TIDMATYM
RNS Number : 1263E
Atalaya Mining PLC
14 July 2016
14 July 2016
Atalaya Mining plc ("Atalaya" or the "Company")
(AIM: ATYM, TSX: AYM)
Updated Reserves and Resources Statement
Atalaya, the European mining and development company, announces
an updated Mineral Reserves and Resources estimate for the Riotinto
Copper Project ("Proyecto Riotinto") as at 30 June 2016. These
estimates, outlined below, have been compiled in accordance with
the guidelines set out in Canadian National Instrument 43-101.
Highlights
-- Total open pit Mineral Reserves estimate of 153 million
tonnes averaging 0.45% Cu using variable, declining cut-off grades
for 681,000 tonnes of contained Cu metal, (previous total 606,000
tonnes), representing over a 12% increase.
-- Total open pit Measured and Indicated Mineral Resources
estimate of 193 million tonnes averaging 0.43% Cu and an additional
Inferred open pit Mineral Resource estimate of 23 million tonnes
averaging 0.48% , both calculated using a 0.20% Cu cut-off
grade.
Total Mineral Reserves for Proyecto Riotinto
June 2016 Estimate
-------------------------------------------------------------------------------------------------------
Proven Probable Mineral Reserve
------------- ------------------ ------------------- -----------------------------------------------
Tonnes % Cu Tonnes % Cu Tonnes % Cu Contained Cu t Waste:Ore
------------- ----- ------ ----- ---------------
(millions) (millions) (millions) ratio
------------- ----------- ----- ----------- ------ ----------- ----- --------------- ----------
New Reserve 78 0.45 74 0.44 153 0.45 681,000 1.9
Previous
Reserve 39 0.38 84 0.54 123 0.49 606,000 1.1
------------- ----------- ----- ----------- ------ ----------- ----- --------------- ----------
Totals may not equal the sum of the components due to rounding
adjustments
-- Reserve estimates are based on the mined surface of the open
pit as at 30 April 2016 and a deposit model dated 3 May 2016;
-- The pit design and internal cut-off grade are based on a long
term copper price of US$2.60/lb.;
-- Declining cut-off grades were applied to estimate Mineral
Reserves. Cut-off grades are initially 0.25% Cu, declining to an
internal cut-off of 0.16% Cu after 14 years, and remaining at 0.16%
Cu until completion of open pit mining. The mine life is presently
estimated at 16.5 years;
-- Mineral Reserves are included in the estimates of Mineral Resources;
-- Long term US$/Euro exchange rate of 1.12;
-- Ultimate open pit design has a waste to ore ratio of 1.9:1;
-- Underground orebodies do not form part of the open pit reserves estimate.
Total Mineral Resources for Proyecto Riotinto at variable
cut-off grades
Measured Indicated M+I Inferred M+I+I
-------- ------------------- ------------------- ------------------- ------------------- -------------------
% Cu Tonnes Tonnes Tonnes Tonnes Tonnes
Cutoff (million) %Cu (million) %Cu (million) %Cu (million) %Cu (million) %Cu
-------- ----------- ------ ----------- ------ ----------- ------ ----------- ------ ----------- ------
0.15 115 0.374 122 0.384 237 0.379 25 0.450 262 0.386
0.20 90 0.430 103 0.424 193 0.427 23 0.484 216 0.433
0.25 73 0.479 87 0.459 160 0.468 20 0.517 180 0.474
0.30 61 0.519 73 0.497 134 0.507 18 0.547 152 0.512
0.35 50 0.562 59 0.537 109 0.549 15 0.584 124 0.553
0.40 40 0.610 45 0.587 85 0.598 12 0.635 97 0.602
0.45 32 0.658 34 0.638 66 0.648 10 0.690 76 0.653
0.50 24 0.712 25 0.695 49 0.704 8 0.741 57 0.709
-------- ----------- ------ ----------- ------ ----------- ------ ----------- ------ ----------- ------
Totals may not equal the sum of the components due to rounding
adjustments
-- The effective date of the mineral resource model is 03 May
2016. The Mineral Resource estimate is summarised using the mined
surface of the open pit as at 30 April 2016;
-- The Mineral Resource estimate uses all available assays
through the end of March 2016 and includes 171,987 metres of
historical and new drilling with 86,052 sample intervals;
-- Mineral Resources are reported inclusive of Mineral Reserves;
-- The resources are estimates of recoverable tonnes and grades
using Inverse Distance to various Power factors;
-- Resources are pit-constrained at US$3.20/lb Cu;
-- The resource model extends from 4174900mN to 4176500mN,
711900mE to 714750mE and to a maximum depth of 0mRL.
Alberto Lavandeira, CEO commented:
"We have completed our infill drilling programme, assays and
updating of the block model. These results have provided us with
greatly improved confidence in the overall distribution of
mineralization and a much better understanding of the potential
impurity levels which will enhance the efficiency of our mine
planning."
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014.
Contacts:
Atalaya Mining Roger Davey / Alberto +34 959
plc Lavandeira 59 28 50
--------------------- --------------------------- ------------
Canaccord Genuity
(NOMAD and Joint Henry Fitzgerald-O'Connor +44 20 7523
Broker) / Martin Davison 8000
--------------------- --------------------------- ------------
BMO Capital Markets Jeffrey Couch/Neil +44 20 7236
(Joint Broker) Haycock/Tom Rider 1010
--------------------- --------------------------- ------------
QUALIFIED PERSON AND QUALITY CONTROL
Information of a scientific or technical nature in this document
was prepared under the supervision of Alan C. Noble P.E., an
independent Qualified Person under the Canadian National Instrument
43-101.
The open pit mineral resource was prepared by Alan C. Noble,
P.E. The open pit mineral reserve was prepared by William L. Rose,
P.E., an independent Qualified Person working under the direction
of Mr. Noble.
Mr. Noble has verified the data disclosed, including sampling,
analytical, and test data underlying the information or opinions
contained in this announcement in accordance with standards
appropriate to their qualifications.
An updated NI 43-101 resource and reserve report will be
completed and filed in due course on SEDAR at www.sedar.com and on
the Company's website.
In relation to historical resources and reserves, refer to the
technical report entitled "NI 43-101 Technical Report on EMED's Rio
Tinto Copper Project, Huelva Province, Spain " dated February 2013
and filed on SEDAR at www.sedar.com, for further discussion of the
extent to which the estimate of mineral resources/reserves may be
materially affected by any known environmental, permitting, legal,
title, taxation, socio-political, or other relevant issues.
GLOSSARY of TECHNICAL TERMS
Cu Copper
---------- ------------------------------------------------
Cut-off The minimum grade at which mineralized
grade material can be economically mined
and processed for the purpose of
the reserve calculation
---------- ------------------------------------------------
Inferred That part of a Mineral Resource
Mineral for which quantity and grade or
Resource 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. An Inferred Mineral
Resource has a lower level of confidence
than that applying to an Indicated
Mineral Resource and must not be
converted to a Mineral Reserve.
It is reasonably expected that the
majority of Inferred Mineral Resources
could be upgraded to Indicated Mineral
Resources with continued exploration.
---------- ------------------------------------------------
Indicated That part of a Mineral Resource
Mineral for which quantity, grade or quality,
Resource 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 and is sufficient to
assume geological and grade or quality
continuity between points of observation.
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 Mineral Reserve.
---------- ------------------------------------------------
lb Pound
---------- ------------------------------------------------
Inverse Statistical interpolation method
distance
---------- ------------------------------------------------
Measured That part of a Mineral Resource
Mineral for which quantity, grade or quality,
Resource 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 and is sufficient
to confirm geological and grade
or quality continuity between points
of observation. 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 Proven Mineral
Reserve or to a Probable Mineral
Reserve
---------- ------------------------------------------------
Mineral The economically mineable part of
Reserve 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
Reserves are sub-divided in order
of increasing confidence into Probable
Mineral Reserves and Proven Mineral
Reserves. A Probable Mineral Reserve
has a lower level of confidence
than a Proven Mineral Reserve.
---------- ------------------------------------------------
Mineral A concentration or occurrence of
Resource 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.
---------- ------------------------------------------------
RL Relative level or elevation
---------- ------------------------------------------------
The above definitions of "Mineral Resource", "Inferred Mineral
Resource", "Indicated Mineral Resource", and "Measured Mineral
Resource" conform to CIM Definition Standards - For Mineral
Resources and Mineral Reserves, as prepared by the CIM Standing
Committee on Reserve Definitions, and adopted by CIM Council on 10
May 2014, and as required by NI 43-101, Standards of Disclosure for
Mineral Projects, of the Canadian Securities Administrators.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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