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RSG Resolute Mining Limited

26.60
-0.50 (-1.85%)
24 May 2024 - Closed
Delayed by 15 minutes
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
  -0.50 -1.85% 26.60 26.20 27.00 27.20 26.20 27.20 305,050 14:54:33
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Gold Ores 631.07M 65.58M 0.0308 17.21 1.13B

Resolute Mining Limited Ore Reserves and Mineral Resource Statement

08/03/2024 7:00am

RNS Regulatory News


RNS Number : 0791G
Resolute Mining Limited
07 March 2024
 

8 March 2024

Ore Resources Maintained with Exploration Success in both Mali and Senegal

 


Highlights

·    Total Mineral Resources maintained at 11.2 million ounces (Moz) of gold with exploration success at Syama North in Mali and Tomboronkoto in Senegal offsetting mining depletion

·    Total Ore Reserves decreased marginally to 4.4 Moz (from 4.6 Moz in December 2022) in line with expectations due to mining depletion across both operations

·    Syama North Ore Reserves increased over 17% to 1.0 Moz and Measured and Indicated Mineral Resources increased 47% to 2.7 Moz following successful drilling campaigns in 2023

·    Mineral Resources in Senegal increased significantly following the maiden Mineral Resource Estimate ("MRE") at the Tomboronkoto satellite deposit of 403 koz grading 1.2g/t

 

 


Resolute Mining Limited (Resolute, the Company or the Group) (ASX/LSE: RSG), is pleased to announce the Company's Annual Ore Reserve and Resource Statement at 31 December 2023.

 

Terry Holohan, CEO and Managing Director, commented, "these results are in line with our expectations given the work we are conducting on our growth projects.

 

At Syama the exploration teams have been focussed on the infilling of the 3.5 Moz Syama North project, raising the M&I to over 2.7 Moz, with first mining commencing later this year. We are also conducting detailed mine optimisations with an uplift in our Ore Reserve estimate to 1 Moz and we expect further increases going forward.

 

At Mako the drilling of the first of our three major mineralisation satellite targets, Tomboronkoto, we recently published a maiden Mineral Resource estimate of 403 koz and drilling is continuing."

 

 

At 31 December 2023 Resolute's direct share of Ore Reserves decreased by approximately 230 koz to 3.61 Moz across the Group. Mineral Resources increased by 51 koz to 9.16 Moz due to the additional Resources at Syama North and Tomboronkoto.

 

A detailed breakdown of the Company's Ore Reserves and Mineral Resources at 31 December 2023 representing the Syama and Mako operations is presented in the tables below. Tables 1 and 2 show a summary of total Ore Reserves and Mineral Resources respectively on a 100% basis. The 2023 Annual Ore Reserve Statement and the 2023 Annual Mineral Resource Statement are in Table 3 and 4 respectively.

 

All tonnes and grade information have been rounded to reflect relative uncertainty of the estimate, small differences may be present in the totals.

 

 

 

Table 1: Ore Reserves (100% Basis)

 

Proved

 

Probable

 

Total

As at
December 2023

Tonnes

g/t

oz

 

Tonnes

g/t

oz

 

Tonnes

g/t

oz

(000s)

 

(000s)

 

(000s)

 

(000s)

 

(000s)

 

(000s)

Syama

3,063

1.5

153


44,979

2.6

3,804


48,041

2.6

3,957

Mako

4,445

1.1

152


3,652

2.1

250


8,097

1.5

402

Managed Ore Reserves

7,508

1.3

304


48,631

2.6

4,054


56,139

2.4

4,358

 

Total Ore Reserves as at 31 December 2023 on a 100% basis total 4.4 Moz after mining depletion, changes in modifying factors and an increase in reserves at Syama North.  Increases in Measured and Indicated Mineral Resources at Syama North, following successful drilling campaigns in 2023, permitted an increased open pit Ore Reserve to 1.0 Moz grading 2.6 g/t up from the previous Ore Reserve of 854koz grading 2.5 g/t.

 

In Mali, the Ore Reserves at Syama decreased by approximately 150koz to 4.0Moz marginally due to mining depletion in line with expectation in both the open pit and underground reserves and changes in modifying factors. This re-modelling has caused the oxide Ore Reserves to decrease to 215koz grading 1.5g/t.

 

Ore Reserves at the Mako Gold Mine decreased in line with mining depletion.

 

 

Table 2: Mineral Resources (100% Basis)

 

Measured

Indicated

Inferred

Total Resources

As at
December 2023

Tonnes

g/t

oz

Tonnes

g/t

oz

Tonnes

g/t

oz

Tonnes

g/t

oz

(000s)

 

(000s)

(000s)

 

(000s)

(000s)

 

(000s)

(000s)

 

(000s)

Syama

31,541

2.8

2,872

63,528

2.8

5,704

33,376

1.6

1,686

128,445

2.5

10,263

Mako

4,608

1.1

156

6,234

1.8

363

10,668

1.2

416

21,510

1.4

936

Managed Mineral Resources

36,149

2.6

3,029

69,762

2.7

6,067

44,044

1.5

2,102

149,955

2.3

11,198

 

Mineral Resources (inclusive of Ore Reserves) at 31 December 2023, on a 100% basis, contain 11.2 Moz of gold. The Company's fully attributable Mineral Resources position, net of government interests is 9.2 Moz of gold.

 

Mineral Resources increased marginally in 2023 following additions at Syama North during the year.

Successful drilling programs at Syama North have consistently increased Mineral Resources since exploration commenced in 2021.  During 2023 the Syama North Mineral Resource increased to 37.9Mt at a grade of 2.9g/t Au for 3.5Moz.

 

In Senegal, the Mineral Resources at Mako decreased in line with mining depletion. Moreover, in Senegal there is an additional 403 koz of Inferred Resources at a grade of 1.2 g/t (reported at a cut-off grade of 0.5 g/t) from the Tomboronkoto deposit (maiden MRE announced on 24th January 2024).

 

 

 

Table 3: Ore Reserves Statement

 

 

                     Proved

Probable

 

 

Total

Group Share

 

Ore Reserves
As at December 2023

 

       Tonnes

  g/t

oz

         Tonnes

           g/t

        oz

 

      Tonnes

            g/t

        oz

oz

 

(000s)

 

(000s)

          (000s)

 

         (000s)

 

        (000s)

 

         (000s)

(000s)

Mali

 

 

 

 

 

 

 

 

 

 

 

     80%

Syama Underground


0

0.0

0

23,588

2.5

1,865


23,588

2.5

1,865

1,492

Syama Stockpiles


1,071

1.8

61

1,823

1.3

79


2,894

1.5

139

112

Sub Total (Sulphides)


1,071

1.8

61

25,411

2.4

1,943

 

26,482

2.4

2,004

1,603

Syama Satellite Deposits


97

1.8

6

13,137

2.5

1,052


13,234

2.5

1,058

846

Stockpiles (satellite deposits)


919

1.5

44

1,403

1.0

43


2,322

1.2

87

70

Sub Total Satellite Deposits


1,016

1.5

50

14,540

2.3

1,095

 

15,556

2.3

1,145

916













     90%

Tabakoroni Underground


0

0.0

0

5,028

4.7

766


5,028

4.7

766

689

Tabakoroni Open Pit


0

0

0

0

0

0


0

0

0

0

Tabakoroni Satellite Deposits


0

0.0

0

0

0.0

0


0

0.0

0

0

Tabakoroni Stockpiles


975

1.3

42

0

0.0

0


975

1.3

42

38

Sub Total Tabakoroni

 

975

1.3

42

5,028

4.7

766

 

6,033

4.2

808

727

Mali Total

 

3,063

1.5

153

44,979

2.6

3,804

 

48,041

2.6

3,957

3,246

Senegal



 

 

 

 

 

 

 

 

 

90%

Mako

 

345

1.9

21

3,652

2.1

250


3,997

2.1

271

244

Mako Stockpiles

 

4,100

1.0

131

0

0.0

0


4,100

1.0

131

118

Senegal Total

 

4,445

1.1

152

3,652

2.1

250

 

8,097

1.5

402

362

Total Ore Reserves

 

7,508

1.3

304

48,631

2.6

4,054

 

56,139

2.4

4,358

3,608

 

 

Notes:                                                      

1.     Mineral Resources include Ore Reserves.

2.     All tonnes and grade information have been rounded to reflect relative uncertainty of the estimate, small differences may be present in the totals.

3.     Syama Underground mine planning is based on a cut-off grade of 2g/t.

4.     Syama Satellite Reserves are reported above 0.8g/t cut-off.

5.     Syama North Sulphide Reserves are reported above 1.0g/t cut-off.

6.     Tabakoroni Underground Reserves are reported above a 2.75g/t cut-off.

7.     Tabakoroni Satellite Reserves are reported above 1.1g/t cut-off.

8.     Mako Reserves are reported above 0.9g/t cut-off.

 

Resolute's asset ownership is 80% of Syama (Mali Government 20%), 90% of Tabakoroni (Mali Government 10%), 90% of Mako (Senegalese Government 10%). As such, the Company's fully attributable Ore Reserves position net government interests, is 3.6Moz of gold - see Table 3.

 



Table 4: Mineral Resources Statement

 

Measured

Indicated

Inferred

Total Resources

Group Share

Mineral Resources
As at December 2023

Tonnes

g/t

oz

      Tonnes

g/t

oz

Tonnes

g/t

oz

Tonnes

g/t

oz

oz

(000s)

 

(000s)

(000s)

 

(000s)

(000s)

 

(000s)

(000s)

 

(000s)

(000s)


Mali














   80%

Syama Underground

24,023

3.1

2,356

24,940

2.6

2,061

1,903

2.0

124

50,866

2.8

4,540

3,632

Stockpiles (sulphide)

1,071

1.8

62

1,777

1.3

75

0

0

0

2,848

1.5

137

110

Sub Total (Sulphides)

25,094

3.0

2,418

26,717

2.5

2,136

1,903

2.0

124

53,714

2.7

4,677

3,742

Satellite Deposits

3,448

2.8

311

30,032

2.8

2,709

12,783

2.5

1,013

46,263

2.7

4,034

3,227

Stockpiles (satellite deposits)

1,848

1.4

85

1,449

1.0

45

46

1.1

2

3,343

1.2

131

105

Sub Total Satellite Deposits

5,296

2.3

396

31,481

2.7

2,754

12,829

2.5

1,015

49,606

2.6

4,165

3,332

Old Tailings

0

0.0

0

0

0.0

0

17,000

0.7

365

17,000

0.7

365

292

 

 

 

 

 

 

 

 

 

 

 

 

 

   90%

Tabakoroni Open Pit

0

0.0

0

151

4.5

22

0

0

0

151

4.5

22

20

Tabakoroni Underground

6

3.5

1

5,179

4.8

792

1,644

3.5

182

6,829

4.4

976

878

Tabakoroni Satellite Deposits

191

2.0

12

0

0.0

0

0

0.0

0

191

2.0

12

11

Tabakoroni Stockpiles

954

1.5

46

0

0.0

0

0

0.0

0

954

1.5

46

41

Sub Total Tabakoroni

1,151

1.6

58

5,330

4.8

815

1,644

3.5

183

8,125

4.0

1,055

950

Mali Total

31,541

2.8

2,872

63,528

2.8

5,704

33,376

1.6

1,686

128,445

2.5

10,263

8,316

Senegal













   90%

Mako

507

1.6

25

6,234

1.8

363

464

0.9

13

7,206

1.7

401

361

Tomboronkoto

0

0.0

0

0

0.0

0

10,204

1.2

403

10,204

1.2

403

363

Mako Stockpiles

4,100

1.0

131

0

0.0

0

0

0.0

0

4,100

1.0

131

118

Senegal Total

4,608

1.1

156

6,234

1.8

363

10,668

1.2

416

21,510

1.4

935

842

Total Mineral Resources

36,149

2.6

3,029

69,762

2.7

6,067

44,044

1.5

2,102

149,955

2.3

11,198

9,157

 

Notes:

Mineral Resources include Ore Reserves.

All tonnes and grade information have been rounded to reflect relative uncertainty of the estimate, small differences may be present in the totals.

Resources are reported above 1.0g/t cut-off for the Syama North.

Resources for the SLC at Syama is reported within an MSO shape generated at 1.5g/t and south of the SLC within an MSO shape generated at 1.5g/t.

Resources for the Cashew NE, Paysans, Tellem and Porphyry Zone (Splay) are reported above a cut-off of 1.0g/t.

Resources for Tabakoroni Open Pit are reported above a cut-off of 1.0g/t and within a US$2,000 optimised shell.

Resources for the Tabakoroni Underground are reported within an MSO shape generated at 1.75g/t (equivalent to US$2,000).

Mako Resources are reported above a cut-off of 0.5g/t and within a US$2,000 optimised shell.

Tomboronkoto Resources are reported above a cut-off of 0.5g/t

 

 

 

 

 

 Competent Persons Statement

The information in this announcement that relates to data quality, geological interpretation and Mineral Resource estimation for the various projects unless specified in the list below is based on information compiled by Bruce Mowat, a Competent Person who is a Member of the Australian Institute of Geoscientists and a full-time employee of Resolute Corporate Services Pty Ltd, a wholly-owned subsidiary of Resolute Mining Limited. Mr Mowat has sufficient experience that is relevant to the styles of mineralisation and type of deposits under consideration and to the activity being undertaken as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" (JORC Code 2012). Mr Mowat consents to the inclusion in this announcement of the material compiled by him in the form and context in which it appears.

 

The information in this statement that relates to the Mineral Resources and Ore Reserves listed below is based on information and supporting documents prepared by the Competent Person identified. Each person specified in the list has sufficient experience which is 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 as defined in the JORC Code 2012.

 

Mr Smillie, Mr Ndjibu and Mr Patani are full-time employees of Resolute Corporate Services Pty Ltd, a wholly-owned subsidiary of Resolute Mining Limited. 

 

Activity

Competent Person

Membership Institution




Syama Resource

Patrick Smillie

Society for Mining, Metallurgy, and Exploration

Syama Reserve

Gito Patani

Australasian Institute of Mining and Metallurgy

Syama North Resource

Patrick Smillie

Society for Mining, Metallurgy, and Exploration

Syama North Reserve

Kitwa Ndjibu

Australasian Institute of Mining and Metallurgy

Syama Tailings Facility

Susan Havlin

Society for Mining, Metallurgy, and Exploration

Tabakoroni OP Resource

Susan Havlin

Australasian Institute of Mining and Metallurgy

Tabakoroni OP Reserves

Kitwa Ndjibu

Australasian Institute of Mining and Metallurgy

Tabakoroni UG Resource

Susan Havlin

Australasian Institute of Mining and Metallurgy

Tabakoroni UG Reserves

Gito Patani

Australasian Institute of Mining and Metallurgy

Tellem Resource

Patrick Smillie

Society for Mining, Metallurgy, and Exploration

Tellem Reserves

Kitwa Ndjibu

Australasian Institute of Mining and Metallurgy

Cashew Resource

Bruce Mowat

Australian Institute of Geoscientists

Cashew Reserves

Kitwa Ndjibu

Australasian Institute of Mining and Metallurgy

Paysans Resource

Bruce Mowat

Australian Institute of Geoscientists

Paysans Reserves

Kitwa Ndjibu

Australasian Institute of Mining and Metallurgy

Porphyry Zone Resource

Bruce Mowat

Australian Institute of Geoscientists

Porphyry Zone Reserves

Kitwa Ndjibu

Australasian Institute of Mining and Metallurgy

Mako Resources

Bruce Mowat

Australian Institute of Geoscientists

Mako Reserves

Kitwa Ndjibu

Australasian Institute of Mining and Metallurgy

Tomboronkoto Resource

Bruce Mowat

Australian Institute of Geoscientists

 

 

Authorised by Mr Terry Holohan, Managing Director and Chief Executive Officer

Contact

Resolute

Matty O'Toole Howes,

Corporate Development and Investor Relations Manager

Motoolehowes@resolutemining.com

+44 203 3017 620

 

 

Public Relations

Jos Simson, Tavistock

resolute@tavistock.co.uk

+44 207 920 3150

 

Corporate Brokers

Jennifer Lee, Berenberg

+44 20 3753 3040

 

Tom Rider, BMO Capital Markets

+44 20 7236 1010

 

 

Resolute Mining encourages all shareholders to provide an email address so we can communicate with you electronically when shareholder notices become available online. To review or change your communications preferences, please go to: www.computershare.com.au/easyupdate/rsg

 

 

 

 

 

 

 

 

 

 

 

 

 



APPENDIX

Ore Reserves Comparison to 31 December 2022
Reserves and Resources comply with the Australasian Code for Reporting of Mineral Resources and Reserves (The JORC Code 2004 and JORC Code 2012).

 

Dec-23

Dec-22

 

 

Tonnes

Gold grade

Ounces

Group Share

Group Share

Tonnes

Gold grade

Ounces

Group Share

Group Share

 

(000s)

(g/t)

(000s)

%

Ounces

(000s)

(g/t)

(000s)

%

Ounces

Ore Reserves

Proved

Proved

Comment on Changes

Mali



Syama Stockpiles (Sulphide)

1,071

1.8

61

80%

48

707

2.0

46

80%

37

Movement in operating stockpiles

Syama North

97

1.8

6

80%

5

0

0.0

0

80%

0

New Reserve

Stockpiles (Oxide)

919

1.5

44

80%

35

881

1.3

38

80%

30

Movement in operating stockpiles

Porphyry Zone (Splay)

0

0.0

0

80%

0

164

2.2

11

80%

10

Depleted

Tabakoroni Open Pit

0

0.0

0

90%

0

48

1.9

3

90%

3

Depleted

Tabakoroni Stockpiles

975

1.3

42

90%

38

1,080

1.4

50

90%

45

Movement in operating stockpiles

Senegal

 

 

 

 

 

 

 

Mako

345

1.9

21

90%

19

697

2.0

44

90%

40

COG change and mining depletion

Mako Stockpiles

4,100

1.0

131

90%

118

3,861

1.0

128

90%

115

Movement in operating stockpiles

Total Proved

7,508

1.3

304

 

263

7,438

1.3

320

 

279

 

 

Probable

Probable

Comment on Changes

Mali

 

 

 

 

 

 

 

 

 

 

 

Syama Underground

23,588

2.5

1,865

80%

1,492

25,500

2.6

2,094

80%

1,675

Depletion from mining, updated resource model, and new cave flow settings

Syama Stockpiles (sulphide)

1,823

1.3

79

80%

63

1,817

1.3

78

80%

63

Movement in operating stockpiles

Syama North

11,878

2.6

984

80%

787

10,582

2.5

854

80%

683

New pit optimisation (A21, Ba01N, Ba04, Alpha) from new resource model

Stockpiles (Syama North)

1,403

1.0

43

80%

34

1,403

1.0

43

80%

34

No change

Cashew

120

1.3

5

80%

4

109

1.4

5

80%

4

Revised modifying factors (COG from 0.8 to 1.0)

Paysans

598

1.6

31

80%

25

609

1.7

33

80%

27

New pit design, mining depletion, and revised modifying factors

Folona

0

0.0

0

80%

0

2

1.6

0

80%

0

Depleted

Tabakoroni Open Pit

0

0.0

0

90%

0

222

1.7

12

90%

11

Depleted

Tabakoroni Underground

5,028

4.7

766

90%

689

5,028

4.7

766

90%

689

No change

Senegal

 

 

 

 

 

 

 

Mako

3,652

2.1

250

90%

225

4,948

2.2

348

90%

313

COG change and mining depletion

Total Probable

48,631

2.6

4,054


3,345

51,284

2.6

4,317


3,566

 

Total Reserves

56,139

2.4

4,358

 

3,608

58,723

2.5

4,637

 

3,845

 

Appendix Table 1: Ore Reserves Comparison - 31 December 2023 to 31 December 2022
Notes:                                                                     

1.             Mineral Resources include Ore Reserves.

2.             All tonnes and grade information have been rounded to reflect relative uncertainty of the estimate, small differences may be present in the totals.      

3.             Syama Underground mine planning is based on a cut-off grade of 2g/t.

4.             Syama Satellite Reserves are reported above 0.8g/t cut-off.

5.             Tabakoroni Underground Reserves are reported above a 2.75g/t cut-off.

6.             Tabakoroni Satellite Reserves are reported above 1.1g/t cut-off.

7.             Mako Reserves are reported above 0.9g/t cut-off.

 

 

Mineral Resources Comparison To 31 December 2023

 

Dec-23

Dec-22


Tonnes

Gold grade

Ounces

Group Share

Group Share

Tonnes

Gold grade

Ounces

Group Share

Group Share

(000s)

(g/t)

(000s)

%

Ounces

(000s)

(g/t)

(000s)

%

Ounces

Mineral Resources

Measured

Measured

Comment on Changes

Mali







Syama Underground

24,023

3.1

2,356

80%

1,885

21,235

3.5

2,362

80%

1,890

Depletion due to mining and new resource

Syama Stockpiles (Sulphide)

1,071

1.8

62

80%

50

707

2.0

46

80%

37

Movement in operating stockpiles

Syama North

2,417

3.2

251

80%

201

717

3.5

81

80%

65

New Resource and depletion due to mining

Stockpiles (Oxide)

1,848

1.4

85

80%

68

739

1.6

38

80%

30

Movement in operating stockpiles

Cashew NE

1,031

1.8

60

80%

48

1,031

1.8

60

80%

48

No change

Tabakoroni Open Pit

0

0.0

0

90%

0

33

3.9

4

90%

4

Depletion from mining.

Tabakoroni Underground

6

3.5

1

90%

1

6

3.5

1

90%

1

No change

Tabakoroni Stockpiles

954

1.5

46

90%

41

945

1.4

42

90%

38

Movement in operating stockpiles

Porphyry Zone (Splay)

191

2.0

12

90%

11

191

2.0

12

90%

11

No change

Senegal

 

 

 

 

 

 

Mako

507

1.6

25

90%

23

1,103

1.6

56

90%

50

Depletion due to mining

Mako Stockpiles

4,100

1.0

131

90%

118

3,852

1.0

121

90%

109

Movement in operating stockpiles

Total Measured

36,149

2.6

3,029

 

2,445

30,558

2.9

2,822

 

2,282


 

Indicated

Indicated

 

Mali







Syama Underground

24,940

2.6

2,061

80%

1,649

25,920

3.0

2,483

80%

1,986

Depletion due to mining and new resource

Syama Stockpiles (Sulphide)

1,777

1.3

75

80%

60

1,771

1.3

75

80%

60

Movement in operating stockpiles

Syama North

25,301

3.0

2,412

80%

1,930

18,457

3.0

1,774

80%

1,419

New Resource and depletion due to mining

Stockpiles (Oxide)

1,449

1.0

45

80%

36

1,657

1.0

52

80%

42

Movement in operating stockpiles

Paysans

3,437

1.8

199

80%

159

3,437

1.8

199

80%

159

No change

Tellem

1,294

2.4

98

80%

79

2,208

2.3

162

80%

130

New Resource

Tabakoroni Open Pit

151

4.5

22

90%

20

205

5.0

33

90%

30

Depletion due to mining

Tabakoroni Underground

5,179

4.8

792

90%

713

5,179

4.8

792

90%

713

No change

Senegal

 

 

 

 

 

 

Mako

6,234

1.8

363

90%

327

8,458

1.8

487

90%

438

Depletion due to mining

Total Indicated

69,762

2.7

6,067


4,971

67,293

2.8

6,057


4,977

 

Mineral Resources

Inferred

Inferred

Comment on Changes

Mali

 

 

 

Syama Underground

1,903

2.0

124

80%

99

1,359

2.6

112

80%

90

New Resource and depletion.

Syama North

9,502

2.6

806

80%

645

14,863

2.8

1,319

80%

1,065

New Resource and depletion.

Stockpiles (Syama North)

46

1.1

2

80%

1

46

1.1

2

80%

1

No change

Paysans

1,765

1.7

98

80%

78

1,765

1.7

98

80%

78

No change

Tellem

1,516

2.2

109

80%

88

2,528

2.3

187

80%

150

New resource

Tabakoroni Open Pit

0

0.0

0

90%

0

1

6.0

0

90%

0

Depletion from mining.

Tabakoroni Underground

1,644

3.5

183

90%

164

1,644

3.5

183

90%

164

No change

Tailings Storage Facility

17,000

0.7

365

80%

292

17,000

0.7

365

80%

292

No change

Senegal

 

 

 

Mako

464

0.9

13

90%

12

682

0.9

19

90%

17

Depletion due to mining

Tomboronkoto

10,204

1.2

403

90%

363

0

0.0

0

90%

0

New resource

Total Inferred

44,044

1.5

2,102

 

1,742

39,888

1.8

2,284

 

1,848

 

Total Resources

149,955

2.3

11,198

 

9,157

137,739

2.5

11,164

 

9,106

 

Appendix Table 2: Mineral Resources Comparison - 31 December 2023 to 31 December 2022

Notes:                                                                     

1.             Mineral Resources include Ore Reserves.

2.             All tonnes and grade information have been rounded to reflect relative uncertainty of the estimate, small differences may be present in the totals.

3.             Resources are reported above 1.0g/t cut-off for the Syama North.

4.             Resources for the SLC at Syama is reported within an MSO shape generated at 1.5g/t and south of the SLC within an MSO shape generated at 1.5g/t.

5.             Resources for the Cashew NE, Paysans, Tellem and Porphyry Zone (Splay) are reported above a cut-off of 1.0g/t.

6.             Resources for Tabakoroni Open Pit are reported above a cut-off of 1.0g/t and within a US$2,000 optimised shell.

7.             Resources for the Tabakoroni Underground are reported within an MSO shape generated at 1.75g/t (equivalent to US$2,000).

8.             Mako Resources are reported above a cut-off of 0.5g/t and within a US$2,000 optimised shell.



 

JORC Code, 2012 Edition - Table 1 Report

Syama Gold Mine

Section 1 Sampling Techniques and Data

CRITERIA

JORC CODE EXPLANATION

  COMMENTARY


Sampling techniques

 

·  Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling.

·  Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.

·  Aspects of the determination of mineralisation that are Material to the Public Report.

·  In cases where 'industry standard' work has been done this would be relatively simple (e.g. 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.


The mineral resource estimate was based on data collected from reverse circulation (RC) and diamond core (DD) drill holes completed by Resolute Mining Limited (2003-2023), Randgold Resources Ltd (1996-2000) and BHP (1987-1996).

Diamond core was sampled at 1m intervals and cut in half, to provide a 2-4kg sample, which was sent to the laboratory for crushing, splitting and pulverising, to provide a 30g charge for analysis.

RC samples were collected on 1m intervals via a cyclone by riffle split (dry), or by scoop (wet), to obtain a 2-4kg sample which was sent to the laboratory for crushing, splitting and pulverising to provide a 30g charge for analysis.

Resolute sampling and sample preparation protocols are industry standard and are deemed appropriate by the Competent Person.

The Randgold and BHP diamond core and RC samples were taken on 1m intervals. Due to the historical nature of the data sampling protocols are not known.


Drilling techniques

 

·  Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc.).


Drill types used include diamond core of HQ and NQ sizes.

Core is oriented at 3m down hole intervals using a Reflex Act II RD Orientation Tool and more recently using a Reflex north seeking gyro instrument.


Drill sample recovery

 

·  Method of recording and assessing core and chip sample recoveries and results assessed.

·  Measures taken to maximise sample recovery and ensure representative nature of the samples.

·  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.


Drill core interval recoveries are measured from core block to core block using
a tape measure.

Appropriate measures are taken to maximise sample recovery and ensure representative nature of the samples.

No apparent relationship between sample recovery and grade.


Logging

 

·  Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.

·  Whether logging is qualitative or quantitative in nature.

·  Core (or costean, channel, etc.) photography.

·  The total length and percentage of the relevant intersections logged.


Drill holes were geologically logged by geologists for colour, grainsize, lithology, minerals, alteration and weathering on geologically domained intervals.

Geotechnical and structure orientation data was measured and logged for all diamond core intervals.

Diamond core was photographed (wet and dry).

Holes were logged in their entirety (100%) and this logging was considered reliable and appropriate.

 

 

 

 

 

 

 

 CRITERIA

JORC CODE EXPLANATION

COMMENTARY

 


Sub-sampling techniques
and
sample preparation

 

·    If core, whether cut or sawn and whether quarter, half or all core taken.

·    If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry.

·    For all sample types, the nature, quality and appropriateness of the sample preparation technique.

·    Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.

·    Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling.

·    Whether sample sizes are appropriate to the grain size of the material being sampled.


Diamond core were sampled at 1m intervals and cut in half to obtain a 2-4kg sample.

Reverse circulation samples were collected on 1m intervals by riffle split (dry) or by scoop (wet) to obtain a 2-4kg sample.

Sample preparation for diamond core and RC samples includes oven drying, crushing to 10mm and splitting, pulverising to 85% passing -75um. These preparation techniques are deemed to be appropriate to the material and element being sampled.

Drill core coarse duplicates were split by the laboratory after crushing at a rate of 1:20 samples. Reverse circulation field duplicates were collected by the company at a rate of 1:20 samples.

Resolute 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.

Sub-sampling techniques and sample preparation completed by previous owners is not known.

 


Quality of assay data and laboratory tests

 

·    The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.

·    For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.

·    Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.


All Resolute samples were analysed for gold by 30g fire assay fusion with AAS instrument finish. The analysis was performed by ALS Bamako, ALS Ouagadougou, or SGS Morila. 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 and blanks (1:20), non- certified sand blanks (1:20), diamond core coarse duplicates (1:20) and reverse circulation field duplicates (1:20).

Laboratory quality control data, including laboratory standards, blanks, duplicates, repeats and grind size results 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.

The assay techniques used by Randgold and BHP include fire assay fusion with AAS instrument finish and aqua regia with AAS. The majority of the samples were analysed at the onsite Syama laboratory. Due to the historical nature of the Randgold and BHP data the assay procedures are not known for all samples.

 


Verification of sampling and assaying

 

·    The verification of significant intersections by either independent or alternative company personnel.

·    The use of twinned holes.

·    Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.

·    Discuss any adjustment to assay data.


Verification of significant intersections have been completed by company personnel and the competent person.

No drill holes within the resource area were twinned.

Drill holes were logged onto paper templates or Excel templates with lookup codes, validated and then compiled into a relational SQL 2012 database using DataShed data management software. The database has a variety of verification protocols which are used to validate the data entry. The drill hole database is backed up daily to the head office server.

Assay result files were reported by the laboratory in PDF and CSV format and imported directly into the SQL database without adjustment or modification.

Resolute has conducted extensive reviews, data validation and data verification on the historic data collected by the previous owners, Randgold and BHP.

Location of
data points

 

·    Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.

·    Specification of the grid system used.

·    Quality and adequacy of topographic control.


Collar coordinates were picked up in UTM (WGS84) by staff surveyors using an RTK DGPS with an expected accuracy of 0.05m; elevations were height above EGM96 geoid.

Down hole surveys were collected using single shot and multi shot magnetic survey tools including Reflex EZTrac and EZShot instruments. A time-dependent declination was applied to the magnetic readings to determine UTM azimuth.  Diamond drilling completed in 2017 and 2018 has utilised a Reflex EZ Gyro downhole survey instrument to provide more frequent data points and reduced magnetic interference.

Coordinates and azimuth are reported in UTM WGS84 Zone 29 North in this release.

Coordinates were translated to local mine grid where appropriate.

Local topographic control is via satellite photography and drone UAV Aerial Survey.

Data spacing
and distribution

 

·    Data spacing for reporting of Exploration Results.

·    Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.

·    Whether sample compositing has been applied.


The drill hole spacing was sufficient to demonstrate geological and grade continuity appropriate for

Mineral Resource estimation and classification in accordance with the 2012 JORC Code.

The appropriateness of the drill spacing was reviewed by the geological technical team, both on site and within the Resolute group. This was also reviewed by the Competent Person.

RC and diamond core samples were collected on 1m intervals; no sample compositing is applied during sampling.

Orientation of data in relation to geological structure

 

·    Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.

·    If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.


Holes were drilled predominantly perpendicular to mineralised domains where possible.

No orientation-based sampling bias has been identified in the data.

Sample security

 

·     The measures taken to ensure sample security.


S
amples were collected 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 process were supervised and tracked by SOMISY personnel.

Audits or reviews

 

·     The results of any audits or reviews of sampling techniques and data.


External audits of procedures indicate protocols are within industry standards.

 

 

 

 



Section 2 Reporting of Exploration Results

CRITERIA

JORC CODE EXPLANATION

COMMENTARY

Mineral tenement and land tenure status

 

·  Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.

·  The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.


Drilling was conducted within the Malian Exploitation Concession Permit PE 93/003 which has an area of 200.6km2.

Resolute Mining Limited has an 80% interest in the Syama project and the Exploitation Permit PE-93/003, on which it is based, through its Malian subsidiary, Sociêtê des Mines de Syama SA (SOMISY). The Malian Government holds a free carried 20% interest in SOMISY.

The Permit is 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
done by other parties

 

·  Acknowledgment and appraisal of exploration by
other parties.


The Syama deposit was originally discovered by a regional geochemical survey undertaken by the Direction National 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.

Geology

 

·  Deposit type, geological setting and style of mineralisation.


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.

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.

Drill hole Information

 

·  A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:

o easting and northing of the drill hole collar.

o elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar.

o dip and azimuth of the hole.

o down hole length and interception depth.

o Whole length.

·  If the exclusion of this information is justified on the
basis that the information is not Material and this exclusion does not detract from the understanding of the report,
the Competent Person should clearly explain why this is the case.



No new exploration results have been reported in
this release.

The listing of the entire drill hole database used to estimate the resource was not considered relevant for this release.

 

Data aggregation methods

 

· In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated.

· Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.

· The assumptions used for any reporting
of metal equivalent values should be clearly stated.



No new exploration results have been reported in
this release.

Metal equivalent values are not used in reporting.

Relationship between mineralisation widths and intercept lengths

 

· These relationships are particularly important in the reporting of Exploration Results.

· If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.

· If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. 'down hole length, true width not known').


The mineralisation is steeply dipping at approximately 600 from the horizontal.

Most of the drill holes are planned at local grid 0900 at a general inclination of ‑600 east to achieve as close to perpendicular to the ore zone as possible.

At the angle of the drill holes and the dip of the ore zones, the reported intercepts will be slightly more than true width.

Diagrams

 

· Appropriate maps and sections (with scales) and 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.


Relevant maps, diagrams and tabulations are included in the body of text.

Balanced reporting

 

·  Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.


Mineral Resources are being reported in this announcement.

No new exploration results have been reported in this release.

Other substantive exploration data

 

·  Other exploration data, if meaningful and material, should be reported including (but not limited to): 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.


No geophysical and geochemical data and any additional exploration information has been reported in this release, as they are not deemed relevant to the release.

Further work

 

· 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.


Depth extension drilling is planned to test the down-dip potential of the Syama ore body at depth, and beneath the current limit of drilling.

 

 

 

 

 

 

 

Section 3 Estimation and Reporting of Mineral Resources

CRITERIA

 

JORC CODE EXPLANATION

 

COMMENTARY

Database
integrity

 

·  Measures taken to ensure that data has not been corrupted by, for example, transcription or keying errors, between its initial collection and its use for Mineral Resource estimation purposes.

·  Data validation procedures used.


Data has been compiled into a relational SQL database; the setup of this database precludes the loading of data which does not meet the required validation protocols. The data is managed using DataShed© drill hole management software using SQL database techniques. Validation checks are conducted using SQL and DataShed© relational database standards. Data has also been checked against original hard copies for 100% of the data, and where possible, loaded from original data sources.

Resolute completed the following basic validation checks on the data supplied prior to resource estimation:

·  Drill holes with overlapping sample intervals.

·  Sample intervals with no assay data. Duplicate records.

·  Assay grade ranges.

·  Collar coordinate ranges.

·  Valid hole orientation data.

There are no significant issues identified with the data.

Site visits

·  Comment on any site visits undertaken by the Competent Person and the outcome of those visits.

·  If no site visits have been undertaken  indicate why this is the case.

The Competent Person visited site in November 2022 and July of 2023.

Geological
interpretation

 

·  Confidence in (or conversely, the uncertainty of) the geological interpretation of the mineral deposit.

·  Nature of the data used and of any assumptions made.

·  The effect, if any, of alternative interpretations on Mineral Resource estimation.

·  The use of geology in guiding and controlling Mineral
Resource estimation.

·  The factors affecting continuity both of grade and geology.


T
he digital database used for the interpretation included logged intervals for the key stratigraphic zones of Syama. Detailed geological logs were available in hardcopy and digital and reviewed where necessary.

Drill density (50m by 50m) for the majority of the Syama area allows for confident interpretation of the geology and mineralised domains. More recent grade control (gc) drilling (at 25m by 25m spacing) confirms the positions of mineralised zones. Geological and structural controls support modelled mineralised zones, which are constrained within geological units.

Continuity of mineralisation is affected by proximity to structural conduits (allowing flow of mineralised fluids), stratigraphic position, lithology of key stratigraphic units and porosity of host lithologies.

Wireframes used to constrain the estimation for Syama South and Nafolo are based on drill hole intercepts and geological boundaries. All wireframes at Syama South and Nafolo have been constructed to a 1g/t Au cut-off grade for shape consistency.

The incorporation of an independent structural model (Steve King, 2019) gives limited options for large scale alternate interpretations.

Dimensions

 

·  The extent and variability of the Mineral Resource
expressed as length (along strike or otherwise), plan width, and depth below surface to the upper and lower limits
of the Mineral Resource.


T
he Syama area extends for approximately 1,500 metres in strike and the west dipping gold mineralised zone is between 100-200 metres in horizontal width, narrowing at its southern and northern limits. The Mineral Resource is limited in depth by drilling, which extends from surface to a maximum depth of approximately 800 metres vertically.

Estimation
and modelling techniques

 

·  The nature and appropriateness of the estimation technique(s) applied and key assumptions, including treatment of extreme grade values, domaining, interpolation parameters and maximum distance of extrapolation from data points. If a computer assisted estimation method was chosen include a description of computer software and
parameters used.

·  The availability of check estimates, previous estimates and/or mine production records and whether the Mineral Resource estimate takes appropriate account of such data.

·  The assumptions made regarding recovery of by- products.

·  Estimation of deleterious elements or other non-grade variables of economic significance (e.g. sulphur for acid mine drainage characterization).

·  In the case of block model interpolation, the block size in relation to the average sample spacing and the search employed.

·  In the case of block model interpolation, the block size in relation to the average sample spacing and the search employed.

·  Any assumptions behind modelling of selective mining units.

·  Any assumptions about correlation between variables.

·  Description of how the geological interpretation was used to control the resource estimates.

·  Discussion of basis for using or not using grade cutting or capping.

·  The process of validation, the checking process used, the comparison of model data to drill hole data, and use of reconciliation data if available.

 

Estimation was completed in Datamine Studio RM using Categorical Indicator (CI) approach to define the mineralised blocks followed by an Ordinary Kriged (OK) model to estimate the gold grade.  Grades were estimated into parent block of 5mE by 12.5mN by 5mRL for Syama underground and 10mE by 25 mN by 10mRl for Syama South and Nafolo.  Sub- celling down to 5mE by 12.5mN by 5mRL was employed for resolution of the mineralisation boundary at Nafolo.

The categorical model used a cut-off of 1 g/t gold once the mineralised blocks have been identified another categorical model within this mineralisation is carried out at a cut-off of 2 g/t to identify higher grade zones. A 5mE by 12.5mN by 5mRL block size was employed during the categorical process used to delineate mineralised regions.  

After this process, the model was reblocked up to 5mE by 25mN by 10mRL for Nafolo while retaining the smaller size blocks as subcells at mineralisation boundaries.

The resource model included estimates for sulphide sulphur and organic carbon which assist with metallurgical characterisation. The sulphide sulphur is estimated via a categorical indicator approach with a cut-off grade of 1% to identify the higher grade blocks and then an OK estimation was carried out within these blocks.  Organic carbon was just estimated without boundaries into the block model.  There are reduced assays at depth of these two elements so there is some smoothing at depth.

Kriging neighbourhood analysis was performed to optimise the block size, sample numbers and discretisation levels with the goal of minimising conditional bias in the gold grade estimates.

A larger blocks size for Nafolo and Syama South was chosen based on this analysis than was employed in the previous resource estimate and the wider drill spacing.

A total of three search passes was used, with the first search pass set to the range of the variogram for each element. A minimum of 10 and a maximum of 30 samples were used. The search stayed the same for the second pass but was increased by a factor of 2 for the third and final pass. The minimum number of samples was reduced to 8 for the second pass and 6 for the third pass.

Semi-soft boundaries were used between the higher grade and lower grade domains and between the lower grade domain and the waste domain for Syama Main.  Two samples either side of the mineralisation boundary were used in the OK estimation. Hard boundaries were utilised for the domains at Nafolo, Syama South and all of the domains for sulphide sulphur.

Un-estimated blocks (less than 1% for gold) were assigned the domain average grades. No deleterious elements were found in the ore.

No selective mining units have been assumed.

No assumptions have been made regarding the correlation of variables although it is noted that a broad positive correlation exists between gold and sulphur.

Estimation searches have been orientated to respect the orientation of the Syama Formation which hosts the mineralisation.

Top cuts were applied to reduce the variability of the data and to remove the outliers.

The estimated block model grades were visually validated against the input drillhole data and comparisons were carried out against the drillhole data and by northing and elevation slices. Global comparison between the input data and the block grades for each variable is considered acceptable (±10%).

Comparison with the 2020 Mineral Resource was carried out.

Moisture

 

•  Whether the tonnages are estimated on a dry basis or with natural moisture, and the method of determination of the moisture content.


A
ll tonnages are estimated on a dry basis.

Cut-off parameters

 

•  The basis of the adopted cut-off grade(s) or quality parameters applied.


Mineral Resources for the main part of Syama was reported within a shape generated using a MSO (Mineable Shape Optimiser) at 1.3g/t cut-off grade (equivalent to a US$2,000 gold price) this was based on the current Sub-Level Caving (SLC) mining method. The material south of the main zone was reported within an MSO shape generated at 1.5 g/t cut-off grade (equivalent to a US$2,000 gold price) as this is planned to be mined by Open Stoping.

Mining factors
or assumptions

 

•  Assumptions made regarding possible mining methods, minimum mining dimensions and internal (or, if applicable, external) mining dilution. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential mining methods, but the assumptions made regarding mining methods and parameters when estimating Mineral Resources may not always be rigorous.
Where this is the case, this should be reported with an explanation of the basis of the mining assumptions made.


The current mining method for underground exploitation is SLC.

The resource model extends from 1,250 mRL to 600 mRL.  Open pit mining methods were used by Resolute to 1,120 mRL.  Material testing conducted on samples of underground ore confirmed that properties such as metallurgical factors, structural trends and geological continuity remain the same as observed in the fresh rock portion of the open pit.

This Mineral Resource does not account for mining recovery.

Metallurgical factors
or assumptions

 

•  The basis for assumptions or predictions regarding metallurgical amenability. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential metallurgical methods, but the assumptions regarding metallurgical treatment processes and parameters made when reporting Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanation of the basis of the metallurgical
assumptions made.


Resolute has conducted metallurgical testwork on variability samples taken from within the proposed underground ore zone.  A testwork program was supervised by consultants MineLogix Pty Ltd based on analytical testwork completed at ALS Metallurgy Laboratory.

The program included comminution, flotation, roasting and leaching assessments.

The planned processing flowsheet involves crushing, milling, flotation and roasting, followed by CIL recovery of the calcine product. The Syama sulphide processing facility has been in operation in its current form since 2007.

The various testwork programs did not identify any contrasting metallurgical behaviour from samples within the underground ore zone and the performance of the underground ore typically matches that observed for open pit ore.

Environmental factors
or assumptions

 

•  Assumptions made regarding possible waste and process residue disposal options. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider the potential environmental impacts of the mining and processing operation. While at this stage the determination of potential environmental impacts, particularly for a green fields project, may not always be well advanced, the status of early consideration of these potential environmental impacts should be reported. Where these aspects have not been considered this should be reported with an explanation of the environmental assumptions made.


It is a requirement of Decree No.03-594/P-RM of 31 December 2003 of Malian law that an Environmental and Social Impact Study (Étude d'Impact Environmental et Social - EIES) must be undertaken to update the potential environmental and social impacts of the mine's redevelopment.
The EIES for the Syama Gold Mine was approved in November 2007 and an Environment Permit (07- 0054/MEA - SG) was issued by the Ministry of Environment and Sanitation on the 22 November 2007. The Ministry of Environment conduct timely reviews of the Syama Gold Mine to ensure that the Company maintains compliance with the EIES guidelines.

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. All waste disposal practices are in accordance with the guidelines in the EIES.

The Environmental and Social Impact Study - "Société des Mines de Syama, Syama Gold Mine, Mali, dated 2007 indicated there was minimal potential for acid mine drainage from waste rock due to the elevated carbonate content which buffers a potential acid generation. Resolute maintains a plan for progressive rehabilitation of waste rock landforms as part of ongoing mine development and waste rock dumping.

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 to meet the air quality criteria set out in the Environmental and Social Impact Study.

Bulk density

 

•  Whether assumed or determined. If assumed, the basis for the assumptions. If determined, the method used, whether wet or dry, the frequency of the measurements, the nature, size and representativeness of the samples.

•  The bulk density for bulk material must have been measured by methods that adequately account for void spaces (vugs, porosity, etc), moisture and differences between rock and alteration zones within the deposit.

 

•  Discuss assumptions for bulk density estimates used in the evaluation process of the
different materials.


Si
te personnel have completed numerous bulk density comparative estimates on HQ drill core to assess variability using the Archimedes method of dry weight versus weight in water. This method was used for 96% of the bulk density measurements.

Other tests were completed by SGS using the pycnometer method.

Based on the data collected the following SG estimates were applied to the model:

·      Syama Formation        2.82

·      Sikoro Formation        2.75

·      Banmbere Conglomerate      2.75

BANMBERE
CONGLOMERATE

 

SYAMA

FORMATION

 

SIKORO

FORMATION

 
Chart, line chart Description automatically generated

Classification

 

•  The basis for the classification of the Mineral Resources into varying confidence categories.

•  Whether appropriate account has been taken of all relevant factors (i.e. relative confidence in tonnage/grade estimations, reliability of input data, confidence in continuity of geology and metal values, quality, quantity and distribution of the data).

•  Whether the result appropriately reflects the Competent Person's view of the deposit.


The Measured Mineral Resource classification is based on good confidence in the geology and gold grade continuity with less than 25m x 25m spaced drillhole density in the central part of the deposit directly below the current pit.

The Indicated Mineral Resource classification is based on good confidence in the geology and gold grade continuity with less than 75m x 75m spaced drillhole density in the central part
of the deposit.

The Inferred Mineral Resource classification is applied to extensions of mineralised zones on the margins of the deposit where drill spacing is more than 100m x 100m and the extents of mineralisation at depth. The Nafolo orebody to the south of Syama which is tested by wider drill spacing has also been classified as Inferred.

The validation of the block model has confirmed satisfactory correlation of the input data to the estimated grades and reproduction of data trends.

The Mineral Resource estimate appropriately reflects the view of the Competent Persons.

Audits or reviews

 

•  The results of any audits or reviews of Mineral Resource estimates.


The Mineral Resource has been audited internally and in conjunction with resource consultants at Snowden Optiro Pty Ltd as part of the routine validation process. There has been no external review of the Mineral Resource estimate.

Discussion of relative accuracy/ confidence

 

•  Where appropriate a statement of the relative accuracy and confidence level in the Mineral Resource estimate using an approach or procedure deemed appropriate by the Competent Person. For example, the application of statistical or geostatistical procedures to quantify the relative accuracy
of the 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.


The relative accuracy of the Mineral Resource estimate is reflected in the reporting of Indicated and Inferred resource categories as defined by 2012 JORC Code guidelines.

The geostatistical techniques applied to the estimate of underground resources at Syama are deemed appropriate to the estimation of Sub Level Caving (SLC) mining method and hence applicable for reserve estimation.

The estimation was compared with the production history at Syama and it is within 15-20% which is within the limits for the relevant classifications.



Section 4 Estimation and Reporting of Ore Reserves

 

CRITERIA

 

JORC CODE EXPLANATION

 

   COMMENTARY

Mineral Resource estimate for conversion to Ore Reserves

 

•  Description of the Mineral Resource estimate used as a basis for the conversion to an
Ore Reserve.

•  Clear statement as to whether the Mineral Resources are reported additional to, or inclusive of, the Ore Reserve.


The Syama 1123 Mineral Resource is the basis for the estimation of Syama Ore Reserves.

The Mineral Resources are reported inclusive of Ore Reserves.

 

Site visits

 

•  Comment on any site visits undertaken by the Competent Person and the outcome of those visits.

•  If no site visits have been undertaken indicate why this is
the case.


 The Competent Person, Mr. Gito Patani, is a full-time employee of Resolute Mining Ltd and a Member of the Australasian Institute of Mining and Metallurgy. He started with the company in 2021 and conducts site visit to the project area on a regular basis and weekly contact with site teams was maintained throughout teams meetings.

 

Study status

 

•  The type and level of study undertaken to enable Mineral Resources to be converted to Ore Reserves.

•  The Code requires that a study to at least Pre-Feasibility Study level has been undertaken to convert Mineral Resources to Ore Reserves. Such studies will have been carried out and will have determined a mine plan that is technically achievable and economically viable, and that material Modifying Factors have been considered.


Pre-Feasibility and Feasibility studies were previously conducted for Syama. The Syama UG mine is a going concern. The Ore Reserves are derived from LOM plan maintained for the ongoing scheduling and management of Syama UG operations.

 

Cut-off parameters

 

•  The basis of the cut-off grade(s) or quality parameters applied.


 The LOM plan for Syama is designed based on constant cut-off grade with dilution and recovery estimation undertaken in cave flow modelling.  The cut-off grade strategy used for cave flow modelling is based on COG calculation for various years from Fy23 financial model.

The COG is estimated using: a gold price of USD 1,650/oz, a metallurgical recovery of 78%, an ad valorem royalty rate of 6%.

Mining factors
or assumptions

 

•  The method and assumptions used as reported in the Pre-Feasibility or Feasibility Study to convert the Mineral Resource to an Ore Reserve (i.e. either by application of appropriate factors by optimization or by preliminary or detailed design).

•  The choice, nature and appropriateness of the selected mining method(s) and other mining parameters including associated design issues such as pre-strip, access, etc.

•  The assumptions made regarding geotechnical parameters (e.g. pit slopes, stope sizes, etc.), grade control and pre-production drilling.

•  The major assumptions made and Mineral Resource model used for pit and stope optimization (if appropriate).

•  The mining dilution factors used.

•  The mining recovery factors used.

•  Any minimum mining widths used.

•  The manner in which Inferred Mineral  Resources are utilized in mining studies and
the sensitivity of the outcome to their inclusion.

•  The infrastructure requirements of the selected mining methods.


 Most of mining at Syama UG is planned to be undertaken by Sub-Level Caving (SLC) mining methods. Geotechnical studies have concluded that the deposit is amenable to SLC, and that caving is likely to be induced at hydraulic radius of between 12 and 17m. Observed progress from mining to date supports these conclusions.

Resolute undertakes a program of grade control drilling at Syama UG to progressively upgrade its geological confidence at Syama and enable further detailed mine planning.

The Ore Reserve was estimated using the block model prepared for estimating the 2023 Mineral Resource.

The Syama LOM plan is prepared -from the Mineral Resource block model- using mining industry standard computer aided design and scheduling software. Initially, production rings are designed to extract ore. Subsequently, lateral development and other infrastructure are designed to access production rings and enable safe and efficient ore extraction.

Mining dilution and recovery are estimated for production rings using flow modelling software, PGCA. Dilution and recovery are inversely related at Syama. In general, the greater the recovery, the higher the level of dilution that will be experienced. The Syama LOM planning process balances recovery against dilution so the cash-flow is maximized..

With respect to minimum mining widths, production areas at Syama are planned to ensure that minimum hydraulic radius is achieved so that caving is induced in the overlying ground.

Inferred Mineral Resources are not included in the Syama UG mine planning. All material from Syama Underground for 2023 OR inventory is categorised as Probable; comprised mainly of Indicated material. All Inferred and Unclassified material is classified as waste and not included in ore reserves

The infrastructure necessary to extract the Syama UG Ore Reserve is maintained by the company.

Metallurgical factors
or assumptions

 

•  The metallurgical process proposed and the appropriateness of that process to the style of mineralization.

•  Whether the metallurgical process is well-tested technology or novel in nature.

•  The nature, amount and representativeness of metallurgical test work undertaken, the nature of the metallurgical domaining applied and the corresponding metallurgical recovery factors applied.

•  Any assumptions or allowances made for deleterious elements.

•  The existence of any bulk sample or pilot scale test work and the degree to which such samples are considered representative of the ore body as a whole.

•  For minerals that are defined by a specification, has the ore reserve estimation been based on the appropriate mineralogy to meet the specifications?


The Syama deposit is refractory due to locking of gold within the sulphides and variable amounts of reactive natural carbon which robs cyanide leach solutions of dissolved gold. Resolute has years of operating data processing Syama ore and metallurgical testwork data. Processing of the ore will be via the following stages:

Crushing and grinding.

Flotation to produce a sulphide rich concentrate.

Concentrate thickening.

Roasting, followed by calcine quench and wash.

CIL.

Tailings disposal.

Environmental

 

•  The status of studies of potential environmental impacts of the mining and processing operation. Details of waste rock characterization and the consideration of potential sites, status of design options considered and, where applicable, the status of approvals for process residue storage and waste dumps should be reported.


 The Syama Gold Mine operates in accordance with its' Environmental & Social Impact Study - "Société des Mines de Syama, Syama Gold Mine, Mali, dated 2007. Waste rock characterisation has been included in prior studies for this Environmental & Social Impact Study. Work is ongoing to optimise the mining operation and environmental management through the following :

Drilling to investigate rock characteristics

Mineralogical assay analysis of drill core

Routine testing of rock material types for acid generating properties

Developing a sequence, rate and design optimization for open-pit mine walls, ramps and the waste rock dump landform to meet the requirements of rock characteristics.

The outcomes of this work are part of a continuous improvement program that contributes to the waste rock dump management plans, annual reporting and consultation-committee meetings with government and community representatives.

Tailings storage for the life of mine is forecast to be impounded over the existing footprint area approved in the Environmental & Social Impact Study. Progressive raising of the tailings impoundments will occur to contain life-of-mine storage capacity. Routine progress on the monitoring is reported to government and at stakeholder meetings in concert with routine inspections by government representatives.

The Syama Project is mature in its operating life with environmental management permitted by an Environmental Authority and supported by an Environmental Management Plan. No impediments are anticipated to the development of the underground mine.

Infrastructure

 

•  The existence of appropriate infrastructure: availability of land for plant development, power, water, transportation (particularly for bulk commodities), labour, accommodation; or the ease with which the infrastructure can be provided or accessed.


 The Syama Mine and the underground mine site are located near the two major towns of Kadiola and Sikasso.  Kadiola, 55km southeast, is the regional capital while Sikasso, approximately 85 km to the northeast, is the second largest city in Mali and located close to the border with Burkina Faso.

Access is via formed gravel road off the sealed Sikasso to Côte d'Ivoire highway through Kadiola, and then from Fourou to site. Most consumables and supplies use this route as it can be approached either from Côte d'Ivoire through the border post at Zegoua or alternatively from Burkina Faso and Togo through Sikasso. The road north through Bananso to Farakala, on the main highway from Bamako to Sikasso, provides an alternate and shorter route to Bamako. This road is generally impassable during the wet season when the low level "bridge" at Bananso is covered with water.

Supporting infrastructure for the current operations has included upgrading of the 70km section of road from Kadiola to the site, refurbishment of administration buildings, plant site buildings and accommodation for housing expatriate and senior national staff. The underground operations will also use this infrastructure, with additional allowance made in the study for underground specific infrastructure on surface, such as primary ventilation fan installations, additional work shops and offices, and change rooms for underground workers.

The site is serviced by two Internet and mobile telecommunications providers (Sotelma & Orange), in addition to a point to point satellite connection to Perth.

The current operation has a peak continuous power demand of approximately 22MW with an installed power capacity of 27MW. Power is currently supplied from a diesel fired power station. Supply of power from the national grid is being considered in the near future and was incorporated into the underground study..

Costs

 

•  The derivation of, or assumptions made, regarding projected capital costs in the study.

•  The methodology used to estimate operating costs.

•  Allowances made for the content of deleterious elements.

•  The derivation of assumptions made of metal
or commodity price(s), for the principal minerals and co- products.

•  The source of exchange rates used in the study.

•  Derivation of transportation charges.

•  The basis for forecasting or source of treatment and refining charges, penalties for failure to meet specification, etc.

•  The allowances made for royalties payable, both Government and private.

Syama is a going concern with established mining, processing and administration operations with respect to cost estimates. As part of ongoing operations, capital and operating budgets are prepared from first principles and considering existing contractual agreements.

Syama produces gold doré (without problematic deleterious elements) that is subsequently refined offsite. Refining costs are not material.

Exchange rates used for planning purposes are from consensus forecasts provided by external corporate advisers.

Ad valorem Government royalties of 6% are payable on gold production.

Revenue
factors

 

•  The derivation of, or assumptions made regarding revenue factors including head grade, metal or commodity price(s) exchange rates, transportation and treatment charges, penalties, net smelter returns, etc.

•  The derivation of assumptions made of metal or commodity price(s), for the principal metals, minerals and co-products.


Syama's head grade is estimated by mine planning and flow modelling from the Mineral Resource Estimate.

All revenue and cost estimates have been made in USD.

The Ore Reserve is based on a planning gold price of
US$1,650/oz.

Market
Assessment

 

•  The demand, supply and stock situation for the particular commodity, consumption trends and factors likely to affect supply and demand into the future.

•  A customer and competitor analysis along with the identification of likely market windows for the product.

•  Price and volume forecasts and the basis for these forecasts.

•  For industrial minerals the customer specification, testing and acceptance requirements prior to a supply contract.


There is a transparent quoted market for the sale of gold.

Economic

 

•  The inputs to the economic analysis to produce the net present value (NPV) in the study, the source and confidence of these economic inputs including estimated inflation, discount rate, etc.

•  NPV ranges and sensitivity to variations in the significant assumptions and inputs.


The economic assessment of the project demonstrates robust economics.

 

Social

 

•  The status of agreements with key stakeholders and matters leading to social license to operate.


 Resolute assumed management of Société des Mines de Syama in May 2004.  The recently completed open pit operated under the 1993 Permit Syama (No.PE-93/003) and the proposed underground will do the same.

The selected posts requiring specific skills or experience will most likely be filled by expatriates. In addition to performing their job function, expatriate personnel will be expected to transfer knowledge and expertise to develop their Malian staff's capabilities. In the longer term it is anticipated that Malian nationals will fill most operating and management positions within the company.

It is the intention to encourage economic development within the local community. Local contracts therefore, are let wherever possible and the company works actively with existing and emerging companies to achieve this aim.

The Syama Mine Community Consultative Committee was established in February 2001 with representatives from local villages, the Malian Government and SOMISY. Since April 2004 the Committee has met regularly as a communication forum and to address community issues and assist with community project proposals.

Other

 

•  To the extent relevant, the impact of the following on the project and/or on the estimation and classification of the Ore Reserves:

•  Any identified material naturally occurring risks.

•  The status of material legal agreements and marketing arrangements.

•  The status of governmental agreements and approvals critical to the viability of the project, such as mineral tenement status, and government and statutory approvals. There must be reasonable grounds to expect that all necessary Government approvals will be received within the timeframes anticipated in the Pre-Feasibility or Feasibility study. Highlight and discuss the materiality of any unresolved matter that is dependent on a third party on which extraction of the reserve is contingent.


High seasonal rain fall events present a risk for the underground operations.

All current government agreements and approvals are in good standing and no anticipated changes are expected.

 

Classification

 

•  The basis for the classification of the Ore Reserves into varying confidence categories.

•  Whether the result appropriately reflects the Competent Person's view of the deposit.

•  The proportion of Probable Ore Reserves that have been derived from Measured Mineral Resources (if any).


All Measured and Indicated Resources were converted to Probable Reserves, given the sub-level caving method.

 

Audits or reviews

 

•  The results of any audits or reviews of Ore Reserve estimates.


Snowden Mining Industry Consultants completed the Syama Underground Pre-Feasibility study in 2015 and later contributed to detailed designs incorporated in the Definitive Feasibility Study. Subsequent mining studies have been conducted in conjunction with various industry experts from external companies relevant to the areas of study.

No other external audits of Ore Reserves were undertaken.

Discussion of relative accuracy/ confidence

 

•  Where appropriate a statement of the relative accuracy and confidence level in the Ore Reserve estimate using an approach or procedure deemed appropriate by the Competent Person. For example, the application of statistical or geostatistical procedures to quantify the relative accuracy of the reserve within stated confidence limits, or, if such an approach is not deemed appropriate, a qualitative discussion of the factors which 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.

•  Accuracy and confidence discussions should extend to specific discussions of any applied Modifying Factors that may have a material impact on Ore Reserve viability, or for which there are remaining areas of uncertainty at the current study stage.

•  It is recognized that this may not be possible or appropriate in all circumstances. These statements of relative accuracy and confidence of the estimate should be compared with production data, where available.


Treatment costs and recoveries are based on the actual performance of processing underground ore and provide
a high level of confidence.

Resolute has extensive experience with a similar underground operation at the Company's Mt Wright mine in Australia. This experience was combined with industry average assumptions, where required, to provide a level of accuracy and confidence

that falls within the required standard for a Definitive Feasibility Study and the subsequent Mining studies.

All the parameters assumed and adopted including the
financial modelling and analysis have been subject to internal
peer review.

The Ore Reserve estimate is based on the Mineral Resource estimate. Consequently, the Ore Reserve estimate accuracy is dependent on the Mineral Resource estimate accuracy.

 

 



Tabakoroni

Section 1 Sampling Techniques and Data

CRITERIA

JORC CODE EXPLANATION

COMMENTARY

Sampling
techniques

 

•  Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling.

•  Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.

•  Aspects of the determination of mineralisation that are Material to the Public Report.

•  In cases where 'industry standard' work has been done this would be relatively simple (e.g. 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.


The samples were collected from reverse circulation (RC) and diamond core drill holes.

RC samples were collected on 1m intervals by riffle split (dry) or by scoop (wet), to obtain
a 1-3kg sample which was sent to the laboratory for crushing, splitting and pulverising to provide a 30g charge for analysis.

Diamond core was sampled at 1m intervals and cut in half, to provide a 2-4kg sample,
which was sent to the laboratory for crushing, splitting and pulverising to provide a 30g charge for analysis.

Sampling and sample preparation protocols are industry standard and are deemed appropriate by the Competent Person.

 

Drilling techniques

 

•  Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc.).


Drill types used include diamond core of PQ and HQ sizes
and RC.

Core is oriented at 3m down hole intervals using a Reflex Act II RD Orientation Tool.

 

Drill sample recovery

 

•  Method of recording and assessing core and chip sample recoveries and results assessed.

•  Measures taken to maximise sample recovery and ensure representative nature of the samples.

•  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.


Drill core interval recoveries are measured from core block to core block using a tape measure.

Appropriate measures are taken to maximise sample recovery and ensure the representative nature of the samples.

No apparent relationship is noted between sample recovery and grade.

 

Logging

 

•  Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.

•  Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography.

•  The total length and percentage of the relevant intersections logged.


Drill holes were geologically logged by geologists for colour, grainsize, lithology, minerals, alteration and weathering on geologically-domained intervals.

Geotechnical and structure orientation data was measured and logged for all diamond core intervals.

Diamond core was photographed (wet and dry).

Holes were logged in their entirety (100%) and this logging was considered reliable and appropriate.

 

Sub-sampling techniques
and sample preparation

 

•  If core, whether cut or sawn and whether quarter, half or all core taken.

•  If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry.

•  For all sample types, the nature, quality and appropriateness of the sample preparation technique.

•  Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.

•  Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling.

•  Whether sample sizes are appropriate to the grain size of the material being sampled.


Diamond core was sampled at 1m intervals and cut in half to obtain a 2-4kg sample.

Reverse circulation samples were collected on 1m intervals by riffle split (dry) or by scoop (wet) to obtain a 1-3kg sample.

Sample preparation for diamond core and RC samples includes oven drying, crushing to 10mm, splitting and pulverising to 85% passing -75µm. These preparation techniques are deemed to be appropriate to the material being sampled.

Drill core coarse duplicates were split by the laboratory after crushing at a rate of 1:20 samples. Reverse circulation 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. The methods applied in this process were deemed appropriate by the Competent Person.

 

Quality of assay data and
laboratory tests

 

•  The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.

•  For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.

•  Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.


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), diamond core coarse duplicates (1:20) and reverse circulation 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
and assaying

 

•  The verification of significant intersections by either independent or alternative company personnel.

•  The use of twinned holes.

•  Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.

•  Discuss any adjustment to assay data.


Verification of significant intersections have been completed by the Company personnel and the Competent Person.

No drill holes within the resource area were twinned.

Drill holes were logged into digital templates with lookup codes, validated and then compiled 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

 

•  Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.

•  Specification of the grid system used.

•  Quality and adequacy of topographic control.


Collar coordinates were picked up in UTM (WGS84) by staff surveyors using an RTK DGPS with an expected accuracy of
±0.05m; elevations were height above EGM96 geoid.

Down hole surveys were collected at intervals between 5m and 30m using either a Reflex EZ-Gyro north seeking instrument or a Reflex EZ-Trac magnetic instrument in single shot or multi shot mode. A time-dependent declination was applied to the magnetic readings to determine UTM azimuth.

Coordinates and azimuths are reported in UTM WGS84 Zone 29 North.

Coordinates were translated to local mine grid using 1 point and rotation.

Local topographic control is via LIDAR surveys, satellite photography and drone UAV
aerial survey.

 

Data spacing and distribution

 

•  Data spacing for reporting of Exploration Results.

•  Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.

•  Whether sample compositing has been applied.


Drill hole spacing was sufficient to demonstrate geological and grade continuity appropriate for a Mineral Resource and the classifications applied under the 2012 JORC Code.

The appropriateness of the drill spacing was reviewed by the geological technical team, both on site and head office. This was also reviewed by the Competent Person.

Samples were collected on 1m intervals; no sample compositing is applied during sampling.

 

Orientation of data in relation to geological structure

 

•  Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.

•  If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.


Holes were drilled predominantly perpendicular to mineralised domains where possible.

No orientation-based sampling bias has been identified in
the data.

 

 

Sample security

 

•  The measures taken to ensure sample security.


Samples were collected 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

 

•  The results of any audits or reviews of sampling techniques
and data.


External audits of procedures indicate protocols are within industry standards.

 



Section 2 Reporting of Exploration Results

CRITERIA

JORC CODE EXPLANATION

COMMENTARY


Mineral tenement and land tenure status

 

•  Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.

•  The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.


Tabakoroni drilling was completed within the Finkolo-Tabakoroni Exploitation Licence PE 13/19. Resolute Mining Limited has an 85% interest in Exploitation Permit PE 13/19, through its Malian subsidiary, Sociêtê 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 done by other parties

 

•  Acknowledgment and appraisal of exploration by other parties.


Etruscan Resources Inc explored Tabakoroni during 2002-2003 by auger, aircore, RC and diamond drill hole tails. The Tabakoroni area was previously explored by BHP (1988-1990) and Barrick Gold (1990) by auger, pits, trenches, RAB and diamond core drilling.


Geology

 

•  Deposit type, geological setting and style of mineralisation.


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.

Drill hole Information

 

•  A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:

easting and northing of the drill hole collar

elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar

dip and azimuth of the hole

down hole length and interception depth

Whole length.

•  If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.


All information, including easting, northing, elevation, dip, azimuth, coordinate system, drill hole length, intercept length and depth are measured and recorded in UTM Zone 29 WGS84.

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 Zone 29 WGS84 co-ordinate system.

Spectrum Survey and Mapping from Australia established survey control at Tabakoroni using AusPos online processing to obtain an accurate UTM Zone 29 (WGS84) and 'above geoid' RL for the origin of the survey control points.

Accuracy of the survey measurements is considered to meet acceptable industry standards.

Drill hole information has been tabulated for this release in the intercepts table of the accompanying text.

For completeness the following information about the drill holes is provided:

·    Easting, Northing and RL of the drill hole collars are measured and recorded in UTM Zone 29 (WGS84).

·    Dip is the inclination of the drill hole from horizontal. A drill hole drilled at -60° is 60° 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 aggregation methods

 

•  In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated.

•  Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.

•  The assumptions used for any reporting of metal equivalent values should be clearly stated.


No new exploration results have been reported in this release.

Metal equivalent values are not used in reporting.

Relationship between mineralisation widths and intercept lengths

 

•  These relationships are particularly important in the reporting of Exploration Results.

•  If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.

•  If it is not known and only the down hole lengths
are reported, there should be a clear statement to this effect (e.g. 'down hole length, true width not known').


The majority of the Tabakoroni mineralisation is vertical. There is one domain which dips at 45o to the west.

The majority of the drill holes are planned at a general inclination of ‑60 degrees east and as close to perpendicular to the ore zone as possible.

At the angle of the drill holes and the dip of the ore zones, the reported intercepts will be slightly more than true width.

 

 

 

 

Diagrams

 

•  Appropriate maps and sections (with scales) and 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.


Relevant maps, diagrams and tabulations are included in the body of text.

Balanced reporting

 

•  Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.


Mineral Resources are being reported in this announcement.

No new exploration results have been reported in this release.

Other substantive exploration data

 

•  Other exploration data, if meaningful and material, should
be reported including (but not limited to): 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.


No geophysical and geochemical data or any additional exploration information has been reported in this release,
as they are not deemed relevant to the release.

Further work

 

•  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.


Depth extension drilling is planned to test the down-dip potential of the Tabakoroni ore body at depth, and beneath the current limit of drilling.

 

 



Section 3 Estimation and Reporting of Mineral Resources

 

CRITERIA

 

JORC CODE EXPLANATION

 

COMMENTARY

Database integrity

 

•  Measures taken to ensure that data has not been corrupted
by, for example, transcription or keying errors, between its initial collection and its use for Mineral Resource estimation purposes.

•  Data validation procedures used.


Data has been compiled into a relational SQL database; the setup of this database precludes the loading of data which do not meet the required validation protocols. The data is managed using DataShed© drill hole management software using SQL database techniques. Validation checks are conducted using SQL and DataShed© relational database standards. Data has also been checked against original hard copies for 100% of the data, and where possible, loaded from original data sources.

Resolute completed the following basic validation checks on the data supplied prior to resource estimation:

•  Drill holes with overlapping sample intervals.

•  Sample intervals with no assay data or duplicate records.

•  Assay grade ranges.

•  Collar coordinate ranges.

•  Valid hole orientation data.

There are no significant issues identified with the data.

Site visits

 

•  Comment on any site visits undertaken by the Competent Person and the outcome of those visits.

•  If no site visits have been undertaken indicate why this is
the case.


Mrs Susan Havlin, an employee of Snowden Optiro Pty Ltd and a
Member of the Australasian Institute of Mining and Metallurgy is the Competent Person who has visited this site in February and October 2019.

All aspects of drilling, sampling and mining are considered by the Competent Persons to be of a high industry standard.

Geological
interpretation

 

•  Confidence in (or conversely, the uncertainty of) the geological interpretation of the mineral deposit.

•  Nature of the data used and of any assumptions made.

•  The effect, if any, of alternative interpretations on Mineral Resource estimation.

•  The use of geology in guiding and controlling Mineral Resource estimation.

•  The factors affecting continuity both of grade and geology.


The digital database used for the interpretation included logged intervals for the key stratigraphic zones of Tabakoroni. Detailed geological logs were available in hardcopy and digital and reviewed where necessary.

There is a high level of confidence for the interpretation of the Tabakoroni Main Shear Zone (TMSZ) due to the close-spaced grade control drilling at surface and the confirmation of the position in the current oxide pits. Since an independent structural model was created there is high level of confidence in the geological interpretation of the minor lodes adjacent to the TMSZ.

Wireframes used to constrain the estimation are based on drill hole intercepts and geological boundaries. All wireframes at Tabakoroni have been constructed to a 1g/t Au cut-off grade for shape consistency.

The mineralisation in the TMSZ is generally quite consistent and drill intercepts clearly define the shape of the mineralised zones with limited options for large scale alternate interpretations.

Dimensions

 

•  The extent and variability of the Mineral Resource expressed
 as length (along strike or otherwise), plan width, and depth below surface to the upper and lower limits of the Mineral Resource.


The mineral resource at Tabakoroni comprises four individual domains. The main zone is the TMSZ, which extends for approximately 1,800 metres along strike; the sub-vertical dipping gold mineralised zone width varies between 1.5 and 15 metres, with an average thickness of 5 metres. The Mineral Resource is limited in depth by drilling, which extends from surface to a maximum depth of approximately 450 metres vertically.





There is a zone parallel to the TMSZ which is generally at depth and not as consistent; this is dominantly in the central part of the deposit. The northeast (NE) domain is a zone which is striking at 20° and is sub vertical in the north of the deposit. The southern lode is shallow westerly-dipping lodes in the southern and central portion of the deposit. The whole of the Tabakoroni deposit, including domains additional to the TMSZ, extends for 450 metres in the horizontal plane.

Estimation and modelling techniques

 

•  The nature and appropriateness of the estimation technique(s) applied and key assumptions, including treatment of extreme grade values, domaining, interpolation parameters and maximum distance of extrapolation from data points. If a computer assisted estimation method was chosen include a description of computer software and parameters used.

•  The availability of check estimates, previous estimates and/or mine production records and whether the Mineral Resource estimate takes appropriate account of such data.

•  The assumptions made regarding recovery of by- products.

•  Estimation of deleterious elements or other non-grade variables of economic significance (e.g. sulphur for acid mine drainage characterization).

•  In the case of block model interpolation, the block size in relation to the average sample spacing and the search employed.

•  In the case of block model interpolation, the block size in relation to the average sample spacing and the search employed.

•  Any assumptions behind modelling of selective mining units.

•  Any assumptions about correlation between variables.

•  Description of how the geological interpretation was used to control the resource estimates.

•  Discussion of basis for using or not using grade cutting or capping.

•  The process of validation, the checking process used, the comparison of model data to drill hole data, and use of reconciliation data if available.

 


 Estimation was completed in Datamine Studio RM using an Ordinary Kriged model to estimate the gold grade.  Grades were estimated into parent block of 5 mE by 10 mN by 5 mRL with sub- celling down to 1mE by 2 mN by 1 mRL was employed for resolution of the mineralisation boundaries as defined by wireframes.  The drill spacing at Tabakoroni varies from 12.5 by 12.5 metres for grade control to between 25 and 50 metres for the exploration holes.

Drillhole sample data was flagged using domain codes generated from three-dimensional mineralisation domains. The grade control samples and exploration samples were composited to 1 metre intervals.

Variogram orientations were largely controlled by the strike of the mineralisation and downhole variography.  Variograms for estimation purposes were determined for each domain.

Kriging neighbourhood analysis was performed to optimise the block size, sample numbers and discretisation levels with the goal of minimising conditional bias in the gold grade estimates.

Mineralisation domains were treated as hard boundaries in the estimation process while oxidation surfaces were treated as soft boundaries for gold, sulphide sulphur and organic carbon.  A hard boundary was utilised in the estimation of arsenic between fresh material and transitional material following a boundary analysis review.

Three search passes were used, with the first search pass set to the range of the variogram for each element.  A minimum of 8 and a maximum of 30 samples were used.  The search stayed the same for the second pass but was increased by a factor of 2 for the third and final pass. The minimum number of samples was reduced to 6 for the second pass and 4 for the third pass.

No deleterious elements were found in the ore.

No selective mining units have been assumed.

Top cuts were applied to reduce the variability of the data and to remove the outliers.

The estimated block model grades were visually validated against the input drillhole data and comparisons were carried out against the drillhole data and by northing and elevation slices.  Global comparison between the input data and the block grades for each variable is considered acceptable (±10%).

Comparison with the mine production to date was carried out and was within an acceptable limit.

Moisture

 

•  Whether the tonnages are estimated on a dry basis or with natural moisture, and the method of determination of the moisture content.


All tonnages have been estimated on a dry basis.

Cut-off parameters

 

•  The basis of the adopted cut-off grade(s) or quality parameters applied.


Mineral Resources for open pit extraction have been reported at a 1 g/t Au grade cut-off and above a US$2000/oz optimised shell.




The Mineral Resources for underground mining are undiluted and the mineralised blocks (within the mineralisation wireframes) have been reported within MSO wireframes created at US$2,000/oz which is equivalent to 1.75 g/t Au cut-off grade.

Mining factors
or assumptions

 

· Assumptions made regarding possible mining methods, minimum mining dimensions and internal (or, if applicable, external) mining dilution. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential mining methods, but the assumptions made regarding mining methods and parameters when estimating Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanation of the basis of the mining assumptions made.


A Pre-Feasibility study determined the mining method would be by long hole open stoping. No Mineral Resource margin (external) dilution has been modelled. A minimum stope dip of
30 degrees on the footwall was applied. More rigorous mining assumptions and parameters will be applied during the conversion to Ore Reserves.

 

 

Metallurgical factors or assumptions

 

•  The basis for assumptions or predictions regarding metallurgical amenability. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential metallurgical methods, but the assumptions regarding metallurgical treatment processes and parameters made when reporting Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanation of the basis of the metallurgical assumptions made.


No metallurgical factors or assumptions have been made during the resource estimation process as these will be addressed during the conversion to Ore Reserves.

Environmental factors
or assumptions

 

· Assumptions made regarding possible waste and process residue disposal options. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider the potential environmental impacts of the mining and processing operation. While at this stage the determination of potential environmental impacts, particularly for a green fields project, may not always be well advanced, the status of early consideration of these potential environmental impacts should be reported. Where these aspects have not been considered this should be reported with an explanation of the environmental assumptions made.


It is a requirement of Decree No.03-594/P-RM of 31 December 2003 of Malian law that an Environmental and Social Impact Study (Étude d'Impact Environmental et Social - EIES) must be undertaken to update the potential environmental and social impacts of the mine's redevelopment. The EIES for the Syama Gold Mine (including Tabakoroni) was approved in November 2007 and an Environment Permit (07- 0054/MEA - SG) was issued by the Ministry of Environment and Sanitation on 22 November 2007. The Ministry of Environment conducts timely reviews of the Syama Gold Mine to ensure that Company maintains compliance with the EIES guidelines.

At Syama and Tabakoroni, 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. All waste disposal practices are in accordance with the guidelines in the EIES.

The Environmental and Social Impact Study - "Société des Mines de Syama, Syama Gold Mine, Mali", dated 2007 indicated there was minimal potential for acid mine drainage from waste rock due to the elevated carbonate content which buffers a potential acid generation. Resolute maintains a plan for progressive rehabilitation of waste rock landforms as part of ongoing mine development and waste rock dumping.

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 tailings 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 to meet the air quality criteria set out in the Environmental and Social Impact Study.

Bulk density

 

· Whether assumed or determined. If assumed, the basis for the assumptions. If determined, the method used, whether wet or dry, the frequency of the measurements, the nature, size and representativeness of the samples.

· The bulk density for bulk material must have been measured by methods that adequately account for void spaces (vugs, porosity, etc), moisture and differences between rock and alteration zones within the deposit.

· Discuss assumptions for bulk density estimates used in the evaluation process of the different materials.


Site personnel have completed numerous bulk density comparative estimates on HQ drill core to assess variability using the Archimedes method of dry weight versus weight in water. This method was used for 76% of the bulk density measurements. The other 34% is by unknown method.

On the basis of the data collected the following SG estimates were applied to the model by weathering type:

·      Oxide          2.12 t/m3

·      Transitional 2.38 t/m3

·      Fresh          2.72 t/m3

 

Classification

 

•  The basis for the classification of the Mineral Resources into varying confidence categories.

•  Whether appropriate account has been taken of all relevant factors (i.e. relative confidence in tonnage/grade estimations, reliability of input data, confidence in continuity of geology and metal values, quality, quantity and distribution of the data).

•  Whether the result appropriately reflects the Competent Person's view of the deposit.


The Measured Mineral Resource classification is based on good confidence in the geology and gold grade continuity with 12.5 m x 12.5 m spaced drillhole density in the central part of the deposit.

The Indicated Mineral Resource classification is based on good confidence in the geology and gold grade continuity with less than 50 m x 50 m spaced drillhole density in the central part of the deposit.

The Inferred Mineral Resource classification is applied to extensions of mineralised zones on the margins of the deposit where drill spacing is more than 50 m x 50 m and the extents of mineralisation at depth.

The validation of the block model has confirmed satisfactory correlation of the input data to the estimated grades and reproduction of data trends.

The Mineral Resource estimate appropriately reflects the view of the Competent Persons.

Audits or reviews

 

•  The results of any audits or reviews of Mineral Resource estimates.


 The Mineral Resource has been audited internally and in conjunction with resource consultants at Snowden Optiro Pty Ltd as part of the routine validation process. There has been an external review of the Mineral Resource estimation completed by Cube Consulting Pty Ltd in February 2022.

Discussion of relative
accuracy/ confidence

 

•  Where appropriate a statement of the relative accuracy and confidence level in the Mineral Resource estimate using an approach or procedure deemed appropriate by the Competent Person. For example, the application of statistical or geostatistical procedures to quantify the relative accuracy of the 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.


The relative accuracy of the Mineral Resource estimate is reflected in the reporting of Measured, Indicated and Inferred resource categories as defined by 2012 JORC Code guidelines.

The estimate is considered to be relevant to an annual level of reporting of tonnage and grade.

The estimation was compared with the production history at Tabakoroni and it is within 15%, which is within the limits for the relevant classifications.

 

 

 

 

Section 4 Estimation and Reporting of Ore Reserves

 

CRITERIA

 

JORC CODE EXPLANATION

 

COMMENTARY

Mineral Resource estimate for conversion to
Ore Reserves

 

•  Description of the Mineral Resource estimate used as
a basis for the conversion to an Ore Reserve.

•  Clear statement as to whether the Mineral Resources are reported additional to, or inclusive of, the
Ore Reserve.


The Ore Reserves are based on the Mineral Resource estimate detailed in the ASX release dated December 2021, prepared by Optiro Pty Ltd.  The resource was reported above a 1.75 g/t gold grade cut-off, based on an equivalent gold price of US$2,000/oz and an underground mining method utilising long hole stoping mining methods with paste fill.   Material below this cut-off is not included in the Mineral Resource. 

Ore Reserves are the material reported as a sub-set of the resource, that which can be extracted from the mine and processed with an economically acceptable outcome.  The resource is depleted for open pit material already mined and future cut back planned for Taba North.

Mineral Resources are reported inclusive of Ore Reserves.

 

Site visits

 

•  Comment on any site visits undertaken by the Competent Person and the outcome of those visits.

•  If no site visits have been undertaken indicate why this
is the case.


The Competent Person, Mr Gito Patani, is a full-time employee of Resolute Mining Ltd and a Member of the Australasian Institute of Mining and Metallurgy. Regular site visit to the project area was conducted during the year 2023 and weekly contact with site teams was maintained throughout the period. These site visits help to validate technical and operating assumptions used in the preparation of this ore reserves

The site visit reviewed the project site and proposed portal location in the mined out Namakan Pit western wall, a review of current operations at both Syama and Tabakoroni, existing open pit infrastructure available for immediate underground use, a review of selected drill core and various meetings were held with site personnel and key stakeholders to the study. A pit wall failure exist in the eastern wall of the Namakan pit.  This failure was monitored since the occurrence through the last couple of  wet season and have stabilised at its natural angle of repose and does not pose further material risk to the proposed underground portal location.

 

 

Study status

 

•  The type and level of study undertaken to enable Mineral Resources to be converted to Ore Reserves.

•  The Code requires that a study to at least Pre-Feasibility Study level has been undertaken to convert Mineral Resources to Ore Reserves. Such studies will have been carried out and will have determined a mine plan that is technically achievable and economically viable, and that material Modifying Factors have been considered.


A Pre-Feasibility Study was completed on Tabakoroni Underground in late 2020.

Tabakoroni open pit has been in continuous mining operation since August 2018.  During this time the performance of the open pit has shown a positive reconciliation between mineral resources and gold production and delivered positive cashflows. Data from the current open pit operations which also applies to the intended underground operation, such as existing infrastructure and ore haulage cost, were used as part of the underground study. The open pit reconciliation data was not considered as it relates to oxide ore only and the underground will focus on fresh ore only.

No underground operations have been undertaken at Tabakoroni yet.  However, underground operations and processing of similar underground material have been undertaken for several years at the nearby Syama Mine where the Tabakoroni Underground ore will also be processed under the current toll treatment agreement, providing actual data to further support the Tabakoroni study assumptions.

Primary contributors to the study were:

·      Optiro Pty Ltd - Mineral Resources

·      Solid Geology Pty Ltd - Structural Model

·      AMC Consultants - mining geotechnical study and portal review

·      Piteau - dewatering

·      Digby Wells - environmental and social impact assessment

·      Outotec - backfill, concentrate roasting, floatation plant

·      Osprey - security assessment

·      Practara - economic evaluation

·      ALS - metallurgical variability testing

·        Resolute Mining Ltd - mine design and scheduling, processing and overall study management

 

Cut-off
parameters

 

•  The basis of the cut-off grade(s) or quality
parameters applied.


A marginal cut-off grade (COG) of 2.5 g/t gold has been applied for Tabakoroni Underground.  This is based on long hole open stoping with paste fill at a gold price of U$1,650/oz, metallurgical recovery of 78%, and includes royalties of 6%.

Individual underground zones and levels were further tested to confirm each area achieves the required financial returns to offset the capital investment required to access that zone or level. Sub-economical areas were removed from the reserves.

 

Mining factors or assumptions

 

·  The method and assumptions used as reported in the Pre-Feasibility or Feasibility Study to convert the Mineral Resource to an Ore Reserve (i.e. either by application of appropriate factors by optimization or by preliminary or detailed design).

·  The choice, nature and appropriateness
of the selected mining method(s) and other mining parameters including associated design issues such as pre-strip, access, etc.

·  The assumptions made regarding geotechnical parameters (e.g. pit slopes, stope sizes, etc.), grade control and pre-production drilling.

·  The major assumptions made and Mineral Resource model used for pit and stope optimization (if appropriate).

·  The mining dilution factors used.

·  The mining recovery factors used.

·  Any minimum mining widths used.

·  The manner in which Inferred Mineral Resources are utilized in mining studies and the sensitivity of the outcome to their inclusion.

· The infrastructure requirements of the selected mining methods.


The Tabakoroni mineralisation is mostly steeply dipping, between 80 to 90°, with an average width of 4m to 15m. Some mineralisation is located parallel to, and adjacent to the main Tabakoroni mineralisation.  These shallower dipping zones are located predominantly in a competent basalt zone, ranging in dip between 40° and 80°, with an average width of 2m to 10m.

Long hole open stoping is considered the most suitable mining method to extract the underground deposit.  Long term support will be providing by backfilling the stopes with cemented paste in the main mineralised zone, create by adding binder to a large supply of highly weathered oxide waste already available on site from the previous open pit mines. Shallower dipping zones in the competent basalt zones will also use open stoping with pillars, where appropriate.

Longitudinal sub-level caving and open stoping with rock fill were also reviewed but not considered appropriate methods.  The mineralisation is too long and narrow to use sub-level caving and it would result in caving breaking through into the current open pit, increasing inrush risk for the underground.  Paste fill was selected over waste fill as it provides a better cashflow with a top-down mining method, provides improved stability and in general there is a lack of suitable fresh rock to use as backfill material. It also improves the extraction of parallel mineralised zones which was not possible with open stopes and loose rock fill.

The reported Ore Reserve estimates for Tabakoroni are based on Deswik.SO (Mineable Shape Optimiser / MSO) results, followed by detailed mine design in Deswik.CAD and activity-based task and resource scheduling in Deswik.Sched.  Economic modelling was performed in consultation with an external financial consultant experienced in Malian mining economic modelling.

Stope dilution is considered separately for hangingwall and footwall conditions as part of the MSO optimisation.  Equivalent Linear Overbreak Slough (ELOS) is applied based on geotechnical domaining, resulting in 0.5 m dilution in competent (basalt) ground to 2.0 m in poor, highly structured zones.  The average dilution considered is 0.5 to 1.0 m, applied individually to both hangingwall and footwall conditions. A global mine recovery of 90% was applied.

Minimum Mining Width used was 3.0 m, but average stoping widths range between 4.5 m and 10.0 m. Level spacings are selected at 20 m vertical, floor to floor.  Stope lengths of 10 m to 50 m are recommended based on the geotechnical modelling and chosen level spacing.  The study conservatively limited stope lengths to 20 m, which will be further optimised during actual operations. For the shallower dipping stopes a minimum footwall dip of 40° was selected to ensure blasted material can be moved effectively to the drawpoint for loading during production.

Costs are based on existing contract mining rates from the nearby Syama Operation with a contract proposal provided for the study to account for potential changes expected at Tabakoroni, contract haulage rates to the Syama process plant from the current Tabakoroni open pit operation, processing costs are based on the current Syama process plant and site costs which are understood with a high degree of accuracy from current operations.

Equipment for the underground were selected considering the selected mining method, planned production rate, existing experience and equipment in operation at Syama Underground. Loading will be done by 21 tonne loaders from the development headings and stopes and hauled by 63 t trucks to surface via a decline. From surface stockpiles ore will be hauled to the process plant at Syama using the current open pit truck haulage fleet and waste will dumped directly onto the existing open pit waste dumps.

The mine plan includes an insignificant amount of Inferred Resources, which is not material to the outcome of the Ore Reserves. Inferred Resources were considered when positioning life of mine infrastructure but does not materially influence the outcome of the current reserves.

Existing open pit infrastructure and a dedicated haul road to Syama is available for immediate use by the underground operation.  The only additional infrastructure consists of:

·      a power shed to house diesel generators for power generation.  Existing diesel generators will be relocated from the current Syama operation as part of their power upgrades and the power shed is just for weather protection.

·      paste plant for paste fill generation

·      explosives magazine (open pit operations did minimal blasting and did not establish an explosive magazine)

·      underground primary ventilation fans

·      upgraded security control facilities

·      minor fit-out to the existing open pit offices and workshops to comply with underground requirements (change house, lamp room, etc)

·  float circuit modifications to allow the existing Syama Oxide plant to process sulphide ore

 

Metallurgical factors
or assumptions

 

•  The metallurgical process proposed and the appropriateness of that process to the style of mineralization.

•  Whether the metallurgical process is well-tested technology or novel in nature.

•  The nature, amount and representativeness of metallurgical test work undertaken, the nature of the metallurgical domaining applied and the corresponding metallurgical recovery factors applied.

•  Any assumptions or allowances made for deleterious elements.

•  The existence of any bulk sample or pilot scale test work and the degree to which such samples are considered representative of the ore body as a whole.

•  For minerals that are defined by a specification, has the ore reserve estimation been based on the appropriate mineralogy to meet the specifications?


Metallurgical test work was conducted on multiple samples, representative of the spatial and mineralogical distribution of the deposit.  The tests indicated that, similarly to the Syama ore, the Tabakoroni ore can be double refractory in nature due to locking of gold within the sulphides and organic carbon.  Processing of the ore will be similar to that of the Syama sulphide circuit which has been in operation for several years and is well understood, consisting of the following stages:

·      Crushing and grinding utilising the existing oxide process plant infrastructure

·      Gravity gold recovery utilising the existing oxide gravity circuit

·      Flotation to produce a sulphide rich concentrate through a new flotation circuit, prior to blending with the current Syama concentrate circuit for further:

·      Concentrate thickening

·      Roasting, followed by calcine quench and wash

·      Carbon-in-leach (CIL)

·      Tailings disposal

The oxide crushing and grinding circuit has an oxide capacity of 1.6 Mtpa, with a modelled sulphide throughput capacity of up to 1.0 Mtpa.  The Syama roaster, CIL circuit and tailings storage facility has enough capacity to process the additional concentrate.

A number of metallurgical test work programmes have been conducted  on a range of Tabakoroni ore samples to date.  The most recent variability test programme, conducted as part of the PFS, focussed on optimising the flowsheet to then assess the metallurgical performance of the various mineralised domains to be encountered. A total gold recovery of 78% has been assumed based on test results to date.  This is in line with similar ore being processed at Syama.

 

Environmental

 

•  The status of studies of potential environmental impacts of the mining and processing operation. Details of waste rock characterization and the consideration of potential sites, status of design options considered and, where applicable, the status of approvals for process residue storage and waste dumps should be reported.


The Tabakoroni mining area and haul road to Syama are covered under current environmental approval and permitting.

An active waste rock characterisation program has been put in place for Tabakoroni open pit operation.  Underground waste will be co-disposed underground with paste fill where possible, with the remainder being stored on the current open pit waste dump under the current waste rock management protocols to prevent potentially acid forming waste rock from contaminating water sources. The current waste dump has much more space than is required by the underground operation.

Ore Reserves from Tabakoroni will be processed at Syama and tailings storage will be in pit tailings area approved in the current ESIA.  Routine progress on the monitoring is reported to government and at stakeholder meetings in concert with routine inspections by government representatives.

Arsenic is naturally occurring in the Tabakoroni mineralisation.  A groundwater characterisation programme was conducted as part of the ESIA submission and did not identify any adverse impacts on water being discharged to the environment.

 

Infrastructure

 

·  The existence of appropriate infrastructure: availability of land for plant development, power, water, transportation (particularly for bulk commodities), labour, accommodation; or the ease with which the infrastructure can be provided, or accessed.


All required mining infrastructure is already in place at the Tabakoroni open pit mine and processing and camp facilities at Syama Mine, except for the additions required specifically for the Tabakoroni underground, consisting of:

·      a power shed to house diesel generators for power generation.  Existing diesel generators will be relocated from the current Syama operation as part of their power upgrades.

·      paste plant for paste fill generation

·      explosives magazine

·      upgraded security control facilities

·      minor fit-out to the existing open pit offices and workshops to comply with underground requirements, such as change rooms and lamp rooms

·      float circuit modifications to allow the existing Syama Oxide plant to process Tabakoroni sulphide ore

Tabakoroni is linked to the Syama Mine through a purpose built 35 km haul road.  The Syama Mine is located near the two major towns of Kadiola and Sikasso.  Kadiola, 55km southeast, is the regional capital while Sikasso, approximately 85 km to the northeast, is the second largest city in Mali and located close to the border with Burkina Faso.

Access is via formed gravel road off the sealed Sikasso to Côte d'Ivoire highway through Kadiola, and then from Fourou to site.  Most consumables and supplies use this route as it can be approached either from Côte d'Ivoire through the border post at Zegoua or alternatively from Burkina Faso and Togo through Sikasso.  The road north through Bananso to Farakala, on the main highway from Bamako to Sikasso, provides an alternate and shorter route to Bamako.  This road is generally impassable during the wet season when the low level "bridge" at Bananso is covered with water.

The 70km section of road from Kadiola to the site was upgraded for the Syama Mine.  In addition to the current open pit infrastructure left behind by open pit operations at Tabakoroni, the Syama Mine provides access to administration buildings, plant site buildings and accommodation for housing expatriate and senior national staff.

Tabakoroni site is serviced through a local telecommunications provider Orange.  Provision is made in the study to allow have a dedicated link to Syama Mine, from where two Internet and mobile telecommunications providers (Sotelma & Orange) are available, in addition to a point to point satellite connection to Perth.

 

Costs

 

· The derivation of, or assumptions made, regarding projected capital costs in the study.

· The methodology used to estimate operating costs.

· Allowances made for the content of deleterious elements.

· The derivation of assumptions made of metal or commodity price(s), for the principal minerals and co- products.

· The source of exchange rates used in the study.

· Derivation of transportation charges.

· The basis for forecasting or source of treatment and refining charges, penalties for failure to meet specification, etc.

· The allowances made for royalties payable, both Government and private.


Cost estimates are based mostly on existing operations at Syama and Tabakoroni, with modifications where identified in the study. Current operations, and existing costs were used for:

·      ore haulage to Syama for processing under the current open pit haulage contract

·      owner-operated processing, general and administration costs are shared between the oxide plant and the sulphide plant at Syama, which processes the current Syama UG orebody. These costs are well understood, and minor changes were included based on Tabakoroni specific metallurgical variability test work results

·      power generation cost utilising the current Syama diesel generators

·      development and production rates are based on the current Syama mining contract schedule of rates, with updated quotes provided by the contractor as required for mining method changes expected at Tabakaroni

·      ground support consumables, fuel, explosives, bulk cement based on current Syama mining contract

·      mine closure costs (existing open pit component)

·      PFS level cost estimates were calculated for:

·      paste fill cost - based on locally supplied bulk cement prices and an independent paste fill study to determine consumption rate

·      environmental and mine closure costs specific to underground

The oxide plant produces gold doré (without problematic deleterious elements) that is subsequently refined offsite. Refining costs are allowed for as per current Syama Mine, but are not material.

Ad valorem Government royalties of 6% are payable on gold production.

 

Revenue factors

 

•  The derivation of, or assumptions made regarding revenue factors including head grade, metal or commodity price(s) exchange rates, transportation and treatment charges, penalties, net smelter returns, etc.

•  The derivation of assumptions made of metal or commodity price(s), for the principal metals, minerals and co-products.


A gold price of US$1,650/oz formed the basis of the Ore Reserves. Gold price used for planning purposes is from consensus forecasts provided by external corporate advisers.

No penalties are incurred, nor is any revenue received from co-products.

 

Market assessment

 

•  The demand, supply and stock situation for the particular commodity, consumption trends and factors likely to affect supply and demand into the future.

•  A customer and competitor analysis along with the identification of likely market windows for the product.

•  Price and volume forecasts and the basis for these forecasts.

•  For industrial minerals the customer specification, testing and acceptance requirements prior to a supply contract.


The market for gold is robust with prevailing gold price being well above US$1,650/oz.

Supply and demand are not considered material to the Ore Reserve calculations.

 

Economic

 

•  The inputs to the economic analysis to produce the net present value (NPV) in the study, the source and confidence of these economic inputs including estimated inflation, discount rate, etc.

•  NPV ranges and sensitivity to variations in the significant assumptions and inputs.


The financial evaluation undertaken as part of the evaluation indicated a positive net present value (NPV) at a 7% annual discount rate. The following major economic inputs were used:

·      Costs as previous described

·      Gold price of US$1650/oz

·      Royalties of 6%

·      Effective tax rate of 25% (Corporate tax rate of 30% with 5% discount provided by the Malian government to Tabakoroni)

·      Discount rate of 7% per annum for real, post-tax cash flows.

 

Social

 

•  The status of agreements with key stakeholders and matters leading to social license to operate.


Tabakoroni falls under the SOMIFI exploitation permit and is managed by SOMISY under Management and Toll Treatment agreements lodged with the Government of Mali.

It is the intention to encourage economic development within the local community.  During the operation of Tabakoroni open pit focus has been on improving farming and health care plus providing access to water; this will continue to remain a focus.

The Syama Mine Community Consultative Committee, which includes representation from Tabakoroni and the villages adjacent to the Syama Satellites, was established in February 2001 with representatives from local villages, the Malian Government and SOMISY.  Since April 2004 the Committee has met regularly as a communication forum and to address community issues and assist with community project proposals; it continues to meet on the first or second Tuesday of each month. Initial consultation as part of the underground updates to the ESIA indicated no major concerns with the underground operation.

 

Other

 

•  To the extent relevant, the impact of the following on the project and/or on the estimation and classification of the Ore Reserves:

•  Any identified material naturally occurring risks.

•  The status of material legal agreements and marketing arrangements.

•  The status of governmental agreements and approvals critical to the viability of the project, such as mineral tenement status, and government and statutory approvals. There must be reasonable grounds to expect that all necessary Government approvals will be received within the timeframes anticipated in the Pre-Feasibility or Feasibility study. Highlight and discuss the materiality of any unresolved matter that is dependent on a third party on which extraction of the reserve is contingent.


All current government agreements and approvals are in good standing and no anticipated changes are expected. Political instability is a potential risk in Mali, but the owner has many years operating experience in this environment through the current Syama and Tabakoroni operations. The current Malian government is supportive of mining operations and the current Syama and Tabakoroni operations are in good standing with the authorities.  There are no current unresolved matters affecting this project.

 

 

Classification

 

•  The basis for the classification of the Ore Reserves into varying confidence categories.

•  Whether the result appropriately reflects the Competent Person's view of the deposit.

•  The proportion of Probable Ore Reserves that have been derived from Measured Mineral Resources (if any).


Proved and Probable Ore Reserves were declared based on the Measured and Indicated Mineral Resources. 

The Ore Reserve estimate appropriately reflects the Competent Person's view of the deposit.

None of the Measured Mineral Resource was converted to Proven Ore Reserves.  The Measured Resource component is located below the previous open pit and forms part of the crown pillar to be extracted at the end of the underground mine life.  Due to the inherent risk of extracting the crown pillar at a much later stage in the mine's life, it is appropriate in the Competent Person's opinion to classify this material as Probable Ore Reserves and not Proved Ore Reserves.

 

Audits or reviews

 

•  The results of any audits or reviews of Ore Reserve estimates.


Major parts of the study were completed by external, independent contributors and were internally reviewed by each contributor prior to submission to Resolute.  These inputs were then further reviewed by Resolute Corporate and Site operational teams prior to inclusion in the PFS.  The combined PFS and Ore Reserves output was then internally reviewed, but no external review of the combine PFS and Ore Reserves has been conducted yet.

 

Discussion of relative
accuracy/ confidence

 

•  Where appropriate a statement of the relative accuracy and confidence level in the Ore Reserve estimate using an approach or procedure deemed appropriate by the Competent Person. For example, the application of statistical or geostatistical procedures to quantify the relative accuracy of the reserve within stated confidence limits, or, if such an approach is not deemed appropriate, a qualitative discussion of the factors which 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.

•  Accuracy and confidence discussions should extend to specific discussions of any applied Modifying Factors that may have a material impact on Ore Reserve viability, or for which there are remaining areas of uncertainty at the current study stage.

•  It is recognized that this may not be possible or appropriate in all circumstances. These statements of relative accuracy and confidence of the estimate should be compared with production data, where available.


The relative accuracy and confidence of the Ore Reserve estimate is inherent in the Ore Reserve Classification.

The mine design and schedule were prepared to a PFS level of accuracy. Conservative mining modifying factors were used to account for potential variations in ground and geotechnical conditions. 

The open pit operations had a slight positive reconciliation, but this was not considered material to the underground project as the open pit operations only focused on oxide material, and the underground will be focusing on fresh, sulphide ore.  Reconciliation procedures will be implemented as part of the underground operation and will be considered in future Ore Reserve updates.

Costs are at PFS level of confidence or better due to existing capital infrastructure and open pit operations at Tabakoroni, and existing underground operations and processing at Syama, which will be re-used for the Tabakoroni underground project.

Metallurgical results are in line with Syama parameters for similar ore, and are consistent between various test programmes, providing confidence in the assumptions used for the study.

 

 



 

Tabakoroni Satellite Deposits - Porphyry Zone (Splay)

Section 1 Sampling Techniques and Data

CRITERIA

JORC CODE EXPLANATION

COMMENTARY

Sampling
techniques

 

•  Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling.

•  Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.

•  Aspects of the determination of mineralisation that are Material to the Public Report.

•  In cases where 'industry standard' work has been done this would be relatively simple (e.g. 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.


The samples were collected from reverse circulation (RC) and diamond core drill holes.

RC samples were collected on 1m intervals by riffle split (dry) or by scoop (wet), to obtain a 1-3kg sample which was sent to the laboratory for crushing, splitting and pulverising to provide a 30g charge for analysis.

Diamond core was sampled at 1m intervals and cut in half, to provide a 2-4kg sample, which was sent to the laboratory for crushing, splitting and pulverising to provide a 30g charge for analysis.

Sampling and sample preparation protocols are industry standard and are deemed appropriate by the Competent Person.

Drilling techniques

 

•  Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc.).


Drill types used include diamond core of PQ and HQ sizes and RC.

Core is oriented at 3m down hole intervals using a Reflex Act II RD Orientation Tool

Drill sample recovery

 

•  Method of recording and assessing core and chip sample recoveries and results assessed.

•  Measures taken to maximise sample recovery and ensure representative nature of the samples.

•  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.


Drill core interval recoveries are measured from core block to core block using a tape measure.

Appropriate measures are taken to maximise sample recovery and ensure the representative nature of the samples.

No apparent relationship is noted between sample recovery and grade.

Logging

 

•  Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.

•  Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography.

•  The total length and percentage of the relevant intersections logged.


Drill holes were geologically logged by geologists for colour, grainsize, lithology, minerals, alteration and weathering on geologically-domained intervals.

Geotechnical and structure orientation data was measured and logged for all diamond core intervals.

Diamond core was photographed (wet and dry).

Holes were logged in their entirety (100%) and this logging was considered reliable and appropriate.

Sub-sampling techniques
and sample preparation

 

•  If core, whether cut or sawn and whether quarter, half or all core taken.

•  If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry.

•  For all sample types, the nature, quality and appropriateness of the sample preparation technique.

•  Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.

•  Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling.

•  Whether sample sizes are appropriate to the grain size of the material being sampled.


Diamond core was sampled at 1m intervals and cut in half to obtain a 2-4kg sample.

Reverse circulation samples were collected on 1m intervals by riffle split (dry) or by scoop (wet) to obtain a 1-3kg sample.

Sample preparation for diamond core and RC samples includes oven drying, crushing to 10mm, splitting and pulverising to 85% passing -75µm. These preparation techniques are deemed to be appropriate to the material being sampled.

Drill core coarse duplicates were split by the laboratory after crushing at a rate of 1:20 samples. Reverse circulation 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.  The methods applied in this process were deemed appropriate by the Competent Person.

Quality of assay data and
laboratory tests

 

•  The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.

•  For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.

•  Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.


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), diamond core coarse duplicates (1:20) and reverse circulation 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
and assaying

 

•  The verification of significant intersections by either independent or alternative company personnel.

•  The use of twinned holes.

•  Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.

•  Discuss any adjustment to assay data.


Verification of significant intersections have been completed by company personnel and the Competent Person.

No drill holes within the resource area were twinned.

Drill holes were logged into digital templates with lookup codes, validated and then compiled 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

 

•  Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.

•  Specification of the grid system used.

•  Quality and adequacy of topographic control.


Collar coordinates were picked up in UTM (WGS84) by staff surveyors using an RTK DGPS with an expected accuracy of
±0.05m; elevations were height above EGM96 geoid.

Down hole surveys were collected at intervals between 5m and 30m using either a Reflex EZ-Gyro north seeking instrument or a Reflex EZ-Trac magnetic instrument in single shot or multi shot mode. A time-dependent declination was applied to the magnetic readings to determine UTM azimuth.

Coordinates and azimuths are reported in UTM WGS84 Zone 29 North.

Coordinates were translated to local mine grid using 1 point and rotation.

Local topographic control is via LIDAR surveys, satellite photography and drone UAV aerial survey.

Data spacing and distribution

 

•  Data spacing for reporting of Exploration Results.

•  Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.

•  Whether sample compositing has been applied.


Drill hole spacing was sufficient to demonstrate geological and grade continuity appropriate for a Mineral Resource and the classifications applied under the 2012 JORC Code.

The appropriateness of the drill spacing was reviewed by the geological technical team, both on site and head office. This was also reviewed by the Competent Person.

Samples were collected on 1m intervals; no sample compositing is applied during sampling

Orientation of data in relation to geological structure

 

•  Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.

•  If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.


Holes were drilled predominantly perpendicular to mineralised domains where possible.

No orientation-based sampling bias has been identified in
the data.

 

Sample security

 

•  The measures taken to ensure sample security.


Samples were collected 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

 

•  The results of any audits or reviews of sampling techniques
and data.


External audits of procedures indicate protocols are within industry standards.



Section 2 Reporting of Exploration Results

CRITERIA

JORC CODE EXPLANATION

COMMENTARY


Mineral tenement and land tenure status

 

•  Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.

•  The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.


Porphyry Zone drilling was completed within the Finkolo-Tabakoroni Exploitation Licence PE 13/19. Resolute Mining Limited has an 85% interest in Exploitation Permit PE 13/19, through its Malian subsidiary, Sociêtê des Mines de Finkolo SA (SOMIFI). The Malian Government holds a free carried 10% interest in SOMIFI and a free carried 5% interest is held privately.

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 done by other parties

 

•  Acknowledgment and appraisal of exploration by other parties.


Etruscan Resources Inc explored Tabakoroni during 2002-2003 by auger, aircore, RC and diamond drill hole tails. The Tabakoroni area was previously explored by BHP (1988-1990) and Barrick Gold (1990) by auger, pits, trenches, RAB and diamond core drilling..


Geology

 

•  Deposit type, geological setting and style of mineralisation.


The Tabakoroni Porphyry Zone is located on a NNE trending splay of the NNW oriented Main Tabakoroni Shear Zone.

Host rocks are comprised of interbedded greywacke and shale with small intrusions of quartz feldspar phyric dacite porphyry.  Ductile shearing affects all units and is particularly focussed within the shale units.

Mineralisation occurs as quartz-pyrite veins and sulphidic shears within shale units.  Visible gold is commonly seen in vein quartz.

The gold mineralisation at the 'Porphyry Zone" is somewhat erratic with more coherent zones striking NNE and dipping shallowly and steeply west.

Drill hole Information

 

•  A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:

easting and northing of the drill hole collar

elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar

dip and azimuth of the hole

down hole length and interception depth

Whole length.

•  If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.


No exploration results have been reported in this release.

All information, including easting, northing, elevation, dip, azimuth, coordinate system, drill hole length, intercept length and depth are measured and recorded in UTM Zone 29 WGS84.

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 Zone 29 WGS84 co-ordinate system.

Spectrum Survey & Mapping from Australia established survey control at Tabakoroni using AusPos online processing to obtain an accurate UTM Zone 29 (WGS84) and 'above geoid' RL for the origin of the survey control points.

Accuracy of the survey measurements is considered to meet acceptable industry standards.

Drill hole information has been tabulated for this release in the intercepts table of the accompanying text.

For completeness the following information about the drill holes is provided:

·      Easting, Northing and RL of the drill hole collars are measured and recorded in UTM Zone 29 (WGS84)

·      Dip is the inclination of the drill hole from horizontal. A drill hole drilled at -60° is 60° 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 aggregation methods

 

•  In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated.

•  Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.

•  The assumptions used for any reporting of metal equivalent values should be clearly stated.


No new exploration results have been reported in this release.

Exploration results are tabulated using the following parameters:

·      Grid coordinates are WGS84 Zone 29 North

·      Cut-off grade for reporting of intercepts is >=1g/t Au

·      No top cut of individual assays prior to length weighted compositing of the reported intercept has been applied

·      Maximum 3m consecutive internal dilution included within the intercept

Metal equivalent values are not used in reporting

Relationship between mineralisation widths and intercept lengths

 

•  These relationships are particularly important in the reporting of Exploration Results.

•  If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.

•  If it is not known and only the down hole lengths
are reported, there should be a clear statement to this effect (e.g. 'down hole length, true width not known').


The majority of the drill holes are planned at a general inclination of ‑60 degrees east and as close to perpendicular to the ore zone as possible. 

At the angle of the drill holes and the dip of the ore zones, the reported intercepts will be slightly more than true width.

 

Diagrams

 

•  Appropriate maps and sections (with scales) and 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.


No exploration results have been reported in this release.

Balanced reporting

 

•  Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.


Significant intercepts of new drill holes have not been reported in this release.

Other substantive exploration data

 

•  Other exploration data, if meaningful and material, should
be reported including (but not limited to): 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.


No geophysical and geochemical data or any additional exploration information has been reported in this release, as they are not deemed relevant to the release.

Further work

 

•  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.


Further drilling is planned.

 

 



Section 3 Estimation and Reporting of Mineral Resources

 

CRITERIA

 

JORC CODE EXPLANATION

 

COMMENTARY

Database integrity

 

•  Measures taken to ensure that data has not been corrupted
by, for example, transcription or keying errors, between its initial collection and its use for Mineral Resource estimation purposes.

•  Data validation procedures used.


 Data have been compiled into a relational SQL database; the setup of this database precludes the loading of data which do not meet the required validation protocols. The data is managed using DataShed© drill hole management software using SQL database techniques. Validation checks are conducted using SQL and DataShed© relational database standards.  Data has also been checked against original hard copies for 100% of the data, and where possible, loaded from original data sources.

Resolute completed the following basic validation checks on the data supplied prior to resource estimation:

·      Drill holes with overlapping sample intervals

·      Sample intervals with no assay data or duplicate records

·      Assay grade ranges

·      Collar coordinate ranges

·      Valid hole orientation data.

There are no significant issues identified with the data.

Site visits

 

•  Comment on any site visits undertaken by the Competent Person and the outcome of those visits.

•  If no site visits have been undertaken indicate why this is
the case.


 Mr Bruce Mowat, a full-time employee of Resolute Mining Ltd and a Member of the Australasian Institute of Mining and Metallurgy is the Competent Person who has visited this site multiple.

All aspects of drilling, sampling and mining are considered by the Competent Persons to be of a high industry standard.

Geological
interpretation

 

•  Confidence in (or conversely, the uncertainty of) the geological interpretation of the mineral deposit.

•  Nature of the data used and of any assumptions made.

•  The effect, if any, of alternative interpretations on Mineral Resource estimation.

•  The use of geology in guiding and controlling Mineral Resource estimation.

•  The factors affecting continuity both of grade and geology.


 The digital database used for the interpretation included logged intervals for the key stratigraphic zones of the Porphyry Zone. Detailed geological logs were available in hardcopy and digital and reviewed where necessary.

A wireframe was used to constrain the estimation is based on drill hole intercepts and geological boundaries. The wireframe has been constructed to a 0.5 g/t Au cut-off grade for shape consistency. Only one wireframe was constructed in the closely spaced drilled area and the remaining mineralisation was in the wider spaced drilling area and an alternate estimation method was used.

The confidence in the geological interpretation is a moderate level and is based on good quality drilling and ongoing drill hole logging. The main zone has been gc drilled and therefore is considered robust, the area outside the gc drilling has a lower confidence give the sparse drilling.  There could be alternative interpretations in this area which is reflected in the classification.

The logging in the geological database of lithology and weathering were considered during the mineralisation domain interpretations, and where available.

Dimensions

 

•  The extent and variability of the Mineral Resource expressed
 as length (along strike or otherwise), plan width, and depth below surface to the upper and lower limits of the Mineral Resource.


 The Porphyry Zone Mineral Resource area extends over a strike length of 700 metres (from 1,164,600 mN to 1,165,300 mN) and includes the 175 metre vertical interval from 345 mRL to 170 mRL.  The overall plan width of the mineralised lodes varies between a few metres to 20 metres in thickness and is 600 metres wide (from 810,265 mE to 810,865 mE).

Estimation and modelling techniques

 

•  The nature and appropriateness of the estimation technique(s) applied and key assumptions, including treatment of extreme grade values, domaining, interpolation parameters and maximum distance of extrapolation from data points. If a computer assisted estimation method was chosen include a description of computer software and parameters used.

•  The availability of check estimates, previous estimates and/or mine production records and whether the Mineral Resource estimate takes appropriate account of such data.

•  The assumptions made regarding recovery of by- products.

•  Estimation of deleterious elements or other non-grade variables of economic significance (e.g. sulphur for acid mine drainage characterization).

•  In the case of block model interpolation, the block size in relation to the average sample spacing and the search employed.

•  In the case of block model interpolation, the block size in relation to the average sample spacing and the search employed.

•  Any assumptions behind modelling of selective mining units.

•  Any assumptions about correlation between variables.

•  Description of how the geological interpretation was used to control the resource estimates.

•  Discussion of basis for using or not using grade cutting or capping.

•  The process of validation, the checking process used, the comparison of model data to drill hole data, and use of reconciliation data if available.

 


 Estimation was completed in Datamine Studio RM using two estimation methods. Gold was estimation into a three-dimensional block model by dynamic anisotropy using ordinary kriging (OK) into the main domain (Domain 10).  A hard boundary was used between mineralisation domains. A soft boundary was used between the oxide and transitional and a hard boundary between transitional and fresh within the main domain.  To capture the complex low angled surrounding mineralisation an unconstrained inverse distance cubed (ID3) estimation technique was used.

The drill spacing at The Porphyry Zone is a nominal 25 by 25 metres for the exploration holes for the majority of the deposits and 50 by 50 metres around the periphery.  The main part of the deposit has been gc drilled out to 12.5 by 10 metres. Parent blocks of 4 mE by 10 mN by 5 mRl were used for the block model to tie in with the existing grade control model. Sub blocking down to 1 mE by 2.5 mN by 1.25 mRl was employed for resolution of the mineralisation boundaries as define by wireframes

Drillhole sample data was flagged using domain codes generated from three-dimensional mineralisation domains.  The samples were composited to 1 metre intervals.

Variogram orientations were largely controlled by the strike of the mineralisation and downhole variography.  The search ellipse for the background mineralisation is orientated striking towards the north and dipping 30o to the west.

Kriging neighbourhood analysis was performed to optimise the block size, sample numbers and discretisation levels with the goal of minimising conditional bias in the gold grade estimates.

Three search passes were used, with the first search pass set to the range of the variogram for each domain.  A minimum of 8 and a maximum of 30 samples were used.  The search stayed the same for the second pass but was increased by a factor of 2 for the third and final pass. The minimum number of samples was reduced to 6 for the second pass and 4 for the third pass.

No deleterious elements were found in the ore.

No selective mining units have been assumed.

Top cuts were applied to reduce the variability of the data and to remove the outliers.

The estimated block model grades were visually validated against the input drillhole data and comparisons were carried out against the drillhole data and by northing and elevation slices.  Global comparison between the input data and the block grades for each variable is considered acceptable (±10%).

Moisture

 

•  Whether the tonnages are estimated on a dry basis or with natural moisture, and the method of determination of the moisture content.


All tonnages have been estimated on a dry basis.

Cut-off parameters

 

•  The basis of the adopted cut-off grade(s) or quality parameters applied.

The cut-off grade of 1 g/t for the stated open pit Mineral Resource estimate is determined from economic parameters that reflect geotechnical, mining and processing parameters and costs for an open pit mining operation.

Mining factors
or assumptions

 

· Assumptions made regarding possible mining methods, minimum mining dimensions and internal (or, if applicable, external) mining dilution. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential mining methods, but the assumptions made regarding mining methods and parameters when estimating Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanation of the basis of the mining assumptions made.


 The Resource models assume that a moderate level of mining selectivity is achieved in open pit mining.  It has been assumed that high quality grade control will be applied to ore/waste delineation processes using RC drilling, or similar, at a nominal (and no greater) spacing of 10 metre by 12.5 metre and applying a pattern sufficient to ensure adequate coverage of the mineralisation zones.

This is consistent with current mining practises at Syama.

 

Metallurgical factors or assumptions

 

•  The basis for assumptions or predictions regarding metallurgical amenability. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential metallurgical methods, but the assumptions regarding metallurgical treatment processes and parameters made when reporting Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanation of the basis of the metallurgical assumptions made.


No metallurgical factors or assumptions have been made during the resource estimation process as these will be addressed during the conversion to Ore Reserves.

Environmental factors
or assumptions

 

· Assumptions made regarding possible waste and process residue disposal options. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider the potential environmental impacts of the mining and processing operation. While at this stage the determination of potential environmental impacts, particularly for a green fields project, may not always be well advanced, the status of early consideration of these potential environmental impacts should be reported. Where these aspects have not been considered this should be reported with an explanation of the environmental assumptions made.


 It is a requirement of Decree No.03-594/P-RM of 31 December 2003 of Malian law that an Environmental and Social Impact Study (Étude d'Impact Environmental et Social - EIES) must be undertaken to update the potential environmental and social impacts of the mine's redevelopment.  The EIES for the Syama Gold Mine (including Tabakoroni) was approved in November 2007 and an Environment Permit (07- 0054/MEA - SG) was issued by the Ministry of Environment and Sanitation on 22 November 2007. The Ministry of Environment conducts timely reviews of the Syama Gold Mine to ensure that company maintains compliance with the EIES guidelines.

At Syama and Tabakoroni, 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. All waste disposal practices are in accordance with the guidelines in the EIES.

The Environmental & Social Impact Study - "Société des Mines de Syama, Syama Gold Mine, Mali", dated 2007 indicated there was minimal potential for acid mine drainage from waste rock due to the elevated carbonate content which buffers a potential acid generation.  Resolute maintains a plan for progressive rehabilitation of waste rock landforms as part of ongoing mine development and waste rock dumping.

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 tailings 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 to meet the air quality criteria set out in the Environmental & Social Impact Study.

Bulk density

 

· Whether assumed or determined. If assumed, the basis for the assumptions. If determined, the method used, whether wet or dry, the frequency of the measurements, the nature, size and representativeness of the samples.

· The bulk density for bulk material must have been measured by methods that adequately account for void spaces (vugs, porosity, etc), moisture and differences between rock and alteration zones within the deposit.

· Discuss assumptions for bulk density estimates used in the evaluation process of the different materials.


 No bulk density measurements have been taken at the Porphyry Zone.

An average SG was applied to the model by weathering types based on similar deposits at Syama:

·      Oxide                  2.12 t/m3

·      Transitional         2.38 t/m3

·      Fresh               2.72 t/m3

 

Classification

 

•  The basis for the classification of the Mineral Resources into varying confidence categories.

•  Whether appropriate account has been taken of all relevant factors (i.e. relative confidence in tonnage/grade estimations, reliability of input data, confidence in continuity of geology and metal values, quality, quantity and distribution of the data).

•  Whether the result appropriately reflects the Competent Person's view of the deposit.


In general, the Inferred Mineral Resource classification is applied to extensions of mineralised zones on the margins of the deposit where drill spacing is more than 50 m x 50 m and the extents of mineralisation at depth. However, due to the complexity of the surrounding mineralisation and the low confidence in the geological interpretation in addition to the estimation method being unconstrained.  The competent person decided to classify the whole of the deposit to Inferred until more drilling can be carried out.

The validation of the block model has confirmed satisfactory correlation of the input data to the estimated grades and reproduction of data trends.

The Mineral Resource estimates appropriately reflects the view of the Competent Person.

Audits or reviews

 

•  The results of any audits or reviews of Mineral Resource estimates.


 There has been no external review of the Mineral Resource estimate.

Discussion of relative
accuracy/ confidence

 

•  Where appropriate a statement of the relative accuracy and confidence level in the Mineral Resource estimate using an approach or procedure deemed appropriate by the Competent Person. For example, the application of statistical or geostatistical procedures to quantify the relative accuracy of the 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.


 The Mineral Resource estimate has been classified based on the quality of the data collected, the density of data, the confidence of the geological models and mineralisation models, and the grade estimation quality.  This has been applied to a relative confidence based on data density and zone confidence for resource classification.  No relative statistical or geostatistical confidence or risk measure has been generated or applied.

Mine production data was used in the validation process and showed to be within 20% of the estimated tonnes, grade and ounces within the mined area.

 

 

 

 

 

 

 

 

 

 

 

 

Section 4 Estimation and Reporting of Ore Reserves

 

CRITERIA

 

JORC CODE EXPLANATION

 

COMMENTARY

Mineral Resource estimate for conversion to
Ore Reserves

 

•  Description of the Mineral Resource estimate used as
a basis for the conversion to an Ore Reserve.

•  Clear statement as to whether the Mineral Resources are reported additional to, or inclusive of, the
Ore Reserve.


Resources at Porphyry Zone are reported above a 1 g/t cut-off. This was calculated as a marginal cut off utilising open pit mining methods.   Material below this cut-off is not included in the Mineral Resource. 

Ore Reserves are the material reported as a sub-set of the resource, that which can be extracted from the mine and processed with an economically acceptable outcome. 

Mineral Resources are reported inclusive of Ore Reserves.

 

 

Site visits

 

•  Comment on any site visits undertaken by the Competent Person and the outcome of those visits.

•  If no site visits have been undertaken indicate why this
is the case.


Mr Kitwa Ndjibu is member of the Australasian Institute of Mining and Metallurgy and is a Competent Person who has visited the site the project is located.

 

Study status

 

•  The type and level of study undertaken to enable Mineral Resources to be converted to Ore Reserves.

•  The Code requires that a study to at least Pre-Feasibility Study level has been undertaken to convert Mineral Resources to Ore Reserves. Such studies will have been carried out and will have determined a mine plan that is technically achievable and economically viable, and that material Modifying Factors have been considered.


The Porphyry Zone deposit is adjacent to the Tabakoroni mine which had a Feasibility study was completed in 2009 with updates in 2012 & 2016.

Tabakoroni has been in continuous mining operation since August 2018.  During this time the performance the project has shown a positive reconciliation between mineral resources and gold production and delivered positive cashflows. For 2023, the pit has been depleted; there is no ore to report.

 

Cut-off
parameters

 

•  The basis of the cut-off grade(s) or quality
parameters applied.


No need to determine the cut-off grade

 

Mining factors or assumptions

 

·  The method and assumptions used as reported in the Pre-Feasibility or Feasibility Study to convert the Mineral Resource to an Ore Reserve (i.e. either by application of appropriate factors by optimization or by preliminary or detailed design).

·  The choice, nature and appropriateness
of the selected mining method(s) and other mining parameters including associated design issues such as pre-strip, access, etc.

·  The assumptions made regarding geotechnical parameters (e.g. pit slopes, stope sizes, etc.), grade control and pre-production drilling.

·  The major assumptions made and Mineral Resource model used for pit and stope optimization (if appropriate).

·  The mining dilution factors used.

·  The mining recovery factors used.

·  Any minimum mining widths used.

·  The manner in which Inferred Mineral Resources are utilized in mining studies and the sensitivity of the outcome to their inclusion.

· The infrastructure requirements of the selected mining methods.


The reported Ore Reserve estimate for Porphyry Zone is based on pit optimisations conducted using the Lerchs-Grossman (LG) algorithm of the Whittle software to calculate the optimal pit at specific input parameters and pit designs.  Costs are based on existing contract mining and haulage rates and site costs which are understood with a high degree of accuracy.

Mining is undertaken by conventional open pit methods of drill and blast, followed by load and haul, utilising mining equipment comprising 120t - 230t diesel hydraulic excavators and 90t off-highway dump trucks.

Detailed pit design work was completed based on pit optimisations using Whittle Four-X optimisation software.  Only Indicated Resources were used in the pit optimisation.

Pit slope parameters for Porphyry Zone were based on a geotechnical assessment that included a total of seven specific geotechnical holes.  Overall slopes angles are approximately 40°.  All other pits adopt similar overall slope angles.

Grade control consists of RC drilling, based on a 5.0mE x 12.5mN drill pattern

The MIK resource estimation technique used for the Porphyry Zone implicitly incorporates internal mining dilution at the scale of the assessed SMU so no additional modifying factor was applied.

 

Metallurgical factors
or assumptions

 

•  The metallurgical process proposed and the appropriateness of that process to the style of mineralization.

•  Whether the metallurgical process is well-tested technology or novel in nature.

•  The nature, amount and representativeness of metallurgical test work undertaken, the nature of the metallurgical domaining applied and the corresponding metallurgical recovery factors applied.

•  Any assumptions or allowances made for deleterious elements.

•  The existence of any bulk sample or pilot scale test work and the degree to which such samples are considered representative of the ore body as a whole.

•  For minerals that are defined by a specification, has the ore reserve estimation been based on the appropriate mineralogy to meet the specifications?


Processing is by conventional primary crushing followed by single stage SAG milling.  Gold recovery is by means of a gravity recovery circuit and carbon in leach process.

Processing recoveries used are 90%, 80% and 65% for Oxide, Transitional and fresh material respectively

Mine is operational with good reconciliation between predicted recoveries and actual

Allowances are made in the recovery estimates for transitional and fresh ore as the Au recovery is impacted by some of the gold being hosted in refractory sulphide and preg-robbing carbon

 

 

Environmental

 

•  The status of studies of potential environmental impacts of the mining and processing operation. Details of waste rock characterization and the consideration of potential sites, status of design options considered and, where applicable, the status of approvals for process residue storage and waste dumps should be reported.


An active waste rock characterisation program has been put in place for Porphyry Zone.

Ore Reserves from Porphyry Zone will be processed at Syama and tailings storage will be impounded in existing footprint area approved in the Environmental & Social Impact Study. Progressive raising of the tailings occurs regularly with the 9th lift completed in 2019.  Routine progress on the monitoring is reported to government and at stakeholder meetings in concert with routine inspections by government representatives.

 

Infrastructure

 

·  The existence of appropriate infrastructure: availability of land for plant development, power, water, transportation (particularly for bulk commodities), labour, accommodation; or the ease with which the infrastructure can be provided, or accessed.


All required infrastructure is already in place for the Porphyry Zone deposit which is within the current the Tabakoroni mine footprint

 

Costs

 

· The derivation of, or assumptions made, regarding projected capital costs in the study.

· The methodology used to estimate operating costs.

· Allowances made for the content of deleterious elements.

· The derivation of assumptions made of metal or commodity price(s), for the principal minerals and co- products.

· The source of exchange rates used in the study.

· Derivation of transportation charges.

· The basis for forecasting or source of treatment and refining charges, penalties for failure to meet specification, etc.

· The allowances made for royalties payable, both Government and private.


The Porphyry Zone deposit is adjacent to the Tabakoroni mine, with established mining operations.  Ore is trucked to Syama where it is processed at Syama's oxide circuit.  General and administration costs are shared between the oxide plant and the sulphide plant which treats the Syama UG orebody.  The Porphyry Zone deposit will be mined contemporaneously with the Tabakoroni pits using the same mining and haulage fleet.  The mining and haulage rates are based on known contract rates.

The oxide plant produces gold doré (without problematic deleterious elements) that is subsequently refined offsite. Refining costs are not material.

Exchange rates used for planning purposes are from consensus forecasts provided by external corporate advisers.

Ad valorem Government royalties of 6% are payable on gold production

 

Revenue factors

 

•  The derivation of, or assumptions made regarding revenue factors including head grade, metal or commodity price(s) exchange rates, transportation and treatment charges, penalties, net smelter returns, etc.

•  The derivation of assumptions made of metal or commodity price(s), for the principal metals, minerals and co-products.


A gold price of US$1,500/oz formed the basis of the Ore Reserves.

 

Market assessment

 

•  The demand, supply and stock situation for the particular commodity, consumption trends and factors likely to affect supply and demand into the future.

•  A customer and competitor analysis along with the identification of likely market windows for the product.

•  Price and volume forecasts and the basis for these forecasts.

•  For industrial minerals the customer specification, testing and acceptance requirements prior to a supply contract.


The market for gold is robust with prevailing gold price being around US$1,850/oz.

Supply and demand are not considered material to the Ore Reserve calculations.

 

Economic

 

•  The inputs to the economic analysis to produce the net present value (NPV) in the study, the source and confidence of these economic inputs including estimated inflation, discount rate, etc.

•  NPV ranges and sensitivity to variations in the significant assumptions and inputs.


The financial evaluation undertaken as part of the evaluation of these open pits indicated a positive net present value (NPV) at a 5% discount rate and operating results to date have exceeded production and NPV forecasts.

 

Social

 

•  The status of agreements with key stakeholders and matters leading to social license to operate.


The Porphyry Zone falls under the SOMIFI exploitation permit and is managed by SOMISY SA under Management and Toll Treatment agreements lodged with the Government of Mali.

It is the intention to encourage economic development within the local community.  During the operation of Tabakoroni and its satellite deposits the focus has been on improving farming and health care plus providing access to water; this will continue to remain a focus. 

The Syama Mine Community Consultative Committee, which includes representation from Tabakoroni and the villages adjacent to the Syama Satellites, was established in February 2001 with representatives from local villages, the Malian Government and SOMISY.  Since April 2004 the Committee has met regularly as a communication forum and to address community issues and assist with community project proposals; it continues to meet on the first or second Tuesday of each month.

 

Other

 

•  To the extent relevant, the impact of the following on the project and/or on the estimation and classification of the Ore Reserves:

•  Any identified material naturally occurring risks.

•  The status of material legal agreements and marketing arrangements.

•  The status of governmental agreements and approvals critical to the viability of the project, such as mineral tenement status, and government and statutory approvals. There must be reasonable grounds to expect that all necessary Government approvals will be received within the timeframes anticipated in the Pre-Feasibility or Feasibility study. Highlight and discuss the materiality of any unresolved matter that is dependent on a third party on which extraction of the reserve is contingent.


All current government agreements and approvals are in good standing and no anticipated changes are expected.

 

 

Classification

 

•  The basis for the classification of the Ore Reserves into varying confidence categories.

•  Whether the result appropriately reflects the Competent Person's view of the deposit.

•  The proportion of Probable Ore Reserves that have been derived from Measured Mineral Resources (if any).


Proved and Probable Ore Reserves were declared based on the Measured and Indicated Mineral Resources. 

The Ore Reserve estimate appropriately reflects the Competent Person's view of the deposit.

 

Audits or reviews

 

•  The results of any audits or reviews of Ore Reserve estimates.



 

Discussion of relative
accuracy/ confidence

 

•  Where appropriate a statement of the relative accuracy and confidence level in the Ore Reserve estimate using an approach or procedure deemed appropriate by the Competent Person. For example, the application of statistical or geostatistical procedures to quantify the relative accuracy of the reserve within stated confidence limits, or, if such an approach is not deemed appropriate, a qualitative discussion of the factors which 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.

•  Accuracy and confidence discussions should extend to specific discussions of any applied Modifying Factors that may have a material impact on Ore Reserve viability, or for which there are remaining areas of uncertainty at the current study stage.

•  It is recognized that this may not be possible or appropriate in all circumstances. These statements of relative accuracy and confidence of the estimate should be compared with production data, where available.


The relative accuracy and confidence of the Ore Reserve estimate is inherent in the Ore Reserve Classification.

 

 



 

Syama Satellite Deposits - Cashew, Paysans, Tellem and Syama North

Section 1 Sampling Techniques and Data

CRITERIA

JORC CODE EXPLANATION

COMMENTARY

Sampling techniques

 

· Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling.

· Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.

· Aspects of the determination of mineralisation that are Material to the Public Report.

· In cases where 'industry standard' work has been done this would be relatively simple (e.g. 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.


The samples were collected from reverse circulation (RC) and diamond core drill holes.

RC samples were collected on 1m intervals by riffle split (dry) or by scoop (wet), to obtain
a 1-3kg sample which was sent to the laboratory for crushing, splitting and pulverising to provide a 30g charge for analysis.

Diamond core was sampled at 1m intervals and cut in half, to provide a 2-4kg sample,
 which was sent to the laboratory for crushing, splitting and pulverising to provide a 30g charge for analysis.

Sampling and sample preparation protocols are industry standard and are deemed appropriate by the Competent Person.

Drilling techniques

 

· Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc.).


Drill types used include diamond core of PQ and HQ sizes and RC.

Core is oriented at 3m down hole intervals using a Reflex Act II RD Orientation Tool.

Drill sample recovery

 

· Method of recording and assessing core and chip sample recoveries and results assessed.

· Measures taken to maximise sample recovery and ensure representative nature of the samples.

· 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.


Drill core interval recoveries are measured from core block to core block using a tape measure.

Appropriate measures are taken to maximise sample recovery and ensure the representative nature of the samples.

No apparent relationship is noted between sample recovery and grade.

Logging

 

· Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.

· Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography.

· The total length and percentage of the relevant intersections logged.


Drill holes were geologically logged by geologists for colour, grainsize, lithology, minerals, alteration and weathering on geologically-domained intervals.

Geotechnical and structure orientation data was measured and logged for all diamond core intervals.

Diamond core was photographed (wet and dry).

Holes were logged in their entirety (100%) and this logging was considered reliable and appropriate.

Sub-sampling techniques
and sample preparation

 

·  If core, whether cut or sawn and whether quarter, half or all core taken.

·  If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry.

·  For all sample types, the nature, quality and appropriateness of the sample preparation technique.

·  Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.

·  Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling.

·  Whether sample sizes are appropriate to the grain size of the material being sampled.


Diamond core was sampled at 1m intervals and cut in half to obtain a 2-4kg sample.

Reverse circulation samples were collected on 1m intervals by riffle split (dry) or by scoop (wet) to obtain a 1-3kg sample.

Sample preparation for diamond core and RC samples includes oven drying, crushing to 10mm, splitting and pulverising to 85% passing -75µm. These preparation techniques are deemed to be appropriate to the material being sampled.

Drill core coarse duplicates were split by the laboratory after crushing at a rate of 1:20 samples. Reverse circulation 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. The methods applied in this process were deemed appropriate by the Competent Person.


Quality of assay data and laboratory tests

 

·  The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.

·  For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.

·  Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.


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), diamond core coarse duplicates (1:20) and reverse circulation 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 and assaying

 

·  The verification of significant intersections by either independent or alternative company personnel.

·  The use of twinned holes.

·  Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.

·  Discuss any adjustment to assay data.


Verification of significant intersections have been completed by Company personnel and the Competent Person.

No drill holes within the resource area were twinned.

Drill holes were logged into digital templates with lookup codes, validated and then compiled 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

 

·  Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.

·  Specification of the grid system used.

·  Quality and adequacy of topographic control.


Collar coordinates were picked up in UTM (WGS84) by staff surveyors using an RTK DGPS with an expected accuracy of
±0.05m; elevations were height above EGM96 geoid.

Down hole surveys were collected at intervals between 5m and 30m using either a Reflex EZ-Gyro north seeking instrument or a Reflex EZ-Trac magnetic instrument in single shot or multi shot mode. A time-dependent declination was applied to the magnetic readings to determine UTM azimuth.

Coordinates and azimuths are reported in UTM WGS84 Zone 29 North.

Coordinates were translated to local mine grid using 1 point and rotation.

Local topographic control is via LIDAR surveys, satellite photography and drone UAV aerial survey.


Data spacing and distribution

 

·  Data spacing for reporting of Exploration Results.

·  Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.

·  Whether sample compositing has been applied.


Drill hole spacing was sufficient to demonstrate geological and grade continuity appropriate for a Mineral Resource and the classifications applied under the 2012 JORC Code.

The appropriateness of the drill spacing was reviewed by the geological technical team, both on site and head office. This was also reviewed by the Competent Person.

Samples were collected on 1m intervals; no sample compositing is applied during sampling.


Orientation of data in relation to geological structure

 

·  Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.

·  If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.


Holes were drilled predominantly perpendicular to mineralised domains where possible.

No orientation-based sampling bias has been identified in the data.


Sample security

 

·  The measures taken to ensure sample security.


Samples were collected 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/SOMISY personnel.


Audits or reviews

 

·  The results of any audits or reviews of sampling techniques and data.


External audits of procedures indicate protocols are within industry standards.



Section 2 Reporting of Exploration Results

CRITERIA

JORC CODE EXPLANATION

COMMENTARY


Mineral tenement and land tenure status

 

·     Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.

·     The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.


Drilling at Syama was conducted within the Malian Exploitation Concession Permit PE 93/003 which covers an area of 200.6km2.

Resolute Mining Limited has an 80% interest in the Syama project and the Exploitation Permit PE 93/003, on which it is based, through its Malian subsidiary, Sociêtê des Mines de Syama SA (SOMISY). The Malian Government holds a free carried 20% interest in SOMISY.

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 done by other parties

 

·     Acknowledgment and appraisal of exploration by other parties.


The Syama deposit was originally discovered by a regional geochemical survey undertaken by the Direction National 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

 

·     Deposit type, geological setting and style of mineralisation.


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.

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.

Drill hole Information

 

·     A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:

easting and northing of the drill hole collar

elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar

dip and azimuth of the hole

down hole length and interception depth

Whole length.

·     If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is
the case.


All information, including easting, northing, elevation, dip, azimuth, coordinate system, drill hole length, intercept length and depth are measured and recorded in UTM Zone 29 WGS84.

The Syama belt is mostly located on the Tengrela 1/200,000 topo sheet (Sheet NC 29-XVIII).

Spectrum Survey & Mapping from Australia established survey control at Tabakoroni using AusPos online processing to obtain an accurate UTM Zone 29 (WGS84) and 'above geoid' RL for the origin of the survey control points.

Accuracy of the survey measurements is considered to meet acceptable industry standards.

Drill hole information has been tabulated for this release in the intercepts table of the accompanying text.

For completeness the following information about the drill holes is provided:

·   Easting, Northing and RL of the drill hole collars are measured and recorded in UTM Zone 29 (WGS84).

·   Dip is the inclination of the drill hole from horizontal. A drill hole drilled at -60° is 60° 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 aggregation methods

 

·     In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated.

·     Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.

·     The assumptions used for any reporting of metal equivalent values should be clearly stated.


Exploration results are tabulated using the following parameters:

·   Grid coordinates are WGS84 Zone 29 North.

·   Cut-off grade for reporting of intercepts is >=1g/t Au.

·   No top cut of individual assays prior to length weighted compositing of the reported intercept has been applied.

·   Maximum 3m consecutive internal dilution included within the intercept.

Metal equivalent values are not used in reporting.


Relationship between mineralisation widths and intercept lengths

 

·     These relationships are particularly important in the reporting of Exploration Results.

·     If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.

·     If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. 'down hole length, true width not known').


The Cashew NE, Paysans and Syama North mineralisation is shallowly dipping at about 30 degrees to the west (local grid).

The majority of the Tellem mineralisation is narrow and sub vertical.

The majority of the drill holes are planned at a general inclination of ‑60 degrees east and as close to perpendicular to the ore zone as possible.

At the angle of the drill holes and the dip of the ore zones, the reported intercepts will be slightly more than true width.


Diagrams

 

·     Appropriate maps and sections (with scales) and 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.


No exploration results have been reported in this release.


Balanced reporting

 

·     Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.


Significant intercepts of new drill holes have not been reported in this release.


Other substantive exploration data

 

·     Other exploration data, if meaningful and material, should be reported including (but not limited to): 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.


No geophysical and geochemical data or any additional exploration information has been reported in this release, as they are not deemed relevant to the release.


Further work

 

·     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.


Further drilling is planned.

 



Section 3 Estimation and Reporting of Mineral Resources

 

CRITERIA

 

JORC CODE EXPLANATION

 

COMMENTARY

Database integrity

 

·  Measures taken to ensure that data has not been corrupted by, for example, transcription or keying errors, between its initial collection and its use for Mineral Resource estimation purposes.

·  Data validation procedures used.


Cashew,Paysans and Tellem
Data has been compiled into a relational SQL database; the setup of this database precludes the loading of data which do not meet the required validation protocols. The data is managed using DataShed© drill hole management software using SQL database techniques. Validation checks are conducted using SQL and DataShed© relational database standards. Data has also been checked against original hard copies for 100% of the data, and where possible, loaded from original data sources.

Resolute completed the following basic validation checks on the data supplied prior to resource estimation:

· Drill holes with overlapping sample intervals.

· Sample intervals with no assay data or duplicate records.

· Assay grade ranges.

· Collar coordinate ranges.

· Valid hole orientation data.

There are no significant issues identified with the data.


Site visits

 

·  Comment on any site visits undertaken by the Competent Person and the outcome of those visits.

·  If no site visits have been undertaken indicate why
this is the case.


Cashew and Paysans
Mr Bruce Mowat, a full-time employee of Resolute Mining Ltd and a Member of the Australasian Institute of Mining and Metallurgy is the Competent Person who has visited this site multiple times.

Tellem and Syama North

Mr Patrick Smillie is a full-time employee of Resolute Mining Ltd and a Member of the Society for Mining, Metallurgy, and Exploration is the competent person and has visited site on multiple occasions.

All aspects of drilling, sampling and mining are considered by the Competent Persons to be of a high industry standard.

Geological interpretation

 

·  Confidence in (or conversely, the uncertainty of) the geological interpretation of the mineral deposit.

·  Nature of the data used and of any assumptions made.

·  The effect, if any, of alternative interpretations on Mineral Resource estimation.

·  The use of geology in guiding and controlling Mineral Resource estimation.

·  The factors affecting continuity both of grade and geology.


Cashew and Paysans
The digital database used for the interpretation included logged intervals for the key stratigraphic zones of Cashew NE, Paysans and Tellem. Detailed geological logs were available in hardcopy and digital and reviewed where necessary.

Wireframes used to constrain the estimation are based on drill hole intercepts and geological boundaries. All wireframes at Cashew NE and Paysans have been constructed to a 0.3g/t Au cut-off grade for shape consistency. At Tellem they were constructed at nominal 0.1g/t Au mineralised envelope.

There is a moderate level of confidence for the interpretation at Cashew NE, Paysans, Tellem and Syama North due to the relatively close-spaced drilling at surface. The mineralisation is generally quite consistent and drill intercepts clearly define the shape of the mineralised zones with limited options for large scale alternate interpretations.

Dimensions

 

·  The extent and variability of the Mineral Resource
expressed as length (along strike or otherwise), plan width,
and depth below surface to the upper and lower limits of the Mineral Resource.


Cashew
The mineral resource at Cashew comprises three individual domains they all dip at about 30 degrees to the west (local grid) from surface and extend 200 metres down dip. The three domains extend for approximately 350 metres along strike and the gold mineralised zone width varies between 1.5 and 20 metres, with an average thickness of 7 metres.

Paysans
Three domains have been identified at Paysans. The three domains all dip at about 30 degrees to the west (local grid) and extend for 300 metres down dip. The mineralised zone width varies between 1.5 and 10 metres with an average thickness of 3 metres. They strike north-south (local grid) for approximately 1,700 metres. The deposit has been divided into three areas by two faults which run east-west
(local grid).

Tellem
There are three mineralised domains at Tellem. The three domains are narrow sub vertical zone of stockwork veins modelled to be between a few metres to 1.5 metres in thickness. The strike length is approximately 4.3 kilometres and covers a vertal extent of 270 metres.

Syama North
The Syama North Mineral Resource area extends over a strike length of 6,000 metres (from 1,196,925mN to 1,202,800mN), and includes the 310m vertical interval from 455mRL to 145mRL. The overall plan width of the mineralised lodes varies between 10 metres to 100 metres in horizontal thickness.

Estimation and modelling techniques

 

 

 

 

•                     The nature and appropriateness of the estimation technique(s) applied and key assumptions, including treatment of extreme grade values, domaining, interpolation parameters and maximum distance of extrapolation from data points. If a computer assisted estimation method was chosen include a description of computer software and parameters used.

·      The availability of check estimates, previous estimates and/or mine production records and whether the Mineral Resource estimate takes appropriate account of such data.

·      The assumptions made regarding recovery of by- products.

·      Estimation of deleterious elements or other
non-grade variables of economic significance (e.g. sulphur for acid mine drainage characterization).

·      In the case of block model interpolation, the block size in relation to the average sample spacing and the search employed.

·      In the case of block model interpolation, the block size in relation to the average sample spacing and the search employed.

·      Any assumptions behind modelling of selective mining units.

·      Any assumptions about correlation between variables.

·      Description of how the geological interpretation was used to control the resource estimates.

·      Discussion of basis for using or not using grade cutting or capping.

·      The process of validation, the checking process used, the comparison of model data to drill hole data, and use of reconciliation data if available.

 


Cashew
Estimation was completed in Datamine Studio RM using an Ordinary Kriged model to estimate the gold, sulphide sulphur and organic carbon grades. Grades were estimated into parent block of 5mE by 5mN by 2.5mRL with sub- celling down to 2.5mE by 2.5mN by 2.5mRL was employed for resolution of the mineralisation boundaries as defined by wireframes. The drill spacing at Cashew is a nominal 25 by 25 metres for the exploration holes for the majority of the deposits and 50 by 50 metres around the periphery. The main part of the deposit has been gc drilled out to 12.5 by 5 metres.

Drillhole sample data was flagged using domain codes generated from three-dimensional mineralisation domains. The samples were composited to 1 metre intervals.

Variogram orientations were largely controlled by the strike of the mineralisation and downhole variography. One set of variograms was generated for all the mineralisation due to similar orientation of each of the domains.

Kriging neighbourhood analysis was performed to optimise the block size, sample numbers and discretisation levels with the goal of minimising conditional bias in the gold grade estimates.

The mineralisation domains were treated as hard boundaries in the estimation process while oxidation surfaces were treated as soft boundaries.

Three search passes were used, with the first search pass set to the range of the variogram for each domain. A minimum of 8 and a maximum of 30 samples were used. The search stayed the same for the second pass but was increased by a factor of 2 for the third and final pass. The minimum number of samples was reduced to six for the second pass and for the third pass.

No deleterious elements were found in the ore.

No selective mining units have been assumed.

Top cuts were applied to reduce the variability of the data and to remove the outliers.

The estimated block model grades were visually validated against the input drillhole data and comparisons were carried out against the drillhole data and by northing and elevation slices. Global comparison between the input data and the block grades for each variable is considered acceptable (±10%)

Paysans

Estimation was completed in Datamine Studio RM using an Ordinary Kriged model to estimate the gold grade. Grades were estimated into parent block of 10mE by 20mN (at Cashew, 25mN at Paysans) by 5mRL with sub- celling down to 2.5mE by 2.5mN by 2.5mRL was employed for resolution of the mineralisation boundaries as defined by wireframes. The drill spacing at Paysans is a nominal 25 by 25 metres for the exploration holes for the majority of the deposits and 50 by 50 metres around the periphery.

Drillhole sample data was flagged using domain codes generated from three-dimensional mineralisation domains. The samples were composited to one metre intervals.

Variogram orientations were largely controlled by the strike of the mineralisation and downhole variography. One set of variograms was generated for all the mineralisation due to similar orientation of each of the domains and sometimes lack of composites.

Kriging neighbourhood analysis was performed to optimise the block size, sample numbers and discretisation levels with the goal of minimising conditional bias in the gold grade estimates.

 

 

At Cashew mineralisation domains were treated as hard boundaries in the estimation process while oxidation surfaces were treated as soft boundaries. At Paysans the mineralisation domains were treated as hard boundaries as well as the boundary
between the transitional and fresh material within each domain.

The boundary between the oxide and transitional is treated as a soft boundary. Three search passes were used, with the first search pass set to the range of the variogram for each domain. A minimum of eight and a maximum of 30 samples were used. The search stayed the same for the second pass but was increased by a factor of three for the third and final pass. The minimum number of samples was reduced to six for the second pass and four for the third pass.

 

No deleterious elements were found in the ore.

No selective mining units have been assumed.

Top cuts were applied to reduce the variability of the data and to remove the outliers.

The estimated block model grades were visually validated against the input drillhole data and comparisons were carried out against the drillhole data and by northing and elevation slices. Global comparison between the input data and the block grades for each variable is considered acceptable (±10%).

Syama North and Tellem

Estimation of gold grade has been completed using Ordinary Kriging (OK).

The deposit mineralisation has been constrained by wireframes constructed using a combination of downhole gold assay and associated lithological logging. These lode wireframes have been used to define domain codes used for estimation. The drillholes have been flagged with the domain code and composited using the domain code to segregate the data.

Domain boundary analysis has been undertaken, with hard boundaries used for all domains.

Drillholes have been composited to 1m intervals using Leapfrog Geo 2023.2  with residual lengths distributed evenly across all composites. There are no residual samples.

The influence of extreme gold assays has been reduced by top-cutting across selected domains. Top-cuts have been determined using a combination of log probability, log histogram, and mean-variance plots. Top-cuts have been reviewed and applied to the composites on a domain-by-domain basis.

Variography has been determined using Datamine Supervisor v.8.14 software using top-cut values. Where there is insufficient data in individual domains to generate meaningful variograms, domains have been grouped, or variograms borrowed from other similar domains.

Drillhole data spacing ranges from 10m spacing in areas of dense drilling to approximately 100m spacing in sparsely drilled, deeper areas.

Syama North

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 1 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 2 estimation has been undertaken with the same minimum/maximum samples as Pass 1 into a search ellipsoid twice the first pass.

Ø  Pass 3 estimation has been undertaken with a minimum of 4 samples, and the same maximum number of samples as the first two passes into a search ellipsoid twice the second pass

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.

Tellem

The block model parent block size is 5m (X) by 10m (Y) by 5m (Z) with sub-blocks down to 0.625m (X) by 1.25m (Y) by 0.625m (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 1 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 2 estimation has been undertaken with the same minimum/maximum samples as Pass 1 into a search ellipsoid twice the first pass.

Ø  Pass 3 estimation has been undertaken with a minimum of 4 samples, and the same maximum number of samples as the first two passes into a search ellipsoid twice the second pass

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

 

·      Whether the tonnages are estimated on a dry basis or with natural moisture, and the method of determination
of the moisture content.


Cashew, Paysans, Tellem and Syama North
All tonnages have been estimated on a dry basis.

Cut-off parameters

 

·      The basis of the adopted cut-off grade(s) or quality parameters applied.


Mineral Resources for open pit extraction have been reported at a 1g/t Au grade cut-off.

 

Mining factors or assumptions

 

·      Assumptions made regarding possible mining methods, minimum mining dimensions and internal (or, if applicable, external) mining dilution. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential mining methods, but the assumptions made regarding mining methods and parameters when estimating Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanation of the basis of the mining assumptions made.


Cashew, Paysans, Tellem and Syama North
The Resource models assume that a moderate level of mining selectivity is achieved in open pit mining. It has been assumed that high quality grade control will be applied to ore/waste delineation processes using RC drilling, or similar, at a nominal (and no greater) spacing of 5 metre by 12.5 metre and applying a pattern sufficient to ensure adequate coverage of the mineralisation zones.

This is consistent with current mining practises at Syama.

Metallurgical factors or assumptions

 

·      The basis for assumptions or predictions regarding metallurgical amenability. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential metallurgical methods, but the assumptions regarding metallurgical treatment processes and parameters made when reporting Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanation of the basis of the metallurgical assumptions made.


Cashew, Paysans, Tellem and Syama North
No metallurgical factors or assumptions have been made during the resource estimation process as these will be addressed during the conversion to Ore Reserves.

Environmental factors or assumptions

 

·      Assumptions made regarding possible waste and process residue disposal options. It is always necessary as part
of the process of determining reasonable prospects for eventual economic extraction to consider the potential environmental impacts of the mining and processing operation. While at this stage the determination of potential environmental impacts, particularly for a green fields project, may not always be well advanced, the status of early consideration of these potential environmental impacts should be reported. Where these aspects have
not been considered this should be reported with an explanation of the environmental assumptions made.


Cashew, Paysans, Tellem and Syama North
It is a requirement of Decree No.03-594/P-RM of 31 December 2003 of Malian law that an Environmental and Social Impact Study (Étude d'Impact Environmental et Social - EIES) must be undertaken to update the potential environmental and social impacts of the mine's redevelopment. The EIES for the Syama Gold Mine (including Tabakoroni) was approved in November 2007 and an Environment Permit (07- 0054/MEA - SG) was issued by the Ministry of Environment and Sanitation on 22 November 2007. The Ministry of Environment conducts timely reviews of the Syama Gold Mine to ensure that the Company maintains compliance with the EIES guidelines.

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. All waste disposal practices are in accordance with the guidelines in the EIES.

The Environmental and Social Impact Study - "Société des Mines de Syama, Syama Gold Mine, Mali", dated 2007 indicated there was minimal potential for acid mine drainage from waste rock due to the elevated carbonate content which buffers a potential acid generation. Resolute maintains a plan for progressive rehabilitation of waste rock landforms as part of ongoing mine development and waste rock dumping.

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 50ppm in the weak acid dissociable form. Groundwater away from the tailings 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 to meet the air quality criteria set out in the Environmental and Social Impact Study.

Bulk density

 

·      Whether assumed or determined. If assumed, the basis for the assumptions. If determined, the method used, whether wet or dry, the frequency of the measurements, the nature, size and representativeness of the samples.

·      The bulk density for bulk material must have been measured by methods that adequately account for void spaces (vugs, porosity, etc), moisture and differences between rock and alteration zones within the deposit.

·      Discuss assumptions for bulk density estimates used in the evaluation process of the different materials.


Paysans and Tellem
No bulk density measurements have been taken at Paysans.

An average SG was applied to the model by weathering type based on similar deposits at Syama:

a)     Oxide              1.80 t/m3

b)     Transitional     2.40 t/m3

c)     Fresh              2.70 t/m3

 

Cashew
One hole had density measurements at Cashew. The average density was adjusted to reflect the density of this hole. The density was assigned based on weathering:

 

a)     Oxide             2.00 t/m3

b)     Transitional    2.56 t/m3

c)     Fresh             2.75 t/m3

Syama North

 

Site personnel have completed numerous bulk density comparative estimates on HQ drill core to assess variability using the Archimedes method of dry weight versus weight in water.  This method was used for 96% of the bulk density measurements.

Other tests were completed by SGS using the pycnometer method.

Based on the data collected the following SG estimates were applied to the model:

 

Oxide                  1.80 t/m3

Transitional         2.40 t/m3

Fresh                 2.70 t/m3

 

Classification

 

·      The basis for the classification of the Mineral Resources into varying confidence categories.

·      Whether appropriate account has been taken of all relevant factors (i.e. relative confidence in tonnage/grade estimations, reliability of input data, confidence in continuity of geology and metal values, quality, quantity and distribution of the data).

·      Whether the result appropriately reflects the Competent Person's view of the deposit.


Cashew and Paysans
The Indicated Mineral Resource classification is based on moderate confidence in the geology and gold grade continuity with 25m x 25m spaced drillhole density or less.

The Inferred Mineral Resource classification is applied to extensions of mineralised zones on the margins of the deposit where drill spacing is more than 50m x 50m and the extents of mineralisation at depth.

The validation of the block model has confirmed satisfactory correlation of the input data to the estimated grades and reproduction of data trends.

Tellem and Syama North
Mineral Resources were classified in accordance with the Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC, 2012).

The deposits have 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 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 or reviews

 

·      The results of any audits or reviews of Mineral

·      Resource estimates.


Cashew, Paysans, Tellem and Syama North
There has been no external review of the Mineral Resource estimate.

Discussion of relative accuracy/ confidence

 

·      Where appropriate a statement of the relative accuracy and confidence level in the Mineral Resource estimate using an approach or procedure deemed appropriate by the Competent Person. For example, the application of statistical or geostatistical procedures to quantify the relative accuracy of the 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.


Cashew, Paysans, Tellem and Syama North
The Mineral Resource estimate has been classified based on the quality of the data collected, the density of data, the confidence of the geological models and mineralisation models, and the grade estimation quality. This has been applied to a relative confidence based on data density and zone confidence for resource classification. No relative statistical or geostatistical confidence or risk measure has been generated or applied.

The relative accuracy of the Mineral Resource estimate is reflected in the reporting of Indicated and Inferred resource categories as defined by 2012 JORC Code guidelines.

The estimate is considered to be relevant to an annual level of reporting of tonnage and grade.

No production data available for comparison.

 



Section 4 Estimation and Reporting of Ore Reserves

 

CRITERIA

 

JORC CODE EXPLANATION

 

COMMENTARY

Mineral Resource estimate for conversion to Ore Reserves

 

·      Description of the Mineral Resource estimate used
as a basis for the conversion to an Ore Reserve.

·      Clear statement as to whether the Mineral Resources
are reported additional to, or inclusive of, the Ore Reserve.


Cashew South, Paysans_Samogo and Tellem

Resources and Rese Cashew South, Paysans_Samogo and Tellem

Resources and Reserves at Cashew South, Paysans_Samogo and Tellem are reported above a 1 g/t cut-off . This was calculated as a marginal cut-off utilising open pit mining methods. Material below this cut-off is not included in the mineral resource.

Ore Reserves are the material reported as a sub-set of the resource, that which can be extracted from the mine and processed with an economically acceptable outcome.

Mineral Resources are reported inclusive of Ore Reserves.rves at Cashew South, Paysans_Samogo and Tellem are reported above a 1 g/t cut-off . This was calculated as a marginal cut-off utilising open pit mining methods. Material below this cut-off is not included in the mineral resource.

Ore Reserves are the material reported as a sub-set of the resource, that which can be extracted from the mine and processed with an economically acceptable outcome.

Mineral Resources are reported inclusive of Ore Reserves.

Syama North

The Ore Reserves are based on the Mineral Resource estimate detailed in the ASX release dated January 2023. The resource was reported above a 1.0 g/t gold grade cut-off, based on an equivalent gold price of US$2,000/oz and using an Open pit mining methodology. The Material below this cut-off is not included in the Mineral Resource. 

Ore Reserves are the Material reported as a sub-set of the resource, that which can be extracted from the region and processed with an economically acceptable outcome. 

Site visits

 

·      Comment on any site visits undertaken by the
Competent Person and the outcome of those visits.

·      If no site visits have been undertaken indicate why
this is the case.


Cashew South, Paysans_Samogo and Tellem

Mr Kitwa Ndjibu a member of the Australasian Institute of Mining and Metallurgy and is a Competent Person who has visited the site the project is in the year 2023.

Syama North

The Competent Person, Mr Kitwa Ndjibu, is a full-time employee of Resolute Mining Ltd and a Member of the Australasian Institute of Mining and Metallurgy.

Regular site visit to the project area was conducted during the year 2023, and weekly contact with site teams was maintained throughout the period. These site visits help to validate technical and operating assumptions used in the preparation of these ore reserves

The site visit reviewed the project site and proposed waste dump location, a review of current operations at Syama and Tabakoroni, existing open pit infrastructure available, a review of selected drill core and various meetings were held with site personnel key stakeholders to the study.

 

Study status

 

·      The type and level of study undertaken to enable
Mineral Resources to be converted to Ore Reserves.

·      The Code requires that a study to at least Pre-Feasibility Study level has been undertaken to convert Mineral Resources to Ore Reserves. Such studies will have been carried out and will have determined a mine plan that is technically achievable and economically viable, and that material Modifying Factors have been considered.


Cashew South, Paysans- Samogo and Tellem

Feasibility studies were completed for mining of open satellite deposits in 2009 and mining of satellite pits has been occurring since 2014.

Further optimisations have been undertaken in 2022 given the change in gold price and other inputs such as mining and processing costs. The above-mentioned optimisations resulted in new pit designs at all sites, Cashew South, Paysans_Samogo and Tellem.

Syama North

Syama No Syama North Consist of A21, Beta, Alpha & Ba04.

Feasibility Studies were completed for mining of Open pit satellite deposits in 2016, and mining of satellite pits has been occurring since 2016. Recent drilling in Syama North has identified a significant resource in sulphide, spread across the Syama North region, an extension to the known oxide deposit. Additional drilling was completed targeting the A21 area and the resource model was updated in August 2023 with additional information. Pit was reoptimized using the new model and redesigned to match the latest optimisation. All Reserves were declared as Probable as more test works and drilling is ongoing to firm up the modifying factors (geotechnical inputs).

The work undertaken to date has addressed all material Modifying Factors required for the conversion of a Mineral Resources estimate into an Ore Reserve estimate and has shown material change to the reserve; i.e, change in tonnes, grades, rock type (Oxide; Transisitional and Fresh). Furthermore, the result shows that the mine plan is technically feasible and economically viable.rth Consist of A21, Beta, Alpha & Ba04.

Feasibility Studies were completed for mining of Open pit satellite deposits in 2016, and mining of satellite pits has been occurring since 2016. Recent drilling in Syama North has identified a significant resource in sulphide, spread across the Syama North region, an extension to the known oxide deposit. Additional drilling was completed targeting the A21 area and the resource model was updated in August 2023 with additional information. Pit was reoptimized using the new model and redesigned to match the latest optimisation. All Reserves were declared as Probable as more test works and drilling is ongoing to firm up the modifying factors (geotechnical inputs).

The work undertaken to date has addressed all material Modifying Factors required for the conversion of a Mineral Resources estimate into an Ore Reserve estimate and has shown material change to the reserve; i.e, change in tonnes, grades, rock type (Oxide; Transisitional and Fresh). Furthermore, the result shows that the mine plan is technically feasible and economically viable.

 

Cut-off parameters

 

·      The basis of the cut-off grade(s) or quality
parameters applied.


Cashew South, Paysans_Samogo and Tellem

Cashew South, Paysans_Samogo and Tellem. use a cut-off of 0.8 g/t, based on the economic parameters described in subsequent sections. The increase in gold price from $1500/oz-$1650/oz has been balanced by the increase in dilution across the Syama south resulting in no change to the cut of grade

Syama North

Based on the economic parameters described in subsequent sections, calculated cut of grade of the fresh representing more than 90% of Syama North ore is approximately 1.07 g/t. As a result, Syama North uses a cut-off of 1.0 g/t.

Mining factors or assumptions

 

·      The method and assumptions used as reported in the Pre-Feasibility or Feasibility Study to convert the Mineral Resource to an Ore Reserve (i.e. either by application of appropriate factors by optimization or by preliminary or detailed design).

·      The choice, nature and appropriateness of the selected mining method(s) and other mining parameters including associated design issues such as pre-strip, access, etc.

·      The assumptions made regarding geotechnical parameters (e.g. pit slopes, stope sizes, etc.), grade control and pre-production drilling.

·      The major assumptions made and Mineral Resource model used for pit and stope optimization (if appropriate).

·      The mining dilution factors used.

·      The mining recovery factors used.

·      Any minimum mining widths used.

·      The manner in which Inferred Mineral Resources are utilized in mining studies and the sensitivity of the outcome to their inclusion.

·      The infrastructure requirements of the selected mining methods.


Cashew South, Paysans_Samogo and Tellem

The reported Ore Reserve estimates Cashew NE, Tellem and Paysans are based on pit optimisations conducted using the Lerchs-Grossman (LG) algorithm utilizing the Whittle to determine the optimal pit at specific input parameters and pit designs. Costs are based on existing contract mining and haulage rates and site costs which are understood with a high degree of accuracy.

Mining is planned to be undertaken by conventional open pit methods of drill and blast, followed by load and haul.

Detailed pit design work was completed based on pit optimisations using Whittle Four-X optimisation software.  Only Measured and Indicated Resources were used in the pit optimisation.

Overall slope angles are approximately 40° based on empirical experience from the mining other similar satellite pits

Grade control consists of RC drilling, based on a 5.0mE x 12.5mN drill pattern

A 5 % dilution factor and 10% mining loss factors have been applied to all satellite Cashew South, Paysans, Folona and Tellem.

Minimum Mining Width used is 15m.Syama North

The reported Ore Reserve estimates for Syama North are based on pit optimisations conducted using the Lerchs-Grossman (LG) algorithm utilizing the NPV Scheduler and reviewed in Whittle to calculate the optimal pit at specific input parameters and pit designs. Costs are based on existing contract mining and haulage rates and site costs which are understood with a high degree of accuracy.

Mining is planned to be undertaken by conventional open pit methods of drill and blast, followed by load and haul.

Detailed pit design work was completed based on pit optimisations result. Only Measured and Indicated Resources were used in the pit optimisation.

Overall slope angles are dependent on rock type; approximately 34° for Oxide, 38° for Transisitional and 50° for Fresh as recommended by Geotechnical consultants and operational experience in mining other similar pits in same region.

A 5% dilution and 10 % mining loss factor applied. All Inferred material is treated as waste and is excluded from Reserve Reporting. However, at A21 central west, currently operating, site has applied 10% dilution and 5% mining loss.

Inferred Mineral Resources are not included in the pit optimisation and pit design. A mining and production schedule were completed with Inferred Mineral Resource treated as waste. As a result, the conversion of Inferred Mineral Resource to processed product is not required for the overall financial viability of the project.

Metallurgical factors or assumptions

 

·      The metallurgical process proposed and the appropriateness of that process to the style of mineralization.

·      Whether the metallurgical process is well-tested technology or novel in nature.

·      The nature, amount and representativeness of metallurgical test work undertaken, the nature of the metallurgical domaining applied and the corresponding metallurgical recovery factors applied.

·      Any assumptions or allowances made for deleterious elements.

·      The existence of any bulk sample or pilot scale test work and the degree to which such samples are considered representative of the ore body as a whole.

·      For minerals that are defined by a specification, has the ore reserve estimation been based on the appropriate mineralogy to meet the specifications?


Cashew South, Paysans_Samogo and Tellem

Processing is by conventional primary crushing followed by single stage SAG milling. Gold recovery is by means of a gravity recovery circuit and carbon in leach process.

Processing recoveries used are 90%, 80% and 65% for Oxide, Transitional and Fresh material respectively.

Mine is operational with good reconciliation between predicted recoveries and actuals.

Allowances are made in the recovery estimates for Transitional and Fresh ore as the Au recovery is impacted by some of the gold being hosted in refractory sulphide and preg-robbing carbon

Syama North

Metallurgical test work was conducted on multiple samples. The tests indicated that, similarly to the Syama ore. The processing of the ore will be similar to that of the Syama sulphide circuit which has been in operation for several years and is well understood, consisting of the following stages:

·      Crushing and grinding utilising the existing oxide process plant infrastructure

·      Gravity gold recovery utilising the existing oxide gravity circuit

·      Flotation to produce a sulphide rich concentrate

·      Concentrate thickening

·      Roasting, followed by calcine quench and wash

·      Carbon-in-leach (CIL)

·      Tailings disposal

The oxide crushing and grinding circuit has an oxide capacity of 1.6 Mtpa, and Sulphide crushing & grinding has a sulphide capacity of 2.4 Mtpa. PFS study is underway to expand the oxide circuit to a dual feed circuit to feed additional Sulphide ore once the oxide ore depletes.

The Syama roaster, CIL circuit and tailings storage facility has enough capacity to process the additional concentrate from Syama North Sulphide ore stream.

A total gold recovery of 86%, 80% and 78%, has been assumed for Oxide, Transitional and Fresh Material respectively, based on test results to date. This is in line with similar ore being processed at Syama.

 

Environmental

 

·      The status of studies of potential environmental impacts of the mining and processing operation. Details of waste rock characterization and the consideration of potential sites, status of design options considered and, where applicable, the status of approvals for process residue storage and waste dumps should be reported.


Cashew South, Paysans_Samogo and Tellem

Ore from these pits will be processed at Syama and tailings storage will be impounded in existing footprint area approved in the Environmental & Social Impact Study.  Progressive raising of the tailings occurs regularly with the 9th lift completed in 2019.  Routine progress on the monitoring is reported to government and at stakeholder meetings in concert with routine inspections by government representatives.Syama North

An active waste rock characterisation program has been put in place. Potentially Acid Forming (PAF) and Non Acid Forming (NAF) will be identified for waste material dumping in light of closure plan consideration.

Ore from these pits will be processed at Syama and tailings storage will be impounded in existing  tailings storage area.

Infrastructure

 

·      The existence of appropriate infrastructure: availability of land for plant development, power, water, transportation (particularly for bulk commodities), labour, accommodation; or the ease with which the infrastructure can be provided, or accessed.


Cashew NE, Paysans, Tellem, and Syama North
These pits will be supported by existing infrastructure at Syama
as they are close to the main facility.

Costs

 

·      The derivation of, or assumptions made, regarding projected capital costs in the study.

·      The methodology used to estimate operating costs.

·      Allowances made for the content of deleterious elements.

·      The derivation of assumptions made of metal or commodity price(s), for the principal minerals and co- products.

·      The source of exchange rates used in the study.

·      Derivation of transportation charges.

·      The basis for forecasting or source of treatment and refining charges, penalties for failure to meet specification, etc.

·      The allowances made for royalties payable, both

·      Government and private.


All pits are located within approximately 10km of Syama. Ore is trucked to Syama where it is processed at Syama's oxide circuit. General and administration costs are shared between the oxide plant and the sulphide plant which treats the Syama UG orebody. As part of ongoing operations, capital and operating budgets are prepared from first principles and considering existing contractual agreements.

The oxide plant produces gold doré (without problematic deleterious elements) that is subsequently refined offsite. Refining costs are not material.

·     Exchange rates used for planning purposes are from consensus forecasts provided by external corporate advisers.

·     Ad valorem Government royalties of 6% are payable on gold production.

Revenue factors

 

·      The derivation of, or assumptions made regarding revenue factors including head grade, metal or commodity price(s) exchange rates, transportation and treatment charges, penalties, net smelter returns, etc.

·      The derivation of assumptions made of metal or commodity price(s), for the principal metals, minerals and co-products.


A gold price of US$1,650/oz formed the basis of the Ore Reserves. Gold prices used for planning are from consensus forecasts provided by external corporate advisers.

No penalties are incurred, nor is any revenue received from co-products.

Market assessment

 

·      The demand, supply and stock situation for the particular commodity, consumption trends and factors likely to affect supply and demand into the future.

·      A customer and competitor analysis along with the identification of likely market windows for the product.

·      Price and volume forecasts and the basis for these forecasts.

·      For industrial minerals the customer specification, testing and acceptance requirements prior to a supply contract.


The market for gold is robust with prevailing gold price being well above the Reserve price.

Supply and demand are not considered material to the Ore
Reserve calculations.

Economic

 

·      The inputs to the economic analysis to produce the net present value (NPV) in the study, the source and confidence of these economic inputs including estimated inflation, discount rate, etc.

·      NPV ranges and sensitivity to variations in the significant assumptions and inputs.


Cashew South, Paysans_Samogo and Tellem

The financial evaluation undertaken as part of the evaluation of these open pits indicated a positive net present value (NPV) at 7% discount rate and operating results to date have exceeded production and NPV forecasts.

Syama North

The financial evaluation undertaken as part of the evaluation indicated a positive net present value (NPV) at a 7% annual discount rate. The following major economic inputs were used:

·      Costs as previous described

·      Gold price of US$1650/oz

·      Royalties of 6%

·      Effective tax rate of 25% (Corporate tax rate of 30% with 5% discount provided by the Malian government to Tabakoroni)

·      Discount rate of 7% per annum for real, post-tax cash flows.

 

Social

 

·      The status of agreements with key stakeholders and matters leading to social license to operate.


Cashew South, Paysans_samogo and Tellem

The Southern Satellite Pits fall within the Syama exploitation permit and will be managed and operated by SOMISY SA.

Development of the Southern Satellite pits has required updating of the SOMISY ESIA which has been lodged with the Government of Mali since December 2019.  The ESIA process has required consultation with local community and local government leadership plus other relevant stakeholders.  Engagement will continue up to and during operations including the payment of compensation to farmers whose fields are disturbed as per Malian legal requirements.

It is anticipated that Malian nationals will fill most operating and management positions related to the Southern Satellite open pits. 

It is the intention to encourage economic development within the local community

The Syama Mine Community Consultative Committee, which includes representation from Tabakoroni and the villages adjacent to the Southern Satellites, was established in February 2001 with representatives from local villages, the Malian Government and SOMISY.  Since April 2004 the Committee has met regularly as a communication forum and to address community issues and assist with community project proposals; it continues to meet on the first or second Tuesday of each month.Syama North

The Syama North Pits fall within the Syama exploitation permit and will be managed and operated by SOMISY SA. 

Development of the Syama North requires updating of the SOMISY ESIA. The ESIA process requires consultation with local community and government leadership and other relevant stakeholders. Engagement will continue up to and during operations including the payment of compensation to farmers whose fields are disturbed as per Malian legal requirements.

Malian nationals are anticipated to fill most operating and management positions related to the Southern Satellite open pits. The intention is to encourage economic development within the local community

 

Other

 

·      To the extent relevant, the impact of the following on the project and/or on the estimation and classification of the Ore Reserves:

·      Any identified material naturally occurring risks.

·      The status of material legal agreements and marketing arrangements.

·      The status of governmental agreements and approvals critical to the viability of the project, such as mineral tenement status, and government and statutory approvals. There must be reasonable grounds to expect that all necessary Government approvals will be received within the timeframes anticipated in the Pre-Feasibility or Feasibility study. Highlight and discuss the materiality of any unresolved matter that is dependent on a third party on which extraction of the reserve is contingent.


Cashew South, Paysans_Samogo, Tellem and Syama North
All current government agreements and approvals are in good standing and no anticipated changes are expected. Political instability is a potential risk in Mali, but the owner has many years operating experience in this environment through the current Syama operations. The current Malian government is supportive of mining operations and the current Syama and operations are in good standing with the authorities. There are no current unresolved matters affecting this project.

 

 

Classification

 

·      The basis for the classification of the Ore Reserves into varying confidence categories.

·      Whether the result appropriately reflects the Competent Person's view of the deposit.

·      The proportion of Probable Ore Reserves that have been derived from Measured Mineral Resources (if any).


Cashew South, Paysans_Samogo and Tellem

Probable Ore Reserves were declared based on the Indicated Mineral Resources and Measured Resources considering the uncertainty of the Modifying Factors such as geotechnical inputs.

Nevertheless, since Paysans Central is an operating mine, the uncertainties are reduced but geotechnical study is yet to confirm the modifying factors (pit geometry; i.e; batter face angle and berm width. As a result, there is no Measures Resources conversion into Proved Reserve.

The Ore Reserve estimate appropriately reflects the Competent Person's view of the deposit.Syama North

Proved and Probable Ore Reserves were declared based on the Measured and Indicated Mineral Resources. 

The Ore Reserve estimate appropriately reflects the Competent Person's view of the deposit.

None of the Measured Mineral Resource was converted to Proven Ore Reserves as the PFS study for plant expansion is underway.

 

Audits or reviews

 

·      The results of any audits or reviews of Ore Reserve estimates.


Cashew South, Paysans_Samogo, Tellem, and Syama North
No external audits of resources/reserves were undertaken.

Discussion of relative accuracy/ confidence

 

·      Where appropriate a statement of the relative accuracy and confidence level in the Ore Reserve estimate using an approach or procedure deemed appropriate by the Competent Person. For example, the application of statistical or geostatistical procedures to quantify the relative accuracy of the reserve within stated confidence limits, or, if such an approach is not deemed appropriate, a qualitative discussion of the factors which 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.

·      Accuracy and confidence discussions should extend to specific discussions of any applied Modifying Factors that may have a material impact on Ore Reserve viability, or for which there are remaining areas of uncertainty at the current study stage.

·      It is recognized that this may not be possible or appropriate in all circumstances. These statements of relative accuracy and confidence of the estimate should be compared with production data, where available.


Cashew South, Paysans_Samogo,Tellem, and Syama North
The relative accuracy and confidence of the Ore Reserve estimate is inherent in the Ore Reserve Classification.

All the parameters assumed and adopted along with financial modelling and analysis have been subject to internal peer review.



Tabakoroni Satellite Deposits - Porphyry Zone (Splay)

Section 1 Sampling Techniques and Data

CRITERIA

JORC CODE EXPLANATION

COMMENTARY

Sampling techniques

 

·     Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling.

·     Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.

·     Aspects of the determination of mineralisation that are Material to the Public Report.

·     In cases where 'industry standard' work has been done this would be relatively simple (e.g. 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.


The samples were collected from reverse circulation (RC) and diamond core drill holes.

RC samples were collected on 1m intervals by riffle split (dry) or by scoop (wet), to obtain a 1-3kg sample which was sent to the laboratory for crushing, splitting and pulverising to provide a 30g charge for analysis.

Diamond core was sampled at 1m intervals and cut in half, to provide a 2-4kg sample, which was sent to the laboratory for crushing, splitting and pulverising to provide a 30g charge for analysis.

Sampling and sample preparation protocols are industry standard and are deemed appropriate by the Competent Person.

Drilling techniques

 

·     Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc.).


Drill types used include diamond core of PQ and HQ sizes and RC.

Core is oriented at 3m down hole intervals using a Reflex Act II RD Orientation Tool.

 

Drill sample recovery

 

·     Method of recording and assessing core and chip sample recoveries and results assessed.

·     Measures taken to maximise sample recovery and ensure representative nature of the samples.

·     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.


Drill core interval recoveries are measured from core block to core block using a tape measure.

Appropriate measures are taken to maximise sample recovery and ensure the representative nature of the samples.

No apparent relationship is noted between sample recovery
and grade.

Logging

 

·     Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies
and metallurgical studies.

·     Whether logging is qualitative or quantitative in nature.
Core (or costean, channel, etc.) photography.

·     The total length and percentage of the relevant
intersections logged.


Drill holes were geologically logged by geologists for colour, grainsize, lithology, minerals, alteration and weathering on geologically-domained intervals.

Geotechnical and structure orientation data was measured and logged for all diamond core intervals.

Diamond core was photographed (wet and dry).

Holes were logged in their entirety (100%) and this logging was considered reliable and appropriate.

Sub-sampling techniques and sample preparation

 

·     If core, whether cut or sawn and whether quarter, half or all core taken.

·     If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry.

·     For all sample types, the nature, quality and appropriateness of the sample preparation technique.

·     Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.

·     Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling.

·     Whether sample sizes are appropriate to the grain size of the material being sampled.


Diamond core was sampled at 1m intervals and cut in half to obtain a 2-4kg sample.

Reverse circulation samples were collected on 1m intervals by riffle split (dry) or by scoop (wet) to obtain a 1-3kg sample.

Sample preparation for diamond core and RC samples includes oven drying, crushing to 10mm, splitting and pulverising to 85% passing -75µm. These preparation techniques are deemed to be appropriate to the material being sampled.

Drill core coarse duplicates were split by the laboratory after crushing at a rate of 1:20 samples. Reverse circulation 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. The methods applied in this process were deemed appropriate by the Competent Person.

Quality of assay data and laboratory tests

 

·     The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.

·     For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.

·     Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.


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), diamond core coarse duplicates (1:20) and reverse circulation 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 and assaying

 

·     The verification of significant intersections by either independent or alternative company personnel.

·     The use of twinned holes.

·     Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.

·     Discuss any adjustment to assay data.


Verification of significant intersections have been completed by Company personnel and the Competent Person.

No drill holes within the resource area were twinned.

Drill holes were logged into digital templates with lookup codes, validated and then compiled 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

 

·     Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.

·     Specification of the grid system used.

·     Quality and adequacy of topographic control.


Collar coordinates were picked up in UTM (WGS84) by staff surveyors using an RTK DGPS with an expected accuracy of
±0.05m; elevations were height above EGM96 geoid.

Down hole surveys were collected at intervals between 5m and 30m using either a Reflex EZ-Gyro north seeking instrument or a Reflex EZ-Trac magnetic instrument in single shot or multi shot mode. A time-dependent declination was applied to the magnetic readings to determine UTM azimuth.

Coordinates and azimuths are reported in UTM WGS84 Zone 29 North.

Coordinates were translated to local mine grid using 1 point and rotation.

Local topographic control is via LIDAR surveys, satellite photography and drone UAV aerial survey.

Data spacing and distribution

 

·     Data spacing for reporting of Exploration Results.

·     Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.

·     Whether sample compositing has been applied.


Drill hole spacing was sufficient to demonstrate geological and grade continuity appropriate for a Mineral Resource and the classifications applied under the 2012 JORC Code.

The appropriateness of the drill spacing was reviewed by the geological technical team, both on site and head office. This was also reviewed by the Competent Person.

Samples were collected on 1m intervals; no sample compositing is applied during sampling.

Orientation of data in relation to geological structure

 

·     Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.

·     If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.


Holes were drilled predominantly perpendicular to mineralised domains where possible.

No orientation-based sampling bias has been identified in the data.

Sample security

 

·     The measures taken to ensure sample security.


Samples were collected 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

 

·     The results of any audits or reviews of sampling techniques and data.


External audits of procedures indicate protocols are within industry standards.



Section 2 Reporting of Exploration Results

CRITERIA

JORC CODE EXPLANATION

COMMENTARY

Mineral tenement and land tenure status

 

·     Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.

·     The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.


Porphyry Zone drilling was completed within the Finkolo-Tabakoroni Exploitation Licence PE 13/19. Resolute Mining Limited has an 85% interest in Exploitation Permit PE 13/19, through its Malian subsidiary, Sociêtê 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 done by other parties

 

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