TIDMSOLG
RNS Number : 1621M
SolGold PLC
03 January 2019
3 January 2019
SolGold plc
("SolGold" or the "Company")
NI 43-101 TECHNICAL REPORT ON AN UPDATED MINERAL
RESOURCE ESTIMATE FOR THE ALPALA DEPOSIT,
CASCABEL PROJECT, NORTHERN ECUADOR
The Board of SolGold (LSE and TSX code: SOLG) is pleased to
announce the filing on SEDAR of independent NI 43-101 Technical
Report completed by SRK Consulting (UK) Limited entitled:
"A TECHNICAL REPORT ON AN UPDATED MINERAL RESOURCE ESTIMATE FOR
THE ALPALA DEPOSIT, CASCABEL PROJECT, NORTHERN ECUADOR".
Highlights:
-- Alpala Mineral Resource is 2,050 Mt @ 0.60% CuEq (at 0.2%
CuEq cut-off) in the Indicated category, and 900 Mt @ 0.35% CuEq
(at 0.2% CuEq cut-off) in the Inferred category.
-- Contained metal content of 8.4 Mt Cu and 19.4 Moz Au in the Indicated category.
-- Contained metal content of 2.5 Mt Cu and 3.8 Moz Au in the Inferred category.
-- Potential for further growth with the 2019 drilling campaign
to continue to expand the deposit at Alpala SE, Alpala NW, Trivinio
and Alpala Western Limb.
-- 958 Mt @ 0.97% CuEq (9.3 Mt CuEq) containing 6.1 Mt Cu and
16.2 Moz Au at 0.45% CuEq cut-off, 93% of which is in the Indicated
category (by metal content).
-- 420 Mt @1.47% CuEq (6.1 Mt CuEq) containing 3.8 Mt Cu and
12.3 Moz Au at 0.9% CuEq cut-off, 97% of which is in the Indicated
category (by metal content).
FURTHER INFORMATION
The Alpala Deposit is located in Northern Ecuador, lying upon
the northern section of the prolific Andean Copper belt, renowned
as the base for nearly half of the world's copper production. The
project area hosts mineralisation of Eocene age, the same age as
numerous Tier 1 deposits along the Andean Copper Belt in Chile and
Peru to the south. The project is a three-hour drive north of
Quito, close to water, power supply and Pacific ports. SolGold
holds an 85% registered and beneficial interest in ENSA
(Exploraciones Novomining S.A.) which holds 100% of the Cascabel
tenement.
SRK Consulting (UK) Limited was retained by SolGold to prepare
an updated Mineral Resource Estimate and an independent 43-101
report on the Alpala Deposit. The resource estimate technical
report was prepared by SRK Project Manager, Mr Martin Pittuck using
all available information.
The updated Alpala Deposit Mineral Resource Estimate was
estimated from 68,173 assays, with 66,739 assays representing
diamond drill core samples, and 1434 assays representing rock-saw
channel samples cut from surface rock exposures. Drill core samples
were obtained from total of 133,576m of drilling comprising 128
diamond drill holes, including 75 drill holes (Holes 1-75), 34
daughter holes, 8 re-drills, and 11 over-runs, and represents full
assay data from holes 1-67 and partial assay data received from
holes 68 to 75. Rock-saw samples were obtained from 2743m of
rock-saw cuts from 262 surface rock exposure trenches.
MRE#2 comprises 2,050 Mt grading 0.60% copper equivalent
("CuEq") of Indicated Mineral Resources for a contained metal
content of 8.4 Mt copper ("Cu") and 19.4 Moz gold ("Au"), and 900
Mt grading 0.35% CuEq of Inferred Mineral Resources for 2.5 Mt Cu
and 3.8 Moz Au, using a 0.2% CuEq cut-off grade (Table 1).
Grade Resource Tonnage Grade Contained Metal
Category Category (Mt)
============================= ===============================
Cu (%) Au (g/t) CuEq (%) Cu (Mt) Au (Moz) CuEq (Mt)
======= ========= ========= ======== ========= ==========
Total >0.2% CuEq Indicated 2,050 0.41 0.29 0.60 8.4 19.4 12.2
=========== ======== ======= ========= ========= ======== ========= ==========
Inferred 900 0.27 0.13 0.35 2.5 3.8 3.2
============================== ======== ======= ========= ========= ======== ========= ==========
Table 1: Alpala Mineral Resource statement effective 07 November
2018*
Notes:
1. Mr. Martin Pittuck, CEng, MIMMM, FGS, is responsible for this
Mineral Resource statement and is an "independent qualified person"
as such term is defined in NI 43-101
2. Mineral Resource is reported using a cut-off grade of 0.2%
copper equivalent calculated using [copper grade (%)] + [gold grade
(g/t) x 0.63]
3. Mineral Resource is considered to have reasonable prospects
for eventual economic extraction by underground mass mining such as
block caving
4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability
5. The statement uses the terminology, definitions and
guidelines given in the CIM Standards on Mineral Resources and
Mineral Reserves (May 2014) as required by NI 43-101.
6. MRE is reported on 100 percent basis
Within the deposit and included in the above total MRE figures,
a higher-grade core exists, totalling 400 Mt grading 1.49% CuEq of
Indicated Mineral Resources for a contained metal content of 3.6 Mt
Cu and 11.9 Moz gold Au, and 20 Mt grading 1.05% CuEq of Inferred
Mineral Resources for a contained metal content of 0.2Mt Cu and 0.4
Moz gold Au, using a 0.9% CuEq cut-off (Table 6.2).
Cut off Grade Resource Tonnage (Mt) Grade Contained Metal
(% CuEQ) Category
================================
Cu (%) Au (g/t) CuEq (%) Cu (Mt) Au (Moz) CuEq (Mt)
======== ========== ========== ========= ========== ===========
0.10 Indicated 2,460 0.36 0.26 0.52 8.9 20.2 12.9
=============== =============== ============== ======== ========== ========== ========= ========== ===========
0.15 Indicated 2,290 0.38 0.27 0.55 8.8 19.9 12.7
=============== =============== ============== ======== ========== ========== ========= ========== ===========
0.20 Indicated 2,050 0.41 0.29 0.60 8.4 19.4 12.2
=============== =============== ============== ======== ========== ========== ========= ========== ===========
0.30 Indicated 1,500 0.49 0.37 0.73 7.4 17.8 10.9
=============== =============== ============== ======== ========== ========== ========= ========== ===========
0.45 Indicated 810 0.66 0.57 1.03 5.4 15.0 8.3
=============== =============== ============== ======== ========== ========== ========= ========== ===========
0.70 Indicated 490 0.84 0.83 1.37 4.1 13.0 6.7
=============== =============== ============== ======== ========== ========== ========= ========== ===========
0.90 Indicated 400 0.90 0.93 1.49 3.6 11.9 5.9
=============== =============== ============== ======== ========== ========== ========= ========== ===========
1.10 Indicated 200 1.13 1.36 1.99 2.2 8.7 3.9
=============== =============== ============== ======== ========== ========== ========= ========== ===========
1.50 Indicated 120 1.35 1.77 2.47 1.7 7.0 3.0
=============== =============== ============== ======== ========== ========== ========= ========== ===========
0.10 Inferred 1,380 0.22 0.11 0.28 3.0 4.7 3.9
=============== =============== ============== ======== ========== ========== ========= ========== ===========
0.15 Inferred 1,140 0.24 0.12 0.32 2.8 4.3 3.6
=============== =============== ============== ======== ========== ========== ========= ========== ===========
0.20 Inferred 900 0.27 0.13 0.35 2.5 3.8 3.2
=============== =============== ============== ======== ========== ========== ========= ========== ===========
0.30 Inferred 490 0.34 0.16 0.45 1.7 2.5 2.2
=============== =============== ============== ======== ========== ========== ========= ========== ===========
0.45 Inferred 150 0.49 0.26 0.65 0.7 1.2 1.0
=============== =============== ============== ======== ========== ========== ========= ========== ===========
0.70 Inferred 50 0.67 0.41 0.93 0.4 0.7 0.5
=============== =============== ============== ======== ========== ========== ========= ========== ===========
0.90 Inferred 20 0.72 0.52 1.05 0.2 0.4 0.2
=============== =============== ============== ======== ========== ========== ========= ========== ===========
1.10 Inferred 10 0.76 0.70 1.20 0.1 0.1 0.1
=============== =============== ============== ======== ========== ========== ========= ========== ===========
1.50 Inferred - - - - - - -
=============== =============== ============== ======== ========== ========== ========= ========== ===========
Table 2: Alpala grade-tonnage curves effective 07 November 2018,
expressed by a range in copper equivalent cut-off grades*
*Note: refer to the Notes under Table 6.1 for description and
qualifications that pertain to the resource statement.
The November 2018 MRE update (MRE#2) is reported using a cut-off
grade of 0.2% copper-equivalent (CuEq) which SolGold and SRK
Consulting consider to be reasonable, reflecting the potential for
economic extraction by high production rate mass mining methods
such as block caving. The central portions of the deposit present
an opportunity for early extraction of higher grade material.
The updated resource estimate represents an increase in the
overall reported resource of 108% (by metal content) from 7.4Mt
CuEq in Dec 2017 Maiden MRE (MRE#1) using at 0.3% CuEq cut-off, to
the current 15.4 Mt CuEq using a 0.2% CuEq cut-off.
The NI 43-101 technical report on the updated Mineral Resource
Estimate for the Alpala Deposit can be found at the following
link:
http://www.rns-pdf.londonstockexchange.com/rns/1621M_1-2019-1-3.pdf
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
Regulation (EU) No 596/2014 until the release of this
announcement.
Qualified Person:
Information in this report relating to the exploration results
is based on data reviewed by Mr Jason Ward ((CP) B.Sc. Geol.), the
Chief Geologist of the Company. Mr Ward is a Member of the
Australasian Institute of Mining and Metallurgy, holds the
designation MAusIMM (CP), and has in excess of 20 years' experience
in mineral exploration and is a Qualified Person for the purposes
of the relevant LSE and TSX Rules. Mr Ward consents to the
inclusion of the information in the form and context in which it
appears.
By order of the Board
Karl Schlobohm
Company Secretary
CONTACTS
Nicholas Mather Tel: +61 (0) 7 3303
SolGold Plc (Chief Executive Officer) 0665
nmather@solgold.com.au
Karl Schlobohm Tel: +61 (0) 7 3303
SolGold Plc (Company Secretary) 0661
kschlobohm@solgold.com.au
Anna Legge Tel: +44 (0) 20 3823
SolGold Plc (Corporate Communications) 2131
alegge@solgold.com.au
Gordon Poole / Nick Hennis Tel: +44 (0) 20 3757
Camarco (Financial PR / IR) 4997
solgold@camarco.co.uk
Andrew Chubb / Ingo Hofmaier Tel: +44 (0) 20 7907
Hannam & Partners (Joint Broker) 8500
solgold@hannam.partners
Clayton Bush / Trystan Cullen / Laura Hamilton Tel: +44 (0) 20 3100
2222
Liberum Capital Limited (Joint Broker)
solgold@liberum.com
Ross Allister / James Bavister Tel: +44 (0) 20 7418
8900
Peel Hunt (Joint Broker)
Follow us on twitter @SolGold_plc
ABOUT SOLGOLD
SolGold is a leading exploration company focussed on the
discovery and definition of world-class copper and gold deposits.
In 2017 SolGold's management team was recognised by the "Mines and
Money" Forum as an example of excellence in the industry, and
continue to strive to deliver objectives efficiently and in the
interests of shareholders. SolGold is the largest and most active
concession holder in Ecuador and is aggressively exploring the
length and breadth of this highly prospective and gold-rich section
of the Andean Copper Belt.
Ecuador dedicated to become a serious mining nation
Ecuador has, over the last 5 years, been recognised globally as
a frontrunner in emerging mining nations as it develops regulatory
and fiscal frameworks to facilitate the development of a fiscally,
socially and environmentally strong and responsible mining
industry.
Dedicated stakeholders
SolGold employs a staff of over 400 and at least 90% are
Ecuadorean. This is expected to grow as the operations at Alpala,
and in Ecuador generally, expand. SolGold focusses its operations
to be safe, reliable and environmentally responsible and maintains
close relationships with its local communities. SolGold has engaged
an increasingly skilled refined and experienced team of
geoscientists using state of the art geophysical and geochemical
modelling applied to an extensive data base to enable the delivery
of ore grade intersections from nearly every drill hole at Alpala.
SolGold has 86 geologists, of which 25% are female, on the ground
in Ecuador looking for copper and gold.
About Cascabel and Alpala
The Alpala deposit is the main target in the Cascabel
concession, located on the northern section of the heavily endowed
Andean Copper Belt, the entirety of which is renowned as the base
for nearly half of the world's copper production. The project area
hosts mineralisation of Eocene age, the same age as numerous Tier 1
deposits along the Andean Copper Belt in Chile and Peru to the
south. The project base is located at Rocafuerte within the
Cascabel concession in northern Ecuador, an approximately three
hour drive on sealed highway north of Quito, close to water, power
supply and Pacific ports (Figure 1).
Alpala has produced some of the greatest drill hole intercepts
in porphyry copper-gold exploration history, as exemplified by Hole
12 (CSD-16-012) returning 1560m grading 0.59% copper and 0.54 g/t
gold including, 1044m grading 0.74% copper and 0.54 g/t gold.
Having fulfilled its earn-in requirements, SolGold is a
registered shareholder with an unencumbered legal and beneficial
85% interest in ENSA (Exploraciones Novomining S.A.) which holds
100% of the Cascabel concession covering approximately 50km(2) .
The junior equity owner in ENSA is required to repay 15% of costs
since SolGold's earn in was completed, from 90% of its share of
distribution of earnings or dividends from ENSA or the Cascabel
concession. It is also required to contribute to development or be
diluted, and if its interest falls below 10%, it shall reduce to a
0.5% NSR royalty which SolGold may acquire for US$3.5m.
Over 145,000m of diamond drilling has been completed on the
project. With numerous rigs currently active on the project,
SolGold produces up to approximately 10,000m of core every month.
The Cascabel drill program is currently focussed on extending and
upgrading the status of the Alpala Resource, as well as further
drill testing of the rapidly evolving Aguinaga prospect. Drill
testing of the Trivinio target has commenced, whilst the numerous
other untested targets, namely at Moran, Cristal, Tandayama-America
and Chinambicito, are flagged for drill testing as overall program
demands allow.
Since the publication of the Alpala Maiden Mineral Resource
Estimate in January 2018, which outlined a contained metal
inventory of 5.2 million tonnes of copper and 12.6 million ounces
of gold, the Company has nearly doubled both drilled and reported
meterage and will produce a revised resource statement addressing
the evident growth in the size of the deposit at the conclusion of
the current Alpala drill programme. Investors should consult the
technical report dated 18 December 2017 for a detailed account of
the assumptions on which the estimates were based as well as any
known legal, political, environmental and other risks that could
materially affect the development of the resources.
Getting Alpala advanced towards development
SolGold has appointed feasibility management to initially
address the production of a preliminary economic assessment (PEA),
prior to the prefeasibility and feasibility studies.
The resource at the Alpala deposit boasts a high grade core
which, in the event of the construction of a mine, is targeted to
facilitate early cashflows and an accelerated payback of initial
capital. SolGold is currently investigating development and
financing options available to the company for the development of
Cascabel on reaching feasibility.
SolGold's regional push
SolGold is using its successful and cost efficient blueprint
established at Alpala, and Cascabel generally, to explore for
additional world class copper and gold projects across Ecuador.
SolGold is the largest and most active concessionaire in Ecuador
having recognised as early as 2014 that the country hosted the same
untested prospectivity as the Northern Chilean section of the
Andean Copper Belt, which accounts for some 25% of the world's
copper resources.
The Company believes Alpala is just the beginning for SolGold in
Ecuador. The Company wholly owns four other subsidiaries active
throughout the country that are now focussed on ten high priority
gold and copper resource targets, several of which the Company
believes have the potential, subject to resource definition and
feasibility, to be developed in close succession or even on a more
accelerated basis from Alpala.
SolGold is listed on the London Stock Exchange and Toronto Stock
Exchange (LSE/TSX: SOLG). The Company has on issue a total of
1,837,012,007 fully-paid ordinary shares; 21,250,000 share options
exercisable at 40p and 47,012,000 share options exercisable at
60p.
See www.solgold.com.au for more information. Follow us on
twitter @SolGold_plc
CAUTIONARY NOTICE
News releases, presentations and public commentary made by
SolGold plc (the "Company") and its Officers may contain certain
statements and expressions of belief, expectation or opinion which
are forward looking statements, and which relate, inter alia, to
interpretations of exploration results to date and the Company's
proposed strategy, plans and objectives or to the expectations or
intentions of the Company's Directors. Such forward-looking and
interpretative statements involve known and unknown risks,
uncertainties and other important factors beyond the control of the
Company that could cause the actual performance or achievements of
the Company to be materially different from such interpretations
and forward-looking statements.
Accordingly, the reader should not rely on any interpretations
or forward-looking statements; and save as required by the exchange
rules of the TSX and LSE or by applicable laws, the Company does
not accept any obligation to disseminate any updates or revisions
to such interpretations or forward-looking statements. The Company
may reinterpret results to date as the status of its assets and
projects changes with time expenditure, metals prices and other
affecting circumstances.
This release may contain "forward--looking information" within
the meaning of applicable Canadian securities legislation.
Forward--looking information includes, but is not limited to,
statements regarding the Company's plans for developing its
properties. Generally, forward--looking information can be
identified by the use of forward-looking terminology such as
"plans", "expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words
and phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be
achieved".
Forward--looking information is subject to known and unknown
risks, uncertainties and other factors that may cause the actual
results, level of activity, performance or achievements of the
Company to be materially different from those expressed or implied
by such forward--looking information, including but not limited to:
transaction risks; general business, economic, competitive,
political and social uncertainties; future prices of mineral
prices; accidents, labour disputes and shortages and other risks of
the mining industry. Although the Company has attempted to identify
important factors that could cause actual results to differ
materially from those contained in forward-looking information,
there may be other factors that cause results not to be as
anticipated, estimated or intended. There can be no assurance that
such information will prove to be accurate, as actual results and
future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward--looking information. The Company does not
undertake to update any forward-looking information, except in
accordance with applicable securities laws.
The Company and its officers do not endorse, or reject or
otherwise comment on the conclusions, interpretations or views
expressed in press articles or third-party analysis, and where
possible aims to circulate all available material on its
website.
The Company recognises that the term "World Class" is subjective
and for the purpose of the Company's projects the Company considers
the drilling results at the growing Alpala Porphyry Copper Gold
Deposit at its Cascabel Project to represent intersections of a
"World Class" deposit. The Company considers that "World Class"
deposits are rare, very large, long life, low cost, and are
responsible for approximately half of total global metals
production.
"World Class" deposits are generally accepted as deposits of a
size and quality that create multiple expansion opportunities, and
have or are likely to demonstrate robust economics that ensure
development irrespective of position within the global commodity
cycles, or whether or not the deposit has been fully drilled out,
or a feasibility study completed.
Standards drawn from industry experts (1) Singer and Menzie,
2010; (2) Schodde, 2006; (3) Schodde and Hronsky, 2006; (4) Singer,
1995; (5) Laznicka, 2010) have characterised "World Class" deposits
at prevailing commodity prices. The relevant criteria for "World
Class" deposits, adjusted to current long run commodity prices, are
considered to be those holding or likely to hold more than 5
million tonnes of copper and/or more than 6 million ounces of gold
with a modelled net present value of greater than USD 1
Billion.
The Company and its external consultants prepared an initial
mineral resource estimate at the Cascabel Project in December 2017.
Results are summarised in Table B attached.
The Mineral Resource Estimate was completed from 53,616m of
drilling, approximately 84% of 63,500m metres drilled as of
mid-December 2017, the cut-off date for the maiden resource
calculation. There remains strong potential for further growth from
more recent drilling results, and continue rapid growth of the
deposit.
Any development or mining potential for the project remains
speculative.
Drill hole intercepts have been updated to reflect current
commodity prices, using a data aggregation method, defined by
copper equivalent cut-off grades and reported with up to 10m
internal dilution, excluding bridging to a single sample. Copper
equivalent grades are calculated using a gold conversion factor of
0.63, determined using an updated copper price of USD3.00/pound and
an updated gold price of USD1300/ounce. True widths of down hole
intersections are estimated to be approximately 25-70%.
On the basis of the drilling results to date and the results of
the Alpala Maiden Mineral Resource Estimate, the reference to the
Cascabel Project as "World Class" (or "Tier 1") is considered to be
appropriate. Examples of global copper and gold discoveries since
2006 that are generally considered to be "World Class" are
summarised in Table A.
References cited in the text:
1. Singer, D.A. and Menzie, W.D., 2010. Quantitative Mineral
Resource Assessments: An Integrated Approach. Oxford University
Press Inc.
2. Schodde, R., 2006. What do we mean by a world class deposit?
And why are they special. Presentation. AMEC Conference, Perth.
3. Schodde, R and Hronsky, J.M.A, 2006. The Role of World-Class
Mines in Wealth Creation. Special Publications of the Society
of Economic Geologists Volume 12.
4. Singer, D.A., 1995, World-class base and precious metal deposits-a
quantitative analysis: Economic Geology, v. 90, no.1, p. 88-104.
5. Laznicka, P., 2010. Giant Metallic Deposits: Future Sources
of Industrial Metal, Second Edition. Springer-Verlag Heidelberg.
=============
Deposit Discovery Major Country Current Status Mining Inventory
Name Year Metals Style
LA COLOSA 2006 Au, Colombia Feasibility Open Pit (1) 469Mt
Cu - New Project @ 0.95g/t
Au; 14.3Moz
Au
============= ============ ============= ========================= ============= ===============
LOS SULFATOS 2007 Cu, Chile Advanced Exploration Underground (2) 1.2Bt
Mo @1.46% Cu
& 0.02% Mo;
17.5Mt Cu
============= ============ ============= ========================= ============= ===============
BRUCEJACK 2008 Au Canada Development/Construction Open Pit (3) 15.6Mt
@ 16.1 g/t
Au; 8.1Moz
Au
============= ============ ============= ========================= ============= ===============
KAMOA-KAKULA 2008 Cu, Congo Feasibility Open Pit (4) 1.3Bt
Co, (DRC) - New Project & @ 2.72% Cu;
Zn Underground 36.5 Mt Cu
============= ============ ============= ========================= ============= ===============
GOLPU 2009 Cu, PNG Feasibility Underground (5) 820Mt
Au - New Project @ 1.0% Cu,
0.70g/t Au;
8.2Mt Cu,
18.5Moz Au
============= ============ ============= ========================= ============= ===============
COTE 2010 Au, Canada Feasibility Open Pit (6) 289Mt
Cu Study @ 0.90 g/t
Au; 8.4Moz
Au
============= ============ ============= ========================= ============= ===============
HAIYU 2011 Au China Development/Construction Underground (7) 15Moz
Au
============= ============ ============= ========================= ============= ===============
RED HILL-GOLD 2011 Au United Feasibility Open Pit (8) 47.6Mt
RUSH States Study & @ 4.56 g/t
Underground Au; 7.0Moz
Au
============= ============ ============= ========================= ============= ===============
XILING 2016 Au China Advanced Exploration Underground (9) 383Mt
@ 4.52g/t
Au; 55.7Moz
Au
============= ============ ============= ========================= ============= ===============
Source: after MinEx Consulting, May 2017
(1) Source: http://www.mining--technology.com/projects/la--colosa
(2) Source: http://www.angloamerican.com/media/press--releases/2009
(3) Source: http://www.pretivm.com/projects/brucejack/overview/
(4) Source: https://www.ivanhoemines.com/projects/kamoa--kakula--project/
(5) Source:
http://www.newcrest.com.au/media/resource_reserves/2016/December_2016_Resources_and_Reserves_Statement.pdf
(6) Source: http://www.canadianminingjournal.com/news/gold--iamgold--files--cote--project--pea/
(7) Source: http://www.zhaojin.com.cn/upload/2015--05--31/580601981.pdf
(8) Source: https://mrdata.usgs.gov/sedau/show--sedau.php?rec_id=103
(9) Source: http://www.chinadaily.com.cn/business/2017--03/29/content_28719822.htm
Table A: Tier 1 global copper and gold discoveries since 2006.
This table does not purport to be exhaustive exclusive or
definitive.
Resource Tonnage Grade Contained Metal
Category (Mt)
Cu Au (g/t) CuEq Cu (Mt) Au (Moz) CuEq
(%) (%) (Mt)
----- --------- ----- -------- --------- ------
>1.1% CuEq Indicated 70 1.1 1.3 1.8 0.7 2.8 1.2
----------- -------- ----- --------- ----- -------- --------- ------
Inferred 50 1.1 1.3 1.8 0.5 1.9 0.8
------------------------- -------- ----- --------- ----- -------- --------- ------
0.9 - 1.1%
CuEq Indicated 50 0.7 0.5 1.0 0.3 0.9 0.5
----------- -------- ----- --------- ----- -------- --------- ------
Inferred 50 0.7 0.5 1.0 0.4 0.9 0.5
------------------------- -------- ----- --------- ----- -------- --------- ------
0.3 - 0.9%
CuEq Indicated 310 0.4 0.2 0.5 1.2 2.3 1.6
----------- -------- ----- --------- ----- -------- --------- ------
Inferred 550 0.4 0.2 0.5 2.0 3.5 2.6
------------------------- -------- ----- --------- ----- -------- --------- ------
Total >0.3%
CuEq Indicated 430 0.5 0.4 0.8 2.3 6.0 3.4
----------- -------- ----- --------- ----- -------- --------- ------
Inferred 650 0.4 0.3 0.6 2.9 6.3 4.0
------------------------- -------- ----- --------- ----- -------- --------- ------
Table B: Alpala Mineral Resource statement as of 18 December
2017
Notes:
-- Mr. Martin Pittuck, MSc, CEng, MIMMM, is responsible for this
Mineral Resource estimate and is an "independent qualified
person" as such term is defined in NI 43-101.
-- The Mineral Resource is reported using a cut-off grade of
0.3% copper equivalent calculated using [copper grade (%)]
+ [gold grade (g/t) x 0.6] based on a copper price of US$2.8/lb
and gold price of US$1,160/oz.
-- The Mineral Resource is considered to have reasonable potential
for eventual economic extraction by underground mass mining
such as block caving.
-- Mineral Resources are not Mineral Reserves and do not have
demonstrated economic viability.
-- The statement uses the terminology, definitions and guidelines
given in the CIM Standards on Mineral Resources and Mineral
Reserves (May 2014).
-- The MRE is reported on 100 percent basis.
-- Values given in the table have been rounded, apparent calculation
errors resulting from this are not considered to be material.
-- The effective date for the Mineral Resource statement is 18th
December 2017.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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