SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of, January 2011
Commission File Number 000-13727
Pan American Silver Corp
(Translation of registrants name into English)
1500-625 Howe Street, Vancouver BC Canada V6C 2T6
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40F:
Form 20-F o |
Form 40-F x |
|
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes o |
No x |
|
If Yes is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-
DOCUMENTS INCLUDED AS PART OF THIS REPORT
Document |
|
|
|
|
|
1 |
|
Technical Report for Navidad Property |
Document 1
M3-PN100019 |
|
|
January 14, 2011 | ||
| ||
| ||
| ||
| ||
|
PAN AMERICAN SILVER CORP.NAVIDAD PROJECT
Chubut Province, Argentina:
Preliminay Assessment
Prepared For:
|
|
M3 Engineering & Technology Corporation · 2051 West Sunset Road, Tucson, AZ 85704 · 520.293.1488 |
|
|
NAVIDAD PROJECT | |
PRELIMINARY ASSESSMENT |
SECTION |
|
PAGE | ||
|
|
| ||
|
PRELIMINARY ASSESSMENT |
| ||
|
|
| ||
1 | ||||
|
|
| ||
1 | ||||
|
|
| ||
1 | ||||
|
|
| ||
|
1 | |||
|
2 | |||
|
3 | |||
|
3 | |||
|
3 | |||
|
4 | |||
|
5 | |||
|
6 | |||
|
8 | |||
|
8 | |||
|
10 | |||
|
10 | |||
|
10 | |||
|
12 | |||
|
14 | |||
|
15 | |||
|
18 | |||
|
18 | |||
|
18 | |||
|
19 | |||
|
19 | |||
|
19 | |||
|
|
|
| |
21 | ||||
|
|
| ||
|
21 | |||
|
21 | |||
|
22 | |||
|
22 | |||
|
23 | |||
|
|
| ||
28 | ||||
|
|
| ||
28 | ||||
|
|
| ||
|
28 | |||
|
31 | |||
|
M3-PN100019 |
|
|
NAVIDAD PROJECT | |
PRELIMINARY ASSESSMENT |
|
31 | |||
|
33 | |||
|
33 | |||
|
|
| ||
ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY |
35 | |||
|
|
| ||
|
35 | |||
|
35 | |||
|
35 | |||
|
36 | |||
|
36 | |||
|
|
| ||
36 | ||||
|
|
| ||
38 | ||||
|
|
| ||
|
38 | |||
|
38 | |||
|
39 | |||
|
|
| ||
39 | ||||
|
|
| ||
40 | ||||
|
|
| ||
|
41 | |||
|
41 | |||
|
41 | |||
|
42 | |||
|
42 | |||
|
42 | |||
|
42 | |||
|
43 | |||
|
|
|
| |
43 | ||||
|
|
| ||
|
43 | |||
|
43 | |||
|
|
|
| |
|
|
43 | ||
|
|
43 | ||
|
|
44 | ||
|
|
44 | ||
|
|
44 | ||
|
|
45 | ||
|
|
| ||
|
45 | |||
|
|
| ||
|
|
45 | ||
|
|
47 | ||
|
|
47 | ||
|
|
47 |
|
M3-PN100019 |
|
|
NAVIDAD PROJECT | |
PRELIMINARY ASSESSMENT |
|
48 | ||||
|
|
| |||
51 | |||||
|
|
| |||
|
51 | ||||
|
51 | ||||
|
51 | ||||
|
52 | ||||
|
|
|
| ||
|
|
52 | |||
|
|
52 | |||
|
|
52 | |||
|
|
53 | |||
|
|
53 | |||
|
|
| |||
53 | |||||
|
|
| |||
|
54 | ||||
|
54 | ||||
|
55 | ||||
|
56 | ||||
|
|
| |||
56 | |||||
|
|
| |||
|
56 | ||||
|
|
|
|
| |
|
|
56 | |||
|
|
56 | |||
|
|
57 | |||
|
|
| |||
57 | |||||
|
|
| |||
|
57 | ||||
|
58 | ||||
|
|
|
|
| |
|
|
59 | |||
|
|
59 | |||
|
|
59 | |||
|
|
| |||
60 | |||||
|
|
| |||
60 | |||||
|
|
| |||
|
60 | ||||
|
69 | ||||
|
70 | ||||
|
70 | ||||
|
71 | ||||
|
|
| |||
|
|
72 | |||
|
|
Barite Hill and Galena Hill Variability Testwork and Results |
73 | ||
|
|
Galena Hill High Pyrite Zone Variability Testwork and Results |
74 | ||
|
|
74 | |||
|
|
75 | |||
|
M3-PN100019 |
|
|
NAVIDAD PROJECT | |
PRELIMINARY ASSESSMENT |
|
|
75 | ||
|
|
76 | ||
|
|
76 | ||
|
|
| ||
|
77 | |||
|
|
| ||
|
|
78 | ||
|
|
87 | ||
|
|
89 | ||
|
|
| ||
|
91 | |||
|
|
| ||
92 | ||||
|
|
| ||
|
92 | |||
|
|
| ||
|
|
92 | ||
|
|
| ||
|
ASSUMPTIONS, METHODS AND PARAMETERS 2009 MINERAL RESOURCE ESTIMATES |
93 | ||
|
|
| ||
|
93 | |||
|
|
| ||
|
|
93 | ||
|
|
95 | ||
|
|
|
|
|
|
95 | |||
|
|
| ||
|
|
95 | ||
|
|
96 | ||
|
|
| ||
|
96 | |||
|
|
| ||
|
|
96 | ||
|
|
96 | ||
|
|
96 | ||
|
|
| ||
|
97 | |||
|
|
|
|
|
|
|
97 | ||
|
|
97 | ||
|
|
|
|
|
|
97 | |||
|
|
|
|
|
|
|
97 | ||
|
|
97 | ||
|
|
98 | ||
|
|
98 | ||
|
|
99 | ||
|
|
| ||
|
100 | |||
|
102 | |||
|
|
|
| |
|
|
102 | ||
|
|
103 | ||
|
|
|
|
|
|
103 |
|
M3-PN100019 |
|
|
NAVIDAD PROJECT | |
PRELIMINARY ASSESSMENT |
|
|
103 | ||
|
|
103 | ||
|
|
103 | ||
|
|
104 | ||
|
|
104 | ||
|
|
104 | ||
|
|
|
|
|
|
105 | |||
|
|
| ||
108 | ||||
|
|
| ||
|
108 | |||
|
108 | |||
|
|
|
|
|
|
|
108 | ||
|
|
108 | ||
|
|
|
|
|
|
109 | |||
|
109 | |||
|
109 | |||
|
|
|
|
|
|
|
111 | ||
|
|
114 | ||
|
|
121 | ||
|
|
132 | ||
|
|
134 | ||
|
|
137 | ||
|
|
| ||
|
137 | |||
|
144 | |||
|
|
| ||
|
|
144 | ||
|
|
144 | ||
|
|
145 | ||
|
|
145 | ||
|
|
| ||
|
145 | |||
|
|
| ||
|
|
145 | ||
|
|
145 | ||
|
|
146 | ||
|
|
146 | ||
|
|
146 | ||
|
|
146 | ||
|
|
146 | ||
|
|
146 | ||
|
|
146 | ||
|
|
| ||
|
146 | |||
|
147 | |||
|
150 | |||
|
150 |
|
M3-PN100019 |
|
|
NAVIDAD PROJECT | |
PRELIMINARY ASSESSMENT |
|
|
150 | ||
|
|
151 | ||
|
|
| ||
|
151 | |||
|
|
| ||
|
|
151 | ||
|
|
152 | ||
|
|
152 | ||
|
|
154 | ||
|
|
158 | ||
|
|
158 | ||
|
|
158 | ||
|
|
160 | ||
|
|
161 | ||
|
|
161 | ||
|
|
161 | ||
|
|
162 | ||
|
|
| ||
|
163 | |||
|
|
| ||
|
|
163 | ||
|
|
163 | ||
|
|
| ||
164 | ||||
|
|
| ||
165 | ||||
|
|
| ||
167 | ||||
|
|
| ||
169 | ||||
|
|
| ||
ADDITIONAL REQUIREMENTS FOR TECHNICAL REPORTS ON DEVELOPMENT PROPERTIES AND PRODUCTION PROPERTIES |
177 | |||
|
|
| ||
178 |
|
M3-PN100019 |
|
|
NAVIDAD PROJECT | |
PRELIMINARY ASSESSMENT |
LIST OF TABLES
TABLE NO. |
|
DESCRIPTION |
|
|
|
Table 3-1: Navidad April 2009 Mineral Resources Reported Above a 50 g/t Ag Equivalent (AgEQ) Cut-off Grade |
|
4 |
|
|
|
Table 3-2: Average Navidad Recoveries and Grades for Copper-Silver Ore |
|
5 |
|
|
|
Table 3-3: Average Navidad Recoveries and Grade for Lead-Silver Ore |
|
5 |
|
|
|
Table 3-4: Cash Operating Cost Over the Life of Navidad Operations |
|
8 |
|
|
|
Table 3-5: Financial Model Economic Summary |
|
10 |
|
|
|
Table 3-6: Mine Production Plan (Years -1 to 5) |
|
11 |
|
|
|
Table 3-7: Mine Production Plan (Years 6 to 11) |
|
11 |
|
|
|
Table 3-8: Mine Production Plan (Years 12 to 17) |
|
12 |
|
|
|
Table 3-9: Navidad 2009 Mineral Resources Reported Above a Cut-Off Grade of 50 g/t AgEQ |
|
15 |
|
|
|
Table 3-10: Recommended Feasibility Study Budget |
|
20 |
|
|
|
Table 4-1: List of Qualified Persons |
|
22 |
|
|
|
Table 4-2: Project Term Abbreviations and Descriptions |
|
24 |
|
|
|
Table 12-1: Diamond Drillholes Completed by IMA from 2003 to 2006 |
|
44 |
|
|
|
Table 12-2: Diamond Drillholes Completed by Pan American Silver in 2010 |
|
49 |
|
|
|
Table 12-3: Summary of Drilling Performed on the Navidad Project |
|
49 |
|
|
|
Table 13-1: Downhole Survey Methods at the Navidad Project |
|
52 |
|
|
|
Table 18-1: Average Navidad Recoveries and Grades for Copper-Silver |
|
70 |
|
|
|
Table 18-2: Average Navidad Recoveries and Grades for Lead-Silver |
|
70 |
|
|
|
Table 18-3: SGS Grinding Testwork Results |
|
71 |
|
|
|
Table 18-4: Summary of 2010 Test Data |
|
72 |
|
|
|
Table 18-5: Key Metallurgical Results and Design Criteria Inputs |
|
77 |
|
|
|
Table 18-6: Recovery and Mass Pull Functions Navidad PA Base Case |
|
90 |
|
M3-PN100019 |
|
|
NAVIDAD PROJECT | |
PRELIMINARY ASSESSMENT |
Table 18-7: Reagent Consumptions |
|
91 |
|
|
|
Table 18-8: Grinding Media and Wear Parts |
|
91 |
|
|
|
Table 19-1: Number of Drillholes Used in the Navidad April 2009 Mineral Resource Estimates |
|
95 |
|
|
|
Table 19-2: Navidad Block Model Parameters |
|
99 |
|
|
|
Table 19-3: Navidad Block Model Densities |
|
101 |
|
|
|
Table 19-4: Navidad April 2009 Mineral Resources Reported Above a Cut-Off Grade of 50 g/t AgEQ |
|
106 |
|
|
|
Table 20-1: Resource Tonnage and Grade Included in the PA Mine Plan |
|
110 |
|
|
|
Table 20-2: Mine Cost Inputs for Cut Definition (excluding hauling) |
|
112 |
|
|
|
Table 20-3: Haul Portion of the Mine Cost Inputs for Cut Definition |
|
112 |
|
|
|
Table 20-4: Cut Definition Leach Grossman Shell Used for Cut Design Guidance |
|
114 |
|
|
|
Table 20-5: Ore Tonnage and Relative Percent by Ore Type in Phase Designs |
|
116 |
|
|
|
Table 20-6: Summary of Phase Tonnage |
|
117 |
|
|
|
Table 20-7: PA Mine Production Schedule |
|
123 |
|
|
|
Table 20-8: PA Production Schedule Ore and Non-Economic Material Tonnage by Mining Phase |
|
125 |
|
|
|
Table 20-9: Non-Economic Material Tonnage by Year and by Storage Facility Locations |
|
133 |
|
|
|
Table 20-10: Mine Equipment Fleet Requirements and Equipment Fleet on the Property |
|
136 |
|
|
|
Table 20-11: Life of Mine Ore, Non-Economic Material Quantities, and Ore Grade |
|
152 |
|
|
|
Table 20-12: Metal Recovery Factors |
|
152 |
|
|
|
Table 20-13: Navidad Project Annual Metal Production |
|
153 |
|
|
|
Table 20-14: Smelter Return Factors |
|
154 |
|
|
|
Table 20-15: Total Project Capital Cost Summary |
|
156 |
|
|
|
Table 20-16: Operating Cost Over Life of Navidad Operations |
|
159 |
|
|
|
Table 20-17: Operating Cost Summary |
|
160 |
|
M3-PN100019 |
|
|
NAVIDAD PROJECT | |
PRELIMINARY ASSESSMENT |
Table 20-18: Sensitivity Analysis ($000) |
|
162 |
|
|
|
Table 20-19: Sensitivity Analysis for Capital Cost, Operating Cost and Silver Recovery |
|
162 |
|
|
|
Table 22-1: Recommended Feasibility Study Budget |
|
165 |
|
M3-PN100019 |
|
|
NAVIDAD PROJECT | |
PRELIMINARY ASSESSMENT |
This report is classified as a Preliminary Assessment (PA) and is formatted and prepared in accordance with the Canadian National Instrument 43-101 (NI 43-101) Standards of Disclosure for Mineral Projects. The first two items of this 26-item outline are the Title Page and Table of Contents. For ease of cross-referencing during review, the first two subsections of this report (1 and 2) are incorporated into the format for this report.
See discussion in subsection 1.
Pan American Silver Corp. (PAS) acquired the Navidad Project with the purchase of Aquiline Resources Inc. (Aquiline) in December 2009. PAS is headquartered in Vancouver, Canada. Its wholly-owned Argentine subsidiary, Minera Argenta, S.A. (MASA), is headquartered in Buenos Aires, Argentina and controls 100% interest in the Navidad Project. The Navidad properties are located in north central Chubut Province in Argentina. Several deposits of silver, lead, zinc and copper minerals have been identified along three northwest striking parallel mineral trends, known as the Navidad, Esperanza, and Argenta trends, all within a 5 km by 4 km rectangle. Mineral Resource estimates have been completed for eight of these deposits, including Calcite NW, Calcite Hill, Navidad Hill, Connector Zone, Galena Hill, Barite Hill, Loma de La Plata, and Valle Esperanza.
A Preliminary Economic Assessment (PEA) for the Loma de La Plata deposit was completed in 2008 based on resource estimates as at December 2007 (Snowden, 2007). The results of the 2008 PEA have been superseded by additional resource drilling, updated resource estimates as at April 2009 (Snowden, 2009), and the findings presented in this Technical Report. This Technical Report discloses the results of a Preliminary Assessment (PA) based on Mineral Resources at seven adjacent deposits as well as Loma de La Plata and is expanded to encompass the potential development items, as PAS intends to proceed with the preparation of an Environmental Impact Study (EIA) and Feasibility Study.
M3 Engineering & Technology Corporation (M3) led the PA with assistance from PAS, Independent Mining Consultants (IMC), Golder Associates (Golder), and others.
The daily ore production rate is 15,000 tonnes per day (tpd) and the ore is scheduled to be produced from the eight deposits. The ore will be mined and transported in 150 tonne (t) trucks to the crusher.
The process plant consists of a 54-inch gyratory crusher, a stockpile and a 15,000 tpd semi-autogenous (SAG) mill/ball mill/flotation/filtration facility. The process plant is capable of treating two basic ore types from the Navidad deposits: copper-silver ore and lead-silver ore, using the same circuit on a campaign treatment basis. Two different concentrates will be
|
M3-PN100019 |
|
|
NAVIDAD PROJECT | |
PRELIMINARY ASSESSMENT |
produced in campaigns of the two basic ore types: copper-silver and lead-silver. The copper-silver concentrates will be bagged and placed in containers and likely trucked 320 km east to Puerto Madryn in the Province of Chubut, on the Atlantic. The lead-silver bulk concentrate will be trucked in enclosed bulk transport or container trailers to ports in Argentina or Chile. The concentrates will be exported for treatment and recovery of contained metal, as adequate smelter and refinery facilities do not exist in Argentina.
Electric power will be provided from existing twin 330 kV power lines presently located 80 km to the south of the Project. SPT SRL Electrical Power Consultants (SPT), an Argentine power line consultant, has produced a preliminary report for the supply of power that has been incorporated into the PA.
Mine dewatering is expected to be the principal source of water makeup for processing. The Project is designed to minimize fresh water make-up by optimizing water recycle and using water conservation technology. A local well field will supply additional water if required.
A conventional open cut mining operation, followed by SAG mill grinding and froth flotation are defined in this study. Multiple open cuts have been designed by PAS and the mining consultant IMC of Tucson, Arizona. The average ore production rate is 15,000 tpd and the average life-of-mine strip ratio is 4.8 to 1. Golder (Golder, 2010a and Golder, 2010b) evaluated alternative tailings dam types and locations and the owner determined that a conventional slurry discharge facility using a rockfill dam and engineered systems to protect surface and groundwater resources surrounding the facilities is the preferred approach considering both environmental and economic aspects.
The Montgomery Watson Harza (MWH) Buenos Aires office has been retained by PAS to complete baseline studies and prepare an environmental impact assessment. The same team was responsible for similar work for PASs Manantial Espejo mine in Santa Cruz Province to the south of Navidad.
Southmark Logistics, S.A. delivered a scoping level concentrate shipping study (Southmark, 2010). Other port and logistics specialists are further developing the details.
A marketing study is in progress and initial estimates for concentrate Treatment Charge/Refining Charge (TC/RC) have been assembled from data collected from interested third party smelters. This preliminary information is incorporated into this PA.
There is currently a law in Chubut Province prohibiting open cut mining and the use of cyanide in mining that, as currently enacted, would severely restrict and likely prohibit the future construction and development of the Navidad Project defined in this PA which employs the use of surface mining methods. PAS has advised that it intends to demonstrate to the Provincial Government, local population and other stakeholders that it can develop the Navidad Project in a socially and environmentally sensitive manner and believes this will stimulate reform to the open-cut mining prohibition allowing the development of the Navidad Project.
|
M3-PN100019 |
|
|
NAVIDAD PROJECT | |
PRELIMINARY ASSESSMENT |
Eight (8) open cut mines and a 15,000 tpd plant with a single grinding line were chosen for this study.
A preliminary estimate to an accuracy of -10% to +30% has been calculated. Approximately 50 drawings were completed in support of this PA study.
Budgetary bids were obtained for most major equipment. Other equipment and material costs were taken from the experience of M3, IMC, Golder, or PAS. Piping, electrical and instrumentation are largely factored estimates. Labour rates were obtained from PAS and Argentine contractors.
The initial capital is estimated at US$759.7 million. The sustaining capital is estimated at US$161 million over the life of the operation.
This is a PA, thus no reserves have been declared. As this work is ongoing, the reserves will be declared for the Feasibility Study.
Mineral Resources as at April 2009, (Snowden, 2009) and summarized in Table 3-1 were utilized for this PA. PAS updated the April 2009 resource models with estimates of Cu and utilized resources classified as Measured, Indicated, and Inferred Mineral Resources to develop a mine plan. This PA is preliminary in nature because of the inclusion of Inferred Mineral Resources that are considered too geologically speculative to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. No mineral reserves have been estimated and there is no certainty that the PA will be realized. The resource estimate does not include the 2010 drill hole results as the models are not complete.
|
M3-PN100019 |
|
|
NAVIDAD PROJECT | |
PRELIMINARY ASSESSMENT |
Table 3-1: Navidad April 2009 Mineral Resources Reported Above a 50 g/t Ag Equivalent (AgEQ) Cut-off Grade
Classification |
|
Tonnes |
|
AgEq |
|
Ag |
|
Pb |
|
Cu% |
|
Contained |
|
Contained |
|
Contained |
|
Measured |
|
15.4 |
|
177 |
|
137 |
|
1.44 |
|
0.10 |
|
67 |
|
489 |
|
35 |
|
Indicated |
|
139.8 |
|
147 |
|
126 |
|
0.79 |
|
0.04 |
|
565 |
|
2,425 |
|
127 |
|
Measured and Indicated |
|
155.2 |
|
150 |
|
127 |
|
0.85 |
|
0.05 |
|
632 |
|
2,914 |
|
162 |
|
Inferred |
|
45.9 |
|
97 |
|
81 |
|
0.57 |
|
0.02 |
|
119 |
|
580 |
|
22 |
|
Notes:
The most likely cut-off grade for Navidad is not known at this time and must be confirmed by the appropriate economic studies.
Silver equivalent grade values are calculated without consideration of variable metal recoveries for silver and lead. A silver price of US$12.52/oz and lead price of US$0.50/lb was used to derive an equivalence formula of AgEQ g/t = Ag g/t + (Pb% × 10,000/365). Silver prices were based on a three-year rolling average and lead prices were based on an approximate ten-year rolling average.
The estimated metal content does not include any consideration of mining, mineral processing, or metallurgical recoveries.
Tonnes, ounces, and pounds have been rounded and this may have resulted in minor discrepancies in the total.
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. No Mineral Reserves have been estimated.
The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
Estimates of Cu were updated by Pan American Silver Corp. for the purposes of this PA.
IMC has developed a 17 year mine production schedule which will produce:
· 52,874,000 tonnes of copper-silver Ore
· 36,571,000 tonnes of lead-silver Ore
· 418,083,000 tonnes of Non-Mineralised or Non-Economic Material
3.6 METALLURGICAL RECOVERIES FOR ORES
The expected metallurgical performance for the Navidad ores was determined by laboratory bench-scale flotation test methods and a pilot plant test on one ore type. There are two distinct ore types found in the Navidad Mineral Resources that have been defined as copper-silver ores and lead-silver ores. The metal recoveries and the concentrate tonnage (portion of the ore feed that is estimated to be in the concentrate) for both the silver-copper ore and the lead-silver ore vary by the degree of oxidation, lithology, grade and cut. Recovery algorithms have been constructed for each cut and each ore type using a statistical analysis of the laboratory and pilot test results. The algorithms are recorded to each Mineral Resource block to project recoveries by ore type, oxidation state (depth), lithology, grade and cut. The following tables (Table 3-2 and Table 3-3) show average life metal recoveries from the block model life of mine ore tonnes using
|
M3-PN100019 |
|
|
NAVIDAD PROJECT | |
PRELIMINARY ASSESSMENT |
the developed recovery matrix separated by the two distinct ore types, as well as average mine head grades and concentrate grades.
Table 3-2: Average Navidad Recoveries and Grades for Copper-Silver Ore
Cu-Ag Ore |
|
Ag |
|
Cu |
|
Pb |
|
Mine Head Grades |
|
163.5 g/t |
|
0.066 |
% |
0.131 |
% |
Flotation Recovery |
|
77.76 g/t |
|
51.93 |
% |
56.55 |
% |
Concentrate Grade |
|
36,696 g/t |
|
10.09 |
% |
21.85 |
% |
Table 3-3: Average Navidad Recoveries and Grade for Lead-Silver Ore
Pb Ag Ore |
|
Ag |
|
Cu |
|
Pb |
|
Mine Head Grade |
|
150.454 g/t |
|
0.036 |
% |
2.255 |
% |
Flotation Recovery |
|
33.58 g/t |
|
32.60 |
% |
76.57 |
% |
Concentrate Grade |
|
1,736 g/t |
|
0.400 |
% |
59.43 |
% |
IMC constructed optimized cut shells and an annual mine plan using the April 2009 Mineral Resource block models for each of the eight deposits of Navidad updated with the addition of Cu grades estimated by PAS. The anticipated annual mined and milled tonnages and feed grades are shown in Table 3-6, Table 3-7, and Table 3-8 in Section 3.13. The mine schedule and plant production plan are shown in Section 3.13.
|
M3-PN100019 |
|
|
NAVIDAD PROJECT | |
PRELIMINARY ASSESSMENT |
|
|
Pan American Silver Corporation/Minera Argenta SA |
|
|
15,000 MTPD-Preliminary Economic Assessment Capital Cost Estimate |
|
|
TOTAL PROJECT COST SUMMARY SHEET |
|
|
Navidad Project M3 PN 100019 October 27, 2010 Rev P-3 |
Plant |
|
|
|
|
|
Plant |
|
|
|
|
|
|
|
Construction |
|
|
| ||||||
Area |
|
Description |
|
Man-hours |
|
Equipment |
|
Material |
|
Labor |
|
Subcontract |
|
Equipment |
|
Total |
| ||||||
|
|
***DIRECT COST*** |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
000 |
|
Site General |
|
66,532 |
|
$ |
6,495,830 |
|
$ |
2,083,717 |
|
$ |
2,560,155 |
|
$ |
2,792,400 |
|
$ |
5,831,104 |
|
$ |
19,763,206 |
|
100 |
|
Mine (Equip.& Preproduction In Indirects) |
|
15,461 |
|
$ |
0 |
|
$ |
165,274 |
|
$ |
604,169 |
|
$ |
1,625,712 |
|
$ |
17,965 |
|
$ |
2,413,121 |
|
160 |
|
Mine Waste Stockpiles |
|
1,981 |
|
$ |
0 |
|
$ |
0 |
|
$ |
75,010 |
|
$ |
0 |
|
$ |
375,000 |
|
$ |
450,010 |
|
200 |
|
Open Pit Primary Crusher & Storage |
|
607,768 |
|
$ |
11,191,482 |
|
$ |
15,368,578 |
|
$ |
23,332,202 |
|
$ |
448,128 |
|
$ |
1,596,674 |
|
$ |
51,937,064 |
|
250 |
|
SAG Feed Conveyors) |
|
26,391 |
|
$ |
1,223,476 |
|
$ |
470,627 |
|
$ |
1,149,151 |
|
$ |
105,730 |
|
$ |
18,338 |
|
$ |
2,967,323 |
|
300 |
|
Grinding, Classification |
|
571,339 |
|
$ |
28,256,791 |
|
$ |
19,467,055 |
|
$ |
22,211,645 |
|
$ |
2,115,603 |
|
$ |
1,454,398 |
|
$ |
73,505,491 |
|
400 |
|
Flotation & Regrind |
|
250,413 |
|
$ |
13,606,848 |
|
$ |
12,793,944 |
|
$ |
9,655,399 |
|
$ |
0 |
|
$ |
1,104,464 |
|
$ |
37,160,654 |
|
500 |
|
Concentrate Thickening & Filtering |
|
245,421 |
|
$ |
5,457,083 |
|
$ |
9,606,122 |
|
$ |
9,253,597 |
|
$ |
0 |
|
$ |
770,619 |
|
$ |
25,087,421 |
|
600 |
|
Tailings System |
|
193,191 |
|
$ |
5,568,854 |
|
$ |
7,805,960 |
|
$ |
7,515,449 |
|
$ |
275,178 |
|
$ |
2,595,609 |
|
$ |
23,761,051 |
|
650 |
|
Fresh Water |
|
62,981 |
|
$ |
2,314,245 |
|
$ |
2,384,130 |
|
$ |
2,502,331 |
|
$ |
500,000 |
|
$ |
160,408 |
|
$ |
7,861,114 |
|
700 |
|
Main Substation |
|
28,252 |
|
$ |
5,033,400 |
|
$ |
1,538,087 |
|
$ |
1,130,189 |
|
$ |
100,000 |
|
$ |
151,096 |
|
$ |
7,952,772 |
|
750 |
|
Utility Substation & Power Lines |
|
27,023 |
|
$ |
6,649,000 |
|
$ |
1,595,760 |
|
$ |
1,097,085 |
|
$ |
10,000,000 |
|
$ |
166,225 |
|
$ |
19,508,070 |
|
800 |
|
Reagents |
|
17,689 |
|
$ |
1,350,958 |
|
$ |
353,396 |
|
$ |
716,325 |
|
$ |
0 |
|
$ |
111,346 |
|
$ |
2,532,024 |
|
900 |
|
Ancillary Facilities |
|
42,458 |
|
$ |
0 |
|
$ |
4,469,397 |
|
$ |
1,650,062 |
|
$ |
16,725,595 |
|
$ |
679,010 |
|
$ |
23,524,065 |
|
910 |
|
Lab |
|
2,082 |
|
$ |
0 |
|
$ |
2,274,826 |
|
$ |
82,293 |
|
$ |
1,338,235 |
|
$ |
38,718 |
|
$ |
3,734,071 |
|
940 |
|
Owners Camp Facilities |
|
86,949 |
|
$ |
0 |
|
$ |
7,286,601 |
|
$ |
3,227,686 |
|
$ |
80,000 |
|
$ |
1,282,325 |
|
$ |
11,876,612 |
|
950 |
|
Construction Camp Facilities |
|
14,481 |
|
$ |
0 |
|
$ |
8,604,480 |
|
$ |
578,800 |
|
$ |
1,979,258 |
|
$ |
0 |
|
$ |
11,162,538 |
|
960 |
|
Puerta Madryn |
|
4,000 |
|
$ |
550,000 |
|
$ |
150,000 |
|
$ |
151,432 |
|
$ |
125,000 |
|
$ |
100,000 |
|
$ |
1,076,432 |
|
970 |
|
Bulk Port Facilities |
|
200,000 |
|
$ |
10,214,000 |
|
$ |
0 |
|
$ |
7,571,600 |
|
$ |
0 |
|
$ |
199,400 |
|
$ |
17,985,000 |
|
|
Freight (8% domestic/materials 15% Import/equipment) |
|
|
|
$ |
14,686,795 |
|
$ |
7,713,436 |
|
|
|
|
|
|
|
$ |
22,400,231 |
| ||||
|
|
Import Duties & Custom Fees 1.5% |
|
|
|
$ |
1,468,680 |
|
$ |
1,446,269 |
|
|
|
|
|
|
|
$ |
2,914,949 |
| |||
|
|
Subtotal DIRECT COST |
|
2,464,412 |
|
$ |
114,067,442 |
|
$ |
105,577,658 |
|
$ |
95,064,580 |
|
$ |
38,210,840 |
|
$ |
16,652,700 |
|
$ |
369,573,220 |
|
|
M3-PN100019 |
|
|
NAVIDAD PROJECT | |
PRELIMINARY ASSESSMENT |
NOTES: |
|
|
(1) |
|
Specific Indirect Field Costs have been added to the direct labor rates listed for each area. Indirects added contractor operating overheads and profit at 15%. Mobilization 0.5% of Total Direct Cost without Mine. |
(2) |
|
Camp & Busing Costs included in Owners Cost. |
(3) |
|
Contractors fee included in labor rates and Subcontract unit cost. |
(4) |
|
Engineering, Procurement & Construction Management included at 15% of Total Constructed Cost. Does not include Owners management team. |
(5) |
|
Mine & Mining Equipment costs provided by owner. |
(6) |
|
Operating spare parts included at 4.5% of Plant Equipment. Commissioning spares are included at 0.5% of plant equipment. Vender Commissioning at 1.5%. Initial fills and construction power in owners cost. |
(7) |
|
Contingency is included at 25% of Total Contracted cost & Commission/spare parts. Contingency is included at 15% of mine equipment, mine cost, tailings dam and owners costs. |
(8) |
|
Added Owners Cost - number provided by Owner. |
(9) |
|
IVA is not included in estimate. |
(10) |
|
All costs are in end of 3rd quarter 2010 US dollars with no escalation |
(11) |
|
Total Evaluated Project Cost is projected to be in the range of -10% to +30%. |
|
|
Note: Construction Man-hours do not include subcontract hours. |
|
|
Conversion Rates used for the estimate are as follows: |
|
|
1 US$ Dollar = 4 ARS |
TOTAL DIRECT FIELD COST |
|
$ |
369,573,220 |
|
|
|
|
| |
TOTAL INDIRECT FIELD COST (1) |
|
$ |
1,847,866 |
|
CAMP & BUSING COSTS (2) |
|
$ |
0 |
|
|
|
|
| |
FEE - CONTRACTOR (3) |
|
$ |
0 |
|
|
|
|
| |
TOTAL CONSTRUCTED COST |
|
$ |
371,421,086 |
|
|
|
|
| |
EPCM (4) |
|
$ |
55,713,163 |
|
|
|
|
| |
TOTAL CONTRACTED COST |
|
$ |
427,134,249 |
|
|
|
|
| |
MINE EQUIPMENT COST (5) |
|
$ |
41,353,312 |
|
MINE COST (5) |
|
$ |
21,205,000 |
|
TAILINGS DAM |
|
$ |
46,300,000 |
|
COMMISSIONING AND SPARE PARTS (6) |
|
$ |
7,414,384 |
|
Subtotal |
|
$ |
543,406,945 |
|
|
|
|
| |
ADDED OWNERS COST (8) |
|
$ |
79,383,333 |
|
CONTINGENCY (7) |
|
$ |
136,873,405 |
|
TOTAL CONTRACTED & OWNERS COST |
|
$ |
759,663,682 |
|
IVA (9) |
|
$ |
0 |
|
ESCALATION (10) |
|
$ |
0 |
|
TOTAL EVALUATED PROJECT COST (11) |
|
$ |
759,663,682 |
|
|
M3-PN100019 |
|
|
NAVIDAD PROJECT | |
PRELIMINARY ASSESSMENT |
The average Cash Operating Cost over the life of the mine is estimated to be $27.40 per tonne of ore processed, excluding the cost of the capitalized pre-stripping. Cash Operating Cost includes mine operations, process plant operations, general administrative cost, smelting and refining charges and shipping charges. Table 3-4 below shows the estimated operating cost by category per tonne of ore processed.
Table 3-4: Cash Operating Cost Over the Life of Navidad Operations
Operating Cost |
|
$/ore tonne |
| |
Mine(1) |
|
$ |
8.08 |
|
Process Plant |
|
$ |
9.86 |
|
General Administration |
|
$ |
2.00 |
|
Smelting/Refining Treatment |
|
$ |
7.46 |
|
Total Operating Cost |
|
$ |
27.40 |
|
(1) Based on a mining cost of $1.52 per tonne of material mined.
The overall development schedule for the Navidad Project as of this report is shown in Figure 3-1. The schedule assumes Project approvals to proceed in the second quarter of year 2, and approval of the Project EIA in the fourth quarter of year 2. At present, a 30-month construction schedule is assumed, followed by a three-month commissioning and start-up period.
|
M3-PN100019 |
|
|
NAVIDAD PROJECT | |
PRELIMINARY ASSESSMENT |
Figure 3-1: Overall Development Schedule Summary
|
M3-PN100019 |
|
|
NAVIDAD PROJECT | |
PRELIMINARY ASSESSMENT |
A summary of the financial model is shown in Table 3-5.
Table 3-5: Financial Model Economic Summary
|
|
Base Case |
|
Upside Case |
| ||
Silver Price ($/oz) |
|
$ |
18.00 |
|
$ |
25.00 |
|
Lead Price ($/tonne) |
|
$ |
1,950 |
|
$ |
2,150 |
|
Copper Price ($/tonne) |
|
$ |
6,500 |
|
$ |
8,150 |
|
|
|
|
|
|
| ||
After-tax NPV 0% ($ million) |
|
$ |
1,089 |
|
$ |
2,019 |
|
After-tax NPV 5% ($ million) |
|
$ |
524 |
|
$ |
1,157 |
|
After-tax IRR (%) |
|
14.2 |
% |
23.6 |
% | ||
|
|
|
|
|
| ||
Payback (years) |
|
5.5 |
|
3.7 |
| ||
Years 1-5 average Ag production (Moz) |
|
19.8 |
|
19.8 |
| ||
Years 1-5 average cash cost ($/oz) |
|
$ |
6.03 |
|
$ |
7.00 |
|
Years 1-5 average annual cash flow ($ million) |
|
$ |
142 |
|
$ |
202 |
|
Approximately US$705 million of Argentine corporate taxes are projected to be paid over the life of the Project in the base case.
The Project is most sensitive to the silver price as shown in Table 3-5. To a lesser extent the Project is sensitive to the estimation of silver grade and silver recovery as well as operating costs and capital costs.
3.13 PROJECT OPERATIONS AND PRODUCTION
IMC developed the PA mine production plan based on the April 2009 resource estimates (Snowden, 2009) updated by PAS to include estimates of Cu. The mine plan is summarized in Table 3-6 through Table 3-8, inclusive.
Mill feed in these tables was taken from the financial model and not the IMC mine production schedule. The tonnage and silver grades match the mine schedule. Lead and copper grades are lower in the financial model than the mine schedule. Thus, the values below are more conservative than the values in the mine schedule.
|
M3-PN100019 |
|
|
NAVIDAD PROJECT | |
PRELIMINARY ASSESSMENT |
Table 3-6: Mine Production Plan (Years -1 to 5)
|
|
Year -1 |
|
Year 1 |
|
Year 2 |
|
Year 3 |
|
Year 4 |
|
Year 5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mining |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ore, kt |
|
651 |
|
3,893 |
|
5,474 |
|
5,474 |
|
5,475 |
|
5,475 |
|
Low Grade to Stockpile, kt |
|
0 |
|
0 |
|
0 |
|
0 |
|
2,248 |
|
1,301 |
|
Non-Economic Material, kt |
|
6,349 |
|
11,107 |
|
14,526 |
|
24,526 |
|
32,277 |
|
33,224 |
|
Total Mining, kt |
|
7,000 |
|
15,000 |
|
20,000 |
|
30,000 |
|
40,000 |
|
40,000 |
|
From Low Grade Stockpile, kt |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mill Feed |
|
|
|
|
|
|
|
|
|
|
|
|
|
kt |
|
|
|
4,544 |
|
5,475 |
|
5,474 |
|
5,474 |
|
5,474 |
|
Ag, ppm |
|
|
|
226 |
|
208 |
|
167 |
|
189 |
|
204 |
|
Pb,% |
|
|
|
0.441 |
|
1.016 |
|
0.737 |
|
1.431 |
|
1.308 |
|
Cu,% |
|
|
|
0.026 |
|
0.019 |
|
0.038 |
|
0.053 |
|
0.105 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of Mill Feed |
|
|
|
|
|
|
|
|
|
|
|
|
|
Copper - Silver Ore |
|
|
|
79 |
% |
55 |
% |
66 |
% |
48 |
% |
50 |
% |
Lead - Silver Ore |
|
|
|
21 |
% |
45 |
% |
34 |
% |
52 |
% |
50 |
% |
Table 3-7: Mine Production Plan (Years 6 to 11)
|
|
Year 6 |
|
Year 7 |
|
Year 8 |
|
Year 9 |
|
Year 10 |
|
Year 11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mining |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ore, kt |
|
5,475 |
|
5,475 |
|
5,475 |
|
5,475 |
|
5,476 |
|
5,475 |
|
Low Grade to Stockpile, kt |
|
1,261 |
|
2,500 |
|
2,117 |
|
2,437 |
|
405 |
|
295 |
|
Non-Economic Material, kt |
|
33,264 |
|
32,025 |
|
32,408 |
|
32,088 |
|
34,119 |
|
34,230 |
|
Total Mining, kt |
|
40,000 |
|
40,000 |
|
40,000 |
|
40,000 |
|
40,000 |
|
40,000 |
|
From Low Grade Stockpile, kt |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mill Feed |
|
|
|
|
|
|
|
|
|
|
|
|
|
kt |
|
5,474 |
|
5,474 |
|
5,475 |
|
5,475 |
|
5,475 |
|
5,475 |
|
Ag, ppm |
|
174 |
|
152 |
|
156 |
|
170 |
|
141 |
|
125 |
|
Pb,% |
|
1.248 |
|
0.802 |
|
0.790 |
|
0.550 |
|
1.468 |
|
1.830 |
|
Cu,% |
|
0.034 |
|
0.032 |
|
0.034 |
|
0.054 |
|
0.016 |
|
0.012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of Mill Feed |
|
|
|
|
|
|
|
|
|
|
|
|
|
Copper - Silver Ore |
|
54 |
% |
65 |
% |
71 |
% |
80 |
% |
45 |
% |
31 |
% |
Lead - Silver Ore |
|
46 |
% |
35 |
% |
29 |
% |
20 |
% |
55 |
% |
69 |
% |
|
M3-PN100019 |
|
|
NAVIDAD PROJECT | |
PRELIMINARY ASSESSMENT |
Table 3-8: Mine Production Plan (Years 12 to 17)
|
|
Year 12 |
|
Year 13 |
|
Year 14 |
|
Year 15 |
|
Year 16 |
|
Year 17 |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mining |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ore, kt |
|
5,474 |
|
2,136 |
|
4,879 |
|
5,099 |
|
0 |
|
0 |
|
76,881 |
|
Low Grade to Stockpile, kt |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
12,564 |
|
Non-Economic Material, kt |
|
34,526 |
|
37,864 |
|
22,393 |
|
3,157 |
|
0 |
|
0 |
|
418,083 |
|
Total Mining, kt |
|
40,000 |
|
40,000 |
|
27,272 |
|
8,256 |
|
0 |
|
0 |
|
507,528 |
|
From Low Grade Stockpile, kt |
|
0 |
|
3,338 |
|
595 |
|
375 |
|
5,476 |
|
2,780 |
|
12,564 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mill Feed |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
kt |
|
5,474 |
|
5,474 |
|
5,473 |
|
5,475 |
|
5,477 |
|
2,780 |
|
89,442 |
|
Ag, ppm |
|
106 |
|
123 |
|
186 |
|
186 |
|
75 |
|
73 |
|
158 |
|
Pb,% |
|
2.151 |
|
0.463 |
|
0.116 |
|
0.072 |
|
0.481 |
|
0.467 |
|
0.922 |
|
Cu,% |
|
0.005 |
|
0.036 |
|
0.046 |
|
0.068 |
|
0.045 |
|
0.046 |
|
0.039 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of Mill Feed |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Copper - Silver Ore |
|
9 |
% |
66 |
% |
86 |
% |
90 |
% |
57 |
% |
57 |
% |
59 |
% |
Lead - Silver Ore |
|
91 |
% |
34 |
% |
14 |
% |
10 |
% |
43 |
% |
43 |
% |
41 |
% |
Over the 17-year life of the Navidad operations, the following quantities of metals (in concentrates) are projected to be produced:
Silver |
|
275.5 million ounces |
|
|
Lead |
|
631.5 thousand tonnes |
|
|
Copper |
|
18.2 thousand tonnes |
|
|
A more detailed annual summary of this metal production is included in Section 20.5 of this report.
3.14 PROJECT DESCRIPTION AND LOCATION
The Project is located in the central plateau of northern Chubut province, 1,250 km southwest of Buenos Aires, Argentina. The mine site is approximately 360 km west of Puerto Madryn and is served by graded Provincial Highway #4. The site elevation is approximately 1,200 metres (m).
The area is semi-arid, windy and relatively cold. Sparse sheep ranching occurs in the area. A regional location map for the Project is shown in Figure 3-2 and a local map is shown in Figure 3-3.
|
M3-PN100019 |
|
|
NAVIDAD PROJECT | |
PRELIMINARY ASSESSMENT |
Figure 3-2: Map of Argentina
|
M3-PN100019 |
|
|
NAVIDAD PROJECT | |
PRELIMINARY ASSESSMENT |
Figure 3-3: Project Location Map
An environmental impact assessment is scheduled to be submitted as soon as provincial laws are changed or modified to permit development of open cut mining in the Navidad Meseta area of Chubut. Once all permits are received, the Project will proceed immediately into construction. Commercial production could start in 2014.
An Engineering, Procurement and Construction Management (EPCM) company will be contracted to manage the Project. Argentine contractors will be used for the construction of the facilities. Based on PASs recent construction experience at Manantial Espejo, a knowledge base of the existing Argentine contractors and suppliers is readily available, and will be advantageous in advancing the Project in an expedient manner.
|
M3-PN100019 |
|
|
NAVIDAD PROJECT | |
PRELIMINARY ASSESSMENT |
Table 3-9 shows the April 2009 Navidad Mineral Resource estimates (Snowden, 2009) on a deposit basis above a 50 g/t AgEQ cut-off grade.
Table 3-9: Navidad 2009 Mineral Resources Reported Above a Cut-Off Grade of 50 g/t AgEQ
Deposit |
|
Classification |
|
Tonnes |
|
AgEQ g/t |
|
Ag g/t |
|
Pb% |
|
Cu% |
|
Contained |
|
Contained |
|
Contained |
|
Calcite Hill NW |
|
Measured |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Indicated |
|
14.8 |
|
94 |
|
78 |
|
0.59 |
|
0.03 |
|
37 |
|
194 |
|
9 |
|
|
|
Meas. + Ind. |
|
14.8 |
|
94 |
|
78 |
|
0.59 |
|
0.03 |
|
37 |
|
194 |
|
9 |
|
|
|
Inferred |
|
14.6 |
|
74 |
|
52 |
|
0.82 |
|
0.02 |
|
24 |
|
265 |
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calcite Hill |
|
Measured |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Indicated |
|
17.5 |
|
115 |
|
100 |
|
0.55 |
|
0.06 |
|
56 |
|
212 |
|
24 |
|
|
|
Meas. + Ind. |
|
17.5 |
|
115 |
|
100 |
|
0.55 |
|
0.06 |
|
56 |
|
212 |
|
24 |
|
|
|
Inferred |
|
4.9 |
|
106 |
|
96 |
|
0.36 |
|
0.03 |
|
15 |
|
39 |
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Navidad Hill |
|
Measured |
|
8.4 |
|
122 |
|
109 |
|
0.46 |
|
0.16 |
|
29 |
|
85 |
|
29 |
|
|
|
Indicated |
|
5.6 |
|
96 |
|
90 |
|
0.24 |
|
0.11 |
|
16 |
|
29 |
|
14 |
|
|
|
Meas. + Ind. |
|
14 |
|
112 |
|
101 |
|
0.37 |
|
0.14 |
|
45 |
|
114 |
|
42 |
|
|
|
Inferred |
|
1.8 |
|
81 |
|
70 |
|
0.41 |
|
0.08 |
|
4 |
|
16 |
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Connector Zone |
|
Measured |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Indicated |
|
8.2 |
|
102 |
|
91 |
|
0.41 |
|
0.04 |
|
24 |
|
74 |
|
7 |
|
|
|
Meas. + Ind. |
|
8.2 |
|
102 |
|
91 |
|
0.41 |
|
0.04 |
|
24 |
|
74 |
|
7 |
|
|
|
Inferred |
|
9.9 |
|
88 |
|
74 |
|
0.49 |
|
0.03 |
|
24 |
|