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Greenland
Malmbjerg Project

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 Location:
185 km SE from Scoresbysund village, Greenland

  Project Contacts:
25 York Street, Unit 1810
Toronto
Ontario, Canada
M5J 2V5
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Overview

StagePermitting
Mine TypeOpen Pit
Commodities
  • Molybdenum
Mining Method
  • Truck & Shovel / Loader
Mine Life20 years (as of Jan 1, 2022)
Latest NewsGreenland Resources Submits Environmental Impact Assessment     February 13, 2023


Owners

Source: p. 48
CompanyInterestOwnership
Greenland Resources Inc 100 % Indirect
GRI has applied to Mineral License and Safety Authority (MLSA) for the transfer of ownership of License No.2018/11 to a wholly owned Greenland-based subsidiary, GRI A/S. The purpose for the transfer is to fulfill a legal requirement for conversion of the MEL to an Exploitation Licence. At the time of writing, the transfer request was awaiting approval from MLSA.

Contractors

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Deposit Type

  • Porphyry
  • Hydrothermal
  • Intrusion related
  • Breccia pipe / Stockwork


Summary:

Malmbjerg is a porphyry molybdenum Project similar in style and morphology to the Climax Project, in Colorado, USA. Projects of this type are typically large, measuring in the hundreds of millions of tonnes with molybdenite (MoS2) contents typically measuring less than 1% of the rock by weight. Late hydrothermal processes related to the intrusions were responsible for alteration and deposition of molybdenum sulphide mineralization.

The mineralization occurs as a diffuse zone of molybdenite (± accessory tungsten) in fractures and stockworks in both the intrusives and sandstones. Molybdenite occurs as fracture-fillings and disseminations in association with hydrothermal alteration. The Project is broadly dome shaped with an outside diameter of up to 600 m and a height of approximately 150 m.

Host rocks for the Malmbjerg Project comprise Mid-Tertiary alkalic leuco-granite stocks and clastic sedimentary rocks of the Lower Permian Rode Group. The sedimentary rocks are primarily arkosic and conglomeratic sandstones that have been variously hornfelsed. Intrusive rocks consist of four principal phases: perthite granite, quartz porphyry (Arcturus porphyry), porphyritic aplite, and weakly feldspathic quartz porphyry (Schuchert porphyry). In the western cliff face of Høstakken Mountain, the intrusive/sediment contact is plainly visible, forming a broad arch with the Rode Group rocks draped over top.

Contact relationships within the intrusion are comple ........


Mining Methods

  • Truck & Shovel / Loader


Summary:

The Malmbjerg Molybdenum Project comprises of a conventional open pit mine producing 35,000 t/d of Mo rich ore for processing in a conventional base metal sulphide concentrator. The mine plan equipment fleet consists of two x 34 m3 hydraulic shovels loading 13 x 230 t haul trucks operating on 12 m benches. The operational mining plan will utilize an economic grade control system where higher value ore will be separated and transported to the concentrator while the lower value ore will be stockpiled and processed at the end of conventional mining. Waste rock will be stored on the west side of the deposit and used for haul road and construction activities at the mine site. Current mining reserves dictate a mine life of 20 years where the concentrator will be fed directly from the open pit for a period of 11 years, and stockpiled ore will be processed for the remaining 9 years.

Two-way in-pit haul roads of 32 m widths are designed to support the use of 230-t payload haul trucks. Haul road grades are limited to a maximum of 8%. Access ramps are not designed for the last bench above the pit bottom elevation, assuming that the ramp segment accessing the pit bottom will be removed using retreat mining. The bottom two ramped benches of the pit use one-way haul roads of
23 m width and 12% grade since bench volumes and traffic flow are reduced.

Ultimate pit limits are split into phases or pushbacks to target higher economic material earlier in the mine life w ........


Crushing and Grinding
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Processing

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Summary:

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Projected Production:

CommodityProductUnitsAvg. AnnualLOM
Molybdenum Concentrate kt 20406
Molybdenum Payable metal M lbs 477
Molybdenum Metal in concentrate M lbs 24483

Operational Metrics:

Metrics
Stripping / waste ratio  ......  Subscription required
Daily milling capacity  ......  Subscription required
Daily ore mining rate  ......  Subscription required
Waste tonnes, LOM  ......  Subscription required
Ore tonnes mined, LOM  ......  Subscription required
Tonnes milled, LOM  ......  Subscription required
Annual milling rate  ......  Subscription required
* According to 2022 study.
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Reserves at February 8, 2022:
Mineral Reserves are reported at a cut-off NSR of $11.14/t NSR (diluted). The cut-off value covers the processing + G&A costs of $8.34/t, ore transport costs of $0.14/t, and stockpile rehandle costs of $1.25/t.
Mineral Resource base case cut-off grade within the “reasonable prospects of eventual economic extraction” constraining pit is an MoS2 grade of 0.08% which corresponds to a Net Smelter Return (NSR) of $14.79/t.

Conversion from MoS2 to Mo is 0.599 based on the respective atomic weights.

CategoryTonnage CommodityGradeContained Metal
Proven 123 Mt Molybdenum 0.121 % 328 M lbs
Probable 122 Mt Molybdenum 0.09 % 243 M lbs
Proven & Probable 245 Mt Molybdenum 0.1 % 571 M lbs
Measured 128 Mt Molybdenum 0.12 % 345 M lbs
Indicated 153 Mt Molybdenum 0.1 % 317 M lbs
Measured & Indicated 281 Mt Molybdenum 0.11 % 661 M lbs
Inferred 33 Mt Molybdenum 0.06 % 42 M lbs

Commodity Production Costs:

CommodityUnitsAverage
Cash costs Molybdenum USD  ......  Subscription required&nbs
Total cash costs Molybdenum USD  ......  Subscription required&nbs
Assumed price Molybdenum USD  ......  Subscription required&nbs
* According to 2022 study / presentation.
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Operating Costs:

Units2022
OP mining costs ($/t milled) USD 4.5 *
Processing costs ($/t milled) USD  ......  Subscription required
G&A ($/t milled) USD  ......  Subscription required
Total operating costs ($/t milled) USD  ......  Subscription required
* According to 2022 study.
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2022 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
OP OpEx $M USD  ......  Subscription required
Processing OpEx $M USD 1,965
G&A costs $M USD 112
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
Operating margin (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 @ 6% $M USD  ......  Subscription required
After-tax NPV @ 5% $M USD  ......  Subscription required
After-tax NPV @ 10% $M USD  ......  Subscription required
After-tax NPV @ 6% $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
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Pipelines
TypeMaterialDiameterLengthDescription


Proposed Heavy Mobile Equipment as of February 23, 2022:
HME TypeSizeQuantityLeased or
Contractor
Crane 30 t ....................... Subscription required Leased
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Mine Management:

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Feb 23, 2022
....................... Subscription required ....................... Subscription required Subscription required May 20, 2022
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Staff:

Total WorkforceYear
Subscription required 2022

Corporate Filings & Presentations:

DocumentYear
Corporate Presentation 2022
Preliminary Economic Assessment 2022
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News:

NewsDate
Greenland Resources Submits Environmental Impact Assessment February 13, 2023

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