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Ecuador
Cangrejos Project

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 Location:
29 km SE from Machala, Ecuador
  Project Contacts:
Calle Pampite s/n Edificio Officenter, of 214, 170901, Cumbaya
Quito
Ecuador
Phone  ...  Subscription required
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  • Overview
  • Owners
  • Geology
  • Mining
  • Processing
  • Production
  • Reserves
  • Costs & Financials
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Overview

StagePermitting
Mine TypeOpen Pit
Commodities
  • Gold
  • Copper
  • Silver
  • Molybdenum
Mining Method
  • Truck & Shovel / Loader
Mine Life24.7 years (as of Jan 1, 2020)
Lumina continues to expect the completion of the PFS in early 2023.

Owners

Source: p. 44
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

  • 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 (Carter, 1981; Cox et al., 1987).

Gold-copper mineralization is associated with sulfides that occur as open-space breccia fill or as disseminations in former mafic phenocrysts. Total sulfide content is generally less than 5% and consists of chalcopyrite and pyrite with minor bornite, molybdenite and pyrrhotite. In drill hole 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 porphyritic quartz diorite (PQD) and the metamorphic complex. The best gold grades occur in breccias where the dominant clast type is equigranular quartz diorite (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. An east-northeasterly trending porphyritic quartz diorite (PQD) intrudes quartz diorites (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 ........

Mining Methods

  • Truck & Shovel / Loader

Summary:

The Cangrejos Project consists of two adjacent open pit mines referred to as 1) Cangrejos (eastern pit) and 2) Gran Bestia (western pit). Both pits will be mined with conventional hard rock open pit mining methods. The terrain is very steep with evergreen montane secondary forest, saprolite, and saprock overlying both pit areas. Dealing with the saprolite and saprock presents challenges for mine operations. This was anticipated during the development of the mine production schedule and in selecting the mine equipment.

The mine delivers 40,000 tpd of feed to the plant beginning in mid-year one through year five. The production ramps up during year six so the mine delivers 80,000 tpd of mill feed in years 7 to 25. IMC developed the production schedules by rock types of saprolite, saprock, partially oxidized, and fresh rock.

The preproduction period begins after the road between the site facilities and the crusher site is completed. The initial five months are for access pioneering only. Additional pioneering continues throughout the period of preproduction mining.

Waste material was reported by the rock types of saprolite, saprock, partially oxidized, and fresh rock. During the first five years of the mine life, the saprolite and saprock are delivered to the saprolite storage facility (SSF) located south-southeast of the Cangrejos pit. The SSF is constructed in four stages.

The fresh rock waste is delivered to the waste rock storag ........

Crushing and Grinding
Source: Subscription required

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Processing

Flow Sheet: Subscription required

Summary:

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Projected Production:

CommodityProductUnitsAvg. AnnualLOM
Gold Payable metal koz 3669,152
Copper Payable metal M lbs  ......  Subscription required  ......  Subscription required
Copper Concentrate kt  ......  Subscription required  ......  Subscription required
Silver Payable metal koz  ......  Subscription required  ......  Subscription required
Molybdenum Payable metal M lbs  ......  Subscription required  ......  Subscription required
Molybdenum Concentrate kt  ......  Subscription required  ......  Subscription required

Operational Metrics:

Metrics
Daily ore mining rate 80,000 t *
Daily processing capacity 80,000 t *
Annual mining rate 54,464 kt *
Annual ore mining rate 25,564 kt *
Annual processing capacity 29.2 Mt *
Waste tonnes, LOM 728,109 kt *
Ore tonnes mined, LOM 640,254 kt *
Total tonnes mined, LOM 1,368,363 kt *
Tonnes processed, LOM 640,254 kt *
* According to 2020 study.

Reserves at June 8, 2020:
The base case cut-off grade used is 0.30 g/t gold equivalent (AuEq).

CategoryTonnage CommodityGradeContained Metal
Indicated 570.8 Mt Gold 0.57 g/t 10.4 M oz
Indicated 570.8 Mt Copper 0.11 % 1,409 M lbs
Indicated 570.8 Mt Silver 0.7 g/t 12.8 M oz
Indicated 570.8 Mt Molybdenum 21.2 ppm 26.7 M lbs
Indicated 570.8 Mt Gold Equivalent 0.73 g/t
Inferred 500.4 Mt Gold 0.41 g/t 6.7 M oz
Inferred 500.4 Mt Copper 0.08 % 838 M lbs
Inferred 500.4 Mt Silver 0.6 g/t 10.3 M oz
Inferred 500.4 Mt Molybdenum 13 ppm 14.3 M lbs
Inferred 500.4 Mt Gold Equivalent 0.53 g/t

Commodity Production Costs:

CommodityUnitsAverage
Cash costs Gold Equivalent USD  ......  Subscription required
Cash costs Gold USD  ......  Subscription required
All-in sustaining costs (AISC) Gold Equivalent USD  ......  Subscription required
All-in sustaining costs (AISC) Gold USD  ......  Subscription required
Assumed price Molybdenum USD  ......  Subscription required
Assumed price Copper USD  ......  Subscription required
Assumed price Silver USD  ......  Subscription required
Assumed price Gold USD  ......  Subscription required
* According to 2020 study / presentation.
† Net of By-Product.

Operating Costs:

Units2020
OP mining costs ($/t mined) USD 1.88 *  
OP mining costs ($/t milled) USD  ......  Subscription required
Processing costs ($/t milled) USD  ......  Subscription required
G&A ($/t milled) USD  ......  Subscription required
Total operating costs ($/t milled) USD  ......  Subscription required
* According to 2020 study.
Subscription required - Subscription is required.

2020 Study Costs and Valuation Metrics :

MetricsUnitsLOM Total
Initial CapEx $M USD  ......  Subscription required
Expansion CapEx $M USD  ......  Subscription required
Sustaining CapEx $M USD  ......  Subscription required
Closure costs $M USD  ......  Subscription required
OP OpEx $M USD  ......  Subscription required
Processing OpEx $M USD 4,039
G&A costs $M USD 500.3
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
Operating margin (LOM) $M USD  ......  Subscription required
Net Operating Income (LOM) $M USD  ......  Subscription required
Net Income (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
After-tax NPV @ 5% $M USD  ......  Subscription required
Pre-tax IRR, %  ......  Subscription required
After-tax IRR, %  ......  Subscription required
After-tax payback period, years  ......  Subscription required
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Pipelines
TypeMaterialDiameterLengthDescription

Proposed Heavy Mobile Equipment as of June 8, 2020:
HME TypeModelSizeQuantity
Backhoe 1.1 cu. m ....................... Subscription required
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Subscription required - Subscription is required.

Mine Management:

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Jul 17, 2023
....................... Subscription required ....................... Subscription required Subscription required Jun 8, 2020
....................... Subscription required ....................... Subscription required Subscription required Jun 8, 2020
....................... Subscription required ....................... Subscription required Subscription required Jun 8, 2020
....................... Subscription required ....................... Subscription required Subscription required Apr 6, 2022
Subscription required - Subscription is required.

Corporate Filings & Presentations:

DocumentYear
................................... Subscription required 2020
Preliminary Economic Assessment 2018
Press Release 2018
Technical Report 2017
Subscription required - Subscription is required.

Subscription required - Subscription is required.

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