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Mongolia
ATO Phase 2 Expansion Project (Altan Tsagaan Ovoo (ATO))

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 Location:
38 km W from Tsagaan-Ovoo, Mongolia

  Project Contacts:
Shangri-La office, Suite 1201, Olympic street 19A, Sukhbaatar District 1
Ulaanbaatar
Mongolia
14241
Phone  ...  Subscription required
WebsiteWeb
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  • Overview
  • Owners
  • Geology
  • Mining
  • Processing
  • Production
  • Reserves
  • Costs & Financials
  • Fleet
  • Personnel
  • Filings & News

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Overview

StageConstruction
Mine TypeOpen Pit
Commodities
  • Gold
  • Silver
  • Lead
  • Zinc
  • Pyrite
Mining Method
  • Truck & Shovel / Loader
Production Start...
Mine Life10.5 years (as of Jan 1, 2021)
The company continues to work on the Phase 2 Expansion debt package and expects to share further updates by the summer. With tranche 1 of the BOM$60m debt package now available, the company is working actively on the new crusher construction, camp expansion and earth-works.
Latest NewsSteppe Gold Announces Updated LOM Plan for ATO Gold Mine to 2036 – Higher Revenues and Profits     February 21, 2023


Owners

Source: p. 15
CompanyInterestOwnership
Steppe Gold Ltd. 100 % Indirect
Ownership Tree

Contractors

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Deposit Type

  • Epithermal
  • Breccia pipe / Stockwork


Summary:

The geology of the property consists of metamorphosed Devonian sedimentary rock overlain by a volcanic and sedimentary sequence of Permian age and remnant scraps of probable Jurassic volcaniclastic units, intruded by Jurassic plutons ranging from diorite to granite in composition and including rhyolitic phases mainly as dikes. Petrographic study suggests simple, single-pulse injections of the intrusions, with late-stage generation/expulsion of felsic phases and contemporaneous concentration of metal-rich fluids.

Mineralization at ATO is probably related to the Jurassic intrusive magmatic rocks as sources of heat, metals, and fluids. The main ATO system is associated with a stratigraphic unit that appears to be localized in a graben or collapse feature that is possibly but not certainly Jurassic in age; any stratigraphy could potentially be prospective for this style of mineralisation. The ATO mineralisation appears to have occurred as a protracted single-stage process in separately upward-flaring pipe-shaped bodies, with temperatures ranging from ~300-350°C at depth to possibly ambient temperature in surficial sinter.

Metal zonation: In a broad sense, metal zoning shows a clear, classic pattern of intrusion-centred copper (plus or minus molybdenum, tungsten, gold, and other elements) outward to country-rock hosted lead, zinc, and silver (plus or minus gold, arsenic, antimony, mercury, and other elements). It is presumed that this lateral zonation also oc ........


Mining Methods

  • Truck & Shovel / Loader


Summary:

The mining method selected for the Project is a conventional open pit operation with rigid body mining trucks, hydraulic excavators, and wheel loaders. The Project consists of two (2) separated mining areas: the ATO and the Mungu Pits. Only open pit mining is considered in this Report; however, the Mungu Pit is open at depth and only a small portion can be mined economically. Therefore, there is an opportunity for the Mungu Pit to be expanded to an underground mine once the open pit reserves are depleted.

The oxide ore will be transported by truck from the pit to the leach pad, and the transition and fresh ore will be transported by truck to either a stockpile or the mill. Waste material will be deposited in waste stockpiles. Ore sent to the mill is a combination of transition and fresh material; however, there is no need for a particular blend of these ores. Marginal ore (above the marginal COG, but below the mining COG) will be mined and processed throughout the LOM to supplement leach pad and mill feeds. The mine will operate year-round, seven (7) days a week, twenty-four (24) hours a day (two 12-hour shifts). 35 days of downtime are considered due to weather delays as well as holidays, for a total of 330 operating days a year.

The mine plan was based on a production rate of 1.2 Mtpa of oxide ore at the leach pad and 2.20 Mtpa of transition and fresh ore at the mill. Mine planning was performed using Hexagon MinePlan Schedule Optimiser (MPSO) module ........


Crushing and Grinding
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Processing

Flow Sheet: Subscription required

Summary:

- subscription is required.


Projected Production:

CommodityProductUnitsAvg. AnnualLOM
Lead Concentrate kt 184
Zinc Concentrate kt  ......  Subscription required
Pyrite Concentrate kt  ......  Subscription required
Gold Equivalent Metal in concentrate koz  ......  Subscription required

Operational Metrics:

Metrics
Tonnes processed, LOM  ......  Subscription required
Annual processing capacity  ......  Subscription required
Annual ore mining rate  ......  Subscription required
* According to 2021 study.
Subscription required - Subscription is required.

Reserves at June 30, 2021:
Mineral resources: lower grade cut-offs used here were applied to the AuEq variable, were stipulated by Steppe, and were:
• Oxide 0.15 g/t AuEq;
• Transitional 0.40 g/t AuEq;
• Fresh 0.40 g/t AuEq.
The open pit mineral reserves are estimated using a cut-off grade of 0.42 g/t AuEq for oxide material and 0.45 g/t AuEq for transition and fresh material.

CategoryTonnage CommodityGradeContained Metal
Proven & Probable 26,404 kt Gold 1.14 g/t 968 koz
Proven & Probable 26,404 kt Silver 11.18 g/t 9,491 koz
Proven & Probable 26,404 kt Lead 0.46 %
Proven & Probable 26,404 kt Zinc 0.78 %
Proven & Probable 26,404 kt Gold Equivalent 1.86 g/t 1,579 koz
Measured 23.94 Mt Gold 1.18 g/t 907 koz
Measured 23.94 Mt Silver 15.95 g/t 12,274 koz
Measured 23.94 Mt Lead 0.41 %
Measured 23.94 Mt Zinc 0.66 %
Measured 23.94 Mt Gold Equivalent 1.84 g/t 1,419 koz
Indicated 17.7 Mt Gold 85 g/t 483 koz
Indicated 17.7 Mt Silver 14.44 g/t 8,206 koz
Indicated 17.7 Mt Lead 0.41 %
Indicated 17.7 Mt Zinc 0.6 %
Indicated 17.7 Mt Gold Equivalent 1.44 g/t 819 koz
Measured & Indicated 41.6 Mt Gold 1.04 g/t 1,390 koz
Measured & Indicated 41.6 Mt Silver 15.31 g/t 20,479 koz
Measured & Indicated 41.6 Mt Lead 0.38 %
Measured & Indicated 41.6 Mt Zinc 0.63 %
Measured & Indicated 41.6 Mt Gold Equivalent 1.67 g/t 2,238 koz
Inferred 5.6 Mt Gold 0.62 g/t 113 koz
Inferred 5.6 Mt Silver 15.13 g/t 2,732 koz
Inferred 5.6 Mt Lead 0.25 %
Inferred 5.6 Mt Zinc 0.5 %
Inferred 5.6 Mt Gold Equivalent 1.15 g/t 208 koz

Commodity Production Costs:

CommodityUnitsAverage
Assumed price Lead USD  ......  Subscription required&nbs
Assumed price Zinc USD  ......  Subscription required&nbs
Assumed price Silver USD  ......  Subscription required&nbs
Assumed price Gold USD  ......  Subscription required&nbs
* According to 2021 study / presentation.
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
Total OpEx $M USD  ......  Subscription required
Gross revenue (LOM) $M USD  ......  Subscription required
Net 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 @ 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
Subscription required - Subscription is required.


Proposed Heavy Mobile Equipment as of October 27, 2021:
HME TypeSizeQuantityLeased or
Contractor
Dozer 264 kW ....................... Subscription required Leased
....................... Subscription required ....................... Subscription required ....................... Subscription required Leased
....................... Subscription required ....................... Subscription required ....................... Subscription required Leased
....................... Subscription required ....................... Subscription required ....................... Subscription required Leased
....................... Subscription required ....................... Subscription required ....................... Subscription required Leased
....................... Subscription required ....................... Subscription required ....................... Subscription required Leased
....................... Subscription required ....................... Subscription required Leased
....................... Subscription required ....................... Subscription required ....................... Subscription required Leased
Subscription required - Subscription is required.

Mine Management:

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Oct 27, 2021
....................... Subscription required ....................... Subscription required Subscription required Oct 27, 2021
Subscription required - Subscription is required.

Staff:

EmployeesYear
Subscription required 2021

Corporate Filings & Presentations:

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

News:

NewsDate
Steppe Gold Announces Updated LOM Plan for ATO Gold Mine to 2036 – Higher Revenues and Profits February 21, 2023

Subscription required - Subscription is required.

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