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Portugal

Lagoa Salgada Project

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Overview

Mine TypeUnderground
StagePermitting
Commodities
  • Zinc
  • Lead
  • Gold
  • Silver
  • Copper
  • Tin
Mining Method
  • Sub-level stoping
  • Cut & Fill
  • Transverse stoping
  • Sub-level open stoping (SLOS)
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SnapshotThe Lagoa Salgada project is a high-grade polymetallic project, demonstrating a typical mineralization endowment of zinc, copper, lead, tin, silver, and gold. Extensive exploration upside potential lies both near deposit and at prospective step-out targets across the large 7,209-hectare property concession.

July 15, 2024 - Ascendant Resources Inc. files the successful submission of additional and revised information as part of the final stage in the Environmental Impact Assessment (“EIA”) process for its Lagoa Salgada project.

Owners

SourceSource
CompanyInterestOwnership
Empresa de Desenvolvimento Mineiro S.A. 15 % Direct
Ascendant Resources Inc. 80 % Indirect
Redcorp - Empreendimentos Mineiros, Lda (operator) 85 % Direct
The Lagoa Salgada Project is covered by a single exploitation permit (mining concession) spanning approximately 10,700 hectares, held by Redcorp Empreendimentos Mineiros, LDA.

Redcorp holds an 85% stake in the Lagoa Salgada Project and also acts as the operating entity. The remaining 15% of the stake is held by the Mining Development Company (Empresa de Desenvolvimento Mineiro, SA), which is a Portuguese state-owned company that aims, among other things, to carry out activities related to prospecting, research, and exploitation of mineral resources.

Redcorp is currently co-owned by Ascendant Resources Inc. (Ascendant), a Canadian company listed on the Toronto Stock Exchange, and Mineral & Financial Investments Limited (M&FI). Ascendant holds 80% interest in the Lagoa Salgada project through its position in Redcorp - Empreendimentos Mineiros, Lda, ("Redcorp").

Contractors

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Deposit type

  • VMS

Summary:

From a genetic point of view the Lagoa Salgada deposit is considered a polymetallic Volcanogenic Massive Sulfide (VMS). These deposits arise from the association between volcanic events and hydrothermal activity in a submarine environment.

In the Lagoa Salgada deposit, sub seafloor alteration affected rhyodacite with phenocrysts of quartz and feldspar and a rhyodacite with quartz phenocrysts intercalated with a sandstone (Matos et al. 2000). The true thickness of the Lagoa Salgada lithostratigraphic sequence is difficult to determine, as there are disruptions and repetitions of the volcaniclastic units due to the presence of inverse faults.

The mineralization types are different for each sector of the Lagoa Salgada deposit. They all show different typologies and modes of occurrence although all the mineralization domains are polymetallic.

NORTH SECTOR
The north sector of this deposit shows four distinct mineralization domains, namely the gossan, the transition massive sulfides, the primary massive sulfides, and the stringer zone. The gossan (Gos) mineralization results from the supergene alteration of the primary massive sulfides after intense oxidation and weathering when the primary mineralization was exposed to the paleosurface. The net effect of the supergene effect is the enrichment of less mobile elements such as Au Ag, Sn and Pb.

The transitional massive sulfides (tMS) zone is also the result of a supergene process. Some of the metals leached in the relatively shallower oxidizing levels and precipitated immediately below more reductive conditions (below the paleo water table). This domain is particularly rich in Cu, Pb and Ag.

The primary massive sulphides (pMS) result from the extraction of metals from deeper volcanic rocks that, by dissolution in the aqueous solutions through the interaction between water and rock. These were transported and subsequently cooled, causing the precipitation of metals such as Cu, Pb, Zn and Sn in the case of the Lagoa Salgada and creating massive sulphide lenses due to the circulation of hydrothermal fluids.

The stringer (Str) domain is characterized by stockwork polymetallic mineralization occurring in intermediate-basic volcanic rocks at the bottom of the primary massive sulphides. From a metallogenetic point of view, these were the corridors that fed the massive sulphide lens.

SOUTH SECTOR
The mineralization style at the south sector of the Lagoa Salgada deposit is different from the north showing two distinct domains, the semi-massive sulphides (sMS) zone, and the fissure remobilization (FR) mineralization zone.

The first sMS mineralization which is only present in the esV lithologies is characterized by semi massive pyritic intercalated with volcanic rocks. It is believed that the esV lithology is the lateral equivalent of the north sectors massive sulphides, representing a distal volcanogenic massive sulphide related facies. Both units have been tectonically packed into sub-vertical lenses following the latest stage of deformation.

An important fact to retain about the FR domain is that the hosting rocks between the three corridors still carry some lower grade but potentially economic mineralization. The 3 corridors represent some higher-grade zones within a broader envelope of mineralized iV rocks. The FR domain is polymetallic with Cu, Zn, Pb, and Ag; however, Cu (chalcopyrite) and Zn (in sphalerite) are predominant. From a genetic point of view, the occurrence of this mineralization occurred through a post-orogenic percolation of the mineralized fluids induced by an epigenetic hydrothermal alteration in the iV rocks.

Reserves

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Mining Methods

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Comminution

Crushers and Mills

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Processing

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Production

CommodityProductUnitsAvg. AnnualLOM
Zinc Concentrate kt 491
Lead Concentrate kt 375
Copper Concentrate kt 108
Tin Concentrate kt 18
Zinc Equivalent Payable metal M lbs 771,155
Gold-Silver Metal in doré t 184

Operational metrics

Metrics
Daily ore mining rate  ....  Subscribe
Annual ore mining rate  ....  Subscribe
Annual production capacity  ....  Subscribe
* According to 2023 study.

Production Costs

CommodityUnitsAverage
All-in sustaining costs (AISC) Zinc Equivalent USD  ....  Subscribe
C1 cash costs Zinc Equivalent USD  ....  Subscribe
Assumed price Tin USD  ....  Subscribe
Assumed price Lead USD  ....  Subscribe
Assumed price Zinc USD  ....  Subscribe
Assumed price Copper USD  ....  Subscribe
Assumed price Silver USD  ....  Subscribe
Assumed price Gold USD  ....  Subscribe
* According to 2023 study / presentation.

Operating Costs

Currency2023
UG mining costs ($/t milled) USD  ....  Subscribe
Direct operating costs ($/t milled) USD  ....  Subscribe
G&A ($/t milled) USD  ....  Subscribe
Total operating costs ($/t milled) USD  ....  Subscribe
* According to 2023 study.

Project Costs

MetricsUnitsLOM Total
Initial CapEx $M USD  ......  Subscribe
Sustaining CapEx $M USD  ......  Subscribe
Closure costs $M USD  ......  Subscribe
Total CapEx $M USD  ......  Subscribe
UG OpEx $M USD  ......  Subscribe
Processing OpEx $M USD 241.5
Freight costs $M USD 47
Refining and treatment costs $M USD  ......  Subscribe
G&A costs $M USD 28.9
Total OpEx $M USD  ......  Subscribe
Total Taxes $M USD  ......  Subscribe
Gross revenue (LOM) $M USD  ......  Subscribe
EBITDA (LOM) $M USD  ......  Subscribe
Pre-tax Cash Flow (LOM) $M USD  ......  Subscribe
After-tax Cash Flow (LOM) $M USD  ......  Subscribe
Pre-tax NPV @ 8% $M USD  ......  Subscribe
After-tax NPV @ 8%  ......  Subscribe
Pre-tax IRR, %  ......  Subscribe
After-tax IRR, %  ......  Subscribe
After-tax payback period, years  ......  Subscribe

Required Heavy Mobile Equipment

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Personnel

Mine Management

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Jul 28, 2023
....................... Subscription required ....................... Subscription required Subscription required Jul 28, 2023
....................... Subscription required ....................... Subscription required Subscription required Sep 3, 2024

Aerial view:

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