|
|
 |
 |
| |
| Mineral resources and reserves |
| Avocet Mining PLC (Avocet) owns 90% of Société des Mines de Bélahouro SA (SMB), owner of the Inata gold mine. Avocet owns 100% of the exploration permits surrounding the Inata mining licence through its wholly owned subsidiary, Goldbelt Resources (West Africa) SARL. Avocet, through its Burkina Faso operating subsidiary SMB, commissioned CSA Global Pty Ltd (CSA) to report the Mineral Resource estimates for the Inata and Souma Gold Projects during the first quarter of 2015. |
| The Company’s Burkina Faso Mineral Resource estimates are presented in the tables below, quoted for blocks above a nominated cut-off grade of 0.8g/t Au. The Inata and Minfo Mineral Resources were depleted to the end December 2014 mining surface. |
| Inata’s Ore Reserves were estimated to be 0.33 million ounces as at 31 December 2014 based on optimised pits shells determined on a gold price assumption of US$1,100 per ounce, reduced from 0.49 million ounces as at 31 December 2013, which had been based on optimised pits shells determined on a gold price assumption of US$950 per ounce. Cut off grades within the US$1,100 per ounce shells were based on a gold price assumption of US$1,250 per ounce. The reduction in Ore Reserves is largely attributable to mining depletion and an increase in the cut-off grade. The increased cut-off grade is influenced by the decrease in the assumed metallurgical recovery of carbonaceous and refractory ore to be mined for the remainder of the mine life. |
| A portion of Measured Resources (1.0 million tonnes) has been classified as Probable Ore Reserves. This downgrading in confidence is due to uncertainty relating to the metallurgical modifying factors under JORC (2012) for material with an active carbon content. The introduction of the carbon blinding circuit in 2014 is a significant step to mitigate this drop in recovery, but a capped metallurgical recovery has been used until actual performance consistently supports a calculated value for metallurgical recovery. |
| The operating mine life for Inata extends to 2017. The financial analysis of the Ore Reserve Statement is independent of future financing requirements. |
| Ore Reserve estimates are reported beneath the 31 December 2014 topographic surface and above an effective weighted average 0.78 g/t Au economic cut-off grade within mine designs based on economic shell optimisations. Mineral Resources are reported above a 0.8 g/t Au cut-off and below the 31 December 2014 topographic surface. Changes to the Mineral Resources are after mining depletion during 2014. |
| |
Gross |
Attributable |
| |
| Proven |
1,060,000 |
2.11 |
72,000 |
950,000 |
2.11 |
64,800 |
| Probable |
2,240,000 |
2.35 |
169,000 |
2,020,000 |
2.35 |
152,100 |
| ROM Stockpiles |
1,980,000 |
1.34 |
85,000 |
1,780,000 |
1.34 |
76,500 |
| Measured |
8,970,000 |
1.74 |
500,700 |
8,073,000 |
1.74 |
450,600 |
| Indicated |
22,720,000 |
1.75 |
1,279,300 |
20,448,000 |
1.75 |
1,151,400 |
| Measured + Indicated |
31,690,000 |
1.75 |
1,780,000 |
28,521,000 |
1.75 |
1,602,000 |
| Inferred |
29,170,000 |
1.61 |
1,513,400 |
26,253,000 |
1.61 |
1,362,100 |
|
Note: rounding errors may occur |
| |
Gross |
Attributable |
| |
| Measured |
- |
- |
- |
- |
- |
- |
| Indicated |
2,410,000 |
2.32 |
179,500 |
2,410,000 |
2.32 |
179,500 |
| Measured + Indicated |
2,410,000 |
2.32 |
179,500 |
2,410,000 |
2.32 |
179,500 |
| Inferred |
9,220,000 |
1.67 |
496,100 |
9,220,000 |
1.67 |
496,100 |
|
| |
Gross |
Attributable |
| |
| Measured |
- |
- |
- |
- |
- |
- |
| Indicated |
- |
- |
- |
- |
- |
- |
| Measured + Indicated |
- |
- |
- |
- |
- |
- |
| Inferred |
5,190,000 |
1.62 |
269,700 |
5,190,000 |
1.62 |
269,700 |
|
| |
Gross |
Attributable |
| |
| Proven |
1,060,000 |
2.11 |
72,000 |
950,000 |
2.11 |
64,800 |
| Probable |
2,240,000 |
2.35 |
169,000 |
2,020,000 |
2.35 |
152,100 |
| ROM Stockpiles |
1,980,000 |
1.34 |
85,000 |
1,780,000 |
1.34 |
76,500 |
| Measured |
8,970,000 |
1.74 |
500,700 |
8,073,000 |
1.74 |
450,600 |
| Indicated |
25,130,000 |
1.81 |
1,458,800 |
22,858,000 |
1.81 |
1,330,900 |
| Measured + Indicated |
34,580,000 |
1.79 |
1,959,500 |
30,931,000 |
1.79 |
1,781,500 |
| Inferred |
43,580,000 |
1.63 |
2,279,200 |
40,663,000 |
1.63 |
2,128,900 |
|
Mineral Resources as at 31 December 2014.
The table below reports the Mineral Resource above a 0.5 g/t Au cut-off.
Avocet owns 100% of the Tri-K permits through its wholly-owned subsidiary, Wega Mining Guinée SA.
|
| |
Gross |
Attributable |
| |
| Proven |
- |
- |
- |
- |
- |
- |
| Probable |
7,909,000 |
1.89 |
480,000 |
7,909,000 |
1.89 |
480,000 |
| Measured |
- |
- |
- |
- |
- |
- |
| Indicated |
41,300,000 |
1.51 |
1,998,000 |
41,300,000 |
1.51 |
1,998,000 |
| Measured + Indicated |
41,300,000 |
1.51 |
1,998,000 |
41,300,000 |
1.51 |
1,998,000 |
| Inferred |
25,200,000 |
1.26 |
1,020,000 |
25,200,000 |
1.26 |
1,020,000 |
|
Note: rounding errors may occur |
| The information shown here that relates to Inata Ore Reserves is based on information compiled by Mr Karl van Olden, a Competent Person, who is a Fellow of The Australasian Institute of Mining and Metallurgy. Karl van Olden is employed by CSA Global Pty Ltd, an independent consulting company. Mr van Olden has sufficient experience which is relevant to the style 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”. Mr van Olden consents to the inclusion here of the matters based on his information in the form and context in which it appears. |
| Tri-K Ore Reserves were estimated by Mr Clayton Reeves (MSAIIM). Mr Reeves is a Competent Person as defined by the JORC Code. Mr Reeves has consented to the inclusion of the technical information here in the form and context in which it appears. |
| The information in this report that relates to Mineral Resources is based on information compiled by Mr David Williams, a Competent Person, who is a Member of The Australasian Institute of Mining and Metallurgy. David Williams is employed by CSA Global Pty Ltd, an independent consulting company. Mr Williams has sufficient experience which is relevant to the style 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”. David Williams consents to the inclusion here of the matters based on his information in the form and context in which it appears. |
| The information in this report that relates to Exploration results is based on information supplied by Mr Robert Seed, a competent person. Robert Seed is employed by Avocet Mining and has sufficient experience which is relevant to the style 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”. Robert Seed consents to the inclusion here of the matters based on his information in the form and context in which it appears. |
| |
|
|
|
|
|
|
|
