| Company | Mandalay Resources Corporation |
| Date | 2012-03-16 |
| Commodities | Gold, Silver |
Executive Summary
This NI 43-101 Technical Report from March 2012 details the recovery methods and historical performance of the Cerro Bayo Project operated by Mandalay Resources Corporation. The report highlights significant operational data spanning from 2002 to 2011, with a focus on gold and silver recovery rates. Historical data from 2002 to 2008 shows average recoveries of 92.2% for gold and 94.7% for silver, with daily throughput averaging 1,053 tonnes in 2007. The project utilizes an underground mining method characterized by a “retreat” approach, which impacts ore recovery strategies as re-entry into mined stopes is not possible.
Performance in 2011 indicated lower grades and recoveries compared to budgeted amounts, largely due to the inclusion of ore from outside the modeled resource areas, specifically the Fabiola, Dagny, and Bianca veins. Approximately 17% of the milled tonnage came from a low-grade stockpile, and over 60% of underground mining occurred outside the planned resource model. Despite these variances, the report concludes that historical recovery figures are achievable with strict adherence to the mine plan. The processing circuit includes crushing, grinding, and flotation, with no leaching methods currently employed.
The report provides a comprehensive overview of the plant’s mill performance, including head grades, concentrate grades, and metal production figures. It emphasizes the profitability of recovering sterilized ore left behind due to the retreat mining method. The data suggests that while operational challenges exist regarding grade control and resource modeling, the project remains viable and capable of meeting recovery targets when operating within the planned resource boundaries.
Website: https://www.juniorminingnetwork.com/junior-miner-news/press-releases/1038-tsx/mnd/111651-mandalay-resources-corporation-completes-sale-of-cerro-bayo-mine-to-equus-mining.html
Report Date: 2012-03-16
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Commodity: Gold, Silver
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