Dart Mining NL (ASX:DTM) is a Melbourne-based exploration and development company that has discovered and is seeking to develop a new mineralised porphyry province in north east Victoria. The Dart province hosts molybdenum (Mo), copper (Cu), silver (Ag), zinc (Zn), tin (Sn) and gold (Au) mineralisation in porphyry igneous intrusions. It lies adjacent to the Gilmore suture with numerous intersecting splay faults. NSW is a proven host of world class porphyry mines associated with splay structures off the Gilmore Suture such as North Parkes, Cadia and Ridgeway. Independence Groups Stockman Copper, Zinc, Silver and Gold VMS project also lies adjacent to the Gilmore suture in Victoria and is at an advanced stage of development, located about 35km south of Dart Mining’s tenements.
The Unicorn Project, which is Dart Mining’s principal project, is a molybdenum (Mo), copper (Cu) and silver (Ag) Climax-style porphyry that has similar geological characteristics to the world class Henderson Climax-style primary Mo porphyry mine in Colorado USA. The Unicorn Project has a number of unique characteristics. It outcrops, has an extensive high grade zone from surface, is about 20km from the National Electricity Market infrastructure (hydro generation, switchyards and transmission lines), has abundant water onsite, road access, an existing logistics chain from mine to market, no known native title, flora or fauna issues and strong Corryong community and government support.
Dart Mining completed a detailed preliminary economic assessment (scoping study) for the Unicorn Project in October 2012. It yielded compelling economic results and warranted the undertaking by Dart Mining of the proposed prefeasibility studies. The Prefeasibility Study for Unicorn is underway with a targeted completion date of Q1 2014.
Dart Mining is also looking to grow beyond its current North East Victorian base and is actively pursuing new opportunities both domestically and in similar low risk overseas jurisdictions.
Unicorn deposit - potentially a long life Mo + Cu + Ag porphyry mine
Red Kite (US metal merchant) invests upto A$10M - detailed due diligence
Prefeasibility underway - fully funded, as is regional exploration
High grade from surface - very low strip ratio / available infrastructure
Very positive metallurgy - no known native title, flora or fauna issues
NPV $255M initial 14 years (100% equity) - +6yr life1 adds $50 - 70M NPV
2.5 year payback - pretax IRR 27% (discount rate 10% / 100% equity)
$304M capita - all up cash cost @ $8/lb2 Mo (onsite, logistics, smelting)
As announced to the ASX on 18 November 2013, Dart Mining NL (ASX: DTM) has made the decision to moderate progress of the Unicorn prefeasibility study and environmental approvals. Key work is however continuing, including an initial desktop peer review of the metallurgical studies completed to date as well as working with key Government departments to finalise the required study program for the Environmental Effects Statement (EES).
It is anticipated that the draft EES guidelines will clearly stipulate what activities Dart Mining must complete in order to satisfy the Planning Minister that intended mining activity is socially and environmentally feasible at Mt Unicorn, with the local community encouraged to comment on the draft guidelines before they are finalised.
|Report to Shareholders||04/03/2014|
|Resignation of Director Mr Christopher Bain||18/02/2014|
|Refocus back on NE Victoria||17/02/2014|
|New Team at Dart Mining||11/02/2014|
|Withdrawal of 249D Notice||10/02/2014|
|Quarterly Activities Report||31/01/2014|
|Final Director's Interest Notice||07/01/2014|
|Managing Director Resignation||24/12/2013|
|Unicorn Project Update||12/12/2013|