The resource at Asacha occurs in two zones: the Main zone (currently being mined) and East zone (not yet mined). The Main zone comprises six defined veins, with the bulk of the resource contained in two of these, QV1 and QV2, while the East zone is comprised of three narrow vein structures.

JORC

The latest Mineral Resource estimate was conducted by AranzGeo, based in Australia and classified according to the guidelines of the JORC Code (2012).

The Mineral Resource estimate for Asacha as of 31 December 2016 is shown in the following table:

Classification  Zone  '000 tonnes  Au (g/t) Ag (g/t)  Au ('000oz)  Ag ('000oz) 
Measured  Main  110  16  25  57  87 
Indicated  Main   567  20  61  362  1,110 
Indicated  East  56  30   3
Total M&I    681  19  55  424  1,200 
Inferred  Main  101  14  32  45  100 
Inferred  East  269  26  53  224  460 
Total Inferred    370  23  47  269  560 

Notes:
1. Resources are reported above 4g/t cut-off grade
2. Resources are reported after mining depletion.

3. Tonnage and grades have been rounded
4. The updated Mineral Resource estimate was prepared by Ms. Carrie Nicholls (Senior Consultant, AranzGeo). Ms. Nicholls has sufficient experience relevant to the styles of mineralisation and type of deposit under consideration and to the activity that is being undertaken 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". Ms. Nicholls is a full time employee of AranzGeo.

Download Ascacha JORC Resource Report 31 December 2016 PDF (5.2Mb)

GKZ classification

In March 2017 the reserves and resources of the Asacha deposit were re-approved by the State Commission of Reserves ("GKZ"), which are set out below.

Mineral Resources - Russian State Commission for Reserves (GKZ)
as at 31 December 2016
  Au Ag Cut-off g/t
  C1 & C2 oz Grade g/t C1 & C2 oz Grade g/t  

Asacha

623 943 19.8 1 476 612 46.8 2

All mineral resources and reserves in Russia are formally classified according to a system developed and administered by the Russian State Commission for Reserves (Gosudarstvennaya Komissia po Zapasam), referred to as the GKZ, and recorded on the national inventory and balance of mineral resources and reserves.

The GKZ provides a prescribed protocol for the calculation of mineral reserves, which utilizes a sectional method of reserve estimation. Preliminary mineral reserve estimates are calculated by the license holder and are submitted for approval by the GKZ with a justification of the cut-off grade criteria. The approved cut-off criteria are used to generate the mineral reserves that are submitted to the GKZ for approval.

Using the GKZ system, mineral resources and reserves are recognized as either prognosticated resources, which include those resources that are of an inferred, potential or speculative nature, or mineral reserves, which can be effectively subdivided into those that demonstrate economic significance (balance mineral reserves) and those with only potential economic significance (off-balance mineral reserves).

Balance mineral reserves comprise that part of the mineralization that has been demonstrated to a sufficient level of confidence to contain a metal or commodity whose economic viability has been approved by the GKZ. They may not, however, include adjustment for technical and economic matters, such as mining dilution and losses.

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