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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Anglo Asian Mining Plc | LSE:AAZ | London | Ordinary Share | GB00B0C18177 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.10 | -0.15% | 64.50 | 62.00 | 67.00 | 64.50 | 64.50 | 64.50 | 970 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Miscellaneous Metal Ores,nec | 84.72M | 3.66M | 0.0320 | 20.16 | 73.69M |
From Apr 2019 to Apr 2024
TIDMAAZ
RNS Number : 8548D
Anglo Asian Mining PLC
02 November 2020
Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector: Mining
02 November 2020
Anglo Asian Mining plc
Gedabek Open Pit and Gadir Underground Mine - Revised JORC Mineral Resources and Reserves
Ugur Open Pit - Remaining Mineable Material
New Mine Life of Eight Years
Anglo Asian Mining plc ("Anglo Asian" or the "Company"), the AIM listed gold, copper and silver producer, is pleased to announce updated Mineral Resources and Ore Reserves, estimated in accordance with the JORC (2012) code, for the Gedabek open pit and Gadir underground mine located at the Company's Gedabek licence area ("Gedabek") in Western Azerbaijan. The Mineral Resources and Ore Reserves estimates have been prepared by the independent company Mining Plus UK Limited ("Mining Plus") and are based on robust geological models, which benefit from information gathered during the mining of the deposits, recent geological work and exploration drilling. The Company also announces an update for its Ugur open pit Mine.
Summary
-- Revised Mineral Resources for Gedabek open pit
o Total Mineral Resources of 735,000 ounces of gold and 69,100 tonnes of copper
o Mineral Resources now include material contained in stockpiles
o Zinc Mineral Resources now also estimated to enable the technical implications of higher zinc grades at depth to be understood
-- Revised Mineral Resources for Gadir Underground Mine
o Total Mineral Resources of 267,000 ounces of gold and 2,183 tonnes of copper
-- Ore Reserves for the Gedabek Open Pit and Gadir Underground Mine
o Gedabek open pit of 284,000 ounces of gold and 26,000 tonnes of copper
o Gadir underground mine of 49,000 ounces of gold and 191 tonnes of copper
-- Mine life for the Gedabek open pit of eight years
o Mine life based on the current mining practices of the Gedabek open pit
o Optimisation of the mine plan being carried out to enable more efficient mining and maximise use of our processing capability
-- A residual mineral study of Ugur shows that, as expected, the mine is nearing depletion but exploration in the vicinity of, and below, the mine continues
o Copper mineralisation has been identified
Anglo Asian CEO, Reza Vaziri, said " I am delighted to announce these latest JORC estimates for the Gedabek open pit and Gadir underground mines. These show the economically mineable Ore Reserves remaining in the open pit mine amount to 284,000 ounces of gold and 26,000 tonnes of copper. The economically mineable Ore Reserves for the Gadir underground mine amount to 49,000 ounces of gold and 191 tonnes of copper.
"The mine life of the new model is a further eight years assuming the current mining rate from the open pit, however the Company is carrying out a study to see if part of this ore can also be mined more efficiently by underground mining. Our ongoing exploration programme targeting five new deposits is also expected to produce additional ore sources to further complement the production from the Gedabek open pit and the Gadir underground mines."
Anglo Asian Group Director of Geology & Mining, Stephen Westhead, said "These latest resources and reserves statements and the extensive geological and mining work supporting them provide the production platform to develop a long-term operational strategy. Gedabek ore production will be supplemented by mining of the Gadir underground reserve, stockpile inventory and potential new deposits. The ongoing underground development will provide the technical data to optimise the open pit and underground production profile to maximise cashflow. Exploration results from the rest of the Gedabek contract area are delivering "mineable" grades and there is a focus on drilling the areas of known mineralisation to assess continuity for resource estimation to further prolong mine life, within an extended Production Sharing Agreement."
Mine Life, Development and Exploration Upside
The current mine life of the Gedabek open pit, based on the mining schedule used for its Ore Reserves estimation, is now eight years. The mining schedule assumes a continuation of the current mining practices used in the Gedabek open pit. However, such a mining schedule, results in spare capacity of the current processing facilities which can be used to treat additional sources of ore. Ore production from the Gedabek Open pit will also be supplemented by stockpile material and ore mined from the Gadir underground mine to increase utilisation of the processing facilities.
The Company is also undertaking an assessment for the underground mining of part of the existing Gedabek Open Pit Mineral Resources and Ore Reserves. This is to determine whether underground mining of this ore will be more economic and better match the requirements of the processing facilities. Underground tunnelling is currently being developed from the south below the Gedabek open pit. This will soon link with the tunnel being developed from Gadir at the northern end of Gedabek. The continuous tunnelling will allow for the additional assessment of ore extraction from underground as well as the exploration of the deeper extensions of mineralisation. Only the upper level of mineralisation is currently contained within the new open pit Ore Reserves, and a study is now being carried out to look at the benefits of open pit versus underground mining and scheduling. The positive impact of underground extraction is likely to be the avoidance of significant waste rock removal required by the open pit extraction plan, thus improving the mining economics and potential for additional Mineral Resources and Ore Reserves.
Further exploration is planned of the extensive deeper mineralisation already identified below the current Gedabek Mineral Resources. The objective is to increase the size of the Mineral Resources with the aim to develop future additional underground Ore Reserves.
Furthermore, if any of the Company's exploration targets are developed into mines, ore from these sources can also be used to ensure processing plants are fully utilised, with the option of further expansion of the facilities.
Gedabek Open Pit JORC (2012) Mineral Resources and Ore Reserves - Summary
-- Gold and copper Mineral Resources (at a cut-off grade of 0.2 grammes per tonne of gold) as follows:
o Measured and Indicated: 551,000 ounces of gold, 33,400 tonnes of copper and 2,202,000 ounces of silver
o Total (including Inferred): 735,000 ounces of gold, 41,200 tonnes of copper and 2,457,000 ounces of silver
-- Gold and copper Proven plus Probable Ore Reserves as follows:
o 284,000 ounces of gold, 26,000 tonnes of copper and 1,754,000 ounces of silver
-- Additional Mineral Resource (gold grade below 0.2 grammes per tonne and copper grade above 0.3 per cent.) contains 27,900 tonnes of copper and 261,000 ounces of silver
Gedabek Open Pit - JORC (2012) Mineral Resources and Ore Reserves Statements at 30 June 2020
Anglo Asian, together with the mining and geological consulting group Mining Plus, prepared the Mineral Resources and Ore Reserves estimation of the Gedabek deposit. The detailed Mineral Resources and Ore Reserves estimation parameters per Table 1 of the JORC code can be accessed at http://www.rns-pdf.londonstockexchange.com/rns/8548D_1-2020-11-1.pdf . A glossary of terminology related to the Mineral Resources and Ore Reserves estimate and other information is set out in the appendix below. Full technical Mineral Resources and Ore Reserves reports by Mining Plus is available on the Group's web-site at:
https://wp-angloasianmining-2020.s3.eu-west-2.amazonaws.com/media/2020/10/30134936/AAZ-Gedabek_Mineral-Resource_Estimate_2020_JORC.pdf and;
https://wp-angloasianmining-2020.s3.eu-west-2.amazonaws.com/media/2020/10/30134939/AAZ-Gedabek_Reserves_Report_r3.pdf
The Mineral Resources and Ore Reserves are prepared in accordance with JORC Code (2012), which is the current edition of the JORC Code. After a transition period, the 2012 edition came into mandatory operation from 1 December 2013. The Mineral Resources and Ore Reserves stated below are in-situ.
Gedabek Open Pit - Mineral Resources
Hot Features
Premium
MINERAL RESOURCES (cut-off grade of 0.2 g/t gold)
In-situ grades Contained Metal
-------- ---------------------------------- -----------------------------------
Tonnage Gold Copper Silver Zinc Gold Copper Silver Zinc
Mineral grade grade grade grade
Resources (Mt) (g/t) (%) (g/t) (%) (koz) (kt) (koz) (kt)
-------- ------- ------- ------- ------- ------- ------- -------- -------
Measured 15.8 0.66 0.12 2.58 0.24 335 19.0 1,311 37.9
-------- ------- ------- ------- ------- ------- ------- -------- -------
Indicated 12.0 0.56 0.12 2.31 0.16 216 14.4 891 19.2
-------- ------- ------- ------- ------- ------- ------- -------- -------
Measured
and
Indicated 27.8 0.62 0.12 2.46 0.21 551 33.4 2,202 57.1
------------ -------- ------- ------- ------- ------- ------- ------- -------- -------
Inferred 13.0 0.44 0.06 0.61 0.15 184 7.8 255 19.5
-------- ------- ------- ------- ------- ------- ------- -------- -------
TOTAL 40.8 0.56 0.10 1.87 0.19 735 41.2 2,457 76.6
------------ -------- ------- ------- ------- ------- ------- ------- -------- -------
Some of the totals above may not add due to rounding
ADDITIONAL MINERAL RESOURCES (Additional to Gold Mineral Resource)
(gold cut-off < 0.2 g/t and copper > 0.3 %
Gold Copper Silver Zinc Contained Metal
------------------ ----------------- ----------------- ----------------- ---------------------------------
Tonnage Gold Tonnage Copper Tonnage Silver Tonnage Zinc Gold Copper Silver Zinc
grade grade grade grade
(Mt) (g/t) (Mt) (%) (Mt) (g/t) (Mt) (%) (koz) (kt) (koz) (kt)
--------- ------- -------- ------- -------- ------- -------- ------- ------ ------- ------- -------
Measured - - 2.15 0.43 0.08 16.4 1.86 0.53 - 9.2 42 9.9
--------- ------- -------- ------- -------- ------- -------- ------- ------ ------- ------- -------
Indicated - - 2.13 0.34 0.28 13.9 2.03 0.51 - 7.2 125 10.4
--------- ------- -------- ------- -------- ------- -------- ------- ------ ------- ------- -------
Measured
and
Indicated - - 4.28 0.39 0.36 14.5 3.89 0.52 - 16.5 167 20.2
----------- --------- ------- -------- ------- -------- ------- -------- ------- ------ ------- ------- -------
Inferred - - 2.85 0.40 0.15 19.4 7.04 0.54 - 11.4 94 38.0
--------- ------- -------- ------- -------- ------- -------- ------- ------ ------- ------- -------
TOTAL - - 7.10 0.39 0.51 15.9 10.9 0.50 - 27.9 261 58.2
----------- --------- ------- -------- ------- -------- ------- -------- ------- ------ ------- ------- -------
Some of the totals above may not add due to rounding
Mineral Resource classifications are based on the gold estimation confidence. Copper, silver, and zinc are reported within these classifications.
Stockpiles included in Measured Resources and Ore Reserves
Measured Mineral Stockpile grades Contained metal
Resources
-------- ------------------------- -------------------------
Tonnage Gold Copper Silver Gold Copper Silver
grade grade grade
(Mt) (g/t) (%) (g/t) (koz) (kt) (koz)
-------- ------- ------- ------- ------- ------- -------
Agitation leach 0.02 1.87 0.24 17.79 1 0 10
-------- ------- ------- ------- ------- ------- -------
Flotation 0.14 0.90 0.53 11.71 4 0.7 53
-------- ------- ------- ------- ------- ------- -------
Heap leach (crushed) 0.06 0.81 0.11 7.71 2 0.1 16
-------- ------- ------- ------- ------- ------- -------
Heap leach (ROM) 0.61 0.73 0.21 10.23 14 4.3 201
-------- ------- ------- ------- ------- ------- -------
Stockpile Mineral
Resources 0.83 0.79 0.26 10.44 21 2.2 279
---------------------- -------- ------- ------- ------- ------- ------- -------
Gedabek Open Pit - Ore Reserves
In-situ grades Contained metal
Tonnage Gold Copper Silver Gold Copper Silver
grade grade grade
(Mt) (g/t) (%) (g/t) (koz) (kt) (koz)
------- ------- ------- ------- ------- -------
Proven 8.07 0.72 0.19 3.48 187 15.3 902
-------- ------- ------- ------- ------- ------- -------
Probable 3.65 0.64 0.23 4.87 75 8.5 572
-------- ------- ------- ------- ------- ------- -------
In situ-ore reserves 11.72 0.70 0.20 3.91 263 24 1,474
---------------------- -------- ------- ------- ------- ------- ------- -------
Stockpile grades
-------- ------------------------- ------- ------- -------
Agitation leach 0.02 1.87 0.24 17.79 1 0 10
-------- ------- ------- ------- ------- ------- -------
Flotation 0.14 0.90 0.53 11.71 4 0.7 53
-------- ------- ------- ------- ------- ------- -------
Heap leach (crushed) 0.06 0.81 0.11 7.71 2 0.1 16
-------- ------- ------- ------- ------- ------- -------
Heap leach (ROM) 0.61 0.73 0.21 10.23 14 4.3 201
-------- ------- ------- ------- ------- ------- -------
Stockpile ore
reserves 0.83 0.79 0.26 10.44 21 2.2 279
---------------------- -------- ------- ------- ------- ------- ------- -------
TOTAL ORE RESERVE 12.55 0.70 0.21 4.34 284 26.0 1,754
---------------------- -------- ------- ------- ------- ------- ------- -------
Proved and Probable Ore Reserves estimate is based on that portion of the Measured and Indicated Mineral Resources of the deposit within the scheduled mine designs that may be economically extracted, considering all "Modifying Factors" in accordance with the JORC (2012) Code.
Gadir Underground Mine JORC (2012) Mineral Resources and Ore Reserves - Summary
-- Gold and copper Mineral Resources (at a cut-off grade of 0.5 grammes per tonne of gold) as follows:
o Measured and Indicated: 211,000 ounces of gold, 2,024 tonnes of copper and 326,000 ounces of silver
o Total (including Inferred): 267,000 ounces of gold, 2,183 tonnes of copper and 328,000 ounces of silver
-- Gold and copper Proven plus Probable Ore Reserves as follows:
o 49,000 ounces of gold, 191 tonnes of copper and 51,000 ounces of silver
Gadir Underground Mine - JORC (2012) Mineral Resources and Ore Reserves Statements at 30 June 2020
Anglo Asian, together with the mining and geological consulting group Mining Plus, prepared the Mineral Resources and Ore Reserves estimation of the Gadir deposit. The detailed Mineral Resources and Ore Reserve estimation parameters per Table 1 of the JORC code can be accessed at http://www.rns-pdf.londonstockexchange.com/rns/8548D_2-2020-11-1.pdf . A glossary of terminology related to the Mineral Resources and Ore Reserves estimate and other information is set out in the appendix below. Full technical Mineral Resources and Ore Reserves reports by Mining Plus is available on the Group's web-site at:
https://wp-angloasianmining-2020.s3.eu-west-2.amazonaws.com/media/2020/10/30134949/AAZ-Gadir_Mineral-Resource_Estimate_2020_JORC.pdf and;
https://wp-angloasianmining-2020.s3.eu-west-2.amazonaws.com/media/2020/10/30134926/AAZ-Gadir_Reserves_Report_v5.pdf
The Mineral Resources and Ore Reserves are prepared in accordance with JORC Code (2012), which is the current edition of the JORC Code. After a transition period, the 2012 edition came into mandatory operation from 1 December 2013. The Mineral Resources and Ore Reserves stated below are in-situ.
Gadir Underground Mine - Mineral Resources
MINERAL RESOURCES (cut-off grade of 0.5 g/t gold)
In-situ grades Contained Metal
-------- ---------------------------------- -------------------------------------
Tonnage Gold Copper Silver Zinc Gold Copper Silver Zinc
Mineral grade grade grade grade
Resources (kt) (g/t) (%) (g/t) (%) (koz) (t) (koz) (t)
-------- ------- ------- ------- ------- ------- -------- ------- ---------
Measured 2,035 2.47 0.09 4.69 0.61 162 1,831 307 12,407
-------- ------- ------- ------- ------- ------- -------- ------- ---------
Indicated 966 1.59 0.02 0.63 0.33 49 193 20 3,188
-------- ------- ------- ------- ------- ------- -------- ------- ---------
Measured
and
Indicated 3,001 2.19 0.07 3.40 0.52 211 2,024 326 15,595
------------ -------- ------- ------- ------- ------- ------- -------- ------- ---------
Inferred 1,594 1.10 0.01 0.03 0.10 56 159 2 1,594
-------- ------- ------- ------- ------- ------- -------- ------- ---------
TOTAL 4,595 1.81 0.05 2.22 0.37 267 2,183 328 17,189
------------ -------- ------- ------- ------- ------- ------- -------- ------- ---------
Some of the totals above may not add due to rounding
Gadir Underground Mine - Ore Reserves
In-situ grades Contained metal
Tonnage Gold Copper Silver Gold Copper Silver
grade grade grade
(Mt) (g/t) (%) (g/t) (koz) (t) (koz)
------- ------- ------- ------- ------- -------
Proven 0.47 2.32 0.04 3.38 35 173 51
-------- ------- ------- ------- ------- ------- -------
Probable 0.19 2.20 0.01 0.74 14 18 5
-------- ------- ------- ------- ------- ------- -------
TOTAL ORE RESERVE 0.66 2.28 0.03 2.60 49 191 56
------------------- -------- ------- ------- ------- ------- ------- -------
Proved and Probable Ore Reserves estimate is based on that portion of the Measured and Indicated Mineral Resources of the deposit within the scheduled mine designs that may be economically extracted, considering all "Modifying Factors" in accordance with the JORC (2012) Code.
Ugur Open Pit
A statement complying with JORC has not been prepared as the mine is nearing depletion. Mining Plus have carried out a residual material study to estimate the remaining mineable mineralisation. The amount of remaining mineable material is given in the table below. Exploration continues in the vicinity of the Ugur mine and copper has been identified both under and adjacent to the Ugur open pit.
MINEABLE MATERIAL (gold cut-off grade of > = 0.3 g/t
Tonnage In-situ grades Contained metal
Mt
--------- ------------------ ------------------
Gold Silver Gold Silver
Grade Grade (koz) (koz)
(g/t) (g/t)
--------- -------- -------- -------- --------
Mineable
Material 0.28 0.8 3.59 7.15 32.3
--------- -------- -------- -------- --------
MINEABLE MATERIAL (gold cut-off grade of > = 0.2 g/t
Mineable
Material 0.38 0.65 3.33 7.94 40.7
--------- -------- -------- -------- --------
Competent Person Statement
The information in the announcement that relates to Mineral Resources is based on information compiled by Mr Julian Aldridge, who is a full-time employee of Mining Plus UK Ltd, and is a Fellow of The Geological Society of London, a Chartered Geologist, and a Member of The Institute of Materials, Minerals and Mining.
Julian Aldridge has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken 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'. Julian Aldridge consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears.
Julian Aldridge has sufficient experience, relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking, to qualify as a "competent person" as defined by the AIM rules. Julian Aldridge has reviewed the Mineral Resources included in this announcement.
The information in the announcement that relates to Ore Reserves for the Gedabek Open Pit is based on information compiled by Mr John Battista, who is a full-time employee of Mining Plus UK Ltd, and is a Member and Chartered Professional (Mining) of the Australasian Institute of Mining and Metallurgy (MAusIMM CP(Min)).
John Battista has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken 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'. John Battista consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears.
John Battista has sufficient experience, relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking, to qualify as a "competent person" as defined by the AIM rules. John Battista has reviewed the Ore Reserves included in this announcement.
The information in the announcement that relates to Ore Reserves for the Gadir Underground Mine is based on information compiled by Mr Aidar Kairbekov, who is a full-time employee of Mining Plus UK Ltd, and is a Professional Member of the Southern African Institute of Mining and Metallurgy (SAIMM).
Aidar Kairbekov has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken 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'. Aidar Kairbekov consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears.
Aidar Kairbekov has sufficient experience, relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking, to qualify as a "competent person" as defined by the AIM rules. Aidar Kairbekov has reviewed the Ore Reserves included in this announcement.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
**S**
For further information please visit www.angloasianmining.com or contact:
Reza Vaziri Anglo Asian Mining plc Tel: +994 12 596 3350
Bill Morgan Anglo Asian Mining plc Tel: +994 502 910 400
------------------------------ ----------------------
Stephen Westhead Anglo Asian Mining plc Tel: +994 502 916 894
------------------------------ ----------------------
Ewan Leggat SP Angel Corporate Finance Tel: +44 (0) 20 3470
LLP 0470
Nominated Adviser and Broker
------------------------------ ----------------------
Soltan Tagiev SP Angel Corporate Finance Tel + 44 (0) 20 3470
LLP 0470
------------------------------ ----------------------
Megan Ray Blytheweigh Financial Tel: +44 (0) 20 7138
3224
------------------------------ ----------------------
Notes:
Anglo Asian Mining plc (AIM:AAZ) is a gold, copper and silver producer in Central Asia with a broad portfolio of production and exploration assets in Azerbaijan. The Company has a 1,962 square kilometre portfolio, assembled from analysis of historic Soviet geological data and held under a Production Sharing Agreement modelled on the Azeri oil industry.
The Company's main operating location is the Gedabek contract area ("Gedabek") which is a 300 square kilometre area in the Lesser Caucasus mountains in western Azerbaijan. The Company developed Azerbaijan's first operating gold/copper/silver mine at Gedabek which commenced gold production in May 2009. Mining at Gedabek was initially from its main open pit which is an open cast mine with a series of interconnected pits. The Company also operates the high grade Gadir underground mine which is co-located at the Gedabek site. The Company has a second underground mine, Gosha, which is 50 kilometres from Gedabek. Ore mined at Gosha is processed at Anglo Asian's Gedabek plant.
The Company produced 81,399 gold equivalent ounces ("GEOs") for the year ended 31 December 2019. Gedabek is a polymetallic ore deposit that has gold together with significant concentrations of copper in the main open pit mine, and an oxide gold-rich zone at Ugur. The Company therefore employs a series of flexible processing routes to optimise metal recoveries and efficiencies. The Company produces gold doré through agitation and heap leaching operations, copper concentrate from its Sulphidisation, Acidification, Recycling, and Thickening (SART) plant and also a copper and precious metal concentrate from its flotation plant.
The Company has a production target for the year to 31 December 2020 of 65,000 ounces to 67,000 ounces of gold and 2,200 tonnes to 2,400 tonnes of copper which is currently being revised. This total production target expressed as gold equivalent ounces ("GEOs") at budgeted prices is between 75,000 GEOs and 80,000 GEOS.
Anglo Asian is also actively seeking to exploit its first mover advantage in Azerbaijan to identify additional projects, as well as looking for properties in other jurisdictions in order to fulfil its expansion ambitions and become a mid-tier gold and copper metal production company. It has recently announced that it will enter into a joint venture with Conroy Gold and Natural resources PLC to explore and develop various gold properties in The Republic of Ireland and Northern Ireland.
GLOSSARY OF TERMS AND ABBREVIATIONS
The following definitions are extracted from the JORC Code, 2012 Edition
Cut-off grade The lowest grade, or quality, of mineralised
material that qualifies as economically
mineable and available in a given deposit.
May be defined on the basis of economic
evaluation, or on physical or chemical
attributes that define an acceptable
product specification.
Indicated Mineral An 'Indicated Mineral Resource' is
Resource that part of a Mineral Resource for
which quantity, grade (or quality),
densities, shape and physical characteristics
are estimated with sufficient confidence
to allow the application of Modifying
Factors in sufficient detail to support
mine planning and evaluation of the
economic viability of the deposit.
Geological evidence is derived from
adequately detailed and reliable exploration,
sampling and testing gathered through
appropriate techniques from locations
such as outcrops, trenches, pits, workings
and drill holes, and is sufficient
to assume geological and grade (or
quality) continuity between points
of observation where data and samples
are gathered. An Indicated Mineral
Resource has a lower level of confidence
than that applying to a Measured Mineral
Resource and may only be converted
to a Probable Ore Reserve.
-------------------------------------------------
Inferred Mineral An 'Inferred Mineral Resource' is that
Resource part of a Mineral Resource for which
quantity and grade (or quality) are
estimated on the basis of limited geological
evidence and sampling. Geological evidence
is sufficient to imply but not verify
geological and grade (or quality) continuity.
It is based on exploration, sampling
and testing information gathered through
appropriate techniques from locations
such as outcrops, trenches, pits, workings
and drill holes. An Inferred Mineral
Resource has a lower level of confidence
than that applying to an Indicated
Mineral Resource and must not be converted
to an Ore Reserve. It is reasonably
expected that the majority of Inferred
Mineral Resources could be upgraded
to Indicated Mineral Resources with
continued exploration.
-------------------------------------------------
JORC JORC stands for Australasian Joint
Ore Reserves Committee (JORC). The
Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves
(the JORC Code) is widely accepted
as the definitive standard for the
reporting of a company's resources
and reserves. The latest JORC Code
is the 2012 Edition.
-------------------------------------------------
Measured Mineral A 'Measured Mineral Resource' is that
Resource part of a Mineral Resource for which
quantity, grade (or quality), densities,
shape, and physical characteristics
are estimated with confidence sufficient
to allow the application of Modifying
Factors to support detailed mine planning
and final evaluation of the economic
viability of the deposit. Geological
evidence is derived from detailed and
reliable exploration, sampling and
testing gathered through appropriate
techniques from locations such as outcrops,
trenches, pits, workings and drill
holes, and is sufficient to confirm
geological and grade (or quality) continuity
between points of observation where
data and samples are gathered. A Measured
Mineral Resource has a higher level
of confidence than that applying to
either an Indicated Mineral Resource
or an Inferred Mineral Resource. It
may be converted to a Proved Ore Reserve
or under certain circumstances to a
Probable Ore Reserve
-------------------------------------------------
Mineral Reserves An 'Ore Reserve' is the economically
or Ore Reserves mineable part of a Measured and/or
Indicated Mineral Resource. It includes
diluting materials and allowances for
losses, which may occur when the material
is mined or extracted and is defined
by studies at Pre-Feasibility or Feasibility
level as appropriate that include application
of Modifying Factors. Such studies
demonstrate that, at the time of reporting,
extraction could reasonably be justified.
-------------------------------------------------
Mineral Resource 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.
Mineral Resources are sub-divided,
in order of increasing geological confidence,
into Inferred, Indicated and Measured
categories.
-------------------------------------------------
Modifying Factors 'Modifying Factors' are considerations
used to convert Mineral Resources to
Ore Reserves. These include, but are
not restricted to, mining, processing,
metallurgical, infrastructure, economic,
marketing, legal, environmental, social
and governmental factors.
-------------------------------------------------
Probable Ore Reserve A 'Probable Ore Reserve' is the economically
mineable part of an Indicated, and
in some circumstances, a Measured Mineral
Resource. The confidence in the Modifying
Factors applying to a Probable Ore
Reserve is lower than that applying
to a Proved Ore Reserve.
-------------------------------------------------
Proved Ore Reserve A 'Proved Ore Reserve' is the economically
mineable part of a Measured Mineral
Resource. A Proved Ore Reserve implies
a high degree of confidence in the
Modifying Factors.
-------------------------------------------------
Abbreviation Definition of term
------------- --------------------
Ag Chemical symbol for
silver
--------------------
Au Chemical symbol for
gold
--------------------
g/t Gramme per tonne
--------------------
M Meters
--------------------
Oz Ounces
--------------------
t Tonnes
--------------------
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