REG - Cora Gold Limited - Sanankoro Gold Project: Maiden Reserves and DFS
21/11/2022 07:00
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RNS Number : 9730G Cora Gold Limited 21 November 2022
Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector: Mining
21 November 2022
Cora Gold Limited ('Cora' or 'the Company')
Sanankoro Gold Project: Maiden Reserves and Definitive Feasibility Study
Cora Gold Limited, the West African focused gold company, is pleased to
announce Maiden Reserves and the results of a Definitive Feasibility Study
('DFS') for its flagship Sanankoro Gold Project ('Sanankoro' or the 'Project')
in southern Mali.
Highlights
● Maiden Probable Reserves based on a gold price of US$1,650/oz are as
follows:
Tonnes Grade Contained Au Recovered Au
('000s) (g/t Au) (koz) (koz)
Total Ore 10,094 1.30 422 380
Total Waste 46,564
Strip ratio (Waste : Ore) 4.61
● DFS economics (post tax, based on a gold price of US$1,750/oz)
○ 37.4% internal rate of return ('IRR')
○ 1.5 year payback period
○ US$228m free cash flow ('FCF') over life of mine ('LOM')
○ US$1,033/oz all-in sustaining costs ('AISC')
○ 6.8 years Reserve mine life
○ 56,000oz pa average production
○ US$108m pre-production capital (including mining pre-production
& contingencies)
● Detailed metallurgical test work confirmed LOM gold recovery of
90.1% through a conventional 1.5 Mtpa Carbon in Leach ('CIL') processing
plant.
● Solar hybrid power option incorporated into the plant design,
delivering savings in both operating costs and carbon emissions.
Bert Monro, Chief Executive Officer of Cora, commented, "The Company is
pleased to be releasing its Maiden Reserves and DFS on the Sanankoro Gold
Project, focused on open pit oxide mining through a traditional gravity and
CIL processing plant. The benefit of low strip ratio oxides is seen both in
the mining and processing costs, and this has helped deliver a very robust
project economically with low technical risk. We are confident that with
additional drilling we can significantly add to Sanankoro's reserve mine life
through both existing resource conversion and drilling the recently updated
exploration target.
"Concurrent with completing the DFS, the Company has been working on a number
of additional optimisations with other independent technical consultants. The
results of the optimisation work will be published shortly.
"I'd like to take this opportunity to thank all the DFS consultants for their
work on the Project."
Definitive Feasibility Study - Summary of Results
The key results and financial outcomes of the DFS are set out in the table
below:
Values
based on a gold price of …
Parameters US$1,750/oz US$1,650/oz
Construction period (1) (months) 21
Life of Mine ('LOM') (years) 6.8
LOM waste mined (kt) 46,564
LOM ore mined (kt) 10,094
Strip ratio (waste : ore) 4.61 : 1
LOM grade processed (g/t Au) 1.30
Average gold recovery 90.1%
LOM production (koz) 380
Average production (koz pa) 56
Average Free Cash Flow post tax (US$m pa) 33.3 29.4
LOM Free Cash Flow post tax (US$m) 228 201
Mining costs (US$/t ore) 15.80
Processing & maintenance costs (US$/t ore) 11.20
General & administration plus other costs to mine gate (US$/t ore) 3.10
Payback period post tax from start of operations (years) 1.5 1.9
Pre-production capital (US$m) 108
(including US$9m mining pre-production & US$8m contingency)
Sustaining capital (US$m)(2) 60
Average cash cost (US$/oz Au) 802
Average AISC (US$/oz Au) 1,033 1,029
IRR pre-tax 46.0% 37.6%
IRR post tax 37.4% 29.7%
NPV(8) pre-tax (US$m) 108.9 82.2
NPV(8) post tax (US$m) 73.1 52.8
1 includes pre-construction engineering work and commissioning the plant
2 includes closure costs
Definitive Feasibility Study - Capital and Operating Costs
Pre-production capital cost of US$108m, including US$9m mining pre-production
and US$8m contingency.
The pre-production capital cost estimate is based on a contractor mining
scenario and therefore excludes capital costs associated with a mining fleet.
Capital items US$'000
Civil works 5,122
Earth works 3,513
Machinery & equipment 34,204
Infrastructure 1,194
Transport 5,432
First fills 868
Mine camp 2,206
ESIA channels 2,859
Project management 10,028
Insurance & guarantees 650
Generator / thermal plant 250
Tailings storage facility ('TSF'; phase 1) 20,688
Resettlement action plan 1,000
Owner's costs 3,814
Mining pre-production 8,941
Contingency 7,750
Total pre-production capital 108,519
Sustaining & closure capital 59,857
Total LOM capital 168,376
An estimated LOM average AISC of US$1,033/oz based on a gold price of
US$1,750/oz.
A solar hybrid power option has been incorporated into the plant design,
delivering savings in both operating costs and carbon emissions.
Values
based on a gold price of …
Operating / unit costs (US$/oz of gold) US$1,750/oz US$1,650/oz
Mining 418.8
Processing 272.8
Maintenance 22.8
General & administration 83.8
Total cost to mine gate 798.2
Transport, insurance & refining 3.7
Total cash cost ('C1') 801.9
Royalties & statutory 73.8 69.6
All-in sustaining cost ('AISC') 1,033 1,029
Maiden Ore Reserves
The Ore Reserves for the Selin, Zone A and Zone B deposits have been reported
according to the JORC (2012) Code.
The estimation of the Ore Reserves followed a process of pit optimisation,
design and scheduling:
● The Mineral Resource models were prepared by CSA Global.
● The mining models were derived from the Mineral Resource models
modified for dilution and mining losses through application of Mineable Shape
Optimiser ('MSO') to determine appropriate factors.
● Using the mining models, pit optimisations were completed in Studio
NPVS software (Datamine).
● Using the selected pit shells as templates, pit designs for the
final pits and push backs were developed in Deswik. The pit designs and
pushbacks considered practical access and geotechnical parameters.
● Based on these designs, a monthly life of mine ('LOM') schedule was
completed in Deswik IS (Interactive Scheduler) software.
● The schedule economics was verified through a financial analysis and
proved to be economically viable.
The independent Competent Person for Mineral Reserve estimates is Frikkie
Fourie (BEng, Pr. Eng, MSAIMM) of Moletech SA (Pty) Ltd ('Moletech').
Area Mineral Reserve classification Material type Tonnes Grade Metal content (koz)
(kt) (g/t Au)
Selin Probable Oxide 3,767 1.27 154.2
Probable Transitional 519 2.38 39.8
Total Selin Probable All zones 4,287 1.41 194.0
Zone A Probable Oxide 2,752 1.32 116.8
Probable Transitional - - -
Total Zone A Probable All zones 2,752 1.32 116.8
Zone B Probable Oxide 3,048 1.13 111.0
Probable Transitional 8 1.54 0.4
Total Zone B Probable All zones 3,056 1.13 111.5
GRAND TOTAL Probable All zones 10,094 1.30 422.2
Notes:
● Figures have been rounded to the appropriate level of precision for
the reporting of Mineral Reserves.
● Due to rounding, some columns or rows may not compute exactly as
shown.
● Mineral Reserves are stated as in situ dry tonnes; figures are
reported in metric tonnes.
● The Mineral Reserve is classified in accordance with the guidelines of
the Australian Code for Reporting of Exploration Results, Mineral Resources
and Ore Reserves (2012 Edition). Probable Mineral Reserves from Indicated
Mineral Resources.
● The Ore Reserve is reported at a gold price of US$1,650 per troy
ounce.
● The Mineral Reserves are defined on the basis that inventory above a
defined cut-off is delivered to the processing plant, located as prescribed in
this Study.
● Modifying factors applied:
o Mining recovery and dilution:
o Selin: Mining recovery 97%, Dilution 8%
o Zone A: Mining recovery 94%, Dilution 8%
o Zone B: Mining recovery 95%, Dilution 8%
o Processing recovery:
o Selin: Oxides 93%, Transitional 48.3%
o Zone A: Oxides 97%, Transitional 97%
o Zone B: Oxides 93.7%, Transitional 93.7%
● There are no known legal, political, environmental, or other risks
that could materially affect the potential Mineral Reserves.
Mining
The mining of Selin, Zone A and Zone B is well-suited to typical open pit
methods using a backhoe configured excavator and truck fleet which will be
operated by a mining contractor. Considering the highly-weathered nature of
the orebody, both the oxide and transitional material are viewed as "free-dig"
with no need for drill and blast activities. Open pit operations will be
undertaken using 5 metre benches which will be stacked to 10 metres at final
limits. It is the intention that topsoil (initial 30cm) be stripped initially
over the area of both the open pit and waste rock dumps ('WRDs') and
stockpiled in a suitable allocated area proximal to each of the pits. Clearing
and grubbing costs have been provisioned.
Waste material will be dumped onto designated waste dumps. Dumping will take
place in 10 metre layers; to a general maximum of 50 metres in height. The
location of waste dumps has considered a US$2,000/oz pit shell and the
presence of mineralised zones proximal to the pits. Run of mine ('ROM')
material destined for the processing plant will be sent straight to the
stockpile area. Stockpiling and blending may be necessary to optimise the head
grade with feed constraints on transitional material. Sufficient space will be
provided for several separate stockpiles. All process feed will be re-handled
by a wheel loader from the stockpile straight into the crusher.
Processing
The proposed process plant design is based on a well-known and established
gravity/CIL technology, which consists of crushing, milling, and gravity
recovery of free gold, followed by leaching/adsorption of gravity tailings,
elution, gold smelting, and tailings disposal with a detoxification cyanide
plant. The process plant will include reagent mixing, storage and
distribution, and water and air services. A water treatment plant is
included to manage any potential water discharge.
The plant will treat 1.5 Mtpa of oxide ore or 1.2 Mtpa of transition ore if
treated independently. The process plant design incorporates the following
unit process operations:
● Crushing - to produce feed for the ball mill from either oxide or
transition ore.
● Milling- product from crushing will be milled in a single-stage ball
mill in closed circuit with hydrocyclones to produce a P(80) of 150 µm for
the oxide ore and a P(80) grind size of 75 µm for the transition ore.
● Gravity Concentration- recovery of coarse gold from the milling
circuit recirculating load and treatment of gravity concentrates by intensive
cyanidation and electrowinning to recover gold to doré.
● Leach/CIL circuit - for gold dissolution and adsorption onto carbon
incorporating six CIL tanks.
● Loaded Carbon Desorption - elution circuit, electrowinning, and gold
smelting to recover gold from the loaded carbon to produce doré.
● Detoxification - an INCO air/SO(2) cyanide detoxification facility
for the CIL tails slurry, which will be used only when required as test work
has shown that the weak acid dissociable cyanide levels in the leached tails
are less than 50 ppm.
● Tailings Storage Facility - tailings pumping to the TSF.
Site layout
Process flow sheet
Permitting
In October 2022 Cora announced the award of an Environmental Permit for the
Sanankoro Gold Project (see announcement dated 18 October 2022). Following the
receipt of the Environmental Permit and completion of the DFS the Company is
able to submit an application for a Mining Permit over Sanankoro. In
connection with the application for a Mining Permit the Company is currently
translating the DFS into French. Formal submission of the translated DFS and
the application for a Mining Permit will be submitted to the Mali government
in due course.
Qualified Person Statements
Scientific or technical information in this disclosure that relates to mining
results was reviewed by Mr Frikkie Fourie (BEng, Pr. Eng, MSAIMM), an
independent consultant for Moletech. Mr Fourie is a Professional Engineer
('Pr. Eng') in good standing with the Engineering Council of South Africa, is
a Member of the South African Institute of Mining and Metallurgy ('MSAIMM')
and has sufficient experience that is relevant to the project under
consideration which he is undertaking to qualify as a Qualified Person under
the JORC code.
The contents of this press release have been reviewed and approved by Philemon
Bundo (BSc Eng (Metallurgy), FSAIMM, FAusIMM, MIMMM) Senior Vice President -
Process Engineering of SENET (Pty) Ltd with respect to processing and
infrastructure.
Market Abuse Regulation ('MAR') Disclosure
Certain information contained in this announcement would have been deemed
inside information for the purposes of Article 7 of the Market Abuse
Regulation (EU) No 596/2014 ('MAR'), which is part of UK law by virtue of the
European Union (Withdrawal) Act 2018, until the release of this announcement.
* * ENDS * *
For further information, please visit http://www.coragold.com
(http://www.coragold.com/) or contact:
Bert Monro Cora Gold Limited info@coragold.com (mailto:info@coragold.com)
Craig Banfield
Christopher Raggett finnCap Ltd +44 (0)20 7220 0500
Charlie Beeson (Nomad & Joint Broker)
Andy Thacker Turner Pope Investments +44 (0)20 3657 0050
James Pope (Joint Broker)
Susie Geliher St Brides Partners pr@coragold.com (mailto:pr@coragold.com)
Charlotte Page (Financial PR)
Isabelle Morris
Notes
Cora is a West African gold developer with three principal de-risked project
areas within two known gold belts in Mali and Senegal covering c.1,000 sq km.
Led by a team with a proven track record in making multi-million ounce gold
discoveries that have been developed into operating mines, its primary focus
is on developing the Sanankoro Gold Project in the Yanfolila Gold Belt,
southern Mali.
JORC Code, 2012 Edition - Table 1
Section 4 Estimation and Reporting of Ore Reserves (Sections 1-3 were published with an updated MRE by RNS on 19(th) July 2022)
Criteria JORC Code explanation Supplementary Commentary
Mineral Resource estimate for conversion to Ore Reserves ● Description of the Mineral Resource estimate used as a basis for the ● Indicated Mineral Resources for the Sanankoro Gold Project, as
conversion to an Ore Reserve. prepared by SRK Global in 2022, were used as the basis for Ore Reserves.
● Clear statement as to whether the Mineral Resources are reported ● The Ore Reserves, including adjustment for ore loss and dilution
additional to, or inclusive of, the Ore Reserves. factors, are included within the declared Mineral Resources
Site visits ● Comment on any site visits undertaken by the Competent Person and ● Site visits have been undertaken by other Competent personnel for
the outcome of those visits. various aspects of the DFS.
● If no site visits have been undertaken indicate why this is the ● SENET has also been to site as the main independent consultant and
case. F. Fourie, the CP for the Ore Reserves will rely on their visit.
Study status ● The type and level of study undertaken to enable Mineral Resources ● A feasibility level study has been completed for the Project.
to be converted to Ore Reserves.
● A mine plan that is technically achievable and economically viable
● The Code requires that a study to at least Pre-Feasibility Study has been completed.
level has been undertaken to convert Mineral Resources to Ore Reserves. Such
studies will have been carried out and will have determined a mine plan that
is technically achievable and economically viable, and that material Modifying
Factors have been considered.
Cut-off parameters ● The basis of the cut-off grade(s) or quality parameters applied. ● A financial assessment was undertaken to ascertain whether the
Cut-off grade fulfil the criteria of "reasonable prospects for eventual
economic extraction" using detailed costs
● To complete pit optimisation, which forms the basis of the final pit
designs, a cut-off grade estimate was performed. The cost per tonne for
mining, processing and overhead costs, mining dilution and loss factors,
processing plant recoveries and net payable gold, were used, to determine the
cut-off grade.
● A cut-off grade of 0.5g/t was used.
● The cut-off grade are being used for the Project, and are considered
by the CP to be appropriate for the operation, considering the nature of the
deposit, and the associated project economics.
Mining factors or assumptions ● The method and assumptions used as reported in the Pre-Feasibility or ● Using the Mineral Resource model, pit optimisations where completed.
Feasibility Study to convert the Mineral Resource to an Ore Reserve (i.e. These formed the basis of final pit designs, which were used in the life of
either by application of appropriate factors by optimisation or by preliminary mine schedule. The CP considers the LoM to be appropriate and practically
or detailed design). achievable.
● The choice, nature and appropriateness of the selected mining ● The mining of Selin, Zone A and Zone B is well suited to typical
method(s) and other mining parameters including associated design issues such open pit methods using a backhoe configured excavator and truck fleet which
as pre-strip, access, etc. will be operated by a mining contractor.
●The assumptions made regarding geotechnical parameters (eg pit slopes, ● Geotechnical assumptions were based on the various geotechnical
stope sizes, etc), grade control and pre-production drilling. drilling and analysis completed by OHMS
● The major assumptions made and Mineral Resource model used for pit ● Modifying factors applied:
and stope optimisation (if appropriate).
o Mining recovery and dilution:
● The mining dilution factors used.
▪ Selin: Mining recovery 97%, Dilution 8%
● The mining recovery factors used.
▪ Zone A: Mining recovery 94%, Dilution 8%
● Any minimum mining widths used.
▪ Zone B: Mining recovery 95%, Dilution 8%
● The manner in which Inferred Mineral Resources are utilised in
mining studies and the sensitivity of the outcome to their inclusion.
● The infrastructure requirements of the selected mining methods.
Metallurgical factors or assumptions ● The metallurgical process proposed and the appropriateness of that ● The Sanankoro gold processing plant is designed to process oxide
process to the style of mineralisation. and transition ores from the three main deposits: Selin, Zone A and Zone B
ores.
● Whether the metallurgical process is well-tested technology or novel
in nature.
● The nature, amount and representativeness of metallurgical test work ● The proposed process gravity/carbon-in-leach (CIL) technology,
undertaken, the nature of the metallurgical domaining applied and the which consists of crushing, milling, and gravity recovery of free gold,
corresponding metallurgical recovery factors applied. followed by leaching/adsorption of gravity tailings, elution and gold
smelting, and tailings disposal. The process is well suited to the style of
● Any assumptions or allowances made for deleterious elements. mineralisation.
● The existence of any bulk sample or pilot scale test work and the
degree to which such samples are considered representative of the orebody as a
whole. ● The proposed process plant design is based on a well-proven and
established gravity/CIL technology.
● For minerals that are defined by a specification, has the ore
reserve estimation been based on the appropriate mineralogy to meet the
specifications?
● Extensive test work on oxide ores ore has been completed on
samples from the Selin, Zone A and Zone B to cover the entire deposit
laterally and at depth, which are considered representative. Only one sample
of transition ore from Selin was tested and thus is considered preliminary in
nature but however transition constitutes 22% of indicated resource.
Gold is expected to be extracted from each ore type at the following average
recoveries:
● Selin Oxide: 93.0%
● Zone A oxide: 97.0%
● Zone B Oxide 93.7%
● Selin Transition 48.3%
No deleterious elements are indicated in the ore head grade assayed
A bulk sample composite was taken per domain and per weathering zone (and at
depth), which are considered representative of the individual domains and
zones.
Specifications are not applicable. The product will be in the form of gold
doré. The doré bars will be weighed, sampled and assayed before being sent
to the precious metal refinery.
Environmental ● The status of studies of potential environmental impacts of the mining ● The Company commissioned Digby Wells to complete an ESIA to both Malian
and processing operation. Details of waste rock characterisation and the and International standards. On completion of the ESIA an application for
consideration of potential sites, status of design options considered and, Environmental permit was lodged with the Government and subsequently the
where applicable, the status of approvals for process residue storage and permit has been received so the Project is fully permitted from an
waste dumps should be reported. environmental perspective.
Infrastructure ● The existence of appropriate infrastructure: availability of land ● The Sanankoro Project is a greenfield project - minimal
for plant development, power, water, transportation (particularly for bulk infrastructure has been established on the project site. The on-site
commodities), labour, accommodation; or the ease with which the infrastructure infrastructure required will be related to the processing plant and the
can be provided or accessed. supporting facilities as follows:
● In-plant access roads
● Plant buildings
● Plant reagents and consumables stores
● Process plant site drainage
● Sewage disposal
● Security
● Water supply
● Communications
● Power supply
● Fuel supply and storage
● There is sufficient land available for the development of and access to
these items.
● The main off-site infrastructure required for the development of the
project will be the following:
● Mining infrastructure and buildings
● Camp and catering facilities
● Medical facilities
● Power supply and distribution
● Fuel storage
● Communication
● Water supply system
Costs ● The derivation of, or assumptions made, regarding projected capital The capital cost estimate for the project has been derived from information
costs in the study. collated from the following:
● The methodology used to estimate operating costs. ● Life of Mine (LOM) pit production schedule, including stockpiling
operations
● Allowances made for the content of deleterious elements.
● LOM processing plan
● The derivation of assumptions made of metal or commodity price(s),
for the principal minerals and co- products. ● Mine haul road designs and layouts
● The source of exchange rates used in the study. ● Process plant design criteria
● Derivation of transportation charges. ● General layouts of the process plant and related infrastructure
● The basis for forecasting or source of treatment and refining ● Tailings Storage Facility (TSF) development schedule and operations
charges, penalties for failure to meet specification, etc.
● Process flow diagrams
● The allowances made for royalties payable, both Government and
private. ● Process plant equipment data sheets and lists
● Process plant piping and instrumentation diagrams
● Process plant line, valve, and instrument lists
● Electrical single-line diagrams and motor lists
● Electrical reticulation routes
● Various discipline material take-offs
● Quotations from vendors on mechanical and/or process equipment
● Quotations from vendors on main construction contracts
● EPCM schedules
● In-house historical databases
● The mining operating costs were obtained from contractor quotations.
● General and Administration costs were determined from first
principles and by using information from SENET's in-house database for similar
projects from the same locality.
● The process plant operating costs were compiled from a variety of
sources:
● First principles, where applicable
● Supplier quotations on reagents and consumables
● SENET's in-house experience and database where applicable
● Allowances have been made for royalties and taxes based on the
current applicable mining laws
Revenue factors ● The derivation of, or assumptions made regarding revenue factors ● A life-of-mine production schedule was derived from the mine design
including head grade, metal or commodity price(s) exchange rates, and the geological block model. The production schedule was used to generate
transportation and treatment charges, penalties, net smelter returns, etc. monthly estimates of the mined tonnes and grade
● The derivation of assumptions made of metal or commodity price(s), ● Rate based on trends and or as applicable or advised by the
for the principal metals, minerals and co-products. management which needs to be in-line with the market trend and or various
commitments
Market assessment ● The demand, supply and stock situation for the particular commodity, ● Based on market and operation requirements
consumption trends and factors likely to affect supply and demand into the
future.
● A customer and competitor analysis along with the identification of
likely market windows for the product.
● Price and volume forecasts and the basis for these forecasts.
● For industrial minerals the customer specification, testing and
acceptance requirements prior to a supply contract.
Economic ● The inputs to the economic analysis to produce the net present value ● Based on assumptions that built the financial model in line with
(NPV) in the study, the source and confidence of these economic inputs existing industry norm assumptions around gold price, discount rate and other
including estimated inflation, discount rate, etc. factors.
● NPV ranges and sensitivity to variations in the significant
assumptions and inputs.
Social ● The status of agreements with key stakeholders and matters leading ● An ESIA has been completed that has given guidance that will be
to social licence to operate. reviewed an implanted as appropriate as the Project starts to be developed.
Other ● To the extent relevant, the impact of the following on the project ● As required by laws and or regulation of the country. A mining
and/or on the estimation and classification of the Ore Reserves: permit is required for the Project but the Company see no reasons that this
would not be granted.
● Any identified material naturally occurring risks.
● The status of material legal agreements and marketing arrangements.
● The status of governmental agreements and approvals critical to the
viability of the project, such as mineral tenement status, and government and
statutory approvals. There must be reasonable grounds to expect that all
necessary Government approvals will be received within the timeframes
anticipated in the Pre-Feasibility or Feasibility study. Highlight and discuss
the materiality of any unresolved matter that is dependent on a third party on
which extraction of the reserve is contingent.
Classification ● The basis for the classification of the Ore Reserves into varying ● Indicated Mineral Resources within the pit designs and which are
confidence categories. above the nominated cut-off grade, have been classified as Probable Ore
Reserves.
● Whether the result appropriately reflects the Competent Person's
view of the deposit. ● It is the opinion of the Competent Persons for Ore Reserves that the
results are an appropriate reflection of the deposit. ∙ No Probable Ore
● The proportion of Probable Ore Reserves that have been derived from Reserves have been classified from Measured Mineral Resources.
Measured Mineral Resources (if any).
Audits or reviews ● The results of any audits or reviews of Ore Reserve estimates. ● No external audits or reviews of the Ore Reserve has been completed
Discussion of relative accuracy/ confidence ● Where appropriate a statement of the relative accuracy and ● The Ore Reserve has been completed to feasibility standard with
confidence level in the Ore Reserve estimate using an approach or procedure the data being generated from a tightly spaced drilling grid, thus confidence
deemed appropriate by the Competent Person. For example, the application of in the resultant figures is considered high.
statistical or geostatistical procedures to quantify the relative accuracy of
the reserve within stated confidence limits, or, if such an approach is not
deemed appropriate, a qualitative discussion of the factors which could affect
the relative accuracy and confidence of the estimate.
● The statement should specify whether it relates to global or local
estimates, and, if local, state the relevant tonnages, which should be
relevant to technical and economic evaluation. Documentation should include
assumptions made and the procedures used.
● Accuracy and confidence discussions should extend to specific
discussions of any applied Modifying Factors that may have a material impact
on Ore Reserve viability, or for which there are remaining areas of
uncertainty at the current study stage.
● It is recognised that this may not be possible or appropriate in all
circumstances. These statements of relative accuracy and confidence of the
estimate should be compared with production data, where available.
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