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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Resolute Mining Limited | LSE:RSG | London | Ordinary Share | AU000000RSG6 | ORD NPV (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-1.80 | -6.57% | 25.60 | 25.40 | 26.00 | 26.40 | 25.00 | 26.40 | 1,218,521 | 15:40:42 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Gold Ores | 631.07M | 65.58M | 0.0308 | 15.91 | 1.04B |
TIDMRSG
RNS Number : 6876A
Resolute Mining Limited
23 January 2024
24 January 2024
Resolute Announces Maiden Mineral Resource at Tomboronkoto
Resolute Mining Limited ("Resolute" or "the Company") (ASX/LSE: RSG) is pleased to provide an update on our Senegal exploration prospects, including a maiden Inferred Mineral Resource Estimate at the Tomboronkoto ("Tombo") project.
Resolute has been focusing on three potential satellite deposits that could result in an extension to the Mako mine. These are Tomboronkoto and the prospects at Bantaco and Laminia where Joint Venture agreements have been concluded.
Highlights
Tomboronkoto
-- Maiden Inferred Mineral Resource Estimate (MRE) for the Tomboronkoto prospect of 3.4Mt grading 2.2g/t Au for 264 koz at 1g/t cut-off or 10.2Mt grading 1.2 g/t Au for 403 koz at 0.5 g/t cut-off
-- Tomboronkoto is located 20km by road from the Mako Processing Plant
-- The MRE is based on shallow drilling completed to date with the majority of the current resource located in the top 100m and remains open along strike to the west and down dip
-- Preliminary metallurgical test-work on samples from Tomboronkoto show the mineralisation is free milling with recoveries exceeding 90% from fresh and weathered gold mineralised materials
-- The focus over the remainder of 2024 will be on both infill drilling to convert Inferred resources to the Indicated category and further drilling to expand the resource
Bantaco
-- Resolute has signed a Joint Venture ("JV") with SNEPAC, a local Senegalese company, to earn into the Bantaco project located 20km east of Mako
-- Bantaco also provides an excellent opportunity to discover an open cut gold resource within trucking distance of Mako
Laminia
-- Resolute has signed a Joint Venture on the Laminia Project which is located east and contiguous with the Bantaco JV area
-- The Laminia Project covers the southern extensions of the Massawa Shear zone which controls the gold mineralisation hosted in the Massawa Deposits held by Endeavour Mining Corporation
Terry Holohan, CEO commented: " We are very pleased to report the progress we are making in Senegal to extend the life of our Mako operation with now three projects close to our mine and within the same Greenstone Belt following the recent successful conclusion of the two JVs. We will be stepping up our overall exploration efforts in 2024 on these exciting projects which have well known areas of outcropping mineralisation, and we expect further progress updates throughout the year. The completion of the maiden Inferred Mineral Resource at Tomboronkoto within 6 months is a significant achievement and reflects the efforts and ability of our exploration and operations teams on the ground ."
Tomboronkoto
Location
Tomboronkoto is located 16km east of the Mako Processing Plant - see Figure 1. It is approximately 20km by road and, therefore pending cost analysis, we are confident of the opportunity for hauling material to the existing Plant.
Figure 1: Senegal Geology and Project Locations.
Drilling Program
Resolute commenced its first Reverse Circulation drilling campaign at Tomboronkoto in mid-2023. A total of 54 holes for 8,900 metres was completed with the program ending in October 2023.
This was the first program completed by Resolute on the prospect and was focused on better defining the gold mineralisation zone identified by previous explorers including Randgold Resources.
The drilling program achieved the goals as set out with assay results confirming the target zone with broad intersections of medium to high-grade gold mineralisation in most holes drilled during the program. Significant intersections are listed in Appendix 1.
Figure 2. Tomboronkoto Geological Interpretation and Drillhole Locations
Mineralisation is currently interpreted to be within a shear in the granodiorite unit. Intensity of gold mineralisation appears to correlate with the intensity of pyrite development and exhibits good lateral and vertical continuity through the mineralised zone.
Mineralisation has a relatively simple geometry comprising a zone that varies from 30 to 60m in width, along the 1,700m strike length drilled to date. The zone dips approximately 70 to the south-southeast - a cross section representative of the typical mineralisation shape is shown on Figure 3.
Figure 3: Cross Section Tomboronkoto
Mineral Resource Estimate
The Tomboronkoto MRE was developed in December 2023 using wireframe constrained Ordinary Kriged ("OK") estimation methodology, within two nested Leapfrog Indicator wireframes at 0.2 g/t Au and 0.75g/t Au.
A Global Mineral Resource Estimate of 10.4Mt grading 1.2g/t Au for 403,000oz was estimated at a cut-off of 0.5g/t (in-line with the current cut-off grade used to define Mako's Mineral Resources). At a higher 1g/t cut off the grade increases to 2.2g/t with a total of 264,000oz Au. Further cost analysis is required to determine the appropriate cut-off grade for Tomboronkoto.
Classification Tonnes Grade (g/t Ounces (Au) Au) Inferred 10,204,000 1.2 403,000 ---------------- ----------- ----------- ------------ Total 10,204,000 1.2 403,000 ---------------- ----------- ----------- ------------
Table 1: Tomboronkoto Mineral Resources at December 2023 (0.5g/t cut off)
Classification Tonnes Grade (g/t Ounces (Au) Au) Inferred 3,685,000 2.2 264,000 ---------------- ---------- ----------- ------------ Total 3,685,000 2.2 264,000 ---------------- ---------- ----------- ------------
Table 2: Tomboronkoto Mineral Resources at December 2023 (1g/t cut off)
So far most of the Tomboronkoto deposit is only drilled to 100m below surface and is open along strike and down dip. Further drilling is expected to expand the Mineral Resource.
Preliminary metallurgical test work was undertaken by Resolute on Reverse Circulation ("RC") samples from the recent drilling campaign conducted at Tomboronkoto.
The sample selection encompassed different ore types of the ore body across various depths from the surface. Leach tests were conducted under conditions that closely mimic the current Mako Plant CIL circuit parameters. The results from the leach test work demonstrate that the Tomboronkoto ore body is free milling, with recoveries exceeding 90% from fresh and weathered gold mineralised material.
Future Exploration
Future exploration at Tomboronkoto in 2024 will be focused on both infill drilling to convert Inferred Mineral Resource to Indicated category and further drilling to expand the resource. The deposit remains open at depth and along strike to the west.
Drilling at Tomboronkoto will focus on open pit extractable Mineral Resources and will generally be restricted to mineralisation within 200m of the surface. The 2024 exploration program at Tomboronkoto comprises a drilling program of 20,000m of RC drilling and 3,000m of diamond drilling with a budget cost of US$4 million. This work is aimed at increasing the Mineral Resources.
Bantaco Joint Venture
Resolute recently signed a Joint Venture with SNEPAC, a local Senegalese company, to earn into the Bantaco prospect located east of Mako - see Figure 1 for location.
The Bantaco project presents an opportunity in the short term to find an economically exploitable gold resource to extend the life of Mako.
The project area has extensive artisanal workings in two main locations, Baisso in the southwest and Bantaco in the northeast of the permit.
Exploration activity is expected to commence in the first quarter of 2024. The approved exploration budget for Bantaco for 2024 is US$1.4 million which will include a 10,000m RC drilling program, over areas of known outcropping mineralisation.
Figure 4: Bantaco Location and soil geochemistry
Laminia Joint Venture
Resolute has signed a Joint Venture on the Laminia Project which is located east and contiguous with the Bantaco JV area - see figure 1. The Laminia Project covers the southern extensions of the Massawa Shear zone which controls the gold mineralisation hosted in the Massawa Deposits held by Endeavour Mining Corporation.
Auger drilling in the northwestern part of the permit covering the southern extensions of the Massawa shear zone, delineated a 3km gold anomaly open to the South. Subsequent RC drilling encountered encouraging results.
The eastern part of the permit covers the southern extension of the Makosa (Thor Exploration) and Makabingui (Bishop Resources) shears. Gold in soil results highlighted two long anomalies along the shears which will be tested by auger drilling.
Summary of Tomboronkoto Resource Parameters
A summary of JORC Table 1 is provided below for compliance regarding the Mineral Resources reported within and in-line with requirements of ASX Listing Rule 5.8.1.
Geology and geological interpretation
Mineralisation is currently interpreted to be within a shear in the granodiorite unit. Intensity of gold mineralisation appears to correlate with the intensity of pyrite development and exhibits good lateral and vertical continuity through the mineralised zone.
Mineralisation has a relatively simple geometry comprising a zone that varies from 30 to 60m in width, along the 1,700m strike length drilled to date. The zone dips approximately 70 to the south-southeast.
Sampling and sub-sampling techniques
Reverse circulation samples were collected on 1m intervals by riffle split (dry) or by scoop (wet) to obtain a 1-3kg sample.
Sample preparation includes oven drying, crushing to 10mm, splitting and pulverising to 85% passing -75um. These preparation techniques are deemed to be appropriate to the material being sampled.
Reverse circulation and core field duplicates were collected by the company at a rate of 1:20 samples.
Sampling, sample preparation and quality control protocols are of industry standard, and all attempts were made to ensure an unbiased representative sample was collected.
Drilling techniques
Drill types used include reverse circulation with face sampling bit and historic core drilling using PQ and HQ sized bits. All Resolute drilling to date has been RC. Historic core drilling has been incorporated into the resource.
Classification criteria
Mineral Resources were classified in accordance with the Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC, 2012).
The deposit has been classified as Inferred Mineral Resource based on a combination of quantitative and qualitative criteria which include geologic continuity, confidence in volume models, data quality, sample spacing, lode continuity, and estimation parameters (number of informing composites, estimation pass number, kriging quality parameters, and minimum and average distance composites).
With a lack of confirmatory diamond drilling conducted by Resolute, relatively wide drill-spacing, and only 139 specific gravity readings all mineralisation has been classified as Inferred even where geologic and estimation parameters may support a higher classification.
The input data is comprehensive in its coverage and does not favour or misrepresent the in-situ mineralisation. The definition of the mineralised zones is based on a high level of geologic understanding from good quality sample data, producing models of continuous mineralisation. Validation of the block model shows good correlation of the input data to the block estimated grades.
Sample analysis method
All samples were dispatched to ALS Kedougou for sample preparation and to ALS Ouagadougou for gold analysis by 30g fire assay fusion with AAS instrument finish (method code Au-AA25). Over-range results were re-analysed and reported by 30g fire assay fusion with gravimetric finish (method code Au-GRA21). The analytical method was appropriate for the style of mineralisation.
No geophysical tools were used to determine elemental concentrations.
Quality control (QC) procedures included the use of certified standards (1:40), non-certified sand blanks (1:40) and reverse circulation/core field duplicates (1:20).
Laboratory quality control data, including laboratory standards, blanks, duplicates, repeats, grind size results and sample weights were also captured into the digital database.
Analysis of the QC sample assay results indicates that an acceptable level of accuracy and precision has been achieved.
Basis for selected cut-off grade
The cut-off grades selected has been selected using previous Resource (0.5 g/t Au) and Reserve (1.0 g/t Au) cut-off grades used at the nearby Mako deposit.
Mining and metallurgical methods and other material modifying factors
Extensive metallurgical investigations and reporting have been completed prior to the commencement of mining and milling at the nearby Mako deposit.
The processing method involves crushing, and milling, followed by conventional CIL recovery.
There is no evidence to suggest that the metallurgical characteristics of ore extracted from Tomboronkoto would change from that encountered at Mako. Preliminary metallurgical test-work on samples from Tomboronkoto show similar characteristics to the Mako ore and is expected to be treated though the existing circuits.
Contact
Resolute Public Relations Matthias O'Toole-Howes Jos Simson, Tavistock matthias.otoolehowes@resolutemining.com resolute@tavistock.co.uk +44 207 920 3150 Corporate Brokers Jennifer Lee, Berenberg +44 20 3753 3040 Tom Rider, BMO Capital Markets +44 20 7236 1010
Authorised by Mr Terry Holohan, Managing Director and Chief Executive Officer
Competent Persons Statement
The information in this report that relates to the Exploration Results, Mineral Resources and Ore Reserves is based on information compiled by Mr Bruce Mowat, a member of The Australian Institute of Geoscientists. Mr Bruce Mowat has more than 5 years' experience relevant to the styles of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person, as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" (the JORC Code). Mr Bruce Mowat is a full-time employee of the Resolute Mining Limited Group and holds equity securities in the Company. He has consented to the inclusion of the matters in this report based on his information in the form and context in which it appears. This information was prepared and disclosed under the JORC Code 2012 except where otherwise noted.
The information in this announcement that relates to the Mineral Resource estimate has been based on information and supporting documents prepared by Mr Patrick Smillie, a Competent Person who is a Registered Member of the Society for Mining, Metallurgy, and Exploration (SME). Mr Smillie is a full-time employee Resolute Mining Limited Group and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which has been undertaken to qualify as a Competent Person. Mr Smillie confirms that the Mineral Resource estimate is based on information in the supporting documents and consents to the inclusion in the report of the Mineral Resource estimate and related content based on the information in the form and context in which it appears.
Cautionary Statement about Forward-Looking Statements
This announcement contains certain "forward-looking statements" including statements regarding our intent, belief or current expectations with respect to Resolute's business and operations, market conditions, results of operations and financial condition, and risk management practices. The words "likely", "expect", "aim", "should", "could", "may", "anticipate", "predict", "believe", "plan", "forecast" and other similar expressions are intended to identify forward-looking statements. Indications of, and guidance on, future earnings, anticipated production, life of mine and financial position and performance are also forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Resolute's actual results, performance and achievements or industry results to differ materially from any future results, performance or achievements, or industry results, expressed or implied by these forward-looking statements. Relevant factors may include (but are not limited to) changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licences and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which Resolute operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation.
Forward-looking statements are based on Resolute's good faith assumptions as to the financial, market, regulatory and other relevant environments that will exist and affect Resolute's business and operations in the future. Resolute does not give any assurance that the assumptions will prove to be correct. There may be other factors that could cause actual results or events not to be as anticipated, and many events are beyond the reasonable control of Resolute. Readers are cautioned not to place undue reliance on forward-looking statements, particularly in the current economic climate with the significant volatility, uncertainty and disruption caused by the COVID-19 pandemic. Forward-looking statements in this document speak only at the date of issue. Except as required by applicable laws or regulations, Resolute does not undertake any obligation to publicly update or revise any of the forward-looking statements or to advise of any change in assumptions on which any such statement is based. Except for statutory liability which cannot be excluded, each of Resolute, its officers, employees and advisors expressly disclaim any responsibility for the accuracy or completeness of the material contained in these forward-looking statements and excludes all liability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any information in forward-looking statements or any error or omission.
Appendix 1: Recent Drilling Results
Tomboronkoto
Hole_ID North East RL Dip Azi EOH From To Width Au (WGS) (WGS) (m) (WGS) (m) (m) (m) (m) (g/t) TADD005 1416598 793896 117 -50 320 203.5 46 87 41 2.2 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- TADD008 1416388 793610 102 -50 320 223 68 74 6 6.14 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- 103 115 12 2.1 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- TADDH98_04 1416511 793553 3 -50 160 84 5 50.5 45.5 1.07 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- TARC015 1416704 793898 1 -50 160 57 0 22 22 1.23
-------- ------- ----- ---- ------- ------ ----- ----- ------ ------- TARC021 1416570 793734 1 -48 160 63 0 30 30 0.9 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- TARC026 1416429 793569 2 -50 160 63 16 63 47 2.12 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- TARC027 1416486 793559 3 -50 160 60 0 57 57 2.83 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- TARC041 1416856 794269 21 -50 340 75 13 28 15 12.84 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- TARC051 1416566 793625 0 -50 160 75 0 74 74 1.59 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- TARC054 1416624 793828 4 -50 160 75 32 40 8 9.13 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- TARC055 1416646 793820 5 -50 160 75 0 61 61 2.61 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- TARC056 1416694 793803 9 -50 160 87 40 87 47 1.02 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- TARC058 1416704 794015 1 -50 160 75 2 48 46 2.07 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- TBRC00003 1416687 793958 103 -61 160 160 32 63 31 2.36 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- 71 89 18 1.94 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- 130 150 20 1.03 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- TBRC00005A 1416549 793898 107 -60 340 180 102 137 35 1.5 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- TBRC00008 1416708 793819 120 -61 160 108 17 52 35 0.63 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- 59 89 30 0.86 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- TBRC00008A 1416690 793863 114 -60 160 138 0 94 94 1.68 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- TBRC00009 1416748 794145 103 -61 160 120 21 36 15 1.39 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- 72 100 28 0.92 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- TBRC00015 1416650 794077 105 -59 340 99 62 81 19 1.55 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- TBRC00029 1416699 793902 111 -60 160 160 0 24 24 1.18 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- TBRC00031 1416674 793881 111 -60 160 160 3 81 78 2.06 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- 138 150 12 2.78 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- TBRC00032 1416665 793809 114 -59 160 102 10 89 79 1.28 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- TBRC00032A 1416667 793812 114 -60 160 162 11 56 45 1.06 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- 67 114 47 0.99 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- TBRC00034 1416702 793861 114 -60 340 180 0 37 37 0.71 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- TBRC00035 1416681 793996 106 -60 160 90 14 21 7 3.37 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- TBRC00038 1416590 793907 106 -60 340 180 60 84 24 3.77 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- TBRC00041 1416555 793809 105 -59 340 165 54 92 38 2.87 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- TBRC00044 1416633 793798 110 -59 160 172 1 104 103 2.47 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- 108 140 32 0.85 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- 146 168 22 1.29 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- TBRC00045A 1416585 793675 106 -61 160 125 0 53 53 2.11 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- TBRC00046 1416556 793685 105 -59 160 93 10 67 57 1.65 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- 72 93 21 1.88 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- TBRC00048 1416560 793688 105 -60 340 144 9 53 44 1.74 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- TBRC00049 1416815 794283 124 -62 340 142 81 84 3 11.04 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- TBRC00051 1416574 793737 106 -60 160 138 8 55 47 1.84 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- 69 121 52 1.1 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- TBRC00052 1416597 793723 107 -61 160 180 149 174 25 1.35 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- TBRC00054 1416608 794037 110 -59 340 170 81 96 15 2.22 -------- ------- ----- ---- ------- ------ ----- ----- ------ -------
Notes to Accompany Table:
-- Grid coordinates are WGS84 Zone 29 North
-- RC intervals are sampled every 1m by dry riffle splitting or scoop to provide a 1-3kg sample
-- Diamond core are sampled every 1m by cutting the core in half to provide a 2-4kg sample
-- Cut-off grade for reporting of intercepts is >1g/t Au with a maximum of 3m consecutive internal dilution included within the intercept; only intercepts >=3m and >20 gram x metres are reported
-- Samples are analysed for gold by 30g fire assay fusion with AAS instrument finish; over-range results are reanalysed by 30g fire assay fusion with gravimetric finish
Tomboronkoto
Section 1 Sampling Techniques and Data
CRITERIA JORC CODE EXPLANATION COMMENTARY =============================================== ==================================================== ================================ Sampling techniques * Nature and quality of sampling (e.g. cut channels, Sampling has been by diamond random chips, or specific specialised industry drill coring and reverse standard measurement tools appropriate to the circulation chip. minerals under investigation, such as down hole gamma Historical diamond core has been sondes, or handheld XRF instruments, etc.). These geologically logged and sampled examples should not be taken as limiting the broad to geological contacts with meaning of sampling. nominal sample lengths between 0.3m and 4.5m (most commonly 1m). Core selected for assay is * Include reference to measures taken to ensure sample systematically cut lengthwise
representivity and the appropriate calibration of any into half core by diamond blade measurement tools or systems used. rock saw. Reverse circulation chips are geologically logged and sampled * Aspects of the determination of mineralisation that on regular lengths of 1m. Chip are Material to the Public Report. material selected for assay is systematically divided to a 1/8 proportion using a riffle * In cases where 'industry standard' work has been done splitter, this would be relatively simple (e.g. 'reverse numbered and bagged before circulation drilling was used to obtain 1 m samples dispatch to the laboratory for from which 3 kg was pulverised to produce a 30 g analysis. charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information. ================================= ================================================================== ================================== Drilling techniques * Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or standard Reverse Circulation drilling with tube, depth of diamond tails, face-sampling bit or 4" or 4.5" hammer and 4" rod other type, whether core is oriented and if so, by string to target depth. what method, etc.). ================================= ================================================================== ================================== Drill sample recovery * Method of recording and assessing core and chip Diamond core recoveries are sample recoveries and results assessed. measured in the core trays and recorded as recovered metres and recovered % as part of the * Measures taken to maximise sample recovery and ensure geological logging process. representative nature of the samples. RC recoveries are monitored by chip sample weight recording. Sample weights have been analysed * Whether a relationship exists between sample recovery for cyclicity with no and grade and whether sample bias may have occurred relationship between sample due to preferential loss/gain of fine/coarse weight and depth noted. material. ================================= ================================================================== ================================== Logging * Whether core and chip samples have been geologically Historical diamond core has been and geotechnically logged to a level of detail to geologically logged to a level of support appropriate Mineral Resource estimation, detail to support appropriate mining studies and metallurgical studies. classification and reporting of a Mineral Resource. Reverse circulation chip samples * Whether logging is qualitative or quantitative in have been geologically logged to nature. Core (or costean, channel, etc.) photography. a level of detail to support appropriate classification and reporting of a Mineral Resource. * The total length and percentage of the relevant Total length of historical DD intersections logged. logged is 1,093m (260m Ashanti Gold, 833m Randgold). Total length of RC logged is 12,565m (4,003m Ashanti Gold, 8,562m Resolute Mining) ================================= ================================================================== ================================== Sub-sampling techniques and sample preparation * If core, whether cut or sawn and whether quarter, Historic core has been half or all core taken. systematically cut lengthwise into half core with a diamond saw. * If non-core, whether riffled, tube sampled, rotary RC samples representing a 1/8 split, etc. and whether sampled wet or dry. split are by riffle splitter, sample weight is recorded, sample is bagged in pre numbered plastic * For all sample types, the nature, quality and and sample tickets are inserted appropriateness of the sample preparation technique. and bag is sealed for transport to preparation facility. Generally, one of each of the * Quality control procedures adopted for all control samples (blank,CRM sub-sampling stages to maximise representivity of standard, or duplicate) is samples. inserted into the sample stream every tenth sample. RC samples were * Measures taken to ensure that the sampling is submitted to ALS Kedougou representative of the in situ material collected, (Senegal). including for instance results for field The laboratories sample duplicate/second-half sampling. preparation followed a standard documented process flow with
whole * Whether sample sizes are appropriate to the grain sample crushing (better than 70% size of the material being sampled. passing 2mm) followed by a 1kg riffle split for pulverisation to 75 micron (better than 85% pass). Master pulps of 250g were split and placed in airtight, sealed bags and sent by courier to the assaying laboratory for analysis. Sample size of 2-6kg is appropriate for the grain size of material. ================================= ================================================================== ================================== Quality of assay data and laboratory tests * The nature, quality and appropriateness of the Au assays are determined by fire assaying and laboratory procedures used and whether assay with AAS finish. Laboratory the technique is considered partial or total. and assay procedures are appropriate for Mineral Resource estimation. * For geophysical tools, spectrometers, handheld XRF QAQC consisted of standards, instruments, etc., the parameters used in determining blanks and laboratory duplicates the analysis including instrument make and model, (both coarse and pulp). The reading times, calibrations factors applied and their QAQC sample results showed derivation, etc. acceptable levels of accuracy and precision. The assay data is considered to * Nature of quality control procedures adopted (e.g. be suitable for Mineral Resource standards, blanks, duplicates, external laboratory estimation. checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established. ================================= ================================================================== ================================== Verification of sampling and assaying * The verification of significant intersections by All aspects of the sampling, either independent or alternative company personnel. assay procedures and QA/QC program have been reviewed and were * The use of twinned holes. judged to be suitable for use in the estimation of Mineral Resources. * Documentation of primary data, data entry procedures, Drill hole assay result data has data verification, data storage (physical and been checked against the original electronic) protocols. hardcopy laboratory assay reports for a representative number of holes. * Discuss any adjustment to assay data. Below detection limit values (negatives) have been replaced by background values. ================================= ================================================================== ================================== Location of data points Drill holes have been surveyed by * Accuracy and quality of surveys used to locate drill the Mako Mine staff surveyors holes (collar and down-hole surveys), trenches, mine using a Leica GS14, GS15 and workings and other locations used in Mineral Resource GS18 DGPS. estimation. Down hole surveys were undertaken by the drilling contractor using a Reflex DeviGyro tool * Specification of the grid system used. with a reading taken. every 3m down the hole. Grid system is based on the * Quality and adequacy of topographic control. UTM28N grid on the WGS84 ellipsoid. Survey heights are based on PRS097 (with independent checks on AusPos) and are orthometric (i.e. msl). A topographic surface with 1m resolution has been generated from a 2022 Lidar survey of the Tomboronkoto area. ================================= ================================================================== ================================== Data spacing and distribution * Data spacing for reporting of Exploration Results. Data spacing is variable across the deposit, ranging from 50x50m at the periphery to 25x25m * Whether the data spacing and distribution is in the more densely drilled core. sufficient to establish the degree of geological and This spacing is adequate to grade continuity appropriate for the Mineral Resource determine the geological and and Ore Reserve estimation procedure(s) and grade continuity for reporting of
classifications applied. an Inferred Mineral Resources. Drill samples were composited to 1m for use in the estimate. * Whether sample compositing has been applied. ================================= ================================================================== ================================== Orientation of data in relation to geological structure * Whether the orientation of sampling achieves unbiased Geological structures are sampling of possible structures and the extent to interpreted to be steeply-dipping which this is known, considering the deposit type. to the south-southeast. Drilling intersects structures from the north and south sides, generally * If the relationship between the drilling orientation dipping -60 below horizontal, and the orientation of key mineralised structures is with azimuths either at considered to have introduced a sampling bias, this approximately 340 or 160 . should be assessed and reported if material. Drilling primarily targeted the granodiorite unit which contained the most significant mineralisation and dipped at about 70 to the south-southeast. The drilling orientation is adequate for a non-biased assessment of the orebody with respect to interpreted structures and interpreted controls on mineralisation. ================================= ================================================================== ================================== Sample security * The measures taken to ensure sample security. Labelling and submission of samples complies with industry standard. ================================= ================================================================== ================================== Audits or reviews * The results of any audits or reviews of sampling An independent audit of the techniques and data. sample preparation laboratory has been undertaken in 2018 (Fis, 2018) found no material issues with the sampling methods or data. ================================= ================================================================== ==================================
Section 2 Reporting of Exploration Results
CRITERIA JORC CODE EXPLANATION COMMENTARY ================= ================================================================== ============================= Mineral tenement and land tenure * Type, reference name/number, location and ownership The Tomboronkoto Permit is status including agreements or material issues with third held by Ardimines SARL. Toro parties such as joint ventures, partnerships, Gold Limited is in a joint overriding royalties, native title interests, Venture historical sites, wilderness or national park and with Ardimines with Toro being environmental settings. the manager and sole funder of the joint Venture. Toro Gold Limited is a company * The security of the tenure held at the time of controlled by resolute reporting along with any known impediments to Limited. obtaining a licence to operate in the area. The permit is in good standing. =================== ================================================================ =============================== Exploration done by other parties * Acknowledgment and appraisal of exploration by other Past exploration has been parties. performed by Ashanti Gold and Randgold Resources on a previously held Research Permit which was relinquished prior to being held by Ardimines SARL. Randgold had undertaken soil geochemistry, surface mapping and drilling on the entire Research Permit. Regional auger drilling identified gold anomalism which Ashanti Gold followed up with Diamond and Reverse Circulation drilling and trenching on the Tomboronkoto prospect. Subsequently Randgold undertook further DD drilling and trenching. =================== ================================================================ =============================== Geology * Deposit type, geological setting and style of Mineralisation is currently mineralisation. interpreted to be within a shear in the granodiorite unit. Intensity of gold mineralisation appears to correlate with the intensity of pyrite
development and exhibits good lateral and vertical continuity through the mineralised zone. Mineralisation has a relatively simple geometry comprising a zone that varies from 30 to 60m in width, along the 1,700m strike length drilled to date. The zone dips approximately 70 to the south-southeast. =================== ================================================================ =============================== Drill hole Information * A summary of all information material to the Easting, Northing and RL of understanding of the exploration results including a the drill hole collars are tabulation of the following information for all based on the UTM28N grid on Material drill holes: the WGS84 ellipsoid. Survey heights are based on PRS097 (with o easting and northing of the drill hole collar independent checks on AusPos) o elevation or RL (Reduced Level - elevation above sea and are level in metres) of the drill hole orthometric (i.e. msl). collar The MRE has used drill hole o dip and azimuth of the hole collar RL derived from the o down hole length and interception depth topographical surface. o Whole length. Dip is the inclination of the * If the exclusion of this information is justified on hole from the horizontal. For the basis that the information is not Material and example, a vertically down this exclusion does not detract from the drilled understanding of the report, the Competent Person hole from the surface is should clearly explain why this is the case. -90deg. Azimuth is reported in degrees as the grid direction toward which the hole is drilled. Down hole length of the hole is the distance from the surface to the end of the hole, as measured along the drill trace. Intersection depth is the distance down the hole as measured along the drill trace. Intersection width is the downhole distance of an intersection as measured along the drill trace. Drill hole length is the distance from the surface to the end of the hole, as measured along the drill trace. =================== ================================================================ =============================== Data aggregation methods * In reporting Exploration Results, weighting averaging Drillholes have been techniques, maximum and/or minimum grade truncations composited to 1m intervals (e.g. cutting of high grades) and cut-off grades are using Leapfrog Geo 2023.2.0 usually Material and should be stated. with residual lengths distributed evenly across all composites within * Where aggregate intercepts incorporate short lengths the domain. There are no of high grade results and longer lengths of low grade residual results, the procedure used for such aggregation samples. should be stated and some typical examples of such The influence of extreme gold aggregations should be shown in detail. assays has been limited by top-cutting assays across all domains. * The assumptions used for any reporting of metal Top-cuts have been determined equivalent values should be clearly stated. using a combination of log probability, log histogram, and mean variance plots. Top-cuts have been reviewed and applied to the composites on a domain-by-domain basis. The assay intervals are reported as down hole length as the true width variable is not known. Gold assays are rounded to two decimal places. No metal equivalent reporting is used or applied. =================== ================================================================ =============================== Relationship between * These relationships are particularly important in the The intersection width is mineralisation reporting of Exploration Results. measured down the hole trace widths and and may not be the true width. intercept lengths All drill results are downhole * If the geometry of the mineralisation with respect to intervals only due to the
the drill hole angle is known, its nature should be variable orientation of the reported. mineralisation. * If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. 'down hole length, true width not known'). =================== ================================================================ =============================== Diagrams * Appropriate maps and sections (with scales) and A plan view is contained tabulations of intercepts should be included for any within this document. New significant discovery being reported These should cross-sectional include, but not be limited to a plan view of drill interpretations are included. hole collar locations and appropriate sectional views. =================== ================================================================ =============================== Balanced reporting * Where comprehensive reporting of all Exploration Diamond and RC drill holes Results is not practicable, representative reporting forming the basis of the of both low and high grades and/or widths should be Mineral Resource estimate have practiced to avoid misleading reporting of been reported Exploration Results. previously.. Additional drilling has informed the 2023 estimate. =================== ================================================================ =============================== Other substantive exploration data * Other exploration data, if meaningful and material, No other exploration data is should be reported including (but not limited to): considered meaningful and geological observations; geophysical survey results; material to this document. geochemical survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. =================== ================================================================ =============================== Further work * The nature and scale of planned further work (e.g. Future exploration may involve tests for lateral extensions or depth extensions or the drilling of more large-scale step-out drilling). drillholes, both diamond core and reverse circulation, to further extend * Diagrams clearly highlighting the areas of possible the mineralised zones and to extensions, including the main geological collect additional detailed interpretations and future drilling areas, provided data this information is not commercially sensitive. on known mineralized zones. Geophysical exploration is also planned as part of the future exploration of the permit. =================== ================================================================ ===============================
Sec t ion 3 Es tim a tion and Reporting of M ineral Re sourc es
CRITERIA JORC CODE E XP L A N A T I ON CO M M ENT ARY ================= ============================================================== ========================================================= Database integrity * Measures taken to ensure that data has not been Data has been compiled into a corrupted by, for ex amp le, t ranscr ipti on or relational SQL database; the setup keying errors, between its ini t i al c o llec t ion of this database precludes the and its use for Mi neral Resource esti mati on pur loading of data which do not meet poses. the required validation protocols. The data is managed using DataShed(c) drill hole management software * Data v a l idat ion procedures used. using SQL database techniques. Validation checks are conducted using SQL and DataShed(c) relational database standards. Data has also been checked against original hard copies for 100% of the data, and where possible, loaded from original data sources. Resolute completed the following basic validation checks on the data supp l ied pri or to resource esti mation: * Drill holes with overlapping sample intervals. * Sample intervals with no assay data or duplicate records. * Assay grade ranges. * Collar coordinate ranges. * Valid hole orientation data. There are no significant issues identified with the data. =============== ================================================================ =========================================================== Site visits * Comment on any site visits undertaken by the Mr Bruce Mowat, a fulltime employee Competent Person and the outcome of those visits. of Resolute Mining Limited and a Member of the Australasian Institute of Mining and Metallurgy is the * If no site visits have been undertaken indicate why Competent Person who has visited this is the case. this site on multiple occasions. =============== ================================================================ =========================================================== Geological interpretation * Confidence in (or conversely, the uncertainty of) the The digital database used for geological interpretation of the mineral deposit. the interpretation included logged intervals for the key granodiorite unit. There is a moderate level * Nature of the data used and of any assumptions made. of confidence in the interpretation of the mineralised shear zone
primarily due to the relatively * The effect, if any, of alternative interpretations on wide-spaced drilling. Additionally Mineral Resource estimation. Resolute's drilling program was entirely RC, though historic core has been reviewed and logged. * The use of geology in guiding and controlling Mineral The mineralised volume has been Resource estimation. constructed using nested Leapfrog Indicator wireframes at lower cut-offs of 0.2g/t Au and 0.75g/t * The factors affecting continuity both of grade and Au. The overall shape of the mineralised geology. unit has been guided by a sectional interpretation of the trend of mineralisation within the mineralised shear. The factors affecting continuity both of grade and geology are most likely to be associated with structural controls and local complexity, the knowledge of which is limited with the current spacing of information. The broad approach to the mineralisation modelling is an attempt to model an unbiased interpretation. =============== ================================================================ =========================================================== Dimensions * The extent and variability of the Mineral Resource Gold mineralisation varies from expressed as length (along strike or otherwise), plan approximately 10 to 50m in thickness width, and depth below surface to the upper and lower along the approximately 750m strike limits of the Mineral Resource. length of defined mineralisation. Mineralisation dips at approximately 70 to the SSE and is defined to approximately 150m vertical depth. The deposit remains open at depth and to the west. =============== ================================================================ =========================================================== Estimation and modelling * The nature and appropriateness of the estimation Estimation of gold grade has techniques technique(s) applied and key assumptions, including been completed using Ordinary treatment of extreme grade values, domaining, Kriging (OK). Mineralisation has interpolation parameters and maximum distance of been constrained using wireframes extrapolation from data points. If a computer constructed using nested Leapfrog assisted estimation method was chosen include a Indicator wireframes constructed description of computer software and parameters used. within the host granodiorite unit. These wireframes have been used to define domain codes for estimation. Drillholes have been flagged with the domain code and composited using the domain code to segregate * The availability of check estimates, previous the data. estimates and/or mine production records and whether Domain boundary analysis has been the Mineral Resource estimate takes appropriate undertaken with hard boundaries account of such data. used for all domains. Drillholes have been composited to 1m intervals using Leapfrog * The assumptions made regarding recovery of by- Geo 2023.2.0 with residual lengths products. distributed evenly across all composites within the domain. There are no residual samples. * Estimation of deleterious elements or other non-grade The influence of extreme gold variables of economic significance (e.g. sulphur for assays has been limited by top-cutting acid mine drainage characterization). assays across all domains. Top-cuts have been determined using a combination of log probability, log histogram, * In the case of block model interpolation, the block and mean variance plots. Top-cuts size in relation to the average sample spacing and have been reviewed and applied the search employed. to the composites on a domain-by-domain basis. Variography has been undertaken * In the case of block model interpolation, the block on a domain-by-domain basis in size in relation to the average sample spacing and Datamine Supervisor v.8.14.3.3 the search employed. using top-cut values. Drillhole data spacing ranges from 25m x 25m in densely drilled * Any assumptions behind modelling of selective mining areas to approximately 50m x 50m. units. The block model parent block size is 25m (X) by 25m (Y) by 5m (Z) with up to 16 sub-blocks per parent * Any assumptions about correlation between variables. block in the X and Y directions, and up to 8 sub-blocks per parent block in the Z direction. Sub-blocks * Description of how the geological interpretation was have been estimated at the parent used to control the resource estimates. block scale. Block size is considered appropriate for the drillhole spacing throughout the deposit. * Discussion of basis for using or not using grade Grade estimation has been completed
cutting or capping. in three passes: Ø Pass 1 estimation has been undertaken using a minimum of * The process of validation, the checking process used, 4 and maximum of 25 sample composites the comparison of model data to drill hole data, and (determined using Datamine Supervisor use of reconciliation data if available. v.8.14 KNA tool) into a search ellipsoid with dimensions equal to half the variogram range of the domain. Ø Pass 2 estimation has been undertaken with the same minimum/maximum samples as Pass 1 into a search ellipsoid twice the first pass. Ø Pass 3 estimation has been undertaken with a minimum of 2 samples, and the same maximum number of samples as the first two passes into a search ellipsoid twice the second pass Ø A maximum of three samples per drillhole has been used in the first two passes, with no limits set on the third pass.. This is the first mineral resource estimate released for the Tomboronkoto deposit. The mineral resource estimate has been validated using visual validation tools, mean grade comparisons between the block model and declustered composite grade means, and swath plots comparing the input composite grades and the estimated block model grades by Northing, Easting, and RL. Leapfrog Geo v2023.2.0 and Datamine Supervisor v8.14.3.3 software have been used for estimation. No by-product recoveries were considered. =============== ================================================================ =========================================================== Moisture * Whether the tonnages are estimated on a dry basis or Moisture was not considered in with natural moisture, and the method of the density assignment. determination of the moisture content. =============== ================================================================ =========================================================== Cut-off parameters * The basis of the adopted cut-off grade(s) or quality A nominal lower cut-off grade parameters applied. of 0.2g/t Au was used to define the mineralised domains to encompass the complete mineralised distribution and produce a model that reduces the risk of conditional bias that could be introduced where the constraining interpretation and data selection is based on a significantly higher grade than the natural geological grade cut-off. The cut-off grade for reporting (above 0.5g/t Au and above 1.0 g/t Au) was used in line with the previous resource reporting at the nearby Mako deposit =============== ================================================================ =========================================================== Mining factors or assumptions * Assumptions made regarding possible mining methods, The shallow occurrence of the minimum mining dimensions and internal (or, if mineralisation indicates that applicable, external) mining dilution. It is always open pit mining is appropriate, necessary as part of the process of determining in line with other deposits in reasonable prospects for eventual economic extraction the area. to consider potential mining methods, but the assumptions made regarding mining methods and parameters when estimating Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanation of the basis The estimation methodology used of the mining assumptions made. results in an amount of edge dilution being incorporated into the blocks of the model. No account of mining loss has been incorporated. =============== ================================================================ =========================================================== Metallurgical factors or * The basis for assumptions or predictions regarding No specific assumptions were assumptions metallurgical amenability. It is always necessary as made regarding metallurgical factors part of the process of determining reasonable for this estimate. prospects for eventual economic extraction to Metallurgy is assumed to be similar consider potential metallurgical methods, but the to the nearby Mako deposit. assumptions regarding metallurgical treatment processes and parameters made when reporting Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanation of the basis of the metallurgical assumptions made.
=============== ================================================================ =========================================================== Environmental factors or * Assumptions made regarding possible waste and process No assumptions were made regarding assumptions residue disposal options. It is always necessary as environmental restrictions. part of the process of determining reasonable prospects for eventual economic extraction to consider the potential environmental impacts of the mining and processing operation. While at this stage the determination of potential environmental impacts, particularly for a green fields project, may not always be well advanced, the status of early consideration of these potential environmental impacts should be reported. Where these aspects have not been considered this should be reported with an explanation of the environmental assumptions made. =============== ================================================================ =========================================================== Bulk density * Whether assumed or determined. If assumed, the basis Specific gravity values for the for the assumptions. If determined, the method used, Tomboronkoto Prospect have been whether wet or dry, the frequency of the measurements, measured based on the Archimedean the nature, size and representativeness of the Principle using the immersion samples. method for individual core samples. A total of 215 density measurements were available for use, with the * The bulk density for bulk material must have been vast majority of these being in measured by methods that adequately account for void fresh rock below the saprock and spaces (vugs, porosity, etc), moisture and laterite domains. This data has differences between rock and alteration zones within been used as the basis of the the deposit. block model bulk density. No relationship between density and sulphur content or gold content * Discuss assumptions for bulk density estimates used could be established. in the evaluation process of the different materials. A default bulk density of 1.76t/m(3) was assigned to oxide rocks. A default bulk density of 2.16t/m(3) was assigned to transitional rock. A default bulk density of 2.72t/m(3) was assigned to fresh rock. =============== ================================================================ =========================================================== Classification * The basis for the classification of the Mineral The classification is based on Resources into varying confidence categories. the confidence in the continuity of geology and mineralisation and quality/confidence in the * Whether appropriate account has been taken of all estimation and quality of assay relevant factors (i.e. relative confidence in data and bulk density data. Sectional tonnage/grade estimations, reliability of input data, wireframe interpretations encompass confidence in continuity of geology and metal values, material of Measured and Indicated quality, quantity and distribution of the data). classification. As all of Resolute's drilling was RC, and no confirmation of previous diamond drilling has * Whether the result appropriately reflects the been undertaken, the entire Mineral Competent Person's view of the deposit. Resource has been classified as Inferred. The Mineral Resource estimate appropriately reflects the Competent Person's view of the deposit. =============== ================================================================ =========================================================== Audits or reviews * The results of any audits or reviews of Mineral No external reviews have been completed. * Resource estimates. =============== ================================================================ =========================================================== Discussion of relative * Where appropriate a statement of the relative Although the estimate for gold accuracy/ accuracy and confidence level in the Mineral Resource is considered to be without bias, confidence estimate using an approach or procedure deemed it is for the some of the estimated appropriate by the Competent Person. For example, the volume based on relatively wide application of statistical or geostatistical spaced data. The estimate is therefore procedures to quantify the relative accuracy of the of moderate confidence and expected resource within stated confidence limits, or, if such to be of moderate relative accuracy an approach is not deemed appropriate, a qualitative at the local scale when drilling discussion of the factors that could affect the density exceeds 25m x 25m. Infill relative accuracy and confidence of the estimate. grade control drilling will be required to improve the confidence of the local estimate. * The statement should specify whether it relates to global or local estimates, and, if local, state the relevant tonnages, which should be relevant to technical and economic evaluation. Documentation should include assumptions made and the procedures used. * These statements of relative accuracy and confidence of the estimate should be compared with production data, where available. =============== ================================================================ ===========================================================
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