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Overview / Feasibility Study


Josemaria Resources is advancing to production decision its 100% owned Josemaria copper-gold project in Argentina. Josemaria has proven and probable reserves of 6.7 billion pounds copper, 7.0 million ounces gold and 30.7 million ounces silver.1 

The Josemaria project is located in the San Juan Province of Argentina. Access to Josemaria is by major provincial highways and gravel roads from the city of San Juan, Argentina. San Juan is a major mining centre that supports a wide variety of mining service companies. The climate in the project area is dry to arid and the temperatures are moderate to cold. Annual precipitation is about 250 mm. It is anticipated that mining operations would be conducted year-round, as at other mines operating in this environment.

Feasibility Study

Josemaria Resources announced the results of an Independent Feasibility Study for its Josemaria Project (see “See NI 43-101 Technical Report, Feasibility Study for the Josemaria Copper-Gold Project, San Juan Province, Argentina”), dated effective September 28, 2020 and filed on November 5, 2020.

The Feasibility Study details a conventional, rapid pay-back, low-risk project forecast to deliver an attractive economic outcome at a range of commodity prices. Mine design is based on optimized mine plan for early cashflow while preserving long term orebody value. Ready access to water, grid power as well as transportation and logistics infrastructure are wholly within San Juan province.

The Company continues to progress engineering studies, permitting and the negotiation of commercial terms with host governments, in advance of a construction decision. Commercial production at Josemaria could be achieved by 2026, dependent on permitting and negotiation of terms.

Feasibility Study Highlights

Anticipated Production Profile
Average Process Capacity 152,000 tonnes/ day
Mine Life 19 years
Life-of-Mine Mill Feed 1,012 million tonnes
Life-of-Mine Diluted Grades 0.30% Cu; 0.22g/t Au; 0.94g/t Ag
Life-of-Mine Strip Ratio
Average Annual Payable
Metal Production
First 3 years Life of Mine
166,000t Cu 131,000t Cu
331,000oz Au 224,000oz Au
1,248,000oz Ag 1,048,000oz Ag
Life-of-Mine Average Process Recovery 85.2% Cu, 62.6% Au, 72.0% Ag


The Feasibility Study was prepared by a team of engineering and consulting service providers led by Fluor Canada Ltd (“Fluor”) with key sections prepared by SRK Consulting (Canada) Inc. (“SRK”), and Knight Piésold Ltd. (“KP”) and input from a variety of independent consultants and qualified persons, and in accordance with the disclosure standards of National Instrument 43-101 (“NI 43-101”)

(1), (2) –See detail on Non-GAAP measures and copper equivalency respectively on the Cautionary Notes Regarding Forward Looking Statements on October 19, 2020 news release.