Mineral Resource Estimate
On July 12, 2017 the Company reported the Mineral Ridge leach pad resource estimate by Mine Technical Services ("MTS") of Reno, Nevada. The confirmed resource estimate of 7.1 MT at an average grade of 0.017 oz./ton or 121,700 contained ounces of gold in the Measured & Indicated category provided the basis for conducting a feasibility study for milling of the material and additionally confirmed reconciliation of tonnage, grade and contained ounces placed by the Company and its predecessors since operations commenced. Details of the resource estimate are available in the MTS Resource Report
On August 14, 2017 the Company announced its decision to proceed with a NI 43-101 compliant Bankable Feasibility Study ("BFS") and has selected MTS, Novus Engineering and NewFields to complete the study. The BFS will provide the mill facility design and related economics for processing the leach pad material. The estimated completion of the BFS is by mid September 2017.
Mineral Ridge Leach Pad Mineral Resource Statement - June 29, 2017
|Measured & Indicated
- The effective date of the mineral resource estimates is Jun 29, 2017.
- Mineral resources are reported at or above a 0.0002 oz/ton Au cut-off grade.
- Mineral resources are contained within the Mineral Ridge leach pad facility with the following assumptions: A long-term gold price of US$1,216/oz; assumed process costs are US$11.0/ton; metallurgical recovery for gold is 93%.
- Rounding may result in apparent differences between when summing tons, grade and contained metal content.
- Tonnage and grade measurements are in imperial units; grades are reported in oz/ton.
- The resource estimate was prepared with reference to CIM Definition Standards for Mineral Resources and Mineral Reserves (2014) and CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines (2003).
- The resource estimate was prepared by qualified persons, Todd Wakefield, MSc, SME, Ian Crundwell, BSc, PGeo and Mike Drozd, PhD, SME of Mine Technical Services Ltd.
- Mineral resources that are not mineral reserves do not have demonstrated economic viability.
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