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Mexico
Las Minas Project

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 Location:
120 Km NW from Veracruz, Veracruz, Mexico

  Project Contacts:
900 - 999 West Hastings Street
Vancouver
British Columbia, Canada
V6C 2W2
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WebsiteWeb
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Overview

StagePreliminary Economic Assessment
Mine TypeUnderground
Commodities
  • Gold
  • Silver
  • Copper
  • Iron (magnetite)
Mining Method
  • Longhole stoping
  • Room-and-pillar
  • Cemented backfill
Mine Life8.5 years (as of Jan 1, 2021)


Owners

Source: p. 18,41
CompanyInterestOwnership
Mexican Gold Mining Corp. 100 % Indirect
The Las Minas property consists of six mining concessions. All of the concessions are owned by Mexican Gold through Roca Verde Exploración de Mexico.

Contractors

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Deposit Type

  • Skarn
  • Vein / narrow vein


Summary:

The mineralized zones in the Las Minas district are Au-Cu-bearing skarn deposits.

Copper and gold mineralization have been recognized in three settings within the Las Minas property: proximal skarn, distal skarn and quartz veins. Proximal-type skarn is the dominant skarn alteration observed within the Las Minas resource zones (El Dorado and Santa Cruz) while distal and gold-bearing quartz veins occur in the exploration targets to the east and north of the Las Minas resources.

Proximal skarn developed along marble-diorite contacts, both as exoskarn developed within the sedimentary rock, and as endoskarn developed within the intrusion. The skarn alteration has a typical zoning of marble-exoskarn-endoskarn-diorite. The distinction between exoskarn and endoskarn can be very difficult because the skarn alteration (especially garnet replacement) can be texturally destructive.

Proximal skarn alteration is dominantly garnet-rich with lesser amounts of pyroxene, and locally garnet appears to have replaced pyroxene. The skarn contains variable amounts of magnetite and lesser sulfide minerals.

Distal skarn is exposed within the canyon walls at elevations from ~1,700 m to 2,100 m. The distal skarn is highly variable in character. Distal skarn consists of massive sulphides and/or massive magnetite in stockworks, pipes, and replacement pods within the variably marbleized limestone.

Mineralization associated with various distal skarn m ........


Mining Methods

  • Longhole stoping
  • Room-and-pillar
  • Cemented backfill


Summary:

Mineralization consists of two deposits: El Dorado and Santa Cruz. Due to its proximity to surface, the El Dorado East Zone will be targeted early in mine life. This material will be mined via Room and Pillar (RPL) methods using three access points and will be hauled directly to the processing plant using underground haul trucks.

Prior to completion of Zone A, the Main Portal is developed to recover the deeper El Dorado West (Zones C, D, and E) material. Santa Cruz (Zone B) is developed using internal ramping, mined via longhole stoping methods, and hauled to the crusher. This deposit will be mined using a combination of Long-Hole Stoping (LHS) and room and pillar methods. All mineralized material will be hauled via truck to an underground crusher at 1367L, where it will be crushed and conveyed to the processing plant at surface. For LHS, levels will be located throughout the mine at 20 m vertical increments which will be connected by the main ramp sized at 5.0 m W x 5.0 m H. Where the deposit becomes shallow dipping, RPL is utilized to recover mineralized material. These areas will be accessed utilizing existing LHS development.

Longhole stopes will be backfilled utilizing a cemented paste backfill comprised of tailings which will be pumped from surface. Run of mine material will be backfilled where possible, particularly in empty room and pillar voids, to avoid additional haulage cost to place at surface.

Due to the deposit geometry, it wil ........


Crushing and Grinding
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Processing

Flow Sheet: Subscription required

Summary:

- subscription is required.


Projected Production:

CommodityProductUnitsAvg. AnnualLOM
Gold Payable metal koz 21180
Gold Metal in copper conc. koz 191
Silver Payable metal koz  ......  Subscription required  ......  Subscription required
Silver Metal in copper conc. koz  ......  Subscription required
Copper Payable metal M lbs  ......  Subscription required  ......  Subscription required
Copper Metal in copper conc. M lbs  ......  Subscription required
Copper Concentrate kt  ......  Subscription required
Iron (magnetite) Concentrate kt  ......  Subscription required  ......  Subscription required
Gold Equivalent Metal in concentrate koz  ......  Subscription required  ......  Subscription required

Operational Metrics:

Metrics
Daily ore mining rate  ......  Subscription required
Waste tonnes, LOM  ......  Subscription required
Ore tonnes mined, LOM  ......  Subscription required
Plant annual capacity  ......  Subscription required
Daily processing capacity  ......  Subscription required
Tonnes processed, LOM  ......  Subscription required
* According to 2021 study.
Subscription required - Subscription is required.

Reserves at September 18, 2021:
Mineral Resources are reported at a cut-off grade of US$80 NSR. Cut-off grades are based on a price of US$1,700/oz gold, US$20/oz silver, US$3.50/lb copper and US$100/t magnetite concentrate and a number of operating cost and recovery assumptions, including a reasonable contingency factor.

CategoryTonnage CommodityGradeContained Metal
Indicated 4,133 t Gold 1.96 g/t 260 koz
Indicated 4,133 t Silver 4.64 g/t 617 koz
Indicated 4,133 t Copper 1.08 % 98,311 k lbs
Indicated 4,133 t Iron (magnetite) 14.77 % 610 kt
Indicated 4,133 t Gold Equivalent 3.34 g/t 443 koz
Inferred 5,200 t Gold 1.44 g/t 241 koz
Inferred 5,200 t Silver 5.97 g/t 997 koz
Inferred 5,200 t Copper 0.95 % 108,802 k lbs
Inferred 5,200 t Iron (magnetite) 17.54 % 912 kt
Inferred 5,200 t Gold Equivalent 2.16 g/t 361 koz

Commodity Production Costs:

CommodityUnitsAverage
Cash costs Gold Equivalent USD  ......  Subscription required&nbs
All-in sustaining costs (AISC) Gold Equivalent USD  ......  Subscription required&nbs
All-in sustaining costs (AISC) Gold USD  ......  Subscription required *†
Assumed price Iron (magnetite) USD  ......  Subscription required&nbs
Assumed price Copper USD  ......  Subscription required&nbs
Assumed price Silver USD  ......  Subscription required&nbs
Assumed price Gold USD  ......  Subscription required&nbs
* According to 2021 study / presentation.
† Net of By-Product.
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Operating Costs:

Units2021
UG mining costs ($/t milled) USD 35.8 *
Processing costs ($/t milled) USD  ......  Subscription required
G&A ($/t milled) USD  ......  Subscription required
Total operating costs ($/t milled) USD  ......  Subscription required
* According to 2021 study.
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2021 Study Costs and Valuation Metrics :

MetricsUnitsLOM Total
Pre-Production capital costs $M USD  ......  Subscription required
Sustaining CapEx $M USD  ......  Subscription required
Closure costs $M USD  ......  Subscription required
Total CapEx $M USD  ......  Subscription required
UG OpEx $M USD  ......  Subscription required
Processing OpEx $M USD 59
Refining and transportation $M USD  ......  Subscription required
G&A costs $M USD 30
Total OpEx $M USD  ......  Subscription required
Total Taxes $M USD  ......  Subscription required
Gross revenue (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
Pre-tax NPV @ 8% $M USD  ......  Subscription required
After-tax NPV @ 5% $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 18, 2021:
HME TypeModelSizeQuantity
Backhoe ....................... Subscription required
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Subscription required - Subscription is required.

Mine Management:

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Sep 18, 2021
....................... Subscription required ....................... Subscription required Subscription required Nov 15, 2022
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Staff:

Total WorkforceYear
Subscription required 2021

Corporate Filings & Presentations:

DocumentYear
................................... Subscription required 2021
................................... Subscription required 2021
................................... Subscription required 2021
Subscription required - Subscription is required.

Subscription required - Subscription is required.

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