The Measured & Indicated mineral resources of 9.92 million ounces of gold equivalent are based on three (3) porphyry deposits that define a north-northeast trend over a distance of 7.5 km. The Rovina Porphyry is the northern-most deposit, followed by the Colnic Porphyry, and the Ciresata Porphyry located the furthest south.
The deposits define a north-northeast trend over a distance of 7.5km.
The latest mineral resource estimate for the Rovina Valley Project is contained in the NI 43-101 Technical Report of the Rovina Valley Project issued on April 14 2021.
The report estimates Measured & Indicated Mineral Resources for the Colnic and Rovina deposits of 237.7 million tonnes containing 3.18 million ounces of gold grading 0.42g/t and 875 million pounds of copper grading 0.17% (4.97 million ounces of gold equivalent).
The mineral Resource for the Ciresata Deposit was completed in February 2019 by AGP Consultants Inc. and estimates Measured and Indicated Resources of 154.4 million tonnes containing 3.82 million ounces of gold grading 0.77g/t and 515 million pounds of copper grading 0.15% (4.95 million ounces gold equivalent).
Colnic & Rovina Proven and Probable reserves
| Deposit | Classificiation | Tonnage (Mt) | Au (%) | Cu (%) | Au (kaz) | Cu (t) |
| Colnic | Proven | 24.27 | 0.64 | 0.11% | 500.5 | 26,860.9 |
| Probable | 49.49 | 0.52 | 0.08% | 828.7 | 41,004.7 | |
| Rovina | Proven | 24.01 | 0.32 | 0.28% | 247.8 | 67,469.3 |
| Probable | 35.62 | 0.22 | 0.20% | 249.5 | 72,896.1 | |
| Colnic & Rovina | Proven | 48.28 | 0.48 | 0.20% | 748.3 | 94,330.2 |
| Probable | 85.11 | 0.39 | 0.13% | 1,078.2 | 113,900.8 | |
| Total | Proven + Probable | 133.40 | 0.43 | 0.16% | 1,826.5 | 208,231.0 |
Notes
- The Mineral reserve estimate uses a base gold price of US$1,500/oz and a base copper price of US$3.00/lb
- All tonnes quoted are dry tonnes. Differences in the addition of deposit tonnes to the total displayed is due to rounding.
- The estimate of Rovina Valley Gold Project Mineral Reserves are not at this stage materially affected by any known environmental, permitting, legal, title, taxation, socioeconomic, marketing, political, or other relevant issue. Furthermore, the estimate of Project Reserves is not materially affected by any known mining, metallurgical, infrastructure, or other relevant factor.
- Mineral Reserve estimates follow the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) definitions standards for Mineral Resources and Reserves and have been completed in accordance with the Standards of Disclosure for Mineral Projects as defined by National Instrument 43-101.u: 104,000 oz Cu: 19 million lbs
Colnic & Rovina Resources
| Deposit | Classificiation | Tonnage (Mt) | Au (g/t) | Cu (%) | Au (moz) | Cu (Mlb) | AuEq* (g/t) | AuEq* (Moz) |
| Colnic | Measured | 29.1 | 0.65 | 0.12 | 0.61 | 77 | 0.82 | 0.77 |
| Indicated | 97.5 | 0.49 | 0.10 | 1.53 | 215 | 0.63 | 1.98 | |
| Rovina | Measured | 33.1 | 0.36 | 0.29 | 0.38 | 212 | 0.77 | 0.82 |
| Indicated | 78.1 | 0.26 | 0.22 | 0.66 | 379 | 0.57 | 1.43 | |
| Colnic & Rovina | Measured | 62.2 | 0.50 | 0.21 | 0.99 | 289 | 0.79 | 1.58 |
| Indicated | 175.6 | 0.39 | 0.15 | 2.19 | 594 | 0.60 | 3.41 | |
| Total | Measured & Indicated | 237.8 | 0.42 | 0.17 | 3.18 | 882 | 0.65 | 4.99 |
Notes
- Au and Cu Equivalent determined by using a long-term gold price of US$1,700/oz and a copper price of US$3.50/lb with metallurgical recoveries not taken into account.
- Mineral Resources are reported inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have have demonstrated economic viability.
- Mineral Resources are contained within a conceptual pit shells that are generated using the same economic and technical parameters as used for Mineral Reserves but at gold price of US$1,700/oz and a copper price of US$3.50/lb. with metallurgical recoveries not taken into account.
- Colnic and Rovina deposits are amenable to open pit mining and Mineral Resources are Pit constrained and tabulated at a base case cut-off grade of 0.35 g/t AuEq for Colnic and 0.25 % CuEq for Rovina
- Minor summation differences may occur, as a result of rounding.
- Mineral Resource estimates follow the CIM definition standards for Mineral Resources and Reserves and have been completed in accordance with the Standards of Disclosure for Mineral Projects as defined by National Instrument 43-101.
Ciresata
| Deposit | Classificiation | Tonnage (Mt) | Au (g/t) | Cu (%) | Au (moz) | Cu (Mlb) | AuEq* (g/t) | AuEq* (Moz) |
| Ciresata | Measured | 28.5 | 0.88 | 0.16 | 0.81 | 102 | 1.13 | 1.03 |
| Indicated | 125.9 | 0.74 | 0.15 | 3.01 | 413 | 0.97 | 3.92 | |
| Total | Measured & indicated | 154.4 | 0.77 | 0.15 | 3.82 | 515 | 1.00 | 4.95 |
Notes
- From Table 14-20, Technical Report “Rovina Valley Project, Preliminary Economic Assessment, NI 43-101, Feb. 20, 2019 “from AGP Mining Consultants Inc (available on SEDAR)
- Au and Cu Equivalent determined by using a long-term gold price of US$1,500/oz and a copper price of US$3.50/lb
- The Ciresata deposit is amenable to bulk underground mining and resources are tabulated at a base case 0.65 g/t Au eq.
- No Mineral Reserves have been defined at the Ciresata deposit. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
- Minor summation differences may occur, as a result of rounding.
- Mineral Resource estimates follow the CIM definition standards for Mineral Resources and Reserves and have been completed in accordance with the Standards of Disclosure for Mineral Projects as defined by National Instrument 43-101.
