Buena Vista Magnetite Project

Buena Vista is an advanced magnetite iron ore project.  In excess of A$34 million has been expended on the Project over the past decade completing feasibility studies and permitting for the long term production of a +67.5 % Fe magnetite concentrate with no deleterious impurities.

All major development permits have already been secured.

Required technical work such as drilling, metallurgy, hydrogeology and plant design have already been completed. 

Buena Vista also provides a very favourable ore characteristic given its intrusive origin.

In this regard, the magnetite at Buena Vista is much coarser grained and the host rock softer, than typical banded iron (BIF) hosted magnetite deposits and consequently the magnetite is much more easily liberated during the beneficiation process.

As an example, the extensive metallurgical test work across run of mine material has demonstrated that Buena Vista ore will easily upgrade to +45% Total Fe  before grinding meaning significant lower plant time and energy consumption as the ore is beneficiated.

On a comparative basis this provides significant capex and opex benefits compared to typical BIF hosted magnetite deposits.

LOCATION AND HISTORY

Buena Vista is located approximately 160km east-north-east of Reno in the mining friendly state of Nevada, United States.

The project was discovered in the 1890’s, and in the late 1950’s to early 1960’s around 900,000 tonnes of direct shipping magnetite ore with an estimated grade of 58% Fe was mined. 

In the 1960’s US Steel Corporation acquired the project and carried out an extensive exploration program including 230 diamond drill holes and considerable metallurgical test work.

The project was refreshed in 2009 when Richmond Mining Limited, an ASX listed company acquired the project and commenced a detailed exploration program culminating in a definitive feasibility study in July 2011 and an updated study in 2013 for an expanded production rate.

A key component of these studies was extensive investigation of the optimal logistics plan for development of Buena Vista.  This included the negotiation of in-principle agreements with existing rail and port operators and the securing of all major mining permits.

In addition, detailed costings were completed on the trucking or slurry pipeline options to deliver the concentrate to the rail head located some 50 kilometres from mine site.

 PROJECT LOGISTICS

The Buena Vista mine site is ideally located with towns Fallon (20,000 population) and Lovelock (8,000 population) within close proximity to the mine site.  This provides site personnel and their families the opportunity to reside in local communities with existing infrastructure and facilities. 

The mine site is around 50kms from the Union Pacific rail line which connects with multiple export port options including Stockton, West Sacramento, Oakland, San Francisco and Richmond (Levin).

Grid power is available within 40km of the deposits and sufficient water can be sourced from ground water aquifers located in the North Carson sink. The Nevada Department of Conservation and Natural Resources has already granted the required water rights for the life of the mine.

The mine is located in Churchill County in the State of Nevada which has a strong history of supporting mining developments and is easily accessed via the unsealed Pole Line road from Huxley or the sealed Coal Canyon road from Lovelock.