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Lumina Gold Announces Positive Cangrejos Pre-Feasibility Study; US$2.2 Billion NPV, 26 Year Mine Life17.04.2023 | 23:00 Uhr | CNW
And Production of 371,000 Gold Ounces Per Year and 41 Million Pounds of Copper Per Year
Marshall Koval, President and CEO, commented: "This study not only confirms the tremendous value of the Cangrejos Project, but also allows the Company to commence negotiating terms for its Investment Protection Agreement and begin the permitting process required for Cangrejos to begin construction. We believe that this is one of the best gold and copper development assets globally based on its surrounding infrastructure, scale and multi-decade mine life." PFS Summary The PFS was initiated in 2022 and was produced by a team of independent consultants that possess extensive expertise in their respective fields. Details on the contributors can be found in the "Qualified Persons" section below. All amounts are in United States dollars unless otherwise specified. Base case economics were calculated using a gold price of $1,650 per ounce, copper price of $3.75 per pound and a silver price of $20.00 per ounce. The effective date of the PFS is April 7, 2023 and a technical report relating to the PFS will be filed on SEDAR within 45 days of this news release. The PFS highlights include the following estimates:
Table 1: Summary of Cangrejos Economic Results by Gold and Copper Price
Table 3: Estimate of Mineral Resource - Cangrejos & Gran Bestia Deposits (0.25 g/t Au Eq Cut-off) - Inclusive of Mineral Reserves
Table 4: Probable Mineral Reserves - Cangrejos & Gran Bestia Deposits (Declining NSR Cut-off from $23.00 to $7.76 /tonne milled) - Included in the Mineral Resource Estimate
Mining and Processing Facility The proposed processing plant for Cangrejos is a conventional copper-gold flotation concentrator and hybrid leach-carbon-in-leach ("L/CIL") circuit. It has been designed to treat 30,000 tonnes per day (10.95 Mtpa) during the first three years of operation, expanded to 60,000 tonnes per day (21.9 Mtpa) during the next three years and then expanded to 80,000 tonnes per day (29.2 Mtpa) thereafter. The run of mine ore is trucked from the open pit and is direct dumped into the primary crusher adjacent to the pit and an overland conveyor transports the crushed ore to uncovered course ore stockpile. The processing facility consists of secondary crushing, high pressure grinding rolls ("HPGR"), ball mills, copper-gold flotation circuits, L/CIL treatment, cyanide detox and thickening, and filtering of the combined L/CIL and flotation tailings. The tailings are conveyed to the dry stack tailings facility. The plant is designed to produce precious metal (gold and silver) doré and a copper-gold concentrate. The copper-gold concentrate that makes up most of the Project revenue will be trucked to an Ecuadorian port approximately 40 km away, Puerto Bolivar, from which it will be shipped to smelters and refiners for further processing. Table 5: Mined Material Summary
Test work (2015-2023) was completed by C.H. Plenge & CIA S.A. at its laboratory in Lima, Peru, using representative composites, that confirmed the material from Cangrejos and Gran Bestia is amenable to a conventional crush, grind, flotation and L/CIL flow sheet. The selected processing scheme produces separate saleable gold-silver doré and copper-gold flotation concentrates. C.H. Plenge & CIA S.A. is independent of Lumina. Comminution tests indicate that the materials are hard and moderately abrasive. The average Bond Ball Work Index for all the Cangrejos and Gran Bestia composites was 15.5 kWh per metric tonne. Locked-cycle flotation indicates that copper-gold flotation results in recoveries of 79%, 78% and 53% for copper, gold, and silver, respectively. Cyanidation tests on cleaner scavenger tails and sand flotation concentrates indicate that 7% of the gold and 2% of the silver can be recovered into precious metal doré. Overall gold recovery is projected to be 85% (including both doré and flotation recovery methods). Partially oxidized material is blended at various ratios with fresh rock for processing throughout the project life. The metal recoveries and product production estimates are representative of the blended materials. The LOM average grades of the copper-gold concentrate are forecast to be 22% copper, 122 g/t gold and 103 g/t silver (see Table 10 for a summary of the applied recoveries). Whole rock cyanidation tests using fresh rock samples extracted 89% of the gold, however this processing method was not pursued as it does not recover copper. Table 9: Selected Metallurgical Recoveries Summary
Similar to the 2020 PEA, a siting and tailings storage study was performed for the PFS with the goal of balancing capital costs, operating costs and non-monetary considerations such as environmental and social impacts. Ausenco identified several potential sites and evaluated their suitability. The result of the study, similar to the 2020 PEA, indicated that the Dry Stack Tailings Facility ("DSTF") should be shifted to the north-west of the previous location. The new location is in a more favorable location with flatter terrain and a drier climate. The DSTF approach has a smaller footprint, positive environmental and social benefits, as well as reduced overall costs when compared to conventional tailings dam storage facility options. The DSTF is proposed to be located several kilometers from the process plant site. Tailings will be pumped from the process plant to the filter plant next to the DSTF via a slurry pipeline and reclaimed water from the filtration process will be pumped back to the process plant for reuse. An overland conveyor will transport filtered tailings from the filter plant to the edge of the DSTF and a stacking system with mobile conveyors will be used to place filtered tailings along with using dozers and compactors to spread and compact the tailings to provide additional stability to the facility. As lifts are completed, it is planned that they will be progressively closed by grading the outer slopes and covering them with a growth media and revegetating them to reduce erosion and help stabilize the slopes from environmental elements. The facility is expected to contain approximately 659 Mt of tailings, along with having future expansion potential. The Waste Rock Storage Facility ("WRSF") and Saprolite Storage Facility for the Project will be located in a closed drainage basin south of the Cangrejos open pit and will store approximately 843 Mt of waste rock, saprolite and saprock according to the mine production schedule. The WRSF is planned to be constructed in multiple phases, initially from the top down to create the WRSF haul road and then from the bottom. To the extent possible, saprolite and saprock will be stored away from the toe areas of the WRSF and at higher elevations to facilitate capping the facility with growth media. As the facility loading levels rise, lower slopes are expected to be regraded, covered with growth media and revegetated to reduce erosion, sediment generation, and help improve stability. Geochemistry work to date indicates that both the DSTF and WRSF are non-acid generating based on results of acid-based accounting tests, as well as onsite kinetic barrel leaching tests and humidity cells of up to three years duration. The tailings and waste rock contain low sulphide concentrations and naturally occurring neutralizing minerals which prevent acid rock drainage. Power Infrastructure and Water Requirements Connected power requirements for the 30 ktpd, 60 ktpd and 80 ktpd phases require 77 megawatts ("MW"), 140 MW, and 150 MW respectively. Actual power draw, or demand, is approximately 80% of the connected load. An Ecuadorian power supply consultant, EPTEC, has confirmed that there is sufficient capacity in the Ecuadorian National Electric Transmission System ("NTS") to meet the requirements of the Project. EPTEC recommended a connection point to the NTS at the new La Avanzada Substation planned for completion in 2023. Transmission to the Project's main substation will consist of a single circuit 230kV transmission line over a distance of approximately 17 km. Construction period power supply is anticipated to be from diesel generation until the main substation and transmission line have been completed. A power cost of $0.068 per kWh has been used for the PFS. Hydrogeology and water balance studies have determined there will be adequate water for the Project from on-site or nearby water sources, even in drought conditions. The majority of the water for the Project will come from pit dewatering and runoff and collection of underdrain water from the WRSF along with storing water from the rainy season. Water consumption is unlikely to impact local water users, because the selection of a dry-stack tailings alternative permits large-scale water reuse and recycling. Water storage ponds will be located at the toe of the WRSF and between the MIA and Process Plant for processing needs during the dry season. Employment, Corporate Social Responsibility and Environmental During the construction period, peak full-time employees and construction workers combined are anticipated to be approximately 1,255, which does not include outside contractors. Over the 26-year mine life it is expected that the Project will employ approximately 700 to 1,150 people depending on the production phase. Lumina is committed to earning and maintaining a robust social license to continue its Cangrejos mineral exploration and mine development operations in Ecuador. Community relations programs are an ongoing corporate priority. The Project has been designed to meet Ecuadorian environmental regulations, international mining industry best management practices and appropriate international lending institution guidelines. As such, significant human and financial resources have been factored into the PFS to meet environmental obligations and social commitments. During production it is anticipated that approximately 50 employees will be dedicated to community, environmental and health and safety work. During construction and production, the Project will prioritize local hiring and purchasing. Several of the Project's innate characteristics and design elements serve to minimize its environmental impacts:
Taxes Applied in the Economic Model The PFS incorporates a 3% NSR payable to the Ecuadorian Government (the "Government"), 15% Profit Sharing Tax (12% state and 3% employee), 20% Corporate Tax and several other local and municipal taxes. Lumina is not currently making an assumption for the pre-payment of a portion of the 3% NSR as this will not be determined until an Investment Protection Agreement is negotiated with the Government. No Sovereign Adjustment payment was deemed necessary for inclusion in the PFS under the assumed commodity prices, however higher commodity prices could potentially trigger a Sovereign Adjustment; this has been accounted for in the displayed sensitivities. The total life of mine payments to Ecuador resulting from the NSR and taxes are $3.2 billion under the assumed commodity prices. Qualified Persons The scientific and technical information contained in this news release pertaining to the Project has been reviewed and verified by the following Qualified Persons as defined by NI 43-101: Adrian Karolko, P.Geo. (Property Description, Accessibility, Climate, History, Geology, Deposit Type, Exploration and Drilling). ; Robert Sim, P.Geo. (Mineral Resource), of SIM Geological Inc.; Bruce Davis, Ph.D., FAusIMM (Sample Preparation and Data Verification) Independent Geostatistical Consultant; Joseph McNaughton, P.E. (Mineral Reserve, Mining Method and Mining Capital and Operating Costs), of Independent Mining Consultants, Inc.; Robert Michel, SME Registered Member (Markets and Contracts, Economic Analysis and Owner's Capital and Operating Costs), of Robert Michel Enterprises; Nelson King, SME Registered Member (Metallurgical Testwork); Kevin Murray, P.E. (Recovery Method, Site Power Infrastructure and Process and Infrastructure Capital and Operating Costs), of Ausenco; Scott Elfen, P.E. (Waste Rock and Tailings Management Facilities and Site Infrastructure), of Ausenco; Norm Norrish, P.E. (Pit Slope Design), of Wyllie & Norrish Rock Engineers Inc.; Larry Breckenridge, P.E. (Hydrogeology, Geochemistry, and Infrastructure), of Global Resource Engineering Ltd; and Kevin Murray, P.Eng. (Other Relevant Data), of Ausenco. All of the Qualified Persons are independent of Lumina. Additional details regarding data verification and any limitations on the data verification process will be included in the technical report supporting the PFS. The scientific and technical information contained in this news release has been reviewed and approved by Leo Hathaway, P.Geo., Senior Vice President of Lumina, who Is a Qualified Person as defined by NI 43-101. Quality Assurance All Lumina core sample assay results have been independently monitored through a quality control / quality assurance ("QA/QC") program including the insertion of blind standards, blanks and the reanalysis of duplicate samples at a second umpire laboratory. In addition, Lumina conducted a comprehensive core duplicate sampling program on the historic Newmont drill core. The results of the QA/QC program and the resampling program indicate that the sample database is of sufficient accuracy and precision to be used for the generation of mineral resource estimates. All the metallurgical samples were assayed by Plenge and SGS Peru. Assay results between the two testing facilities were consistent. The lock cycle flotation products, rougher tails and cleaner scavenger tails were also submitted for re-assay at the same analytical facility. Flotation optimization tests using design of experiment included no less than four duplicate tests to obtain lack of fit and pure error estimates. A good reconciliation was found between the calculated head grades and the assay head grades. Lumina is not aware of any factors that could materially affect the accuracy or reliability of the data referred to herein. About Lumina Gold Lumina Gold Corp. (TSXV: LUM) is a Vancouver, Canada based precious and base metals exploration and development company focused on the Cangrejos Gold-Copper Project located in El Oro Province, southwest Ecuador. The Company has completed a Preliminary Feasibility Study for Cangrejos (2023), which is the largest primary gold deposit in Ecuador. Lumina has an experienced management team with a successful track record of advancing and monetizing exploration projects. Follow us on: Twitter, Linkedin or Facebook. Further details are available on the Company's website at https://luminagold.com/. To receive future news releases please sign up at https://luminagold.com/contact. Signed: "Marshall Koval" Marshall Koval, President & CEO, Director Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. Cautionary Note Regarding Forward-Looking Information Certain statements and information herein, including all statements that are not historical facts, contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Such forward-looking statements or information include but are not limited to statements or information with respect to the timing and ability to file a technical report for the PFS; the Company's ability to negotiate terms for its Investment Protection Agreement and begin the permitting process for the Project; the key assumptions, parameters and methods used to estimate the mineral resource and mineral reserve estimates relating to the PFS; the development, operational and economic results of the PFS, including grade or quality of mineral deposits, processing and production schedules, LOM projections and estimates, cash estimates and costs, mined and processed material estimates, and future exploration and expansion potential; the realization of mineral resource and mineral reserve estimates; the engineered pit designs providing satisfactory access and sufficient working room for the planned fleet and optimize increasing metal prices; the copper-gold flotation concentrate that makes up the majority of the Project revenue being trucked to an Ecuadorian port approximately 40 km away, Puerto Bolivar, and shipped to smelters and refiners for further processing; the environmental, social and cost benefits of the DSTF; proximity to the Ecuadorian port reducing greenhouse gas emissions; creation of employment opportunities during the construction period and throughout the mine life, including employment opportunities during production dedicated to community, environmental and health and safety work; the Company's prioritization of local hiring and purchasing; the Company's ability to engage in community relations programs in Ecuador as an ongoing corporate priority; the Company's ability to continue meeting Ecuadorian environmental regulations, international mining industry best practices and appropriate international lending institution guidelines; the continued use of electrical power from renewable hydroelectric sources; minimization of land clearance, progressive reclamation and revegetation, and reforestation of impacted lands; availability of adequate water for the Project from on-site or nearby water sources; impact of water consumption on local water users; the ability of the Company to continually pay a NSR and other local and municipal taxes; higher commodity prices negatively affecting sovereign adjustment payments; and the absence of adverse conditions at the Project. Often, but not always, forward-looking statements or information can be identified by the use of words such as "will" or "projected" or variations of those words or statements that certain actions, events or results "will", "could", "are proposed to", "are planned to", "are expected to" or "are anticipated to" be taken, occur or be achieved. With respect to forward-looking statements and information contained herein, the Company has made numerous assumptions including among other things, assumptions about general business and economic conditions; the prices of gold, copper and silver; the accuracy and reliability of technical data, forecasts, estimates and studies, including the PFS; the accuracy of slope guidance underlying the engineered pit design; estimates of mineral resources and mineral reserves; anticipated costs and expenditures; future results of operations; ability to satisfy power infrastructure and water capacity requirements; availability and ability to procure personnel, machinery, supplies, and equipment from local sources where possible; the characteristics of the Project producing innate positive environmental impacts; tax rates and royalty rates applicable to the Project; the relationship between the Company and the local communities and its business partners; ability to operate in a safe and effective manner; and the success of exploration, development and processing activities. The foregoing list of assumptions is not exhaustive. Although management of the Company believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that a forward-looking statement or information herein will prove to be accurate. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the Company's actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. These factors include, but are not limited to: risks relating to exploration activities and accurately predicting mineralization; the timing and ability of the Company to obtain necessary permits; risks relating to inaccurate geological and engineering assumptions (including with respect to the tonnage, grade and recoverability of reserves and resources); risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters); capital costs varying significantly from estimates; business and economic conditions in the mining industry generally; risks associated with the business of the Company; the supply and demand for labour and other project inputs; changes in commodity prices; changes in interest and currency exchange rates; inflation and credit risks; risks relating to adverse weather conditions; political risk and social unrest; changes in general economic conditions or conditions in the financial markets; and other risk factors as detailed from time to time in the Company's continuous disclosure documents filed with Canadian securities administrators. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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