Lithogeochemistry and fluid flow in the epithermal Veta Rublo base metal-silver deposit, Chonta Mine (Huancavelica, Perú)

The Chonta Mine (75º00’30” W & 13º04’30”S, 4495 to 5000 m absl), owned by Compañía Minera Caudalosa, operates a polymetallic Zn-Pb-Cu-Ag vein system of the low sulphidation epithermal type, hosted by cenozoic volcanics of dacitic to andesitic composition (Domos de Lava Formation). Veta Rublo, one of the main veins of the system, is worked underground to nearly 300 m. It strikes 60-80º NE and dips 60-70º SE; its width varies between 0.30 and 2.20m, and it crops out along 1 km, but is continued along strike by other veins, as Veta Caudalosa, for some 5 km. Typical metal contents are 7% Zn, 5% Pb, 0.4% Cu and 3 oz/t Ag, with quartz, sericite, sphalerite, galena, pyrite, chalcopyrite, fahlore as main minerals, and minor carbonate and sulphosalts.

Extensive boiling as a precipitation mechanism for precious and base metal ores, Bienaventurada Mine, Huancavelica, Perú

The Bienaventurada mine operates a polymetallic Ag-Pb-Zn (Cu, Au) vein system of the low sulphidation epithermal type. Fluid inclusions, FI, are abundant in quartz, sphalerite and adularia. FI petrography demonstrates typical primary growth zoning which occurs frequently in crystalline quartz, and defines the most common primary FI. These are usually very small, but several types of primary, P, and secondary, S, FI Assemblages (FIAs) comprising FI of measurable size (3 to > 100 μm) can also be identified through careful petrographic work. The fluids are aqueous and undersaturated, and no evidence of CO2 was found; the degree of fill is usually high (~70-80 %) in the L-rich inclusions, but extremely low in V-rich inclusions. The measured microthermometric values are very consistent in the FIAs selected; they are for the most part roughly similar in the P and S assemblages: the median is typically ~258ºC for total homogenization temperatures, Th, and -1.5 ºC for ice melting temperatures, Tm (corresponding to 2.57 wt% NaCl eq). The widespread occurrence of L-rich and V-rich FI in the same FIA and the consistent Th values point to an extensive boiling system along the vein. In these conditions, Th equals T of trapping, and the ores are assumed to have been precipitated from an aqueous low salinity boiling fluid, of likely meteoric origin, at some 250-280º C, under ~500 m hydrostatic head.

Real Options: A Tool for Managing Technical Risk in a Mine Plan

NPV is a static measure of project value which does not discriminate between levels of internal and external risk in project valuation. Due to current investment project?s characteristics, a much more complex model is needed: one that includes the value of flexibility and the different risk levels associated with variables subject to uncertainty (price, costs, exchange rates, grade and tonnage of the deposits, cut off grade, among many others). Few of these variables present any correlation or can be treated uniformly. In this context, Real Option Valuation (ROV) arose more than a decade ago, as a mainly theoretical model with the potential for simultaneous calculation of the risk associated with such variables. This paper reviews the literature regarding the application of Real Options Valuation in mining, noting the prior focus on external risks, and presents a case study where ROV is applied to quantify risk associated to mine planning.