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Australia
Mount Coolon Project

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 Location:
201 Km W from Mackay, Queensland, Australia

  Project Contacts:
Suite 8, 7 The Esplanade
Mt Pleasant
Western Australia, Australia
6153
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Fax+61-(8)-9315-5475
EmailEmail
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Overview

StagePreliminary Economic Assessment
Mine TypeOpen Pit & Underground
Commodities
  • Gold
Mining Method
  • Truck & Shovel / Loader
  • Longhole stoping
Mine Life5.5 years (as of Jan 1, 2017)


Owners

Source: p. 47
CompanyInterestOwnership
GBM Resources Ltd. 100 % Indirect
The Mount Coolon Project is located in the Drummond Basin in Queensland. Tenements and resources are owned by the GBM’s 100% owned subsidiary, Mount Coolon Gold Mines Pty. Ltd.

Contractors

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Deposit Type

  • Breccia pipe / Stockwork
  • Epithermal
  • Vein / narrow vein


Summary:

The MCSS (Mount Coolon Scoping Study) evaluates the economic potential of three deposits which includes Eugenia, Koala & Glen Eva.

Koala
Auriferous epithermal veining at Koala is hosted in a thick package of shallow dipping andesitic to rhyolitic volcanic flows, which form part of the regional Drummond Basin Cycle 1 sequence. The Koala gold mineralisation lies approximately 500m east of a major granodiorite intrusion and is preferentially hosted by porphyritic andesite.

High grade gold mineralisation at Koala occurs in a narrow, steeply dipping high grade colloform quartz vein sporadically enveloped by a wider lower grade, veinlet stockwork and is locally disrupted by faulting. The main vein has been defined by drilling over a strike length of about 1,200m and down dip about 200m.

The main vein is offset by steeply dipping, west-northwest striking cross faults with high grade zones sometimes formed at the intersection of the cross faults and the main vein. The most significant cross fault is the Sullivan Fault which forms a zone about 20m wide at the south end of the Ross Mining pit.

The main vein changes dip direction along strike. In the south it dips steeply to the west, whereas in the north it dips steeply to the east. The main vein splits into a series of splay veins at the southern end. To the North the up-dip extent of the main vein appears to be capped by a rhyolitic unit which results in a gentle north plunge to the ........


Mining Methods

  • Truck & Shovel / Loader
  • Longhole stoping


Summary:

GBM Resources plans to develop the Koala, Glen Eva and Eugenia deposits that will be extracted using conventional drill and blast, load and haul and dump activities. The Glen Eva and Eugenia deposits will be open pit only operations, and Koala will include both an open pit and underground operation. Additionally, the historical tailings located at Koala will be reprocessed.

Pit Designs
In order to maintain a minimal footprint and achieve optimal depth, a single lane 12m wide ramp has been adopted for all designs. The single lane ramp is considered appropriate as a result of the pits shallow depth and the low production rates required by the processing plants. Design parameters assumed contract mining would be adopted using conventional 100t rigid body off-highway trucks and an appropriately sized excavator.

The mining schedules were simple bench by bench schedules targeting an annual mining limit of 3Mtpa.

Dumps were designed to accommodate waste material mined from each of the pits. The indicative dumps have been designed to the final rehabilitated landform of 27 degrees overall slope angle.

During mining, it is envisaged that each of the dumps be generally constructed in 20m vertical lifts, with the width of the berms being refined as the project progresses. Each of the dumps have the capacity to store all waste material from that deposit. Where the full capacity of the dump is not required, either the dump height or the du ........


Crushing and Grinding
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Processing

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Summary:

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Projected Production:

CommodityUnitsLOM
Gold koz 155
All production numbers are expressed as metal in doré.

Operational Metrics:

Metrics
Stripping / waste ratio 4.6 *
Waste tonnes, LOM 13,735,000 t *
Ore tonnes mined, LOM 2,998,000 t *
Total tonnes mined, LOM 16,733,000 t *
Tonnes processed, LOM 3 Mt *
* According to 2017 study.

Reserves at November 30, 2017:
For the purpose of this resource an open pit cut-off grade of 0.4 g/t Au was used for material above the 880 RL, and a 2.0 g/t Au cut-off grade was used for ore below this to reflect the likely economics of underground mining.

CategoryTonnage CommodityGradeContained Metal
Measured 114 kt Gold 0 g/t 6,200 oz
Indicated 3,590 kt Gold 1.6 g/t 181,900 oz
Inferred 2,919 kt Gold 1.5 g/t 142,400 oz
Total Resource 6,653 kt Gold 1.5 g/t 330,500 oz

Commodity Production Costs:

CommodityAverage
All-in sustaining costs (AISC) Gold 1,020 / oz *  
C1 cash costs Gold 909 / oz *  
Assumed price Gold 1,250 / oz *  USD
* According to 2017 study / presentation.

Operating Costs:

Units2017
OP mining costs ($/t mined) AUD 4 *
UG mining costs ($/t mined) AUD  ......  Subscription required
* According to 2017 study.
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2017 Study Costs and Valuation Metrics :

MetricsUnitsLOM Total
Pre-Production capital costs $M AUD  ......  Subscription required
Sustaining CapEx $M AUD  ......  Subscription required
OP OpEx $M AUD  ......  Subscription required
UG OpEx $M AUD  ......  Subscription required
Processing OpEx $M AUD 63.2
Total OpEx $M AUD  ......  Subscription required
Royalty payments $M AUD  ......  Subscription required
Gross revenue (LOM) $M AUD  ......  Subscription required
Pre-tax Cash Flow (LOM) $M AUD  ......  Subscription required
Pre-tax NPV @ 10% $M AUD  ......  Subscription required
Pre-tax NPV @ 8% $M AUD  ......  Subscription required
Pre-tax IRR, %  ......  Subscription required
Pre-tax payback period, years  ......  Subscription required
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Heavy Mobile Equipment:

Mine Management:

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Dec 4, 2017
....................... Subscription required ....................... Subscription required Subscription required Sep 16, 2021
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Corporate Filings & Presentations:

DocumentYear
................................... Subscription required 2021
................................... Subscription required 2020
Corporate Presentation 2018
Preliminary Economic Assessment 2017
Subscription required - Subscription is required.

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