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 existing infrastructure that 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 has contracted with several consulting and engineering companies to provide services and studies to complete its prefeasibility study (PFS) and environmental permitting approval for both the North Zone and the Fire Tower Zone. The value of contracts signed to date is approximately CDN$1.7 million of which $1.7 million has been incurred by September 30, 2014. Samuel Engineering Inc. is the lead engineering firm and project manager for the study. Golder Associates Ltd. is completing the mining plan and tailings study while Dillon Consulting Ltd. is conducting water-related environmental and permitting studies applicable to the PFS and working on the EIA project statement. WGM is completing updated resource estimations and Bomenco Inc. is managing the metallurgical testing program in support of the mining plan.
The preparation of the prefeasibility study is proceeding with a target daily mining capacity of 2,900 tonnes per day and a mine life of not less than ten years. It is anticipated that it will be completed in the first quarter of 2015. The Company is also in discussions with several China based smelting companies to process the tungsten, molybdenum, tin and zinc-indium concentrates which might be produced at Mount Pleasant. The purpose of these discussions is to provide payables or contract processing rates for the above metals to the PFS contractors to be inputted into the report.