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Capstone Mining Update on Cozamin Mine

Mining News - Published on Mon, 14 Sep 2020

Image Source: Capstone Mining Cozamin Mine
Capstone Mining Corp announced updated Proven and Probable Mineral Reserves and positive results of an updated Technical Report for its Cozamin Mine in Zacatecas in Mexico.


Proven and Probable Mineral Reserves increased by 97% relative to December 31, 2019, to 10.2 million tonnes grading 1.79% copper

Ramp-up to 1.35 million tonnes milled per annum by Q2 2021 is on time and budget. A new section of ramp to complete a one-way traffic circuit remains on schedule for completion in Q4 2020.

Updated life of mine plan released. For the three years post-expansion (2021-2023) when compared to the three years pre-expansion (2018-2020), annual average copper and silver production increases by 70% to 61.4 million pounds and 43% to 1.75 million ounces, respectively. Additionally, average annual C1 costs (net of by-products) are expected to move 23% lower to $0.67 per payable pound of copper.

Tailings management transformation activities are progressing on schedule, including design and permitting of a filtered (dry stack) tailings storage facility. This strategy aligns with industry leading environmental best practice for tailings management.

A pre-feasibility study of an underground paste backfill system is underway to assess the potential for increasing the extraction ratio from Vein 20 in the Mala Noche Footwall Zone. The updated LOMP currently excludes these pillars and assumes an extraction ratio of 74%, leaving 3.5 million tonnes of Indicated Mineral Resources grading 1.89% copper and 42 g/t silver in unmined pillars that will be the subject of the PFS. This pillar extraction PFS is targeted for completion in Q4 2020 and assuming positive economics, it will include updated capital and net present value estimates and changes to the LOMP presented herein.

A new step-out hole drill program totalling 80 holes targeting the down dip extension to the southeast of both Vein 10 and Vein 20 is underway. Hole S499 and S503 intersected high grade polymetallic copper, zinc, lead and silver in a 650-meter step-out from the current mineral resource. A 1 km exploration drift is being considered to provide a drilling platform to target this new area.

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Posted By : Yogender Pancholi on Mon, 14 Sep 2020
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