Mine Plan

The Company plans to commence mining at its granted Mining Lease (ML100124) during the first12 months following listing. It has commenced mine planning with the knowledge and experience of two bulk mining campaigns being already completed. In addition, the Company has commenced discussions with a Mount Isa based mining and civil contractor that undertook the bulk mining trials.

Prior to commencement of commercial scale mining, the Company will undertake some further trial mining, on-site coarse crushing, and pre-stripping of the vein margins. This will enable Greentech to complete a detailed mine plan and to refine costings to effectively complete an early stage feasibility analysis. We will also commence site preparation works, including an access road upgrade.

The mining is expected to commence at Reef 2 within May Downs ML100124. Because most of the resource stands above the surrounding plain and the mining rate (less than 2,000 tonnes per month) is low, the Company plans to undertake campaign mining initially using a mobile rock-breaker, and an excavator to move the lump ore to separate stockpiles on site on the basis of visual purity assessment. This method was tested successfully during trial mining at Reef 2 in 2017.

Mobile rock-breaker during the 2016 bulk-sampling at Reef 2, May Downs project (left) and some of the stockpiled “clean” quartz (foreground right).

The mining plan is expected to require a low capital cost while allowing significant scalability as the mining operation can be undertaken through the engagement of a suitably skilled and competent, locally based, mining contractor.  The mining process is basic in that the ore protrudes above surface down to a known maximum of around 10 metres.  There will be no requirement for a waste dump as the relatively small quantity of waste produced will be side cast and then placed back into the void following ore extraction.

The extracted raw ore will be transported off site to a suitable crushing and screening plant in the immediate vicinity of Mt Isa, being within a short distance of the mine site.  Greentech has an existing arrangement with a crushing screening contractor in Mt Isa who has a plant that can undertake the primary processing required prior to haulage to Townsville and then shipment to international customers.