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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Resolute Mining Limited | LSE:RSG | London | Ordinary Share | AU000000RSG6 | ORD NPV (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.40 | 2.09% | 19.50 | 18.10 | 19.50 | 19.50 | 19.50 | 19.50 | 4,679 | 09:59:57 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Gold Ores | 631.07M | 65.58M | 0.0308 | 11.69 | 406.65M |
From Feb 2020 to Feb 2025
TIDMRSG
RNS Number : 0285N
Resolute Mining Limited
27 January 2021
27 January 2021
Tabakoroni Underground Mineral Resource grows to 1.26 million ounces at 4.9g/t gold
Highlights
-- Tabakoroni Underground Mineral Resource Estimate updated to 8.1 million tonnes at 4.9 g/t for 1.26 million ounces of gold
-- High-grade results from new drilling informing the updated resource at Tabakoroni Deeps include:
o TADD817 - 26m @ 9.69g/t from 302m
o TADD833 - 18m @ 11.20g/t from 317m
-- Drilling to continue throughout 2021 to build the resources and reserves of Tabakoroni to strengthen the financial case for a future underground mine development
-- An updated life of mine feasibility study is being compiled utilising the expanded Tabakoroni Resource
Resolute Mining Limited (ASX/LSE: RSG) (Resolute or the Company) is pleased to announce an updated Mineral Resource Estimate from ongoing exploration success at Tabakoroni, confirming the potential for a new underground gold mine at Syama in Mali.
The Tabakoroni Mineral Resource has been upgraded to 8.1 million tonnes (Mt) at 4.9 grams per tonne (g/t) gold (Au) for a total of 1.26 million ounces (Moz)
The mineralisation at Tabakoroni remains open both along strike and at depth and continued exploration success is expected to expand Mineral Resources and further extend mine life.
Updated Tabakoroni Underground Mineral Resource Estimate
Resolute published the Maiden Underground Resource at Tabakoroni on 29 April 2019 comprising 5.2Mt @ 5.1g/t Au for 850,000oz. Following continued exploration success, the Resource was updated on 14 October 2020 with an increase to 1Moz of gold from a Mineral Resource of 7.4Mt @ 4.4g/t Au.
The announcement on 14 October 2020 also reported several high-grade intersections underneath the Namakan and South oxide pits at Tabakoroni which were located outside of the October 2020 resource estimate.
Diamond drilling in the second half of 2020 identified a coherent high-grade lens of mineralisation located underneath the South oxide pit at Tabakoroni. The first intersections in this zone were reported in the 14 October 2020 announcement. Subsequent drilling activities focussed on fully outlining this new zone which was ultimately successful with the return of a number of additional high-grade results including:
-- TADD817 - 26m @ 9.69g/t from 302m -- TADD833 - 18m @ 11.20g/t from 317m
The locations of these drill intersection pierce points are shown in Figure 1.
The combination of the new high-grade mineralisation underneath the South oxide pit and additional ore grade drill intersections returned underneath the Namakan pit combined to dramatically increase the tonnage in the global resource estimate. This update continues the trend from previous announcements showing the underground Resource at Tabakoroni continues to steadily grow. The Global Mineral Resource is shown in Table 1.
Hot Features
Premium
Tabakoroni Underground Resource
Global Mineral Resource
--------------------------------------
Cut-off Tonnes Gold Ounces
grade
----------
(000)s (g/t) (000s)
---------- -------- ------ --------
1.5 13,130 4.01 1,690
-------- ------ --------
1.75 12,050 4.23 1,640
-------- ------ --------
2 10,720 4.52 1,560
-------- ------ --------
2.5 8,850 5 1,420
-------- ------ --------
3 6,890 5.63 1,250
-------- ------ --------
Table 1: Tabakoroni Global Mineral Resources
Following the Tabakoroni Pre-Feasibility Study which was reported with the 14 October 2020 Resource update it was decided to apply the more rigorous principles of Reasonable Prospects of Eventual Economic Extraction (RPEEE) for the published Mineral Resource. The Global Mineral Resource was restricted by a stope shape optimisation completed in Deswik Stope Optimizer to produce a set of potentially economical stope shape wireframes. The Mineral Resource then reported the mineralised blocks within these optimised stope shape wireframes. The Mineral Resource is therefore reported excluding dilution (undiluted).
The optimisation was completed at a resource gold price of US$2,000/oz and considered likely mining and processing parameters to be encountered during eventual extraction of the material, such as the most likely mining method (long hole open stoping) and approximate mining and metallurgical parameters. The RPEEE constrained Mineral Resource is shown in Table 2.
Tabakoroni Underground Resource
Category Tonnes Gold Ounces
(000)s (g/t) (000s)
-------- ------ -------
Measured 210 4.39 30
-------- ------ -------
Indicated 4,440 4.89 700
-------- ------ -------
Inferred 3,460 4.82 540
-------- ------ -------
Total 8,110 4.85 1,260
-------- ------ -------
Table 2: Tabakoroni Underground Mineral Resources
As expected, the Mineral Resource has lower tonnes and higher grade than the Global Mineral Resource at the same cut-off grade.
The Resource block model and significant intersections are shown in Figure 1.
Please see image in the full version of the announcement at www.rml.com.au
Figure 1: Tabakoroni Longitudinal Section with Mineral Resource block model and drill intersections
Resource estimation and Classification methodology
A structural geology model was completed during 2020 and this model guided the update of the mineralised wireframes which increased the confidence in the estimation. The wireframes were created with a cut-off grade of 10 g/t Au and a minimum downhole thickness of 2m.
Four domains have been identified at Tabakoroni. The main domain is the Tabakoroni Main Shear Zone (TMSZ), which is a steeply dipping shear mineralised over 1.8km of strike. A second domain was created for the parallel lodes adjacent to the TMSZ, and there are a number of shear-parallel smaller lodes.
Another domain was created for the shallow westerly-dipping lodes in the southern and central portion of the deposit. These lodes are dipping at 45deg and appear to overprint the TMSZ close to the surface. The final domain created was the steeply dipping mineralisation in the north-eastern portion of the deposit, which strikes at 20deg to the northeast.
Gold, sulphide sulphur, organic carbon and arsenic was estimated into a three-dimensional block model using Ordinary Kriged (OK) methodology.
Top cutting was required to reduce the influence of outlier values. Variograms were generated for the mineralised one metre composites. Optiro Pty Ltd (Optiro) carried out kriging neighbourhood analysis based upon the gold variograms to optimise the estimation parameters, and these parameters were used for ordinary kriging into the 5m x 10m x 5m parent cells.
Density was assigned based on weathering codes; 2,190 measurements were taken from diamond hole samples. These measurements suggested a density of 2.72g/m(3) for the fresh, 2.38g/m(3) for the transitional material and 2.12g/m(3) for the oxide material.
The estimation was validated and then classified as Measured, Indicated and Inferred in accordance with the JORC Code (2012) reporting guidelines. The structural interpretation has further increased the confidence in the location and orientation of the mineralisation and therefore the estimation. The default classification for the mineralisation is an Inferred Mineral Resource. Measured Mineral Resources are defined by contiguous zones where the nominal drillhole density is 12.5m by 12.5m, while an Indicated Mineral Resource has been defined by zones where the nominal drillhole density is up to 50m by 50m. The resource has been depleted for mining as of 31 December 2020.
Further Exploration opportunities at Tabakoroni
Ongoing Tabakoroni Exploration
Drilling completed since the 14 October 2020 Mineral Resource Estimate was predominantly an extensional program to increase the global resources. This program was successful with the resource nearly doubling from the previous announcement. Some of the expanded resources are located beneath to South pit. In this area the new resources are nearly all classified as Inferred therefore cannot be used to quote reserves.
The drilling program for 2021 will concentrate on infilling and expanding the high-grade mineralisation underneath the South pit at Tabakoroni. A drill density of 50m centres will be required to classify this new zone as Indicated Resources.
Drilling in 2021 will also follow up the deep intersection in TADD781 of 9m @ 5.24g/t Au located on the extreme northern end of the TMSZ. This intersection was reported previously and is located well outside the current resource envelope.
For further information, contact:
Stuart Gale
Interim CEO
Resolute Mining Limited
Telephone: +61 8 9261 6100 | Email: contact@rml.com.au
Contact Information
Resolute Berenberg (UK Corporate Broker)
Stuart Gale Interim CEO Matthew Armitt / Jennifer Wyllie / Detlir
Telephone: +61 8 9261 6100 Elezi
Email: contact@rml.com.au Telephone: +44 20 3207 7800
Web: www.rml.com.au Tavistock (UK Public Relations)
Jos Simson / Emily Moss / Annabel de Morgan
/ Oliver Lamb
Telephone: +44 207 920 3150 / +44 778
855 4035
Email: resolute@tavistock.co.uk
Board of Directors Contact
Mr Martin Botha, Non-Executive Ms Sabina Shugg, Non-Executive Stuart Gale, Interim
Chairman Director CEO
T: +618 9261
6100
E: contact@rml.com.au
-----------------------
Ms Yasmin Broughton, Mr Peter Sullivan, Non-Executive
Non-Executive Director Director
-----------------------
Mr Mark Potts, Non-Executive
Director
------------------------------- ----------------------------------- -----------------------
Competent Persons Statement
The information in this report that relates to the Exploration Results, Mineral Resources and Ore Reserves is based on information compiled by Mr Bruce Mowat, a member of The Australian Institute of Geoscientists. Mr Bruce Mowat has more than five years' experience relevant to the styles of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person, as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" (the JORC Code). Mr Bruce Mowat is a full-time employee of the Resolute Mining Limited Group and holds equity securities in the Company. He has consented to the inclusion of the matters in this report based on his information in the form and context in which it appears. This information was prepared and disclosed under the JORC Code 2012 except where otherwise noted.
The information in this announcement that relates to the Mineral Resource estimate has been based on information and supporting documents prepared by Mrs Susan Havlin, a Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy. Mrs Havlin is an employee of Optiro and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which has been undertaken to qualify as a Competent Person. Mrs Havlin confirms that the Mineral Resource estimate is based on information in the supporting documents and consents to the inclusion in the report of the Mineral Resource estimate and related content based on the information in the form and context in which it appears.
Cautionary Statement about Forward-Looking Statements
This announcement includes certain statements, estimates and projections with respect to the future performances of Resolute. Such statements, estimates and projections reflect various assumptions concerning anticipated results, which assumptions may prove not to be correct. The projections are merely estimates by Resolute, of the anticipated future performance of Resolute's business based on interpretations of existing circumstances, and factual information and certain assumptions of economic results, which may prove to be incorrect. Such projections and estimates are not necessarily indicative of future performance, which may be significantly less favourable than as reflected herein. Accordingly, no representations are made as to the fairness, accuracy, correctness or completeness of the information contained in this announcement including estimates or projections and such statements, estimates and projections should not be relied upon as indicative of future value, or as a guarantee of value of future results. This announcement does not constitute an offer, invitation or recommendation to subscribe for or purchase securities in Resolute Mining Limited (ASX/LSE: RSG).
Appendix 1: Recent drilling results
Tabakoroni Deeps Drilling
Hole_ID North East RL Dip Azi EOH From To Width Au
(WGS) (WGS) (m) (WGS) (m) (m) (m) (m) (g/t)
TADD810 1163520 810234 364 -63 54 745.2 482 485 3 2.25
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
TADD810 1163520 810234 364 -63 54 745.2 503 507 4 3.52
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
TADD810 1163520 810234 364 -63 54 745.2 597 602 5 1.5
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
TADD810 1163520 810234 364 -63 54 745.2 607 612 5 5.1
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
TADD810 1163520 810234 364 -63 54 745.2 643 645 2 3.67
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
TADD810 1163520 810234 364 -63 54 745.2 672 686 14 3.24
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
TADD817 1163496 810488 376 -57 58 408.3 181 184 3 2.79
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
TADD817 1163496 810488 376 -57 58 408.3 228 235 7 3.56
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
TADD817 1163496 810488 376 -57 58 408.3 302 328 26 9.69
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
TADD824 1163306 810510 368 -58 64 439.4 162 169 7 3.92
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
TADD824 1163306 810510 368 -58 64 439.4 306 310 4 1.42
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
TADD829 1163762 810043 363 -64 57 890.8 684 690 6 2.66
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
TADD829 1163762 810043 363 -64 57 890.8 845 852 7 1.72
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
TADD833 1163427 810509 371 -59 61 403.1 134 136 2 9.02
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
TADD833 1163427 810509 371 -59 61 403.1 181 189 8 1.56
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
TADD833 1163427 810509 371 -59 61 403.1 317 335 18 11.2
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
TADD842 1163694 810395 381 -68 66 452.4 298 301 3 7.58
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
TARC877 1164912 810325 342 -55 67 150 110 113 3 4.24
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
TARD777 1163200 810543 370 -65 64 519.5 186 192 6 1.93
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
TARD777 1163200 810543 370 -65 64 519.5 254 259 5 3.24
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
TARD777 1163200 810543 370 -65 64 519.5 315 322 7 0.79
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
Notes to accompany table:
-- Grid coordinates are WGS84 Zone 29 North
-- RC intervals are sampled every 1m by dry riffle splitting or scoop to provide a 1-3kg sample
-- Diamond core are sampled every 1m by cutting the core in half to provide a 2-4kg sample
-- Cut-off grade for reporting of intercepts is >1g/t Au with a maximum of 3m consecutive internal dilution included within the intercept; only intercepts >=2m and >5 gram x metres are reported
-- Samples are analysed for gold by 30g fire assay fusion with AAS instrument finish; over-range results are reanalysed by 30g fire assay fusion with gravimetric finish
Table 1 - Section 1: Tabakoroni Sampling Techniques and Data
CRITERIA JORC CODE EXPLANATION COMMENTARY
Sampling The samples were collected from
techniques * Nature and quality of sampling (e.g. cut channels, reverse
random chips, or specific specialised industry circulation (RC) drill holes.
standard measurement tools appropriate to the RC samples were collected on 1m
minerals under investigation, such as down hole gamma intervals
sondes, or handheld XRF instruments, etc.). These by riffle split (dry) or by scoop
examples should not be taken as limiting the broad (wet), to obtain a 1-3kg sample
meaning of sampling. which
was sent to the laboratory for
crushing,
* Include reference to measures taken to ensure sample splitting and pulverising to
representivity and the appropriate calibration of any provide
measurement tools or systems used. a 30g charge for analysis.
Sampling and sample preparation
protocols
* Aspects of the determination of mineralisation that are industry standard and are
are Material to the Public Report. deemed
appropriate by the Competent
Person.
* 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.
------------------------------------------------------------ ------------------------------------
Drilling Drill types used include reverse
techniques * Drill type (e.g. core, reverse circulation, open-hole circulation.
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 sample Appropriate measures are taken to
recovery * Method of recording and assessing core and chip maximise sample recovery and ensure
sample recoveries and results assessed. the representative nature of the
samples.
No apparent relationship is noted
* Measures taken to maximise sample recovery and ensure between sample recovery and grade.
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.
------------------------------------------------------------ ------------------------------------
Logging Drill holes were geologically
* Whether core and chip samples have been geologically logged
and geotechnically logged to a level of detail to by geologists for colour,
support appropriate Mineral Resource estimation, grainsize,
mining studies and metallurgical studies. lithology, minerals, alteration and
weathering on geologically-domained
intervals.
* Whether logging is qualitative or quantitative in Holes were logged in their entirety
nature. Core (or costean, channel, etc.) photography. (100%) and this logging was
considered
reliable and appropriate.
* The total length and percentage of the relevant
intersections logged.
------------------------------------------------------------ ------------------------------------
Sub-sampling Reverse circulation samples were
techniques * If core, whether cut or sawn and whether quarter, collected
and sample half or all core taken. on 1m intervals by riffle split
preparation (dry)
or by scoop (wet) to obtain a 1-3kg
* If non-core, whether riffled, tube sampled, rotary sample.
split, etc. and whether sampled wet or dry. Sample preparation includes oven
drying,
crushing to 10mm, splitting and
* For all sample types, the nature, quality and pulverising
appropriateness of the sample preparation technique. to 85% passing -75um. These
preparation
techniques are deemed to be
* Quality control procedures adopted for all appropriate
sub-sampling stages to maximise representivity of to the material being sampled.
samples. Reverse circulation field
duplicates
were collected by the company at a
* Measures taken to ensure that the sampling is rate of 1:20 samples.
representative of the in-situ material collected, Sampling, sample preparation and
including for instance results for field quality
duplicate/second-half sampling. control protocols are of industry
standard and all attempts were made
to ensure an unbiased
* Whether sample sizes are appropriate to the grain representative
size of the material being sampled. sample was collected. The methods
applied in this process were deemed
appropriate by the Competent
Person.
------------------------------------------------------------ ------------------------------------
Quality All samples were dispatched to ALS
of assay * The nature, quality and appropriateness of the Bamako for gold analysis by 30g
data and assaying and laboratory procedures used and whether fire
laboratory the technique is considered partial or total. assay fusion with AAS instrument
tests finish
(method code Au-AA25). Over-range
* For geophysical tools, spectrometers, handheld XRF results were re-analysed and
instruments, etc., the parameters used in determining reported
the analysis including instrument make and model, by 30g fire assay fusion with
reading times, calibrations factors applied and their gravimetric
derivation, etc. finish (method code Au-GRA21). The
analytical method was appropriate
for the style of mineralisation.
* Nature of quality control procedures adopted (e.g. No geophysical tools were used to
standards, blanks, duplicates, external laboratory determine elemental concentrations.
checks) and whether acceptable levels of accuracy Quality control (QC) procedures
(i.e. lack of bias) and precision have been included
established. the use of certified standards
(1:40),
non-certified sand blanks (1:40)
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 Verification of significant
of sampling * The verification of significant intersections by intersections
and assaying either independent or alternative company personnel. have been completed by company
personnel
and the Competent Person.
* The use of twinned holes. No drill holes within the resource
area were twinned.
Drill holes were logged into
* Documentation of primary data, data entry procedures, digital
data verification, data storage (physical and templates with lookup codes,
electronic) protocols. validated
and then compiled into a relational
SQL 2012 database using DataShed
* Discuss any adjustment to assay data. 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 Collar coordinates were picked up
of data * Accuracy and quality of surveys used to locate drill in UTM (WGS84) by staff surveyors
points holes (collar and down-hole surveys), trenches, mine using an RTK DGPS with an expected
workings and other locations used in Mineral Resource accuracy of +/- 0.05m; elevations
estimation. were height above EGM96 geoid.
Down hole surveys were collected at
10m intervals using a Reflex
* Specification of the grid system used. EZ-Gyro
north seeking instrument.
Coordinates and azimuths are
* Quality and adequacy of topographic control. reported
in UTM WGS84 Zone 29 North.
Tabakoroni drill holes were
translated
to local mine grid coordinates
using
1 point and rotation.
Local topographic control is via
LIDAR
surveys, satellite photography and
drone UAV aerial survey.
------------------------------------------------------------ ------------------------------------
Data spacing Drill hole spacing was sufficient
and distribution * Data spacing for reporting of Exploration Results. to demonstrate geological and grade
continuity appropriate for a
Mineral
* Whether the data-spacing and distribution is Resource and the classifications
sufficient to establish the degree of geological and applied
grade continuity appropriate for the Mineral Resource under the 2012 JORC Code.
and Ore Reserve estimation procedure(s) and The appropriateness of the drill
classifications applied. spacing
was reviewed by the geological
technical
* Whether sample compositing has been applied. 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 Holes were drilled predominantly
of data * Whether the orientation of sampling achieves unbiased perpendicular
in relation sampling of possible structures and the extent to to mineralised domains where
to geological which this is known, considering the deposit type. possible.
structure No orientation-based sampling bias
has been identified in the data.
* 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.
------------------------------------------------------------ ------------------------------------
Sample Samples were collected from the
security * The measures taken to ensure sample security. 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 External audits of procedures
or reviews * The results of any audits or reviews of sampling indicate
techniques and data. protocols are within industry
standards.
------------------------------------------------------------ ------------------------------------
Section 2 Reporting of Exploration Results
CRITERIA JORC CODE EXPLANATION COMMENTARY
Mineral Drilling at Syama was conducted within
tenement * Type, reference name/number, location and ownership the Malian Exploitation Concession
and land including agreements or material issues with third Permit PE 93/003 which covers an area
tenure parties such as joint ventures, partnerships, of 200.6 Km2.
status overriding royalties, native title interests, Resolute Mining Limited has an 80%
historical sites, wilderness or national park and interest in the Syama project and
environmental settings. the Exploitation Permit PE 93/003,
on which it is based, through its
Malian subsidiary, Société
* The security of the tenure held at the time of des Mines de Syama SA (SOMISY). The
reporting along with any known impediments to Malian Government holds a free carried
obtaining a licence to operate in the area. 20% interest in SOMISY.
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, Société 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 The Syama deposit was originally discovered
done by * Acknowledgment and appraisal of exploration by other by a regional geochemical survey undertaken
other parties. by the Direction National de Géologie
parties et des Mines (DNGM) with assistance
from the United Nations Development
Program (UNDP) in 1985. There had
also been a long history of artisanal
activities on the hill where an outcropping
chert horizon originally marked the
present day position of the open pit.
BHP during 1987-1996 sampled pits,
trenches, auger, RC and diamond drill
holes across Syama prospects. Randgold
Resources Ltd during 1996-2000 sampled
pits, trenches, auger, RAB, RC and
diamond drill holes across Syama prospects.
Etruscan Resources Inc explored Tabakoroni
during 2002-2003 by auger, aircore,
RC and diamond drill hole tails. The
Tabakoroni area was previously explored
Barrick Gold (1990) by auger, pits,
trenches, RAB and diamond core drilling.
--------------------------------------------------------------- ------------------------------------------------------------
Geology The Syama Project is found on the
* Deposit type, geological setting and style of northern margin of the Achaean-Proterozoic
mineralisation. 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.
The Tabakoroni deposit is hosted in
upright tightly folded greenstone
rocks of the Syama Formation, comprising
interbedded basalt and sediment units,
and an overlying complex sequence
of deep marine and turbiditic sediments.
The sequence overlying the basalts
contains interbedded carbonaceous
units (silts and shales) that are
preferentially deformed, and which
form the Tabakoroni Main Shear Zone
(TMSZ) that lies along the approximate
contact of the greenstone-sediment
sequence. Gold mineralisation occurs
within the TMSZ associated with quartz
vein stockworks and stylolitic quartz
reefs.
--------------------------------------------------------------- ------------------------------------------------------------
All information, including easting,
Drill * A summary of all information material to the northing, elevation, dip, azimuth,
hole understanding of the exploration results including a coordinate system, drill hole length,
Information tabulation of the following information for all intercept length and depth are measured
Material drill holes: and recorded in UTM Zone 29 WGS84.
The Syama belt is mostly located on
the Tengrela 1/200,000 topo sheet
o easting and northing of the (Sheet NC 29-XVIII).
drill hole collar The Tabakoroni local grid has been
o elevation or RL (Reduced tied to the UTM Zone 29 WGS84 co-ordinate
Level - elevation above sea system.
level in metres) of the drill Spectrum Survey & Mapping from Australia
hole collar established survey control at Tabakoroni
o dip and azimuth of the hole using AusPos online processing to
o down hole length and interception obtain an accurate UTM Zone 29 (WGS84)
depth and 'above geoid' RL for the origin
o whole length. of the survey control points.
* If the exclusion of this information is justified on Accuracy of the survey measurements
the basis that the information is not Material and is considered to meet acceptable industry
this exclusion does not detract from the standards.
understanding of the report, the Competent Person Drill hole information has been tabulated
should clearly explain why this is the case. 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 -60deg is 60deg
from the horizontal
* Down hole length is the distance down the inclination
of the hole and is measured as the distance from the
horizontal to end of hole
* Intercept depth is the distance from the start of the
hole down the inclination of the hole to the depth of
interest or assayed interval of interest.
--------------------------------------------------------------- ------------------------------------------------------------
Data Exploration results reported in this
aggregation * In reporting Exploration Results, weighting averaging announcement are tabulated using the
methods techniques, maximum and/or minimum grade truncations following parameters:
(e.g. cutting of high grades) and cut-off grades are * Grid coordinates are WGS84 Zone 29 North
usually Material and should be stated.
* Cut-off grade for reporting of intercepts is >=1g/t
* Where aggregate intercepts incorporate short lengths Au
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 * No top cut of individual assays prior to length
aggregations should be shown in detail. weighted compositing of the reported intercept has
been applied
* The assumptions used for any reporting of metal
equivalent values should be clearly stated. * Maximum 3m consecutive internal dilution included
within the intercept
Metal equivalent values are not used
in reporting.
--------------------------------------------------------------- ------------------------------------------------------------
Relationship The Syama mineralisation is steeply
between * These relationships are particularly important in the dipping at approximately 60 degrees
mineralisation reporting of Exploration Results. from the horizontal.
widths The majority of the Tabakoroni mineralisation
and intercept is vertical. There is one domain which
lengths * If the geometry of the mineralisation with respect to dips at 45o to the west.
the drill hole angle is known, its nature should be The majority of the drill holes are
reported. planned at a general inclination of
--60 degrees east and as close to
perpendicular to the ore zone as possible.
* If it is not known and only the down hole lengths are At the angle of the drill holes and
reported, there should be a clear statement to this the dip of the ore zones, the reported
effect (e.g. 'down hole length, true width not intercepts will be slightly more than
known'). true width.
--------------------------------------------------------------- ------------------------------------------------------------
Diagrams Relevant maps, diagrams and tabulations
* Appropriate maps and sections (with scales) and are included in the body of text.
tabulations of intercepts should be included for any
significant discovery being reported These should
include, but not be limited to a plan view of drill
hole collar locations and appropriate sectional
views.
--------------------------------------------------------------- ------------------------------------------------------------
Balanced Exploration results and infill drilling
reporting * Where comprehensive reporting of all Exploration results are being reported in this
Results is not practicable, representative reporting announcement and tabulated in the
of both low and high grades and/or widths should be body of the text.
practiced, to avoid misleading reporting of
Exploration Results.
--------------------------------------------------------------- ------------------------------------------------------------
Other No geophysical and geochemical data
substantive * Other exploration data, if meaningful and material, or any additional exploration information
exploration should be reported including (but not limited to): has been reported in this release,
data geological observations; geophysical survey results; as they are not deemed relevant to
geochemical survey results; bulk samples - size and the release.
method of treatment; metallurgical test results; bulk
density, groundwater, geotechnical and rock
characteristics; potential deleterious or
contaminating substances.
--------------------------------------------------------------- ------------------------------------------------------------
Further Further drilling is planned.
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.
--------------------------------------------------------------- ------------------------------------------------------------
Section 3 Estimation and Reporting of Mineral Resources
CRIT ERIA JORC CODE E XP L A N A T I ON CO M M ENT ARY
Database Data have been compiled into a
integrity * Measures taken to ensure that data has not been relational SQL database;
corrupted by, for example, transcription or keying the setup of this database
errors, between its initial collection and its use precludes the loading of data
for Mineral Resource estimation purposes. which do not meet the required
validation protocols. The
data is managed using DataShed(c)
* Data validation procedures used. drill hole management
software using SQL database
techniques. Validation checks
are conducted using SQL and
DataShed(c) relational database
standards. Data has also been
checked against original hard
copies for 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 Mrs Susan Havlin, an employee of
* Comment on any site visits undertaken by the Optiro and a Member of
Competent Person and the outcome of those visits. the Australasian Institute of
Mining and Metallurgy is the
Competent Person who has visited
* If no site visits have been undertaken indicate why this site in February and
this is the case. October 2019.
All aspects of drilling, sampling
and mining are considered
by the Competent Persons to be of a
high industry standard.
------------------------------------------------------------- -----------------------------------
Geological The digital database used for the
interpretation * Confidence in (or conversely, the uncertainty of) the interpretation included
geological interpretation of the mineral deposit. logged intervals for the key
stratigraphic zones of Tabakoroni.
Detailed geological logs were
* Nature of the data used and of any assumptions made. available in hardcopy and
digital and reviewed where
necessary.
* The effect, if any, of alternative interpretations on There is a high level of confidence
Mineral Resource estimation. for the interpretation
of the Tabakoroni Main Shear Zone
(TMSZ) due to the close-spaced
* The use of geology in guiding and controlling Mineral grade control drilling at surface
Resource estimation. and the confirmation of
the position in the current oxide
pits. Since an independent
* The factors affecting continuity both of grade and structural model was created there
geology. 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 mineral resource at Tabakoroni
* The extent and variability of the Mineral Resource comprises four individual
expressed as length (along strike or otherwise), plan domains. The main zone is the TMSZ,
width, and depth below surface to the upper and lower which extends for approximately
limits of the Mineral Resource. 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 20deg
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 Estimation was completed in
and modelling * The nature and appropriateness of the estimation Datamine Studio RM using an
techniques technique(s) applied and key assumptions, including Ordinary Kriged model to estimate
treatment of extreme grade values, domaining, the gold grade. Grades
interpolation parameters and maximum distance of were estimated into parent block of
extrapolation from data points. If a computer 5 mE by 10 mN by 5 mRL
assisted estimation method was chosen include a with sub- celling down to 1mE by 2
description of computer software and parameters used. mN by 1 mRL was employed
for resolution of the
mineralisation boundaries as
* The availability of check estimates, previous defined
estimates and/or mine production records and whether by wireframes. The drill spacing at
the Mineral Resource estimate takes appropriate Tabakoroni varies from
account of such data. 12.5 by 12.5 metres for grade
control to between 25 and
50 metres for the exploration
* The assumptions made regarding recovery of by- holes.
products. Drillhole sample data was flagged
using domain codes generated
from three-dimensional
* Estimation of deleterious elements or other non-grade mineralisation domains. The grade
variables of economic significance (e.g. sulphur for control samples and exploration
acid mine drainage characterization). samples were composited
to 1 metre intervals.
Variogram orientations were largely
* In the case of block model interpolation, the block controlled by the strike
size in relation to the average sample spacing and of the mineralisation and downhole
the search employed. variography. Variograms
for estimation purposes were
determined for each domain.
* In the case of block model interpolation, the block Kriging neighbourhood analysis was
size in relation to the average sample spacing and performed to optimise
the search employed. the block size, sample numbers and
discretisation levels
with the goal of minimising
* Any assumptions behind modelling of selective mining conditional bias in the gold
units. grade estimates.
Mineralisation domains were treated
as hard boundaries in
* Any assumptions about correlation between variables. the estimation process while
oxidation surfaces were treated
as soft boundaries.
* Description of how the geological interpretation was Three search passes were used, with
used to control the resource estimates. the first search pass
set to the range of the variogram
for each element. A minimum
* Discussion of basis for using or not using grade of 8 and a maximum of 30 samples
cutting or capping. were used. The search stayed
the same for the second pass but
was increased by a factor
* The process of validation, the checking process used, of 2 for the third and final pass.
the comparison of model data to drill hole data, and The minimum number of
use of reconciliation data if available. 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 All tonnages have been estimated on
* Whether the tonnages are estimated on a dry basis or a dry basis.
with natural moisture, and the method of
determination of the moisture content.
------------------------------------------------------------- -----------------------------------
Cut-off parameters Mineral Resources for open pit
* The basis of the adopted cut-off grade(s) or quality extraction have been reported
parameters applied. 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 A Pre-Feasibility study determined
or assumptions * Assumptions made regarding possible mining methods, the mining method would
minimum mining dimensions and internal (or, if be by long hole open stoping. No
applicable, external) mining dilution. It is always Mineral Resource margin
necessary as part of the process of determining (external) dilution has been
reasonable prospects for eventual economic extraction modelled. A minimum stope dip
to consider potential mining methods, but the of 30 degrees on the footwall was
assumptions made regarding mining methods and applied. More rigorous
parameters when estimating Mineral Resources may not mining assumptions and parameters
always be rigorous. Where this is the case, this will be applied during
should be reported with an explanation of the basis the conversion to Ore Reserves.
of the mining assumptions made.
------------------------------------------------------------- -----------------------------------
Metallurgical No metallurgical factors or
factors or * The basis for assumptions or predictions regarding assumptions have been made during
assumptions metallurgical amenability. It is always necessary as the resource estimation process as
part of the process of determining reasonable these will be addressed
prospects for eventual economic extraction to during the conversion to Ore
consider potential metallurgical methods, but the Reserves.
assumptions regarding metallurgical treatment
processes and parameters made when reporting Mineral
Resources may not always be rigorous. Where this is
the case, this should be reported with an explanation
of the basis of the metallurgical assumptions made.
------------------------------------------------------------- -----------------------------------
Environmental It is a requirement of Decree
factors or * Assumptions made regarding possible waste and process No.03-594/P-RM of 31 December
assumptions residue disposal options. It is always necessary as 2003 of Malian law that an
part of the process of determining reasonable Environmental and Social Impact
prospects for eventual economic extraction to Study (Étude d'Impact
consider the potential environmental impacts of the Environmental et Social - EIES)
mining and processing operation. While at this stage must be undertaken to update the
the determination of potential environmental impacts, potential environmental
particularly for a green fields project, may not and social impacts of the mine's
always be well advanced, the status of early redevelopment. The EIES
consideration of these potential environmental for the Syama Gold Mine (including
impacts should be reported. Where these aspects have Tabakoroni) was approved
not been considered this should be reported with an in November 2007 and an Environment
explanation of the environmental assumptions made. 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 Site personnel have completed
* Whether assumed or determined. If assumed, the basis numerous bulk density comparative
for the assumptions. If determined, the method used, estimates on HQ drill core to
whether wet or dry, the frequency of the measurements assess variability using the
, Archimedes method of dry weight
the nature, size and representativeness of the versus weight in water.
samples. This method was used for 71% of the
bulk density measurements.
The other 29% is by unknown method.
* The bulk density for bulk material must have been On the basis of the data collected
measured by methods that adequately account for void the following SG estimates
spaces (vugs, porosity, etc), moisture and were applied to the model by
differences between rock and alteration zones within weathering type:
the deposit.
Oxide 2.12 t/m3
Transitional 2.38 t/m3
* Discuss assumptions for bulk density estimates used Fresh 2.72 t/m3
in the evaluation process of the different materials.
------------------------------------------------------------- -----------------------------------
Classification The Measured Mineral Resource
* The basis for the classification of the Mineral classification is based on
Resources into varying confidence categories. good confidence in the geology and
gold grade continuity
with 12.5 m x 12.5 m spaced
* Whether appropriate account has been taken of all drillhole density in the central
relevant factors (i.e. relative confidence in part of the deposit.
tonnage/grade estimations, reliability of input data, The Indicated Mineral Resource
confidence in continuity of geology and metal values, classification is based on
quality, quantity and distribution of the data). good confidence in the geology and
gold grade continuity
with less than 50 m x 50 m spaced
* Whether the result appropriately reflects the drillhole density in the
Competent Person's view of the deposit. 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 The Mineral Resource has been
reviews * The results of any audits or reviews of Mineral audited internally and in
Resource estimates. conjunction with resource
consultants at Optiro as part
of the routine validation process.
There has been no external
review of the Mineral Resource
estimate.
------------------------------------------------------------- -----------------------------------
Discussion The relative accuracy of the
of relative * Where appropriate a statement of the relative Mineral Resource estimate is
accuracy/ accuracy and confidence level in the Mineral Resource reflected in the reporting of
confidence estimate using an approach or procedure deemed Measured, Indicated and Inferred
appropriate by the Competent Person. For example, the resource categories as defined by
application of statistical or geostatistical 2012 JORC Code guidelines.
procedures to quantify the relative accuracy of the The estimate is considered to be
resource within stated confidence limits, or, if such relevant to an annual level
an approach is not deemed appropriate, a qualitative of reporting of tonnage and grade.
discussion of the factors that could affect the The estimation was compared with
relative accuracy and confidence of the estimate. the production history
at Tabakoroni and it is within 15%
which is within the limits
* The statement should specify whether it relates to for the relevant classifications.
global or local estimates, and, if local, state the
relevant tonnages, which should be relevant to
technical and economic evaluation. Documentation
should include assumptions made and the procedures
used.
* These statements of relative accuracy and confidence
of the estimate should be compared with production
data, where available.
------------------------------------------------------------- -----------------------------------
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