mineralization is associated with sulphides that occur as open-space breccia fill or as disseminations in former mafic phenocrysts. Total sulphide content is generally less than 5% and consists of chalcopyrite and pyrite with minor bornite, molybdenite and pyrrhotite. In drillhole C17-65, native copper is found on fracture surfaces at depths ranging from 142 m to 186 m. This is not very common and is probably due to strong oxidation along a fracture zone.

The highest gold grades occur in calcic-sodic altered breccias at contacts between the PQD and the metamorphic complex. The best gold grades occur in breccias where the dominant clast type is EQD. The EQD is more mafic in composition, and gold is preferentially deposited in reducing (mafic) environments.

Cangrejos Zone
Current understanding of the surface geology of the Cangrejos Zone is limited because of a lack of outcrop exposures. Eastnortheasterly trending porphyritic rocks (PQD, iPQD, QD) intrude EQD and schists (SCH) of the metamorphic complex. The southeastern contact is steep, but the northwestern contact dips approximately 50° to the southeast and is defined by porphyry dikes. The edges of the porphyry are brecciated with dominant PQD clasts. These breccias extend at depth and may relate to breccia pipes that are associated with the intrusion of the porphyry. Breccias with dominant metamorphic clasts (EQD, SCH) occur at the edge of the porphyry.

Drilling has defined a northeast-southwest-trending, steeply dipping zone of gold-copper mineralization which is commonly associated with hydrothermal breccias and quartz vein stockwork in the dacite porphyry. Gold-copper values are not restricted to these lithologies and can be found in all units except for the late-stage dikes.

The mineralized zone extends for approximately 1,500 m in a northeasterly direction, has widths ranging from 70 m to 600 m, and has been defined to a depth of at least 600 m below surface. The zone remains open to expansion with further exploration to the west and at depth.

Gran Bestia Zone
As with Cangrejos, current understanding of the surface geology of the Gran Bestia Zone is limited to drill core data due to a lack of outcrop exposures.

The majority of the Gran Bestia deposit is hosted in hydrothermal breccia. The approximate dimensions of mineralization at Gran Bestia are 700 m by 600 m and defined to a depth of at least 700 m. The geology of the southeastern portion of Gran Bestia is similar to the Cangrejos deposit where porphyritic dacite (PQD) and Quartz Diorite (QD) intrusions are present. Gold-copper mineralization occurs within the hydrothermal breccia and the PQD, with higher grades associated with breccias and quartz vein stockworks and the contact between the PQD and surrounding metamorphic country rock. The QD unit is largely unmineralized with only minor small exceptions.

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
Gold Metal in doré koz 854
Gold Metal in concentrate koz 8,969
Gold Payable metal koz 3719,643
Copper Metal in concentrate M lbs 1,121
Copper Payable metal M lbs 411,070
Silver Metal in doré koz 242
Silver Payable metal koz 2305,985
Silver Metal in concentrate koz 7,579
Gold Equivalent Payable metal koz 469

Operational metrics

Metrics
Daily mining rate  ....  Subscribe
Daily ore mining rate  ....  Subscribe
Daily processing capacity  ....  Subscribe
Annual mining rate  ....  Subscribe
Annual ore mining rate  ....  Subscribe
Annual processing capacity  ....  Subscribe
Stripping / waste ratio  ....  Subscribe
Waste tonnes, LOM  ....  Subscribe
Ore tonnes mined, LOM  ....  Subscribe
Total tonnes mined, LOM  ....  Subscribe
Tonnes processed, LOM  ....  Subscribe
* According to 2023 study.

Production Costs

CommodityUnitsAverage
All-in sustaining costs (AISC) Gold Equivalent USD  ....  Subscribe
All-in sustaining costs (AISC) Gold USD  ....  Subscribe
C1 cash costs Gold Equivalent USD  ....  Subscribe
C1 cash costs Gold USD  ....  Subscribe
Assumed price Copper USD  ....  Subscribe
Assumed price Silver USD  ....  Subscribe
Assumed price Gold USD  ....  Subscribe
* According to 2023 study / presentation.
** Net of By-Product.

Operating Costs

Currency2023
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 2023 study.

Project Costs

MetricsUnitsLOM Total
Initial CapEx $M USD  ......  Subscribe
Expansion CapEx $M USD  ......  Subscribe
Equipment leasing costs $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 4,999
Freight costs $M USD 257
Refining and treatment costs $M USD  ......  Subscribe
G&A costs $M USD 527
Total OpEx $M USD  ......  Subscribe
Royalty payments $M USD  ......  Subscribe
Gross revenue (LOM) $M USD  ......  Subscribe
Net revenue (LOM) $M USD  ......  Subscribe
Net Operating Income (LOM) $M USD  ......  Subscribe
Net Income (LOM) $M USD  ......  Subscribe
Pre-tax Cash Flow (LOM) $M USD  ......  Subscribe
After-tax Cash Flow (LOM) $M USD  ......  Subscribe
Pre-tax NPV @ 5% $M USD  ......  Subscribe
After-tax NPV @ 5% $M USD  ......  Subscribe
After-tax NPV @ 7% $M USD  ......  Subscribe
Pre-tax IRR, %  ......  Subscribe
After-tax IRR, %  ......  Subscribe

Required Heavy Mobile Equipment

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Personnel

Mine Management

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Jan 30, 2024
....................... Subscription required ....................... Subscription required Subscription required Apr 7, 2023
....................... Subscription required ....................... Subscription required Subscription required Apr 7, 2023
....................... Subscription required ....................... Subscription required Subscription required Apr 7, 2023
....................... Subscription required ....................... Subscription required Subscription required Apr 7, 2023
....................... Subscription required ....................... Subscription required Subscription required Jan 30, 2024
....................... Subscription required ....................... Subscription required Subscription required Jan 30, 2024

Total WorkforceYear
...... Subscription required 2023

Aerial view:

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