The Mount Pleasant property of Adex contains two distinct deposits under 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. The Fire Tower Zone is situated on the southeastern side of the Mount Pleasant property, and the North Zone on the northwestern part. As a whole, the property is conveniently situated approximately:
- 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 deposits are 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 deposits are economically independent and valuable zones both with Canada's National Instrument 43-101, Standards of Disclosure for Mineral Projects.
The total NI 43-101 resource estimate for the Fire Tower Zone presently includes an indicated resource of 13,489,000 tonnes at 0.33% WO3 and 0.21% MoS2, as well as an inferred resource of 841,700 tonnes at 0.26% WO3 and 0.20% MoS2.
The North Zone contains an updated NI 43-101 resource estimate including 12,400,000 indicated tonnes averaging 0.38% Sn, 0.86% Zn, and 64 ppm In, as well as an inferred resource of 2,800,000 tonnes averaging 0.30% Sn, 1.13% Zn, and 70 ppm In.
Recent Developments. Adex announced an updated development plan with a primary focus on restarting production at the Fire Tower Zone supporting the company's desire to bring the Mount Pleasant Mine into production quickly and efficiently as possible (February 16, 2012). Metallurgical feasibility testing has commenced, which is required to re-start production with testing expected to be completed in the third quarter of 2012 to support production in 2015.
On March 1, 2012, Adex announced the results of an updated NI 43-101 mineral resource estimate for the North Zone. The results strengthen confidence in Mount Pleasant as the company succeeded in reclassifying a portion of its resource from inferred to indicated.
In addition to the known tin-zinc-indium resources in the North Zone, the results of the 2011 drill program confirmed and expanded the extent of the high-grade tungsten-molybdenum-bismuth mineralization in the North Zone and Saddle Zone with grades and widths similar to those being assessed at the Fire Tower Zone (January 31, 2012). A follow-up drill program is planned (February 16, 2012) with the purpose of further expanding and amalgamating the tungsten-molybdenum-bismuth mineralized bodies, which were originally part of the initial 2009 North Zone NI 43-101 mineral resource estimate, with those in the Fire Tower Zone. This will be conducted in conjunction with the preparation of an updated NI 43-101 resource estimate and feasibility study for all of the tungsten-molybdenum-bismuth mineralized bodies at Mount Pleasant Mine.