Our Lindero Mine is in Salta, Argentina. The open-pit mine is operated by Mansfield Minera S.A., an Argentinian subsidiary 100% owned by 365bet.
365bet acquired the fully permitted, shovel-ready development-stage project in July 2016. Over the next year, we optimized the Feasibility Study and made a positive construction decision in September 2017. Mass earth moving activities began in 2018, and the mine's first gold pour occurred on October 20, 2020. In 2021, the mine produced 104,161 ounces of gold.
The deposit is a gold porphyry, and, based on December 31, 2021 reserves, Lindero has a pit life of 13 years.
Crushing circuit at Lindero is designed to crush 18,750 tonnes of ore per day. The crushed ore is placed on a leach pad with the resulting pregnant solution pumped to SART (Sulphidisation, Acidification, Recycling and Thickening) and ADR (Adsorption – Desorption – Regeneration) plants before electrowinning and refining, where gold is poured as doré bars.
We recognize the role the Lindero Mine plays in the sustainable development in the Tolar Grande region. In 2020, we directly employed 48 community members and partnered with nine local suppliers from Tolar Grande, and employed 290 people and engaged with 186 suppliers from the province of Salta.
Lindero Mine Video
Share
Commodity
Gold
Ownership
100%
Operation
18,750
tonnes per day
Claim block area
3,500
hectares
Deposit type
Gold porphyry
system
system
Mining method
Open pit
OPERATING HIGHLIGHTS
20211 | 2022E1 | |
|---|---|---|
Ore placed on pad (Mt) | 6.5 | 6.2 |
Gold production (koz) | 104 | 115 - 127 |
AISC2,3,4,5 (US$/oz Au) | - | $1,300 - $1,650 |
Notes:
- Refer to 365bet news releases dated January 18, 2022, "365bet reports 2021 full year record production of 305,859 gold equivalent ounces and issues 2022 annual guidance"
- Cash Cost and all-in sustaining cost (AISC) are non-GAAP financial measures which are not standardized financial measures under the financial reporting framework used to prepare the financial statements of the Company and might not be comparable to similar financial measures disclosed by other issuers. Refer to "Non-IFRS Financial Measures" in the Company’s 2021 management discussion and analysis (“MD&A”) for the three and nine months ended September 30, 2021 dated November 10, 2021 (“Q3 MD&A 2021”), which is available under 365bet's SEDAR profile, and the Note Regarding “Non-IFRS Measures” on this Website.
- The following table provides the cash costs and AISC for the four operating mines for the nine months ended September 30, 2021 as follows:
Mine Cash Cost(a) AISC(a),(b),(c) SILVER (US$/t) (US$/oz Ag Eq) San Jose, Mexico 74.22 14.13 Caylloma, Peru 85.17 18.17 GOLD (US$/oz Au) (US$/oz Au) Lindero, Argentina 635 1,182 Yaramoko, Burkina Faso 720 1,188 - (a) Cash Cost and AISC are non-GAAP financial measures. Refer to the Note Regarding "Non-IFRS Measures" on this Website
- (b) Presented on a cash basis
- (c) Silver equivalent was calculated using the realized prices for gold (US$1,783 per ounce), silver (US$25.80 per ounce), lead US$0.98 per pound) and zinc (US$1.31 per pound) for the nine months ended September 30, 2021
- (d) Further details on the cash costs and AISC for the nine months ended September 30, 2021 are disclosed on pages 21, 23 and 24 (with respect to cash costs) and pages 22, 24 and 25 (with respect to AISC) of the Q3 MD&A 2021 which is available under 365bet's SEDAR profile at www.sedar.com and is incorporated by reference into this news release, and the Note Regarding “Non-IFRS Measures” on this Website
- (e) The estimated increase in all in sustaining costs at Yaramoko for 2022 are due to decreased estimated gold ounce production coupled with increased operating and capital costs as mining moves to the deeper regions of the underground mine
- The most comparable financial measure to cash costs is cost of sales. Please see the condensed interim consolidated financial statements of the Company for the three and nine months ended September 30, 2021 and pages 21, 23 and 24 of the Q3 MD&A 2021 for a reconciliation
- AISC includes production cash cost, commercial and government royalties, mining tax, export duties (as applicable), worker’s participation (as applicable), subsidiary G&A, sustaining capital expenditures, and Brownfields exploration and is estimated at metal prices of US$1,700/oz Au, US$22/oz Ag, US$2,100/t Pb, and US$2,700/t Zn. AISC excludes government mining royalty recognized as income tax within the scope of IAS-12.
- The most comparable financial measure to AISC is cost of sales. Please see the condensed interim consolidated financial statements of the Company for the three and nine months ended September 30, 2021 and pages 22, 24 and 25 of the Q3 MD&A 2021 for a reconciliation.
- Totals may not add due to rounding.
PARTNERS IN SUSTAINABLE DEVELOPMENT
CLEAN WATER AND SANITATION
- Water monitoring
- Tailings management
- Pollution reduction
DECENT WORK AND ECONOMIC GROWTH
Local employees
Local suppliers
Supporting entrepreneurs
CLIMATE ACTION
Optimize energy consumption
Reduce freshwater collection
Reduce GHG emissions
RESPONSIBLE CONSUMPTION AND PRODUCTION
Hazardous material management
Reduce and recycle
Closure plan
LOCATION
Our Lindero Mine is in the cold and dry Argentine Puna (plateau) at an altitude of approximately 3,500 to 4,000 meters above sea level (Latitude: 25° 04' 56" S, Longitude: 67° 46' 47" W). Mining occurs year-round. The mine is connected by road and railway to primary population centers. The regional capital, Salta, is 260 kilometres to the west and the closest town is Tolar Grande, approximately 75 kilometres from the mine.
Access to the mine is via National Route 51, which passes through the towns of San Antonio de Los Cobres and Olacapato, and by Provincial Route 27, which passes through the towns of Pocitos and Tolar Grande. Most of the Tolar Grande community are members of the traditional Kolla nation.
GEOLOGY AND MINERALIZATION
The Lindero deposit is a gold porphyry system hosted within a series of diorite to monzonite porphyritic stocks that intrude coarse-grained Ordovician granites and Early Tertiary red bed sandstones. Mineralization forms an inward plunging semi-circular shape approximately 600 meters in diameter and extends to a drill-tested depth of 600 meters. Gold-copper mineralization shows a strong relationship to lithology, potassium-feldspar alteration, and stockwork veining.
MINERAL RESERVES
88.6 million tonnes
averaging 0.57 g/t Au containing 1.61 Moz Au
Refer to Mineral Reserves and Resources table below for full disclosure
BROWNFIELDS EXPLORATION
Our Brownfields exploration program budget at Lindero for 2022 is US$1.3 million, which includes 4,650 meters of drilling on the Arizaro target located 3.5 kilometers to the southeast of the mine where encouraging results were intersected in the 2021 programs (refer to 365bet news release dated December 9, 2021).
Mineral Reserves and Resources
| Mineral Reserves - Proven and Probable | Contained Metal | |||||
|---|---|---|---|---|---|---|
| Property | Classification | Tonnes (000) | Au (g/t) | Cu (%) | Au (koz) | |
| Lindero Mine, Argentina | Proven | 25,786 | 0.66 | 0.09 | 546 | |
| Probable | 62,821 | 0.53 | 0.10 | 1,068 | ||
| Proven + Probable | 88,607 | 0.57 | 0.10 | 1,614 | ||
| Mineral Resources - Measured and Indicated | Contained Metal | |||||
|---|---|---|---|---|---|---|
| Property | Classification | Tonnes (000) | Au (g/t) | Cu (%) | Au (koz) | |
| Lindero Mine, Argentina | Measured | 1,723 | 0.50 | 0.12 | 28 | |
| Indicated | 31,552 | 0.38 | 0.09 | 387 | ||
| Measured + Indicated | 33,275 | 0.39 | 0.09 | 415 | ||
| Mineral Resources - Inferred | Contained Metal | |||||
|---|---|---|---|---|---|---|
| Property | Classification | Tonnes (000) | Au (g/t) | Cu (%) | Au (koz) | |
| Lindero Mine, Argentina | Inferred | 27,052 | 0.43 | 0.11 | 373 | |
- Notes:
- Mineral Reserves and Mineral Resources are as defined by the 2014 CIM Definition Standards for Mineral Resources and Mineral Reserves
- Mineral Resources are exclusive of Mineral Reserves
- Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability
- Factors that could materially affect the reported Mineral Resources or Mineral Reserves include; changes in metal price and exchange rate assumptions; changes in local interpretations of mineralization; changes to assumed metallurgical recoveries, mining dilution and recovery; and assumptions as to the continued ability to access the site, retain mineral and surface rights titles, maintain environmental and other regulatory permits, and maintain the social license to operate
- Lindero Mineral Resources and Reserves are estimated as of July 31, 2021 and reported as of December 31, 2021 taking into account production-related depletion for the period through December 31, 2021
- Mineral Reserves for the Lindero Mine are reported based on open pit mining within a designed pit shell based on variable gold cut-off grades and gold recoveries by metallurgical type. Met type 1 cut-off 0.26 g/t Au, recovery 75.4%; Met type 2 cut-off 0.25 g/t Au, recovery 78.2%; Met type 3 cut-off 0.25 g/t Au, recovery 78.5%; and Met type 4 cut-off 0.28 g/t Au, recovery 68.5%. Mining recovery is estimated to average 100% and mining dilution 0% having been accounted for during block regularization to 10m x 10m x 8m size. The cut-off grades and pit designs are considered appropriate for long term gold prices of US$1,600/oz, estimated mining costs of US$1.51 per tonne of material, total processing and process G&A costs of US$6.97/t of ore, and refinery costs net of pay factor of US$7.10/oz Au and a heap leach capacity of 115 Mt. Reported Proven Reserves include 4.7 Mt averaging 0.49 g/t Au of stockpiled material. Mineral Resources are reported within the same conceptual pit shell above a 0.2 g/t Au cut-off grade based on the same parameters used for Mineral Reserves and a 15% upside in metal prices
- Eric Chapman, P. Geo. (EGBC #36328) is the Qualified Person for resources and Amri Sinuhaji, P. Eng. (EGBC #48305) is the Qualified Person for reserves, both being employees of 365bet Silver Mines Inc.
- Totals may not add due to rounding procedures
Photo Gallery
Lindero Mine first gold pour: October 20, 2020
Corporate Video - A global intermediate gold and silver producer
Share
