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Mexico
Tepal Project

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 Location:
11 km SW from Tepalcatepec, Michoacán, Mexico

  Project Contacts:
Suite 2900-550 Burrard Street
Vancouver
British Columbia, Canada
V6C 0A3
Phone  ...  Subscription required
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Overview

StagePreliminary Economic Assessment
Mine TypeOpen Pit
Commodities
  • Gold
  • Copper
  • Silver
  • Molybdenum
Mining Method
  • Truck & Shovel / Loader
Mine Life10 years (as of Jan 1, 2017)
Tepal is a large project that contains a significant potential open-pitable mineral resource. Tepal’s current NI 43-101 Mineral Resource Estimate comprises over 4 million gold- equivalent ounces in the Measured & Indicated categories, with potential to add ounces and improve grade in structurally-controlled epithermal zones.


Owners

Source: p. 24
CompanyInterestOwnership
Defiance Silver Corp. 100 % Indirect
As a result of the acquisition of Valoro Resources Inc. (“Valoro”) in fiscal 2019, the Company acquired a 100% right, title and interest in mining claims located in the state of Michoacán, Mexico (the “Tepal Project”).

Contractors

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Deposit Type

  • Porphyry


Summary:

Mineralization on the Property is characteristic of porphyry copper-gold mineralization. Porphyry-type deposits in Mexico occur in a northwest trending belt 2,800 km long on the west side of the country, following the Pacific continental margin (Sillitoe, 1976). The belt is located in the Sonoran Basin and Range, Sierra Madre Occidental and Sierra Madre del Sur covering the states of Sonora, Sinaloa, Chihuahua, Durango and Michoacán.

Mineralization on the Property consists of structurally controlled zones of stockwork and disseminated sulphide mineralization that are hosted entirely within a multi-phase tonalite intrusive complex. These sulphide-bearing zones contain significant concentrations of copper and gold with lesser silver and molybdenum values. The current resources are hosted in three distinct zones: the relatively high-grade North and South Zones and the lower grade Tizate Zone.

Morphologically, two of the zones, the North and Tizate Zones, are crudely tabular with shallow to moderate dips. Both have rough dimensions of approximately 1,100 by 600 m and thicknesses of up to 200 m. The South Zone has a smaller footprint, 600 by 500 m, but a greater vertical extent of up to 400 m, although this is possibly the result of faulting.

In the North and South Zones some generations of veins within the structural deposits display a prominent 325° to 350° orientation parallel to the north-northwest fault trend. Dips are generally vertical to s ........


Mining Methods

  • Truck & Shovel / Loader


Summary:

Open Pit mine design was conducted using a combination of software packages, including Hexagon MineSight™, and GEOVIA’s GEMS™ and Whittle™.

The resultant pit shape for Tepal North will contain 38.9 Mt of mineralized material (including both sulphide and oxide feed) with an average gold grade of 0.42 g/t and average copper grade of 0.25% (for all deposits the copper recovered is from sulphide feed only). The total waste tonnage in the pit will be 25.1 Mt for a strip ratio of 0.6:1. The Tepal South shell will contain 16.2 Mt of mineralized material with an average gold grade of 0.47 g/t and 0.21% copper and a total waste tonnage of 10.9 Mt for a strip ratio of 0.7:1. Tizate contains a total of 35.4 Mt of sulphide and oxide mineralized material with a gold grade of 0.21 g/t and 0.17% copper. The strip ratio is 0.5 with 16.5 Mt of waste.

The pit shapes for Tepal were further analyzed and optimizations were conducted in order to better define the possible stage shapes within the ultimate pit limits. It was decided to divide the pit sequence into three stages at Tepal North (TPN1, TPN2 and TPN3), one stage at Tepal South (TS1) and two stages at Tizate (TIZ1 and TIZ2) for the mine plan development to maximize the grade in the early years, reduce the pre- stripping requirements, and to maintain the process facility at full production capacity.

The production schedule for the Tepal deposits incorporates the various pits and pit stages mentioned above. ........


Crushing and Grinding
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Processing

Flow Sheet: Subscription required

Summary:

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Projected Production:

CommodityProductUnitsAvg. AnnualLOM
Gold Metal in conc./ doré koz 79766
Copper Metal in concentrate M lbs  ......  Subscription required  ......  Subscription required
Copper Concentrate kt  ......  Subscription required
Silver Metal in conc./ doré koz  ......  Subscription required  ......  Subscription required

Operational Metrics:

Metrics
Daily mining rate 37.5 kt *
Daily processing rate 26.4 kt *
Daily processing capacity 27,500 t *
Annual processing rate 9.6 Mt *
Stripping / waste ratio 0.6 *
Waste tonnes, LOM 52,464 kt *
Ore tonnes mined, LOM 90,479 kt *
Total tonnes mined, LOM 142,943 kt *
Tonnes processed, LOM 90,479 kt *
* According to 2017 study.

Reserves at March 29, 2012:
The Mineral Resources of the three deposits at a US$5/t equivalent value net smelter return (NSR) cut-off.

CategoryTonnage CommodityGradeContained Metal
Measured 34,000 kt Gold 0.48 g/t 528 koz
Measured 34,000 kt Copper 0.25 % 185 M lbs
Measured 34,000 kt Silver 0.95 g/t
Measured 34,000 kt Molybdenum 0.002 %
Indicated 153,000 kt Gold 0.26 g/t 1.276 koz
Indicated 153,000 kt Copper 0.19 % 628 M lbs
Indicated 153,000 kt Silver 1.67 g/t
Indicated 153,000 kt Molybdenum 0.004 %
Measured & Indicated 187,000 kt Gold 0.3 g/t 1.804 koz
Measured & Indicated 187,000 kt Copper 0.2 % 813 M lbs
Measured & Indicated 187,000 kt Silver 1.54 g/t
Measured & Indicated 187,000 kt Molybdenum 0.004 %
Inferred 36,000 kt Gold 0.16 g/t 181.7 koz
Inferred 36,000 kt Copper 0.15 % 120.4 M lbs
Inferred 36,000 kt Silver 1.68 g/t
Inferred 36,000 kt Molybdenum 0.006 %

Commodity Production Costs:

CommodityUnitsAverage
Cash costs Gold USD 313 / oz *†  
All-in sustaining costs (AISC) Copper USD 0.38 / lb *†  
All-in sustaining costs (AISC) Gold USD 396 / oz *†  
Assumed price Copper USD 2.5 / oz *  
Assumed price Silver USD 18 / oz *  
Assumed price Gold USD 1,250 / oz *  
* According to 2017 study / presentation.
† Net of By-Product.

Operating Costs:

Units2017
OP mining costs ($/t mined) USD 2.16 *  
OP mining costs ($/t milled) USD  ......  Subscription required
G&A ($/t milled) USD  ......  Subscription required
Total operating costs ($/t milled) USD  ......  Subscription required
* According to 2017 study.
Subscription required - Subscription is required.

2017 Study Costs and Valuation Metrics :

MetricsUnitsLOM Total
Pre-Production capital costs $M USD  ......  Subscription required
Sustaining CapEx $M USD  ......  Subscription required
Closure costs $M USD  ......  Subscription required
Total CapEx $M USD  ......  Subscription required
OP OpEx $M USD  ......  Subscription required
Processing OpEx $M USD 506.9
G&A costs $M USD 67.4
Total OpEx $M USD  ......  Subscription required
Total Taxes $M USD  ......  Subscription required
Royalty payments $M USD  ......  Subscription required
Net revenue (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 April 30, 2013:
HME TypeModelSizeQuantityLeased or
Contractor
Crane 60 t ....................... 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 ....................... Subscription required Leased
....................... Subscription required ....................... 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 Feb 24, 2017
....................... Subscription required ....................... Subscription required Subscription required Feb 1, 2023
Subscription required - Subscription is required.

Staff:

EmployeesContractorsTotal WorkforceYear
Subscription required Subscription required Subscription required 2017

Corporate Filings & Presentations:

DocumentYear
Management Discussion & Analysis 2023
Financial Review 2022
................................... Subscription required 2019
Corporate Presentation 2018
Corporate Presentation 2018
Preliminary Economic Assessment 2017
Technical Report 2013
Subscription required - Subscription is required.

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