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•• Monthly Mining Bulletin Nº31
November - 2015 - PANORAMA MINERO
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Mining in Argentina – What happened in October

PANORAMA MINERO returns with its free monthly bulletin related to the mining industry in Argentina. This bulletin is sent to all decision makers at Embassies, Commercial Trades, governments, local and foreign mining companies and suppliers of good and services. Please, feel free to ask anything you want. PANORAMA MINERO is your partner of choice.

Yamana: Gualcamayo production and expansion / Cerro Moro fast development
Yamana Gold reportedits financial and operating results for the third quarter 2015, with some highlights provided

Goldcorp Cerro Negro at full capacity
Goldcorp reported record third quarter gold production1 of 922,200 ounces, an increase of 42% compared to gold production of 651,700 ounces in the third quarter of 2014.

MAS

Golden Arrow Begins Drilling to Advance Chinchillas Silver Project Towards Production
Golden Arrow Resources Corporation announced that the Phase 5 drill program is currently underway at the Chinchillas Silver Project in Jujuy Province. The program was jointly developed by Golden Arrow and Silver Standard Inc.

MAS

hunt

NGEx Update on Los Helados and Josemaria Integrated Study and District Exploration Potential
NGEx Resources Inc. provided an update on progress towards the completion of a Preliminary Economic Assessment ("PEA") of an integrated Los Helados(Chile)-Josemaria(San Juan province) operation as well as on the results of a comprehensive review of the exploration potential of the Company's approximately 60,000 Ha land package.

MAS

Hunt Mining Announces Private Placement Offering
Hunt Mining Corp. announcedit has arranged a non-brokered private placement offering for new capital, in accordance with the TSX Venture Exchange's notice to issuers dated April 7, 2014 and August 17, 2012 and will require a discretionary pricing waiver in order to close the private placement.

MAS

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Yamana: Gualcamayo production and expansion / Cerro Moro fast development

 
 

Yamana Gold reportedits financial and operating results for the third quarter 2015, with some highlights provided as follows:

  • Total gold production of 325,897 ounces representing a 9% increase in gold production from continuing operations compared to the second quarter of 2015, including 281,915 ounces of gold from core assets
  • Notable increases in gold production at core assets compared to the second quarter of 2015 include:32% at Jacobina, 17% at Gualcamayo, 12% at Canadian Malartic, 10% at Minera Florida 6% at Chapada and 4% at Mercedes.

Gualcamayo (San Juan province)

In the third quarter of 2015, Gualcamayo produced 44,076 ounces of gold, compared to 43,060 ounces of gold in the same quarter of 2014. Cash costs were $892 per ounce of gold in the third quarter of 2015, compared to $867 per ounce of gold in the third quarter of 2014. Gualcamayo produced 127,811 ounces of gold in the first nine months of 2015, compared to 134,404 ounces of gold in the same period of 2014. Cash costs were $820 per ounce of gold in the first nine months of 2015, compared to $765 per ounce of gold in the same period of 2014.

At Gualcamayo, production was slightly higher than the third quarter of 2014 as improved recoveries of inventories in the heap leach pad offset the overall lower gold grades mined and fed, in line with the mining sequence. Gold grades in the quarter were consistent with the mine plan as the open pit transitioned to a new phase starting with lower grades partially offset by a 45% higher contribution from the underground mine compared to the previous quarter.

The expansion of the Adsorption and Desorption plant is now complete and is expected to further increase production beginning in the fourth quarter of 2015. Further optimizations on production and increasing operating cash flows are expected in the fourth quarter.

During the third quarter, the Company completed the initial technical and financial analysis of the Deep Carbonates project. The Deep Carbonates project is a potential large scale, bulk tonnage underground operation beneath the current QDD pit limits. The results of this analysis support a viable project with recoverable gold currently estimated at more than 1.1 million ounces. As part of the ongoing work, the Company is considering a number of mining method alternatives to improve the capital spend profile and to de-risk the project. The mineralization is open in almost every direction, and continued exploration is expected to further improve project economics. The results to date and the ongoing work are expected to support a decision in 2016 to advance the project to the pre-feasibility stage.

The 2015 exploration program at Gualcamayo is focused on discovering and extending near surface oxide mineral zones to both the east and west of current QDD Lower West ("QDDLW") underground operation limits, and on infill and expansion of the carbonate deposits that form the Southwest and parts of the Santiago mineral deposits in the Rodado target area. The Company expects to complete a total of 17,000 metres of drilling over the course of 2015.

During the third quarter, underground based mineral resource expansion drilling continued with the objective of finding additional oxide ore at the east and west extensions of QDDLW. Significant oxide intercepts have been reported from QDDLW and samples have been sent to the laboratory for analysis and metallurgical testing. At the Las Vacas area, the geophysical campaign was completed during the third quarter and drilling of identified anomalies began late in the quarter.

Cerro Moro (Santa Cruz province)

The Company previously announced the formal decision to proceed with the construction of Cerro Moro and provided updated project parameters with the announcement of year end 2014 results. During the third quarter, detailed engineering continued for the 1,000 tonnes per day processing plant and mine. Notable advancements in the quarter included improvements to the access road, conclusion of the locked-cycle metallurgical tests, the placement of orders on various long-lead time items such as the tailings thickeners and the continuation of the first stage of the construction camp.

The Company remains committed to advancing the project in a prudent manner and decided to de-risk project ramp-up by advancing the underground mining ahead of the original schedule. Project capital expenditures are expected to be approximately $25 million for 2015 comprised of costs related to detailed engineering and pre-development. The expenditures for 2016 are expected to be $56 million. Including these expenditures, the Company expects its expansionary capital to not exceed the levels observed in 2015. The development timetable has been adjusted to accommodate the aforementioned works and now reflects a capital schedule which maximizes cash preservation in 2016. Furthermore, this approach allows for further exploration drilling to take place to increase the size of the Cerro Moro mineral resources, in addition to improving the current mineral resource categorization. Production is expected to commence in the first quarter of 2018.

The Cerro Moro project contains a number of high grade epithermal gold and silver deposits, some of which will be mined via open pit and some via underground mining. The feasibility study is based on annual production in the first three years of 135,000 ounces of gold and 6.7 million ounces of silver, with annual production averaging approximately 102,000 ounces of gold and 5 million ounces of silver over an initial 8 year mine life at a throughput of 1,000 tonnes per day. The concentrator will consist of a standard crushing, grinding and flotation circuit with a counter current decantation and a Merrill Crowe circuit included.

The Company believes that the Cerro Moro project offers significant opportunities for the conversion of mineral resources into mineral reserves and for further discoveries on the property. This will serve to significantly improve the returns and value from this high grade project.

The 2015 exploration program at Cerro Moro is focused on detailed mapping, outcrop and soil sampling, and targeted core drilling with the aim to discover a new high grade structure within the current property boundaries. The Company expects to complete 10,500 metres of drilling over the course of 2015.

During the quarter, exploration drilling continued to test the Gabriela Northwest, Michelle and Guillermina targets. Exploration drilling has intercepted broad intervals of continuous low grade gold and silver, and follow-up drilling is planned to test for the potential of higher grade veins within the structures. Results from condemnation drilling completed in June at the Escondida Central Dump area returned no anomalous values that could identify potential exploration targets.

Overall, the Company expects improved operating results for the remainder of 2015 and production growth into the next several years. As previously announced, the Company made a construction decision for the Cerro Moro project in early 2015.

 

Goldcorp Cerro Negro at full capacity

 
 

Goldcorp reported record third quarter gold production1 of 922,200 ounces, an increase of 42% compared to gold production of 651,700 ounces in the third quarter of 2014.

At Cerro Negro in Santa Cruz province, third quarter safe gold production totaled 135,700 ounces at an all-in sustaining cost of $731 per ounce, driven by the continued strong ramp-up at both the Mariana Central and Eureka mines.  Total tonnes milled increased resulting in an average throughput rate of 3,697 tonnes per day for the quarter.  Average milling rates for September surpassed the nameplate capacity of 4,000 tonnes per operating day.  Exploration in the third quarter continued to focus on surface resource confirmation drilling.  The current drilling program is progressing as planned, expanding resources at the Marianas Complex, particularly at the newly-discovered Emilia vein. The Bajo Negro expansion was completed in the third quarter and the results will be included within the year-end resource update.

 

Golden Arrow Begins Drilling to Advance Chinchillas Silver Project Towards Production

 
 

Golden Arrow Resources Corporation  announced that the Phase 5 drill program is currently underway at the Chinchillas Silver Project in Jujuy Province. The program was jointly developed by Golden Arrow and Silver Standard Inc., as part of the pre-development activity period of Golden Arrow's business combination agreement with Silver Standard as announced on October 1st, 2015. The purpose of this activity is to advance the Chinchillas project and evaluate a business arrangement that will see Silver Standard's Pirquitas Mine and the Chinchillas project combined into a 75% (Silver Standard) 25% (Golden Arrow) jointly owned mining operation.

"We are excited to continue to advance Chinchillas towards production. This drill program will allow the companies to evaluate the synergies of a combined Chinchillas / Pirquitas mining operation, maximizing the value of existing infrastructure at Pirquitas with the resources at Chinchillas." commented Brian McEwen, Golden Arrow's Vice President of Exploration and Development.

Two diamond drills are operating at site and a third drill will be mobilized to site nextweek. The priority drilling is infill to upgrade mineral resources and geotechnical holes to define high wall angles in the pit and is expected to be complete by the end of November. The program will also include drilling holes for hydrogeology, metallurgy, condemnation and exploration which is expected to be complete by Q1 2016. The drilling will bring the project to a pre-feasibility level in order to complete the proper engineering studies for optimal potential development. The estimated budget for the pre-development activities is US$12.6 million.

 

 

NGEx Update on Los Helados and Josemaria Integrated Study and District Exploration Potential

 
 

NGEx Resources Inc. provided an update on progress towards the completion of a Preliminary Economic Assessment ("PEA") of an integrated Los Helados(Chile)-Josemaria(San Juan province) operation as well as on the results of a comprehensive review of the exploration potential of the Company's approximately 60,000 Ha land package.

The Los Helados PEA, completed in October 2014, contemplated the standalone development of Los Helados and was the first step in the Company's longer term plan to evaluate the potential to develop a district-scale integrated operation. The Integrated Study will consider a scenario in which production from the Los Helados and Josemaria deposits feeds a central processing facility with the goal of optimizing overall project economics. The Josemaria deposit is located approximately 12 kilometers from Los Helados. Engineering work undertaken during 2015 focused on the key drivers of project economics as highlighted by the Los Helados PEA and on acquiring the data needed to complete the Integrated Study. The Company expects to complete a PEA of the Integrated Study in early 2016.

ENGINEERING STUDIES
The 2015 engineering work program includes:

  • Development of an optimized mine plan which combines the Los Helados and Josemaria deposits. The objectives of this work are to evaluate opportunities to: bring forward production from the higher grade portion of the deposits which contains a combined Indicated mineral resource of 740 million tonnes of 0.50% copper; 0.26 grams/tonne gold, 1.58 grams/tonne silver for a copper equivalent grade of 0.69% CuEq at a cut off grade of 0.6% CuEq; reduce the upfront development costs; reduce the time needed to ramp up to full production; and extend the mine life by using a declining cut-off grade strategy later in the mine plan.
  • Additional metallurgical testwork on both deposits to continue to improve metal recoveries and concentrate grades and better understand how these will vary over the life of the proposed mine;
  • Geotechnical studies at Los Helados to better define the block cave mining characteristics of the deposit;
  • An evaluation of the optimum site for a centralized processing plant including an assessment of options to reduce the infrastructure, water, and power costs used in the Los Helados PEA;
  • Environmental baseline studies.

The above information will be used in the PEA of the Integrated Study expected to be completed in early 2016.

EXPLORATION REVIEW
In addition to the ongoing engineering studies at Los Helados and Josemaria, the Company has recently completed a comprehensive review of the exploration potential on the approximately 60,000 Ha land package which encompasses Los Helados, Josemaria, and Filo del Sol. Several high-quality exploration targets were developed during the early exploration programs that led to the discovery of the Los Helados and Josemaria deposits, but were not fully explored due to the shift of focus towards deposit definition once the discovery holes were drilled. These targets include geochemical anomalies similar in size and tenor to those related to the known deposits, with coincident geophysical targets and mapped alteration features consistent with porphyry-style mineralization. The highest-priority targets occur along two parallel north-south oriented trends interpreted to represent large-scale structural breaks. The western trend includes the Los Helados deposit, while the eastern trend links the Josemaria deposit in the south with the Caserones deposit in the north.

Geological mapping and a review of historical exploration data completed earlier this year at the 100% owned Filo del Sol project, resulted in a much improved understanding of this complex system and has generated a number of new exploration targets outside the current resource envelope. New exploration targets include the potential feeder zone to the current resource and a porphyry copper-gold target, including a supergene enriched copper zone, to the south of the current resource. The Company expects to complete an updated mineral resource estimate for Filo del Sol during the fourth quarter of 2015.

A comprehensive surface exploration program has been developed for the upcoming field season which runs from January through to April, 2016. Work will be focused on geological mapping, geophysics, and geochemical sampling to follow up on numerous areas of porphyry-style alteration. The upcoming work program is expected to lead to the definition of multiple drill targets which will be tested at a later date.


 

Hunt Mining Announces Private Placement Offering

 
 

Hunt Mining Corp. announcedit has arranged a non-brokered private placement offering for new capital, in accordance with the TSX Venture Exchange's notice to issuers dated April 7, 2014 and August 17, 2012 and will require a discretionary pricing waiver in order to close the private placement.The Corporation intends to raise maximum aggregate gross proceeds of up to $500,000.

The proceeds will be used to fund existing exploration and development activities in Santa Cruz, and for general working capital purposes. More specifically, if the offering is fully subscribed, the Corporation would use: (i) $ 300,000 for advance development and exploration needed to develop drilling targets: geologic mapping, surface geochemical surveys, (chip/channel/trench) sample collection, assaying and +/- geophysical surveys; (ii) $145,000 to complete claims maintenance, surface leases, national and provincial taxes, permits and fees; and (iii) up to $55,000 on general and administrative expenses.

Hunt Mining Corp. has continued to develop its properties as an active and aggressive explorer in Santa Cruz since 2006. During that time, Hunt's wholly owned subsidiary, Cerro Cazador S.A., has completed exploration activity including approximately 64,000 meters of HQ core drilling, 416 line kilometers of Induced Polarization geophysical surveys and more than 20,000 surface soil, sediment, channel, chip, and trench samples, beyond the historical work previous to the same properties.


 
  Panorama Minero
Buenos Aires - Argentina
Phone: (054-11) 4952-1117