TIDMCNR
RNS Number : 0924J
Condor Gold PLC
19 August 2021
Condor Gold plc
7/8 Innovation Place
Douglas Drive
Godalming
Surrey
GU7 1JX
Tel: +44 (0) 207 493 2784
19 August 2021
Condor Gold Plc
("Condor", "Condor Gold" or the "Company")
6.6 m True Width at 10.51 g/t Gold Amongst Final Drilling
Results from 3,370 m Drilling Programme
Condor Gold (AIM: CNR; TSX: COG) is pleased to announce that all
assay results have now been received for the 3,370 m drilling
programme in the La India starter pit infill and reserve
circulation ("RC")-replacement drill holes completed between
December 2020 and June this year.
The highlight new drill result is LIDC464 of 6.6 m true width at
10.51 g/t gold.
The drilling programme has successfully completed 4 objectives:
Firstly, to tighten the drill hole spacing to 25 m by 25 m within
high grade starter pits within the fully permitted La India open
pit. Secondly, to provide the sample density required to finalize
pit designs and mine schedules ahead of production. Thirdly, the
diamond drilling programme has replaced all historical RC drill
holes within the overall La India open pit Mineral Resource and
Mineral Reserve, the results of which will improve the integrity of
the geological model and sample quality. Lastly, the diamond
drilling targeted nearby Inferred Mineral Resources to potentially
upgrade the target to an Indicated Mineral Resource, and its then
potential inclusion in the mine plan.
Highlights
-- 3,370 m diamond core drilling programme completed, all assay
results have been received and all significant intercepts have been
reported.
-- 22.05 m (21.6 m true width) at 6.48 g/t gold from 24.75 m
drill depth including 15.35 m (15.0 m true width) at 8.68 g/t gold
from 24.75 m drilled depth (drill hole LIDC413).
-- 60.60 m (54.5 m true width) at 1.98 g/t gold from 4.15 m
drill depth, including 5.75 m (5.2 m true width) at 16.88 g/t gold
from 42.55 m drill depth in drill hole LIDC452 located between the
two proposed starter pits.
-- 16.00 m (15.7 m true width) at 5.30 g/t gold from 18.35 m
drill depth, including 5.90 m (5.8 m true width) at 12.35 g/t gold
from 22.10 m drilled depth (drill hole LIDC416).
-- The wide zone of gold mineralization of 54.5 m true width at
1.98 g/t gold near surface has the potential to reduce the strip
ratio in the area between the starter pits due to the increase in
gold mineralized tonnage verses waste rock, thus potentially
improving Project economics.
-- Potential to amalgamate the two Starter Pits into a single,
larger Starter Pit as a broad zone of high grade gold
mineralization including a high grade intercept was previously
interpreted as a low grade zone within the main La India open
pit.
Mark Child, Chairman and CEO commented:
"All assay results for a 3,370 m diamond core drill programme
have been received. Please see Table 1 below for top 10 gold
intercepts, notably: 22.05 m (21.6 m true width) at 6.48 g/t gold
from 24.75 m drill depth including 15.35 m (15.0 m true width) at
8.68 g/t gold from 24.75 m drilled depth (drill hole LIDC413) and
60.60 m (54.5 m true width) at 1.98 g/t gold from 4.15 m drill
depth, including 5.75 m (5.2 m true width) at 16.88 g/t gold from
42.55 m drill depth in drill hole LIDC452 located between the two
proposed Starter Pits. Using a 2.0 g/t cut-off grade, the Starter
Pits contain 445 Kt at 4.17 g/t gold for 59,700 oz gold with a 6.8
to 1 strip ratio and represent less than 10% of the full permitted
La India open pit.
This has been a very successful drill programme and achieved a
number of key objectives: Firstly, the geological model has been
re-affirmed and is now more robust following a close spaced 25 m by
25 m drill programme in the Starter Pits with some drill assay
results better than expected. Secondly, the Starter Pits are now
"shovel ready", are within 35 m of surface and will provide early
high-grade mill feed for the recently purchased SAG Mill. The
replacement of RC drill holes with diamond core drilling
strengthens the geological model ahead of production. Project
economics are likely to improve with A) confirmation of a broad
zone of mineralisation between the starter pits which should reduce
the overall strip ratio and B) the discovery of an additional vein
in the footwall".
Background and Summary of Drill Programme
The drilling has returned grades and widths of the principal
gold mineralised structures in-line with expectations and achieved
the four objectives stated earlier. It has also extended the strike
length of an approximately 2 m wide vein in the footwall zone which
potentially can add extra ounces of gold to the mineral resource. A
broad zone of mineralisation from near surface, LIDC452 of 54.5 m
true width at 1.98 g/t gold, including 5.75 m (5.2 m true width) at
16.88 g/t gold, has been confirmed between the two Starter
Pits.
Table 1. Top ten gold intercepts from La India Pit infill and
RC-replacement drilling.
Drill Intercept Intercept Interval True Au Ag True Comments
hole From To (m) (m) Width (g/t) (g/t) grade-width
ID (m) (m) (gm/t)
Northern Starter
Pit, amalgamated
1 LIDC413 29.35 51.40 22.1 21.6 6.48 16 139.7 wallrock
-------- ---------- ---------- --------- ------- ------- ------- ------------- ------------------
Southern Starter
Pit, amalgamated
2 LIDC452 4.15 64.75 60.60 54.5 1.98 5 107.7 wallrock
-------- ---------- ---------- --------- ------- ------- ------- ------------- ------------------
Northern Starter
Pit, amalgamated
3 LIDC416 18.35 34.35 16.0 15.7 5.30 14 82.9 wallrock
-------- ---------- ---------- --------- ------- ------- ------- ------------- ------------------
Southern Starter
Pit, amalgamated
4 LIDC454 38.70 52.50 13.80 12.4 5.92 11 73.5 wallrock
-------- ---------- ---------- --------- ------- ------- ------- ------------- ------------------
Beneath Northern
5 LIDC464 67.90 74.55 6.65 6.6 10.51 23 69.5 Starter Pit
-------- ---------- ---------- --------- ------- ------- ------- ------------- ------------------
Northern Starter
6 LIDC406 25.35 43.25 17.9 17.4 3.27 7 57.0 Pit
-------- ---------- ---------- --------- ------- ------- ------- ------------- ------------------
Southern Starter
7 LIDC433 31.65 51.05 19.4 18.7 2.80 12 52.6 Pit
-------- ---------- ---------- --------- ------- ------- ------- ------------- ------------------
Southern Starter
8 LIDC442 38.00 46.30 8.30 8.1 6.26 43 50.4 Pit
-------- ---------- ---------- --------- ------- ------- ------- ------------- ------------------
Northern Starter
9 LIDC429 2.15 29.80 27.7 26.8 1.59 1 42.5 Pit
-------- ---------- ---------- --------- ------- ------- ------- ------------- ------------------
Southern Starter
10 LIDC456 60.00 69.00 9.00 8.5 4.98 11 42.1 Pit
-------- ---------- ---------- --------- ------- ------- ------- ------------- ------------------
Gold intercepts include amalgamated intercepts combining remnant
mineralisation in the hanging wall and/or footwall of the historic
and recent artisanal mine workings. All significant intercepts have
been previously reported, and LIDC464 in this RNS.
The twinning and replacement of RC drilling data with diamond
core drilling within the open pit Mineral Resource and Mineral
Reserve Estimate was undertaken to improve the quality and
resolution of the geological model. The diamond core twin drill
holes generally confirmed the results of the RC drilling. However,
some higher than expected grades and broader zones of
mineralisation intersected near surface between the two planned
Starter Pits are expected to improve the near surface mineral
resource and positively impact on early mining economics, as the
strip ratio maybe reduced due to the wider zone of
mineralisation:
1. 60.60 m (54.5 m true width) at 1.98 g/t gold from 4.15 m
drill depth, including 5.75 m (5.2 m true width) at 16.88 g/t gold
from 42.55 m drill depth in drill hole LIDC452 located between the
two proposed Starter Pits.
2. 3.75 m (3.4 m true width) at 9.94 g/t gold from the hanging
wall of the historic mine workings in drill hole LIDC454 located
between the two Starter Pits.
The starter pits are currently planned to exploit two high-grade
segments of the La India open pit to a depth of approximately 35 m
below surface; the Southern starter Pit along a 250 m strike length
and the Northern starter Pit along 300 m strike are separated by
200 m of what was previously considered a low grade zone. These new
drill intercepts will be considered in the final starter pit
resource estimation and mine design to see if the starter pits can
be extended, of even joined, by exploiting the near-surface gold
mineralisation now demonstrated along the intervening 200 m of
strike length.
Latest Assay Results
Results for the final two drill holes, one infill drill hole and
one RC-twin drill hole were returned:
1. An infill drill hole (LIDC464) intercepted 6.65 m (6.6 m true
width) at 10.51 g/t gold some 10 m below the Northern Starter Pit.
The drill hole was designed to pin-down the strike extent of the
high-grade shoot that supports the Northern Starter Pit by
infilling at 25 m-spacing between a high-grade intercept of 10.11 m
(9.8 m true width) at 6.72 g/t gold beneath the starter pit and a
notably lower grade 6.28 m (6.1 m true width) at 2.27 g/t gold some
50 m along strike to the north. The intercept should have a
positive impact on the mineral resource and extends the high-grade
shoot along strike to the north.
2. A broad intercept of moderate-grade mineralization returned
from the final RC-twin drill hole LIDC468 is comparable with the
original RC drilling results and confirms mineralization as
modelled in this relatively low-grade section of the La India
Vein.
Table 2. Final assay results from La India Pit infill drilling,
previously unreported.
Drill Collar Drill From To Drill True Gold Silver Comment
hole UTM WGS84-16N incl/azi Width Width (g/t) (g/t)
ID (m) (m)
---------------- ---------- ------ ------- ------- ------- ------- -------
LIDC464 574872E
X-sect 1410007N
11275 380 mamsl -49/238 17.00 17.90 0.90 0.9 0.99 -2 HW3 stockwork
------ ------- ------- ------- ------- ------- ----------------
25.55 26.20 0.65 0.6 4.43 3 HW2 vein
------ ------- ------- ------- ------- ------- ----------------
39.00 39.40 0.40 0.4 6.75 2 HW1 vein
------ ------- ------- ------- ------- ------- ----------------
67.90 74.55 6.65 6.6 10.51 23 India vein
------ ------- ------- ------- ------- ------- ----------------
India lower
84.50 85.75 1.25 1.2 2.73 28 footwall
-------------------------- ---------- ------ ------- ------- ------- ------- ------- ----------------
LIDC468 575009E LIRC104 twin,
X-sect 1409761N India upper
11000 362 mamsl -50/240 61.00 64.80 3.80 3.7 1.96 6 vein
------ ------- ------- ------- ------- ------- ----------------
Footwall quartz
68.80 75.85 7.05 6.9 0.55 2 breccia
------ ------- ------- ------- ------- ------- ----------------
Amalgamated
hangingwall,
pillar and
86.80 101.30 11.90 11.6 0.97 <2 footwall
-------------------------- ---------- ------ ------- ------- ------- ------- ------- ----------------
India lower
Incl. 86.80 90.45 2.65 2.6 0.80 <2 hangingwall
------ ------- ------- ------- ------- ------- ----------------
Excl. 90.45 92.05 1.60 - - - Mine cavity
------ ------- ------- ------- ------- ------- ----------------
India lower
faulted vein
Incl. 92.05 96.10 4.05 4.0 1.62 4 footwall
------ ------- ------- ------- ------- ------- ----------------
India footwall
Incl. 96.10 101.30 5.20 5.1 0.55 <2 breccia
-------------------------- ---------- ------ ------- ------- ------- ------- ------- ----------------
* Note: Bureau Veritas Mineral Laboratories, Canada.
www.bureauveritas.com/um was used for the drill assay results.
Notes:
1. The sample chain of custody is managed by the Condor's
Geology Team on site. Reported results are from diamond drilled
core samples. Intervals of core to be analysed are split into half
using a mechanized core cutter, with one half sent to the
Laboratory for geochemical analysis and the remaining half kept in
storage for future reference and uses. Diamond drilled core has
been a HQ size and recoveries are consistently 100% across all
drill holes intercept reported.
2. Sampling and analytical procedures are subject to a
comprehensive quality assurance and quality control program. The
QAQC program involves insertion of duplicate samples, blanks and
certified reference materials in the sample stream. Gold analyses
are performed by standard fire assaying protocols using a 50-gram
charge with atomic absorption (AAS) finish and a gravimetric finish
performed for assays greater than 10 grams per tonne.
3. Sample preparation and analysis are performed by the
independent Bureau Veritas Laboratories, Canada. Samples are
crushed and prepared in Managua and pulp samples for fire assay are
dispatched to Vancouver, Canada. The Laboratory meets the
requirements of ISO/IEC 17025 & ISO 9001, and employs a
Laboratory Information Management System for sample tracking,
quality control and reporting.
About the Starter Pits
On 25 January 2019, SRK Consulting (UK) Limited completed an
updated Mineral Resource Estimate (the "MRE"; see RNS dated 28
January 2019) on Condor's 100% owned La India Project in Nicaragua
comprising 9.85 million tonnes ("M tonnes" or "Mt") at 3.6 g/t gold
for 1,140,000 oz gold in the Indicated category and 8.48M tonnes at
4.3g/t gold for 1,179,000 oz gold in the Inferred category.
The La India Vein Set hosts an open pit Mineral Resource of
8,377 kt at 3.1 g/t gold for 837 Koz gold in the Indicated category
and 887 kt at 2.4 g/t gold for 69,000 oz gold in the Inferred
category. Beneath the La India open pit is an underground Mineral
Resource estimate of 678 kt at 4.9 g/t gold for 107 Koz gold in the
Indicated category and 1,718 kt at 5.6 g/t gold for 309,000 oz gold
in the Inferred category.
The 25 January 2019 MRE update did not materially change the La
India open pit Mineral Resource estimate and consequently the 2014
Pre-Feasibility Study ("PFS") remained unchanged. La India open pit
has an existing Probable Mineral Reserve of 6.9 million tonnes
("Mt") at 3.01 g/t gold for 675,000 oz gold.
As announced on 4 March 2020 (see RNS), Condor completed
internal studies on readily accessible high-grade material within
the permitted La India open pit. The starter pits within La India
open pit contain a diluted tonnage of 387 Kt at 4.29 g/t gold for
53,000 oz gold. Condor has subsequently further advanced these
studies. Within a designed pit shell, the starter pits have two
scenarios. At 0.75 g/t gold cut-off grade, 635 Kt at 3.32 g/t gold
for 67,800 oz gold with a 4.5 to 1 strip ratio. Using a 2.0 g/t
cut-off grade, 445 Kt at 4.17 g/t gold for 59,700 oz gold with a
6.8 to 1 strip ratio. See table 3 below:
Table 3: Starter Pits within the Main Permitted La India Open
Pit
Cutoff
2.00g/t
Cutoff 0.75g/t (4)
--------
Ore Tonnes dmt 634,540 444,600
Gold Grade g/t Au 3.32 4.17
Silver Grade g/t Ag 6.53 7.91
Gold Ounces tr.ozs 67,801 59,672
Silver Ounces tr.ozs 133,316 113,114
---------------- -------- ---------------------------
Waste Material dmt 2,845,209 3,035,149
Total Matl dmt 3,479,749 3,479,749
---------------- -------- --------------------------
Strip Ratio 4.5 6.8
-------------------------- --------------------------- --------------------------
Notes:
1) Mineral Resources include indicated
and inferred material within the 2019
mineral resource model
2) Resource tabulation from internal Condor
estimates, which may differ slightly from SRK
totals
3) Resources are contained within
the sub-pits Tajo 3,4,and 7
4) Cutoff at 2.0 g/t requires that 190kt at
1.33 g/t (8,100oz) be stockpiled for future
processing
About the replacement of Reverse Circulation (RC) drilling with
Diamond Core Drilling
Following the recent completion of a 25 m-spaced infill and
reverse circulation (RC) replacement drilling on the La India
Starter Pits (see RNS dated 5(th) July 2021), a programme of
diamond core drilling to replace 90% of the remaining RC drill
holes that fall within the main La India open pit shell was
completed. A total of twenty-three RC drill holes (for 1632.05 m)
were twinned by diamond core drilling, including both those that
intercepted mineralisation within and adjacent to the high-grade
starter pits, as well as holes drilled in lower grade zones further
along strike and beneath the high-grade starter pits.
The current open-pit Mineral Resource partially relies upon chip
samples from RC drilling. Whilst it is generally recognised that RC
drilling provides reliable gold-grade data at regular metre-scale
sample intervals suitable for inclusion in an open-pit Mineral
Resource estimation, better and more detailed geological
information on the structures that contain the gold mineralised
veins and breccia is provided by diamond core drilling. This
additional data will further enhance the current Mineral Resources
and Mineral Reserves and be utilised in final mine schedules.
About the Drilling Techniques
Drilling was undertaken using heavy duty track-mounted drilling
rigs. All of the drilling was undertaken using diamond core
drilling techniques employing large diameter PQ core barrels and
triple tube in the mineralised zones to ensure good sample
recovery. Drilling close to surface and in proximity to historical
and artisanal mine workings can present challenges to the driller,
however, the drilling programme benefitted from employment of local
geologists, field support staff and experienced drill contractors,
all with a decade of experience of drilling at la India.
Consequently, all target depths were met and good sample recovery
was achieved.
About the Assaying
Drill core was cut, and half core samples collected and bagged
by Condor staff on-site. Samples were transported to Bureau Veritas
accredited sample preparation laboratory in Managua every week in
batches of two or three drill holes, generally being submitted to
the lab within 5-10 days of completing the drill hole. Sub-samples
of the pulverised rock samples were forwarded for assay to Bureau
Veritas accredited analytical laboratory in Vancouver, Canada.
- Ends -
For further information please visit www.condorgold.com or
contact:
Condor Gold plc Mark Child, Chairman and CEO
+44 (0) 20 7493 2784
Beaumont Cornish Limited Roland Cornish and James Biddle
+44 (0) 20 7628 3396
SP Angel Corporate Finance Ewan Leggat
LLP +44 (0) 20 3470 0470
H&P Advisory Limited Andrew Chubb and Nilesh Patel
+44 207 907 8500
Blytheweigh Tim Blythe and Megan Ray
+44 (0) 20 7138 3204
About Condor Gold plc:
Condor Gold plc was admitted to AIM in May 2006 and dual listed
on the TSX in January 2018. The Company is a gold exploration and
development company with a focus on Nicaragua.
In August 2018, the Company announced that the Ministry of the
Environment in Nicaragua had granted the Environmental Permit
("EP") for the development, construction and operation of a
processing plant with capacity to process up to 2,800 tonnes per
day at its wholly-owned La India gold project ("La India Project").
The EP is considered the master permit for mining operations in
Nicaragua. Condor Gold published a Pre-Feasibility Study ("PFS") on
the project in December 2014, summarised in the Technical Report,
as defined below. The PFS details an open pit gold Mineral Reserve
in the Probable category of 6.9 Mt at 3.0 g/t gold for 675,000 oz
gold, producing 80,000 oz gold per annum for 7 years. La India
Project contains a Mineral Resource of 9,850 Kt at 3.6 g/t gold for
1.14 Moz gold in the Indicated category and 8,479 Kt at 4.3 g/t
gold for 1.18 Moz gold in the Inferred category. The Indicated
Mineral Resource is inclusive of the Mineral Reserve. A gold price
of $1,500/oz and a cut-off grade of 0.5 g/t and 2.0 g/t gold were
assumed for open pit and underground resources, respectively. A
cut-off grade of 1.5 g/t gold was furthermore applied within a part
of the Inferred Resource. Mineral Resources are not Mineral
Reserves and do not have demonstrated economic viability. There is
no certainty that any part of the Mineral Resources will be
converted to Mineral Reserves.
Environmental Permits were granted in April and May 2020 for the
Mestiza and America open pits respectively, both located close to
La India. The Mestiza open pit hosts 92 Kt at a grade of 12.1 g/t
gold (36,000 oz contained gold) in the Indicated Mineral Resource
category and 341 Kt at a grade of 7.7 g/t gold (85,000 oz contained
gold) in the Inferred Mineral Resource category . The America open
pit hosts 114 Kt at a grade of 8.1 g/t gold (30,000 oz) in the
Indicated Mineral Resource category and 677 Kt at a grade of 3.1
g/t gold (67,000 oz) in the Inferred Mineral Resource category.
Following the permitting of the Mestiza and America open pits,
together with the La India open pit Condor has 1.12 Moz gold open
pit Mineral Resources permitted for extraction, inclusive of a
Mineral Reserve of 6.9 Mt at 3.0 g/t gold for 675,000 oz gold.
Disclaimer
Neither the contents of the Company's website nor the contents
of any website accessible from hyperlinks on the Company's website
(or any other website) is incorporated into, or forms part of, this
announcement.
Qualified Persons
The Mineral Resource Estimate has been completed by Ben Parsons,
a Principal Consultant (Resource Geology) with SRK Consulting
(U.S.), Inc, who is a Member of the Australian Institute of Mining
and Metallurgy, MAusIMM(CP). He has some nineteen years' experience
in the exploration, definition and mining of precious and base
metals. Ben Parsons is a full-time employee of SRK Consulting
(U.S.), Inc, an independent consultancy, and has sufficient
experience which is relevant to the style of mineralisation and
type of deposit under consideration, and to the type of activity
which he is undertaking to qualify as a "qualified person" as
defined under National Instrument 43-101 - Standards of Disclosure
for Mineral Projects ("NI 43-101") of the Canadian Securities
Administrators and as required by the June 2009 Edition of the AIM
Note for Mining and Oil & Gas Companies. Ben Parsons consents
to the inclusion in the announcement of the matters based on their
information in the form and context in which it appears and
confirms that this information is accurate and not false or
misleading.
The technical and scientific information in this press release
has been reviewed, verified and approved by Gerald D. Crawford,
P.E., who is a "qualified person" as defined by NI 43-101 and is
the Chief Technical Officer of Condor Gold plc.
The technical and scientific information in this press release
has been reviewed, verified and approved by Andrew Cheatle, P.Geo.,
who is a "qualified person" as defined by NI 43-101.
Technical Information
Certain disclosure contained in this news release of a
scientific or technical nature has been summarised or extracted
from the technical report entitled "Technical Report on the La
India Gold Project, Nicaragua, December 2014", dated November 13,
2017 with an effective date of December 21, 2014 (the "Technical
Report"), prepared in accordance with NI 43-101. The Technical
Report was prepared by or under the supervision of Tim Lucks,
Principal Consultant (Geology & Project Management), Gabor
Bacsfalusi, Principal Consultant (Mining), Benjamin Parsons,
Principal Consultant (Resource Geology), each of SRK Consulting
(UK) Limited, and Neil Lincoln of Lycopodium Minerals Canada Ltd.,
each of whom is an independent "qualified person" as defined by NI
43-101.
Forward Looking Statements
All statements in this press release, other than statements of
historical fact, are 'forward-looking information' with respect to
the Company within the meaning of applicable securities laws,
including statements with respect to: the ongoing mining dilution
and pit optimisation studies, and the incorporation of same into
any mining production schedule, future development and production
plans at La India Project. Forward-looking information is often,
but not always, identified by the use of words such as: "seek",
"anticipate", "plan", "continue", "strategies", "estimate",
"expect", "project", "predict", "potential", "targeting",
"intends", "believe", "potential", "could", "might", "will" and
similar expressions. Forward-looking information is not a guarantee
of future performance and is based upon a number of estimates and
assumptions of management at the date the statements are made
including, among others, assumptions regarding: future commodity
prices and royalty regimes; availability of skilled labour; timing
and amount of capital expenditures; future currency exchange and
interest rates; the impact of increasing competition; general
conditions in economic and financial markets; availability of
drilling and related equipment; effects of regulation by
governmental agencies; the receipt of required permits; royalty
rates; future tax rates; future operating costs; availability of
future sources of funding; ability to obtain financing and
assumptions underlying estimates related to adjusted funds from
operations. Many assumptions are based on factors and events that
are not within the control of the Company and there is no assurance
they will prove to be correct.
Such forward-looking information involves known and unknown
risks, which may cause the actual results to be materially
different from any future results expressed or implied by such
forward-looking information, including, risks related to: mineral
exploration, development and operating risks; estimation of
mineralisation, resources and reserves; environmental, health and
safety regulations of the resource industry; competitive
conditions; operational risks; liquidity and financing risks;
funding risk; exploration costs; uninsurable risks; conflicts of
interest; risks of operating in Nicaragua; government policy
changes; ownership risks; permitting and licencing risks; artisanal
miners and community relations; difficulty in enforcement of
judgments; market conditions; stress in the global economy; current
global financial condition; exchange rate and currency risks;
commodity prices; reliance on key personnel; dilution risk; payment
of dividends; as well as those factors discussed under the heading
"Risk Factors" in the Company's annual information form for the
fiscal year ended December 31, 2020 dated March 31, 2021 and
available under the Company's SEDAR profile at www.sedar.com .
Although the Company has attempted to identify important factors
that could cause actual actions, events or results to differ
materially from those described in forward-looking information,
there may be other factors that cause actions, events or 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. The Company disclaims any intention
or obligation to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise
unless required by law.
Technical Glossary
Assay The laboratory test conducted to determine the proportion
of a mineral within a rock or other material. Usually
reported as parts per million which is equivalent
to grams of the mineral (i.e. gold) per tonne of rock
Ag Silver
--------------------------------------------------------------
Au Gold
--------------------------------------------------------------
Breccia A fragmental rock, composed of rounded to angular
broken rock fragments held together by a mineral cement
or in a fine-grained matrix. They can be formed by
igneous, tectonic, sedimentary or hydrothermal processes.
--------------------------------------------------------------
Down-dip Further down towards the deepest parts of an ore body
or zone of mineralisation.
--------------------------------------------------------------
Grade The proportion of a mineral within a rock or other
material. For gold mineralisation this is usually
reported as grams of gold per tonne of rock (g/t)
--------------------------------------------------------------
g/t grams per tonne
--------------------------------------------------------------
Indicated Mineral That part of a Mineral Resource for which tonnage,
Resource densities, shape, physical characteristics, grade
and mineral content can be estimated with a reasonable
level of confidence. It is based on exploration, sampling
and testing information gathered through appropriate
techniques from locations such as outcrops, trenches,
pits, workings and drill holes. The locations are
too widely or inappropriately spaced to confirm geological
and/or grade continuity but are spaced closely enough
for continuity to be assumed.
--------------------------------------------------------------
Inferred Mineral That part of a Mineral Resource for which tonnage,
Resource grade and mineral content can be estimated with a
low level of confidence. It is inferred from geological
evidence and assumed but not verified geological and/or
grade continuity. It is based on information gathered
through appropriate techniques from locations such
as outcrops, trenches, pits, workings and drill holes
that may be limited, or of uncertain quality and reliability,
--------------------------------------------------------------
Kt Thousand tonnes
--------------------------------------------------------------
Mineral Resource A concentration or occurrence of material of economic
Estimate interest in or on the Earth's crust in such a form,
quality, and quantity that there are reasonable and
realistic prospects for eventual economic extraction.
The location, quantity, grade, continuity and other
geological characteristics of a Mineral Resource are
known, estimated from specific geological knowledge,
or interpreted from a well constrained and portrayed
geological model.
--------------------------------------------------------------
NI 43-101 Canadian National Instrument 43-101 a common standard
for reporting of identified mineral resources and
ore reserves
--------------------------------------------------------------
Open pit mining A method of extracting minerals from the earth by
excavating downwards from the surface such that the
ore is extracted in the open air (as opposed to underground
mining).
--------------------------------------------------------------
Strike length The longest horizontal dimension of an ore body or
zone of mineralisation.
--------------------------------------------------------------
Vein A sheet-like body of crystallised minerals within
a rock, generally forming in a discontinuity or crack
between two rock masses. Economic concentrations of
gold are often contained within vein minerals.
--------------------------------------------------------------
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