Solid growth of Mineral Resources -- Inaugural Indicated Mineral Resource declared at EPO
(All amounts expressed in
Table 1: Year-over-year comparison of Mineral Reserves & Mineral Resources for the
Variance | |||||||||
Tonnes | AuEq | AuEq1 | Tonnes | AuEq | AuEq1 | Tonnes | AuEq | AuEq1 | |
(kt) | (gpt) | (koz) | (kt) | (gpt) | (koz) | (kt) | (gpt) | (koz) | |
Proven & Probable Reserves | |||||||||
Media Luna Underground | 23,017 | 4.54 | 3,360 | 23,017 | 4.54 | 3,360 | - | - | - |
8,403 | 3.27 | 885 | 10,371 | 3.15 | 1,051 | (19%) | 4% | (16%) | |
ELG Underground | 2,563 | 6.17 | 508 | 2,675 | 5.81 | 500 | (4%) | 6% | 2% |
Surface Stockpiles | 4,655 | 1.30 | 195 | 4,808 | 1.38 | 213 | (3%) | (6%) | (9%) |
38,638 | 3.98 | 4,947 | 40,871 | 3.90 | 5,123 | (5%) | 2% | (3%) | |
Measured & Indicated Resources2 | |||||||||
Media Luna Underground | 27,390 | 5.30 | 4,669 | 25,380 | 5.38 | 4,394 | 8% | (2%) | 6% |
11,304 | 3.08 | 1,119 | 16,754 | 2.93 | 1,580 | (33%) | 5% | (29%) | |
ELG Underground | 5,016 | 6.26 | 1,009 | 4,551 | 6.34 | 927 | 10% | (1%) | 9% |
EPO Underground | 4,050 | 5.16 | 671 | - | - | - | na | na | na |
47,760 | 4.86 | 7,468 | 46,685 | 4.60 | 6,901 | 2% | 6% | 8% | |
Inferred Resources | |||||||||
Media Luna Underground | 7,322 | 4.27 | 1,006 | 5,991 | 4.05 | 780 | 22% | 6% | 29% |
1,385 | 1.95 | 87 | 812 | 1.83 | 48 | 71% | 7% | 82% | |
ELG Underground | 1,480 | 6.05 | 288 | 1,380 | 4.95 | 220 | 7% | 22% | 31% |
EPO Underground | 5,634 | 4.04 | 732 | 8,019 | 3.97 | 1,024 | (30%) | 2% | (29%) |
15,821 | 4.15 | 2,112 | 16,202 | 3.98 | 2,071 | (2%) | 4% | 2% |
Notes to Table:
- Gold equivalent (AuEq) Mineral Reserves and Resources take into account respective metal prices and metallurgical recoveries for gold, silver, and copper (see Table 3 and Table 5).
- Mineral Resources are reported inclusive of Mineral Reserves.
- The reader is cautioned not to misconstrue this tabulation as a Mineral Reserve or a Mineral Resource statement. Tonnes, grades, and contained metal are shown for comparison purposes only.
- Year-end Mineral Reserves and Resources as well as year-over-year variance subject to rounding.
Gold equivalent (“AuEq”) Mineral Reserves and Mineral Resources take into account respective metal prices and metallurgical recoveries for gold (“Au”), silver (“Ag”) and copper (“Cu”) by deposit. Metals prices used to estimate Mineral Reserves and Mineral Resources remain unchanged.
“We are pleased with the results of the year-end 2022 Mineral Reserve & Resource estimate which further highlights the geological excellence of our Morelos Property. On a total asset AuEq basis, net of depletion, Measured & Indicated Resources increased 567 koz (+8%) and Inferred Resources increased 41 koz (+2%). Prior to mine depletion of 511 koz AuEq, Measured & Indicated Resources increased 1,078 koz (+16%).
“At Media Luna, an inaugural Measured Resource of 473 koz AuEq at an average grade of 8.06 grams per tonne (“gpt”) AuEq was declared. The Measured Resource is contained within three separate zones of the deposit. Additionally, drilling was successful in expanding Inferred Resources along the northern and southern boundaries of the Media Luna deposit while inclusion of outstanding results from the 2021 infill drilling program resulted in additional Indicated Resources.
“The success at Media Luna was equally matched by the success at EPO, with infill drilling delivering an inaugural Indicated Resource of 671 koz AuEq at an average grade of 5.16 gpt AuEq. Step-out drilling to the south and west of EPO was successful in partially offsetting resources upgraded to the Inferred category. Based on the updated resource estimate and potential for additional resource growth, we are growing increasingly confident about the prospect of EPO becoming an additional future source of mill feed at the
“At the
Detailed breakdowns of Mineral Reserve and Mineral Resource estimates can be found in Table 7 and Table 8 of this press release. The detailed breakdowns include tonnes, grade and contained metal estimates by metal as well as notes accompanying the applicable Mineral Reserve and Resource estimates.
PROVEN & PROBABLE MINERAL RESERVES
Total Proven and Probable Mineral Reserves are estimated at 4,947 koz AuEq at an average grade of 3.98 gpt AuEq, representing a 3% decrease relative to year-end 2021 reserves of 5,123 koz AuEq at 3.90 gpt AuEq. Of the Proven & Probable Reserves, 73% of the AuEq estimate is attributable to Au, 23% to Cu, and 4% to Ag.
Table 2: Year-over-year change in Proven & Probable Mineral Reserves
Variance (2022 / 2021) | ||||||||||
Tonnes | Au | Ag | Cu | AuEq1 | Tonnes | Au | Ag | Cu | AuEq1 | |
(kt) | (koz) | (koz) | (Mlb) | (koz) | (kt) | (koz) | (koz) | (Mlb) | (koz) | |
Proven & Probable Reserves | ||||||||||
Media Luna Underground | 23,017 | 2,077 | 18,944 | 444 | 3,360 | - | - | - | - | - |
8,403 | 863 | 1,195 | 27 | 885 | (1,968) | (173) | (308) | (2) | (166) | |
ELG Underground | 2,563 | 480 | 598 | 14 | 508 | (112) | (14) | 87 | 0 | 8 |
Surface Stockpiles | 4,655 | 188 | 470 | 7 | 195 | (152) | (21) | (14) | 0 | (18) |
38,638 | 3,609 | 21,206 | 493 | 4,947 | (2,233) | (208) | (236) | (2) | (176) | |
Change - Net (%) | (5%) | (5%) | (1%) | (0%) | (3%) | |||||
Change in Reserves Prior to Depletion | ||||||||||
Ore Processed2 | (4,599) | (538) | (568) | (15) | (545) | |||||
Reserves - Added / Lost | 2,366 | 330 | 332 | 13 | 369 | |||||
Change - Prior to Depletion (%) | 6% | 9% | 2% | 3% | 7% |
Notes to Table:
- Gold equivalent Mineral Reserves take into account respective metal prices and metallurgical recoveries for gold, silver, and copper (see Table 3).
- Ore processed (depletion) in 2022 on a AuEq basis assumes respective based on prices and recoveries used at year-end 2021.
- Year-end Mineral Reserves and year-over-year variance (2022 versus 2021) subject to rounding.
Drilling and model updates were successful in replacing 68% of AuEq Proven & Probable Reserves processed in 2022. In the
Table 3: Metal price and metallurgical recoveries assumptions used in the estimation of Mineral Reserves
Mineral Reserves | Variance | ||||||||
Au | Ag | Cu | Au | Ag | Cu | Au | Ag | Cu | |
Metal Prices | ($/oz) | ($/oz) | ($/lb) | ($/oz) | ($/oz) | ($/lb) | ($/oz) | ($/oz) | ($/lb) |
Media Luna Underground | - | - | - | ||||||
- | - | - | |||||||
ELG Underground | - | - | - | ||||||
Surface Stockpiles | - | - | - | ||||||
Metallurgical Recoveries | (%) | (%) | (%) | (%) | (%) | (%) | (%) | (%) | (%) |
Media Luna Underground | 85% | 79% | 91% | 85% | 79% | 91% | - | - | - |
89% | 30% | 23% | 89% | 30% | 10% | - | - | 13% | |
ELG Underground | 90% | 62% | 63% | 89% | 30% | 10% | 1% | 32% | 53% |
Surface Stockpiles | 89% | 30% | 23% | 89% | 30% | 10% | - | - | 13% |
Metal prices used in the estimation of Mineral Reserves are unchanged. Metallurgical recoveries for the ELG Underground have been updated to reflect anticipated Au, Ag, and Cu recoveries once the copper and iron sulphide flotation circuits are commissioned in late-2024 as part of the
Proven & Probable Reserves in the ELG Underground are now based on an AuEq cut-off grade. Mineral Reserves at Media Luna are unchanged.
MEASURED & INDICATED MINERAL RESOURCES
Total Measured & Indicated Mineral Resources are estimated at 7,468 koz at an average grade of 4.86 gpt AuEq, representing an 8% increase relative to 6,901 koz AuEq at 4.60 gpt AuEq at year-end 2021. Of the Measured & Indicated Resource, 68% of the AuEq estimate is attributable to Au, 26% to Cu, and 5% to Ag.
Table 4: Year-over-year change in Measured & Indicated Mineral Resources
Variance (2022 / 2021) | ||||||||||
Tonnes | Au | Ag | Cu | AuEq1 | Tonnes | Au | Ag | Cu | AuEq1 | |
(kt) | (koz) | (koz) | (Mlb) | (koz) | (kt) | (koz) | (koz) | (Mlb) | (koz) | |
Measured & Indicated Resources2 | ||||||||||
Media Luna Underground | 27,390 | 2,796 | 27,168 | 645 | 4,669 | 2,011 | 154 | 1,462 | 43 | 275 |
11,304 | 1,090 | 1,650 | 37 | 1,119 | (5,450) | (468) | (929) | (7) | (461) | |
ELG Underground | 5,016 | 916 | 1,304 | 33 | 1,009 | 464 | 1 | 216 | 3 | 82 |
EPO Underground | 4,050 | 308 | 4,528 | 132 | 671 | 4,050 | 308 | 4,528 | 132 | 671 |
47,760 | 5,110 | 34,650 | 847 | 7,468 | 1,075 | (4) | 5,277 | 170 | 567 | |
Change - Net (%) | 2% | (0%) | 18% | 25% | 8% | |||||
Change in Resources Prior to Depletion | ||||||||||
Ore Mined (depletion)3 | (4,447) | (504) | (686) | (16) | (511) | |||||
Resources - Added / Lost | 5,522 | 499 | 5,963 | 186 | 1,078 | |||||
Change - Prior to Depletion (%) | 12% | 10% | 20% | 28% | 16% |
Notes to Table:
- Gold equivalent Mineral Resources take into account respective metal prices and metallurgical recoveries for gold, silver, and copper (see Table 5).
- Measured & Indicated Resources inclusive of Mineral Reserves.
- Ore mined (depletion) in 2022 on a AuEq basis assumes respective based on prices and recoveries used at year-end 2021.
- Year-end Mineral Resources and year-over-year variance (2022 versus 2021) subject to rounding.
The decline in Measured & Indicated Resources within the
Measured & Indicated Resources specific to Media Luna increased 275 koz AuEq, driven by the benefit of incorporating outstanding assay results from the 2021 infill drilling program, results which were received post the cut-off date for the year-end 2021 resource estimate. Additionally, infill drilling targeting three separate zones within the Media Luna deposit resulted in an inaugural Measured Resource of 473 koz AuEq at an average grade of 8.06 gpt AuEq.
Infill drilling at EPO was successful in establishing an inaugural Indicated Resource of 671 koz AuEq at an average grade of 5.16 gpt AuEq. The higher-grade nature of the Indicated Resource relative to the previous Inferred Resource at EPO is due to higher grades encountered through the 2022 infill drilling program, which in the area targeted led to a conversion rate of 108% based on AuEq contained metal and 83% based on tonnes.
Table 5: Metal price and metallurgical recoveries assumptions used in the estimation of Mineral Resources
Mineral Resources | Variance | ||||||||
Au | Ag | Cu | Au | Ag | Cu | Au | Ag | Cu | |
Metal Prices | ($/oz) | ($/oz) | ($/lb) | ($/oz) | ($/oz) | ($/lb) | ($/oz) | ($/oz) | ($/lb) |
Media Luna Underground | - | - | - | ||||||
- | - | - | |||||||
ELG Underground | - | - | - | ||||||
EPO Underground | - | - | - | ||||||
Metallurgical Recoveries | (%) | (%) | (%) | (%) | (%) | (%) | (%) | (%) | (%) |
Media Luna Underground | 85% | 79% | 91% | 85% | 79% | 91% | - | - | - |
89% | 30% | 23% | 89% | 30% | 10% | - | - | 13% | |
ELG Underground | 90% | 86% | 93% | 89% | 30% | 10% | 1% | 56% | 83% |
EPO Underground | 85% | 75% | 89% | 85% | 75% | 89% | - | - | - |
Metal prices used in the estimation of Mineral Resources are unchanged. Metallurgical recoveries for the ELG Underground have been updated to reflect anticipated Au, Ag, and Cu recoveries once the copper and iron sulphide flotation circuits are commissioned in late-2024 as part of the
INFERRED MINERAL RESOURCES
Total Inferred Resources are estimated at 2,112 koz AuEq at an average grade of 4.15 gpt AuEq, representing a 2% increase relative to 2,071 koz AuEq at 3.98 gpt AuEq at year-end 2021. Of the Inferred Mineral Resource at year-end 2022, 60% of the AuEq estimate is attributable to Au, 34% to Cu, and 6% Ag.
Table 6: Year-over-year change in Inferred Mineral Resources
Variance (2022 / 2021) | ||||||||||
Tonnes | Au | Ag | Cu | AuEq1 | Tonnes | Au | Ag | Cu | AuEq1 | |
(kt) | (koz) | (koz) | (Mlb) | (koz) | (kt) | (koz) | (koz) | (Mlb) | (koz) | |
Inferred Resources | ||||||||||
Media Luna Underground | 7,322 | 598 | 5,422 | 143 | 1,006 | 1,331 | 122 | 1,425 | 36 | 226 |
1,385 | 85 | 100 | 2 | 87 | 573 | 38 | 10 | 0 | 39 | |
ELG Underground | 1,480 | 259 | 485 | 10 | 288 | 100 | 43 | 210 | 2 | 68 |
EPO Underground | 5,634 | 324 | 5,668 | 145 | 732 | (2,385) | (68) | (3,240) | (79) | (292) |
15,821 | 1,267 | 11,675 | 299 | 2,112 | (381) | 135 | (1,596) | (41) | 41 | |
Change - Net (%) | (2%) | 12% | (12%) | (12%) | 2% |
Notes to Table:
- Gold equivalent Mineral Resources take into account respective metal prices and metallurgical recoveries for gold, silver and copper (see Table 5).
- Year-end Mineral Resources and year-over-year variance (2022 versus 2021) subject to rounding.
At Media Luna, drilling targeting spatial gaps in prior drilling was successful at adding Inferred Resources along the northern and southern boundaries of the deposit. The success of this program partially offset resources upgraded to the Indicated category.
Drilling at the El Limón Sur open pit was successful in expanding Inferred Mineral Resources within the upper areas of the deposit while drilling within the ELG Underground added to Inferred Resources. The additional Inferred Resources helped offset a portion of resources upgraded to the Indicated category during 2022.
Step-out drilling to the south and west of EPO offset a portion of the Inferred Resources upgraded to the Indicated category (671 koz AuEq). The EPO deposit remains open to the north, south and west.
QUALITY ASSURANCE/QUALITY CONTROL
Torex maintains an industry-standard analytical quality assurance/quality control (QA/QC) and data verification program to monitor laboratory performance and to ensure high quality assay results. Results from this program confirm reliability of the assay results. All sampling is conducted by Torex Gold with analytical work for exploration programs at El Limón Guajes performed by
Torex has a sampling and analytical QA/QC program in place that has been approved by Bureau Veritas (“BV”) and is overseen by
QUALIFIED PERSONS
The scientific and technical data contained in this news release pertaining to Mineral Reserves have been reviewed and approved by
Additional information on the
ABOUT
Torex is an intermediate gold producer based in
FOR FURTHER INFORMATION, PLEASE CONTACT:
President and CEO | Senior Vice President, Corporate Development & Investor Relations |
Direct: (647) 725-9982 | Direct: (647) 260-1503 |
jody.kuzenko@torexgold.com | dan.rollins@torexgold.com |
CAUTIONARY NOTES ON FORWARD LOOKING STATEMENTS
This press release contains "forward-looking statements" and "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information also includes, but is not limited to, statements about: the potential for additional resource growth; the Company growing increasingly confident about the prospect of EPO becoming an additional future source of mill feed at the
Table 7: Mineral Reserve Estimate –
Tonnes | Au | Ag | Cu | Au | Ag | Cu | AuEq | AuEq | |
(kt) | (gpt) | (gpt) | (%) | (koz) | (koz) | (Mlb) | (gpt) | (koz) | |
Media Luna Underground | |||||||||
Proven | - | - | - | - | - | - | - | - | - |
Probable | 23,017 | 2.81 | 25.6 | 0.88 | 2,077 | 18,944 | 444 | 4.54 | 3,360 |
Proven & Probable | 23,017 | 2.81 | 25.6 | 0.88 | 2,077 | 18,944 | 444 | 4.54 | 3,360 |
Proven | 2,821 | 4.65 | 5.5 | 0.15 | 421 | 495 | 9 | 4.73 | 429 |
Probable | 5,582 | 2.46 | 3.9 | 0.15 | 442 | 699 | 18 | 2.54 | 456 |
Proven & Probable | 8,403 | 3.20 | 4.4 | 0.15 | 863 | 1,195 | 27 | 3.27 | 885 |
ELG Underground | |||||||||
Proven | 829 | 6.22 | 7.7 | 0.28 | 166 | 204 | 5 | 6.60 | 176 |
Probable | 1,734 | 5.64 | 7.1 | 0.24 | 314 | 393 | 9 | 5.96 | 332 |
Proven & Probable | 2,563 | 5.83 | 7.3 | 0.25 | 480 | 598 | 14 | 6.17 | 508 |
Surface Stockpiles | |||||||||
Proven | 4,655 | 1.26 | 3.1 | 0.07 | 188 | 470 | 7 | 1.30 | 195 |
Probable | - | - | - | - | - | - | - | - | - |
Proven & Probable | 4,655 | 1.26 | 3.1 | 0.07 | 188 | 470 | 7 | 1.30 | 195 |
Proven | 8,306 | 2.90 | 4.4 | 0.12 | 776 | 1,170 | 22 | 2.99 | 800 |
Probable | 30,332 | 2.91 | 20.5 | 0.70 | 2,833 | 20,037 | 471 | 4.25 | 4,148 |
Proven & Probable | 38,638 | 2.91 | 17.1 | 0.58 | 3,609 | 21,206 | 493 | 3.98 | 4,947 |
Notes to accompany Mineral Reserve table:
1. Mineral Reserves were developed in accordance with CIM (2014) guidelines.
2. Rounding may result in apparent summation differences between tonnes, grade, and contained metal content. Surface Stockpile Mineral Reserves are estimated using production and survey data and apply the same gold equivalent (“AuEq”) formula as ELG Open Pits.
3. AuEq of Total Reserves is established from combined contributions of the various deposits.
4. The qualified person for the Mineral Reserve estimate is
5. The qualified person is not aware of mining, metallurgical, infrastructure, permitting, or other factors that materially affect the Mineral Reserve estimates.
Notes to accompany the Media Luna Underground Mineral Reserves:
6. Mineral Reserves are based on Media Luna Indicated Mineral Resources with an effective date of
7. Media Luna Underground Mineral Reserves are reported above a diluted ore cut-off grade of 2.2 g/t AuEq.
8. Media Luna Underground cut-off grades and mining shapes are considered appropriate for a metal price of
9. Mineral Reserves within designed mine shapes assume long-hole open stoping, supplemented with mechanized cut-and-fill mining and includes estimates for dilution and mining losses.
10. Media Luna Underground AuEq = Au (g/t) + Ag (g/t) * (0.0112) + Cu (%) * (1.6946), accounting for metal prices and metallurgical recoveries.
Notes to accompany the ELG Open Pit Mineral Reserves:
11. Mineral Reserves are founded on Measured and Indicated Mineral Resources, with an effective date of
12. ELG Open Pit Mineral Reserves are reported above an in-situ cut-off grade of 1.2 g/t Au.
13. ELG Low Grade Mineral Reserves are reported above an in-situ cut-off grade of 0.88 g/t Au.
14. It is planned that ELG Low Grade Mineral Reserves within the designed pits will be stockpiled during pit operation and processed during pit closure.
15. Mineral Reserves within the designed pits include assumed estimates for dilution and ore losses.
16. Cut-off grades and designed pits are considered appropriate for a metal price of
17. Mineral Reserves are reported using a Au price of
18. Average metallurgical recoveries of 89% for Au, 30% for Ag, and 23% for Cu.
19.
Notes to accompany the ELG Underground Mineral Reserves:
20. Mineral Reserves are founded on Measured and Indicated Mineral Resources, with an effective date of
21. Mineral Reserves were developed in accordance with CIM guidelines.
22. El Limón Underground Mineral Reserves are reported above an in-situ ore cut-off grade of 3.2 g/t AuEq and an in-situ incremental cut-off grade of 1.05 g/t Au.
23. Cut-off grades and mining shapes are considered appropriate for a metal price of
24. Mineral Reserves within designed mine shapes assume mechanized cut and fill mining method and include estimates for dilution and mining losses.
25. Mineral Reserves are reported using a Au price of
26. Average metallurgical recoveries of 90% for Au, 62% for Ag, and 63% for Cu, accounting for the planned copper concentrator.
27. ELG Underground AuEq = Au (g/t) + Ag (g/t) * (0.0083) + Cu (%) * (1.1202), accounting for metal prices and metallurgical recoveries.
Table 8: Mineral Resource Estimate –
Tonnes | Au | Ag | Cu | Au | Ag | Cu | AuEq | AuEq | |
(kt) | (gpt) | (gpt) | (%) | (koz) | (koz) | (Mlb) | (gpt) | (koz) | |
Media Luna Underground | |||||||||
Measured | 1,823 | 5.29 | 42.0 | 1.38 | 310 | 2,460 | 55 | 8.06 | 473 |
Indicated | 25,567 | 3.02 | 30.1 | 1.05 | 2,486 | 24,708 | 589 | 5.11 | 4,196 |
Measured & Indicated | 27,390 | 3.17 | 30.9 | 1.07 | 2,796 | 27,168 | 645 | 5.30 | 4,669 |
Inferred | 7,322 | 2.54 | 23.0 | 0.88 | 598 | 5,422 | 143 | 4.27 | 1,006 |
Measured | 3,161 | 4.67 | 5.7 | 0.16 | 475 | 576 | 11 | 4.76 | 484 |
Indicated | 8,143 | 2.35 | 4.1 | 0.15 | 615 | 1,073 | 26 | 2.42 | 635 |
Measured & Indicated | 11,304 | 3.00 | 4.5 | 0.15 | 1,090 | 1,650 | 37 | 3.08 | 1,119 |
Inferred | 1,385 | 1.92 | 2.2 | 0.06 | 85 | 100 | 2 | 1.95 | 87 |
ELG Underground | |||||||||
Measured | 1,741 | 5.94 | 8.0 | 0.34 | 332 | 450 | 13 | 6.58 | 369 |
Indicated | 3,274 | 5.54 | 8.1 | 0.28 | 583 | 854 | 20 | 6.08 | 640 |
Measured & Indicated | 5,016 | 5.68 | 8.1 | 0.30 | 916 | 1,304 | 33 | 6.26 | 1,009 |
Inferred | 1,480 | 5.45 | 10.2 | 0.30 | 259 | 485 | 10 | 6.05 | 288 |
EPO Underground | |||||||||
Measured | - | - | - | - | - | - | - | - | - |
Indicated | 4,050 | 2.37 | 34.8 | 1.48 | 308 | 4,528 | 132 | 5.16 | 671 |
Measured & Indicated | 4,050 | 2.37 | 34.8 | 1.48 | 308 | 4,528 | 132 | 5.16 | 671 |
Inferred | 5,634 | 1.79 | 31.3 | 1.17 | 324 | 5,668 | 145 | 4.04 | 732 |
Measured | 6,725 | 5.17 | 16.1 | 0.54 | 1,117 | 3,486 | 80 | 6.13 | 1,325 |
Indicated | 41,035 | 3.03 | 23.6 | 0.85 | 3,992 | 31,164 | 767 | 4.66 | 6,143 |
Measured & Indicated | 47,760 | 3.33 | 22.6 | 0.80 | 5,110 | 34,650 | 847 | 4.86 | 7,468 |
Inferred | 15,821 | 2.49 | 23.0 | 0.86 | 1,267 | 11,675 | 299 | 4.15 | 2,112 |
Notes to accompany the Mineral Resource Table:
1. CIM (2014) definitions were followed for Mineral Resources.
2. Mineral Resources are depleted above a mining surface or to the as-mined solids as of
3. Mineral Resources are reported using a gold (“Au”) price of
4. Gold equivalent (“AuEq”) of Total Mineral Resources is established from combined contributions of the various deposits.
5. Mineral Resources are inclusive of Mineral Reserves.
6. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
7. Numbers may not add due to rounding.
8. The estimate was prepared by Ms.
Notes to accompany Media Luna Underground Mineral Resources:
9. The effective date of the estimate is
10. Mineral Resources are reported above a 2.0 g/t AuEq cut-off grade.
11. Metallurgical recoveries at Media Luna average 85% for Au, 79% for Ag, and 91% for Cu.
12. Media Luna Underground AuEq = Au (g/t) + (Ag (g/t) * 0.0119) + (Cu (%) * 1.6483). AuEq calculations consider both metal prices and metallurgical recoveries.
13. The assumed mining method is from underground methods, using a combination of long hole stoping and cut and fill.
Notes to accompany the ELG Open Pit Mineral Resources:
14. The effective date of the estimate is
15. Average metallurgical recoveries are 89% for Au, 30% for Ag and 23% for Cu.
16. ELG Open Pit AuEq = Au (g/t) + (Ag (g/t) * 0.0043) + (Cu (%) * 0.4001). AuEq calculations consider both metal prices and metallurgical recoveries.
17. Mineral Resources are reported above an in-situ cut-off grade of 0.78 g/t Au.
18. Mineral Resources are reported inside an optimized pit shell. Underground Mineral Reserves at ELD within the El Limón shell have been excluded from the open pit Mineral Resources.
Notes to accompany ELG Underground Mineral Resources:
19. The effective date of the estimate is
20. Average metallurgical recoveries are 90% for Au, 86% for Ag and 93% for Cu, accounting for the planned copper concentrator.
21. ELG Underground AuEq = Au (g/t) + (Ag (g/t) * 0.0123) + (Cu (%) * 1.600). AuEq calculations consider both metal prices and metallurgical recoveries.
22. Mineral Resources are reported above a cut-off grade of 3.0 g/t AuEq.
23. The assumed mining method is underground cut and fill.
Notes to accompany EPO Underground Mineral Resources:
24. The effective date of the estimate is
25. Mineral Resources are reported above a 2.0 g/t AuEq cut-off grade.
26. Metallurgical recoveries at EPO average 85% for Au, 75% for Ag, and 89% for Cu.
27. EPO Underground AuEq = Au (g/t) + Ag (g/t) * (0.0114) + Cu % * (1.6212). AuEq calculations consider both metal prices and metallurgical recoveries.
28. The assumed mining method is from underground methods using a long hole stoping.
Source:
2023 GlobeNewswire, Inc., source