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North Macedonia
Ilovica-Shtuka Project

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 Location:
15 km NE from Strumica, North Macedonia
  Project Contacts:
Blvd Partizanski Odredi
No 14, 1/2
Skopje
North Macedonia
31000
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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
Mining Method
  • Truck & Shovel / Loader
Mine Life20 years (as of Jan 1, 2016)
Euromax has had ongoing discussions with the Government to progress its permits, primarily its request formerging the concessions from 2016 so that the remaining documentation can be submitted.

In July 2019, the Government initiated a procedure to unilaterally terminate one of Euromax’s two concessions, on the basis that not all documentation had been submitted within the legal time frame. Euromax appealed this decision in the Administrative courts of Macedonia.

In December 2019, Government terminated one of the Euromax’s two concessions in contradiction of official statements to allow the Administrative Court to rule on the permitting.

One case decided by Higher Administrative Court in Euromax’s favour, but this was ignored by Government. Two further court cases still ongoing in 2022.

Owners

Source: p. 2
CompanyInterestOwnership
Euromax Resources Ltd. 100 % Indirect
The project, wholly owned by Euromax, has a 30-year Exploitation Concession.
The Euromax Resources Ltd. wholly owned Macedonian subsidiary, Euromax Resources DOO Skopje, is developing the Ilovica-Shtuka Project in Macedonia.

Contractors

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Deposit Type

  • Porphyry

Summary:

The mineral deposit type at Ilovica is “Alkaline Copper-Gold Porphyry”. The deposit has characteristics which are typical for this deposit type. The mineralisation is spatially, temporally and genetically associated with hydrothermal alteration of the intrusive bodies and host rocks.

As is typical of this deposit type, stockworks, veinlets and disseminations of pyrite, chalcopyrite, bornite and magnetite occur in large zones of mineralisation in and adjoining porphyritic intrusions of diorite composition.

Subsequent supergene leaching/enrichment and advanced argillic alteration have overprinted the typical hydrothermal alteration and mineralisation pattern in the upper portion of the deposit.

Ilovica is a porphyry copper-gold deposit, located in a northwest-southeast striking Cenozoic magmatic arc, that covers large areas of Central Romania, Serbia, Macedonia, Southern Bulgaria, Northern Greece and Eastern Turkey.

The Ilovica porphyry system is approximately 1.5 km in diameter and is associated with a poorly exposed dacite-granodiorite plug, emplaced along the north-eastern border of the northwest-southeast elongate Strumica graben. The exact location of the deposit is controlled by major north-south cross cutting faults and minor northwest-southeast faulting, parallel to the faulted border of the graben.

The Strumica graben is a typical post-collision extension structure, approximately 30 km by 10 km in size, and up ........

Mining Methods

  • Truck & Shovel / Loader

Summary:

Ilovica is a combination of open pit and hillside quarry type mining, with an elevation range of 830 m to 240 m, the split between the two occurring at 480 m. The open pit portion will require an internal switchback ramp that starts at 240 m and exits at 515 m. The hillside portion requires a system of internal ramps, working bench haul routes and temporary haul roads that connect with an external system of haul roads that follow the contours and switchbacks that meet the pit rim at intervals.

A crusher and ROM pad are located on the western side of the open pit at an elevation of 520 m. Access to this in the early years is via haul roads running along the topography. Later, an oxide stockpile adjacent to the ROM pad will allow access as the open pit is extended. A conveyor runs from the crusher to the processing plant at the top of the hill. The mining infrastructure is located on the downhill side of the open pit with an access haul road that connects it with the crusher, ROM pad and principal haul roads.

The mining infrastructure is located on the downhill side of the open pit with an access haul road that connects it with the crusher, ROM pad and principal haul roads.

Currently it is envisaged that mining will be undertaken by owner operated equipment and labour. The practicality of involving a mining contractor will be investigated in more detail in the next phase of engineering design.

The working and final pits designed by DM ........

Crushing and Grinding
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Processing

Flow Sheet: Subscription required

Summary:

- subscription is required.

Projected Production:

CommodityProductUnitsAvg. AnnualLOM
Gold Metal in doré koz 375
Gold Payable metal koz 1,249
Gold Metal in concentrate koz 1,294
Copper Payable metal M lbs  ......  Subscription required
Copper Metal in concentrate M lbs  ......  Subscription required  ......  Subscription required
Copper Concentrate kt  ......  Subscription required  ......  Subscription required
Copper Equivalent Metal in concentrate kt  ......  Subscription required  ......  Subscription required
Silver Payable metal koz  ......  Subscription required
Silver Metal in concentrate koz  ......  Subscription required
Gold Metal in conc./ doré koz 103

Operational Metrics:

Metrics
Annual ore mining rate 10 Mt *
Annual processing capacity 10 Mt *
Annual processing rate 10 Mt *
Stripping / waste ratio 1.01 *
Waste tonnes, LOM 199.9 Mt *
Ore tonnes mined, LOM 198 Mt *
Total tonnes mined, LOM 398 Mt *
Tonnes processed, LOM 198 Mt *
* According to 2016 study.

Reserves at February 16, 2016:
Mineral reserves are reported to a cut-off grade of 0.22 g/t Au and 0.17% Cu.

CategoryTonnage CommodityGradeContained Metal
Proven 112.6 Mt Gold 0.32 g/t 1.17 M oz
Proven 112.6 Mt Copper 0.22 % 543.9 M lbs
Probable 85.5 Mt Gold 0.3 g/t 0.84 M oz
Probable 85.5 Mt Copper 0.19 % 355 M lbs
Proven & Probable 198.1 Mt Gold 0.32 g/t 2.01 M oz
Proven & Probable 198.1 Mt Copper 0.21 % 898.9 M lbs
Measured 147.1 Mt Gold 0.31 g/t 1.5 M oz
Measured 147.1 Mt Copper 0.23 % 729.5 M lbs
Indicated 109.7 Mt Gold 0.33 g/t 1.1 M oz
Indicated 109.7 Mt Copper 0.2 % 479 M lbs
Measured & Indicated 256.8 Mt Gold 0.32 g/t 2.6 M oz
Measured & Indicated 256.8 Mt Copper 0.21 % 1,209 M lbs

Commodity Production Costs:

CommodityUnitsAverage
Cash costs Gold USD 200 / oz *†  
C1 cash costs Copper USD 0.42 / lb *  
All-in costs Gold USD 372 / oz *†  
Assumed price Copper USD 2.9 / lb *  
Assumed price Silver USD 18 / oz *  
Assumed price Gold USD 1,220 / oz *  
* According to 2016 study / presentation.
† Net of By-Product.

Operating Costs:

Units2016
OP mining costs ($/t mined) USD 1.8 *  
OP mining costs ($/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 2016 study.
Subscription required - Subscription is required.

2016 Study Costs and Valuation Metrics :

MetricsUnitsLOM Total
Initial CapEx $M EUR  ......  Subscription required
Sustaining CapEx $M EUR  ......  Subscription required
Closure costs $M EUR  ......  Subscription required
Total CapEx $M EUR  ......  Subscription required
OP OpEx $M EUR  ......  Subscription required
Processing OpEx $M EUR 1,199
G&A costs $M EUR 68.3
Total OpEx $M EUR  ......  Subscription required
Total Taxes $M EUR  ......  Subscription required
Royalty payments $M EUR  ......  Subscription required
Net revenue (LOM) $M EUR  ......  Subscription required
Pre-tax Cash Flow (LOM) $M EUR  ......  Subscription required
After-tax Cash Flow (LOM) $M EUR  ......  Subscription required
Pre-tax NPV @ 5% $M EUR  ......  Subscription required
Pre-tax NPV @ 10% $M EUR  ......  Subscription required
After-tax NPV @ 5% $M EUR  ......  Subscription required
After-tax NPV @ 10% $M EUR  ......  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 February 16, 2016:
HME TypeModelSizeQuantity
ANFO Loader ....................... Subscription required
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Subscription required - Subscription is required.

Mine Management:

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Feb 16, 2016
....................... Subscription required ....................... Subscription required Subscription required Feb 16, 2016
....................... Subscription required ....................... Subscription required Subscription required Nov 17, 2022
Subscription required - Subscription is required.

Staff:

Total WorkforceYear
Subscription required 2016

Corporate Filings & Presentations:

DocumentYear
Corporate Presentation 2022
Management Discussion & Analysis 2022
................................... Subscription required 2021
................................... Subscription required 2020
Feasibility Study Report 2016
Subscription required - Subscription is required.

Subscription required - Subscription is required.

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