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Nicaragua
Hemco Mine

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 Location:
230 km NE from Managua, Nicaragua
  Address:
Bo. 28 de Mayo.
Bonanza
Nicaragua
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  • Overview
  • Owners
  • Geology
  • Mining
  • Processing
  • Production
  • Reserves
  • Costs & Financials
  • Fleet
  • Personnel
  • Filings & News
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Overview

StageProduction
Mine TypeUnderground
Commodities
  • Gold
  • Silver
  • Zinc
Mining Method
  • Shrinkage stoping
  • Longhole stoping
Production Start...
Mine Life4.8 years (as of Jan 1, 2021)
The Hemco Property includes the producing Panama gold mine (Panama Mine or Panama, including Panama, Elefante, Toboba, Tesoro, Neblina, Pluto, Neptuno, and Capitan veins), the development-stage Pioneer gold mine (Pioneer Mine or Pioneer), the pre-development-stage Porvenir polymetallic deposit (Porvenir Project or Porvenir), the Leticia and San Antonio polymetallic deposits (Leticia and San Antonio), and a large number of artisanal operations (artisanal areas). The Hemco Property also hosts three processing plants with a combined capacity of 2,000 tonnes per day (tpd)—the Hemco Plant, the La Curva Plant, and the Vesmisa Plant (together, the Processing Plants)—which process ore mined from the Hemco Property and locally purchased artisanal feeds, in addition to other project infrastructure.

Owners

Source: p. 30
CompanyInterestOwnership
Mineros S.A. 99.995 % Indirect
Ownership Tree
Mineros holds a 99.995% interest in the Hemco Property through its direct ownership of 99.995% of the equity interests in its subsidiary, Hemco Nicaragua S.A. (Hemco). The remaining shares of Hemco are held by Mercantil Colpatria S.A. (Colpatria) and MLR Mining Limited (MLR), each of which holds a 0.0025% interest. Hemco holds a 100% interest in the majority of the concessions that constitute the Hemco Property.

Contractors

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Deposit Type

  • Epithermal
  • Volcanic hosted
  • Vein / narrow vein
  • Alluvial / Placer

Summary:

The majority of mineralization within the concession area consists of volcanic hosted goldsilver + copper, lead, and zinc epithermal quartz veins of intermediate sulphidation type. There is a vertical zonation of metals and base metal grades are higher at depth, although, in general, gold grades appear to stay constant.

In addition to these epithermal quartz veins, there are a number of alluvial gold deposits derived from weathering of the mineralized veins.

Mineralization at the Hemco Property is hosted in the Panama, Pioneer, and Constancia groups. The Constancia Group includes the Porvenir, Leticia, and San Antonio deposits.

VEIN DEPOSITS
The majority of mineralization within the concession area consists of volcanic hosted goldsilver ± copper, lead, and zinc epithermal quartz veins of intermediate sulphidation type. There is a vertical zonation of metals, and base metal contents are higher at depth, although, in general, gold grades appear to stay constant except in those areas near surface where residual gold has been liberated by the oxidation of pyrite and weathering/disintegration of host rock.

The epithermal veins at Bonanza are characterized by moderate to intense propylitic alteration of the andesite wall rocks locally accompanied by argillic alteration and silicification. There are several variations in style of mineralization among the veins.

Veins in the southwest part of the district are characterized ........

Mining Methods

  • Shrinkage stoping
  • Longhole stoping

Summary:

Mining at Panama and Pioneer currently accounts for all production from the Mineral Reserves.

PANAMA MINE
Panama is a shallow underground operation accessed by adits, with multiple workings across multiple veins. The top of the mine is near surface, while the deepest planned workings are 250 m below surface. Production is separated into two areas, namely shrinkage stoping and mechanized long hole stoping.

The Panama Mine has four levels (1300, 1100, 960, and 850, with numbers representing the altitude above sea level in feet) with the bulk of production coming from the 1100 Level. The 1300 Level (396 MASL), which is just below the surface, is almost exhausted and some areas are now being mined by artisanal miners. The 850 Level is the main transport level.

In the area of Panama above 850 Level, the mining method applied is shrinkage stoping (nonmechanized). Shrinkage stoping suits the dips of 65° to 90°, and the widths ranging from 0.4 m to 2.5 m. Stopes are 30 m to 60 m on strike and interlevel spacing ranges from 45 m to 60 m.

Mining above 850 level
Raises are developed at planned intervals, with small access stubs developed off each raise at 6.3 m intervals. The lowest stubs are developed horizontally until they meet, and several short box holes are developed into this lower access. After this preparation work, normal production can commence. Holes are drilled upwards into the vein and blasted. Following this, some bro ........

Crushing and Grinding
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Processing

Flow Sheet: Subscription required

Summary:

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Production:

CommodityUnits2022202120202019201820172016
Gold oz  ......  Subscription required ^  ......  Subscription required  ......  Subscription required  ......  Subscription required106,942104,00179,481
All production numbers are expressed as metal in doré. ^ Guidance / Forecast.
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Operational Metrics:

Metrics20212020
Tonnes milled  ......  Subscription required  ......  Subscription required
Daily processing capacity  ......  Subscription required  ......  Subscription required
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Reserves at December 31, 2021:
Mineral Reserves cut-off grades of 2.35 g/t Au and 2.85 g/t Au, respectively, were applied to shrinkage stope designs. Break even cut-off grades between 2.13 g/t Au and 2.64 g/t Au were applied to mechanized stope designs.

Mineral Resources are estimated at a cut-off grade of 2.0 g/t Au for long hole stoping resource shapes and 2.52 g/t Au for shrinkage resource shapes, 3.0 g/t Au for artisanal areas, and an NSR cut-off value of US$70/t and US$84.60/t for Porvenir (sublevel stoping and shrinkage stoping, respectively), and US$73.3/t for Leticia, and San Antonio. Open pit material above the 850 ft Level at Panama was estimated using a cut-off grade of 1.8 g/t Au.

CategoryTonnage CommodityGradeContained Metal
Proven 263 kt Gold 5.4 g/t 46 koz
Probable 1,539 kt Gold 3.69 g/t 182 koz
Proven & Probable 1,801 kt Gold 3.94 g/t 228 koz
Measured & Indicated 11,891 kt Gold 3.17 g/t 1,212 koz
Measured & Indicated 9,507 kt Silver 10.79 g/t 3,297 koz
Measured & Indicated 9,507 kt Zinc 2.76 % 578 M lbs
Inferred 7,575 kt Gold 3.56 g/t 867 koz
Inferred 4,171 kt Silver 10.58 g/t 1,420 koz
Inferred 4,171 kt Zinc 2.23 % 205 M lbs

Commodity Production Costs:

CommodityUnits2022202120202019
Cash costs (sold) Gold USD  ......  Subscription required
Cash costs (sold) Gold USD  ......  Subscription required ^†  ......  Subscription required†  ......  Subscription required†
All-in sustaining costs (sold) Gold USD  ......  Subscription required
All-in sustaining costs (sold) Gold USD  ......  Subscription required ^†  ......  Subscription required†  ......  Subscription required†
^ Guidance / Forecast.
† Net of By-Product.
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Financials:

Units20212020
Capital expenditures M USD  ......  Subscription required
Sustaining costs M USD  ......  Subscription required  ......  Subscription required
Revenue M USD  ......  Subscription required  ......  Subscription required
Gross profit M USD  ......  Subscription required  ......  Subscription required
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Heavy Mobile Equipment as of October 29, 2021:
HME TypeModelSizeQuantity
Drill (long hole) ....................... Subscription required
Jumbo ....................... Subscription required ....................... Subscription required
Load-Haul-Dump (LHD) ....................... Subscription required 6 cu. yd ....................... Subscription required
Truck (dump) 20 t ....................... Subscription required
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Mine Management:

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Oct 29, 2021
....................... Subscription required ....................... Subscription required Subscription required Oct 29, 2021
....................... Subscription required ....................... Subscription required Subscription required Oct 6, 2022
....................... Subscription required ....................... Subscription required Subscription required Oct 6, 2022
....................... Subscription required ....................... Subscription required Subscription required Oct 6, 2022
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Staff:

EmployeesContractorsTotal WorkforceYear
Subscription required Subscription required Subscription required 2021

Corporate Filings & Presentations:

DocumentYear
................................... Subscription required 2021
................................... Subscription required 2021
................................... Subscription required 2021
................................... Subscription required 2021
................................... Subscription required 2020
................................... Subscription required 2020
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