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Aurcana Corp.
Summary
| Project: | Shafter | |
|---|---|---|
| Deposit: | Shafter | |
| Location: | United States | |
| Commodities: | Silver | |
| Date: | 9/11/2018 | |
| Report Code: | NI43-101 | |
| Report Type: | PEA | |
| Project Stage: | Mine in Care & Maintenance | |
| Report details: | 11-9-2018: Aurcana Corp. announces a PEA report for its Shafter deposit at the Shafter project. Updated PEA results incl. post-tax NPV (5%) of $15.782M, IRR of 37.0%. Mine Development Associates (“MDA”) has prepared this technical report on the Shafter si | |
| Resources: | (Resource, M+I): 1.21Mt @ 9.14oz/t Ag for 11.059Moz Ag contained | |
| CP/QP: | [Resources]: Paul Tietz (Mine Development Associates) | |
| ABSTRACT: | Mine Development Associates (“MDA”) has prepared this technical report on the Shafter silver project, located in Presidio County, Texas, at the request of Aurcana Corporation (“Aurcana”). Aurcana owns 100 percent of the Shafter project through its wholly owned subsidiary, Rio Grande Mining Company (“RGMC”). The purpose of this report is to provide a technical summary of a Preliminary Economic Assessment (PEA) completed on the Shafter project. The current report and associated resource estimate have been prepared in accordance with the disclosure and reporting requirements set forth in the Canadian Securities Administrators’ National Instrument 43-101 (“NI 43-101”), Companion Policy 43-101CP, and Form 43- 101F1, as well as with the Canadian Institute of Mining, Metallurgy and Petroleum’s “CIM Definition Standards - For Mineral Resources and Reserves, Definitions and Guidelines” (“CIM Standards”) adopted by the CIM Council on May 10, 2014. The Shafter project is focused on the Shafter silver deposit, which consists of replacement bodies, termed mantos, in a gently dipping to horizontal sequence of carbonate sedimentary rocks. The Shafter deposit was exploited by historic underground mining activity from 1881 through 1942, with further exploration and development work being conducted up through 1999. Aurcana commenced recent development in 2011 with underground and limited open-pit production starting in 2012 and ceasing in December 2013. The project has been on care and maintenance since December 2013. The effective date of this report is July11, 2018. The purpose of this report is to provide a technical summary of the Shafter project in support of an updated Preliminary Economic Assessment prepared by MDA. The purpose of the update is to incorporate updated costs and new mining plan into the PEA. The updated mine plan (Section 16) and estimated mine capital and mine operating cost estimate (Section 21.1.2 and 21.2.1) and portions of section 18 and 25 was prepared by Bill Tilley of Cementation USA Inc (Cementation). Matt Bender with Samuel Engineering (Samuel) prepared sections 13, 17, 18 and portions of Section 21 dealing with processing. Sections 4.4, 4.5 and 20 was prepared by Martin J. DeMarse with the Gault Group LLC. | |
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