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Serbia
Timok Project

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 Location:
26 km NW from Bor, Serbia

  Project Contacts:
1 Adelaide Street East Suite 500
P.O. Box 195
Toronto
Ontario, Canada
M5C 2V9
Phone  ...  Subscription required
Fax(416) 365 9080
EmailEmail
WebsiteWeb
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  • Overview
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Overview

StagePermitting
Mine TypeOpen Pit
Commodities
  • Gold
Mining Method
  • Truck & Shovel / Loader
Production Start...
Mine Life8 years (as of Jan 1, 2021)
Baseline studies for an ESIA have commenced, with the Company targeting the second quarter of 2024 for the closeout of the ESIA and public hearings, followed by receipt of permits for the construction of mine facilities, which DPM estimates would occur in the fourth quarter of 2024.


Owners

Source: p. 42, 53
CompanyInterestOwnership
Dundee Precious Metals Inc. 100 % Indirect
The exploration licences for the Timok gold project are held by Avala Resources d.o.o., a Serbian registered, wholly owned subsidiary of Dundee Precious Metals Inc., following the amalgamation of a wholly owned subsidiary of Dundee Precious Metals Inc. with Avala Resources Ltd. in April 2016.

Contractors

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Deposit Type

  • Carlin-type
  • Sediment-hosted


Summary:

The Timok Project is located within the north-western part of the Timok Magmatic Complex (TMC) in eastern Serbia.

The dominant mineral prospects in the clastic sedimentary rocks along the western margin of the TMC are relatively low-temperature auriferous deposits that share many characteristics with Carlin-type gold deposits. The interpretation of the sediment-hosted gold prospects within the Project area as Carlin-type is based upon the following criteria (Knaak et al., 2016):
• Character of the sedimentary host;
• The metal association (gold, arsenic, mercury, thallium, sulphur and antimony);
• The fine-grained nature of the gold, high gold-to-silver ratio and alteration types including argillisation, decarbonisation, and locally, addition of quartz.

Four important mineralised areas have been defined in the Potaj Cuka Tisnica exploration licence, comprising of the Bigar Hill deposit, the Korkan and Korkan West deposits and the Kraku Pester deposit. All four zones share a similarity of mineralisation style, which has been most clearly defined at the Bigar Hill deposit and are associated with a large hydrothermal system that has been identified within the Timok Project.

Bigar Hill Deposit
Gold mineralisation at Bigar Hill is located principally along two stratigraphic horizons, with lesser amounts present along peripheral steeply dipping fracture zones within the clastic rocks and an andesite sill. A lower zone is localis ........


Mining Methods

  • Truck & Shovel / Loader


Summary:

Conventional open pit mining with rigid body mining trucks, hydraulic excavators and wheel loaders was chosen for the Project. The material extracted from the Project’s three (3) pits: Bigar Hill, Korkan West, and Korkan, will be loaded into trucks by hydraulic excavators and transported to its destination. Each pit is mined in three phases and the Project is mined over a 7-year mine life, with one (1) year of pre-production and an additional year at the end of the mine life for stockpile reclamation.

Ore material, either oxide or transitional material, will be sent to the crusher or an ore stockpile; marginal material will be stockpiled to be reclaimed in the operation’s last year. Reclaimed stockpile material will be loaded onto trucks by wheel loaders and sent to the crusher. After the crusher, the ore material will be sent to the leach pad. Waste material will be sent to waste piles located near each pit, and sulphide material above the sulphide cut-off grade will be stockpiled near the waste piles for potential future reclamation.

The mine will be operated by an owner-operated fleet of 60 T trucks and related equipment seven (7) days a week, 24 hours a day in two (2) 12-hour shifts. The operation considers two weeks of adverse weather conditions, therefore running 350 days a year.

The mine plan is based on an ore production rate of 2.5 Mtpa sent to the leach pad. The oxide ore has a higher recovery rate at the leach pad than does the t ........


Crushing and Grinding
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Processing

Flow Sheet: Subscription required

Summary:

- subscription is required.


Projected Production:

CommodityUnitsAvg. AnnualLOM
Gold oz 68,379547,034
All production numbers are expressed as metal in doré.

Operational Metrics:

Metrics
Stripping / waste ratio  ......  Subscription required
Daily ore mining rate  ......  Subscription required
Waste tonnes, LOM  ......  Subscription required
Ore tonnes mined, LOM  ......  Subscription required
Total tonnes mined, LOM  ......  Subscription required
Tonnes processed, LOM  ......  Subscription required
Annual processing rate  ......  Subscription required
Annual processing capacity  ......  Subscription required
Annual ore mining rate  ......  Subscription required
* According to 2021 study.
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Reserves at May 29, 2020:
Mineral Reserves: A marginal cut-off of 0.21 g/t Au for the Oxide material, and 0.24 g/t for the Transitional material is applied at all deposits.
Mineral Resources: A cut-off of 0.19 g/t Au for the Oxide material, 0.216 g/t Au for the Transitional material, and 0.571 g/t Au for the Sulphide material is applied at Bigar Hill, Korkan and Korkan West. A cut-off of 0.35 g/t Au for the Oxide material, 0.40 g/t Au for the Transitional material, and 1.05 g/t Au for the Sulphide material is applied at Kraku Pester.

CategoryTonnage CommodityGradeContained Metal
Probable 19.2 Mt Gold 1.07 g/t 662 koz
Proven & Probable 19.2 Mt Gold 1.07 g/t 662 koz
Indicated 32.3 Mt Gold 1.27 g/t 1,319 koz
Measured & Indicated 32.3 Mt Gold 1.27 g/t 1,319 koz
Inferred 0.9 Mt Gold 1.5 g/t 45 koz

Commodity Production Costs:

CommodityUnitsAverage
Cash costs Gold USD  ......  Subscription required&nbs
All-in sustaining costs (AISC) Gold USD  ......  Subscription required&nbs
Assumed price Gold USD  ......  Subscription required&nbs
* According to 2021 study / presentation.
Subscription required - Subscription is required.

Operating Costs:

Units2021
OP mining costs ($/t milled) USD 7.89 *
Processing costs ($/t milled) USD  ......  Subscription required
G&A ($/t milled) USD  ......  Subscription required
Total operating costs ($/t milled) USD  ......  Subscription required
* According to 2021 study.
Subscription required - Subscription is required.

2021 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
OP OpEx $M USD  ......  Subscription required
Processing OpEx $M USD 99.1
Refining costs $M USD  ......  Subscription required
G&A costs $M USD 33.8
Total OpEx $M USD  ......  Subscription required
Royalty payments $M USD  ......  Subscription required
Gross revenue (LOM) $M USD  ......  Subscription required
EBITDA (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 @ 7.5% $M USD  ......  Subscription required
After-tax NPV @ 5% $M USD  ......  Subscription required
After-tax NPV @ 10% $M USD  ......  Subscription required
After-tax NPV @ 7.5% $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
Subscription required - Subscription is required.


Proposed Heavy Mobile Equipment as of February 23, 2021:
HME TypeSizeQuantity
Backhoe ....................... Subscription required
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Subscription required - Subscription is required.

Mine Management:

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Feb 23, 2021
....................... Subscription required ....................... Subscription required Subscription required Feb 23, 2021
....................... Subscription required ....................... Subscription required Subscription required Apr 6, 2022
Subscription required - Subscription is required.

Staff:

EmployeesYear
Subscription required 2021

Corporate Filings & Presentations:

DocumentYear
Corporate Presentation 2022
................................... Subscription required 2021
................................... Subscription required 2020
................................... Subscription required 2020
................................... Subscription required 2019
................................... Subscription required 2019
Subscription required - Subscription is required.

Subscription required - Subscription is required.

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