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Rambler Metals & Mining PLC Rambler Updates Mineral Resources for Ming Mine

26/05/2021 7:00am

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Rambler Metals & Mining PLC

26 May 2021

26 May 2021

Rambler Updates Mineral Resources for the Ming Copper-Gold Mine

London, England & Newfoundland and Labrador, Canada - Rambler Metals and Mining plc (AIM: RMM) ("Rambler" or "the Company"), a copper and gold producer, explorer and developer announces an update to copper, gold and silver contained in estimated Mineral Resources at the Ming Copper-Gold Mine, located in Eastern Canada.

A depleted Mineral Reserve is also reported. This Mineral Reserve is based on mining depletion from the previous estimate which had an effective date of 31 December 2019. Both the depleted resource and reserve estimates have effective dates of 31 March 2021.

BACKGROUND

-- Throughout 2020, due to financial constraints, limited mining took place at Ming Mine, with respect to both production and development.

-- Rambler limited all expenditures including diamond drilling in 2020. During this period, reconciliation of mined blocks, lithological modelling and resource targeting was carried out.

-- Rambler has resumed underground diamond drilling, and plans to drill more than 15,000m in 2021. The drilling will be used to update the global resource model, with a planned update to the mining reserve to be delivered in 2022.

   --    As well as updating the global resource model, specific objectives in 2021 are to: 

o In-fill drill for mine design and planning;

o Convert portions of the inferred resource to an indicated or measured confidence category; and

o Target prospective areas identified during the 2019 drilling campaign and 2020 model review.

RESOURCE SUMMARY

-- The updated resource estimate includes 24.143 million tonnes of Measured and Indicated Resources grading 1.69% copper and 0.32 grammes per tonne ("g/t") gold, containing 900 million pounds (408,199 tonnes) of copper and 251 thousand ounces of gold at 1% copper cut-off. This represents a 6% increase in contained copper and 5% increase in contained gold relative to the previous resource estimate declared in 2017, after mining depletion.

-- The Inferred Mineral Resources remain at 5.023 million tonnes grading 1.89% copper and 0.41 grammes per tonne gold containing 209 million pounds of copper and 66 thousand ounces of gold at 1% copper cut-off.

-- All zones remain open for extension with further drilling, especially down dip from the current resource.

   --    Details of the new Mineral Resource estimate by zone appear in Appendix 1. 

Table 1 : Mineral Resource Summary for the Ming Copper-Gold Mine at 1% Copper Cut-off * (see note below)

 
 Classification    Quantity           Grades              Contained Metal 
                              Copper   Gold   Silver   Copper   Gold   Silver 
                             -------  -----  -------  -------  -----  ------- 
                   (000't)      %      g/t     g/t     M lbs    K oz    K oz 
                  ---------  -------  -----  -------  -------  -----  ------- 
 Measured Total     6,390      1.65    0.53    4.02     234     108     827 
    Indicated 
      Total         17,753     1.70    0.25    2.08     667     143    1,190 
    M&I Total       24,143     1.69    0.32    2.60     900     251    2,017 
 Inferred Total     5,023      1.89    0.41    3.10     209      66     501 
----------------  ---------  -------  -----  -------  -------  -----  ------- 
 

The procedures used for the Mineral Resource estimation are consistent with the Canadian Institute of Mining and Metallurgy ('CIMM') (2014) best practices. See Mineral Resource note below for additional disclosures.

Dr Toby Bradbury, President and CEO, commented:

"It is encouraging to note that the overall high-grade copper Measured and Indicated resource endowment of the Ming Mine remains over 405,000 tonnes of copper, with an additional 95,000 tonnes of copper in the Inferred category.

"Our Mineral Reserve statistics, which will be updated in 2022 to incorporate the latest 2021 drill data, are themselves conservative, being based on USD$2.99 per pound copper, significantly less than current copper price.

"The diamond drilling program that resumed in Q1 2021 and continues is providing confirmatory data which supports the modelling of the resources. The in-fill drilling is being conducted in parallel with the redevelopment of the Ming Mine through 2021 and is a key element of risk mitigation for the future as we confirm our short and longer-term target areas for mining.

"All zones of mineralisation remain open at depth and we are pursuing well identified targets with a commitment to the proper development and exploration of the mine.

"The Ming Mine remains a world-class resource in a first-rate jurisdiction with potential to be further expanded. This mine, together with the Little Deer and Whalesback properties provide an exciting long-life mining platform for Rambler."

Lower Footwall Zone

The Lower Footwall Zone is the area currently being developed as the cornerstone source of future mined tonnes. This zone has potential to flex depending on the cut-off grade employed as shown in Table 2 below.

Table 2 : Resource Cut-off Sensitivity Summary for the Lower Footwall Zone

 
 Copper Cutoff   Quantity           Grades              Contained Metal 
      (%) 
                            Copper   Gold   Silver   Copper   Gold   Silver 
                           -------  -----  -------  -------  -----  ------- 
                 (000't)      %      g/t     g/t     M lbs    K oz    K oz 
                ---------  -------  -----  -------  -------  -----  ------- 
      1.0         20,821     1.57    0.12    1.57     722      79    1,051 
      1.1         17,735     1.66    0.12    1.65     651      70     943 
      1.2         15,034     1.76    0.13    1.74     582      61     839 
      1.3         12,699     1.85    0.13    1.82     518      54     743 
      1.4         10,699     1.94    0.14    1.90     459      47     654 
      1.5         9,015      2.04    0.14    1.98     405      40     574 
--------------  ---------  -------  -----  -------  -------  -----  ------- 
 

Including the Massive Sulphide deposits, at a 1.5% copper cut-off, the entire measured and indicated mineral resource estimate consists of 11.581 million tonnes of material grading 2.21% copper and 0.49 grammes per tonne gold, containing 565 million pounds of copper and 181 thousand ounces of gold. This material will form the basis of a new NI43-101 compliant life of mine (LOM) plan for the Ming Mine that is planned for completion in 2022, building on the drill data from the 2021 program.

A comparison of the new Mineral Resource Estimate to the previously released Mineral Resource Estimate, effective date September 7, 2017, is shown in Table 3 below.

Table 3 : Resource Summary at 1% copper cut-off (% change from September 2017 resource in brackets)

 
 Classification      Quantity                   Grades                             Contained Metal 
                                    Copper         Gold       Silver      Copper         Gold        Silver 
                                 -----------  -------------  --------  ------------  -----------  ----------- 
                     (000't)          %            g/t          g/t        M lbs         K oz         K oz 
                  -------------  -----------  -------------  --------  ------------  -----------  ----------- 
    Measured                                                   4.02 
      Total        6,390 (-67%)   1.65 (+3%)   0.53 (+109%)    (74%)    234 (-66%)    106 (-31%)   827 (-43%) 
    Indicated         17,753                                   2.08                                  1,190 
      Total           (+331%)     1.70 (-7%)   0.25 (-60%)     (-40%)   667 (+301%)   143 (+74%)     (+157%) 
                      24,143                                   2.60                                  2,017 
    M&I Total          (+3%)      1.69 (+3%)    0.32 (+2%)      (3%)     900 (+6%)    251 (+5%)       (+6%) 
    Inferred                                                   3.10 
      Total        5,023 (+75%)   1.89 (+6%)    0.41 (-2%)     (12%)    209 (+85%)    66 (+71%)    501 +(96%) 
----------------  -------------  -----------  -------------  --------  ------------  -----------  ----------- 
 

Mineral Reserve (Depleted)

The effective date of the mineral reserve estimate for the Ming Copper-Gold Mine is January 1, 2018 (reference press release dated 5 March 2018). Rambler intends to update the Mineral Reserve in 2022 to include the bulk of the diamond drilling and resource estimation program that is to be completed in 2021. Table 4 below provides a depletion of the reserves since January 1, 2018.

Table 4 : Depleted Mineral Reserve Estimate Summary for the Ming Copper-Gold Mine ** (see note below)

 
      Classification         Quantity           Grades              Contained Metal 
                                       ----------------------- 
                             (000't)    Copper   Gold   Silver   Copper   Gold   Silver 
                            ---------  -------  -----  -------  -------  -----  ------- 
                                          %      g/t     g/t     M lbs    K oz    K oz 
                            ---------  -------  -----  -------  -------  -----  ------- 
     Total Proven Reserves    3,028      1.93    0.42    2.77     129      41     270 
  (undiluted, unrecovered) 
            Total Probable 
                  Reserves    4,357      1.87    0.42    2.86     180      59     401 
  (undiluted, unrecovered) 
                  Dilution    1,108      0.64    0.06    0.73      16      2       26 
             (all sources) 
                  Reserves    7,643      1.73    0.38    2.55     297      96     669 
          (diluted and 90% 
                recovered) 
--------------------------  ---------  -------  -----  -------  -------  -----  ------- 
 

*Mineral Resource Notes

Mineral Resources are not Mineral Reserves and have not demonstrated economic viability. All figures are rounded to reflect the accuracy of the estimate. Cut--off grades of 1.0 % copper for the massive sulphides, 1.25 grammes per tonne gold for any gold zones and 1.0 % copper for the stringer sulphides have been used in the estimate.

Cut--offs are based on an NSR model and forecast long term metal prices of USD$2.99 per pound copper, USD$1,300 per ounce gold and USD$17.00 per ounce silver with a long-term USD/CDN FX rate of 1:0.80. Resources are inclusive of reserves.

**Mineral Reserve Notes

All figures are rounded to reflect the accuracy of the estimate; numbers may not total due to this rounding. This reserve statement reflects changes to reserves based on depletion due to mining over the 2018 to 2020 calendar years and through 31 March 2021. The NSR for the reserve material was calculated using an all-in cost of USD$72 per tonne of ore milled.

Long term metal prices used were USD$2.99 per pound copper, USD$1300 per ounce gold and USD$17.00 per ounce silver with a long-term USD/CDN FX rate of 1:0.80.

The procedures used for the Mineral Resource and Reserve estimations are consistent with the Canadian Institute of Mining and Metallurgy ('CIMM') (2014) best practices.

The effective date for the depleted Mineral Resource Estimate is March 31, 2021. The effective date for the depleted Mineral Reserve Estimate is March 31, 2021.

Mineral Resources and Reserves for the Ming Mine were estimated under the supervision of Mark Ross, P. Geo., who is a qualified person as defined by NI43-101.

Tim Sanford, P.Eng., is the Qualified Person responsible for the technical content of this release and has reviewed and approved it accordingly. Mr. Sanford is an employee of Rambler Metals and Mining Canada Limited. Tim Sanford consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears. Tim Sanford 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.

Tonnes referenced are dry metric tonnes unless otherwise indicated; unless otherwise noted all figures are quoted in $USD.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside is now considered to be in the public domain.

ABOUT RAMBLER METALS AND MINING

Rambler is a mining and development Company that in November 2012 brought its first mine into commercial production. The group has a 100 per cent ownership in the Ming Copper-Gold Mine, a fully operational base and precious metals processing facility and year-round bulk storage and shipping facility; all located on the Baie Verte peninsula, Newfoundland and Labrador, Canada.

Rambler's focus is to regain its production profile at 1,350 metric tonnes per day at 2% Cu in the course of 2021 and evaluate expansion opportunities from that base.

Along with the Ming Mine, Rambler also owns 100 per cent of the former producing Little Deer and Whales Back copper mines.

Rambler is listed in London under AIM:RMM.

For further information, please contact:

 
  Toby Bradbury                 Eason Chen                  T im Sanford. P. Eng. 
   President and CEO             CFO                         Vice President and 
   Rambler Metals & Mining       Rambler Metals & Mining     Corporate Secretary 
   Plc                           Plc                         Rambler Metals & Mining 
   Tel No: +44 (0) 20            Tel No: +44 (0) 20          Plc 
   8652-2700                     7096 0662                   Tel No: +1 (709) 532 
   Fax No: +44 (0) 20            Fax No: +44 (0) 20          5736 
   8652-2719                     8609 0313                   Fax No: +1 (709) 8 00 
                                                             1 921 
 
   Nominated Advisor (NOMAD) 
  Ewan Leggat, Caroline 
   Rowe 
   SP Angel Corporate 
   Finance LLP 
   Tel No: +44 (0) 20 
   3470 0470 
 
 

Website: www.ramblermines.com

Caution Regarding Forward Looking Statements:

Certain information included in this press release, including information relating to future financial or operating performance and other statements that express the expectations of management or estimates of future performance constitute "forward-looking statements". Such forward-looking statements include, without limitation, statements regarding copper, gold and silver forecasts, the financial strength of the Company, estimates regarding timing of future development and production and statements concerning possible expansion opportunities for the Company. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief are based on assumptions made in good faith and believed to have a reasonable basis. Such assumptions include, without limitation, the price of and anticipated costs of recovery of, copper concentrate, gold and silver, the presence of and continuity of such minerals at modeled grades and values, the capacities of various machinery and equipment, the availability of personnel, machinery and equipment at estimated prices, mineral recovery rates, and others. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to, interpretation and implications of drilling and geophysical results; estimates regarding timing of future capital expenditures and costs towards profitable commercial operations. Other factors that could cause actual results, developments or events to differ materially from those anticipated include, among others, increases/decreases in production; volatility in metals prices and demand; currency fluctuations; cash operating margins; cash operating cost per pound sold; costs per ton of ore; variances in ore grade or recovery rates from those assumed in mining plans; reserves and/or resources; the ability to successfully integrate acquired assets; operational risks inherent in mining or development activities and legislative factors relating to prices, taxes, royalties, land use, title and permits, importing and exporting of minerals and environmental protection. Accordingly, undue reliance should not be placed on forward-looking statements and the forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained herein are made as at the date hereof and the Company does not undertake any obligation to update publicly or revise any such forward-looking statements or any forward-looking statements contained in any other documents whether as a result of new information, future events or otherwise, except as required under applicable security law.

APPIX 1

Table 1: Complete Mineral Resource Estimate, by zone, for the Ming Copper-Gold Mine - effective March 31, 2021 (Resources are inclusive of Reserves)

 
 
                                  Ming Mine Depleted Resource - March 31, 2021 
---------------------------------------------------------------------------------------------------------------- 
      Resource          Cutoff     Quantity           Grades                        Contained Metal 
   Classification 
--------------------  ----------  ---------  -----------------------  ------------------------------------------ 
                                              Copper   Gold   Silver    Copper     Copper     Gold      Silver 
--------------------  ---------- 
                                   000's t      %      g/t     g/t     000's lbs   tonnes      oz         oz 
--------------------  ----------  ---------  -------  -----  -------  ----------  --------  --------  ---------- 
 
 MEASURED 
                          1.00 % 
           1807 Zone          Cu        402     2.40   2.68    20.10      21,226     9,628    34,563     259,568 
                        1.25 g/t 
           1806 Zone          Au        185     0.40   3.00    14.74       1,623       736    17,830      87,663 
                      ----------  ---------  -------  -----  -------  ----------  --------  --------  ---------- 
                          1.00 % 
     Ming South Zone          Cu        278     2.19   2.01    13.33      13,452     6,102    17,935     119,196 
                      ----------  ---------  -------  -----  -------  ----------  --------  --------  ---------- 
                          1.00 % 
     Ming North Zone          Cu        436     2.13   1.24     7.87      20,435     9,269    17,326     110,222 
                      ----------  ---------  -------  -----  -------  ----------  --------  --------  ---------- 
      Unmined Levels      -- 
                      ----------  ---------  -------  -----  -------  ----------  --------  --------  ---------- 
     Remnant Pillars      -- 
                      ----------  ---------  -------  -----  -------  ----------  --------  --------  ---------- 
 Sub-Total Massive 
  Sulphides                           1,300     1.98   2.10    13.79      56,736    25,735    87,654     576,649 
                                  ---------  -------  -----  -------  ----------  --------  --------  ---------- 
 
                          1.00 % 
 Upper Footwall Zone          Cu        440     2.80   0.26     3.03      27,145    12,313     3,640      42,885 
                      ----------  ---------  -------  -----  -------  ----------  --------  --------  ---------- 
                          1.00 % 
 Lower Footwall Zone          Cu      4,650     1.46   0.11     1.39     149,170    67,663    16,788     207,229 
                      ----------  ---------  -------  -----  -------  ----------  --------  --------  ---------- 
 Sub-Total Stringer 
  Sulphides                           5,090     1.57   0.12     1.53     176,316    79,976    20,428     250,114 
                                  ---------  -------  -----  -------  ----------  --------  --------  ---------- 
 
                  Total Measured      6,390     1.65   0.53     4.02     233,051   105,711   108,083     826,764 
                                  ---------  -------  -----  -------  ----------  --------  --------  ---------- 
 
 INDICATED 
                          1.00 % 
           1807 Zone          Cu        123     1.75   1.98    14.66       4,740     2,150     7,842      57,964 
                        1.25 g/t 
           1806 Zone          Au         65     0.71   2.87    16.01       1,026       465     6,029      33,650 
                      ----------  ---------  -------  -----  -------  ----------  --------  --------  ---------- 
                          1.00 % 
     Ming South Zone          Cu        364     2.06   2.07    12.54      16,512     7,490    24,279     146,914 
                      ----------  ---------  -------  -----  -------  ----------  --------  --------  ---------- 
                          1.00 % 
     Ming North Zone          Cu        407     3.35   1.26     6.90      30,058    13,634    16,532      90,301 
                      ----------  ---------  -------  -----  -------  ----------  --------  --------  ---------- 
      Unmined Levels      --            125     2.43   1.99                6,693     3,036     7,989 
                      ----------  ---------  -------  -----  -------  ----------  --------  --------  ---------- 
     Remnant Pillars      --            259     3.96   2.00               22,603    10,253    16,656 
                      ----------  ---------  -------  -----  -------  ----------  --------  --------  ---------- 
 Sub-Total Massive 
  Sulphides                           1,343     2.76   1.84     7.61      81,632    37,028    79,327     328,830 
                                  ---------  -------  -----  -------  ----------  --------  --------  ---------- 
 
                          1.00 % 
 Upper Footwall Zone          Cu        238     2.31   0.16     2.24      12,151     5,512     1,250      17,124 
                      ----------  ---------  -------  -----  -------  ----------  --------  --------  ---------- 
                          1.00 % 
 Lower Footwall Zone          Cu     16,171     1.61   0.12     1.62     573,081   259,948    62,090     844,069 
                      ----------  ---------  -------  -----  -------  ----------  --------  --------  ---------- 
 Sub-Total Stringer 
  Sulphides                          16,410     1.62   0.12     1.63     585,232   265,460    63,340     861,193 
                                  ---------  -------  -----  -------  ----------  --------  --------  ---------- 
 
                 Total Indicated     17,753     1.70   0.25     2.08     666,864   302,488   142,666   1,190,023 
                                  ---------  -------  -----  -------  ----------  --------  --------  ---------- 
 
 MEASURED and INDICATED 
                          1.00 % 
           1807 Zone          Cu        525     2.25   2.51    18.83      25,966    11,778    42,405     317,532 
                        1.25 g/t 
           1806 Zone          Au        250     0.48   2.96    15.07       2,648     1,201    23,859     121,314 
                      ----------  ---------  -------  -----  -------  ----------  --------  --------  ---------- 
                          1.00 % 
     Ming South Zone          Cu        642     2.12   2.04    12.88      29,964    13,591    42,213     266,110 
                      ----------  ---------  -------  -----  -------  ----------  --------  --------  ---------- 
                          1.00 % 
     Ming North Zone          Cu        842     2.72   1.25     7.40      50,493    22,903    33,858     200,523 
                      ----------  ---------  -------  -----  -------  ----------  --------  --------  ---------- 
      Unmined Levels      --            125     2.43   1.99                6,693     3,036     7,989 
--------------------              ---------  -------  -----  -------  ----------  --------  --------  ---------- 
     Remnant Pillars      --            259     3.96   2.00               22,603    10,253    16,656 
--------------------              ---------  -------  -----  -------  ----------  --------  --------  ---------- 
 Sub-Total Massive 
  Sulphides                           2,644     2.37   1.96    10.65     138,368    62,763   166,981     905,480 
                                  ---------  -------  -----  -------  ----------  --------  --------  ---------- 
 
                          1.00 % 
 Upper Footwall Zone          Cu        678     2.63   0.22     2.75      39,297    17,825     4,890      60,010 
                                                                      ----------  --------  --------  ---------- 
                          1.00 % 
 Lower Footwall Zone          Cu     20,821     1.57   0.12     1.57     722,251   327,611    78,878   1,051,298 
                      ----------  ---------  -------  -----  -------  ----------  --------  --------  ---------- 
 Sub-Total Stringer 
  Sulphides                          21,499     1.61   0.12     1.61     761,548   345,436    83,768   1,111,307 
                                  ---------  -------  -----  -------  ----------  --------  --------  ---------- 
 
              Total Measured and 
                       Indicated     24,143     1.69   0.32     2.60     899,915   408,199   250,749   2,016,787 
                                                                      ----------  --------  --------  ---------- 
 
 INFERRED 
                          1.00 % 
           1807 Zone          Cu        103     1.75   2.12    16.10       3,989     1,809     7,044      53,454 
                        1.25 g/t 
           1806 Zone          Au        149     0.66   2.63    10.67       2,181       989    12,576      51,100 
                      ----------  ---------  -------  -----  -------  ----------  --------  --------  ---------- 
                          1.00 % 
     Ming South Zone          Cu        117     1.86   0.62     2.93       4,817     2,185     2,329      11,072 
                      ----------  ---------  -------  -----  -------  ----------  --------  --------  ---------- 
                          1.00 % 
     Ming North Zone          Cu        684     4.64   1.16     7.53      70,038    31,769    25,434     165,655 
                      ----------  ---------  -------  -----  -------  ----------  --------  --------  ---------- 
      Unmined Levels      -- 
                      ----------  ---------  -------  -----  -------  ----------  --------  --------  ---------- 
     Remnant Pillars      -- 
                      ----------  ---------  -------  -----  -------  ----------  --------  --------  ---------- 
 Sub-Total Massive 
  Sulphides                           1,054     3.49   1.40     8.30      81,024    36,752    47,385     281,282 
                                  ---------  -------  -----  -------  ----------  --------  --------  ---------- 
 
                          1.00 % 
 Upper Footwall Zone          Cu         49     2.47   0.16     1.86       2,684     1,218       247       2,948 
                      ----------  ---------  -------  -----  -------  ----------  --------  --------  ---------- 
                          1.00 % 
 Lower Footwall Zone          Cu      3,919     1.45   0.15     1.72     125,293    56,833    18,500     217,046 
                      ----------  ---------  -------  -----  -------  ----------  --------  --------  ---------- 
 Sub-Total Stringer 
  Sulphides                           3,969     1.46   0.15     1.72     127,978    58,050    18,748     219,994 
                                  ---------  -------  -----  -------  ----------  --------  --------  ---------- 
 
                  Total Inferred      5,023     1.89   0.41     3.10     209,002    94,803    66,132     501,276 
                                                                      ----------  --------  --------  ---------- 
 
 TOTAL RESOURCES 
                          1.00 % 
           1807 Zone          Cu        628     2.16   2.45    18.38      29,955    13,588    49,449     370,987 
                        1.25 g/t 
           1806 Zone          Au        399     0.55   2.84    13.43       4,829     2,191    36,436     172,414 
                      ----------  ---------  -------  -----  -------  ----------  --------  --------  ---------- 
                          1.00 % 
     Ming South Zone          Cu        760     2.08   1.82    11.35      34,780    15,776    44,543     277,182 
                      ----------  ---------  -------  -----  -------  ----------  --------  --------  ---------- 
                          1.00 % 
     Ming North Zone          Cu      1,527     3.58   1.21     7.46     120,531    54,672    59,293     366,179 
                      ----------  ---------  -------  -----  -------  ----------  --------  --------  ---------- 
      Unmined Levels      --            125     2.43   1.99                6,693     3,036     7,989 
--------------------              ---------  -------  -----  -------  ----------  --------  --------  ---------- 
     Remnant Pillars      --            259     3.96   2.00               22,603    10,253    16,656 
--------------------              ---------  -------  -----  -------  ----------  --------  --------  ---------- 
 Sub-Total Massive 
  Sulphides                           3,698     2.69   1.78    10.31     219,392    99,516   214,365   1,186,761 
                                  ---------  -------  -----  -------  ----------  --------  --------  ---------- 
 
                          1.00 % 
 Upper Footwall Zone          Cu        727     2.62   0.22     2.69      41,981    19,043     5,137      62,958 
                          1.00 % 
 Lower Footwall Zone          Cu     24,741     1.55   0.12     1.59     847,544   384,444    97,379   1,268,344 
                      ----------  ---------  -------  -----  -------  ----------  --------  --------  ---------- 
 Sub-Total Stringer 
  Sulphides                          25,468     1.58   0.13     1.63     889,525   403,486   102,516   1,331,301 
                                  ---------  -------  -----  -------  ----------  --------  --------  ---------- 
 
                 Total Resources     29,165     1.73   0.34     2.73   1,108,917   503,002   316,881   2,518,063 
 

APPENDIX 2 - Glossary of Select Geological and Mining Terms

   Term                                                     Definition 
   "Au"                                                gold 
   "Ag"                                                 silver 

"concentrate" in general, the saleable product resulting from crushing and grinding of mined ore in a processing plant along with concentration to remove impurities. Base metal operations can produce copper, lead and/or zinc concentrates

   "Cu"                                                 copper 

"cut-off" lowest grade of mineralised material considered economic, used in the calculation of ore reserves. Also used in reserve estimation, meaning all material higher than the given grade

"down plunge" the direction within a rock mass indicated by linear features such as mineral lineation, fold axes or direction of maximum strain caused by deformation

"Footwall Zone" or "LFZ" a mineralised zone beneath a geological feature such as a fault, another mineralised zone or bed

"grade" relative quantity or the percentage of ore mineral or metal content in an ore body

"Indicated Mineral Resource" that part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a reasonable level of confidence. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. The locations are too widely or inappropriately spaced to confirm geological and/or grade continuity but are spaced closely enough for continuity to be assumed "massive sulphide" occurrence of a concentrated mass of sulfide mineral such as pyrite, sphalerite or chalcopyrite in one place, as opposed to their being disseminated or occurring in vein

"measured mineral resource" that part of a Mineral Resource for which quantity, grade or quality, densities, shape, and physical characteristics are so well established that they can be estimated with confidence sufficient to allow the appropriate application of technical and economic parameters, to support production planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced

"Mineral resource" a concentration or occurrence of material of intrinsic economic interest in or on the Earth's crust in such form that there are reasonable prospects for eventual economic extraction. Mineral resources are sub-divided, in order of increasing confidence, into Inferred, Indicated and Measured categories

   "mineralised"                                 containing or impregnated with minerals 

"National Instrument 43-101" provides standards of disclosure for mineral projects in Canada. It is a legal requirement in Canada for all oral and written disclosure of scientific or technical information on mineral deposits

"ore" rock that can be mined and processed at a profit

    "oz"                                                  troy ounce (=31.103 grammes) 

"Probable mineral reserves" measured and/or indicated mineral resources which are not yet proven, but where technical economic studies show that extraction is justifiable at the time of the determination and under specific economic conditions

"Proved mineral reserves" measured mineral resources, where technical economic studies show that extraction is justifiable at the time of the determination and under specific economic conditions

"reserve" that part of a resource that can be mined at a profit under reasonably expected economic conditions

"resource" mineralised body for which there is sufficient sampling information and geological understanding to outline a deposit of potential economic merit

    "stringer"                                         a thin, discontinuous mineral vein or rock layer 

"sulphide" a mineral containing sulphur in its non-oxidised form

   "t"                                                       a metric tonne 

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