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Nicaragua
Hemco Mine (Porvenir Project)

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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
  • Bench & Fill
  • Sub-level open stoping (SLOS)
  • Shrinkage stoping
  • Longhole stoping
  • Dry waste backfill
Production Start...
Mine Life2035
The Hemco Property consists of the producing Panama gold mine (Panama Mine, including Panama, Elefante, Toboba, Tesoro, Neblina, Pluto SW, Neptuno, and Capitan veins), the producing Pioneer gold mine (Pioneer Mine, including the Lone Star, Northeast, Pioneer Northeast Extension, and Pioneer 3 veins), the pre-development-stage Porvenir polymetallic deposit, the Luna Roja gold deposit, the Leticia and San Antonio polymetallic deposits, several exploration targets, 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 - the Hemco Plant, the La Curva Plant, and the Vesmisa Plant - which process ore mined from the Hemco Property and locally purchased artisanal feeds, in addition to other project infrastructure.
Latest NewsResumption of Operations at Hemco Property in Nicaragua     August 15, 2023


Owners

Source: p. 16,39
CompanyInterestOwnership
Mineros S.A. 99.995 % Indirect
Hemco Nicaragua S.A. (operator) 100 % Direct
Mineros holds a 99.9975% interest in the Hemco Property through its interest in its subsidiary, Hemco Nicaragua S.A. Mineros holds a 99.995% interest in Hemco Nicaragua directly, and a further 0.0025% interest indirectly through Mineros Aluvial S.A.S. BIC (Mineros Aluvial), a wholly owned subsidiary of Mineros. The remaining 0.0025% interest in Hemco Nicaragua is held by Mercantil Colpatria S.A. (Colpatria), a major shareholder of Mineros. Hemco Nicaragua 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 several alluvial gold deposits derived from weathering of the mineralized veins and gold mineralization is also hosted within skarns associated primarily with selective replacement of carbonate rocks.

Mineralization at the Hemco Property is hosted in the Panama, Pioneer, and Constancia groups. The Porvenir, Leticia, and San Antonio deposits are within the Constancia Group. Gold mineralization at Luna Roja is hosted within skarns associated primarily with selective replacement of carbonate rocks of the Cretaceous Metapán Formation.

Vein Deposits
The majority of mineralization within the concession area consists of volcanic hosted gold-silver ± 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 ........


Mining Methods

  • Bench & Fill
  • Sub-level open stoping (SLOS)
  • Shrinkage stoping
  • Longhole stoping
  • Dry waste backfill


Summary:

Hemco is actively mining and producing from the Panama and Pioneer mines. Porvenir is a separate mining project located approximately 14 km from the Hemco Plant.

Mining at Panama and Pioneer currently accounts for all production from the Mineral Reserves. Ore production is from underground mining using shrinkage stoping and long-hole mining methods. Historical underground production has been primarily from shrinkage stoping, however, over the past few years, Mineros has successfully transitioned to mechanized long-hole stoping mining methods. Over the LOM, production from the Panama and Pioneer Mines accounts for approximately 40% to 50% of the ore processed at the Hemco Plant, with the remainder from artisanal sources and remaining shrinkage stopes.

Panama Mine
The Panama Mine is a shallow operation comprised of the extraction of several veins, accessed by an adit. Workings are generally 1,300 m laterally into the Panama Mine and range from immediately below surface to 250 m deep. The Panama mine is accessed by a portal and ramp on the 850 Level. Production ore is transferred to ore chutes or truck loading stations where it is loaded onto 20 t trucks, then transported to surface to the Hemco Plant. The main haul level to surface is located on the 850 Level.

Mine designs for the Panama Mine were prepared by Mineros and SLR. SLR prepared mine designs for the Elefante and Cruzada orebodies, while Mineros completed designs for the other vei ........


Crushing and Grinding
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Processing

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Summary:

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Production:
At the Hemco Property in Nicaragua, approximately 70% of the gold produced is purchased from artisanal miners at a percentage of the gold spot price.

CommodityUnits2023202220212020201920182017
Gold koz  ......  Subscription required ^  ......  Subscription required  ......  Subscription required  ......  Subscription required  ......  Subscription required107104
Silver oz  ......  Subscription required  ......  Subscription required  ......  Subscription required
All production numbers are expressed as metal in doré. ^ Guidance / Forecast.
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Operational Metrics:

Metrics20222021202020192018
Daily milling rate  ......  Subscription required  ......  Subscription required1,701 t1,557 t1,515 t
Daily milling capacity  ......  Subscription required  ......  Subscription required1,750 t
Tonnes milled  ......  Subscription required  ......  Subscription required525,911 t
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Reserves at December 31, 2022:
Mineral Reserves are estimated at a cut-off grade:
- Panama and Pioneer - marginal and break-even cut-off grades of 2.80 g/t Au and 3.56 g/t Au, 2.12 g/t Au and 2.31 g/t Au, and 2.45 g/t Au and 2.78 g/t Au were applied to shrinkage, SLOS, and bench and fill mining methods respectively.
- Porvenir - based on NSR value per tonne determinations using metal prices, metal recoveries, and smelter terms, breakeven NSR cut-off values vary from $81.34/t to $83.10/t depending on the mining method.

Mineral Resources are estimated at a cut-off grade of 2.0 g/t Au for long hole stoping resource shapes, an NSR cut-off value of US$82.30/t for Porvenir (sub-level stoping), and an NSR cut-off value of US$73.30/t for Leticia and San Antonio. Open pit material at Luna Roja was estimated using a cut-off grade of 0.87 g/t Au.

CategoryTonnage CommodityGradeContained Metal
Proven & Probable 7,362 kt Gold 3.33 g/t 789 koz
Proven & Probable 5,794 kt Silver 10.32 g/t 1,922 koz
Proven & Probable 5,794 kt Zinc 2.96 % 379 M lbs
Measured & Indicated 4,567 kt Gold 3.13 g/t 458.9 koz
Measured & Indicated 1,526 kt Silver 8.96 g/t 425.1 koz
Measured & Indicated 1,033 kt Zinc 2.53 % 57.7 M lbs
Inferred 7,058 kt Gold 3.59 g/t 813.9 koz
Inferred 4,336 kt Silver 9.76 g/t 1,361 koz
Inferred 3,420 kt Zinc 2.2 % 165.6 M lbs

Commodity Production Costs:

CommodityUnits20232022202120202019
Total cash costs (sold) Gold USD  ......  Subscription required  ......  Subscription required  ......  Subscription required  ......  Subscription required  ......  Subscription required
All-in sustaining costs (sold) Gold USD  ......  Subscription required  ......  Subscription required  ......  Subscription required  ......  Subscription required  ......  Subscription required
^ Guidance / Forecast.
† Net of By-Product.
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Financials:

Units202220212020
Sustaining costs M USD  ......  Subscription required  ......  Subscription required  ......  Subscription required
Capital expenditures M USD  ......  Subscription required  ......  Subscription required
Revenue M USD  ......  Subscription required  ......  Subscription required  ......  Subscription required
Gross profit M USD  ......  Subscription required  ......  Subscription required  ......  Subscription required
Subscription required - Subscription is required


Pipelines and Water Supply
Source: Subscription required

- subscription is required.


Heavy Mobile Equipment as of December 31, 2022:
HME TypeModelSizeQuantity
Drill (long hole) ....................... Subscription required ....................... Subscription required
Jumbo ....................... Subscription required ....................... Subscription required
Jumbo ....................... Subscription required ....................... Subscription required
Load-Haul-Dump (LHD) ....................... Subscription required 6 cu. yd
Load-Haul-Dump (LHD) ....................... Subscription required 3.5 cu. yd
Load-Haul-Dump (LHD) ....................... Subscription required
Load-Haul-Dump (LHD) ....................... Subscription required
Locomotive ....................... Subscription required
Telescopic Handler ....................... Subscription required ....................... Subscription required
Truck (dump) ....................... Subscription required
Subscription required - Subscription is required.

Mine Management:

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Mar 24, 2023
....................... Subscription required ....................... Subscription required Subscription required Aug 24, 2023
....................... Subscription required ....................... Subscription required Subscription required Aug 24, 2023
....................... Subscription required ....................... Subscription required Subscription required Aug 23, 2023
....................... Subscription required ....................... Subscription required Subscription required Aug 23, 2023
Subscription required - Subscription is required.

Staff:

EmployeesContractorsTotal WorkforceYear
Subscription required Subscription required Subscription required 2022
Subscription required Subscription required Subscription required 2021

Corporate Filings & Presentations:

DocumentYear
Press Release 2023
Annual Information Form 2022
Management Discussion & Analysis 2022
Sustainability Report 2022
Technical Report 2022
................................... Subscription required 2021
................................... Subscription required 2021
................................... Subscription required 2021
................................... Subscription required 2021
................................... Subscription required 2021
................................... Subscription required 2020
................................... Subscription required 2020
Subscription required - Subscription is required.

News:

NewsDate
Resumption of Operations at Hemco Property in Nicaragua August 15, 2023
Mineros S.A.: Temporary suspension of the main milling plant at the Hemco Property in Nicaragua August 2, 2023

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