El Nino Ventures Inc. (ELN) is an international base metals exploration company currently focused on exploration and development projects in New Brunswick, Canada.
In New Brunswick, ELN's project portfolio consists of the Murray Brook Project and the Bathurst Option Joint Venture Project, as summarized below.
The Murray Brook Project is the largest NI43-101 compliant mineral resources in the Bathurst Mining Camp. Murray Brook is a joint venture project owned 32.5% by ELN and 67.5% by Votorantim Metals Canada (VMC), the Canadian subsidiary of Votorantim (2nd largest mineral resource company in Brazil, with business interests in more than 20 countries). VMC is the Project Operator.
To date, ELN has invested approximately $3.5 million in exploration expenditures since 2010. In 2011, ELN and VMC spent $2.1 million on exploration and completed 10,000 metres of drilling. Drill results formed the basis of the first NI43-101 compliant mineral resource estimation for the Murray Brook deposit, which was announced on February 28, 2012. The exploration and development program for 2012 consisted of an additional 18,500 meters of drilling on the Murray Brook deposit, metallurgical studies of drill core material from the deposit, and exploration on the adjacent Camel Back property, which is included in the Murray Brook Joint Venture.
VMC and ELN released a positive Preliminary Economic Assessment (PEA or Scoping Study) in June 2013. The PEA was prepared by P&E Mining Consultants Inc., a leading independent consulting firm based in Brampton, Ontario. The results (see Table 1 below) demonstrate the potential technical and economic viability of establishing a new open pit mine and mill complex on the Murray Brook property.
Table 1 -- Murray Brook After-Tax Financial Results Summary
The financial summary is based on a mill throughput of 6000 tonnes of ore per day (or 2Mt/year) and a Life of Mine of 9.5 years.
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Model Mining Portfolio:
Compounding the Recovery
|Fact Sheet Spring 2016|
|Slide Presentation Fall 2016|
Murray Brook NI
Preliminary Economic Assessment July 2013
Murray Brook Metallurgical
"New Brunswick ranked in the top 10 Policy Potential Index, with the score of 90.8" Fraser Institute Annual Survey of Mining Companies 2012/2013
Click HERE to view entire report from FraserInstitute.org
The PEA is based on an updated NI 43-101 Mineral Resource Estimation (see Table
Table 2 - Murray Brook In-Pit Mineral Resource Estimate at C$21/T NSR Cut-Off -- Effective June 4, 2013
* Murray Brook's 2013 PEA is preliminary in nature and its mineable tonnage includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves and there is no certainty that the preliminary assessment will be realized. Mineral Resources that are not mineral reserves do not have demonstrated economic viability.
The mineral resource estimation incorporates metal price, foreign exchange and NSR calculation as follows:
3-year trailing average metal prices (US$) as of January 31, 2013: Copper $3.68/lb, Lead $1/lb, Zinc $0.95/lb, Gold $1500/oz, Silver $29/oz.
Exchange Rate (US$/C$): 1.00
NSR = (Cu% x 38.54 + Pb% x9.13 + Zn% x 15.81 + Ag g/t x 0.44 + Au g/t x 0.0) -- 11.43
Bathurst Option Joint Venture (BOJV)
The BOJV Project is centered on the world‐class Bathurst Mining Camp and is owned 50:50 by ELN and Glencore Canada Corporation (formerly Xstrata Canada Corporation). The BOJV project consists of 4712 claims owned 50% ELN and 50% Glencore Canada Corporation and 2907 claims owned 100% by Glencore Canada Corporation, together with an Area of Interest in which ELN and Glencore Canada Corporation hold equal interest, covering much of the Bathurst VMS Mining Camp in northeastern New Brunswick, Canada.
Due to the Area of Interest, the BOJV generates new projects for ELN at no initial cost. An example of such project generation for ELN is the Murray Brook Project.
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