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Brazil
Monte do Carmo Project

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 Location:
37 km E from Porto Nacional, Brazil

  Project Contacts:
Rua Pedro De Oliveira Negre, S/N, Centro - Sala 1
Monte do Carmo
Brazil
77585-000
Phone  ...  Subscription required
WebsiteWeb
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  • Overview
  • Owners
  • Geology
  • Mining
  • Processing
  • Production
  • Reserves
  • Costs & Financials
  • Personnel
  • Filings & News

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Overview

StagePreliminary Economic Assessment
Mine TypeOpen Pit
Commodities
  • Gold
Mining Method
  • Truck & Shovel / Loader
Processing
  • Gravity separation
  • Flotation
  • Inline Leach Reactor (ILR)
Mine Life7 years (as of Jan 1, 2020)
Serra Alta deposit is the current primary focus.
Latest NewsCerrado Gold Reports True Thickness of 42 Metres at 1.82 g/t Au and 14 Metres at 5.98 g/t Au and 2 Metres at 37.85 g/t Au...     February 24, 2021


Owners

Source: p. 5
CompanyInterestOwnership
Cerrado Gold Inc. 0 % Indirect
The Monte de Carmo project is owned by a Brazilian entity called Serra Alta Mineração Ltda., which in turn is a wholly owned subsidiary of Cerrado Gold Inc.

Deposit Type

  • Vein / narrow vein
  • Intrusion related


Summary:

The regional geology of the Monte do Carmo area is characterized by a volcano-sedimentary sequence of Upper Proterozoic age, intruded by a large granite body of Lower Proterozoic age. The gold mineralization at Serra Alta is associated with a granite cupola. It is interpreted to fit into the Intrusion Related Gold System style of mineralization, very similar to the Fort Knox Deposit, Alaska, USA.

Serra Alta gold mineralization is associated with hydrothermally altered and sheared granitic rocks with quartz vein and veinlet swarms, moderately rich in sulphides (pyrite, galena, sphalerite and chalcopyrite). Other gold mineralization in the region is often hosted in single large quartz veins within fractures (the Giant Quartz Veins target).

The mineralized granite is overlain by a quartzite which caps the cupola. A much younger sequence of flat lying red bed sediments overlies the quartzite. The quartzite and red beds form cuestas (mesa-like features) several hundred metres high and will likely limit any push back of a pit wall to the east.

The Giant Quartz Veins are located about 5 km to the south of Serra Alta in the same granite body. Their width varies from just under a metre to several metres.

Serra Alta Mineralization
The Serra Alta Deposit is a wide mineralized zone about 300 m wide with approximately 1,500 m of exposed strike length. The zone is a corridor which contains veined, mineralized shoots generally striking N10°, dipping 60° to 80° W.

At the time of the QP’s site visit, MSM and Cerrado geologists were discussing the possible interpretation of three distinct sub-corridors or trends of mineralization within this wider corridor. It is possible that the far western trend is composed largely of colluvium shed from the slope and the artisanal workings there may have no immediate bedrock source. There are exposed bedrock sources of veining on the eastern side up against the cuesta wall. Extensions of the sheared granite cupola mineralization on the eastern side, under the quartzites, have been confirmed by drilling.

The field information obtained in the Serra Alta Deposit small pits mined by MSM caused it to classify the gold mineralization hosted in the cupola portion of the granite under the Reduced Intrusion Model. The mineralization occurs within a system of veins and veinlets commonly associated with zones of hydrothermal alteration. This system of veins and veinlets is characterized by quartz associated with gold and sulphides (pyrite, arsenopyrite galena, sphalerite and chalcopyrite), whereas the hydrothermal alteration is characterized by phyllic and propylitic alteration zones, as well as sulphidation and silicification.

The granite hosts a system of intersecting northeast-southwest- and northwest-southeasttrending veinlets, which occur in most areas of the deposit.

The northeast-southwest-oriented vein system is millimetre- to centimetre-scale, but tends to be thicker and truncates the veins and veinlets of the older system. These veins are predominantly composed of milky quartz crystals, moderately fractured and medium to coarse grained. However, they exhibit borders and internal zones of expansion, often filled by sulphide minerals and gold, as well as rare aggregates of white mica + chlorite + carbonate. In this system, free gold can also occur, filling cracks in the quartz veins.

Occasionally a re-opening and filling phase of the northwest-southeast system is identified, passing through the northeast-southwest milky quartz vein system. This represents the last stage of dilation recorded in the granite dome. It is filled with aggregates of chlorite + white mica + carbonate ± pyrite as veinlets.

Three types of hydrothermal alteration, propylitic alteration, sulphidization and silicification, occur at Serra Alta. However, these hydrothermal zones usually appear overlapping each other, making it difficult to determine a better temporal analysis of the events.


Mining Methods

  • Truck & Shovel / Loader


Summary:

The mine design is based on using standard open pit mining techniques of drill, blast and haul using contract mining to reduce upfront capital needs. GE21 has developed a mine plan which processes 13.23 million tonnes of the current resource base over a 7-year mine life at an average strip ratio of 7.79 to 1. Mining will reach a peak of material movement of approximately 1.89 million tonnes per annum.


Crushing and Grinding


Processing

  • Gravity separation
  • Flotation
  • Inline Leach Reactor (ILR)

Source: Subscription required

Summary:

As outlined in the PEA technical report, the initial metallurgical test work supports the gold recovery by gravity concentration followed by tailing flotation. Both concentrate coming from gravity and flotation are leached in an Intense Leaching Reactor (ILR). The results of the test work confirmed the recoveries of 97%. The processing plant designed for Monte do Carmo is a simple gravity circuit with a small flotation and leach plant to recover the gold using standard equipment and technologies.

Recoveries & Grades:

CommodityParameterAvg. LOM
Gold Recovery Rate, %  ......  Subscription required
Gold Head Grade, g/t 1.79
Subscription required - Subscription is required.

Projected Production:

CommodityUnitsAvg. Annual
Gold koz 104

Operational Metrics:

Metrics
Stripping / waste ratio  ......  Subscription required
Tonnes processed, LOM  ......  Subscription required
Annual mining rate  ......  Subscription required
* According to 2020 study.
Subscription required - Subscription is required.

Reserves at December 5, 2018:
Open Pit @ 0.49 g/t Au Cut-off
Underground @ 1.5 g/t Au Cut-off

CategoryOreTypeTonnage CommodityGradeContained Metal
Inferred In-Situ (OP) 13,234 kt Gold 1.79 g/t 762 koz
Inferred In-Situ (UG) 405 kt Gold 3.92 g/t 51 koz
Inferred Total 13,639 kt Gold 1.85 g/t 813 koz

Commodity Production Costs:

CommodityUnitsAverage
Cash costs Gold USD  ......  Subscription required *
All-in sustaining costs (AISC) Gold USD  ......  Subscription required *
Assumed price Gold USD  ......  Subscription required *
* According to 2020 study / presentation.
Subscription required - Subscription is required.

Operating Costs:

Units2020
OP mining costs ($/t mined) USD 1.65 *
Total operating costs ($/t milled) USD  ......  Subscription required
* According to 2020 study.
Subscription required - Subscription is required.

2020 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
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.

Heavy Mobile Equipment:

Mine Management:

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Nov 19, 2020
....................... Subscription required ....................... Subscription required Subscription required Oct 14, 2020
....................... Subscription required ....................... Subscription required Subscription required Oct 14, 2020
Subscription required - Subscription is required.


Corporate Filings & Presentations:

DocumentYear
Corporate Presentation 2021
................................... Subscription required 2020
................................... Subscription required 2020
................................... Subscription required 2018
Subscription required - Subscription is required.

News:

NewsDate
Cerrado Gold Reports True Thickness of 42 Metres at 1.82 g/t Au and 14 Metres at 5.98 g/t Au and 2 Metres at 37.85 g/t Au... February 24, 2021
Cerrado Gold Closes Private Placement of C$15 Million February 17, 2021
Cerrado Gold Reports Additional Strong Gold Intersections at Its Monte Do Carmo Project in Brazil January 14, 2021
Cerrado Gold Reports After Tax NPV8% of US$377 Million and IRR of 76% in Its Preliminary Economic Assessment for the Serra Alta Deposit at Its Monte Do Carmo Gold Project... October 14, 2020

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