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Ecuador
Cascabel (Alpala) Project

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 Location:
50 km NW from Ibarra, Ecuador

  Project Contacts:
Avenida Coruña E25-58 y San Ignacio, Edificio Altana Plaza, piso 4 oficina 406
Quito
Ecuador
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Overview

StagePre-Feasibility
Mine TypeUnderground
Commodities
  • Copper
  • Gold
  • Silver
Mining Method
  • Block caving
  • Sub-level caving
Mine Life26 years (as of Jan 1, 2022)
Latest NewsCornerstone Receives Final Court Order Approving Arrangement     January 10, 2023


Owners

Source: p. 63,65
CompanyInterestOwnership
Cornerstone Capital Resources Inc. 15 % Indirect
SolGold Plc (operator) 85 % Indirect
On 10 April 2012, SolGold entered into a binding Letter of Intent with Cornerstone to earn an 85% interest in ENSA. SolGold now holds an 85% registered and beneficial interest in ENSA. The Cascabel license is 100% owned by ENSA. As of 31 March 2022, Cornerstone’s equity interest in ENSA remained 15% and had therefore not diluted below 10%.

Contractors

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Deposit Type

  • Porphyry
  • Intrusion related
  • Vein / narrow vein


Summary:

The mineralisation observed at surface and in the drill core along the trend of the Alpala deposit is considered as a classic porphyry Cu-Au system and exploration has been guided with this as the primary target. Exploration is also assessing the potential for surrounding economic porphyry deposits within a 1 to 2 km radius of the Alpala deposit, as well as the potential for discovery of epithermal and skarn deposits peripheral to these porphyry systems throughout the Cascabel Project area.

These mineralised systems are hosted within a linear belt (Andean Porphyry Belt) that extends from southern Chile right through to Ecuador and Colombia to Panama. The Andean Porphyry Belt is host to the largest concentrations of Cu in the world, including numerous deposits that are in active mining operations.

Major host rock types of the Alpala deposit consist of gabbroic and basaltic basement rocks, overlain by Cretaceous siltstones and minor sandstones that are unconformably overlain by a sequence of Tertiary volcanosedimentary and andesitic lavas. The volcanic and volcano-sedimentary sequences that host the deposit were previously mapped as the Macuchi Unit (Vallejo., 2007), a volcanic arc of tholeiitic and calc-alkaline composition which was formed on oceanic crust during the Eocene.

Drilling has defined a northwest trending, steeply northeast dipping corridor known as the Greater Alpala Trend. This trend is centred upon a syn-mineralisation causal qua ........


Mining Methods

  • Block caving
  • Sub-level caving


Summary:

The mine plan uses the block cave mining method which is considered to be the appropriate method due to the size, grade, ground conditions and depth of the Alpala deposit. High level studies have highlighted some areas of the deposit that may be mined using other bulk underground methods, such as sublevel caving, but that these are small and not material to the plan at this early stage of study.

The mine plan considered in this Pre-Feasibility directly relates to the first 30 years of production. In this plan, the highest value material is targeted. Column heights are up to 700 m and a relatively even draw across each footprint ensures even cave propagation.

This approach is in line with SolGold’s corporate strategy which is to maximise extraction of the Alpala deposit while still optimising the economics of the project. Targeting the high value material in the first phase ensures and optimises the project economics. Mining the lower value second phase later maximises extraction without compromising the economics of the project.

The main lateral mine access needs to be suitable for personnel and material movement and also accommodate the Material Handling System (MHS). A secondary function of the development will be to provide ventilation flow.

The lateral access design for Cascabel includes twin declines running parallel to each other developed from a boxcut at the surface. The declines are 50 m from centreline to centreline and b ........


Crushing and Grinding
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Processing

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Summary:

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Projected Production:

CommodityProductUnitsAvg. AnnualLOM
Copper Payable metal M lbs 2916,173
Copper Concentrate kt 42210,960
Copper Metal in concentrate M lbs 6,255
Gold Metal in copper conc. koz  ......  Subscription required
Gold Payable metal koz  ......  Subscription required  ......  Subscription required
Gold Metal in doré koz  ......  Subscription required  ......  Subscription required
Silver Metal in copper conc. koz  ......  Subscription required
Silver Payable metal koz  ......  Subscription required  ......  Subscription required
Silver Metal in doré koz  ......  Subscription required  ......  Subscription required
Copper Equivalent Payable metal kt  ......  Subscription required

Operational Metrics:

Metrics
Ore tonnes mined, LOM  ......  Subscription required
Tonnes processed, LOM  ......  Subscription required
Annual processing capacity  ......  Subscription required
Annual ore mining rate  ......  Subscription required
* According to 2022 study.
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Reserves at March 31, 2022:
Mineral Resource Cut-off grade for the shape was defined as the shut-off grade under a breakeven, eventual economic extraction criteria. The shut-off grade of 0.21% CuEq was calculated using (copper grade (%)) + (gold grade (g/t) x 0.613).

CategoryTonnage CommodityGradeContained Metal
Probable 558 Mt Copper 0.58 % 3.26 kt
Probable 558 Mt Gold 0.52 g/t 9.37 M oz
Probable 558 Mt Silver 1.65 g/t 30 M oz
Measured 1,192 Mt Copper 0.48 % 5.7 Mt
Measured 1,192 Mt Gold 0.39 g/t 15 M oz
Measured 1,192 Mt Silver 1.3 g/t 52.4 M oz
Measured 1,192 Mt Copper Equivalent 0.72 % 8.6 Mt
Indicated 1,470 Mt Copper 0.28 % 4.2 Mt
Indicated 1,470 Mt Gold 0.14 g/t 6.6 M oz
Indicated 1,470 Mt Silver 0.8 g/t 39.8 M oz
Indicated 1,470 Mt Copper Equivalent 0.37 % 5.5 Mt
Measured & Indicated 2,663 Mt Copper 0.37 % 9.9 Mt
Measured & Indicated 2,663 Mt Gold 0.25 g/t 21.7 M oz
Measured & Indicated 2,663 Mt Silver 1 g/t 92.2 M oz
Measured & Indicated 2,663 Mt Copper Equivalent 0.53 % 14 Mt
Inferred 544 Mt Copper 0.24 % 1.3 Mt
Inferred 544 Mt Gold 0.11 g/t 1.9 M oz
Inferred 544 Mt Silver 0.6 g/t 10.6 M oz
Inferred 544 Mt Copper Equivalent 0.31 % 1.7 Mt

Commodity Production Costs:

CommodityUnitsAverage
Site cash costs (produced) Copper USD  ......  Subscription required&nbs
Credits (by-product) Copper USD  ......  Subscription required *†
Total cash costs Copper USD  ......  Subscription required *†
All-in sustaining costs (AISC) Copper USD  ......  Subscription required *†
All-in costs Copper USD  ......  Subscription required *†
Assumed price Copper USD  ......  Subscription required&nbs
Assumed price Silver USD  ......  Subscription required&nbs
Assumed price Gold USD  ......  Subscription required&nbs
* According to 2022 study / presentation.
† Net of By-Product.
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Operating Costs:

Units2022
UG mining costs ($/t mined) USD 3.73 *
Processing costs ($/t milled) USD  ......  Subscription required
G&A ($/t milled) USD  ......  Subscription required
Total operating costs ($/t milled) USD  ......  Subscription required
* According to 2022 study.
Subscription required - Subscription is required.

2022 Study Costs and Valuation Metrics :

MetricsUnitsLOM Total
Initial CapEx $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 3,564
G&A costs $M USD 883.7
Total OpEx $M USD  ......  Subscription required
Total Taxes $M USD  ......  Subscription required
Royalty payments $M USD  ......  Subscription required
Gross revenue (LOM) $M USD  ......  Subscription required
Net Income (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 @ 10% $M USD  ......  Subscription required
Pre-tax NPV @ 8% $M USD  ......  Subscription required
After-tax NPV @ 5% $M USD  ......  Subscription required
After-tax NPV @ 10% $M USD  ......  Subscription required
After-tax NPV @ 8% $M USD  ......  Subscription required
Pre-tax IRR, %  ......  Subscription required
After-tax IRR, %  ......  Subscription required
Pre-tax payback period, years  ......  Subscription required
After-tax payback period, years  ......  Subscription required
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Pipelines
TypeMaterialDiameterLengthDescription


Proposed Heavy Mobile Equipment as of March 31, 2022:
HME TypeQuantityLeased or
Contractor
Crane ....................... Subscription required Leased
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Subscription required - Subscription is required.

Mine Management:

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Mar 31, 2022
....................... Subscription required ....................... Subscription required Subscription required Mar 31, 2022
....................... Subscription required ....................... Subscription required Subscription required Jul 5, 2022
....................... Subscription required ....................... Subscription required Subscription required Jul 5, 2022
....................... Subscription required ....................... Subscription required Subscription required Jul 5, 2022
....................... Subscription required ....................... Subscription required Subscription required Jul 5, 2022
Subscription required - Subscription is required.

Staff:

EmployeesContractorsTotal WorkforceYear
Subscription required Subscription required Subscription required 2022

Corporate Filings & Presentations:

DocumentYear
Corporate Presentation 2022
Pre-Feasibility Study Report 2022
................................... Subscription required 2020
................................... Subscription required 2020
................................... Subscription required 2019
Technical Report 2017
Subscription required - Subscription is required.

News:

NewsDate
Cornerstone Receives Final Court Order Approving Arrangement January 10, 2023
Cornerstone Shareholders Approve Arrangement with SolGold January 9, 2023
SolGold plc ("SolGold" or the "Company") Completion of Osisko US$50 Million Royalty Financing November 30, 2022

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