TIDMCORA
RNS Number : 9730G
Cora Gold Limited
21 November 2022
Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector:
Mining
21 November 2022
Cora Gold Limited ('Cora' or 'the Company')
Sanankoro Gold Project: Maiden Reserves and Definitive
Feasibility Study
Cora Gold Limited, the West African focused gold company, is
pleased to announce Maiden Reserves and the results of a Definitive
Feasibility Study ('DFS') for its flagship Sanankoro Gold Project
('Sanankoro' or the 'Project') in southern Mali.
Highlights
-- Maiden Probable Reserves based on a gold price of US$1,650/oz are as follows:
Tonnes Grade Contained Recovered
('000s) (g/t Au Au
Au) (koz) (koz)
Total Ore 10,094 1.30 422 380
-------- ----- --------- ---------
Total Waste 46,564
-------- ===== ========= =========
Strip ratio (Waste
: Ore) 4.61
-------- ===== ========= =========
-- DFS economics (post tax, based on a gold price of US$1,750/oz)
-- 37.4% internal rate of return ('IRR')
-- 1.5 year payback period
-- US$228m free cash flow ('FCF') over life of mine ('LOM')
-- US$1,033/oz all-in sustaining costs ('AISC')
-- 6.8 years Reserve mine life
-- 56,000oz pa average production
-- US$108m pre-production capital (including mining pre-production & contingencies)
-- Detailed metallurgical test work confirmed LOM gold recovery
of 90.1% through a conventional 1.5 Mtpa Carbon in Leach ('CIL')
processing plant.
-- Solar hybrid power option incorporated into the plant design,
delivering savings in both operating costs and carbon
emissions.
Bert Monro, Chief Executive Officer of Cora, commented, "The
Company is pleased to be releasing its Maiden Reserves and DFS on
the Sanankoro Gold Project, focused on open pit oxide mining
through a traditional gravity and CIL processing plant. The benefit
of low strip ratio oxides is seen both in the mining and processing
costs, and this has helped deliver a very robust project
economically with low technical risk. We are confident that with
additional drilling we can significantly add to Sanankoro's reserve
mine life through both existing resource conversion and drilling
the recently updated exploration target.
"Concurrent with completing the DFS, the Company has been
working on a number of additional optimisations with other
independent technical consultants. The results of the optimisation
work will be published shortly.
"I'd like to take this opportunity to thank all the DFS
consultants for their work on the Project."
Definitive Feasibility Study - Summary of Results
The key results and financial outcomes of the DFS are set out in
the table below:
Values
based on a gold price
of ...
Parameters US$1,750/oz US$1,650/oz
----------- -----------
Construction period (1) (months) 21
------------------------
Life of Mine ('LOM') (years) 6.8
------------------------
LOM waste mined (kt) 46,564
------------------------
LOM ore mined (kt) 10,094
------------------------
Strip ratio (waste : ore) 4.61 : 1
------------------------
LOM grade processed (g/t Au) 1.30
------------------------
Average gold recovery 90.1%
------------------------
LOM production (koz) 380
------------------------
Average production (koz pa) 56
------------------------
Average Free Cash Flow post tax (US$m pa) 33.3 29.4
----------- -----------
LOM Free Cash Flow post tax (US$m) 228 201
----------- -----------
Mining costs (US$/t ore) 15.80
------------------------
Processing & maintenance costs (US$/t ore) 11.20
------------------------
General & administration plus other costs to
mine gate (US$/t ore) 3.10
------------------------
Payback period post tax from start of operations
(years) 1.5 1.9
----------- -----------
Pre-production capital (US$m)
(including US$9m mining pre-production & US$8m
contingency) 108
------------------------
Sustaining capital (US$m)(2) 60
------------------------
Average cash cost (US$/oz Au) 802
------------------------
Average AISC (US$/oz Au) 1,033 1,029
----------- -----------
IRR pre-tax 46.0% 37.6%
----------- -----------
IRR post tax 37.4% 29.7%
----------- -----------
NPV(8) pre-tax (US$m) 108.9 82.2
----------- -----------
NPV(8) post tax (US$m) 73.1 52.8
----------- -----------
1 includes pre-construction engineering work and commissioning
the plant
2 includes closure costs
Definitive Feasibility Study - Capital and Operating Costs
Pre-production capital cost of US$108m, including US$9m mining
pre-production and US$8m contingency.
The pre-production capital cost estimate is based on a
contractor mining scenario and therefore excludes capital costs
associated with a mining fleet.
Capital items US$'000
Civil works 5,122
-------
Earth works 3,513
-------
Machinery & equipment 34,204
-------
Infrastructure 1,194
-------
Transport 5,432
-------
First fills 868
-------
Mine camp 2,206
-------
ESIA channels 2,859
-------
Project management 10,028
-------
Insurance & guarantees 650
-------
Generator / thermal plant 250
-------
Tailings storage facility ('TSF';
phase 1) 20,688
-------
Resettlement action plan 1,000
-------
Owner's costs 3,814
-------
Mining pre-production 8,941
-------
Contingency 7,750
-------
Total pre-production capital 108,519
-------
Sustaining & closure capital 59,857
-------
Total LOM capital 168,376
-------
An estimated LOM average AISC of US$1,033/oz based on a gold
price of US$1,750/oz.
A solar hybrid power option has been incorporated into the plant
design, delivering savings in both operating costs and carbon
emissions.
Values
based on a gold price
of ...
Operating / unit costs (US$/oz US$1,750/oz US$1,650/oz
of gold)
----------- -----------
Mining 418.8
------------------------
Processing 272.8
------------------------
Maintenance 22.8
------------------------
General & administration 83.8
------------------------
Total cost to mine gate 798.2
------------------------
Transport, insurance & refining 3.7
------------------------
Total cash cost ('C1') 801.9
------------------------
Royalties & statutory 73.8 69.6
----------- -----------
All-in sustaining cost ('AISC') 1,033 1,029
----------- -----------
Maiden Ore Reserves
The Ore Reserves for the Selin, Zone A and Zone B deposits have
been reported according to the JORC (2012) Code.
The estimation of the Ore Reserves followed a process of pit
optimisation, design and scheduling:
-- The Mineral Resource models were prepared by CSA Global.
-- The mining models were derived from the Mineral Resource
models modified for dilution and mining losses through application
of Mineable Shape Optimiser ( 'MSO') to determine appropriate
factors.
-- Using the mining models, pit optimisations were completed in Studio NPVS software (Datamine).
-- Using the selected pit shells as templates, pit designs for
the final pits and push backs were developed in Deswik. The pit
designs and pushbacks considered practical access and geotechnical
parameters.
-- Based on these designs, a monthly life of mine ('LOM')
schedule was completed in Deswik IS (Interactive Scheduler)
software.
-- The schedule economics was verified through a financial
analysis and proved to be economically viable.
The independent Competent Person for Mineral Reserve estimates
is Frikkie Fourie (BEng, Pr. Eng, MSAIMM) of Moletech SA (Pty) Ltd
('Moletech').
Area Mineral Reserve Material Tonnes Grade Metal
classification type content
(koz)
(kt) (g/t Au)
------- ---------
Selin Probable Oxide 3,767 1.27 154.2
----------------- -------------- ------- --------- ---------
Probable Transitional 519 2.38 39.8
----------------- ---------------------------- ------- --------- ---------
Total Selin Probable All zones 4,287 1.41 194.0
----------------- -------------- ------- --------- ---------
Zone A Probable Oxide 2 ,752 1.32 116.8
----------------- -------------- ------- --------- ---------
Probable Transitional - - -
----------------- -------------- ------- --------- ---------
Total Zone
A Probable All zones 2 ,752 1.32 116.8
----------------- -------------- ------- --------- ---------
Zone B Probable Oxide 3 ,048 1.13 111.0
----------------- -------------- ------- --------- ---------
Probable Transitional 8 1.54 0.4
----------------- ---------------------------- ------- --------- ---------
Total Zone
B Probable All zones 3 ,056 1.13 111.5
----------------- -------------- ------- --------- ---------
GRAND TOTAL Probable All zones 10,094 1.30 422.2
----------------- -------------- ------- --------- ---------
Notes:
-- Figures have been rounded to the appropriate level of
precision for the reporting of Mineral Reserves.
-- Due to rounding, some columns or rows may not compute exactly as shown.
-- Mineral Reserves are stated as in situ dry tonnes; figures are reported in metric tonnes.
-- The Mineral Reserve is classified in accordance with the
guidelines of the Australian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves (2012 Edition).
Probable Mineral Reserves from Indicated Mineral Resources.
-- The Ore Reserve is reported at a gold price of US$1,650 per troy ounce.
-- The Mineral Reserves are defined on the basis that inventory
above a defined cut-off is delivered to the processing plant,
located as prescribed in this Study.
-- Modifying factors applied:
o Mining recovery and dilution:
o Selin: Mining recovery 97%, Dilution 8%
o Zone A: Mining recovery 94%, Dilution 8%
o Zone B: Mining recovery 95%, Dilution 8%
o Processing recovery:
o Selin: Oxides 93%, Transitional 48.3%
o Zone A: Oxides 97%, Transitional 97%
o Zone B: Oxides 93.7%, Transitional 93.7%
-- There are no known legal, political, environmental, or other
risks that could materially affect the potential Mineral
Reserves.
Mining
The mining of Selin, Zone A and Zone B is well-suited to typical
open pit methods using a backhoe configured excavator and truck
fleet which will be operated by a mining contractor. Considering
the highly-weathered nature of the orebody, both the oxide and
transitional material are viewed as "free-dig" with no need for
drill and blast activities. Open pit operations will be undertaken
using 5 metre benches which will be stacked to 10 metres at final
limits. It is the intention that topsoil (initial 30cm) be stripped
initially over the area of both the open pit and waste rock dumps
('WRDs') and stockpiled in a suitable allocated area proximal to
each of the pits. Clearing and grubbing costs have been
provisioned.
Waste material will be dumped onto designated waste dumps.
Dumping will take place in 10 metre layers; to a general maximum of
50 metres in height. The location of waste dumps has considered a
US$2,000/oz pit shell and the presence of mineralised zones
proximal to the pits. Run of mine ('ROM') material destined for the
processing plant will be sent straight to the stockpile area.
Stockpiling and blending may be necessary to optimise the head
grade with feed constraints on transitional material. Sufficient
space will be provided for several separate stockpiles. All process
feed will be re-handled by a wheel loader from the stockpile
straight into the crusher.
Processing
The proposed process plant design is based on a well-known and
established gravity/CIL technology, which consists of crushing,
milling, and gravity recovery of free gold, followed by
leaching/adsorption of gravity tailings, elution, gold smelting,
and tailings disposal with a detoxification cyanide plant. The
process plant will include reagent mixing, storage and
distribution, and water and air services. A water treatment plant
is included to manage any potential water discharge.
The plant will treat 1.5 Mtpa of oxide ore or 1.2 Mtpa of
transition ore if treated independently. The process plant design
incorporates the following unit process operations:
-- Crushing - to produce feed for the ball mill from either oxide or transition ore.
-- Milling- product from crushing will be milled in a
single-stage ball mill in closed circuit with hydrocyclones to
produce a P(80) of 150 um for the oxide ore and a P(80) grind size
of 75 um for the transition ore.
-- Gravity Concentration- recovery of coarse gold from the
milling circuit recirculating load and treatment of gravity
concentrates by intensive cyanidation and electrowinning to recover
gold to doré.
-- Leach/CIL circuit - for gold dissolution and adsorption onto
carbon incorporating six CIL tanks.
-- Loaded Carbon Desorption - elution circuit, electrowinning,
and gold smelting to recover gold from the loaded carbon to produce
doré.
-- Detoxification - an INCO air/SO(2) cyanide detoxification
facility for the CIL tails slurry, which will be used only when
required as test work has shown that the weak acid dissociable
cyanide levels in the leached tails are less than 50 ppm.
-- Tailings Storage Facility - tailings pumping to the TSF.
Site layout
Process flow sheet
Permitting
In October 2022 Cora announced the award of an Environmental
Permit for the Sanankoro Gold Project (see announcement dated 18
October 2022). Following the receipt of the Environmental Permit
and completion of the DFS the Company is able to submit an
application for a Mining Permit over Sanankoro. In connection with
the application for a Mining Permit the Company is currently
translating the DFS into French. Formal submission of the
translated DFS and the application for a Mining Permit will be
submitted to the Mali government in due course.
Qualified Person Statements
Scientific or technical information in this disclosure that
relates to mining results was reviewed by Mr Frikkie Fourie (BEng,
Pr. Eng, MSAIMM), an independent consultant for Moletech. Mr Fourie
is a Professional Engineer ('Pr. Eng') in good standing with the
Engineering Council of South Africa, is a Member of the South
African Institute of Mining and Metallurgy ('MSAIMM') and has
sufficient experience that is relevant to the project under
consideration which he is undertaking to qualify as a Qualified
Person under the JORC code.
The contents of this press release have been reviewed and
approved by Philemon Bundo (BSc Eng (Metallurgy), FSAIMM, FAusIMM,
MIMMM) Senior Vice President - Process Engineering of SENET (Pty)
Ltd with respect to processing and infrastructure.
Market Abuse Regulation ('MAR') Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of the
Market Abuse Regulation (EU) No 596/2014 ('MAR'), which is part of
UK law by virtue of the European Union (Withdrawal) Act 2018, until
the release of this announcement.
* *S * *
For further information, please visit http://www.coragold.com or
contact:
Bert Monro Cora Gold Limited info@coragold.com
Craig Banfield
Christopher Raggett finnCap Ltd
Charlie Beeson (Nomad & Joint Broker) +44 (0)20 7220 0500
-------------------------- ---------------------
Andy Thacker Turner Pope Investments
James Pope (Joint Broker) +44 (0)20 3657 0050
-------------------------- ---------------------
Susie Geliher St Brides Partners pr@coragold.com
Charlotte Page (Financial PR)
Isabelle Morris
-------------------------- ---------------------
Notes
Cora is a West African gold developer with three principal
de-risked project areas within two known gold belts in Mali and
Senegal covering c.1,000 sq km. Led by a team with a proven track
record in making multi-million ounce gold discoveries that have
been developed into operating mines, its primary focus is on
developing the Sanankoro Gold Project in the Yanfolila Gold Belt,
southern Mali.
JORC Code, 2012 Edition - Table 1
Section 4 Estimation and Reporting of Ore Reserves (Sections 1-3
were published with an updated MRE by RNS on 19(th) July 2022)
Criteria JORC Code explanation Supplementary Commentary
Mineral
Resource * Description of the Mineral Resource estimate used as * Indicated Mineral Resources for the Sanankoro Gold
estimate a basis for the conversion to an Ore Reserve. Project, as prepared by SRK Global in 2022, were used
for conversion as the basis for Ore Reserves.
to Ore
Reserves * Clear statement as to whether the Mineral Resources
are reported additional to, or inclusive of, the Ore * The Ore Reserves, including adjustment for ore loss
Reserves. and dilution factors, are included within the
declared Mineral Resources
------------------------------------------------------------ ----------------------------------------------------------------------------------------
Site visits
* Comment on any site visits undertaken by the * Site visits have been undertaken by other Competent
Competent Person and the outcome of those visits. personnel for various aspects of the DFS.
* If no site visits have been undertaken indicate why * SENET has also been to site as the main independent
this is the case. consultant and F. Fourie, the CP for the Ore Reserves
will rely on their visit.
------------------------------------------------------------ ----------------------------------------------------------------------------------------
Study status
* The type and level of study undertaken to enable * A feasibility level study has been completed for the
Mineral Resources to be converted to Ore Reserves. Project.
* The Code requires that a study to at least * A mine plan that is technically achievable and
Pre-Feasibility Study level has been undertaken to economically viable has been completed.
convert Mineral Resources to Ore Reserves. Such
studies will have been carried out and will have
determined a mine plan that is technically achievable
and economically viable, and that material Modifying
Factors have been considered.
------------------------------------------------------------ ----------------------------------------------------------------------------------------
Cut-off
parameters * The basis of the cut-off grade(s) or quality * A financial assessment was undertaken to ascertain
parameters applied. whether the Cut-off grade fulfil the criteria of
"reasonable prospects for eventual economic
extraction" using detailed costs
* To complete pit optimisation, which forms the basis
of the final pit designs, a cut-off grade estimate
was performed. The cost per tonne for mining,
processing and overhead costs, mining dilution and
loss factors, processing plant recoveries and net
payable gold, were used, to determine the cut-off
grade.
* A cut-off grade of 0.5g/t was used.
* The cut-off grade are being used for the Project, and
are considered by the CP to be appropriate for the
operation, considering the nature of the deposit, and
the associated project economics.
------------------------------------------------------------ ----------------------------------------------------------------------------------------
Mining factors
or assumptions * The method and assumptions used as reported in the * Using the Mineral Resource model, pit optimisations
Pre-Feasibility or Feasibility Study to convert the where completed. These formed the basis of final pit
Mineral Resource to an Ore Reserve (i.e. either by designs, which were used in the life of mine
application of appropriate factors by optimisation or schedule. The CP considers the LoM to be appropriate
by preliminary or detailed design). and practically achievable.
* The choice, nature and appropriateness of the * The mining of Selin, Zone A and Zone B is well suite
selected mining method(s) and other mining parameters d
including associated design issues such as pre-strip, to typical open pit methods using a backhoe
access, etc. configured excavator and truck fleet which will be
operated by a mining contractor.
* The assumptions made regarding geotechnical
parameters (eg pit slopes, stope sizes, etc), grade * Geotechnical assumptions were based on the various
control and pre-production drilling. geotechnical drilling and analysis completed by OHMS
* The major assumptions made and Mineral Resource model * Modifying factors applied:
used for pit and stope optimisation (if appropriate).
o Mining recovery and dilution:
* The mining dilution factors used. * Selin: Mining recovery 97%, Dilution 8%
* The mining recovery factors used. * Zone A: Mining recovery 94%, Dilution 8%
* Any minimum mining widths used. * Zone B: Mining recovery 95%, Dilution 8%
* The manner in which Inferred Mineral Resources are
utilised in mining studies and the sensitivity of the
outcome to their inclusion.
* The infrastructure requirements of the selected
mining methods.
------------------------------------------------------------ ----------------------------------------------------------------------------------------
Metallurgical
factors * The metallurgical process proposed and the * The Sanankoro gold processing plant is designed to
or assumptions appropriateness of that process to the style of process oxide and transition ores from the three main
mineralisation. deposits: Selin, Zone A and Zone B ores.
* Whether the metallurgical process is well-tested
technology or novel in nature. * The proposed process gravity/carbon-in-leach (CIL)
technology, which consists of crushing, milling, and
gravity recovery of free gold, followed by
* The nature, amount and representativeness of leaching/adsorption of gravity tailings, elution and
metallurgical test work undertaken, the nature of the gold smelting, and tailings disposal. The process is
metallurgical domaining applied and the corresponding well suited to the style of mineralisation.
metallurgical recovery factors applied.
* Any assumptions or allowances made for deleterious * The proposed process plant design is based on a
elements. well-proven and established gravity/CIL technology.
* The existence of any bulk sample or pilot scale test
work and the degree to which such samples are * Extensive test work on oxide ores ore has been
considered representative of the orebody as a whole. completed on samples from the Selin, Zone A and Zone
B to cover the entire deposit laterally and at depth,
which are considered representative. Only one sample
* For minerals that are defined by a specification, has of transition ore from Selin was tested and thus is
the ore reserve estimation been based on the considered preliminary in nature but however
appropriate mineralogy to meet the specifications? transition constitutes 22% of indicated resource.
Gold is expected to be extracted from each
ore type at the following average recoveries:
* Selin Oxide: 93.0%
* Zone A oxide: 97.0%
* Zone B Oxide 93.7%
* Selin Transition 48.3%
No deleterious elements are indicated in the
ore head grade assayed
A bulk sample composite was taken per domain
and per weathering zone (and at depth), which
are considered representative of the individual
domains and zones.
Specifications are not applicable. The product
will be in the form of gold doré. The
doré bars will be weighed, sampled and
assayed before being sent to the precious metal
refinery.
------------------------------------------------------------ ----------------------------------------------------------------------------------------
Environmental
* The status of studies of potential environmental * The Company commissioned Digby Wells to complete an
impacts of the mining and processing operation. ESIA to both Malian and International standards. On
Details of waste rock characterisation and the completion of the ESIA an application for
consideration of potential sites, status of design Environmental permit was lodged with the Government
options considered and, where applicable, the status and subsequently the permit has been received so the
of approvals for process residue storage and waste Project is fully permitted from an environmental
dumps should be reported. perspective.
------------------------------------------------------------ ----------------------------------------------------------------------------------------
Infrastructure
* The existence of appropriate infrastructure: * The Sanankoro Project is a greenfield project -
availability of land for plant development, power, minimal infrastructure has been established on the
water, transportation (particularly for bulk project site. The on-site infrastructure required
commodities), labour, accommodation; or the ease with will be related to the processing plant and the
which the infrastructure can be provided or accessed. supporting facilities as follows:
* In-plant access roads
* Plant buildings
* Plant reagents and consumables stores
* Process plant site drainage
* Sewage disposal
* Security
* Water supply
* Communications
* Power supply
* Fuel supply and storage
* There is sufficient land available for the
development of and access to these items.
* The main off-site infrastructure required for the
development of the project will be the following:
* Mining infrastructure and buildings
* Camp and catering facilities
* Medical facilities
* Power supply and distribution
* Fuel storage
* Communication
* Water supply system
------------------------------------------------------------ ----------------------------------------------------------------------------------------
Costs The capital cost estimate for the project has
* The derivation of, or assumptions made, regarding been derived from information collated from
projected capital costs in the study. the following:
* Life of Mine (LOM) pit production schedule, including
stockpiling operations
* The methodology used to estimate operating costs.
* LOM processing plan
* Allowances made for the content of deleterious
elements.
* Mine haul road designs and layouts
* The derivation of assumptions made of metal or
commodity price(s), for the principal minerals and * Process plant design criteria
co- products.
* General layouts of the process plant and related
* The source of exchange rates used in the study. infrastructure
* Derivation of transportation charges. * Tailings Storage Facility (TSF) development schedule
and operations
* The basis for forecasting or source of treatment and
refining charges, penalties for failure to meet * Process flow diagrams
specification, etc.
* Process plant equipment data sheets and lists
* The allowances made for royalties payable, both
Government and private.
* Process plant piping and instrumentation diagrams
* Process plant line, valve, and instrument lists
* Electrical single-line diagrams and motor lists
* Electrical reticulation routes
* Various discipline material take-offs
* Quotations from vendors on mechanical and/or process
equipment
* Quotations from vendors on main construction
contracts
* EPCM schedules
* In-house historical databases
* The mining operating costs were obtained from
contractor quotations.
* General and Administration costs were determined from
first principles and by using information from
SENET's in-house database for similar projects from
the same locality.
* The process plant operating costs were compiled from
a variety of sources:
* First principles, where applicable
* Supplier quotations on reagents and consumables
* SENET's in-house experience and database where
applicable
* Allowances have been made for royalties and taxes
based on the current applicable mining laws
------------------------------------------------------------ ----------------------------------------------------------------------------------------
Revenue
factors * The derivation of, or assumptions made regarding * A life-of-mine production schedule was derived from
revenue factors including head grade, metal or the mine design and the geological block model. The
commodity price(s) exchange rates, transportation and production schedule was used to generate monthly
treatment charges, penalties, net smelter returns, estimates of the mined tonnes and grade
etc.
* Rate based on trends and or as applicable or advised
* The derivation of assumptions made of metal or by the management which needs to be in-line with the
commodity price(s), for the principal metals, market trend and or various commitments
minerals and co-products.
------------------------------------------------------------ ----------------------------------------------------------------------------------------
Market * Based on market and operation requirements
assessment * The demand, supply and stock situation for the
particular commodity, consumption trends and factors
likely to affect supply and demand into the future.
* A customer and competitor analysis along with the
identification of likely market windows for the
product.
* Price and volume forecasts and the basis for these
forecasts.
* For industrial minerals the customer specification,
testing and acceptance requirements prior to a supply
contract.
------------------------------------------------------------ ----------------------------------------------------------------------------------------
Economic
* The inputs to the economic analysis to produce the * Based on assumptions that built the financial model
net present value (NPV) in the study, the source and in line with existing industry norm assumptions
confidence of these economic inputs including around gold price, discount rate and other factors.
estimated inflation, discount rate, etc.
* NPV ranges and sensitivity to variations in the
significant assumptions and inputs.
------------------------------------------------------------ ----------------------------------------------------------------------------------------
Social
* The status of agreements with key stakeholders and * An ESIA has been completed that has given guidance
matters leading to social licence to operate. that will be reviewed an implanted as appropriate as
the Project starts to be developed.
------------------------------------------------------------ ----------------------------------------------------------------------------------------
Other
* To the extent relevant, the impact of the following * As required by laws and or regulation of the country.
on the project and/or on the estimation and A mining permit is required for the Project but the
classification of the Ore Reserves: Company see no reasons that this would not be
granted.
* Any identified material naturally occurring risks.
* The status of material legal agreements and marketing
arrangements.
* The status of governmental agreements and approvals
critical to the viability of the project, such as
mineral tenement status, and government and statutory
approvals. There must be reasonable grounds to expect
that all necessary Government approvals will be
received within the timeframes anticipated in the
Pre-Feasibility or Feasibility study. Highlight and
discuss the materiality of any unresolved matter that
is dependent on a third party on which extraction of
the reserve is contingent.
------------------------------------------------------------ ----------------------------------------------------------------------------------------
Classification
* The basis for the classification of the Ore Reserves * Indicated Mineral Resources within the pit designs
into varying confidence categories. and which are above the nominated cut-off grade, have
been classified as Probable Ore Reserves.
* Whether the result appropriately reflects the
Competent Person's view of the deposit. * It is the opinion of the Competent Persons for Ore
Reserves that the results are an appropriate
reflection of the deposit. * No Probable Ore Reserves
* The proportion of Probable Ore Reserves that have have been classified from Measured Mineral Resources.
been derived from Measured Mineral Resources (if
any).
------------------------------------------------------------ ----------------------------------------------------------------------------------------
Audits or
reviews * The results of any audits or reviews of Ore Reserve * No external audits or reviews of the Ore Reserve has
estimates. been completed
------------------------------------------------------------ ----------------------------------------------------------------------------------------
Discussion
of relative * Where appropriate a statement of the relative * The Ore Reserve has been completed to feasibility
accuracy/ accuracy and confidence level in the Ore Reserve standard with the data being generated from a tightly
confidence estimate using an approach or procedure deemed spaced drilling grid, thus confidence in the
appropriate by the Competent Person. For example, the resultant figures is considered high.
application of statistical or geostatistical
procedures to quantify the relative accuracy of the
reserve within stated confidence limits, or, if such
an approach is not deemed appropriate, a qualitative
discussion of the factors which could affect the
relative accuracy and confidence of the estimate.
* The statement should specify whether it relates to
global or local estimates, and, if local, state the
relevant tonnages, which should be relevant to
technical and economic evaluation. Documentation
should include assumptions made and the procedures
used.
* Accuracy and confidence discussions should extend to
specific discussions of any applied Modifying Factors
that may have a material impact on Ore Reserve
viability, or for which there are remaining areas of
uncertainty at the current study stage.
* It is recognised that this may not be possible or
appropriate in all circumstances. These statements of
relative accuracy and confidence of the estimate
should be compared with production data, where
available.
------------------------------------------------------------ ----------------------------------------------------------------------------------------
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Cora Gold (LSE:CORA)
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From May 2023 to May 2024