Resource Estimate

Table 1 – Cerro Blanco Mineral Resource Estimate at a 0.4 g/t Au Cut-Off

Resource Category Tonnes
Gold Grade (g/t) Silver Grade (g/t) Contained Au (koz) Contained Ag (koz)
Measured 20,388 1.93 9.01 1,266 5,906
Indicated 41,135 1.30 5.54 1,716 7,327
Measured and
61,523 1.51 6.69 2,982 13,233
Inferred 2,287 0.56 3.41 42 251

The mineral resource statement is subject to the following:

  • Effective date: December 31, 2020. 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.
  • 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.
  • The PEA is preliminary in nature, it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized. Mineral resources that are not mineral reserves have not demonstrated economic viability. The mineral resources may be affected by subsequent assessment of mining, environmental, processing, permitting, taxation, socio-economic and other factors.
  • Rounding as required by reporting guidelines and may result in summation differences.