Resources

Cerro Blanco Mineral Resource Estimate at a 0.4 g/t Au cut-off

Resource Category Tonnes
('000)		 Gold Grade
(g/t) 		Silver Grade
(g/t) 		Contained Au
('000 oz) 		Contained
Ag ("000 oz)
Measured 40,947 1.8 7.9 2,382 10,387
Indicated 22,595 1.0 4.2 706 3,058
Measured and Indicated 63,542 1.5 6.6 3,089 13,445
Inferred 1,672 0.6 2.1 31 112
           
Below Pit (Indicated)  189 5.7 13.4 35 82
Stockpile (Measured) 30 5.4 22.6 5 22
  • Prepared by Garth Kirkham (Kirkham Geosystems Ltd.) an Independent Qualified Person in accordance with NI 43-101.
  • Effective date: June 20, 2021. All mineral resources have been estimated in accordance with Canadian Institute of Mining and Metallurgy and Petroleum (“CIM”) definitions, as required under NI 43-101.
  • Mineral Resources reported demonstrate reasonable prospect of eventual economic extraction, as required under NI 43-101. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. The Mineral Resources may be materially affected by environmental, permitting, legal, marketing, and other relevant issues.
  • Cut-off grades are based on a price of US$1,600/oz gold, US$20/oz silver and a number of operating cost and recovery assumptions, including a reasonable contingency factor.
  • An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
  • Resources identified below the pit shell that are amenable to underground mining (3.5 g/t cut off).   

 

Cerro Blanco Reserve Summary

Reserve Category Tonnes
('000)		 Gold Grade
(g/t)		 Silver Grade
(g/t)		 Contained Au
('000 oz)		 Contained
Ag ('000 oz)
Proven 37,618 1.89 8.34 2,286 10,084
Probable 16,279 1.07 4.81 560 2,518
Proven & Probable 53,896 1.64 7.27 2,846 12,602
  • Effective date: November 1, 2021. The Qualified Person for the reserve estimate is Mathieu Gignac, P. Eng. of G Mining Services Inc.
  • The cut-off grade for mill feed material was estimated using a $1,550/oz gold price and gold cut-off grade (COG) of 0.50 g/t AuEq. Other costs and factors used for gold cut-off grade. determination were process, G&A, and other      costs of $21.17/tonne, a royalty of $31.6 /oz Au and a gold metallurgical recovery of 91%, and a silver metallurgical recovery of 85%.
  • Bulk density of mineralized material is variable but averages 2.6 t/m3.
  • The average strip ratio is 2.7 : 1.
  • Tonnages are rounded to the nearest 1,000 tonnes, metal grades are rounded to two decimal places. Tonnage and grade measurements are in metric units; contained gold and silver are reported as thousands of troy ounces
  • Rounding as required by reporting guidelines and may result in summation differences.