ROAD TOWN,
Readers are encouraged to read the 2022 AIF and Technical Reports (as defined herein), which have been filed on SEDAR at www.sedar.comwww.sedar.com.
2022 Highlights:
- The Company completed another robust exploration program totaling 123,895 meters of drilling across its material properties. In 2022, Aura invested approximately
US$22 million in exploration with the initial goal of increasing Total Mineral Resources (M&I + Inferred), which is expected to be followed by an increase in P&P Reserves in the following stage.
- The Company’s strategy to increase Mineral Resources was successfully achieved in 2022, with a total of 865 ounces of M&I Mineral Resources added (before depletion/conversion) and 592 ounces of Inferred Mineral Resources. This addition does not consider ounces for the
Borborema Project , currently under feasibility study stage, and potential Mineral Resources from certain near-term targets, such as Serrinhas (Matupá) and Japonês Oeste (EPP), which are being further explored in 2023.
- Inferred Mineral Resource additions totaled 592 kGEO (before depletion/conversion). The small net reduction in Inferred Mineral Resources between 2021 and 2022 was primarily due to the successful conversion of over 100% of Inferred Mineral Resources to M&I Mineral Resources at the three operating mines.
3
A chart accompanying this announcement is available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/6a33e71d-a17d-4c53-adea-f71a9c1af499
- Measured & Indicated Mineral Resource additions totaled 865 kGEO (before depletion/conversion). More than 100% of depleted metals were replaced at each of the sites by converting both Inferred Mineral Resources and previously undisclosed Mineral Resources into M&I Mineral Resources.
A chart accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c9b70888-9b1d-45d3-9384-5bf2110a3f55
- Proven & Probable Mineral Reserves additions totaled 742 kGEO (before depletion). At the three operating mines, an increase of 433 kGEO (before depletion) comfortably exceeded our 2022 depletion on a consolidated basis. Additionally, 309 kGEO were added at Matupá following the previously reported feasibility study in
November 2022 .
A chart accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/bbeee140-f0ff-4ff4-9d54-e5569fd91496
In
At the
Changes in Mineral Resources include the conversion of 550,000 tonnes and 770,000 tonnes from the Inferred to M&I Mineral Resources in the GHFW4 and GHHW5 zones, respectively. Approximately 1.4 million tonnes were added to GHHW zone, and 390,000 tonnes were added to GHFW zone in the Inferred Resource category. Exploration and infill drilling in Cabrestante zone contributed an additional 567,000 tonnes to Inferred Mineral Resources and converted approximately 290,000 tonnes to M&I Mineral Resources with grades increasing 10% for copper, 52% for silver and 30% for gold.
Changes in P&P Mineral Reserves include an overall increase of 3.2 million tonnes in P&P (49.7%) with an increase of gold ounces (24.7%) and silver ounces (40%) and an increase of 9% on the Net Smelter Return (“NSR”) due to a slight increase in the copper price. This increase compensates for the entire 2022 depleted tonnes. There was an important change (35.5%) in the volume of the main body of Aranzazu (“GHFW zone”), which represents 63% of the current mineral reserve after infill drilling and converting Mineral Resources to Mineral Reserves by the end of 2022. GHHW zone had expanded after infill drilling and accounted for about 25% of the 2022 current Mineral Reserves.
The charts below show changes in Inferred Mineral Resources Estimates, M&I Mineral Resources Estimates and P&P Mineral Reserves Estimates for the
A chart accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0280e0c3-c690-41f5-8c65-7a366e43806f
A chart accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e9624c6b-46ee-44e9-8c9d-ea720f4904fb
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A chart accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d5c023ed-02af-4133-bd66-0ea0aaf6f37f
Ernesto and Pau-a-Pique,
During 2022, the infill and exploratory drilling campaign was focused at the Lavrinha mine, Nosde mine extensions at depth, and Ernesto mine. Near mine exploration drilling in Lavrinha and Nosde increased the mineral footprint and generated an integrated model which connects these mines from SE to NW at depth. The integrated model was established and used to report Inferred Mineral Resources for Lavrinha mine in 2022, resulting in an increase in Inferred Mineral Resources.
Changes in Mineral Resources include over 100% of the depleted M&I Mineral Resources being replaced, 147 koz added to M&I Mineral Resources supported by the drilling at the Nosde mine (adding 129 koz) and over 100% of the converted Inferred Mineral Resources replaced for 2.9 million tons containing 144 koz.
Changes in Mineral Reserves include the replacement of 49% of the of depleted P&P. However, the increase in Total Mineral Resources, along with pit optimization studies and new drilling programmed for 2023, present great prospects for P&P Mineral Reserves increase in the short-term.
In late 2022, Aura acquired a new mineral right, Japonês Oeste, along strike of the Japonês pit, an area that had historical artisanal mining, to better understand the continuity of the mineralization towards the west of the Japonês pit.
The charts below show changes in Inferred Mineral Resources Estimates, M&I Mineral Resources Estimates and P&P Mineral Reserves Estimates for the EPP Mines as of
A chart accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/78370c8c-c524-4bac-99a2-d90542a16257
A chart accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c4e1f5b9-2bc0-4de9-8a49-18cac4b03c45
A chart accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4724167b-ea86-4e15-ae56-a83b0dc52f9c
As of
The new drilling at
The charts below show changes in Inferred Mineral Resources Estimates, M&I Mineral Resources Estimates and P&P Mineral Reserves Estimates for the San Andres Mines as of
A chart accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/6c46ac93-e77c-4db9-bad5-c4414852adba
A chart accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/27086abf-2442-478e-bda4-0a2636e61bda
A chart accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/c136dc60-0387-4f5c-b9a7-d6e48e2cd7ed
On
Matupá Project,
In
The Matupá Project Mineral Resources estimate is currently limited to the X1 Deposit. Aura conceptually believes the exploration upside in the project area is significant and that further exploration work may expand the Mineral Resources at the Project. In
The chart below show changes in P&P Mineral Reserves Estimates for the Matupá Project as of
A chart accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/418da21c-df98-4eec-96ee-18f91e5fc801
The complete 2022 Mineral Resources and Mineral Reserves estimates for all tonnage, metal grades, and metal content are shown below in the following tables:
Table 1: Inferred Mineral Resource Estimates
Gold | ||||
Property | Deposit | Inferred | ||
Tonnes(kt) | Au(g/t) | Au('000 Oz) | ||
Almas | Paiol | 3,504 | 1.23 | 139 |
Almas | 1,516 | 1.05 | 51 | |
Almas | 330 | 1.48 | 16 | |
Apoena | Lavrinha | 1,062 | 1.78 | 61 |
Apoena | Pau-a-Pique | 71 | 2.47 | 6 |
Apoena | Ernesto | 542 | 1.94 | 34 |
Apoena | Japones | 4 | 1.37 | 0 |
Apoena | Nosde | 1,121 | 1.15 | 41 |
Apoena | Ernesto Connection | 99 | 0.87 | 3 |
Aranzazu | Aranzazu | 4,324 | 0.55 | 76 |
San Andrés | 5,871 | 0.73 | 138 | |
Matupa | X1 | 62 | 0.81 | 2 |
Total | 18,508 | 0.95 | 565 | |
Silver | ||||
Property | DEPOSIT | Inferred | ||
Tonnes(kt) | Ag(g/t) | Ag('000 Oz) | ||
Aranzazu | Aranzazu | 4,324 | 16.37 | 2,276 |
Matupa | X1 | 62 | 3.04 | 6 |
Total | 4,386 | 16.18 | 2,282 | |
Copper | ||||
Property | DEPOSIT | Inferred | ||
Tonnes(kt) | Cu(%) | Cu('000 lbs.) | ||
Aranzazu | Aranzazu | 4,324 | 1.04 | 99,051 |
Total | 4,324 | 1.04 | 99,051 | |
Notes:
- The Mineral Resource estimates were prepared in accordance with the CIM Definition Standards for Mineral Resources and Mineral Reserves, adopted by the
CIM Council onMay 10, 2014 , and the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines, adopted byCIM Council onNovember 29, 2019 , using geostatistical and/or classical methods, plus economic and mining parameters appropriate to the deposit. - Mineral Resources are inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
- The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, marketing, or other relevant issues.
- The disclosure of the Mineral Resource estimates and related scientific and technical information has been prepared under the supervision or is approved by
Farshid Ghazanfari ,P.Geo . as a Qualified Person for Aranzazu,San Andres , EPP, Matupá and for the Paiol andVira Saia deposits and HLP of Almas. - The Mineral Resource estimate for the Cata Funda deposit of Almas was prepared by
Adam Wheeler ,C.Eng ., a Qualified Person as that term is defined in NI 43-101. - Contained metal figures may not add due to rounding.
- Mineral Resources stated at a cut-off of
US$50 /t NSR for Aranzazu. - NSR values have been calculated using a long-term price forecast for copper (
US$3.50 /lb), gold (US$1,700 /oz) and silver (US$22 /oz), resulting in the following formula: NSR (US$/t) = (Cu% xUS$ 57.376 ) + (Au g/t xUS$38.746 ) + (Ag g/t xUS$0.365 ) for Aranzazu. - A density model based on rock types hosting mineralization was used for volume to tonnes conversion with averaging 3.04 tonnes/m3 for Aranzazu.
- The figures only consider material classified as sulphide mineralization for Aranzazu.
The Mineral Resources estimate is based on optimized shell usingUS$1,900 /oz gold forSan Andres .- The cut-off grade used was 0.20 g/t for oxide material and 0.27 g/t for mixed material in
San Andres . - A density model based on rock type was used for volume to tonnes conversion with averaging 2.34 tonnes/m3 in
San Andres . - Surface topography as of
December 31, 2022 , and a 200m river offset restrictions have been imposed inSan Andres . - Based on an optimized pit shell using
US$1,900 /oz gold and at a cut-off grade of 0.40 g/t Au in EPP, except Pau-A-Pique mine. - Based on a cut-off grade of 1.34 g/t Au and minimum width of 2m in Pau-A-Pique mine (EPP).
- Mineral Resources are estimated from the 410m EL to the 65m EL, or from approximately 30m depth to 500m depth from surface in Pau-A-Pique mine (EPP).
- Surface topography based on
December 31, 2022 , in EPP, except Pau-A-Pique mine. - End of the year mining depletion shapes used to estimate remaining resources in Pau-A-Pique mine (EPP).
- Density models based on rock types were used for volume to tonnes conversion with resources averaging 2.78 tonnes/m3 in Lavrinhas mine, 2.77 tonnes/m3 in Pau-A-Pique mine, 2.62 tonnes/m3 in Ernesto mine, 2.76 tonnes/m3 in Japonês mine, 2.73 tonnes/m3 in Nosde and Ernesto-Lavrinha Connection mines, all mines from EPP.
- The Mineral Resource estimate is based on an updated optimized shell using
1800 US$ /oz gold price and cut-off grades of 0.29 g/t, 0.34 g/t and 0.31 g/t for Paiol,Cata Funda andVira Saia respectively, in Almas. - Surface topography based on
December 31, 2016 , in Almas. - The Measured and Indicated Mineral Resources are contained within a limiting pit shell (using a gold price of
US$ 1,800 per ounce Au) and comprise a coherent body in Matupá. - The base case cut-off grade for the estimate of Mineral Resources is 0.35 g/t Au in Matupá.
- Surface topography used in the models was surveyed
July 31, 2021 in Matupá. - Inferred Mineral Resources disclosed for the Lavrinha mine (EPP) is exclusive from the same category in the Nosde mine (EPP) and reported from larger pit outline for both deposits with similar price and cut-off grade.
- Inferred Resources are reported in two parts for Ernesto mine (EPP), inferred (OP) which is mineable by an open pit operation and Inferred (UG) which only can be mined by an underground operation. Inferred (UG) Mineral Resources are reported at a cut-off grade of 1.5 g/t.
- Inferred Mineral Resources in Nosde mine are exclusive from Lavrinha mine and reported from same pit outline as of Indicated Mineral Resources.
Table 2: Measured and Indicated Mineral Resource Estimates
Gold | ||||||||||||
Property | Deposit | Measured | Indicated | M&I | ||||||||
Tonnes(kt) | Au(g/t) | Au('000 Oz) | Tonnes(kt) | Au(g/t) | Au('000 Oz) | Tonnes(kt) | Au(g/t) | Au('000 Oz) | ||||
Almas | Paiol | 4,367 | 1.03 | 145 | 13,181 | 0.96 | 408 | 17,548 | 0.98 | 552 | ||
Almas | 567 | 1.24 | 23 | 2,788 | 0.91 | 81 | 3,355 | 0.96 | 104 | |||
Almas | 482 | 1.97 | 31 | 356 | 1.39 | 16 | 838 | 1.72 | 46 | |||
Almas | Heap Leach Pad (HLP) | 0 | 1,510 | 0.88 | 43 | |||||||
Apoena | Lavrinha | 44 | 1.22 | 2 | 1,027 | 1.50 | 50 | 1,071 | 1.49 | 51 | ||
Apoena | Pau-a-Pique | 242 | 3.19 | 25 | 602 | 2.71 | 52 | 844 | 2.85 | 77 | ||
Apoena | Ernesto | 911 | 2.11 | 62 | 911 | 2.11 | 62 | |||||
Apoena | Japones | 215 | 1.40 | 10 | 215 | 1.40 | 10 | |||||
Apoena | Nosde | 5,863 | 1.19 | 224 | 5,863 | 1.19 | 224 | |||||
Apoena | Ernesto Connection | 1,232 | 1.18 | 47 | 1,232 | 1.18 | 47 | |||||
Aranzazu | Aranzazu | 10,200 | 1.03 | 339 | 4,872 | 0.84 | 132 | 15,072 | 0.97 | 471 | ||
Matupa | X1 | 4,693 | 1.14 | 172 | 4,653 | 0.96 | 144 | 9,346 | 1.05 | 316 | ||
San Andrés | 16,886 | 0.49 | 263 | 54,975 | 0.49 | 863 | 71,861 | 0.49 | 1,126 | |||
Total | 37,481 | 0.83 | 999 | 90,675 | 0.72 | 2,088 | 129,665 | 0.75 | 3,129.47 | |||
Silver | ||||||||||||
Property | DEPOSIT | Measured | Indicated | M&I | ||||||||
Tonnes(kt) | Ag(g/t) | Ag('000 Oz) | Tonnes(kt) | Ag(g/t) | Ag('000 Oz) | Tonnes(kt) | Ag(g/t) | Ag('000 Oz) | ||||
Aranzazu | Aranzazu | 10,200 | 21.54 | 7,062 | 4,872 | 21.22 | 3,324 | 15,072 | 21.15 | 10,386 | ||
Matupa | X1 | 4,693 | 3.85 | 581 | 4,653 | 4.39 | 656 | 9,346 | 4.12 | 1,238 | ||
Total | 14,893 | 15.96 | 7,643 | 9,526 | 13.00 | 3,981 | 24,417 | 14.81 | 11,624 | |||
Copper | ||||||||||||
Property | DEPOSIT | Measured | Indicated | M&I | ||||||||
Tonnes(kt) | Cu(%) | Cu('000 lbs.) | Tonnes(kt) | Cu(%) | Cu('000 lbs.) | Tonnes(kt) | Cu(%) | Cu('000 lbs.) | ||||
Aranzazu | Aranzazu | 10,200 | 1.44 | 324,591 | 4,872 | 1.42 | 152,899 | 15,072 | 1.44 | 477,309 | ||
Total | 10,200 | 1.44 | 324,591 | 4,872 | 1.42 | 152,899 | 15,072 | 1.44 | 477,309 | |||
Notes:
- The Mineral Resource estimates were prepared in accordance with the CIM Definition Standards for Mineral Resources and Mineral Reserves, adopted by the
CIM Council onMay 10, 2014 , and the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines, adopted byCIM Council onNovember 29, 2019 , using geostatistical and/or classical methods, plus economic and mining parameters appropriate to the deposit. - Mineral Resources are inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
- The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, marketing, or other relevant issues.
- The disclosure of the Mineral Resource estimates and related scientific and technical information has been prepared under the supervision or is approved by
Farshid Ghazanfari ,P.Geo . as a Qualified Person for Aranzazu,San Andres , EPP, Matupá and for the Paiol andVira Saia deposits and HLP of Almas. - The Mineral Resource estimate for the Cata Funda deposit of Almas was prepared by
Adam Wheeler ,C.Eng ., a Qualified Person as that term is defined in NI 43-101. - Contained metal figures may not add due to rounding.
- Mineral Resources stated at a cut-off of
US$50 /t NSR for Aranzazu. - NSR values have been calculated using a long-term price forecast for copper (
US$3.50 /lb), gold (US$1,700 /oz) and silver (US$22 /oz), resulting in the following formula: NSR (US$/t) = (Cu% xUS$ 57.376 ) + (Au g/t xUS$38.746 ) + (Ag g/t xUS$0.365 ) for Aranzazu. - A density model based on rock types hosting mineralization was used for volume to tonnes conversion with averaging 3.04 tonnes/m3 for Aranzazu.
- The figures only consider material classified as sulphide mineralization for Aranzazu.
The Mineral Resources estimate is based on optimized shell usingUS$1,900 /oz gold forSan Andres .- The cut-off grade used was 0.20 g/t for oxide material and 0.27 g/t for mixed material in
San Andres . - A density model based on rock type was used for volume to tonnes conversion with averaging 2.34 tonnes/m3 in
San Andres . - Surface topography as of
December 31, 2022 , and a 200m river offset restrictions have been imposed inSan Andres . - Based on an optimized pit shell using
US$1,900 /oz gold and at a cut-off grade of 0.40 g/t Au in EPP, except Pau-A-Pique mine. - Based on a cut-off grade of 1.34 g/t Au and minimum width of 2m in Pau-A-Pique mine (EPP).
- Mineral Resources are estimated from the 410m EL to the 65m EL, or from approximately 30m depth to 500m depth from surface in Pau-A-Pique mine (EPP).
- Surface topography based on
December 31, 2022 , in EPP, except Pau-A-Pique mine. - End of the year mining depletion shapes used to estimate remaining resources in Pau-A-Pique mine (EPP).
- Density models based on rock types were used for volume to tonnes conversion with resources averaging 2.78 tonnes/m3 in Lavrinhas mine, 2.77 tonnes/m3 in Pau-A-Pique mine, 2.62 tonnes/m3 in Ernesto mine, 2.76 tonnes/m3 in Japonês mine, 2.73 tonnes/m3 in Nosde and Ernesto-Lavrinha Connection mines, all mines from EPP.
- The Mineral Resource estimate is based on an updated optimized shell using
1800 US$ /oz gold price and cut-off grades of 0.29 g/t, 0.34 g/t and 0.31 g/t for Paiol,Cata Funda andVira Saia respectively, in Almas. - Surface topography based on
December 31, 2016 , in Almas. - The Measured and Indicated Mineral Resources are contained within a limiting pit shell (using a gold price of
US$ 1,800 per ounce Au) and comprise a coherent body in Matupá. - The base case cut-off grade for the estimate of Mineral Resources is 0.35 g/t Au in Matupá.
- Surface topography used in the models was surveyed
July 31, 2021 in Matupá.
Table 3: Proven & Probable Mineral Reserve Estimates
Gold | ||||||||||||
Property | Deposit | Proven | Probable | 2P | ||||||||
Tonnes(kt) | Au(g/t) | Au('000 Oz) | Tonnes(kt) | Au(g/t) | Au('000 Oz) | Tonnes(kt) | Au(g/t) | Au('000 Oz) | ||||
Almas | Paiol | 5,358 | 0.89 | 153 | 10,781 | 0.88 | 304 | 16,138 | 0.88 | 457 | ||
Almas | 646 | 0.88 | 18 | 3,134 | 0.91 | 92 | 3,780 | 0.91 | 110 | |||
Almas | 439 | 1.89 | 27 | 250 | 1.79 | 14 | 689 | 1.86 | 41 | |||
Almas | Heap Leach Pad (HLP) | 0 | 1,275 | 0.9 | 37 | |||||||
Apoena | Lavrinha | 54 | 0.92 | 2 | 261 | 1.10 | 9 | 315 | 1.07 | 11 | ||
Apoena | Pau-a-Pique | 30 | 1.80 | 2 | 106 | 1.96 | 7 | 135 | 1.92 | 8 | ||
Apoena | Ernesto | 873 | 2.04 | 57 | 873 | 2.04 | 57 | |||||
Apoena | Japones | 245 | 1.04 | 8 | 245 | 1.04 | 8 | |||||
Apoena | Nosde | 3,638 | 0.96 | 112 | 3,638 | 0.96 | 112 | |||||
Apoena | Ernesto Connection | 801 | 0.95 | 25 | 801 | 0.95 | 25 | |||||
Aranzazu | Aranzazu | 5,949 | 0.86 | 165 | 3,623 | 0.72 | 84 | 9,572 | 0.81 | 249 | ||
Matupa | X1 | 3,799 | 1.31 | 160 | 4,686 | 0.99 | 149 | 8,485 | 1.13 | 309 | ||
San Andrés | 12,676 | 0.46 | 189 | 32,192 | 0.48 | 492 | 44,868 | 0.47 | 681 | |||
Total | 28,950 | 0.77 | 715 | 60,589 | 0.69 | 1,354 | 90,814 | 0.72 | 2,106 | |||
Silver | ||||||||||||
Property | DEPOSIT | Proven | Probable | 2P | ||||||||
Tonnes(kt) | Ag(g/t) | Ag('000 Oz) | Tonnes(kt) | Ag(g/t) | Ag('000 Oz) | Tonnes(kt) | Ag(g/t) | Ag('000 Oz) | ||||
Aranzazu | Aranzazu | 5,949 | 17.56 | 3 | 3,623 | 17.69 | 2 | 9,572 | 17.61 | 5 | ||
Total | 5,949 | 17.56 | 3 | 3,623 | 17.69 | 2 | 9,572 | 17.61 | 5 | |||
Copper | ||||||||||||
Property | DEPOSIT | Proven | Probable | 2P | ||||||||
Tonnes(kt) | Cu(%) | Cu('000 lbs.) | Tonnes(kt) | Cu(%) | Cu('000 lbs.) | Tonnes(kt) | Cu(%) | Cu('000 lbs.) | ||||
Aranzazu | Aranzazu | 5,949 | 1.25 | 163,979 | 3,623 | 1.19 | 95,025 | 9,572 | 1.23 | 259,004 | ||
Total | 5,949 | 1.25 | 163,979 | 3,623 | 1.19 | 95,025 | 9,572 | 1.23 | 259,004 | |||
Notes:
- The Mineral Reserve estimates were prepared in accordance with the CIM Definition Standards for Mineral Resources and Mineral Reserves, adopted by the
CIM Council onMay 10, 2014 , and the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines, adopted byCIM Council onNovember 29, 2019 , using geostatistical and/or classical methods, plus economic and mining parameters appropriate to the deposit. - Mineral Reserves are the economic portion of the Measured and Indicated Mineral Resources. Mineral Reserve estimates include mining dilution and mining recovery. Mining dilution and recovery factors vary with specific reserve sources and are influenced by several factors including deposit type, deposit shape and mining methods.
- The estimate of Mineral Reserves may be materially affected by environmental, permitting, legal, marketing, or other relevant issues.
- The disclosure of the Mineral Reserve estimates and related scientific and technical information has been prepared under the supervision or is approved by Tiãozito
V. Cardoso , FAusIMM as a Qualified Person for Aranzazu,San Andres and EPP. - Mineral Reserve estimate for Almas and Matupá Gold Projects was prepared under the supervision of
Luiz Pignatari ,P.Eng . as a Qualified Person, competent to sign as defined by NI 43-101. - The NSR cut-off
US$64 /t is based on the total predicted operating cost in Aranzazu. - Ore NSR values have been calculated using
3.50 US$ /lb for copper,1,700 US$ /oz for gold and22 US$ /oz for silver and 2022 operation performance for metallurgical recoveries of 92% for copper, 79% for gold, 61% for silver and 64.7% for arsenic. Dilution was applied in the in the form of planned and unplanned dilution from hanging wall and footwall end-wall. Dilution from backfill (for secondary stopes) was also included. All dilution material was assumed at zero grades. Total dilution is approximately 23%. All Aranzazu information. - Ore NSR values have been calculated using following formula: NSR ($/t) = (Cu% x
US$57.376 ) + (Au g/t xUS$38.746 ) + (Ag g/t xUS$0.365 ) in Aranzazu. - Mining recoveries of 90% were applied to the stopes and ore development sill cuts respectively in Aranzazu.
- Mineral Reserves are calculated using pit designs, which have been optimized using only Measured and Indicated Resources at
US$1,700 /oz. gold price inSan Andres and EPP. - Mineral Reserves have been estimated at a cut-off grade of 0.23 g/t for oxide material and 0.30 g/t for mixed material, with dilution of 5% and mining recovery of 95% in
San Andres . - Mineral Reserves were estimated at a cut-off grade of 0.40 g/t Au and applying 40% dilution factor with 98% mining recovery in Lavrinha mine (EPP).
- Mineral Reserves were estimated at a cut-off grade of 0.47 g/t Au and applying 10 % dilution factor with 98% mining recovery in Ernesto mine (EPP).
- Mineral Reserve were estimated at cut-off grade of 0.47 g/t Au and applying 40% dilution factor and 98% mining recovery, in Japonês mine (EPP).
- Mineral Reserves were estimated at cut-off grade of 0.47 g/t Au and applying 20% dilution factor and 98% mining recovery in Nosde mine (EPP).
- Mineral Reserves were estimated at cut-off grade of 0.47 g/t Au and applying 40% dilution factor and 98% mining recovery in Ernesto-Lavrinha Connection mine (EPP).
- The Mineral Reserve estimate is based on an updated optimized shell using
1,500 US$ /oz gold price, average dilution of 20%, mining recovery of 100% and break-even cut off grades of 0.29 g/t Au for Paiol, 0.31 g/t Au forVira Saia and 0.34 g/t Au forCata Funda in Almas. - The Mineral Reserve Estimate is based on an updated optimized shell using
US$1,500 /oz gold price, average dilution of 3%, mining recovery of 100% and break-even cut off grades of 0.35 g/t Au for X1 pit in Matupá. - Surface topography as of
December 31, 2022 , and a 200m river offset restrictions have been imposed, inSan Andres . - Surface topography based on
December 31, 2022 in EPP. - Surface topography based on
December 31, 2016 in Almas. - Surface topography as of
July 31, 2021 , in Matupá.
Quality Assurance and Quality Control
Aura incorporates a rigorous Quality Assurance and Quality Control (“QA/QC”) program for all of its three mines and exploration projects which conforms to industry best practices as outlined by NI 43-101.
For a complete description of Aura’s sample preparation, analytical methods and QA/QC procedures, please refer to 2022 AIF and the applicable Technical Report, a copy of which is available on the Company’s SEDAR profile at www.sedar.com.
Qualified Persons
The scientific and technical information contained in this press release has been reviewed and approved by
Technical Reports
All information of scientific and technical nature has been derived from the Technical Reports and any information arising since the date of the Technical Reports has been prepared under the supervision of
San Andres : The technical report datedJuly 2, 2014 , with an effective date ofDecember 31, 2013 , and entitled “Mineral Resource and Mineral Reserve Estimates on theSan Andres Mine in the Municipality ofLa Union , in theDepartment of Copan , Honduras” prepared forAura Minerals byBruce Butcher ,P.Eng ., former Vice President, Technical Services,Ben Bartlett , FAusIMM, former Manager Mineral Resources andPersio Rosario ,P. Eng ., former Principal Metallurgist (the “San Andres Technical Report”);- Aranzazu: The technical report with an effective date of
January 31, 2018 , and entitled “Feasibility Study of the Re-Opening of theAranzazu Mine ,Zacatecas , Mexico” prepared forAura Minerals byF. Ghazanfari ,P.Geo . (Farshid Ghazanfari Consulting ), A. Wheeler,C.Eng . (IndependentMining Consultant ), C.Connors , RM-SME (Aura Minerals Inc. ),B. Dowdell ,C.Eng . (Dowdell Mining Limited ),P. Cicchini P.E . (Call & Nicholas, Inc. ),G. Holmes ,P.Eng . (Jacobs Engineering), B. Byler, P.E. (Wood Environment and Infrastructure Solutions ),C. Scott ,P.Eng . (SRK Canada),D. Lister ,P.Eng . (Altura Environmental Consulting ),F. Cornejo ,P.Eng . (Aura Minerals Inc. ) (the “Aranzazu Technical Report”); - EPP: The technical report dated
January 13, 2017 , with an effective date ofJuly 31, 2016 , and entitled “Feasibility Study and Technical Report on theEPP Project ,Mato Grosso , Brazil” prepared forAura Minerals by a group of third-party consultants includingP&E Mining Consultants Inc. ,MCB Brazil andKnight Piesold Ltd. (the “EPP Technical Report”); - Almas: The technical report dated
March 10, 2021 , authored byF. Ghazanfari .P.Geo . (Aura Minerals ),B. T. Hennessey (Micon International ,Canada ),L. Pignatari ,P.Eng . (EDEM, Consultants,Brazil ),T. R. Raponi ,P.Eng . (Ausenco,Canada ), I. Dymov,P.Eng ., (Independent Consultant,Canada ),P. C. Rodriguez , FAIG, (GE21 Consultants ,Brazil ) and A. Wheeler,C.Eng . (Independent Mining Consultant,UK ) ,and titled “Updated Feasibility Study Technical Report (NI 43-101) for theAlmas Gold Project , Almas Municipality,Tocantins , Brazil” (the “Almas Technical Report”; and - Matupá: The Technical Report “Feasibility Study Technical Report (NI 43-101) for the Matupá
Gold Project , Matupá Municipality,Mato Grosso , Brazil” datedNovember 18, 2022 , with an effective date ofAugust 31, 2022 byF. Ghazanfari .P.Geo . (Aura Minerals ),L. Pignatari ,P.Eng . (EDEM Consultants ,Brazil ), andH. Delboni P.Eng . (HDA-Independent Mining Consultant,Brazil ), (the “Matupá Technical Report”) and together with the Aranzazu Technical Report, San Andres Technical Report, EPP Technical Report, and Almas Technical Report, the “Technical Reports”).
Caution Regarding Forward-Looking Information and Statements
This press release contains “forward-looking information” and “forward-looking statements”, as defined in applicable securities laws (collectively, “forward-looking statements”) which include, without limitation, expected production from, and the further potential of the Company’s properties; the ability of the Company to achieve its longer-term outlook and the anticipated timing and results thereof; the ability to lower costs and increase production; the economic viability of a project; strategic plans, including the Company’s plans with respect to its properties; amounts of mineral reserves and mineral resources; the amount of future production over any period; and capital expenditure and mine production costs.
Known and unknown risks, uncertainties and other factors, many of which are beyond the Company’s ability to predict or control, could cause actual results to differ materially from those contained in the forward-looking statements if such risks, uncertainties or factors materialize. The Company has made numerous assumptions with respect to forward-looking information contain herein, including among other things, assumptions from the Technical Reports, which may include assumptions on indicated mineral resources, measured mineral resources, probable mineral reserves and/or proven mineral reserves, which could also cause actual results to differ materially from those contained in the forward-looking statements if such assumptions prove wrong. Specific reference is made to the most recent 2022 AIF on file with certain Canadian provincial securities regulatory authorities and the Technical Reports for a discussion of some of the risk factors underlying forward-looking statements, which include, without limitation the ability of the Company to achieve its longer-term outlook and the anticipated timing and results thereof, the ability to lower costs and increase production, the ability of the Company to successfully achieve business objectives, copper and gold or certain other commodity price volatility, changes in debt and equity markets, the uncertainties involved in interpreting geological data, increases in costs, environmental compliance and changes in environmental legislation and regulation, interest rate and exchange rate fluctuations, general economic conditions and other risks involved in the mineral exploration and development industry. Readers are cautioned that the foregoing list of factors is not exhaustive of the factors that may affect the forward-looking statements.
Caution Regarding Mineral Resource and Mineral Reserve Estimates
The figures for mineral resources and reserves contained herein are estimates only and no assurance can be given that the anticipated tonnages and grades will be achieved, that the indicated level of recovery will be realized or that the mineral resources and reserves could be mined or processed profitably. Actual reserves, if any, may not conform to geological, metallurgical or other expectations, and the volume and grade of ore recovered may be below the estimated levels. There are numerous uncertainties inherent in estimating mineral resources and reserves, including many factors beyond the Company’s control. Such estimation is a subjective process, and the accuracy of any reserve or resource estimate is a function of the quantity and quality of available data and of the assumptions made and judgments used in engineering and geological interpretation. Short-term operating factors relating to the mineral resources and reserves, such as the need for orderly development of the ore bodies or the processing of new or different ore grades, may cause the mining operation to be unprofitable in any particular accounting period. In addition, there can be no assurance that metal recoveries in small scale laboratory tests will be duplicated in larger scale tests under on-site conditions or during production. Lower market prices, increased production costs, the presence of deleterious elements, reduced recovery rates and other factors may result in revision of its resource and reserve estimates from time to time or may render the Company’s resources and reserves uneconomic to exploit. Resource and reserve data is not indicative of future results of operations. If the Company’s actual mineral resources and reserves are less than current estimates or if the Company fails to develop its resource base through the realization of identified mineralized potential, its results of operations or financial condition may be materially and adversely affected.
All forward-looking statements herein are qualified by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements whether as a result of new information or future events or otherwise, except as may be required by law. If the Company does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements.
About Aura 360° Mining
Aura is focused on mining in complete terms – thinking holistically about how its business impacts and benefits every one of our stakeholders: our company, our shareholders, our employees, and the countries and communities we serve. We call this 360° Mining.
Aura is a mid-tier gold and copper production company focused on the development and operation of gold and base metal projects in the
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1 Gold equivalent ounces (“GEO”) is calculated by converting the production of silver and copper into gold using a ratio of the prices of these metals to that of gold. The prices used to determine the gold equivalent ounces are based on the weighted average price of silver and copper realized from sales at the
2022 figures - Gold:
2 According to the Company’s Press Release announced on
3 * AuEq is a reference to Equivalent Gold, which grades from copper and silver are converted to gold grades to have a single and comparable grade of mines that only have gold.
4 GHFW: Glory Hole Footwall
5 GHHW - Glory Hole Hanging Wall
6 * AuEq is a reference to Equivalent Gold, which grades from copper and silver are converted to gold grades to have a single and comparable grade of mines that only have gold.
7 According to the Company’s Press Release announced on
For further information, please visit Aura’s website at www.auraminerals.com or contact:Rodrigo Barbosa President & CEO 305-239-9332
Inferred Mineral Resource
Inferred Mineral Resource
Measured & Indicated Mineral Resource
Measured & Indicated Mineral Resource
Proven & Probable Mineral Reserves
Proven & Probable Mineral Reserves
Aranzazu Inferred Mineral Resources
Aranzazu Inferred Mineral Resources
Aranzazu Measured & Indicated Mineral Resources
Aranzazu Measured & Indicated Mineral Resources
Aranzazu Proven & Probable Mineral Reserves
Aranzazu Proven & Probable Mineral Reserves
EPP Inferred Mineral Resources
EPP Inferred Mineral Resources
EPP Measured & Indicated Mineral Resources
EPP Measured & Indicated Mineral Resources
EPP Proven & Probable Mineral Reserves
EPP Proven & Probable Mineral Reserves
San Andres Inferred Mineral Resources
San Andres Inferred Mineral Resources
San Andres Measured & Indicated Mineral Resources
San Andres Measured & Indicated Mineral Resources
San Andres Proven & Probable Mineral Reserves
San Andres Proven & Probable Mineral Reserves
Matupá Proven & Probable Mineral Reserves
Matupá Proven & Probable Mineral Reserves
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