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Colombia
Miraflores Project

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 Location:
191 NW from Bogota, Colombia

  Project Contacts:
Carrera 36 No 2 Sur 60 Int 1301, Poblado Alejandria
Medellin
Colombia
050021
Phone  ...  Subscription required
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  • Overview
  • Owners
  • Geology
  • Mining
  • Processing
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  • Reserves
  • Costs & Financials
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Overview

StagePermitting
Mine TypeUnderground
Commodities
  • Gold
  • Silver
Mining Method
  • Longhole open stoping
  • Backfill
Mine Life10 years (as of Jan 1, 2017)
The Company is progressing PEA related studies for its 2.6Moz1 Quinchia Project and EIA submissions based on the advanced Miraflores underground project (part of Quinchia Project) as described in the 2017 Miraflores DFS.


Owners

Source: p. 9
CompanyInterestOwnership
Los Cerros Ltd. 100 % Indirect
Miraflores Compania Minera SAS 100 % Direct
MCM (Miraflores Compañia Minera SAS) is a 100%- owned subsidiary of North Hill Holdings Group Inc., owned as to 100% by Los Cerros.

Contractors

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Deposit Type

  • Porphyry


Summary:

From a metallogenetic standpoint, mineralisation in the Quinchía district is genetically linked to the emplacement of a cluster of Miocene-aged hypabyssal porphyry bodies. A variety of magmatichydrothermal Au (Cu) and Au-Ag (Pb, Zn, Cu) deposit types are associated with the geochemical and cooling history of the porphyry bodies.


Mining Methods

  • Longhole open stoping
  • Backfill


Summary:

Retreat longhole open stoping with backfill is the mining method proposed. This method permits the extraction of the ore at maximum hydraulic radius after backfilling the stopes. The backfill assumed is waste material from mining and fine tailings material. Backfill is required for both stability and environmental reasons, allowing all waste material generated by the mining operation to be redeposited as fill in the mine.

All the mine accesses will be developed in rock mass with good geotechnical conditions. The first 80m of the decline ramp will be developed in basalt before transitioning to breccia.

The stopes derived from the mining optimisation have been used as the basis for the mine design. These stopes define the ore extraction along the ore body. The optimisation considered a cut-off grade of 1.75 g/t Au for the average grade of the material contained within the stope, which permits the extraction at maximum grade and generates a plant feed that produces 4,000 oz per month. A 40m crown pillar to surface from the upper stopes has been allowed.

The mine has its own primary ventilation circuit. Taking into account the various characteristics of the Miraflores Project design, such as the longhole open stopes and ore haulage by trucks on the main ramp, the mine will be ventilated by an exhausting system using surface fans extracting through a VCR raise with a section of 5 x 5 m. This raise, at 336 m in length, will connect the 1,071 mine le ........


Crushing and Grinding
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Processing

Source: Subscription required

Summary:

- subscription is required.


Projected Production:

CommodityUnitsAvg. Annual
Gold oz 48,000
All production numbers are expressed as metal in doré.

Operational Metrics:

Metrics
Waste tonnes, LOM 415 kt *
Ore tonnes mined, LOM 4,326 kt *
Total tonnes mined, LOM 5,026 kt *
Daily processing capacity 1,300 t *
Tonnes processed, LOM 4,326 kt *
Annual processing capacity 474,500 t *
* According to 2017 study.

Reserves at October 30, 2017:
The Ore Reserve has been estimated using a gold price assumption of US$1,200/oz and a cut-off grade of 1.53g/t Au.
Mineral Resources are reported at a gold cut-off grade (CoG) of 1.20 g/t Au.

CategoryTonnage CommodityGradeContained Metal
Proven 1.7 Mt Gold 2.75 g/t 150 koz
Proven 1.7 Mt Silver 2.2 g/t 120 koz
Probable 2.62 Mt Gold 3.64 g/t 307 koz
Probable 2.62 Mt Silver 3.13 g/t 264 koz
Proven & Probable 4.32 Mt Gold 3.29 g/t 457 koz
Proven & Probable 4.32 Mt Silver 2.77 g/t 385 koz
Measured 2,958 kt Gold 2.98 g/t 283 koz
Measured 2,958 kt Silver 2.49 g/t 237 koz
Indicated 6,311 kt Gold 2.74 g/t 557 koz
Indicated 6,311 kt Silver 2.9 g/t 588 koz
Measured & Indicated 9,269 kt Gold 2.82 g/t 840 koz
Measured & Indicated 9,269 kt Silver 2.77 g/t 825 koz
Inferred 487 kt Gold 2.36 g/t 37 koz
Inferred 487 kt Silver 3.64 g/t 57 koz
Total Resource 9,756 kt Gold 2.8 g/t 877 koz
Total Resource 9,756 kt Silver 2.81 g/t 882 koz

Commodity Production Costs:

CommodityUnitsAverage
All-in sustaining costs (AISC) Gold USD 643 / oz *  
C1 cash costs Gold USD 599 / oz *  
Assumed price Silver USD 18 / oz *  
Assumed price Gold USD 1,300 / oz *  
* According to 2017 study / presentation.

Operating Costs:

Units2017
UG mining costs ($/t milled) USD 27.9 *
Processing costs ($/t milled) USD  ......  Subscription required
Total operating costs ($/t milled) USD  ......  Subscription required
* According to 2017 study.
Subscription required - Subscription is required.

2017 Study Costs and Valuation Metrics :

MetricsUnitsLOM Total
Initial CapEx $M USD  ......  Subscription required
Sustaining CapEx $M USD  ......  Subscription required
UG OpEx $M USD  ......  Subscription required
After-tax Cash Flow (LOM) $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
Subscription required - Subscription is required.


Proposed Heavy Mobile Equipment as of October 30, 2017:
HME TypeQuantity
Bulldozer ....................... Subscription required
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Subscription required - Subscription is required.

Mine Management:

Job TitleNamePhoneProfileRef. Date
....................... Subscription required ....................... Subscription required ....................... Subscription required Subscription required Nov 2, 2022
Subscription required - Subscription is required.

Staff:

Total WorkforceYear
Subscription required 2017

Corporate Filings & Presentations:

DocumentYear
Corporate Presentation 2022
Other 2022
................................... Subscription required 2019
Annual Report 2018
Feasibility Study Report 2017
Press Release 2017
Subscription required - Subscription is required.

Subscription required - Subscription is required.

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