TIDMAAZ
RNS Number : 8548D
Anglo Asian Mining PLC
02 November 2020
Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector:
Mining
02 November 2020
Anglo Asian Mining plc
Gedabek Open Pit and Gadir Underground Mine - Revised JORC
Mineral Resources and Reserves
Ugur Open Pit - Remaining Mineable Material
New Mine Life of Eight Years
Anglo Asian Mining plc ("Anglo Asian" or the "Company"), the AIM
listed gold, copper and silver producer, is pleased to announce
updated Mineral Resources and Ore Reserves, estimated in accordance
with the JORC (2012) code, for the Gedabek open pit and Gadir
underground mine located at the Company's Gedabek licence area
("Gedabek") in Western Azerbaijan. The Mineral Resources and Ore
Reserves estimates have been prepared by the independent company
Mining Plus UK Limited ("Mining Plus") and are based on robust
geological models, which benefit from information gathered during
the mining of the deposits, recent geological work and exploration
drilling. The Company also announces an update for its Ugur open
pit Mine.
Summary
-- Revised Mineral Resources for Gedabek open pit
o Total Mineral Resources of 735,000 ounces of gold and 69,100
tonnes of copper
o Mineral Resources now include material contained in
stockpiles
o Zinc Mineral Resources now also estimated to enable the
technical implications of higher zinc grades at depth to be
understood
-- Revised Mineral Resources for Gadir Underground Mine
o Total Mineral Resources of 267,000 ounces of gold and 2,183
tonnes of copper
-- Ore Reserves for the Gedabek Open Pit and Gadir Underground Mine
o Gedabek open pit of 284,000 ounces of gold and 26,000 tonnes
of copper
o Gadir underground mine of 49,000 ounces of gold and 191 tonnes
of copper
-- Mine life for the Gedabek open pit of eight years
o Mine life based on the current mining practices of the Gedabek
open pit
o Optimisation of the mine plan being carried out to enable more
efficient mining and maximise use of our processing capability
-- A residual mineral study of Ugur shows that, as expected, the
mine is nearing depletion but exploration in the vicinity of, and
below, the mine continues
o Copper mineralisation has been identified
Anglo Asian CEO, Reza Vaziri, said " I am delighted to announce
these latest JORC estimates for the Gedabek open pit and Gadir
underground mines. These show the economically mineable Ore
Reserves remaining in the open pit mine amount to 284,000 ounces of
gold and 26,000 tonnes of copper. The economically mineable Ore
Reserves for the Gadir underground mine amount to 49,000 ounces of
gold and 191 tonnes of copper.
"The mine life of the new model is a further eight years
assuming the current mining rate from the open pit, however the
Company is carrying out a study to see if part of this ore can also
be mined more efficiently by underground mining. Our ongoing
exploration programme targeting five new deposits is also expected
to produce additional ore sources to further complement the
production from the Gedabek open pit and the Gadir underground
mines."
Anglo Asian Group Director of Geology & Mining, Stephen
Westhead, said "These latest resources and reserves statements and
the extensive geological and mining work supporting them provide
the production platform to develop a long-term operational
strategy. Gedabek ore production will be supplemented by mining of
the Gadir underground reserve, stockpile inventory and potential
new deposits. The ongoing underground development will provide the
technical data to optimise the open pit and underground production
profile to maximise cashflow. Exploration results from the rest of
the Gedabek contract area are delivering "mineable" grades and
there is a focus on drilling the areas of known mineralisation to
assess continuity for resource estimation to further prolong mine
life, within an extended Production Sharing Agreement."
Mine Life, Development and Exploration Upside
The current mine life of the Gedabek open pit, based on the
mining schedule used for its Ore Reserves estimation, is now eight
years. The mining schedule assumes a continuation of the current
mining practices used in the Gedabek open pit. However, such a
mining schedule, results in spare capacity of the current
processing facilities which can be used to treat additional sources
of ore. Ore production from the Gedabek Open pit will also be
supplemented by stockpile material and ore mined from the Gadir
underground mine to increase utilisation of the processing
facilities.
The Company is also undertaking an assessment for the
underground mining of part of the existing Gedabek Open Pit Mineral
Resources and Ore Reserves. This is to determine whether
underground mining of this ore will be more economic and better
match the requirements of the processing facilities. Underground
tunnelling is currently being developed from the south below the
Gedabek open pit. This will soon link with the tunnel being
developed from Gadir at the northern end of Gedabek. The continuous
tunnelling will allow for the additional assessment of ore
extraction from underground as well as the exploration of the
deeper extensions of mineralisation. Only the upper level of
mineralisation is currently contained within the new open pit Ore
Reserves, and a study is now being carried out to look at the
benefits of open pit versus underground mining and scheduling. The
positive impact of underground extraction is likely to be the
avoidance of significant waste rock removal required by the open
pit extraction plan, thus improving the mining economics and
potential for additional Mineral Resources and Ore Reserves.
Further exploration is planned of the extensive deeper
mineralisation already identified below the current Gedabek Mineral
Resources. The objective is to increase the size of the Mineral
Resources with the aim to develop future additional underground Ore
Reserves.
Furthermore, if any of the Company's exploration targets are
developed into mines, ore from these sources can also be used to
ensure processing plants are fully utilised, with the option of
further expansion of the facilities.
Gedabek Open Pit JORC (2012) Mineral Resources and Ore Reserves
- Summary
-- Gold and copper Mineral Resources (at a cut-off grade of 0.2
grammes per tonne of gold) as follows:
o Measured and Indicated: 551,000 ounces of gold, 33,400 tonnes
of copper and 2,202,000 ounces of silver
o Total (including Inferred): 735,000 ounces of gold, 41,200
tonnes of copper and 2,457,000 ounces of silver
-- Gold and copper Proven plus Probable Ore Reserves as follows:
o 284,000 ounces of gold, 26,000 tonnes of copper and 1,754,000
ounces of silver
-- Additional Mineral Resource (gold grade below 0.2 grammes per
tonne and copper grade above 0.3 per cent.) contains 27,900 tonnes
of copper and 261,000 ounces of silver
Gedabek Open Pit - JORC (2012) Mineral Resources and Ore
Reserves Statements at 30 June 2020
Anglo Asian, together with the mining and geological consulting
group Mining Plus, prepared the Mineral Resources and Ore Reserves
estimation of the Gedabek deposit. The detailed Mineral Resources
and Ore Reserves estimation parameters per Table 1 of the JORC code
can be accessed at
http://www.rns-pdf.londonstockexchange.com/rns/8548D_1-2020-11-1.pdf
. A glossary of terminology related to the Mineral Resources and
Ore Reserves estimate and other information is set out in the
appendix below. Full technical Mineral Resources and Ore Reserves
reports by Mining Plus is available on the Group's web-site at:
https://wp-angloasianmining-2020.s3.eu-west-2.amazonaws.com/media/2020/10/30134936/AAZ-Gedabek_Mineral-Resource_Estimate_2020_JORC.pdf
and;
https://wp-angloasianmining-2020.s3.eu-west-2.amazonaws.com/media/2020/10/30134939/AAZ-Gedabek_Reserves_Report_r3.pdf
The Mineral Resources and Ore Reserves are prepared in
accordance with JORC Code (2012), which is the current edition of
the JORC Code. After a transition period, the 2012 edition came
into mandatory operation from 1 December 2013. The Mineral
Resources and Ore Reserves stated below are in-situ.
Gedabek Open Pit - Mineral Resources
MINERAL RESOURCES (cut-off grade of 0.2 g/t gold)
In-situ grades Contained Metal
-------- ---------------------------------- -----------------------------------
Tonnage Gold Copper Silver Zinc Gold Copper Silver Zinc
Mineral grade grade grade grade
Resources (Mt) (g/t) (%) (g/t) (%) (koz) (kt) (koz) (kt)
-------- ------- ------- ------- ------- ------- ------- -------- -------
Measured 15.8 0.66 0.12 2.58 0.24 335 19.0 1,311 37.9
-------- ------- ------- ------- ------- ------- ------- -------- -------
Indicated 12.0 0.56 0.12 2.31 0.16 216 14.4 891 19.2
-------- ------- ------- ------- ------- ------- ------- -------- -------
Measured
and
Indicated 27.8 0.62 0.12 2.46 0.21 551 33.4 2,202 57.1
------------ -------- ------- ------- ------- ------- ------- ------- -------- -------
Inferred 13.0 0.44 0.06 0.61 0.15 184 7.8 255 19.5
-------- ------- ------- ------- ------- ------- ------- -------- -------
TOTAL 40.8 0.56 0.10 1.87 0.19 735 41.2 2,457 76.6
------------ -------- ------- ------- ------- ------- ------- ------- -------- -------
Some of the totals above may not add due to rounding
ADDITIONAL MINERAL RESOURCES (Additional to Gold Mineral Resource)
(gold cut-off < 0.2 g/t and copper > 0.3 %
Gold Copper Silver Zinc Contained Metal
------------------ ----------------- ----------------- ----------------- ---------------------------------
Tonnage Gold Tonnage Copper Tonnage Silver Tonnage Zinc Gold Copper Silver Zinc
grade grade grade grade
(Mt) (g/t) (Mt) (%) (Mt) (g/t) (Mt) (%) (koz) (kt) (koz) (kt)
--------- ------- -------- ------- -------- ------- -------- ------- ------ ------- ------- -------
Measured - - 2.15 0.43 0.08 16.4 1.86 0.53 - 9.2 42 9.9
--------- ------- -------- ------- -------- ------- -------- ------- ------ ------- ------- -------
Indicated - - 2.13 0.34 0.28 13.9 2.03 0.51 - 7.2 125 10.4
--------- ------- -------- ------- -------- ------- -------- ------- ------ ------- ------- -------
Measured
and
Indicated - - 4.28 0.39 0.36 14.5 3.89 0.52 - 16.5 167 20.2
----------- --------- ------- -------- ------- -------- ------- -------- ------- ------ ------- ------- -------
Inferred - - 2.85 0.40 0.15 19.4 7.04 0.54 - 11.4 94 38.0
--------- ------- -------- ------- -------- ------- -------- ------- ------ ------- ------- -------
TOTAL - - 7.10 0.39 0.51 15.9 10.9 0.50 - 27.9 261 58.2
----------- --------- ------- -------- ------- -------- ------- -------- ------- ------ ------- ------- -------
Some of the totals above may not add due to rounding
Mineral Resource classifications are based on the gold
estimation confidence. Copper, silver, and zinc are reported within
these classifications.
Stockpiles included in Measured Resources and Ore Reserves
Measured Mineral Stockpile grades Contained metal
Resources
-------- ------------------------- -------------------------
Tonnage Gold Copper Silver Gold Copper Silver
grade grade grade
(Mt) (g/t) (%) (g/t) (koz) (kt) (koz)
-------- ------- ------- ------- ------- ------- -------
Agitation leach 0.02 1.87 0.24 17.79 1 0 10
-------- ------- ------- ------- ------- ------- -------
Flotation 0.14 0.90 0.53 11.71 4 0.7 53
-------- ------- ------- ------- ------- ------- -------
Heap leach (crushed) 0.06 0.81 0.11 7.71 2 0.1 16
-------- ------- ------- ------- ------- ------- -------
Heap leach (ROM) 0.61 0.73 0.21 10.23 14 4.3 201
-------- ------- ------- ------- ------- ------- -------
Stockpile Mineral
Resources 0.83 0.79 0.26 10.44 21 2.2 279
---------------------- -------- ------- ------- ------- ------- ------- -------
Gedabek Open Pit - Ore Reserves
In-situ grades Contained metal
Tonnage Gold Copper Silver Gold Copper Silver
grade grade grade
(Mt) (g/t) (%) (g/t) (koz) (kt) (koz)
------- ------- ------- ------- ------- -------
Proven 8.07 0.72 0.19 3.48 187 15.3 902
-------- ------- ------- ------- ------- ------- -------
Probable 3.65 0.64 0.23 4.87 75 8.5 572
-------- ------- ------- ------- ------- ------- -------
In situ-ore reserves 11.72 0.70 0.20 3.91 263 24 1,474
---------------------- -------- ------- ------- ------- ------- ------- -------
Stockpile grades
-------- ------------------------- ------- ------- -------
Agitation leach 0.02 1.87 0.24 17.79 1 0 10
-------- ------- ------- ------- ------- ------- -------
Flotation 0.14 0.90 0.53 11.71 4 0.7 53
-------- ------- ------- ------- ------- ------- -------
Heap leach (crushed) 0.06 0.81 0.11 7.71 2 0.1 16
-------- ------- ------- ------- ------- ------- -------
Heap leach (ROM) 0.61 0.73 0.21 10.23 14 4.3 201
-------- ------- ------- ------- ------- ------- -------
Stockpile ore
reserves 0.83 0.79 0.26 10.44 21 2.2 279
---------------------- -------- ------- ------- ------- ------- ------- -------
TOTAL ORE RESERVE 12.55 0.70 0.21 4.34 284 26.0 1,754
---------------------- -------- ------- ------- ------- ------- ------- -------
Proved and Probable Ore Reserves estimate is based on that
portion of the Measured and Indicated Mineral Resources of the
deposit within the scheduled mine designs that may be economically
extracted, considering all "Modifying Factors" in accordance with
the JORC (2012) Code.
Gadir Underground Mine JORC (2012) Mineral Resources and Ore
Reserves - Summary
-- Gold and copper Mineral Resources (at a cut-off grade of 0.5
grammes per tonne of gold) as follows:
o Measured and Indicated: 211,000 ounces of gold, 2,024 tonnes
of copper and 326,000 ounces of silver
o Total (including Inferred): 267,000 ounces of gold, 2,183
tonnes of copper and 328,000 ounces of silver
-- Gold and copper Proven plus Probable Ore Reserves as follows:
o 49,000 ounces of gold, 191 tonnes of copper and 51,000 ounces
of silver
Gadir Underground Mine - JORC (2012) Mineral Resources and Ore
Reserves Statements at 30 June 2020
Anglo Asian, together with the mining and geological consulting
group Mining Plus, prepared the Mineral Resources and Ore Reserves
estimation of the Gadir deposit. The detailed Mineral Resources and
Ore Reserve estimation parameters per Table 1 of the JORC code can
be accessed at
http://www.rns-pdf.londonstockexchange.com/rns/8548D_2-2020-11-1.pdf
. A glossary of terminology related to the Mineral Resources and
Ore Reserves estimate and other information is set out in the
appendix below. Full technical Mineral Resources and Ore Reserves
reports by Mining Plus is available on the Group's web-site at:
https://wp-angloasianmining-2020.s3.eu-west-2.amazonaws.com/media/2020/10/30134949/AAZ-Gadir_Mineral-Resource_Estimate_2020_JORC.pdf
and;
https://wp-angloasianmining-2020.s3.eu-west-2.amazonaws.com/media/2020/10/30134926/AAZ-Gadir_Reserves_Report_v5.pdf
The Mineral Resources and Ore Reserves are prepared in
accordance with JORC Code (2012), which is the current edition of
the JORC Code. After a transition period, the 2012 edition came
into mandatory operation from 1 December 2013. The Mineral
Resources and Ore Reserves stated below are in-situ.
Gadir Underground Mine - Mineral Resources
MINERAL RESOURCES (cut-off grade of 0.5 g/t gold)
In-situ grades Contained Metal
-------- ---------------------------------- -------------------------------------
Tonnage Gold Copper Silver Zinc Gold Copper Silver Zinc
Mineral grade grade grade grade
Resources (kt) (g/t) (%) (g/t) (%) (koz) (t) (koz) (t)
-------- ------- ------- ------- ------- ------- -------- ------- ---------
Measured 2,035 2.47 0.09 4.69 0.61 162 1,831 307 12,407
-------- ------- ------- ------- ------- ------- -------- ------- ---------
Indicated 966 1.59 0.02 0.63 0.33 49 193 20 3,188
-------- ------- ------- ------- ------- ------- -------- ------- ---------
Measured
and
Indicated 3,001 2.19 0.07 3.40 0.52 211 2,024 326 15,595
------------ -------- ------- ------- ------- ------- ------- -------- ------- ---------
Inferred 1,594 1.10 0.01 0.03 0.10 56 159 2 1,594
-------- ------- ------- ------- ------- ------- -------- ------- ---------
TOTAL 4,595 1.81 0.05 2.22 0.37 267 2,183 328 17,189
------------ -------- ------- ------- ------- ------- ------- -------- ------- ---------
Some of the totals above may not add due to rounding
Gadir Underground Mine - Ore Reserves
In-situ grades Contained metal
Tonnage Gold Copper Silver Gold Copper Silver
grade grade grade
(Mt) (g/t) (%) (g/t) (koz) (t) (koz)
------- ------- ------- ------- ------- -------
Proven 0.47 2.32 0.04 3.38 35 173 51
-------- ------- ------- ------- ------- ------- -------
Probable 0.19 2.20 0.01 0.74 14 18 5
-------- ------- ------- ------- ------- ------- -------
TOTAL ORE RESERVE 0.66 2.28 0.03 2.60 49 191 56
------------------- -------- ------- ------- ------- ------- ------- -------
Proved and Probable Ore Reserves estimate is based on that
portion of the Measured and Indicated Mineral Resources of the
deposit within the scheduled mine designs that may be economically
extracted, considering all "Modifying Factors" in accordance with
the JORC (2012) Code.
Ugur Open Pit
A statement complying with JORC has not been prepared as the
mine is nearing depletion. Mining Plus have carried out a residual
material study to estimate the remaining mineable mineralisation.
The amount of remaining mineable material is given in the table
below. Exploration continues in the vicinity of the Ugur mine and
copper has been identified both under and adjacent to the Ugur open
pit.
MINEABLE MATERIAL (gold cut-off grade of > = 0.3 g/t
Tonnage In-situ grades Contained metal
Mt
--------- ------------------ ------------------
Gold Silver Gold Silver
Grade Grade (koz) (koz)
(g/t) (g/t)
--------- -------- -------- -------- --------
Mineable
Material 0.28 0.8 3.59 7.15 32.3
--------- -------- -------- -------- --------
MINEABLE MATERIAL (gold cut-off grade of > = 0.2 g/t
Mineable
Material 0.38 0.65 3.33 7.94 40.7
--------- -------- -------- -------- --------
Competent Person Statement
The information in the announcement that relates to Mineral
Resources is based on information compiled by Mr Julian Aldridge,
who is a full-time employee of Mining Plus UK Ltd, and is a Fellow
of The Geological Society of London, a Chartered Geologist, and a
Member of The Institute of Materials, Minerals and Mining.
Julian Aldridge has sufficient experience that is relevant to
the style of mineralisation and type of deposit under consideration
and to the activity being undertaken to qualify as a Competent
Person as defined in the 2012 Edition of the 'Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore
Reserves'. Julian Aldridge consents to the inclusion in the
announcement of the matters based on his information in the form
and context in which it appears.
Julian Aldridge has sufficient experience, relevant to the style
of mineralisation and type of deposit under consideration and to
the activity that he is undertaking, to qualify as a "competent
person" as defined by the AIM rules. Julian Aldridge has reviewed
the Mineral Resources included in this announcement.
The information in the announcement that relates to Ore Reserves
for the Gedabek Open Pit is based on information compiled by Mr
John Battista, who is a full-time employee of Mining Plus UK Ltd,
and is a Member and Chartered Professional (Mining) of the
Australasian Institute of Mining and Metallurgy (MAusIMM
CP(Min)).
John Battista has sufficient experience that is relevant to the
style of mineralisation and type of deposit under consideration and
to the activity being undertaken to qualify as a Competent Person
as defined in the 2012 Edition of the 'Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore
Reserves'. John Battista consents to the inclusion in the
announcement of the matters based on his information in the form
and context in which it appears.
John Battista has sufficient experience, relevant to the style
of mineralisation and type of deposit under consideration and to
the activity that he is undertaking, to qualify as a "competent
person" as defined by the AIM rules. John Battista has reviewed the
Ore Reserves included in this announcement.
The information in the announcement that relates to Ore Reserves
for the Gadir Underground Mine is based on information compiled by
Mr Aidar Kairbekov, who is a full-time employee of Mining Plus UK
Ltd, and is a Professional Member of the Southern African Institute
of Mining and Metallurgy (SAIMM).
Aidar Kairbekov has sufficient experience that is relevant to
the style of mineralisation and type of deposit under consideration
and to the activity being undertaken to qualify as a Competent
Person as defined in the 2012 Edition of the 'Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore
Reserves'. Aidar Kairbekov consents to the inclusion in the
announcement of the matters based on his information in the form
and context in which it appears.
Aidar Kairbekov has sufficient experience, relevant to the style
of mineralisation and type of deposit under consideration and to
the activity that he is undertaking, to qualify as a "competent
person" as defined by the AIM rules. Aidar Kairbekov has reviewed
the Ore Reserves included in this announcement.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
**S**
For further information please visit www.angloasianmining.com or
contact:
Reza Vaziri Anglo Asian Mining plc Tel: +994 12 596 3350
Bill Morgan Anglo Asian Mining plc Tel: +994 502 910 400
------------------------------ ----------------------
Stephen Westhead Anglo Asian Mining plc Tel: +994 502 916 894
------------------------------ ----------------------
Ewan Leggat SP Angel Corporate Finance Tel: +44 (0) 20 3470
LLP 0470
Nominated Adviser and Broker
------------------------------ ----------------------
Soltan Tagiev SP Angel Corporate Finance Tel + 44 (0) 20 3470
LLP 0470
------------------------------ ----------------------
Megan Ray Blytheweigh Financial Tel: +44 (0) 20 7138
3224
------------------------------ ----------------------
Notes:
Anglo Asian Mining plc (AIM:AAZ) is a gold, copper and silver
producer in Central Asia with a broad portfolio of production and
exploration assets in Azerbaijan. The Company has a 1,962 square
kilometre portfolio, assembled from analysis of historic Soviet
geological data and held under a Production Sharing Agreement
modelled on the Azeri oil industry.
The Company's main operating location is the Gedabek contract
area ("Gedabek") which is a 300 square kilometre area in the Lesser
Caucasus mountains in western Azerbaijan. The Company developed
Azerbaijan's first operating gold/copper/silver mine at Gedabek
which commenced gold production in May 2009. Mining at Gedabek was
initially from its main open pit which is an open cast mine with a
series of interconnected pits. The Company also operates the high
grade Gadir underground mine which is co-located at the Gedabek
site. The Company has a second underground mine, Gosha, which is 50
kilometres from Gedabek. Ore mined at Gosha is processed at Anglo
Asian's Gedabek plant.
The Company produced 81,399 gold equivalent ounces ("GEOs") for
the year ended 31 December 2019. Gedabek is a polymetallic ore
deposit that has gold together with significant concentrations of
copper in the main open pit mine, and an oxide gold-rich zone at
Ugur. The Company therefore employs a series of flexible processing
routes to optimise metal recoveries and efficiencies. The Company
produces gold doré through agitation and heap leaching operations,
copper concentrate from its Sulphidisation, Acidification,
Recycling, and Thickening (SART) plant and also a copper and
precious metal concentrate from its flotation plant.
The Company has a production target for the year to 31 December
2020 of 65,000 ounces to 67,000 ounces of gold and 2,200 tonnes to
2,400 tonnes of copper which is currently being revised. This total
production target expressed as gold equivalent ounces ("GEOs") at
budgeted prices is between 75,000 GEOs and 80,000 GEOS.
Anglo Asian is also actively seeking to exploit its first mover
advantage in Azerbaijan to identify additional projects, as well as
looking for properties in other jurisdictions in order to fulfil
its expansion ambitions and become a mid-tier gold and copper metal
production company. It has recently announced that it will enter
into a joint venture with Conroy Gold and Natural resources PLC to
explore and develop various gold properties in The Republic of
Ireland and Northern Ireland.
GLOSSARY OF TERMS AND ABBREVIATIONS
The following definitions are extracted from the JORC Code, 2012
Edition
Cut-off grade The lowest grade, or quality, of mineralised
material that qualifies as economically
mineable and available in a given deposit.
May be defined on the basis of economic
evaluation, or on physical or chemical
attributes that define an acceptable
product specification.
Indicated Mineral An 'Indicated Mineral Resource' is
Resource that part of a Mineral Resource for
which quantity, grade (or quality),
densities, shape and physical characteristics
are estimated with sufficient confidence
to allow the application of Modifying
Factors in sufficient detail to support
mine planning and evaluation of the
economic viability of the deposit.
Geological evidence is derived from
adequately detailed and reliable exploration,
sampling and testing gathered through
appropriate techniques from locations
such as outcrops, trenches, pits, workings
and drill holes, and is sufficient
to assume geological and grade (or
quality) continuity between points
of observation where data and samples
are gathered. An Indicated Mineral
Resource has a lower level of confidence
than that applying to a Measured Mineral
Resource and may only be converted
to a Probable Ore Reserve.
-------------------------------------------------
Inferred Mineral An 'Inferred Mineral Resource' is that
Resource part of a Mineral Resource for which
quantity and grade (or quality) are
estimated on the basis of limited geological
evidence and sampling. Geological evidence
is sufficient to imply but not verify
geological and grade (or quality) continuity.
It is based on exploration, sampling
and testing information gathered through
appropriate techniques from locations
such as outcrops, trenches, pits, workings
and drill holes. An Inferred Mineral
Resource has a lower level of confidence
than that applying to an Indicated
Mineral Resource and must not be converted
to an Ore Reserve. It is reasonably
expected that the majority of Inferred
Mineral Resources could be upgraded
to Indicated Mineral Resources with
continued exploration.
-------------------------------------------------
JORC JORC stands for Australasian Joint
Ore Reserves Committee (JORC). The
Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves
(the JORC Code) is widely accepted
as the definitive standard for the
reporting of a company's resources
and reserves. The latest JORC Code
is the 2012 Edition.
-------------------------------------------------
Measured Mineral A 'Measured Mineral Resource' is that
Resource part of a Mineral Resource for which
quantity, grade (or quality), densities,
shape, and physical characteristics
are estimated with confidence sufficient
to allow the application of Modifying
Factors to support detailed mine planning
and final evaluation of the economic
viability of the deposit. Geological
evidence is derived from detailed and
reliable exploration, sampling and
testing gathered through appropriate
techniques from locations such as outcrops,
trenches, pits, workings and drill
holes, and is sufficient to confirm
geological and grade (or quality) continuity
between points of observation where
data and samples are gathered. A Measured
Mineral Resource has a higher level
of confidence than that applying to
either an Indicated Mineral Resource
or an Inferred Mineral Resource. It
may be converted to a Proved Ore Reserve
or under certain circumstances to a
Probable Ore Reserve
-------------------------------------------------
Mineral Reserves An 'Ore Reserve' is the economically
or Ore Reserves mineable part of a Measured and/or
Indicated Mineral Resource. It includes
diluting materials and allowances for
losses, which may occur when the material
is mined or extracted and is defined
by studies at Pre-Feasibility or Feasibility
level as appropriate that include application
of Modifying Factors. Such studies
demonstrate that, at the time of reporting,
extraction could reasonably be justified.
-------------------------------------------------
Mineral Resource A 'Mineral Resource' is a concentration
or occurrence of solid material of
economic interest in or on the Earth's
crust in such form, grade (or quality),
and quantity that there are reasonable
prospects for eventual economic extraction.
The location, quantity, grade (or quality),
continuity and other geological characteristics
of a Mineral Resource are known, estimated
or interpreted from specific geological
evidence and knowledge, including sampling.
Mineral Resources are sub-divided,
in order of increasing geological confidence,
into Inferred, Indicated and Measured
categories.
-------------------------------------------------
Modifying Factors 'Modifying Factors' are considerations
used to convert Mineral Resources to
Ore Reserves. These include, but are
not restricted to, mining, processing,
metallurgical, infrastructure, economic,
marketing, legal, environmental, social
and governmental factors.
-------------------------------------------------
Probable Ore Reserve A 'Probable Ore Reserve' is the economically
mineable part of an Indicated, and
in some circumstances, a Measured Mineral
Resource. The confidence in the Modifying
Factors applying to a Probable Ore
Reserve is lower than that applying
to a Proved Ore Reserve.
-------------------------------------------------
Proved Ore Reserve A 'Proved Ore Reserve' is the economically
mineable part of a Measured Mineral
Resource. A Proved Ore Reserve implies
a high degree of confidence in the
Modifying Factors.
-------------------------------------------------
Abbreviation Definition of term
------------- --------------------
Ag Chemical symbol for
silver
--------------------
Au Chemical symbol for
gold
--------------------
g/t Gramme per tonne
--------------------
M Meters
--------------------
Oz Ounces
--------------------
t Tonnes
--------------------
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