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Argentina
El Quevar Project

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 Location:
145 km NW from Salta, Argentina

  Project Contacts:
Alvarado 1185 1° piso
Salta
Argentina
4400
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  • Overview
  • Owners
  • Geology
  • Mining
  • Processing
  • Production
  • Reserves
  • Costs & Financials
  • Fleet
  • Personnel
  • Filings & News

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Overview

StagePreliminary Economic Assessment
Mine TypeUnderground
Commodities
  • Silver
  • Lead
  • Zinc
  • Copper
  • Gold
Mining Method
  • Post Pillar Cut & Fill
Mine Life6 years (as of Jan 1, 2018)


Owners

Source: p. 66
CompanyInterestOwnership
Golden Minerals Company 100 % Indirect
Apex Silver Mines Corporation, a subsidiary of Apex Silver Mines Limited, acquired the initial interest in the Project in 2004. The Project interest was held by the wholly indirectly-owned subsidiary Silex Argentina S.A. Following reorganization under Chapter 11 bankruptcy in 2009, the assets of Apex Silver were transferred to Golden Minerals Company. As part of that transaction, Silex Argentina became a wholly indirectly-owned subsidiary of Golden Minerals.

Contractors

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Deposit Type

  • Epithermal


Summary:

The Yaxtché deposit shows alteration assemblages typical of high sulfidation epithermal deposits whereas the metal content and sulfide assemblages are characteristic of mineralizing fluids with an intermediate sulfidation state.

The transition from high- to intermediate-sulfidation state is thought to define an evolving epithermal system as high-sulfidation state metal-bearing fluids cooled and interacted with host rocks as they moved vertically and laterally though the Yaxtché structure. This is depicted with three stages of primary fluid evolution:

• Alteration and gangue mineral assemblages related to acidic magmatic–hydrothermal fluids created permeability through acid leaching (i.e. vuggy silica)
• High-sulfidation state mineral assemblages (namely enargite–luzonite–famatinite) and metal contents (copper–gold dominant) formed at lower elevations within the Yaxtché structure
• Transition of high- to intermediate-sulfidation state as metal-bearing fluids ascended and further interacted with host rocks. The final phase of fluid evolution was critical for precipitation of silver-bearing minerals as tennantite–tetrahedrite became stable.

Sillitoe and Hedenquist (2003) defined the following key features of intermediatesulfidation systems:

• Intermediate-sulfidation deposits occur in calc-alkaline andesitic–dacitic arcs, although more felsic rocks can locally act as mineralization hosts
• The arcs typically display neut ........


Mining Methods

  • Post Pillar Cut & Fill


Summary:

Preliminary work was performed on four possible mining systems: post-pillar cut-andfill, transverse with pillars, transverse with cemented fill, and sublevel with end slicing.

The post-pillar cut-and-fill mining method was selected for the PEA evaluation.

This mining method relies on using 5 m x 5 m rooms and 5 m x 5 m square pillars. The pillars of one level are planned to align vertically with the next mining level to provide support. Mining starts at the lowest elevation in a mining area and is completed working upward. Some pillars can be extracted when they occur in an area of the stope where there will be no mining above.

Productivity calculations and unit costs for the final selection of a post-pillar cut-and-fill mine plan are based on the following criteria:

• Two 10 hr shifts per day, which yield 16 hr of actual work time
• The ground is considered medium–hard for the drilling and blasting variable
• Drilling of 18 ft (5.5 m) holes (providing 16.6 ft (5.1 m) of advance) with a two-boom production jumbo. Hydraulic drifter (drill) penetration rate is assumed to be 3.5 ft/min (1.1 m/min)
• No standard ground support is indicated; however, 1.5 hr per cycle is allotted for ground control (e.g. rock bolting), spot bolting or other cycle interruptions
• Blasting will be carried out using gelatin-class dynamite and ammonium nitrate/fuel oil (ANFO) as the primary blasting agent. Non-electric (non-el) type de ........


Crushing and Grinding
Flow Sheet: Source


Processing

Flow Sheet: Subscription required

Summary:

- subscription is required.


Projected Production:

CommodityProductUnitsAvg. AnnualLOM
Silver Concentrate kt 78
Silver Payable metal koz 27,572
Silver Metal in concentrate koz 4,83729,023
Silver Metal in ore koz 32,192

Operational Metrics:

Metrics
Daily mining rate 1,400 t *
Daily ore mining rate 1,200 t *
Ore tonnes mined, LOM 2,447 kt *
Daily processing capacity 1,200 t *
Annual mining rate 420,000 t of ore *
* According to 2018 study.

Reserves at February 26, 2018:
The base case Mineral Resource model reported at a 250 g/t Ag cut-off.

CategoryTonnage CommodityGradeContained Metal
Indicated 2.93 Mt Silver 482 g/t 45.3 M oz
Inferred 0.31 Mt Silver 417 g/t 4.1 M oz

Commodity Production Costs:

CommodityUnitsAverage
Cash costs Silver USD 5.77 / oz *  
All-in sustaining costs (AISC) Silver USD 9.45 / oz *  
Assumed price Silver USD 16.7 / oz *  
* According to 2018 study / presentation.

Operating Costs:

Units2018
UG mining costs ($/t mined) USD 43.5 *
Processing costs ($/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
Pre-Production capital costs $M USD  ......  Subscription required
Sustaining CapEx $M USD  ......  Subscription required
UG OpEx $M USD  ......  Subscription required
Processing OpEx $M USD 33.2
G&A costs $M USD 19.5
Total OpEx $M USD  ......  Subscription required
Mining Taxes $M USD  ......  Subscription required
Income Taxes $M USD  ......  Subscription required
After-tax Cash Flow (LOM) $M USD  ......  Subscription required
After-tax NPV @ 5% $M USD  ......  Subscription required
After-tax NPV @ 10% $M USD  ......  Subscription required
After-tax NPV @ 8% $M USD  ......  Subscription required
After-tax IRR, %  ......  Subscription required
After-tax payback period, years  ......  Subscription required
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Proposed Heavy Mobile Equipment as of September 4, 2018:
HME TypeSizeQuantity
ANFO Loader ....................... Subscription required
....................... Subscription required ....................... Subscription required
....................... Subscription required ....................... Subscription required ....................... Subscription required
....................... Subscription required ....................... Subscription required
Subscription required - Subscription is required.

Mine Management:

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Apr 8, 2022
Subscription required - Subscription is required.

Staff:

Total WorkforceYear
Subscription required 2021

Corporate Filings & Presentations:

DocumentYear
................................... Subscription required 2021
................................... Subscription required 2019
Preliminary Economic Assessment 2018
Press Release 2018
Technical Report 2018
Subscription required - Subscription is required.

Subscription required - Subscription is required.

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