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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Amara Ming | LSE:AMA | London | Ordinary Share | GB00B04M1L91 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 17.25 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMAMA
RNS Number : 6799G
Amara Mining PLC
24 November 2015
24 November 2015 AIM:AMA
Amara Mining plc
("Amara" or "the Company")
RESOURCE UPDATE DELIVERS 7.3 MILLION OUNCES AT
20% HIGHER GRADE AT YAOURE GOLD PROJECT
Amara Mining plc, the AIM-listed West African focused gold mining company, is pleased to announce a National Instrument ("NI") 43-101 compliant Mineral Resource update for its Yaoure Gold Project ("Yaoure") in Côte d'Ivoire.
HIGHLIGHTS
-- Total Mineral Resource at Yaoure increased by 491,000 ounces to 7.3 million ounces at 1.50g/t - 7% increase in ounces at a 20% increase in grade compared to previous Mineral Resource estimate(1) , underlining Yaoure's position as the largest undeveloped gold asset in West Africa
-- Yaoure further technically de-risked with 71% of Mineral Resources now in the higher confidence Measured and Indicated ("M&I") categories following strong conversion of Inferred Mineral Resources
o 17% increase (739,000 ounces) in Yaoure's M&I Mineral Resource to 5.2 million ounces at a 19% higher grade (1.54g/t)
-- Higher overall grade and increased gold content in lower gold price pit shells
o 3.7 million ounces (69.5Mt at 1.66g/t) in M&I categories in US$800 per ounce pit shell - 45% increase in gold content
o 4.5 million ounces (89.0Mt at 1.59g/t) in M&I categories in US$950 per ounce pit shell - 47% increase in gold content
-- Increased understanding of mineralisation controls and higher confidence Mineral Resource estimate through 2015 drilling programme (11,904 metres), mapping in base of Yaoure Central pit and re-analysis of historical drilling (132,964 metres)
-- Economics expected to be positively impacted:
o Potential for a lower upfront capital cost through a smaller processing plant and mining fleet
o Potential for a simplified mine plan as Mineral Resources within Yaoure Central zone concentrated in a more defined area
o Higher overall grade of Mineral Resource is expected to lead to lower operating cost per ounce of gold produced
-- Pre-Feasibility Study ("PFS") optimisation underway, including work on the effect of today's Mineral Resource update on Yaoure's economics - results expected in Q1 2016
Notes
1. Mineral Resource estimate is reported at a 0.5g/t cut-off grade. See Appendix 1 for previous Mineral Resource estimate, dated 5 January 2015, quoted within a US$800 per ounce, US$950 per ounce and US$1,500 per ounce pit shell.
John McGloin, Chairman and Chief Executive Officer of Amara, commented:
"Today's Mineral Resource update has delivered on all of our objectives for the recent drilling campaign. We have increased the overall grade by 20% to 1.50g/t and substantially increased the amount of higher confidence M&I resources in the lower priced pit shells. This will strengthen Yaoure's economics, allowing us to focus on a lower priced pit shell with an increased cut-off grade compared to the PFS announced in May 2015. By targeting higher grade tonnes, we can maintain gold production with a lower upfront capital cost due to the opportunity for a smaller processing plant and mining fleet. The grade improvements will also reduce the operating costs per ounce of production.
"The total contained Mineral Resource has grown to 7.3 million ounces, which ranks Yaoure as the largest undeveloped gold project in West Africa and brings the group's resources to over 10 million ounces. The new resource estimate has also seen the centre of the Yaoure Central portion of the resource migrate to the north of the deposit, concentrating resource ounces into a better defined area. This is expected to have a highly beneficial impact on Yaoure's mine plan and further improve the project's economics. I look forward to updating the market on the results of the Yaoure PFS optimisation over the coming quarter."
Yaoure Mineral Resource estimate within a US$1,500 per ounce pit shell, including cut-off grade sensitivity, as of 24 November 2015
Hot Features
Premium
Resource category Unit Cut-Off Grade (g/t Au)
---------------------- --------- ---------------------------
0.5 0.8 1.0
-------------------------------- -------- -------- -------
Tonnes
Measured (Mt) 18.6 14.3 11.9
---------------------- --------- -------- -------- -------
Grade
(g/t) 1.86 2.23 2.49
-------------------------------- -------- -------- -------
Content
(Koz) 1,114 1,024 957
-------------------------------- -------- -------- -------
Tonnes
Indicated (Mt) 85.5 60.5 47.4
---------------------- --------- -------- -------- -------
Grade
(g/t) 1.47 1.81 2.07
-------------------------------- -------- -------- -------
Content
(Koz) 4,042 3,527 3,151
-------------------------------- -------- -------- -------
Tonnes
Measured & Indicated (Mt) 104.1 74.8 59.4
---------------------- --------- -------- -------- -------
Grade
(g/t) 1.54 1.89 2.15
-------------------------------- -------- -------- -------
Content
(Koz) 5,155 4,552 4,108
-------------------------------- -------- -------- -------
Tonnes
Inferred (Mt) 47.7 34.0 27.1
---------------------- --------- -------- -------- -------
Grade
(g/t) 1.41 1.71 1.92
-------------------------------- -------- -------- -------
Content
(Koz) 2,156 1,874 1,674
-------------------------------- -------- -------- -------
Tonnes
Total (Mt) 151.8 108.8 86.5
---------------------- --------- -------- -------- -------
Grade
(g/t) 1.50 1.84 2.08
-------------------------------- -------- -------- -------
Content
(Koz) 7,312 6,425 5,782
-------------------------------- -------- -------- -------
Notes
1. The effective date of the Yaoure Mineral Resource estimate is 24 November 2015, prepared by Mario E Rossi, GeoSystems International, Inc.
2. The gold price used in the Mineral Resource estimate is US$1,500 per ounce, assuming an open pit mining scenario, processing via tank leaching. Recoveries have been assumed at 90%. Pit Optimisation was completed by A. Wheeler for all prices shown here, and parameters otherwise as derived in the 2015 PFS.
3. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability.
4. There are no known environmental, permitting, legal, title, taxation, socio-economic, marketing, and political or other relevant issues that may materially affect the resource estimates.
5. Totals and average grades are subject to rounding to the appropriate precision and some columns or rows may not compute exactly as shown.
6. The stated resources include dilution in the block model that relates to the level of selectivity envisioned in an open pit operation, with the block model regularised to a block size of 6.25m x 6.25m x 5m.
7. Numbers may not add correctly due to rounding.
Updated section diagrams to accompany the Mineral Resource update are available on the Amara website at: http://www.amaramining.com/operations/yaoure/maps-sections/
Mineral Resource estimate delivers on all objectives
The objective of the 2015 exploration and drilling campaign was to improve the confidence in the Mineral Resource estimate through conversion of Inferred resources to the Measured and Indicated categories, together with gaining a more thorough understanding of the northern area of the Yaoure Central zone. Previous grade control sampling had indicated that higher grades were more present in this area than evident in the previous Mineral Resource estimate.
During 2015 Amara conducted 11,904 metres of in-fill drilling in the Yaoure Central zone, together with a systematic channel sampling and mapping programme to gain a better understanding of the higher grade structures.
Today's Mineral Resource estimate achieves both these objectives, delivering a 17% increase in M&I Mineral Resources at a 19% higher grade. This means that 71% of the resources now lie within the M&I categories, which are the basis for economic modelling. This expansion of Mineral Resources in the M&I categories presents the opportunity to raise the cut-off grade and utilise lower gold price pit shells to deliver an operation that retains the compelling economics seen in the Preliminary Economic Assessment.
The resource model is based upon a regularised block size of 6.25 metres x 6.25 metres x 5 metres in the X, Y and Z dimensions respectively. Given the dimensions and orientation of the various structures present in the Yaoure deposit, it is estimated that this represents an inherent dilution of approximately 12%. The previous block model was based on a block size of 12.5 metres x 12.5 metres x 10 metres, which incorporated excessive dilution of the high grade structures.
Increased ounces in all pit shells
The estimate also delivers increased ounces in the lower gold price shells, quoted at US$800 per ounce (45% increase) and US$950 per ounce (47% increase). In addition, 89% of the Mineral Resources within the US$800 per ounce pit shell and 81% of the Mineral Resources within the US$950 per ounce pit shell are within the M&I categories.
(MORE TO FOLLOW) Dow Jones Newswires
November 24, 2015 02:00 ET (07:00 GMT)
The higher gold content in the lower priced pit shells will allow Amara to optimise the PFS on a smaller pit shell, with a higher cut-off grade, than the US$975 per ounce pit shell used in the original PFS. This is expected to translate into a significant increase in the average grade processed, with lower operating costs per ounce produced, and suggests the potential to reduce the project's upfront capital requirement. It is expected that Yaoure could generate robust production through a smaller processing plant and utilising a smaller mining fleet, as a result of the higher grade material. The concentration of the Yaoure Central zone's Mineral Resources in the northern area of the zone also suggests the opportunity for a starter pit, which may reduce the need for pre-stripping of the CMA zone, and deliver a simplified mine plan.
Yaoure Mineral Resource estimate within a US$800 per ounce pit shell, including cut-off grade sensitivity, as of 24 November 2015
Resource category Unit Cut-Off Grade (g/t Au)
---------------------- --------- ---------------------------
0.5 0.8 1.0
-------------------------------- -------- -------- -------
Tonnes
Measured (Mt) 17.8 13.8 11.6
---------------------- --------- -------- -------- -------
Grade
(g/t) 1.88 2.25 2.50
-------------------------------- -------- -------- -------
Content
(Koz) 1,078 995 931
-------------------------------- -------- -------- -------
Tonnes
Indicated (Mt) 51.7 38.3 30.9
---------------------- --------- -------- -------- -------
Grade
(g/t) 1.58 1.90 2.15
-------------------------------- -------- -------- -------
Content
(Koz) 2,621 2,346 2,131
-------------------------------- -------- -------- -------
Tonnes
Measured & Indicated (Mt) 69.5 52.1 42.4
---------------------- --------- -------- -------- -------
Grade
(g/t) 1.66 1.99 2.24
-------------------------------- -------- -------- -------
Content
(Koz) 3,700 3,341 3,062
-------------------------------- -------- -------- -------
Tonnes
Inferred (Mt) 9.6 7.1 6.0
---------------------- --------- -------- -------- -------
Grade
(g/t) 1.58 1.91 2.08
-------------------------------- -------- -------- -------
Content
(Koz) 485 435 405
-------------------------------- -------- -------- -------
Tonnes
Total (Mt) 79.1 59.2 48.5
---------------------- --------- -------- -------- -------
Grade
(g/t) 1.65 1.98 2.22
-------------------------------- -------- -------- -------
Content
(Koz) 4,185 3,775 3,467
-------------------------------- -------- -------- -------
Yaoure Mineral Resource estimate within a US$950 per ounce pit shell, including cut-off grade sensitivity, as of 24 November 2015
Resource category Unit Cut-Off Grade (g/t Au)
---------------------- --------- ---------------------------
0.5 0.8 1.0
-------------------------------- -------- -------- -------
Tonnes
Measured (Mt) 18.4 14.2 11.9
---------------------- --------- -------- -------- -------
Grade
(g/t) 1.87 2.24 2.49
-------------------------------- -------- -------- -------
Content
(Koz) 1,110 1,023 957
-------------------------------- -------- -------- -------
Tonnes
Indicated (Mt) 70.6 50.5 39.9
---------------------- --------- -------- -------- -------
Grade
(g/t) 1.51 1.86 2.11
-------------------------------- -------- -------- -------
Content
(Koz) 3,430 3,016 2,712
-------------------------------- -------- -------- -------
Tonnes
Measured & Indicated (Mt) 89.0 64.7 51.8
---------------------- --------- -------- -------- -------
Grade
(g/t) 1.59 1.94 2.20
-------------------------------- -------- -------- -------
Content
(Koz) 4,540 4,039 3,668
-------------------------------- -------- -------- -------
Tonnes
Inferred (Mt) 21.9 16.4 13.7
---------------------- --------- -------- -------- -------
Grade
(g/t) 1.58 1.90 2.10
-------------------------------- -------- -------- -------
Content
(Koz) 1,113 1,001 923
-------------------------------- -------- -------- -------
Tonnes
Total (Mt) 110.9 81.1 65.5
---------------------- --------- -------- -------- -------
Grade
(g/t) 1.59 1.93 2.18
-------------------------------- -------- -------- -------
Content
(Koz) 5,653 5,040 4,592
-------------------------------- -------- -------- -------
Notes to tables
1. The Mineral Resource estimates reported here are calculated on the same basis as the US$1,500 per ounce pit shell - see notes above.
The Mineral Resource update is NI 43-101 compliant.
Next steps
Work is underway on the optimisation of the Yaoure PFS, including the impact of the updated Mineral Resource estimate on the project's economics. The aim of the optimisation work is to reduce the upfront capital requirement of the PFS and to increase the head grade of the ore being fed to the processing plant. The work will also evaluate the optimal processing plant size and pit shell combination to deliver the strongest returns.
Amara expects to report the PFS optimisation results in Q1 2016.
For more information please contact:
Amara Mining plc John McGloin, Chairman & Chief Executive Officer Pete Gardner, Finance Director Katharine Sutton, Head of Investor +44 (0)20 7398 Relations 1420 Peel Hunt LLP (Nominated Adviser & Joint Broker) Matthew Armitt +44 (0)20 7418 Ross Allister 8900 GMP Securities Europe LLP (Joint Broker) Richard Greenfield +44 (0)20 7647 Mitch Limb 2800 Farm Street Communications (Media Relations) +44 (0)7593 Simon Robinson 340 107
About Amara Mining plc
Amara is a gold explorer/developer with assets in West Africa. The Group is focused on unlocking the value in its development projects. At Yaoure in Côte d'Ivoire, this will be done by increasing the confidence in the existing Mineral Resource and economics at the project as Amara progresses it through to Bankable Feasibility Study. At Baomahun, this will be achieved by gaining an improved understanding of the exploration upside potential and underground opportunity. Amara aims to further increase its production profile with highly prospective opportunities across both assets.
Peter Brown is a "Qualified Person" within the definition of National Instrument 43-101 and has reviewed and approved the information contained within this announcement. Dr Brown (MIMMM) is the Group Exploration Manager.
Mario Rossi is a "Qualified Person" within the definition of National Instrument 43-101 and is responsible for the estimation of the Yaoure Mineral Resource. He has reviewed and approved the relevant technical information relating to the resource estimates in this release. Mr Rossi (Fellow AusIMM, Member CIM, Member SME) is Principal Geostatistician of GeoSystems International, Inc.
Adam Wheeler is a "Qualified Person" within the definition of National Instrument 43-101 and is responsible for pit optimisation aspects of the Yaoure Mineral Resource. He has reviewed and approved the relevant technical information relating to the resource estimates in this release. Mr. Wheeler (Fellow IOM(3) , C.Eng) is an Independent Mining Consultant.
The 2016 DD drilling programme at Yaoure was undertaken by an independent drilling contractor. Typically samples for assaying were taken at one metre intervals. Sample preparation was carried out at the Company's facility at Yaoure, prior to fire assay at Actlabs in Ouagadougou, Burkina Faso. The samples were crushed down to minus 2mm and then pulverised down to 90% passing 75 microns, prior to analysis for gold by 50g fire assay. As part of the Company's QA/QC procedures, internationally recognised standards, duplicates and blanks were inserted. Check assays were carried out at ALS Geochemistry in Vancouver, Canada. The laboratories used are independent of the Company.
Appendix 1: Previous Mineral Resource estimate, dated 5 January 2015, within US$800 per ounce, US$950 per ounce and US$1,500 per ounce pit shells
(MORE TO FOLLOW) Dow Jones Newswires
November 24, 2015 02:00 ET (07:00 GMT)
Previous Yaoure Mineral Resource estimate within a US$800 per ounce pit shell, including cut-off grade sensitivity, as of 5 January 2015
Resource category Unit Cut-Off Grade (g/t Au)
------------------- --------- ---------------------------
0.5 0.8 1.0
----------------------------- -------- -------- -------
Tonnes
Indicated (Mt) 50.7 35.2 28.8
------------------- --------- -------- -------- -------
Grade
(g/t) 1.57 1.98 2.22
----------------------------- -------- -------- -------
Content
(Koz) 2,560 2,241 2,058
----------------------------- -------- -------- -------
Tonnes
Inferred (Mt) 15.6 11.7 8.9
------------------- --------- -------- -------- -------
Grade
(g/t) 1.35 1.58 1.80
----------------------------- -------- -------- -------
Content
(Koz) 676 595 513
----------------------------- -------- -------- -------
Tonnes
Total (Mt) 66.2 46.9 37.7
------------------- --------- -------- -------- -------
Grade
(g/t) 1.52 1.88 2.12
----------------------------- -------- -------- -------
Content
(Koz) 3,236 2,836 2,571
----------------------------- -------- -------- -------
Previous Yaoure Mineral Resource estimate within a US$950 per ounce pit shell, including cut-off grade sensitivity, as of 5 January 2015
Resource category Unit Cut-Off Grade (g/t Au)
------------------- --------- ---------------------------
0.5 0.8 1.0
----------------------------- -------- -------- -------
Tonnes
Indicated (Mt) 64.8 42.4 33.9
------------------- --------- -------- -------- -------
Grade
(g/t) 1.48 1.92 2.18
----------------------------- -------- -------- -------
Content
(Koz) 3,079 2,620 2,377
----------------------------- -------- -------- -------
Tonnes
Inferred (Mt) 20.2 14.1 10.5
------------------- --------- -------- -------- -------
Grade
(g/t) 1.28 1.55 1.78
----------------------------- -------- -------- -------
Content
(Koz) 831 706 602
----------------------------- -------- -------- -------
Tonnes
Total (Mt) 85.0 56.5 44.5
------------------- --------- -------- -------- -------
Grade
(g/t) 1.43 1.83 2.08
----------------------------- -------- -------- -------
Content
(Koz) 3,911 3,327 2,979
----------------------------- -------- -------- -------
Previous Yaoure Mineral Resource estimate within a US$1,500 per ounce pit shell, including cut-off grade sensitivity, as of 5 January 2015
Resource category Unit Cut-Off Grade (g/t Au)
------------------- --------- ---------------------------
0.5 0.8 1.0
----------------------------- -------- -------- -------
Tonnes
Indicated (Mt) 106.3 62.5 46.7
------------------- --------- -------- -------- -------
Grade
(g/t) 1.29 1.75 2.05
----------------------------- -------- -------- -------
Content
(Koz) 4,416 3,526 3,070
----------------------------- -------- -------- -------
Tonnes
Inferred (Mt) 63.0 37.4 26.9
------------------- --------- -------- -------- -------
Grade
(g/t) 1.19 1.57 1.83
----------------------------- -------- -------- -------
Content
(Koz) 2,405 1,883 1,580
----------------------------- -------- -------- -------
Tonnes
Total (Mt) 169.3 99.9 73.5
------------------- --------- -------- -------- -------
Grade
(g/t) 1.25 1.68 1.97
----------------------------- -------- -------- -------
Content
(Koz) 6,821 5,410 4,651
----------------------------- -------- -------- -------
Notes to tables
1. The effective date of the Yaoure Mineral Resource estimate is 5 January 2015, prepared by Mario E Rossi, GeoSystems International, Inc.
2. The gold price used in the Mineral Resource estimate is stated in the title of each table, assuming an open pit mining scenario, processing via tank leaching. Pit slopes are 44 in oxide, 53 in sulphide. Recoveries have been assumed at 90%. Pit Optimisation was completed by A. Wheeler for all prices shown here.
3. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability.
4. There are no known environmental, permitting, legal, title, taxation, socio-economic, marketing, and political or other relevant issues that may materially affect the resource estimates.
5. Totals and average grades are subject to rounding to the appropriate precision and some columns or rows may not compute exactly as shown.
6. The stated resources include dilution in the block model that relates to the level of low selectivity envisioned in an open pit operation, assuming 10m bench heights.
Appendix 2: Mineral Resource Classification
The Yaoure Mineral Resource classification was developed in two stages:
1. The conditions for Measured, Indicated, and Inferred categories were defined based on the data spacing, the geologic model, and the amount of information used to estimate each block. These criteria were expressed in simple terms, such as the number of holes and composites required to exist within specific distances and orientations for each category.
2. The classification was implemented through the estimation passes aided by other algorithms applied on the block model that reflect the criteria defined in the previous step.
Appendix 3: Resource Estimation Parameters
1. The estimates of Mineral Resources were calculated in accordance with the definitions adopted by the Canadian Institute of Mining Metallurgy and Petroleum ("CIM") and incorporated into NI 43-101. The Mineral Resource estimate was carried out by Mario Rossi of GeoSystems International, Inc.
2. The geological model used to support grade estimation is structurally controlled and based on a combination of interpreted structures (wireframes) and structural domains probabilistically assigned to the block model.
3. Block model preparation and resource estimation has been completed using Datamine and GSLib. One-metre primary samples were used to define mineralised outline wireframes, whilst two-metre down hole composites were used for statistical analysis, variography and resource estimation. Special restrictions of high grade composites depended on the estimation domain used.
4. Resource estimation has been completed using a combination of Multiple Indicator Kriging (MIK), Indicator-modified Ordinary Kriging, and Inverse Distance Cubed, depending on the estimation domain. Bulk density has been estimated into the block model using Inverse Distance Squared.
5. A whittle optimised shell has been used to delineate the ounces that would potentially be mined. This optimisation was conducted on a block size of 12.5 x 12.5 x 10m and the resources quoted on a regularised model with blocks of 6.25 x 6.25 x 5m. The parameters used in the whittle runs were those generated in the PFS study earlier this year.
6. Ounces represent estimated gold content present in the tonnes of material which would be mined and processed once they are converted to a Mineral Reserve. Mining recovery, dilution and mill recovery rates have not been applied in calculating the contained ounces.
7. In accordance with the guidelines set out by the CIM and contained within NI 43-101, this Mineral Resource estimate for the Yaoure property uses a 0.5g/t Au cut-off and a US$1,500/oz Au "Resource Pit" to represent that portion of the resource which has "reasonable prospects for economic extraction" from an open pit mining scenario. The open pit mining scenario considers that both oxides and sulphides assuming a Carbon-in-Leach process plant economics. Pit slopes are 44 in oxide, 53 in sulphide; and metallurgical recoveries have been assumed at 90%. The pit optimisation was carried out by Adam Wheeler, Independent Mining Consultant.
8. Amara's attributable portion of the Mineral Resource estimate is 100%, although on development the Government of Côte d'Ivoire will be entitled to a 10% free carried interest.
9. The classification methodology used was based on a combination of drill density, data quality, and evaluations of the statistical and spatial characteristics of the gold mineralisation.
10. Glossary
A "Mineral Resource" is a concentration or occurrence of solid material of economic interest in or on the Earth's crust in such form, grade or quality and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade or quality, continuity and other geological characteristics of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge, including sampling.
(MORE TO FOLLOW) Dow Jones Newswires
November 24, 2015 02:00 ET (07:00 GMT)
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