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Portugal
Lagoa Salgada (North Zone) Project

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 Location:
80 SE from Lisbon, Portugal

  Project Contacts:
501-110 Yonge Street
Toronto
Ontario, Canada
M5C 1T4
Phone  ...  Subscription required
Fax+1 647-796-0067
WebsiteWeb
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Overview

StagePreliminary Economic Assessment
Mine TypeUnderground
Commodities
  • Zinc
  • Lead
  • Gold
  • Silver
Mining Method
  • Sub-level stoping
  • Paste backfill
Processing
  • Flotation
Mine Life9 years (as of Jan 1, 2019)
Latest NewsAscendant Resources Intersects High-Grade Sulfides and Strong Stockwork Mineralization Across Wide Intercepts in the South Zone at Its Lagoa Salgada VMS Project     January 13, 2021


Owners & OPERATOR

Source: p. 23
CompanyInterestOwnership
EMPRESA DE DESENVOLVIMENTO MINEIRO, S.A. 15 % Direct
Ascendant Resources Inc. 21.25 % Indirect
TH Crestgate GmbH 63.75 % Indirect
Redcorp - Empreendimentos Mineiros, Lda (operator) 85 % Direct
The Property is held in a joint venture between Redcorp Empreendimentos Mineiros, LDA. (Redcorp) and Empresa de Desenvolvimento Mineiro S.A. (EDM), which is a Portuguese Government owned company for the mining sector. Redcorp holds an 85% interest and EDM holds a 15% interest.

Redcorp is a 75% held subsidiary of TH Crestgate, a Swiss investment company and a 25% held subsidiary of Ascendant, a Canadian company listed on the Toronto Stock Exchange.

Deposit Type

  • VMS
  • Breccia pipe / Stockwork


Summary:

The Property is located within the north-western portion of the IPB. The IPB is one of the most prolific European metallic provinces, hosting one of the largest concentrations of MS in the Earth’s crust.

The entire property is covered by a paleo-fluvial fan that ranges in thickness up to 200 m within the Tertiary Sado Basin and averages 135 m over the LS Project. The Tertiary sedimentary rocks unconformably overlie rocks of the Volcano-Sedimentary Complex of the IPB.

The LS Project currently has three known deposits; the North, Central and South deposits. The deposits are folded, faulted, and interpreted to occur mostly on the subvertical-overturned and intensely faulted limb of a southwest-verging anticline. The North deposit is further offset by an east-west-trending Alpine-age fault in the north, with a 50-m downthrow of the northern block but whose horizontal amount and sense of displacement is unknown.

There are four types of mineralization at the LS Project: primary MS mineralization, GO mineralization resulting from weathering of the primary mineralization, copper-rich stringer / fissure / stockwork mineralization, and gold-rich silicified zones which appear to be structurally controlled. To date, the mineralized system of the North deposit has been drill tested over a strike extent of approximately 500 m and appears to be open to the south and east. Recent geophysical surveys have found three anomalies, similar in signature to that of the North deposit (former LS-1), continuing to the south-east along strike, over a distance of 900 m. The furthest of these anomalies has been drill tested and it is the South deposit (former LS-1 Central deposit).

LS Project remains open in all directions but with a stronger signature on the eastern side of the currently drilled / known linear trend of about 1.7 km. The geometry of the MS domain of the North deposit appears to suggest that the main vent of the volcanic activity that gave rise to the LS deposit may be located at the north-western end where the plunge swings westwards. However, this remains speculative until proven by additional drilling.

Currently, the greatest contribution to the Mineral Resources is from the North deposit. However, all deposits have the potential to delineate more resources with additional drilling. The stringer / fissure type mineralization of the South and Central deposits appears to be more amenable to metallurgical processing than the massive mineralization of the North deposit and future priority drilling will depend on progress in metallurgical testwork.

Geological reasoning suggests that the subdivision of the LS Project into the North, Central and South deposits is arbitrary, being based on the existing drill pattern. With further concerted systematic drilling, the three deposits are likely to coalesce into a single zinc-lead-copper VMS system, manifesting / displaying its macro-genetic features from secondary GO to primary MS and ending with peripheral primary / secondary stringer / fissure type mineralization in the waning phases of volcanic activity. This interpretation is backed by geophysics which shows that all three deposits lie on a continuous coincidental IP chargeability anomaly with an estimated geological strike length of 1.7 km in an SSE to NNW direction from the South deposit to beyond the North deposit and terminating against the Alpine fault.


Mining Methods

  • Sub-level stoping
  • Paste backfill


Summary:

The geometry of the deposit is relatively simple, and the deposit is fairly shallow.

The mine design is based on a single decline access from surface at a 12.6% gradient. Decline access is via a 30 m deep boxcut. Stopes are accessed from level access drives in the north and the south of the deposit. Interlevel spacing varies between 24 m and 35 m. All mineralized material and waste development are mined with a 4.5 m by 4.5 m end profile.

The deposit is planned to be mined using transverse sub-level open stoping (SLOS) with paste fill at a production rate of approximately 1 million tonnes per annum (Mtpa). Crosscuts will access the deposit with drives developed laterally across the mineralization. Drives in mineralization will be placed 12.5 m apart along strike, with stopes approximately 25 m to 35 m high, 12.5 m wide and 25 m in length.

Stope heights in the Gossan (GO) tend to be generally less, approximately 20 m high. A slot will be cut at the end of the mineralization and consecutive rings blasted in a retreating fashion over the full stope length back to the crosscut. Uphole drill rings from the existing drives in the MS will be drilled to extract the mineralization from the overlying GO deposit. Ore and waste will be hauled to surface using 30 tonne (t) trucks.

Unplanned dilution due to the extraction of the stope was assumed to be 8% for the GO zone and 5% for the MS zone. Mining recovery of 90% was assumed for the GO and 93% for the MS. Approximately 55% of tailings (up to 540,000 tonnes per annum (tpa) at a dry bulk density of 1.4) will be placed underground as paste fill to meet an annual demand of 400,000 cubic metres (m3) of void and the remaining tailings placed in the dry stack Tailings Storage Facility (TSF).

The paste plant will have an annual utilization of just below 50%. Paste fill will be transported underground using a combination of pumping and gravity via boreholes and high-pressure pipelines to the stopes. The geometry of the deposit is relatively simple, and the deposit is fairly shallow. AMC considers the use of SLOS mining method to be suitable for the deposit and will result in high productivities.

The average haulage distance is approximately 1,600 m which is relatively short and will ensure low cost haulage and high productivity. Mining takes place primarily over three sub levels spaced 25 m to 35 m apart. The mine is very compact and as such equipment use will be highly efficient and manpower numbers low. The mine will operate on a five-day week, three eight-hour shifts per day, with essential services manning only on weekends.

The mine design leads to a low-cost mining operation with relatively high production throughput of 1.0 Mtpa that is well supported by the production schedule. The mine will use paste fill to backfill the stopes reducing the size of the surface tailings facility significantly.

Paste fill will be delivered underground using a combination of pumping and gravity via boreholes and high-pressure pipelines to the stopes.


Crushing and Grinding


Processing

  • Flotation

Flow Sheet: Subscription required

Summary:

The metallurgical work completed to date is of a reconnaissance nature and no firm conclusions can be drawn therefrom. Detailed testwork is in progress. The PEA assumes a processing rate of 3,000 tpd of polymetallic ore. The following conclusions can be drawn from the scoping level metallurgical study:

•The deposit has two major ore types, namely, massive sulphide and Gossan. The Gossan consists of oxidized material.
•The metals of interest in the deposit are copper, lead, zinc, gold, silver, and tin.
•The MS has tin which may not be recoverable whereas Gossan has uneconomic quantities of zinc. Hence, the process flowsheet needs to be flexible to recover these minerals.
•The mineralogy of the deposit indicates that very fine grind will be required to produce saleable concentrates.
•A typical polymetallic process flowsheet may produce copper, lead, and zinc concentrates with some gold and silver. Copper concentrate is not considered in this study.
•Th ........

Recoveries & Grades:

CommodityParameterAvg. LOM
Zinc Recovery Rate, %  ......  Subscription required
Zinc Head Grade, % 2.44
Lead Recovery Rate, %  ......  Subscription required
Lead Head Grade, % 2.85
Gold Recovery Rate, %  ......  Subscription required
Gold Head Grade, g/t 0.75
Silver Recovery Rate, %  ......  Subscription required
Silver Head Grade, g/t 69.8
Tin Recovery Rate, %  ......  Subscription required
Tin Head Grade, % 0.16
Zinc Equivalent Head Grade, % 7.91
Copper Recovery Rate, %  ......  Subscription required
Copper Head Grade, % 0.34
Subscription required - Subscription is required.

Projected Production:

CommodityUnitsAvg. AnnualLOM
Zinc kt 12113
Lead kt  ......  Subscription required  ......  Subscription required
Gold koz  ......  Subscription required  ......  Subscription required
Silver M oz  ......  Subscription required  ......  Subscription required
Tin kt  ......  Subscription required  ......  Subscription required
Zinc Equivalent kt  ......  Subscription required
Copper kt  ......  Subscription required  ......  Subscription required
All production numbers are expressed as payable metal.

Operational Metrics:

Metrics
Waste tonnes, LOM  ......  Subscription required
Tonnes milled, LOM  ......  Subscription required
Daily processing rate  ......  Subscription required
Annual mining rate  ......  Subscription required
* According to 2019 study.
Subscription required - Subscription is required.

Reserves at September 5, 2019:

CategoryTonnage CommodityGradeContained Metal
Measured & Indicated 10,334 kt Zinc 2.12 % 219 kt
Measured & Indicated 10,334 kt Lead 2.39 % 247.2 kt
Measured & Indicated 10,334 kt Gold 0.64 g/t 212 koz
Measured & Indicated 10,334 kt Silver 64 g/t 21,378 koz
Measured & Indicated 10,334 kt Tin 0.16 % 16.2 kt
Measured & Indicated 10,334 kt Copper 0.37 % 38.2 kt
Inferred 2,502 kt Zinc 1.42 % 35.6 kt
Inferred 2,502 kt Lead 1.7 % 42.6 kt
Inferred 2,502 kt Gold 0.43 g/t 34.3 koz
Inferred 2,502 kt Silver 38 g/t 3,023 koz
Inferred 2,502 kt Tin 0.12 % 2.9 kt
Inferred 2,502 kt Copper 0.18 % 4.6 kt

Commodity Production Costs:

CommodityUnitsAverage
Cash costs Zinc Equivalent USD  ......  Subscription required *
All-in sustaining costs (AISC) Zinc Equivalent USD  ......  Subscription required *
Assumed price Tin USD  ......  Subscription required *
Assumed price Lead USD  ......  Subscription required *
Assumed price Zinc USD  ......  Subscription required *
Assumed price Copper USD  ......  Subscription required *
Assumed price Silver USD  ......  Subscription required *
Assumed price Gold USD  ......  Subscription required *
* According to 2019 study / presentation.
Subscription required - Subscription is required.

Operating Costs:

Units2019
UG mining costs ($/t milled) USD 16.8 *
Processing costs ($/t milled) USD  ......  Subscription required
Total operating costs ($/t milled) USD  ......  Subscription required
* According to 2019 study.
Subscription required - Subscription is required.

2019 Study Costs and Valuation Metrics :

MetricsUnitsLOM Total
Initial CapEx $M USD  ......  Subscription required
Sustaining CapEx $M USD  ......  Subscription required
Total CapEx $M USD  ......  Subscription required
UG OpEx $M USD  ......  Subscription required
Processing OpEx $M USD 212
G&A costs $M USD 25
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
EBITDA (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 @ 8% $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
Subscription required - Subscription is required.

Proposed Heavy Mobile Equipment as of December 19, 2019:
HME TypeSizeQuantity
Cable bolter 1
....................... Subscription required 3
....................... Subscription required 2
....................... Subscription required 4
....................... Subscription required 1
....................... Subscription required ....................... Subscription required 4
Subscription required - Subscription is required.

Mine Management:

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Dec 19, 2019
....................... Subscription required ....................... Subscription required Subscription required Dec 19, 2019
Subscription required - Subscription is required.

Staff:

Total WorkforceYear
Subscription required 2019

Corporate Filings & Presentations:

DocumentYear
................................... Subscription required 2019
................................... Subscription required 2019
................................... Subscription required 2019
Subscription required - Subscription is required.

News:

NewsDate
Ascendant Resources Intersects High-Grade Sulfides and Strong Stockwork Mineralization Across Wide Intercepts in the South Zone at Its Lagoa Salgada VMS Project January 13, 2021
Ascendant Resources Announces Closing of Non-Brokered Private Placement October 5, 2020
Ascendant Resources Initiates 2020 Exploration Program Focusing on the Copper-Rich South Zone and Announces Non-Brokered Private Placement September 17, 2020
Ascendant Resources Files Technical Report For The Preliminary Economic Assessment For The Lagoa Salgada Project In Portugal February 27, 2020

Aerial view:

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