Asacha Gold Mine

The mineral resource at Asacha occurs in two zones: Main zone (currently being mined) and East zone (not yet mined). The Main zone hosts six defined veins, with the majority of the resource contained in two of these, QV1 and QV2. Three veins have been defined in the separate East zone. The Main zone has a strike length of approximately 1,500m, whilst the East zone is approximately 400m.

JORC Mineral Resource Estimate

The Mineral Resource Estimate (‘MRE’) for the Asacha Gold Mine was updated by SRK Consulting Russia Ltd (‘SRK’) with an effective date of 30 April 2020.

The purpose of this update is to incorporate new data available from exploration, drilling, mining development and to account for mining depletion. The main additions to the database since the previous estimation (see RNS announcement dated 8 January 2020) are from drill holes targeting the North Zone (along strike from the Main Zone, mined since 2011), and QV25 of the East Zone (where mining will commence in 2020, and is expected to replace the Main Zone as the principal source of feed for the processing plant).  Results from a total of 60 new drill-holes for approximately 15,661 metres have been in incorporated into the updated MRE.

The Mineral Resource Estimate, classified according to the guidelines of the JORC Code (2012), for the Asacha Gold Mine as at 30 April 2020 is shown in the following table:

Classification

Zone

Tonnes

Au

(g/t)

Ag

(g/t)

Au (koz)

Ag (koz)

Au

(kg)

Ag

(kg)

Measured

Main

82,000

15

40

40

105

1,200

3,300

Indicated

Main

162,000

9

46

49

242

1,500

7,500

Indicated

North

54,000

11

19

20

32

600

1,000

Indicated

V25N

291,000

18

63

173

591

5,400

18,400

Indicated

V25S

84,000

20

29

53

78

1,600

2,400

Indicated

V7 V8

4,000

23

24

3

3

100

100

INDICATED

TOTAL

596,000

16

49

298

947

9,300

29,500

 

TOTAL MEASURED AND INDICATED

TOTAL

677,000

15

48

337

1,052

10,500

32,700

Inferred

Main

19,000

7

34

4

21

100

600

Inferred

V25N

46,000

13

43

19

63

600

2,000

Inferred

V25S

88,000

14

44

40

124

1,200

3,900

Inferred

V7 V8

108,000

15

21

51

73

1,600

2,300

TOTAL

INFERRED

TOTAL

261,000

14

34

115

282

3,600

8,800

Notes:

  1. Resources are reported using a dual cut-off of 4 g/t Au and 4 m * g/t Au
  2. Resources are reported after mining depletion
  3. Tonnage, grade and metal content have been rounded to reflect an appropriate level of precision
  4. Mineral Resources are classified according to the definitions of the JORC Code

Download Ascacha JORC Resource Report 30 April 2020 PDF (5Mb)

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.

Rodnikova Gold Deposit

The Rodnikova Gold Deposit is located in the south-eastern part of the Kamchatka Peninsula, in the South Kamchatka ore region, in the Yelizovo administrative district of the Kamchatka Region. There is a 120km road from Petropavlovsk-Kamchatsky to the Rodnikova Gold Deposit, including 65km of asphalt road. The Rodnikova Gold Deposit is approximately 61 km from the Company’s operating Asacha Gold Mine.

The Rodnikova Gold Deposit combines two sites: Rodnikovy and Vilyuchinsky. Vilyuchinsky is located 4 km north-west of Rodnikovy. 75% of total contained gold resources are at Rodnikovy.

The JORC compliant Mineral Resource Estimate (‘MRE’) for the Rodnikova Gold Deposit was produced by SRK Consulting (Russia) Ltd for the Company’s wholly owned subsidiary, CJSC Trevozhnoye Zarevo (“TZ”).

The Mineral Resource Estimate, classified according to the guidelines of the JORC Code (2012), for the Rodnikova Gold Deposit as at 20 January 2020 is shown in the following table:

 
Classification 

Tonnes

(Mt) 

Au

(g/t) 

Au

(t)

Au

('000oz) 

Ag

(g/t) 

Ag

(t) 

Ag 

(Moz)

Rodnikovy              
Indicated 3.1 5.3 16.1 517 43.9 134.9 4.3
Inferred  1.7 4.3 7.4 238 32.3 55.7 1.8
Vilyuchinsky              
Inferred 1.5 5.3 7.9 253 27.1 39.9 1.3
Total Indicated 3.1 5.3 16.1 519 43.9 134.9 4.3
Total Inferred 3.2  4.8 15.3 491 29.9 95.7 3.1

Notes:

1.      Mineral Resources are reported in accordance with guidelines and provisions of the JORC Code. 

2.      Mineral Resources were estimated at a cut-off grade of 3.0 g/t within underground mining outlines. 

3.      The Competent Person for this report of Mineral Resources is Mr Robin Simpson, an employee of SRK Consulting (Russia) Ltd. Mr Simpson is a Member of the Australian Institute of Geoscientists (AIG), and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity undertaken to qualify as a Competent Person.

Download Rodnikova JORC Resource Report January 2020

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