First Quantum Files Updated Technical Report for Ravensthorpe
28 Marzo 2022 - 4:01AM
First Quantum Files Updated Technical Report for Ravensthorpe
First Quantum Minerals Ltd. (“First Quantum” or “the Company”)
(TSX: FM) today filed an updated Technical Report for the
Ravensthorpe Nickel Operations (“RNO”) in Western Australia. The
purpose of this Technical Report is to incorporate updates that
reflect the recently completed Mineral Resource and Mineral Reserve
estimates and to provide commentary on the status of operations,
including recent development work being undertaken to bring the
Shoemaker-Levy open pit mine into full production. The effective
date for the Mineral Resource and Mineral Reserve estimates is
December 31, 2021.
The updated RNO models for Halleys, Hale-Bopp,
Shoemaker-Levy, Shoemaker-Levy North and Nindilbillup, incorporate
recent drilling and metallurgical test work results. The
Shoemaker-Levy deposit makes up 81% of the total RNO Mineral
Resource, which remains the main focus for development, extension
and mining for the years ahead.
Since the previous Technical Report (“RNO,
2012”), RNO has embarked upon several key upgrades to the
processing operations. These include reduced water consumption,
cyclone optimization for improved beneficiation as well as
limestone ball milling. Additionally, RNO has finalized the
required infrastructure for the Shoemaker-Levy mining operations,
which includes offices, run-of-mine pads, heavy equipment workshops
and laydown areas, power lines and raw water pipelines, and most
significantly, crushing facilities and a 9 kilometer overland
conveying system.
RNO is strategically positioned as a clean,
sustainable source of nickel for electric vehicle batteries with
industry-leading environmental credentials and a small carbon
emissions footprint. RNO is self-sufficient with respect to power
and water and will further reduce its reliance on diesel with the
recently constructed overland ore conveying system.
LIFE OF MINE (“LOM”)
SCHEDULE
Mining activities commenced at Shoemaker-Levy in
2021. The LOM mining and production schedule highlights a 19-year
mine life from January 2022 to the end of 2040. Production in the
first five years is expected to be an average of 30,000 tonnes of
nickel metal per annum and thereafter an average of 28,000 tonnes
per annum. Cobalt production is approximately 1,000 tonnes of metal
per annum. The overall LOM strip ratio (tonnes) is expected to be
1.06 to 1.
MINERAL RESOURCES
The updated RNO Mineral Resource estimate (Table
1) has benefited from recently completed drilling, improved quality
in the applied density values as well as from results of
metallurgical test work. Measured and Indicated Mineral Resources
are hosted by the Halleys, Hale-Bopp, and Shoemaker-Levy deposits.
The majority of Inferred the Mineral Resource is hosted by the
Nindilbillup and Shoemaker-Levy North deposits. The block model
estimates were depleted for mining activities completed to date and
reported using a 0.3% nickel cut-off grade. Measured and Indicated
Mineral Resource estimates increased by 15% when compared to
previous (“RNO, 2012”) Mineral Resource.
Table 1: Total RNO Mineral Resource statement as of 31st
December 2021 (0.3% Ni cut-off). Mineral Resources are inclusive of
Mineral Reserves.
Classification |
Million Tonnes (Mt) |
Ni (%) |
Co (%) |
Measured |
104.64 |
0.57 |
0.03 |
Indicated |
120.17 |
0.55 |
0.03 |
Total Measured & Indicated |
224.81 |
0.56 |
0.03 |
Inferred |
68.26 |
0.52 |
0.02 |
Notes:
- The tabled Mineral Resources
reflect 100% of the in-situ grades and tonnes.
- Mineral Resources that are not
Mineral Reserves do not have a demonstrated economic viability as
per the current reserve criteria.
MINERAL RESERVES
Mining will occur at Shoemaker-Levy over several
phases starting in the south and progressively moving to the north.
The Mineral Reserve (Table 2) is based on an average economic
cutoff grade of 0.3% Ni, which accounts for a long-term nickel and
cobalt price of US$8.00 per pound and US$30.00 per pound,
respectively.
Table 2: RNO Mineral Reserve statement
as of 31st December 2021.
Classification |
Million Tonnes (Mt) |
Ni (%) |
Co (%) |
Proven Reserve |
91.40 |
0.57 |
0.03 |
Probable Reserve |
86.60 |
0.56 |
0.03 |
Total In Pit Reserve |
178.00 |
0.56 |
0.03 |
Total Stockpile |
17.70 |
0.58 |
0.03 |
Notes:
- The tabled Mineral Reserves reflect
100% of the in-situ reserve grades and tonnes.
RNO’s Limonite and Saprolite nickel laterite ore
is highly amenable to beneficiation through the rejection of coarse
non-mineralised material. The Mineral Reserves average
beneficiation uplift in nickel grade is 185% which results in an
average nickel leach feed grade of 1.04%.
THE TECHNICAL REPORT AND QUALIFIED
PERSONS
The Technical Report has been written to comply
with the reporting requirements of the Canadian National Instrument
43-101: ‘Standards of Disclosure for Mineral Projects’ of the
Canadian Securities Administrators, which in turn complies with the
Standards on Mineral Resources and Reserves of the Canadian
Institute of Mining, Metallurgy and Petroleum (CIM Guidelines,
2019). The Technical Report and can be found through the Company’s
website or under the Company’s profile at www.sedar.com.
The RNO Technical Report was prepared under the
direction and supervision of the following Qualified Persons for
the purposes of NI 43-101: David Gray (QP) BSc Hons (Geology),
FAIG, Group Mine and Resource Geologist, FQM (Australia) Pty Ltd;
Richard Sulway (QP) MAppSc (Geological data processing), BAppSc
(Hons, Applied Geology), MAusIMM (CP), Consulting Geologist, FQM
(Australia) Pty Ltd; Robert Stone (QP) BSc Hons (Ceng), ACSM,
Technical Manager, FQM (Australia) Pty Ltd; and Anthony Cameron
(QP) BEng (Mining), Grad Dip Bus, MComm Law, FAusIMM, Consultant
Mining Engineer, Cameron Mining Consultants Ltd.
The scientific and technical information
regarding the RNO Mineral Resource and Mineral Reserve estimates
set out in this news release has been reviewed and approved by
these respective Qualified Persons.
For further information, visit our website at
www.first-quantum.com or contact:
Bonita To, Director, Investor Relations (416)
361-6400 Toll-free: 1 (888) 688-6577E-Mail:
info@fqml.com
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