The Mount Pleasant property of Adex contains the world's only polymetallic deposit in which the five specialty and strategic metals—indium, molybdenum, tin, tungsten and zinc—coexist in significant quantities and under such favourable geographic and political conditions.
Location and Access. The Mount Pleasant property lies in the McDougall Lake map area (NTS 21 G/07) of Charlotte County, southwestern New Brunswick, Canada. It is conveniently situated:
- 83 kilometres from the border with Maine, USA
- 97 kilometres from the provincial capital of Fredericton
- 108 kilometres from the major ice-free port of Saint John
- 108 kilometres from the Saint John Airport
- 270 kilometres from Greater Moncton International Airport.
Adex Holdings. Adex retains 102 contiguous mineral claims over 1,600 hectares in the Mount Pleasant area. We hold surface rights to 405 of those hectares, encompassing all facilities of the formerly active (1983–1985) mine. Adex has owned the mine property since 1995.
Infrastructure. The Mount Pleasant mine site supports an infrastructure worth approximately $84 million in replacement costs. The facilities were installed by previous owners and consist of the following features.
- An all-season access road that leads directly to Trans-Canada Highway 1 via Highway 785.
- A large complex of buildings for administration, management and security; ore processing (crusher-concentrator) and ore storage; warehousing and maintenance.
- A 430-metre-deep mine with thousands of metres of underground development, including a service decline and conveyor decline.
- A fully functioning tailings pond that is regularly maintained and monitored.
- A hi-line electrical connection rated at 138 kilovolts, able to handle the heaviest mining and ore processing demands.
Metal Resources. The polymetallic deposit is hosted mainly by granitic rocks of the Late Devonian Mount Pleasant Caldera Complex. The caldera overlies older, Ordovician to Early Devonian sedimentary rocks to the west, south and east; and is overlain by younger, Carboniferous sedimentary rocks to the north.
The deposit consists of two economically valuable zones. The tungsten–molybdenum-rich Fire Tower Zone contains a total indicated and inferred resource of 14.3 million tonnes averaging 0.33% WO3 and 0.21% MoS2. The nearby tin–indium–zinc-rich North Zone contains a total indicated and inferred resource of 18.5 million tonnes averaging 0.34% Sn, 70.6 g/t In and 0.80% Zn. Both resource estimates are compliant with Canada's National Instrument 43-101, Standards of Disclosure for Mineral Projects.
Recent Developments. Since late 2007, Adex has embarked on a comprehensive exploration and development program. Diamond drilling has confirmed an indicated and inferred resource that totals 32.8 million tonnes of specialty and strategic metals. Bench-scale tests and pilot studies have developed and refined the metallurgical processing techniques. A Definitive Feasibility Study, as well as further test work and drilling, are planned throughout 2012 to prepare for a production decision by the end of 2012 and full production in 2014.
On October 20, 2010, Adex closed a four-phase financing agreement with Great Harvest to fund the development of Mount Pleasant. The transactions were overwhelmingly approved by shareholders at a special meeting on October 14, 2010. The agreement will finance the North Zone to production and has a total value of in excess of $65 million.
