The TAM deposit lies approximately 3km north of the Alpala deposit that comprises 2,663 Mt at 0.53% CuEq in the Measured plus Indicated categories and contained metal content of 9.9 Mt Cu, 21.7 Moz Au and 92.2 Moz Ag at the Company’s Cascabel project, held by Exploraciones Novomining S.A. (“ENSA”), an 85% owned subsidiary of SolGold.
HIGHLIGHTS
Total Mineral Resource at the TAM deposit is updated to 528.5Mt @ 0.36% CuEqfor 1.27Mt Cu, and 3.16Moz Au in the Measured plus Indicated categories, equating to an increase in contained metal of approximately 0.74 Mt Cu and 1.96 Moz Au compared to the maiden MRE announced on 19 October 2021.
| Mineral Resource Statement: Effective date 30 March 2022 | |||||||||||
| Potential Mining Method | Cut-off Grade (CuEq %) | Resource Category | Tonnage (Mt) | Grade | Contained Metal | ||||||
| Cu (%) | Au (g/t) | CuEq (%) | Cu (Mt) | Au (Moz) | CuEq (Mt) | ||||||
| Open Pit | 0.16 | Measured | 17.8 | 0.20 | 0.16 | 0.30 | 0.04 | 0.09 | 0.05 | ||
| Indicated | 338.7 | 0.23 | 0.21 | 0.36 | 0.78 | 2.28 | 1.23 | ||||
| Inferred | 35.7 | 0.22 | 0.23 | 0.36 | 0.08 | 0.26 | 0.13 | ||||
| Underground | 0.28 | Indicated | 172.0 | 0.26 | 0.14 | 0.35 | 0.45 | 0.78 | 0.60 | ||
| Inferred | 69.4 | 0.26 | 0.16 | 0.36 | 0.18 | 0.36 | 0.25 | ||||
| Total Measured + Indicated | 528.5 | 0.24 | 0.19 | 0.36 | 1.27 | 3.16 | 1.89 | ||||
| Total Inferred | 105.1 | 0.24 | 0.18 | 0.36 | 0.26 | 0.62 | 0.38 | ||||
- Potentially open pittable Mineral Resources comprise 356.5Mt @ 0.36% CuEq in the Measured plus Indicated categories, plus 35.7Mt @ 0.36% CuEq in the Inferred category, at a cut-off grade of 0.16% CuEq.
- Optimisation studies of the potentially open pittable Mineral Resource show a higher-grade internal zone containing 223.3Mt @ 0.41% CuEq which includes an outcropping zone containing 28.0Mt @ 0.43% CuEq and 10.5Mt @ 0.55% CuEq.
- Mineral Resources potentially mineable by underground bulk mining methods comprise 172.0Mt @ 0.35% CuEq in the Indicated category, plus 69.4Mt @ 0.36% CuEq in the Inferred category, at a cut-off grade of 0.28% CuEq.
- Potentially open pittable Measured plus Indicated resources CuEq metal content has grown by 94% compared to the TAM Maiden MRE, to 0.82Mt Cu and 2.37Moz Au in MRE#2. Similarly, TAM underground Measured plus Indicated resources CuEq metal content has grown by 445% to 0.45Mt Cu and 0.78Moz Au in MRE#2.
- Mineral Resources potentially mineable by underground bulk mining methods include a higher-grade core that continues to remain open to the southeast and at depth and will be the focus of further drilling aimed at quantifying potential of other underground mining methods such as sub-level caving and sub-level open stoping.
- Following completion of Hole 42 at TAM on 29 April 2022, the drill rig was moved to the Moran target to commence exploration drilling of hole MOD-22-001. This hole is at a current depth of 414.7m and continues to intersect bornite and visible chalcopyrite copper sulphide mineralisation from 19.1m to its current depth.
“TheCascabel project continues to grow with more drilling with the additional resources being identified at TAM providing an open pit resource potentially enabling Cascabel production to be brought forward and a significant risk mitigation to any ramp up delays in the underground production.”
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By order of the Board
Dennis Wilkins
Company SecretaryOur mailing address is:
[email protected]
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