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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 27.30 | 27.00 | 27.60 | 27.40 | 27.00 | 27.00 | 471,541 | 16:35:17 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Gold Ores | 631.07M | 65.58M | 0.0308 | 17.21 | 1.13B |
TIDMRSG
RNS Number : 2561L
Resolute Mining Limited
04 September 2023
4 September 2023
Mineral Resources increased at Syama North Project
47% increase in Measured and Indicated Resources to 2.7 Moz
Highlights
-- Syama North's Measured and Indicated Resources increased by 47% to 2.72 million ounces grading 3.0g/t, from 1.86 million ounces grading 3.0g/t, following the infill diamond and RC drilling campaign conducted in the first half of 2023
-- The majority of the Mineral Resource is located within 200m of surface highlighting the open pit potential of the deposit
-- The Global Mineral Resource Estimate (MRE) for Syama North has increased to 37.9 million tonnes, at an unchanged grade of 2.9g/t, for 3.53 million ounces of gold representing an increase of 11%
-- Preliminary metallurgical test-work on samples from Syama North show similar characteristics to the ore processed at the original Syama open pit and will be treated through the existing oxide and sulphide circuits
-- A Syama North Ore Reserve update will be completed in September/October which will further optimise the mine plan at Syama
-- The deposit remains open down-dip over the entire 6km strike length with 'step-out' drilling resuming in the second half of 2023 with further increases in the Global Mineral Resource expected
-- Drilling from the Quartz Vein Hill area continued to return high grade intersections which would be sufficient tenor for underground mining following the initial open pit operation
-- Syama North is key to underpinning the 250,000 ounces per annum Phase I Expansion at Syama with high-grade open pit ore
-- Syama is a world class asset with a Total M&I Resource, now standing at 9.1 million ounces(2) which we believe can support an operation even larger than the Phase I Expansion currently going ahead.
1. At a cut-off grade of 1g/t Au 2. On a 100% basis, excluding depletion since 31 December 2022
Resolute Mining Limited ("Resolute" or "the Company") (ASX/LSE: RSG) is pleased to announce an updated Mineral Resource Estimate from Syama North following continued positive exploration drilling results, reaffirming the potential for a new large open pit operation adjacent to the Syama processing complex.
Resolute's Chief Executive Officer, Mr Terry Holohan, commented:
"The infill drilling program at Syama over the first half of 2023 was an outstanding success with a 47% increase in the Measured and Indicated Resources. Having 2.7 million ounces in the Measured and Indicated categories will further enhance our Phase I Expansion project at Syama which is on track for commissioning in H1 2025.
We have been rewarded for our recent investment in exploration with significant increases in Mineral Resources and Ore Reserves at Syama being able to support an expanded operation over an extended mine life.
Such recent shallow discoveries confirm the Syama Greenstone Belt under our control (Figure 1) remains vastly under-explored and capable of further significant expansions.
While we continue with the front end engineering design and equipment purchases for the Phase I Expansion, we recently commenced a study on the Phase II Expansion program supported by the ongoing exploration program. "
Syama North Drilling Program
Since the Syama North Mineral Resource update ASX announcement on 19 January this year, diamond and RC drilling has continued throughout the first half of 2023 with two drill rigs concentrating on converting the large proportion of Inferred Resources to the Indicated category. The January 2023 MRE contained 1.3 million ounces of Inferred Resources which require upgrading prior to be included into Ore Reserve calculations.
The majority of the drilling focussed on achieving a nominal 50 x 50m pattern required for Indicated classification on areas of the mineralisation which optimised during initial open pit engineering studies.
As part of the drilling program additional deeper diamond drillholes were also completed to extend the three north plunging mineralised shoots. Drillholes completed this year are shown on Figure 2.
Results from this drilling campaign were in line with expectations with ore grade intervals seen in most holes. Better results received since the previous ASX announcement are shown below, with a table of the intersections attached as Appendix I.
QVRC643 - 2m @ 94.86g/t from 140m
QVRC723 - 28m @ 7.53g/t from 67m
QVRC727 - 20m @ 6.74g/t from 118m
QVRD641 - 7m @ 24.14g/t from 223m
QVRD681 - 17m @ 4.93g/t from 191m
QVRD685 - 10m @ 75.98g/t from 222m
QVRD702 - 11m @ 9.66g/t from 144m
QVRD705 - 12m @ 7.53g/t from 151m
QVRD705 - 5m @ 20.55g/t from 212m
QVRD742 - 39m @ 6.09g/t from 282m
QVRD743 - 13m @ 6.62g/t from 219m
The wide zone of gold mineralisation located in the centre of the A21 area, which has been previously described in ASX announcements 30 August 2022 and 19 January 2023, was consolidated with infill drilling this quarter. Excellent wide intersections continued down plunge to the north and drill lines were added to extend this zone of mineralisation. The drill section shown as Figure 3 displays the results of this additional drilling to the north and confirms the extension of the wide zone down plunge.
Drilling from the Quartz Vein Hill area continued to return high grade intersections which would be sufficient tenor for underground mining following the initial open pit operation.
The Syama North gold deposit remains open down-dip over the entire 6km strike length. Diamond drilling is ongoing and expected to continue throughout 2023 to extend and increase Mineral Resource confidence in the deposit.
A longitudinal section is shown in Figure 4 which displays the Resource Model now extending well below the previous pit optimisations completed in early 2023. The pit optimisation undertaken in January 2023 on all Measured, Indicated and Inferred Resources at $1,500US is shown as a blue trace.
Syama North
Figure 1. Location of Syama North within the 85km Greenstone Belt
Figure 2. Interpreted Geology, Satellite Imagery and Drillhole Locations
Figure 3. Cross Section at 1201850N showing drillholes and results at A21 North
Figure 4. Longitudinal Section showing 2023 pierce points and pit optimisation from previous Mineral Resource
Mineral Resource Estimate
The Syama Mineral Resource Estimation was updated in August 2023 using wireframe constrained Ordinary Kriged (OK) estimation methodology, with identical parameters to the previous estimate published in January 2023.
The Global Mineral Resources at Syama North is now estimated at 37.9 million tonnes at 2.9g/t Au for 3.5 million ounces at a cut-off grade of 1g/t Au. Resource classification and material types are shown below in Tables 1 and 2.
The strategy of converting Inferred to Indicated Mineral Resources was very successful with now 28.3Mt containing 2.7Moz in the Measured and Indicated Category a 47% increase over the previous MRE released in January 2023.
The total Mineral Resource has increased by 11.3% over the previous estimate driven entirely by an increase in volume of gold mineralisation.
Summary of 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
The Syama Project is found on the northern margin of the Achaean-Proterozoic Leo Shield which forms the southern half of the West African Craton. The project area straddles the boundary between the Kadiana-Madinani terrane and the Kadiolo terrane. The Kadiana-Madinani terrane is dominated by greywackes and a narrow belt of interbedded basalt and argillite. The Kadiolo terrane comprises polymictic conglomerate and sandstone that were sourced from the Kadiana-Madinani terrane and deposited in a late- to syntectonic basin.
The Syama North prospect is located on the NNE striking, west dipping, Syama-Bananso Fault Zone and Birimian volcano-sedimentary units of the Syama Formation. Gold mineralisation is associated with west dipping shear zones and hosted within sericite pyrite ankerite altered basalts, sediments and lamprophyres.
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. Core samples were sawn using a diamond saw blade with half of the core sent for analysis.
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 core drilling using PQ and HQ sized bits. A digital core orientation system is used to define the bottom of the hole which is transferred to the drilled core.
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 Measured, Indicated, and 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).
The Measured portion of the Resource was defined using areas populated on the first estimation pass, within 20m of informing composites; the kriging efficiency and slope of regression were generally >=0.7; and high confidence exists in lode continuity (strike and thickness).
The Indicated portion of the Resource was defined using areas populated on the first two estimation passes within 50m of informing composites; the kriging efficiency and slope of regression were generally >=0.7; and moderate to high confidence exists in lode continuity (strike and thickness).
Mineralisation that is not classified by the above parameters has been classified as Inferred.
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 mineralised lodes. 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 Bamako 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 grade was the same as for all the previously announced open pit Mineral Resources for the entire Syama Belt. The cut-off grade is also the same as currently used for open pit mining operations undertaken at Syama over the past 2 years.
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 Syama deposit.
The processing method involves crushing, milling, flotation and roasting, followed by conventional CIL recovery.
There is no evidence to suggest that the metallurgical characteristics of ore extracted from Syama North would change from that encountered at Syama. Preliminary metallurgical test-work on samples from Syama North show similar characteristics to the Syama ore and is expected to be treated though the existing oxide and sulphide circuits.
Syama Phase I Expansion
Ore Reserve for the Syama North Sulphide deposits form the basis for the expanded Sulphide processing capacity. The overall objective is to increase the production profile of Syama to over 250koz per annum and reduce the cost profile by up to $200/oz. This will be achieved by modifications to the oxide comminution circuit to enable it to process sulphide ore increasing overall sulphide processing capacity at Syama by 60% from 2.4Mtpa to 4.0Mtpa.
The changes to the plant will enable overall concentrate production to be higher than the roasting circuit can process, and the excess concentrate will be stored in ponds to be reclaimed and treated while the comminution circuit is treating oxide ores. The flexibility of excess concentrate production is a key focus of the Project, which will allow calcine production at full roaster throughput capacity (the roaster presently having about 130% throughput capacity of the present sulphide comminution circuitry), when the modified comminution circuit is switched to treat Oxide ore, but also provides concentrate inventory to continue calcine production if one of the flotation circuits were not available. When the modified Oxide comminution circuit is switched to treat Oxide ore from Syama North or from future discoveries, the resulting Oxide slurry will be leached in the existing Oxide carbon-in-leach circuit.
Internal modelling shows that gold production at Syama will increase to over 250 koz per annum from H2 2025 and AISC is reduced up to $200/oz. The primary reasons for this cost reduction are from the higher-grade open pit sulphide ounces being processed from Syama North (approx. 2.7g/t), economies of scale on the fixed cost base and a reduction in the average annual sustaining capital expenditure over the life of mine.
Future Exploration
The drilling program at Syama North is ongoing and is expected to extend throughout 2023 with the expectation of increasing the Mineral Resources. The sulphide mineralisation remains open at depth and appears to be contiguous along the entire 6km strike length of the Alpha to A21 deposits.
Drilling at Syama North will continue to focus on open pit extractable Mineral Resources and will generally be restricted to mineralisation within 200m of the surface.
Exploration for oxide Mineral Resources continues in parallel with the sulphide exploration program with recent success identifying new prospects on the Finkolo Exploitation Permit.
Contact
Resolute Public Relations Matthias O'Toole-Howes Jos Simson / Emily Moss, Tavistock matthias.otoolehowes@resolutemining.com resolute@tavistock.co.uk +44 207 920 3150 / +44 7788 Australian Media 554 035 Cameron Morse, FTI Consulting cameron.morse@fticonsulting.com Corporate Broker +61 433 886 871 Jennifer Lee, Berenberg +44 20 3753 3040
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
Syama North
Hole_ID North East RL Dip Azi EOH From To Width Au (WGS) (WGS) (m) (WGS) (m) (m) (m) (m) (g/t) GEOT_A21-010 1201922 822800 347 -71 41 170 97 102 5 8.47 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- QVRC642 1200575 822423 399 -63 88 100 44 47 3 15.74 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- and 63 73 10 3.02 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- QVRC643 1200852 822394 385 -77 82 201 140 142 2 94.86 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- and 146 156 10 2.73 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- QVRC644 1200625 822444 396 -88 86 112 50 61 11 3.85 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- and 66 80 14 1.76 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- QVRC645 1200749 822443 388 -74 86 116 95 105 10 3.22 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- QVRC646 1200800 822505 388 -63 80 111 73 81 8 4.12 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- and 85 97 12 3.34 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- QVRC650 1201000 822445 380 -65 84 201 145 153 8 2.88 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- QVRC651 1200774 822479 389 -66 80 159 75 87 12 6.06 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- QVRC653 1200654 822422 394 -70 261 135 100 119 19 3 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- QVRC655 1202297 822900 347 -56 90 185 138 144 6 3.73 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- QVRC708 1200499 822384 410 -78 90 153 58 67 9 3.03 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- and 81 84 3 9.24 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- QVRC709 1200550 822415 401 -65 90 183 39 46 7 3.69 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- QVRC710 1200900 822476 383 -55 90 195 92 100 8 3.44 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- QVRC712 1200849 822394 385 -88 90 207 143 160 17 2.84 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- QVRC718 1200747 822417 390 -78 270 165 147 151 4 5.82 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- QVRC720 1201696 822652 340 -53 89 165 133 135 2 13.03 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- QVRC721 1201748 822665 340 -64 88 201 82 90 8 3.08 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- QVRC722 1200499 822384 410 -79 273 159 85 98 13 5.64 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- QVRC723 1200650 822426 395 -85 273 141 67 95 28 7.53 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- QVRC724 1201700 822605 348 -67 89 195 54 58 4 5.71 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- and 150 162 12 6.55 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- QVRC725 1200450 822368 413 -73 270 165 88 102 14 5.16 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- QVRC727 1201001 822540 381 -55 90 183 118 138 20 6.74 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- QVRC730 1201430 822561 337 -60 90 201 39 49 10 6.85 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- QVRC731 1200950 822549 383 -54 88 153 120 123 3 8.78 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- and 127 133 6 7.33 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- QVRC738 1203386 823004 334 -55 109 123 33 39 6 4.54 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- QVRC744 1201049 822470 379 -56 90 201 74 80 6 7.51 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- QVRD637 1202001 822599 356 -55 91 300 153 162 9 6.27 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- and 243 247 4 7.42 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- and 255 274 19 2.1 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- QVRD638 1202100 822690 352 -57 91 293.1 122 136 14 2.95 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- QVRD641 1201599 822475 372 -59 84 300 124 142 18 2.6 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- and 223 230 7 24.14 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- QVRD647 1201800 822690 370 -58 88 356 66 72 6 6.42 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- and 166 175 9 3.64 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- and 179 189 10 2.59 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- and 272 275 3 6.87 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- QVRD648 1201949 822685 356 -63 88 294 97 103 6 3.94 -------- ------- ----- ---- ------- ------ ----- ----- ------ -------
QVRD649 1201649 822485 372 -55 85 300 165 176 11 2.32 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- QVRD657 1201049 822342 381 -65 90 301 207 218 11 2.96 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- QVRD658 1202051 822681 354 -56 90 282 119 122 3 8.28 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- QVRD674 1200902 822344 387 -79 86 243 172 182 10 3.81 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- QVRD680 1202099 822491 356 -54 84 405 305 323 18 2.22 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- and 327 342 15 3.9 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- and 365 368 3 8.48 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- QVRD681 1201850 822539 361 -64 86 384 178 180 2 19.75 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- and 191 208 17 4.93 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- and 212 234 22 1.51 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- QVRD683 1200500 822177 431 -62 87 282 217 227 10 5.2 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- QVRD684 1202000 822521 356 -54 88 402 248 283 35 2.01 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- and 301 311 10 4.72 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- QVRD685 1201590 822278 368 -55 83 372 222 232 10 75.98 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- QVRD698 1202103 822558 356 -52 90 375 187 193 6 5.35 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- QVRD700 1202298 822568 350 -58 90 399 248 258 10 4.74 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- QVRD701 1202053 822728 354 -57 87 309 167 173 6 3.45 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- and 178 184 6 13.68 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- QVRD702 1202000 822733 354 -61 85 291 128 131 3 9.97 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- and 144 155 11 9.66 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- and 192 194 2 13.18 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- QVRD704 1201048 822429 379 -77 85 225 174 197 23 2.14 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- QVRD705 1201850 822539 361 -76 88 300 151 163 12 7.53 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- and 212 217 5 20.55 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- and 222 231 9 3.77 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- QVRD713 1202050 822564 356 -55 90 372 183 206 23 3.04 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- and 228 241 13 2.93 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- and 257 261 4 8.97 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- QVRD715 1202598 822914 342 -57 88 240 199 204 5 7.33 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- QVRD716 1201189 822408 375 -51 100 192 143 154 11 3.01 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- QVRD717 1200898 822346 386 -89 90 255 205 212 7 6.86 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- QVRD729 1202196 822786 350 -57 86 240 214 223 9 6.67 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- QVRD732 1202050 822564 356 -68 88 387 231 258 27 1.52 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- and 262 273 11 3.94 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- QVRD733 1201648 822375 364 -56 88 303 256 269 13 4.67 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- QVRD734 1200548 822150 435 -58 87 294 259 269 10 2.13 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- QVRD740 1201547 822296 369 -57 90 351 235 246 11 2.18 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- QVRD741 1201599 822351 365 -58 88 327 194 206 12 2.09 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- and 254 256 2 10.51 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- and 261 267 6 5.05 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- QVRD742 1202150 822580 354 -62 90 375 282 321 39 6.09 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- QVRD743 1201798 822493 362 -67 90 399 196 213 17 3.39 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- and 219 232 13 6.62 -------- ------- ----- ---- ------- ------ ----- ----- ------ ------- and 246 254 8 3.65 -------- ------- ----- ---- ------- ------ ----- ----- ------ -------
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 >=2m 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
Table 1 - Section 1: Syama North Sampling Techniques and Data
Criteria JORC Code Explanation Commentary Sampling techniques The samples were collected * Nature and quality of sampling (e.g., cut channels, from reverse circulation random chips, or specific specialised industry (RC) and diamond drill standard measurement tools appropriate to the holes. minerals under investigation, such as down hole gamma RC samples were collected sondes, or handheld XRF instruments, etc.). These on 1m intervals by riffle examples should not be taken as limiting the broad split (dry) or by scoop meaning of sampling. (wet), to obtain
a 1-3kg sample which was sent to the laboratory for * Include reference to measures taken to ensure sample crushing, splitting and representativity and the appropriate calibration of pulverising to any measurement tools or systems used. provide a 30g charge for analysis. Following splitting adjacent to the * Aspects of the determination of mineralisation that bottom-of-hole orientation are Material to the Public Report. line, the right-hand side of the core is sampled in 1m intervals * In cases where 'industry standard' work has been done Sampling and sample this would be relatively simple (e.g., 'reverse preparation protocols are circulation drilling was used to obtain 1 m samples industry standard and are from which 3 kg was pulverised to produce a 30 g deemed appropriate charge for fire assay'). In other cases, more by the Competent Person. 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 types used include * Drill type (e.g., core, reverse circulation, reverse circulation with open-hole hammer, rotary air blast, auger, Bangka, face sampling bit and core sonic, etc.) and details (e.g., core diameter, triple drilling using or standard tube, depth of diamond tails, PQ and HQ sized bits. A face-sampling bit or other type, whether core is digital core orientation oriented and if so, by what method, etc.). system is used to define the bottom of the hole which is transferred to the drilled core. ------------------------------------------------------------ --------------------------- Drill sample recovery Appropriate measures are * Method of recording and assessing core and chip taken to maximise sample sample recoveries and results assessed. recovery and ensure the representative nature of the samples. * Measures taken to maximise sample recovery and ensure No apparent relationship representative nature of the samples. is noted between sample recovery and grade. * Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. ------------------------------------------------------------ --------------------------- Logging Drill holes were * Whether core and chip samples have been geologically geologically logged by and geotechnically logged to a level of detail to geologists for colour, support appropriate Mineral Resource estimation, grainsize, lithology, mining studies and metallurgical studies. minerals, alteration and weathering on geologically-domained * Whether logging is qualitative or quantitative in intervals. nature. Core (or costean, channel, etc.) photography. Holes were logged in their entirety (100%) and this logging was considered * The total length and percentage of the relevant reliable and appropriate. intersections logged. ------------------------------------------------------------ --------------------------- Sub-sampling techniques Reverse circulation and sample preparation * If core, whether cut or sawn and whether quarter, samples were collected on half or all cores taken. 1m intervals by riffle split (dry) or by scoop (wet) to obtain a 1-3kg * If non-core, whether riffled, tube sampled, rotary sample. Core samples were split, etc. and whether sampled wet or dry. sawn using a diamond saw blade with half of the core sent for * For all sample types, the nature, quality and analysis. appropriateness of the sample preparation technique. Sample preparation includes oven drying, crushing to 10mm, * Quality control procedures adopted for all splitting and pulverising sub-sampling stages to maximise the representivity of to 85% samples. passing -75um. These preparation techniques are deemed to be appropriate * Measures taken to ensure that the sampling is to the material being representative of the in-situ material collected, sampled. including for instance results for field Reverse circulation and duplicate/second-half sampling. core field duplicates were collected by the company at a rate of 1:20 * Whether sample sizes are appropriate to the grain samples. size of the material being sampled. Sampling, sample preparation and quality control protocols are of industry standard, and all attempts were made to ensure an unbiased
representative sample was collected. The methods applied in this process were deemed appropriate by the Competent Person. ------------------------------------------------------------ --------------------------- Quality of assay data and All samples were laboratory tests * The nature, quality and appropriateness of the dispatched to ALS Bamako assaying and laboratory procedures used and whether for gold analysis by 30g the technique is considered partial or total. fire assay fusion with AAS instrument finish (method code Au-AA25). * For geophysical tools, spectrometers, handheld XRF Over-range results were instruments, etc., the parameters used in determining re-analysed and reported the analysis including instrument make and model, by 30g fire assay fusion reading times, calibrations factors applied and their with gravimetric finish derivation, etc. (method code Au-GRA21). The analytical method was appropriate for the * Nature of quality control procedures adopted (e.g., style of mineralisation. standards, blanks, duplicates, external laboratory No geophysical tools were checks) and whether acceptable levels of accuracy used to determine (i.e., lack of bias) and precision have been elemental concentrations. established. 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. ------------------------------------------------------------ --------------------------- Verification of sampling Verification of and assaying * The verification of significant intersections by significant intersections either independent or alternative company personnel. have been completed by company personnel and the Competent Person. * The use of twinned holes. No drill holes within the resource area were twinned. * Documentation of primary data, data entry procedures, Drill holes were logged data verification, data storage (physical and into digital templates electronic) protocols. with lookup codes, validated and then compiled * Discuss any adjustment to assay data. into a relational SQL 2012 database using DataShed data management software. The database has verification protocols which are used to validate the data entry. The drill hole database is backed up on a daily basis to the head office server. Assay result files were reported by the laboratory in PDF and CSV format and imported into the SQL database without adjustment or modification. ------------------------------------------------------------ --------------------------- Location of data points Collar coordinates were * Accuracy and quality of surveys used to locate drill picked up in UTM (WGS84) holes (collar and down-hole surveys), trenches, mine by staff surveyors using workings and other locations used in Mineral Resource an RTK DGPS with estimation. an expected accuracy of +/-0 .05m; elevations were height above EGM96 geoid. * Specification of the grid system used. Down hole surveys were collected at 10m intervals using a Reflex EZ-Gyro * Quality and adequacy of topographic control. north seeking instrument.
Coordinates and azimuths are reported in UTM WGS84 Zone 29 North. Tabakoroni drill holes were translated to local mine grid coordinates using one point and rotation. Local topographic control is via LIDAR surveys, satellite photography and drone UAV aerial survey. ------------------------------------------------------------ --------------------------- Data spacing and Drill hole spacing was distribution * Data spacing for reporting of Exploration Results. sufficient to demonstrate geological and grade continuity appropriate * Whether the data-spacing and distribution is for a Mineral Resource and sufficient to establish the degree of geological and the classifications grade continuity appropriate for the Mineral Resource applied under the 2012 and Ore Reserve estimation procedure(s) and JORC Code. classifications applied. The appropriateness of the drill spacing was reviewed by the geological * Whether sample compositing has been applied. technical team, both on site and head office. The Competent Person also reviewed this. Samples were collected on 1m intervals; no sample compositing is applied during sampling. ------------------------------------------------------------ --------------------------- Orientation of data in Holes were drilled relation to geological * Whether the orientation of sampling achieves unbiased predominantly structure sampling of possible structures and the extent to perpendicular to which this is known, considering the deposit type. mineralised domains where possible. No orientation-based * If the relationship between the drilling orientation sampling bias has been and the orientation of key mineralised structures is identified in the data. considered to have introduced a sampling bias, this should be assessed and reported if material. ------------------------------------------------------------ --------------------------- Sample security Samples were collected * The measures taken to ensure sample security. from the drill site and stored on site. All samples were individually bagged and labelled with unique sample identifiers, then securely dispatched to the laboratories. All aspects of sampling and dispatch process were supervised and tracked by SOMIFI personnel. ------------------------------------------------------------ --------------------------- Audits or reviews External audits of * The results of any audits or reviews of sampling procedures indicate techniques and data. protocols are within industry standards. ------------------------------------------------------------ ---------------------------
Section 2 Reporting of Exploration Results
CRITERIA JORC CODE EXPLANATION COMMENTARY Mineral Drilling at Syama North was conducted within the Malian tenement and * Type, reference name/number, location and ownership Exploitation Concession Permit PE 93/003 which covers land tenure including agreements or material issues with third an area of 200.6 Km2. status parties such as joint ventures, partnerships, Resolute Mining Limited has an 80% interest in the overriding royalties, native title interests, Syama project and the Exploitation Permit PE 93/003, historical sites, wilderness or national park and on which it is based, through its Malian subsidiary, environmental settings. Sociêtê des Mines de Syama SA (SOMISY). The Malian Government holds a free carried 20% interest in SOMISY. * The security of the tenure held at the time of Tabakoroni drilling was completed within the reporting along with any known impediments to Finkolo-Tabakoroni obtaining a licence to operate in the area. Exploitation Licence PE 13/19. Resolute Mining Limited has an 90% interest in Exploitation Permit PE 13/19, through its Malian subsidiary, Société des Mines de Finkolo SA (SOMIFI). The Malian Government holds a free carried 10% interest in SOMIFI. The Permits are held in good standing. Malian mining law provides that all Mineral Resources are administered by DNGM (Direction Nationale de la Géologie et des Mines) or National Directorate of Geology and Mines under the Ministry of Mines, Energy and Hydrology.
--------------------------------------------------------------- ------------------------------------------------------------ Exploration The Syama deposit was originally discovered by a regional done by * Acknowledgment and appraisal of exploration by other geochemical survey undertaken by the Direction National other parties parties. de Géologie et des Mines (DNGM) with assistance from the United Nations Development Program (UNDP) in 1985. There had also been a long history of artisanal activities on the hill where an outcropping chert horizon originally marked the present day position of the open pit. BHP during 1987-1996 sampled pits, trenches, auger, RC and diamond drill holes across Syama prospects. Randgold Resources Ltd during 1996-2000 sampled pits, trenches, auger, RAB, RC and diamond drill holes across Syama prospects. Etruscan Resources Inc explored Tabakoroni during 2002-2003 by auger, aircore, RC and diamond drill hole tails. The Tabakoroni area was previously explored Barrick Gold (1990) by auger, pits, trenches, RAB and diamond core drilling. --------------------------------------------------------------- ------------------------------------------------------------ Geology The Syama Project is found on the northern margin of * Deposit type, geological setting and style of the Achaean-Proterozoic Leo Shield which forms the mineralisation. southern half of the West African Craton. The project area straddles the boundary between the Kadiana-Madinani terrane and the Kadiolo terrane. The Kadiana-Madinani terrane is dominated by greywackes and a narrow belt of interbedded basalt and argillite. The Kadiolo terrane comprises polymictic conglomerate and sandstone that were sourced from the Kadiana-Madinani terrane and deposited in a late- to syntectonic basin. Prospects are centred on the NNE striking, west dipping, Syama-Bananso Fault Zone and Birimian volcano-sedimentary units of the Syama Formation. The major commodity being sought is gold. The Tabakoroni deposit is hosted in upright tightly folded greenstone rocks of the Syama Formation, comprising interbedded basalt and sediment units, and an overlying complex sequence of deep marine and turbiditic sediments. The sequence overlying the basalts contains interbedded carbonaceous units (silts and shales) that are preferentially deformed, and which form the Tabakoroni Main Shear Zone (TMSZ) that lies along the approximate contact of the greenstone-sediment sequence. Gold mineralisation occurs within the TMSZ associated with quartz vein stockworks and stylolitic quartz reefs. --------------------------------------------------------------- ------------------------------------------------------------ All information, including easting, northing, elevation, Drill hole * A summary of all information material to the dip, azimuth, coordinate system, drill hole length, Information understanding of the exploration results including a intercept length and depth are measured and recorded tabulation of the following information for all in UTM Zone 29 WGS84. Material drill holes: The Syama belt is mostly located on the Tengrela 1/200,000 topo sheet (Sheet NC 29-XVIII). The Tabakoroni local grid has been tied to the UTM o easting and northing Zone 29 WGS84 co-ordinate system. of the drill hole collar Spectrum Survey & Mapping from Australia established o elevation or RL (Reduced survey control at Tabakoroni using AusPos online processing Level - elevation above to obtain an accurate UTM Zone 29 (WGS84) and 'above sea level in metres) of geoid' RL for the origin of the survey control points. the drill hole collar Accuracy of the survey measurements is considered to o dip and azimuth of the meet acceptable industry standards. hole Drill hole information has been tabulated for this o down hole length and release in the intercepts table of the accompanying interception depth text. o whole length. For completeness the following information about the * If the exclusion of this information is justified on drill holes is provided: the basis that the information is not Material and * Easting, Northing and RL of the drill hole collars this exclusion does not detract from the are measured and recorded in UTM Zone 29 (WGS84) understanding of the report, the Competent Person should clearly explain why this is the case. * Dip is the inclination of the drill hole from horizontal. A drill hole drilled at -60deg is 60deg from the horizontal * Down hole length is the distance down the inclination of the hole and is measured as the distance from the horizontal to end of hole * Intercept depth is the distance from the start of the
hole down the inclination of the hole to the depth of interest or assayed interval of interest. --------------------------------------------------------------- ------------------------------------------------------------ Data Exploration results reported in this announcement are aggregation * In reporting Exploration Results, weighting averaging tabulated using the following parameters: methods techniques, maximum and/or minimum grade truncations * Grid coordinates are WGS84 Zone 29 North (e.g., cutting of high grades) and cut-off grades are usually Material and should be stated. * Cut-off grade for reporting of intercepts is >=1g/t Au * Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results, the procedure used for such aggregation * No top cut of individual assays prior to length should be stated and some typical examples of such weighted compositing of the reported intercept has aggregations should be shown in detail. been applied * The assumptions used for any reporting of metal * Maximum 3m consecutive internal dilution included equivalent values should be clearly stated. within the intercept Metal equivalent values are not used in reporting. --------------------------------------------------------------- ------------------------------------------------------------ Relationship The Syama mineralisation is steeply dipping at between * These relationships are particularly important in the approximately mineralisation reporting of Exploration Results. 60 degrees from the horizontal. widths The majority of the Tabakoroni mineralisation is vertical. and intercept There is one domain which dips at 45o to the west. lengths * If the geometry of the mineralisation with respect to The majority of the drill holes are planned at a general the drill hole angle is known, its nature should be inclination of --60 degrees east and as close to reported. perpendicular to the ore zone as possible. At the angle of the drill holes and the dip of the * If it is not known and only the down hole lengths are ore zones, the reported intercepts will be slightly reported, there should be a clear statement to this more than true width. effect (e.g., 'down hole length, true width not known'). --------------------------------------------------------------- ------------------------------------------------------------ Diagrams Relevant maps, diagrams and tabulations are included * Appropriate maps and sections (with scales) and in the body of text. tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. --------------------------------------------------------------- ------------------------------------------------------------ Balanced Exploration results and infill drilling results are reporting * Where comprehensive reporting of all Exploration being reported in this announcement and tabulated in Results is not practicable, representative reporting the body of the text. of both low and high grades and/or widths should be practiced, to avoid misleading reporting of Exploration Results. --------------------------------------------------------------- ------------------------------------------------------------ Other No geophysical and geochemical data or any additional substantive * Other exploration data, if meaningful and material, exploration information has been reported in this release, exploration should be reported including (but not limited to): as they are not deemed relevant to the release. data geological observations; geophysical survey results; 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 Further drilling is planned. * The nature and scale of planned further work (e.g., tests for lateral extensions or depth extensions or large-scale step-out drilling). * Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. --------------------------------------------------------------- ------------------------------------------------------------
Section 3 Estimation and Reporting of Mineral Resources
Criteria JORC Code Explanation Commentary Database Data have been compiled into a integrity * Measures taken to ensure that data has not been relational SQL database; corrupted by, for example, transcription or keying the setup of this database errors, between its initial collection and its use precludes the loading of for Mineral Resource estimation purposes. data which do not meet the required validation protocols. The data is managed using * Data validation procedures used. DataShed(c) drill hole management software 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 85% of the data, and where possible, loaded from original data sources. Resolute carried out the following basic validation checks on the data supplied prior to resource estimation: Ø Drill holes with
overlapping sample intervals. Ø Sample intervals with no assay data or duplicate records. Ø Assay grade ranges. Ø Collar coordinate ranges. Ø Valid hole orientation data. There are no significant issues identified with the data. ------------------------------------------------------------ -------------------------------------- Site visits No site visit has been undertaken by * Comment on any site visits undertaken by the the Competent Competent Person and the outcome of those visits. Person due to the recency of employment by the Company. A site visit is planned for October * If no site visits have been undertaken indicate why 2022. this is the case. ------------------------------------------------------------ -------------------------------------- Geological The digital database used for the interpretation * Confidence in (or conversely, the uncertainty of) the interpretation included geological interpretation of the mineral deposit. logged intervals for the key stratigraphic zones. Drill density (25m by 50m) for the * Nature of the data used and of any assumptions made. majority of the deposit area allows for interpretation of the geology * The effect, if any, of alternative interpretations on and mineralised domains. More recent Mineral Resource estimation. infill/verification drilling of selected more structurally complicated * The use of geology in guiding and controlling Mineral areas, confirms the positions of Resource estimation. mineralised zones. Geological and structural controls support modelled * The factors affecting continuity both of grade and mineralised zones. geology. Continuity of mineralisation is affected by proximity to structural conduits, stratigraphic position, lithology of key stratigraphic units and porosity of host lithologies. The interpretations for the weathering surfaces have been compiled by site geological personnel using the drill hole database and the logs identifying Oxide, Transitional and Fresh material. ------------------------------------------------------------ -------------------------------------- Dimensions The Syama North area extends for * The extent and variability of the Mineral Resource approximately 6,000 expressed as length (along strike or otherwise), plan metres in strike and the west dipping width, and depth below surface to the upper and lower gold mineralised limits of the Mineral Resource. zone is between 200-500 metres in horizontal width. The Mineral Resource is limited in depth by drilling, which extends from surface to a maximum depth of approximately 350 metres vertically. ------------------------------------------------------------ -------------------------------------- Estimation Estimation of gold grade has and modelling * The nature and appropriateness of the estimation been completed using Ordinary techniques technique(s) applied and key assumptions, including Kriging (OK). treatment of extreme grade values, domaining, The deposit mineralisation has interpolation parameters and maximum distance of been constrained by extrapolation from data points. If a computer wireframes constructed using a assisted estimation method was chosen include a combination of downhole description of computer software and parameters used. gold assay and associated lithological logging. These lode wireframes have been used * The availability of check estimates, previous to define domain codes estimates and/or mine production records and whether used for estimation. The the Mineral Resource estimate takes appropriate drillholes have been flagged account of such data. with the domain code and composited using the domain code to segregate the data. * The assumptions made regarding recovery of Domain boundary analysis has by-products. been undertaken, with hard boundaries used for all domains. * Estimation of deleterious elements or other non-grade Drillholes have been composited variables of economic significance (e.g., sulphur for to 1m intervals using acid mine drainage characterisation). Leapfrog Geo 2021.2.5 with residual lengths distributed evenly across all composites. * In the case of block model interpolation, the block There are no residual size in relation to the average sample spacing and samples. the search employed. The influence of extreme gold assays has been reduced
by top-cutting across selected * Any assumptions behind modelling of selective mining domains. Top-cuts have units. been determined using a combination of log probability, log histogram, and mean-variance * Any assumptions about correlation between variables. plots. Top-cuts have been reviewed and applied to the composites on a domain-by-domain * Description of how the geological interpretation was basis. used to control the resource estimates. Variography has been determined using Datamine Supervisor v.8.14 software using top-cut * Discussion of basis for using or not using grade values. Where there is cutting or capping. insufficient data in individual domains to generate meaningful variograms, domains * The process of validation, the checking process used, have been grouped, or the comparison of model data to drill hole data, and variograms borrowed from other use of reconciliation data if available. similar domains. Drillhole data spacing ranges from 10m spacing in areas of dense drilling to approximately 100m spacing in sparsely drilled, deeper areas. The block model parent block size is 5m (X) by 10m (Y) by 5m (Z) with sub-blocks down to 0.3125m (X) by 0.625m (Y) by 0.3125m (Z), with the sub-blocks estimated at the scale of the parent block. The block size is considered appropriate for the drillhole spacing throughout the deposit. Grade estimation has been completed in three passes: Ø Pass one estimation has been undertaken using a minimum and maximum number of sample composites (determined using Datamine Supervisor v.8.14 KNA tool) into a search ellipsoid with dimensions equal to half the variogram range of the domain. Ø Pass two estimation has been undertaken with the same minimum/maximum samples as Pass 1 into a search ellipsoid twice the first pass. Ø Pass three estimation has been undertaken with a minimum of 4 samples, and the same maximum number of samples as the first two passes into a search ellipsoid twice the second pass Ø A four drillhole limit has been applied to the passes. Previous Mineral Resource estimates are comparable in size and scope when considering the additional extensional drilling included in the current estimate. 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 block model grades by Northing, Easting, and RL No selective mining units are assumed in the estimate. There will be no by-products recovered from mining. No additional or deleterious elements have been estimated. The model focuses on interpreting mineralisation beneath existing open pits. Historical reconciliation data
is incomplete and has not been used. ------------------------------------------------------------ -------------------------------------- Moisture Tonnages are estimated on a dry * Whether the tonnages are estimated on a dry basis or basis. No moisture with natural moisture, and the method of values have been reviewed. determination of the moisture content. ------------------------------------------------------------ -------------------------------------- Cut-off parameters * The basis of the adopted cut-off grade(s) or quality parameters applied. ------------------------------------------------------------ -------------------------------------- Mining It is assumed that mining methods factors * Assumptions made regarding possible mining methods, would be similar or assumptions minimum mining dimensions and internal (or, if to Resolute's nearby Syama deposit. applicable, external) mining dilution. It is always Mining method for the extraction of necessary as part of the process of determining gold at Syama was reasonable prospects for eventual economic extraction previously by open pit mining to consider potential mining methods, but the excavating benches of assumptions made regarding mining methods and 2.5 metres in height. Grade control parameters when estimating Mineral Resources may not is conducted on always be rigorous. Where this is the case, this sampling from high quality reverse should be reported with an explanation of the basis circulation drilling, of the mining assumptions made. spaced at approximately 4mE by 10mN, with samples taken at one and half metre intervals down-hole. Sub-Level Caving (SLC) is used for underground mining at Syama. The Underground model was generated from the 250m RL to the -400m RL. Open pit methods will be used by Resolute to the 120mRL. The reconciliation, geological continuity, structural trends and metallurgical factors experienced within the open pit are assumed to apply to the underground. ------------------------------------------------------------ -------------------------------------- Metallurgical Extensive metallurgical factors * The basis for assumptions or predictions regarding investigations and reporting or assumptions metallurgical amenability. It is always necessary as have been completed prior to the part of the process of determining reasonable commencement of mining prospects for eventual economic extraction to and milling at the nearby Syama consider potential metallurgical methods, but the deposit. assumptions regarding metallurgical treatment The processing method involves processes and parameters made when reporting Mineral crushing, milling, flotation Resources may not always be rigorous. Where this is and roasting, followed by the case, this should be reported with an explanation conventional CIL recovery. of the basis of the metallurgical assumptions made. There is no evidence to suggest that the metallurgical characteristics of ore extracted from Syama North would change from that encountered at Syama. ------------------------------------------------------------ -------------------------------------- Environmental It is assumed that environmental factors * Assumptions made regarding possible waste and process factors would be largely or assumptions residue disposal options. It is always necessary as similar to those at the nearby Syama part of the process of determining reasonable Deposit. prospects for eventual economic extraction to It is a requirement of Decree consider the potential environmental impacts of the No.03-594/P-RM of 31 mining and processing operation. While at this stage December 2003 of Malian law that an the determination of potential environmental impacts, Environmental and particularly for a green fields project, may not Social Impact Study (Étude always be well advanced, the status of early d'Impact Environmental consideration of these potential environmental et Social - EIES) must be undertaken impacts should be reported. Where these aspects have to update the not been considered this should be reported with an potential environmental and social explanation of the environmental assumptions made. impacts of the mine's redevelopment. In November 2007 the EIES for the Syama Gold Mine was approved and an Environment Permit (07- 0054/MEA - SG) issued by the Ministry of Environment and Sanitation on the 22 November 2007. At Syama there are three key practices for disposal of wastes and residues namely, stacking of waste rock from open pit mining; storage of tailings from mineral processes; and "tall-stack dispersion" of sulphur dioxide from the roasting of gold bearing concentrate. The Environmental & Social Impact Study - "Société des Mines de Syama, Syama Gold Mine, Mali, dated 2007, found "a minimal potential for acid drainage from waste
rock, as historical analysis indicates that the high carbonate content of the material will suppress any potential acid generation." Progressive rehabilitation of waste rock landforms has begun and a management plan for waste rock dumping is the subject of ongoing development. The landform of tailings impoundments does not have a net acid generating potential. The largest volume is flotation tailings where the sulphide minerals have already been removed from the host rock. Its mineralogy includes carbonates which further buffer any acid-formation potential from sulphides that may also be present. Cyanide levels in the leached-calcine tailings are typically less than 50 ppm in the weak acid dissociable form. Groundwater away from the tailing's landform is intercepted by trenches and sump pumps. Sulphur dioxide is generated from the roasting of gold concentrate so that gold can be extracted and refined. Tall-Stack "dispersion" of the sulphur dioxide emission is monitored continuously. Prevailing weather and dissipation of the sulphur dioxide is modelled daily to predict the need to pause the roasting process in order to meet the air quality criteria set out in the Environmental & Social Impact Study. ------------------------------------------------------------ -------------------------------------- Bulk density Bulk density values have been * Whether assumed or determined. If assumed, the basis determined through analysis for the assumptions. If determined, the method used, of rock and diamond core samples. whether wet or dry, the frequency of the measurements A total of 576 bulk density , measurements have been the nature, size and representativeness of the gathered using the water immersion samples. method. An average bulk density value has been assigned to * The bulk density for bulk material must have been each of the oxide, transitional, and measured by methods that adequately account for void fresh material spaces (vugs, porosity, etc), moisture and across the deposit. differences between rock and alteration zones within the deposit. * Discuss assumptions for bulk density estimates used in the evaluation process of the different materials. ------------------------------------------------------------ -------------------------------------- Classification Mineral Resources were classified in * The basis for the classification of the Mineral accordance with Resources into varying confidence categories. the Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore * Whether appropriate account has been taken of all Reserves (JORC, relevant factors (i.e., relative confidence in 2012). tonnage/grade estimations, reliability of input data, The deposit has been classified as confidence in continuity of geology and metal values, Measured, Indicated, quality, quantity and distribution of the data). and Inferred Mineral Resource based on a combination of quantitative and qualitative * Whether the result appropriately reflects the criteria which include Competent Person's view of the deposit. 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). The Measured portion of the Resource was defined using areas populated on the first estimation pass, within 20m of informing composites; the kriging efficiency and slope of regression were generally >=0.7; and high confidence exists in lode continuity
(strike and thickness). The Indicated portion of the Resource was defined using areas populated on the first two estimation passes within 50m of informing composites; the kriging efficiency and slope of regression were generally >=0.7; and moderate to high confidence exists in lode continuity (strike and thickness). Mineralisation that not classified by the above parameters has been classified as Inferred. 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 mineralised lodes. Validation of the block model shows good correlation of the input data to the block estimated grades. The Mineral Resource estimate appropriately reflects the view of the Competent Person. ------------------------------------------------------------ -------------------------------------- Audits No external audit of the Resource has or reviews * The results of any audits or reviews of Mineral been completed. Resource estimates. ------------------------------------------------------------ -------------------------------------- Discussion The relative accuracy of the Mineral of relative * Where appropriate a statement of the relative Resource estimate accuracy/ accuracy and confidence level in the Mineral Resource is reflected in the reporting of confidence estimate using an approach or procedure deemed Measured, Indicated appropriate by the Competent Person. For example, the and Inferred as per the guidelines of application of statistical or geostatistical the 2012 JORC procedures to quantify the relative accuracy of the Code. resource within stated confidence limits, or, if such an approach is not deemed appropriate, a qualitative discussion of the factors that could affect the relative accuracy and confidence of the 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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