Nueva Sabana Open Pit Mine

Nueva Sabana Gold-Copper
Mine (Stage One)

The deposit has a small 3g/t gold cap, with an underlying copper-gold zone, followed by a copper zone which is open at 150m, and could transition into the El Pilar porphyry copper deposit off-set to the south.

The concession also covers the Gaspar and Camilo porphyry intrusives, and numerous shallow gold targets identified by artisinal mining.

The Initial Mineral Resource Estimate (“MRE”) to a depth of ~150m from surface was established by Mining Associates Pty Ltd, and reported to ASX on 6 March 2024 based on 24,000m of historic drilling, and 12,000m by MLV.

A 2,000m in-fill drilling program in June–July 2024 at locations advised by the consultants is aimed at upgrading Inferred Resources to Indicated.

Material TypeResource CategoryTonnesGold (g/t)Gold (koz)Copper (%)Copper (Mlb)
Gold Domain
Indicated470,0002.8342.7- -
Inferred376,0002.5130.4- -
Sub Total846,0002.6973.1- -
Copper Gold Domain
Indicated531,0001.5426.30.576.73
Inferred90,0001.955.70.500.99
Sub Total621,0001.6031.90.567.72
Copper Domain
Indicated304,0000.111.11.369.11
Inferred2,084,0000.064.30.7735.15
Sub Total2,388,0000.075.40.8444.26
Total3,855,000-110.5-51.98

Notes

  • Due to rounding to appropriate significant figures, minor discrepancies may occur, tonnages are dry metric tonnes
  • Mineral Resources are not Ore Reserves and do not have demonstrated economic viability
  • Gold in the copper-gold domain, and copper domain are expected to report to the copper concentrate
  • Inferred resources have less geological confidence than indicated resources and should not have modifying factors applied to them

 

Proposed mining rate of 500,000tpa ore with low waste to ore ratio.

Targeted production of ~30,000 oz Au equivalent per year in concentrates over the first four years to a mining depth of 100m.

Estimated mine construction cost US$25M.

Financed primarily by advances on concentrate purchases by commodities trader.

Scoping Study was completed April 2024, with the Feasibility Study anticipated in August 2024 to be followed by 12-months construction.

Chinese engineering group, Prominer Mining Technology will supply crushing, grinding and flotation circuits.

A lower mining depth, and additional drilling is expected to increase the gold inventory, and increase the lateral and vertical boundaries of the copper zone, and significantly increase the mine life, and the project value.