REG - Resolute Mining Ltd - Initial Mineral Resource at Bantaco
24/07/2025 07:00
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RNS Number : 3574S Resolute Mining Limited 24 July 2025
24 July 2025
Resolute Announces Initial Mineral Resource at Bantaco Project, Senegal
Resolute Mining Limited ("Resolute" or "the Company") (ASX/LSE: RSG), the
Africa-focused gold miner, is pleased to announce an initial Mineral Resource
Estimate ("MRE") for Bantaco South and West Prospects at its Bantaco Project
which is situated 20km east of the Company's Mako Gold Mine in Senegal.
The Bantaco Project is one of the potential satellite deposits, along with
Tomboronkoto, that Resolute is focusing on to extend the life of the Mako
Mine. These projects will deliver operational resilience, economic benefits,
and social value, while also maintaining the company position for future
success in Senegal and the broader West African region.
The Bantaco Project specifically creates additional optionality and
flexibility for Resolute with favourable development conditions including our
established stakeholder relationships in the region and proximity to existing
mining infrastructure.
The current combined Mineral Resource Estimates of Tomboronkoto and Bantaco
contain over 600koz of gold, with possibilities of expansion based on ongoing
exploration results. Together these projects likely have the potential to
provide another five to 10 years of mining activities in Senegal.
Highlights
• Initial Inferred Mineral Resource Estimates for the Bantaco West
prospect of 5.8Mt grading 0.97 g/t Au for 179koz, and for the Bantaco South
prospect 2.2Mt grading 1.2g/t Au for 87koz both at 0.5g/t cut-off grade for a
total of approximately 266koz of contained gold
• The MRE is based on shallow drilling completed to date with much of
the current resource within the top 100m
• The Mineral Resources at Bantaco South and Bantaco West remain open
along strike and at depth
• Strong potential to grow resources at Bantaco Main zone, follow up
drilling program to commence in H2 2025
• Drilling programs will also be progressed to convert Inferred
resources to the Indicated category at both Bantaco South and West Prospects
Chris Eger, Managing Director and CEO commented:
"We are very pleased to announce today's initial Mineral Resource Estimate for
the Bantaco Project in Senegal. This milestone demonstrates the excellent
progress our exploration team is actively making to successfully extend the
life of mine at our Mako gold operation.
The Bantaco Project is key to the extension of Mako and has the possibility to
be developed ahead of the Tomboronkoto Project allowing us to build on our
strong mining heritage in the region and established stakeholder
relationships, which facilitate a clear development timeline.
We are working closely with all stakeholders to accelerate the development of
both projects, and based on current progress and continued positive
development, we expect to mine at Bantaco in the second half of 2027.
With current Mineral Resource Estimates totalling over 600koz of contained
gold across Tomboronkoto and Bantaco we are confident of continued gold
production in Senegal for many years to come. This remains a key part of
Resolute's strategy of being a leading diversified multi-asset gold producer."
Bantaco
The Bantaco permit is adjacent to the Tomboronkoto permit and is approximately
20km east of the Mako plant (Figure 1). The first exploration results from
Bantaco were presented in the Q1 2025 Activities Report published on 23 April
2025.
Figure 1: Senegal Geology and Project Locations
An updated MRE for the Bantaco Project is targeted for Q1 2026.
Based on current development and continued government support we plan to
receive the Environmental and Social Impact Assessment (ESIA) Certificate of
approval by the end of Q2 2026 and after receipt of this the mining license
will be submitted. Depending on permitting timelines, commencement of mining
at Bantaco is anticipated in H2 2027 coinciding with the end of Mako stockpile
processing.
Drilling
Resolute commenced exploration on the Bantaco permit in mid-2024 with initial
drill programs concentrating on identified gold in soil geochemical
anomalies. RC and diamond drilling has been carried out over five main
prospect areas, Baisso, Bantaco West, Bantaco Central, Bantaco Main and
Bantaco South. These prospect areas are shown on Figure 2.
Drilling programs have continued throughout 2025 with a total of 8,000m of
diamond drilling and 64,700m of RC drilling completed by Resolute to date.
Coherent mineralised zones have been identified at Bantaco West and Bantaco
South and drilling activities have concentrated on these two prospects to
outline resources amenable to open pit mining.
Figure 2: Bantaco Prospect Locations
Previous exploration drilling results from Bantaco have been published in the
March 2025 Quarterly Activities report. Drilling has continued and further
significant intersections have been returned from the Bantaco West and Bantaco
South prospects with results shown below:
· BADD0017 - 14.0m grading 2.15g/t Au from 161.0m
· BADD0017 - 4.0m grading 72.27g/t Au from 193.0m
· BARC00205 - 23.0m grading 2.11g/t Au from 42.0m
· BARC00207 - 15.0m grading 3.80g/t Au from 110.0m
· BARC00214 - 12.0m grading 2.54g/t Au from 105.0m
· BARC00218 - 6.0m grading 13.14g/t Au from 150.0m
· BARC00222 - 8.0m grading 12.82g/t Au from 159.0m
· BARC00239 - 11.0m grading 3.35g/t Au from 35.0m
· BARC00243 - 4.0m grading 19.57g/t Au from 75.0m
· BARC00248 - 10.0m grading 3.67g/t Au from 63.0m
A full list of the details of significant intersections are attached as
Appendix 1.
Mineralisation
The geology at Bantaco West is comprised of andesite lavas and volcaniclastics
and metasediments with localised felsic intrusives. The mineralisation is
hosted by the andesite and the felsic intrusive with disseminated pyrite as
the typical sulphide. Gold content seems to be correlated with pyrite
intensity and quartz veins. Location of drillholes and recent intersections
at Bantaco West are shown on Figure 3. A typical drill section is shown on
Figure 4 with the cross-section location shown in blue dashed line on Figure
3.
Figure 3. Bantaco West Location Plan
Figure 4. Bantaco West Cross Section
At Bantaco South, the geological interpretation is a sedimentary sequence
bounded to the West by mafic formation, with a contact dipping to the NW, and
to the East by graphitic shale. The highly deformed detrital sediments are
comprised of turbidites and sandstones. The mineralisation is hosted in
hydrothermal sandstone breccia, intensely silicified and moderately altered in
hematite, crosscut by NW-trending quartz shear veins and veinlets. The
dominant sulphide is pyrite with rare chalcopyrite.
Location of drillholes and recent intersections at Bantaco South are shown on
Figure 5. A typical drill section is shown on Figure 6 with the
cross-section location shown in blue dashed line on Figure 5.
Figure 5. Bantaco South Location Plan
Figure 6. Bantaco South Cross Section
Mineral Resource Estimate
Mineral Resources Estimates have been undertaken on the Bantaco West and
Bantaco South prospect areas.
The Bantaco West and Bantaco South MREs were developed using wireframe
constrained Ordinary Kriged ("OK") estimation methodology, within Leapfrog
Indicator wireframes representing a lower cut-off grade of 0.2 g/t Au to form
the mineralised envelope.
Gold mineralisation varies from approximately 10 to 35m in thickness (measured
across the zone from hanging wall to footwall) along approximately 350m strike
length of defined mineralisation at Bantaco South.
At Bantaco West mineralisation is up to approximately 40m thick (measured
across the zone from hanging wall to footwall) along a defined mineralised
zone of approximately 2km strike length. At both prospects, mineralisation is
encountered from surface.
The global Mineral Resource is quoted above a cut-off of 0.5g/t (See Tables 1
and 2) which is in-line with the definition of the Mako Mineral Resources.
Further cost analysis will determine if a different cut-off grade is
appropriate for the Bantaco Mineral Resources.
Bantaco West Mineral Resource Estimate (0.5g/t Au cut-off)
Classification Tonnes Grade (g/t Au) Ounces (Au)
North Domain (Inferred) 3,233,000 0.94 98,000
South Domain (Inferred) 2,525,000 1.00 81,000
Total 5,758,000 0.97 179,000
Table 1: Bantaco West Mineral Resources at July 2025 (0.5g/t cut off)
Bantaco South Mineral Resource Estimate (0.5g/t Au cut-off)
Classification Tonnes Grade (g/t Au) Ounces (Au)
Inferred 2,225,000 1.22 87,000
Total 2,225,000 1.22 87,000
Table 2: Bantaco South Mineral Resources at July 2025 (0.5g/t cut off)
The deposits remain open at depth. Bantaco West shows potential for improved
continuity and increase in mineralisation volume along the known strike length
with additional data and may offer potential for extension to the south.
Bantaco South shows potential for growth to both the north and south.
Future Exploration
Future exploration at Bantaco in 2025 will be focused on both infill drilling
to convert Inferred Mineral Resources to Indicated category and further
drilling to expand the resource. The deposits remain open at depth and along
strike to the west. An updated MRE for the Bantaco Project is targeted for Q1
2026.
Drilling at Bantaco will focus on open pit extractable Mineral Resources and
will generally be restricted to mineralisation within 200m of the surface.
Summary of Bantaco Resource Parameters
A summary of JORC Table 1 is provided below for compliance regarding the
Mineral Resources reported within and in-line with requirements of ASX Listing
Rule 5.8.1.
Geology and geological interpretation
Mineralisation is currently interpreted to have a relatively simple geometry,
comprising mineralised shears dipping at approximately 40 degrees to the
northwest.
At Bantaco West, mineralisation varies from approximately 10 to 40m in
thickness along the 2km strike length drilled to date. At Bantaco South,
mineralisation is of similar thickness, along a 350m defined strike length. At
both prospects, mineralisation is defined to approximately 170m vertical depth
from surface.
Sampling and sub-sampling techniques
Reverse circulation samples were collected on 1m intervals by riffle split
(dry) or by scoop (wet) to obtain a 1-3kg sample.
Diamond drill core has been systematically cut lengthwise into half core with
a diamond saw were sampled by selecting half core.
Sample preparation includes oven drying, crushing to 10mm, splitting and
pulverising to 85% passing -75µm. These preparation techniques are deemed to
be appropriate to the material being sampled.
Reverse circulation and core field duplicates were collected by the company at
a rate of 1:20 samples.
Sampling, sample preparation and quality control protocols are of industry
standard, and all attempts were made to ensure an unbiased representative
sample was collected.
Drilling techniques
Drill types used include reverse circulation with face sampling bit and core
drilling using HQ and NQ sized bits.
Classification criteria
Mineral Resources were classified in accordance with the Australasian Code for
the Reporting of Exploration Results, Mineral Resources and Ore Reserves
(JORC, 2012).
The deposit has been classified as Inferred Mineral Resource based on a
combination of quantitative and qualitative criteria which include geologic
continuity, confidence in volume models, data quality, sample spacing, lode
continuity, and estimation parameters (number of informing composites,
estimation pass number, kriging quality parameters, and minimum and average
distance composites).
With a lack of confirmatory diamond drilling conducted by Resolute, relatively
wide drill-spacing, and no available specific gravity readings all
mineralisation has been classified as Inferred even where geologic and
estimation parameters may support a higher classification.
The input data is consistent in its coverage of the modelled zones and does
not favour or misrepresent the in-situ mineralisation. The definition of the
mineralised zones is based on a moderate level of geologic understanding from
good quality sample data. Validation of the block model shows good correlation
of the input data to the block estimated grades.
Sample analysis method
All samples were dispatched to MSA Bamako for sample preparation and gold
analysis by Chrysos Photon Assay. The analytical method was appropriate for
the style of mineralisation.
No geophysical tools were used to determine elemental concentrations.
Quality control (QC) procedures included the use of certified standards
(1:40), non-certified sand blanks (1:40) and reverse circulation/core field
duplicates (1:20).
Laboratory quality control data, including laboratory standards, blanks,
duplicates, repeats, grind size results and sample weights were also captured
into the digital database.
Analysis of the QC sample assay results indicates that an acceptable level of
accuracy and precision has been achieved.
Basis for selected cut-off grade
The cut-off grade of 0.5g/t is selected based on this being historically used
to define the Mineral Resources at the nearby Mako deposit. Further economic
analysis will determine if a different cut-off grade is more appropriate for
future Bantaco Mineral Resource calculations.
Mining and metallurgical methods and other material modifying factors
Extensive metallurgical investigations and reporting have been completed prior
to the commencement of mining and milling at the nearby Mako deposit.
The processing method involves crushing, and milling, followed by conventional
CIL recovery.
Any ore mined from the Bantaco deposits will be treated through the existing
Mako processing circuits. There is no current evidence to suggest that the
metallurgical characteristics of ore extracted from Bantaco will be materially
different from that encountered at Mako.
Contact
Resolute Public Relations
Matthias O'Toole-Howes Jos Simson, Tavistock
motoolehowes@resolutemining.com (mailto:motoolehowes@resolutemining.com) resolute@tavistock.co.uk (mailto:resolute@tavistock.co.uk)
+44 207 920 3150
Corporate Brokers
Jennifer Lee, Berenberg
+44 20 3753 3040
Tom Rider, BMO Capital Markets
+44 20 7236 1010
Authorised by Mr Chris Eger, Managing Director and Chief Executive Officer
About Resolute Mining
Resolute is an African-focused gold miner with more than 30 years of
experience as an explorer, developer and operator. Throughout its history the
Company has produced more than 9 million ounces of gold from ten gold mines.
The Company is now entering a growth phase through the development of the
Doropo project in Côte d'Ivoire which will supplement the existing
production from the Syama mine in Mali and Mako mine in Senegal. The Company
trades on the Australian Securities Exchange (ASX) and the London Stock
Exchange (LSE) under the ticker RSG.
Competent Persons Statement
The information in this report that relates to the Exploration Results,
Mineral Resources and Ore Reserves is based on information compiled by Mr
Bruce Mowat, a member of The Australian Institute of Geoscientists. Mr Bruce
Mowat has more than 5 years' experience relevant to the styles of
mineralisation and type of deposit under consideration and to the activity
which he is undertaking 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" (the JORC Code). Mr Bruce Mowat is a
full-time employee of the Resolute Mining Limited Group and holds equity
securities in the Company. He has consented to the inclusion of the matters in
this report based on his information in the form and context in which it
appears. This information was prepared and disclosed under the JORC Code 2012
except where otherwise noted.
The information in this announcement that relates to the Mineral Resource
estimate has been based on information and supporting documents prepared by Mr
Bruce Mowat, a Competent Person who is a a member of The Australian Institute
of Geoscientists. Mr Mowat is a full-time employee Resolute Mining Limited
Group and has sufficient experience relevant to the style of mineralisation
and type of deposit under consideration and to the activity which has been
undertaken to qualify as a Competent Person. Mr Mowat confirms that the
Mineral Resource estimate is based on information in the supporting documents
and consents to the inclusion in the report of the Mineral Resource estimate
and related content based on the information in the form and context in which
it appears.
Cautionary Statement about Forward-Looking Statements
This announcement contains certain "forward-looking statements" including
statements regarding our intent, belief or current expectations with respect
to Resolute's business and operations, market conditions, results of
operations and financial condition, and risk management practices. The words
"likely", "expect", "aim", "should", "could", "may", "anticipate", "predict",
"believe", "plan", "forecast" and other similar expressions are intended to
identify forward-looking statements. Indications of, and guidance on, future
earnings, anticipated production, life of mine and financial position and
performance are also forward-looking statements. These forward-looking
statements involve known and unknown risks, uncertainties and other factors
that may cause Resolute's actual results, performance and achievements or
industry results to differ materially from any future results, performance or
achievements, or industry results, expressed or implied by these
forward-looking statements. Relevant factors may include (but are not limited
to) changes in commodity prices, foreign exchange fluctuations and general
economic conditions, increased costs and demand for production inputs, the
speculative nature of exploration and project development, including the risks
of obtaining necessary licences and permits and diminishing quantities or
grades of reserves, political and social risks, changes to the regulatory
framework within which Resolute operates or may in the future operate,
environmental conditions including extreme weather conditions, recruitment and
retention of personnel, industrial relations issues and litigation.
Forward-looking statements are based on Resolute's good faith assumptions as
to the financial, market, regulatory and other relevant environments that will
exist and affect Resolute's business and operations in the future. Resolute
does not give any assurance that the assumptions will prove to be correct.
There may be other factors that could cause actual results or events not to be
as anticipated, and many events are beyond the reasonable control of Resolute.
Readers are cautioned not to place undue reliance on forward-looking
statements, particularly in the current economic climate with the significant
volatility, uncertainty and disruption caused by the COVID-19 pandemic.
Forward-looking statements in this document speak only at the date of issue.
Except as required by applicable laws or regulations, Resolute does not
undertake any obligation to publicly update or revise any of the
forward-looking statements or to advise of any change in assumptions on which
any such statement is based. Except for statutory liability which cannot be
excluded, each of Resolute, its officers, employees and advisors expressly
disclaim any responsibility for the accuracy or completeness of the material
contained in these forward-looking statements and excludes all liability
whatsoever (including in negligence) for any loss or damage which may be
suffered by any person as a consequence of any information in forward-looking
statements or any error or omission.
Appendix 1: Recent Drilling Results
Bantaco
Hole_ID North (WGS) East (WGS) RL Dip Azi EOH From To Width Au
(m) (WGS) (m) (m) (m) (m) (g/t)
BADD0008 1414748 793983 156 -50 134 238 151 175 24 1.19
BADD0016 1414128 792755 97 -53 129 243 143 170 27 0.73
BADD0017 1414107 792720 98 -51 128 250 161 175 14 2.15
BADD0017 193 197 4 72.27
BADD0018 1414024 792658 101 -54 130 256 156 185 29 1.43
BARC00183 1414430 793263 115 -51 130 120 2 11 9 1.72
BARC00205 1410837 800123 125 -50 126 144 42 65 23 2.11
BARC00205 116 126 10 1.76
BARC00207 1415244 794277 112 -51 130 233 110 125 15 3.8
BARC00208 1410971 800201 123 -52 126 140 1 15 14 1.86
BARC00214 1415297 794296 109 -48 130 240 105 117 12 2.54
BARC00214 150 168 18 0.96
BARC00218 1410821 800066 134 -50 126 234 150 156 6 13.14
BARC00222 1412591 801244 121 -52 126 210 159 167 8 12.82
BARC00233 1412491 801177 107 -50 126 186 177 180 3 13.61
BARC00234 1412710 801416 106 -52 126 150 120 127 7 2.22
BARC00239 1412857 801535 99 -52 126 150 35 46 11 3.35
BARC00240 1412463 801222 102 -51 126 150 75 78 3 5.02
BARC00243 1412688 801465 106 -52 126 150 75 79 4 19.57
BARC00248 1412829 801573 99 -51 126 162 63 73 10 3.67
BARC00248 132 148 16 1.18
BARC00254 1413147 801691 102 -51 127 156 27 39 12 1.44
BARC00280 1414249 792879 110 -51 130 174 34 45 11 2.37
BARC00285 1415333 794316 110 -51 130 240 105 113 8 3.68
BARC00285 134 154 20 1.01
BARC00287 1414648 793479 158 -50 130 131 64 87 23 1.22
BARC00288 1414193 792843 108 -50 130 198 38 51 13 1.16
BARC00303 1413893 792738 101 -52 130 132 4 14 10 1.88
BARC00439 1409259 787280 190 -49 132 102 75 79 4 145.66
Notes to Accompany Table:
• Grid coordinates are WGS84 Zone 28 North
• RC intervals are sampled every 1m by dry riffle splitting or
scoop to provide a 2-3kg sample
• Diamond core are sampled every 1m by cutting the core in half to
provide a 2-4kg sample
• Cut-off grade for reporting of intercepts is >0.5g/t Au with
a maximum of 3m consecutive internal dilution included within the intercept;
only intercepts >=3m and >15 gram x metres are reported
• Samples are analysed for gold by ALS Global Au-AA25 30g fire
assay fusion with AAS instrument finish with over-range results reanalysed by
Au-GRA21 30g fire assay fusion with gravimetric finish, and by MSA Labs
CPA-Au1 500g sample gamma ray analysis by photon assay instrument.
Bantaco
Section 1 Sampling Techniques and Data
CRITERIA JORC CODE EXPLANATION COMMENTARY
Sampling techniques Sampling has been by diamond drill coring and reverse circulation chip.
· Nature and quality of sampling (e.g. cut channels, random chips, or Diamond core has been geologically logged and sampled to geological contacts
specific specialised industry standard measurement tools appropriate to the with nominal sample lengths between 0.3m and 4.5m (most commonly 1m). Core
minerals under investigation, such as down hole gamma sondes, or handheld XRF selected for assay is systematically cut lengthwise into half core by diamond
instruments, etc.). These examples should not be taken as limiting the broad blade rock saw, numbered and bagged before dispatch to the laboratory for
meaning of sampling. analysis.
· Include reference to measures taken to ensure sample representivity All core is photographed, wet and dry.
and the appropriate calibration of any measurement tools or systems used.
Reverse circulation chips are geologically logged and sampled on regular
· Aspects of the determination of mineralisation that are Material to lengths of 1m. Chip material selected for assay is systematically divided to a
the Public Report. 1/8 proportion using a rotary splitter attached to the cyclone sample recovery
system, numbered and bagged before dispatch to the laboratory for analysis.
· In cases where 'industry standard' work has been done this would be
relatively simple (e.g. 'reverse circulation drilling was used to obtain 1 m
samples from which 3 kg was pulverised to produce a 30 g charge for fire
assay'). In other cases more explanation may be required, such as where there
is coarse gold that has inherent sampling problems. Unusual commodities or
mineralisation types (e.g. submarine nodules) may warrant disclosure of
detailed information.
Drilling techniques Diamond core drilling with standard inner tubes. NTW diameter (57.1 mm) to
target depth where possible with some smaller NQ2 intervals as tails. Core is
· Drill type (e.g. core, reverse circulation, open-hole hammer, marked and oriented.
rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter,
triple or standard tube, depth of diamond tails, face-sampling bit or other Reverse Circulation drilling with 4" or 4.5" hammer and 4" rod string to
type, whether core is oriented and if so, by what method, etc.). target depth.
Drill sample recovery Diamond core recoveries are measured in the core trays and recorded as
recovered metres and recovered % as part of the geological logging process.
· Method of recording and assessing core and chip sample recoveries
and results assessed. RC recoveries are monitored by chip sample weight recording. Sample weights
have been analysed for cyclicity with no relationship between sample weight
· Measures taken to maximise sample recovery and ensure and depth noted.
representative nature of the samples.
· Whether a relationship exists between sample recovery and grade and
whether sample bias may have occurred due to preferential loss/gain of
fine/coarse material.
Logging Diamond core has been geologically and geotechnically logged to a level of
detail to support appropriate classification and reporting of a Mineral
· Whether core and chip samples have been geologically and Resource.
geotechnically logged to a level of detail to support appropriate Mineral
Resource estimation, mining studies and metallurgical studies. Reverse circulation chip samples have been geologically logged to a level of
detail to support appropriate classification and reporting of a Mineral
· Whether logging is qualitative or quantitative in nature. Core (or Resource.
costean, channel, etc.) photography.
Total length of DD logged is 2,100m. Total length of RC logged is 37,360m.
· The total length and percentage of the relevant intersections
logged.
Sub-sampling techniques and sample preparation Historic core has been systematically cut lengthwise into half core with a
diamond saw.
· If core, whether cut or sawn and whether quarter, half or all core
taken. RC samples representing a 1/8 split are taken directly from the rig mounted
cyclone by rotary splitter, sample weight is recorded, sample is bagged in pre
· If non-core, whether riffled, tube sampled, rotary split, etc. and numbered plastic and sample tickets are inserted and bag is sealed for
whether sampled wet or dry. transport to preparation facility.
· For all sample types, the nature, quality and appropriateness of Generally, one of each of the two control samples (blank or CRM standard) is
the sample preparation technique. inserted into the sample stream every tenth sample. An industry standard,
documented process of sample mark-up, core splitting, bagging and ticketing
· Quality control procedures adopted for all sub-sampling stages to and recording is in place at the Mako site.
maximise representivity of samples.
All samples were submitted to external certified analytical laboratory, MSA
· Measures taken to ensure that the sampling is representative of the Bamako. The 3kg sample were considered appropriate sample size for PhotonAssay
in situ material collected, including for instance results for field analysis.
duplicate/second-half sampling.
MSA prepares the sample by weighing, drying, and crushing the entire sample to
· Whether sample sizes are appropriate to the grain size of the >70% passing 2mm, then into jarred up for PhotonAssay.
material being sampled.
Quality of assay data and laboratory tests Au assays are determined by Chrysos Photon assay at MSA labs in Bamako.
Laboratory and assay procedures are appropriate for Mineral Resource
· The nature, quality and appropriateness of the assaying and estimation.
laboratory procedures used and whether the technique is considered partial or
total. QAQC consisted of standards, blanks and laboratory duplicates (both coarse and
pulp). The QAQC sample results showed acceptable levels of accuracy and
· For geophysical tools, spectrometers, handheld XRF instruments, precision.
etc., the parameters used in determining the analysis including instrument
make and model, reading times, calibrations factors applied and their The assay data is considered to be suitable for Mineral Resource estimation.
derivation, etc.
· Nature of quality control procedures adopted (e.g. standards,
blanks, duplicates, external laboratory checks) and whether acceptable levels
of accuracy (i.e. lack of bias) and precision have been established.
Verification of sampling and assaying All aspects of the core sampling, assay procedures and QA/QC program have been
reviewed and were judged to be suitable for use in the estimation of Mineral
· The verification of significant intersections by either independent Resources.
or alternative company personnel.
Drill hole assay result data has been checked against the original hardcopy
· The use of twinned holes. laboratory assay reports for a representative number of holes.
· Documentation of primary data, data entry procedures, data Below detection limit values (negatives) have been replaced by background
verification, data storage (physical and electronic) protocols. values.
· Discuss any adjustment to assay data. Un-sampled intervals have been retained as un-sampled (null or blank). All of
these intervals occur within the waste domain and have no material impact on
the estimate.
Location of data points Drill holes have been surveyed by Mako Mine staff surveyors using a Leica
GS14, GS15, and GS18 dGPS.
· Accuracy and quality of surveys used to locate drill holes (collar
and down-hole surveys), trenches, mine workings and other locations used in Downhole surveys were undertaken by the drilling contractor using a Reflex
Mineral Resource estimation. DeviGyro tool with a reading taken every 3m downhole.
· Specification of the grid system used. Grid system is based on the UTM28N grid on the WGS84 ellipsoid. Survey heights
are based on PRS097 (with independent checks on AusPos) and are orthometric
· Quality and adequacy of topographic control. (i.e. msl).
A topographic surface with 1m resolution has been generated from a Lidar
survey of the area.
Data spacing and distribution Data spacing averages 50m x 50m at both Bantaco West and Bantaco South, with
variation in spacing from approximately 20m to 60m between drill holes. Drill
· Data spacing for reporting of Exploration Results. hole coverage is consistent across the prospects without significant
clustering or spatial bias. The spacing is adequate to determine the
· Whether the data spacing and distribution is sufficient to geological and grade continuity for reporting of an Inferred Mineral
establish the degree of geological and grade continuity appropriate for the Resources.
Mineral Resource and Ore Reserve estimation procedure(s) and classifications
applied. Drill samples were composited to 1m for use in the estimate
· Whether sample compositing has been applied.
Orientation of data in relation to geological structure Geological structures are interpreted to be steeply-dipping to the north-west.
Drilling intersects structures from the north west, generally dipping -60⁰
· Whether the orientation of sampling achieves unbiased sampling of below horizontal.
possible structures and the extent to which this is known, considering the
deposit type. Drilling primarily targeted shears within volcanics and metasediments.
· If the relationship between the drilling orientation and the The drilling orientation is adequate for a non-biased assessment of the
orientation of key mineralised structures is considered to have introduced a orebody with respect to interpreted structures and interpreted controls on
sampling bias, this should be assessed and reported if material. mineralisation.
Sample security Labelling and submission of samples complies with industry standard.
· The measures taken to ensure sample security.
Audits or reviews The competent person audited the sample preparation laboratory in 2024. No
material issues were found.
· The results of any audits or reviews of sampling techniques and
data.
Section 2 Reporting of Exploration Results
CRITERIA JORC CODE EXPLANATION COMMENTARY
Mineral tenement and land tenure status The Bantaco Permit is held by SNEPAC SARL. Toro Gold Limited is in a joint
Venture with SNEPAC with Toro being the manager and sole funder of the joint
· Type, reference name/number, location and ownership including Venture. Toro Gold Limited is a company controlled by Resolute Limited. The
agreements or material issues with third parties such as joint ventures, permit is in good standing.
partnerships, overriding royalties, native title interests, historical sites,
wilderness or national park and environmental settings.
· The security of the tenure held at the time of reporting along with
any known impediments to obtaining a licence to operate in the area.
Exploration done by other parties Past exploration has been performed by Ashanti Gold, and Randgold Resources on
a previously held Research Permit which was relinquished prior to being held
· Acknowledgment and appraisal of exploration by other parties. by SNEPAC SARL. Randgold had undertaken soil geochemistry, surface mapping
and RAB drilling on the Research Permit. Ashanti Gold undertook RAB and
diamond drilling. Subsequently SNEPAC carried out surface geochemistry, auger
drilling and RC drilling on the current permit.
Geology Mineralisation is currently interpreted to be a standard Birimian orogenic
gold deposit style. Gold is related to shears within volcanics and
· Deposit type, geological setting and style of mineralisation. meta-sediments. Intensity of gold mineralisation appears to correlate with the
intensity of pyrite development and exhibits lateral and vertical continuity
through the mineralised zone.
Geometry of the gold mineralisation is generally NNE to NE striking and
vertical to steep westerly dipping. The zones vary between 4 and 30m wide.
Drill hole Information Easting, Northing and RL of the drill hole collars are based on the UTM28N
grid on the WGS84 ellipsoid. Survey heights are based on PRS097 (with
· A summary of all information material to the understanding of the independent checks on AusPos) and are orthometric (i.e. msl).
exploration results including a tabulation of the following information for
all Material drill holes: The MRE used drill hole collar RL measured using DGPS to create the
topographical surface, pending the extension of Lidar topographic survey to
o easting and northing of the drill hole collar cover the full Bantaco project area
o elevation or RL (Reduced Level - elevation above sea level in metres) of Dip is the inclination of the hole from the horizontal. For example, a
the drill hole collar vertically down drilled hole from the surface is -90°. Azimuth is reported in
degrees as the grid direction toward which the hole is drilled.
o dip and azimuth of the hole
Down hole length of the hole is the distance from the surface to the end of
o down hole length and interception depth the hole, as measured along the drill trace. Intersection depth is the
distance down the hole as measured along the drill trace. Intersection width
o Whole length. is the downhole distance of an intersection as measured along the drill trace.
· If the exclusion of this information is justified on the basis that Drill hole length is the distance from the surface to the end of the hole, as
the information is not Material and this exclusion does not detract from the measured along the drill trace.
understanding of the report, the Competent Person should clearly explain why
this is
the case.
Data aggregation methods Drillholes have been composited to 1m intervals using Leapfrog Geo 2024.1.2
with residual lengths distributed evenly across all composites within the
· In reporting Exploration Results, weighting averaging techniques, domain. There are no residual samples.
maximum and/or minimum grade truncations (e.g. cutting of high grades) and
cut-off grades are usually Material and should be stated. No top cuts were applied to the estimation dataset. Extreme grades in the
greater Project dataset are located outside of the Bantaco West and South
· Where aggregate intercepts incorporate short lengths of high grade prospects, in areas of earlier stage exploration.
results and longer lengths of low grade results, the procedure used for such
aggregation should be stated and some typical examples of such aggregations The assay intervals are reported as down hole length as the true width
should be shown in detail. variable is not known.
· The assumptions used for any reporting of metal equivalent values Gold assays are rounded to two decimal places.
should be clearly stated.
No metal equivalent reporting is used or applied.
Relationship between mineralisation widths and intercept lengths The intersection width is measured down the hole trace and may not be the true
width.
· These relationships are particularly important in the reporting of
Exploration Results. All drill results are downhole intervals only due to the variable orientation
of the mineralisation.
· If the geometry of the mineralisation with respect to the drill
hole angle is known, its nature should be reported.
· If it is not known and only the down hole lengths are reported,
there should be a clear statement to this effect (e.g. 'down hole length, true
width not known').
Diagrams A plan view is contained within this document. A table of intercepts is also
included in this document.
· Appropriate maps and sections (with scales) and tabulations of
intercepts should be included for any significant discovery being reported
These should include, but not be limited to a plan view of drill hole collar
locations and appropriate sectional views.
Balanced reporting Diamond and RC drill holes forming the basis of the Mineral Resource estimate
have been reported previously.. Additional drilling has informed the 2025
· Where comprehensive reporting of all Exploration Results is not estimate
practicable, representative reporting of both low and high grades and/or
widths should be practiced to avoid misleading reporting of Exploration The report is considered balanced and provided in context.
Results.
Other substantive exploration data No other exploration data is considered meaningful and material to this
document.
· Other exploration data, if meaningful and material, should be
reported including (but not limited to): geological observations; geophysical
survey results; geochemical survey results; bulk samples - size and method of
treatment; metallurgical test results; bulk density, groundwater, geotechnical
and rock characteristics; potential deleterious or contaminating substances.
Further work Future exploration may involve the drilling of more drillholes, both diamond
core and reverse circulation, to further extend the mineralised zones and to
· The nature and scale of planned further work (e.g. tests for collect additional detailed data on known mineralized zones. Geophysical
lateral extensions or depth extensions or large-scale step-out drilling). exploration is also planned as part of the future exploration of the permit.
· Diagrams clearly highlighting the areas of possible extensions,
including the main geological interpretations and future drilling areas,
provided this information is not commercially sensitive.
Section 3 Estimation and Reporting of Mineral Resources
CRITERIA JORC CODE EXPLANATION COMMENTARY
Database Data has been compiled into a relational SQL database; the setup of this
integrity
database precludes the loading of data which do not meet the required
· Measures taken to ensure that data has not been corrupted by, for validation protocols. The data is managed using DataShed© drill hole
example, transcription or keying errors, between its initial collection and management software using SQL database techniques. Validation checks are
its use for Mineral Resource estimation purposes. conducted using SQL and DataShed© relational database standards. Data has
also been checked against original hard copies for 100% of the data, and where
· Data validation procedures used. possible, loaded from original data sources.
Resolute completed the following basic validation checks on the data supplied
prior to resource estimation:
· Drill holes with overlapping sample intervals.
· Sample intervals with no assay data or duplicate records.
· Assay grade ranges.
· Collar coordinate ranges.
· Valid hole orientation data.
There are no significant issues identified with the data.
Site visits Mr Bruce Mowat, a fulltime employee of Resolute Mining Limited and a Member of
the Australasian Institute of Mining and Metallurgy is the Competent Person
· Comment on any site visits undertaken by the Competent Person and the who has visited this site on multiple occasions.
outcome of those visits.
· If no site visits have been undertaken indicate why this
is the case.
Geological interpretation The digital database used for the interpretation included logged intervals for
the key geological and mineralised units. There is a moderate level of
· Confidence in (or conversely, the uncertainty of) the geological confidence in the interpretation of shear zones hosting the mineralisation at
interpretation of the mineral deposit. Bantaco West and South, primarily due to the relatively wide-spaced drilling
and small proportion of diamond core to provide additional geological and
· Nature of the data used and of any assumptions made. structural information and control.
· The effect, if any, of alternative interpretations on Mineral The mineralised volume has been constructed using Leapfrog Indicator
Resource estimation. wireframes at a lower cut-off of 0.2g/t Au. The overall shape of the
mineralised unit has been guided by a sectional interpretation of the trend of
· The use of geology in guiding and controlling Mineral Resource mineralisation. Visual checks of the resulting volumes against assay data saw
estimation. iterative adjustments to avoid overstating volume in areas of lower sample
support.
· The factors affecting continuity both of grade and geology.
The factors affecting continuity both of grade and geology are most likely to
be associated with structural controls and local complexity, the knowledge of
which is limited with the current spacing of information. The broad approach
to the mineralisation modelling is an attempt to model an unbiased
interpretation of the mineralised envelope.
Dimensions Gold mineralisation varies from approximately 10 to 35m in thickness (measured
across the zone from hanging wall to footwall) along approximately 350m strike
· The extent and variability of the Mineral Resource expressed as length of defined mineralisation at Bantaco South. At Bantaco West
length (along strike or otherwise), plan width, and depth below surface to the mineralisation is up to approximately 40m thick (measured across the zone from
upper and lower limits of the Mineral Resource. hanging wall to footwall) along a mineralised zone of approximately 2km strike
length. Mineralisation mostly dips at approximately 40⁰ towards the NW and
is defined to approximately 170m vertical depth. Bantaco South has a minor
mineralised domain dipping sub-vertically to the SW.
The deposits remain open at depth. Bantaco West shows potential for improved
continuity along the known strike length with additional data, and some
potential for extension to the south. Bantaco South shows some potential for
growth to both the north and south.
Estimation and modelling techniques Estimation of gold grade has been completed using Ordinary Kriging (OK).
Mineralisation has been constrained using wireframes constructed using
· The nature and appropriateness of the estimation technique(s) applied Leapfrog Indicator wireframes constructed within the host shear zones. These
and key assumptions, including treatment of extreme grade values, domaining, wireframes have been used to define domain codes for estimation. Drillholes
interpolation parameters and maximum distance of extrapolation from data have been flagged with the domain code and composited using the domain code to
points. If a computer assisted estimation method was chosen include a segregate the data.
description of computer software and parameters used.
Domain boundary analysis has been undertaken with hard boundaries used for all
domains.
Drillholes have been composited to 1m intervals using Leapfrog Geo 2024.1.2
with residual lengths distributed evenly across all composites within the
domain. There are no residual samples.
· The availability of check estimates, previous estimates and/or mine Top-cuts analysis was performed using a combination of log probability, log
production records and whether the Mineral Resource estimate takes appropriate histogram, and mean variance plots. Extreme values were spatially confirmed to
account of such data. lie outside of the immediate prospect areas, and at this stage, no top-cuts
are applied to the data for Bantaco West or South estimates.
· The assumptions made regarding recovery of by- products.
Variography has been undertaken on a domain-by-domain basis in Leapfrog Geo
· Estimation of deleterious elements or other non-grade variables of 2024.1.2 in Gaussian space. Back transformed variograms are applied to the
economic significance (e.g. sulphur for acid mine drainage characterization). estimate.
· In the case of block model interpolation, the block size in relation Drillhole data spacing averages 50m x 50m, with consistent spatial coverage
to the average sample spacing and the search employed. across the prospects.
· In the case of block model interpolation, the block size in relation The block model parent block size is 25m (X) by 25m (Y) by 5m (Z) with up to
to the average sample spacing and the search employed. 16 sub-blocks per parent block in the X and Y directions, and up to 4
sub-blocks per parent block in the Z direction. Sub-blocks have been estimated
· Any assumptions behind modelling of selective mining units. at the parent block scale. Block size is considered appropriate for the
drillhole spacing throughout the deposit.
· Any assumptions about correlation between variables.
Grade estimation used the following parameters:
· Description of how the geological interpretation was used to control
the resource estimates. Bantaco West:
· Discussion of basis for using or not using grade cutting or capping. Ø Pass 1 estimation has been undertaken using a minimum of 8 and maximum of
24 sample composites (validated using Datamine Supervisor v.9 KNA tool) into a
· The process of validation, the checking process used, the comparison search ellipsoid of 75m x 40m x 10m with the major direction aligned down-dip.
of model data to drill hole data, and use of reconciliation data if available.
Ø Pass 2: estimation required a minimum of 4 samples and a larger search of
100m x 55m x 10m.
Ø A quadrant approach is applied, with the maximum empty sectors allowed =
1 for Pass 1 and = 2 for Pass 2.
Bantaco South:
Ø Westerly domain; Pass 1 used a minimum of 8 and maximum of 20 samples
within an ellipse at approximately 90% of the variogram ranges. A second pass
used a minimum of 4 samples, maximum of 12 and search 50% larger than pass 1.
A quadrant approach is applied, with the maximum empty sectors allowed = 1
for Pass 1 and = 2 for Pass 2.
Ø Easterly domain; Pass 1 used a minimum of 8 and maximum of 16 samples
within an ellipse of 40m x 30m x 10m.. A second Pass used a minimum of 4
samples, maximum of 16 and search of 60m x 60m x 20m and a maximum of 2
samples per hole. It is noted that the search distances for the easterly
portion of Bantaco South extend beyond the ranges of the variogram and as such
the easterly portion of Bantaco South is lower confidence than the westerly
zone.
This is the first mineral resource estimate released for the Bantaco
prospects.
The mineral resource estimate has been validated using visual validation
tools, mean grade comparisons between the block model and declustered
composite grade means, and swath plots comparing the input composite grades
and the estimated block model grades by Northing, Easting, and RL.
Leapfrog Geo 2024.1.2 and Datamine Supervisor v9 software have been used for
estimation.
No by-product recoveries were considered.
Moisture Moisture was not considered in the density assignment.
· Whether the tonnages are estimated on a dry basis or with natural
moisture, and the method of determination of the moisture content.
Cut-off parameters A nominal lower cut-off grade of 0.2g/t Au was used to define the mineralised
domains to encompass the complete mineralised distribution and produce a model
· The basis of the adopted cut-off grade(s) or quality that reduces the risk of conditional bias that could be introduced where the
parameters applied. constraining interpretation and data selection is based on a significantly
higher grade than the natural geological grade
cut-off.
The cut-off grade for reporting (above 0.5g/t Au) was used in line with the
previous resource reporting at the nearby Mako deposit
Mining factors or assumptions The shallow occurrence of the mineralisation indicates that open pit mining is
appropriate, in line with other deposits in the area.
· Assumptions made regarding possible mining methods, minimum mining
dimensions and internal (or, if applicable, external) mining dilution. The estimation methodology used results in an amount of edge dilution being
incorporated into the blocks of the model. No account of mining loss has been
incorporated.
It is always necessary as part of the process of determining reasonable
prospects for eventual economic extraction to consider potential mining
methods, but the assumptions made regarding mining methods and parameters when
estimating Mineral Resources may not always be rigorous. Where this is the
case, this should be reported with an explanation of the basis of the mining
assumptions made.
Metallurgical factors or assumptions No specific assumptions were made regarding metallurgical factors for this
estimate.
· The basis for assumptions or predictions regarding metallurgical
amenability. It is always necessary as part of the process of determining Metallurgy is assumed to be similar to the nearby Mako deposit.
reasonable prospects for eventual economic extraction to consider potential
metallurgical methods, but the assumptions regarding metallurgical treatment
processes and parameters made when reporting Mineral Resources may not always
be rigorous. Where this is the case, this should be reported with an
explanation of the basis of the metallurgical assumptions made.
Environmental factors or assumptions No assumptions were made regarding environmental restrictions.
· Assumptions made regarding possible waste and process residue
disposal options. It is always necessary as part of the process of determining
reasonable prospects for eventual economic extraction to consider the
potential environmental impacts of the mining and processing operation. While
at this stage the determination of potential environmental impacts,
particularly for a green fields project, may not always be well advanced, the
status of early consideration of these potential environmental impacts should
be reported. Where these aspects have not been considered this should be
reported with an explanation of the environmental assumptions made.
Bulk density A default bulk density of 1.8t/m(3) was assigned to oxide rocks.
· Whether assumed or determined. If assumed, the basis for the A default bulk density of 2.2t/m(3) was assigned to transitional rock.
assumptions. If determined, the method used, whether wet or dry, the frequency
of the measurements, the nature, size and representativeness of the samples. A default bulk density of 2.72t/m(3) was assigned to fresh rock.
· The bulk density for bulk material must have been measured by methods
that adequately account for void spaces (vugs, porosity, etc), moisture and
differences between rock and alteration zones within the deposit.
· Discuss assumptions for bulk density estimates used in the evaluation
process of the different materials.
Classification The classification is based on the confidence in the continuity of geology and
mineralisation and quality/confidence in the estimation and quality of assay
· The basis for the classification of the Mineral Resources into data and bulk density data. Sectional wireframe interpretations encompass
varying confidence categories. material of Measured and Indicated classification. As all of Resolute's
drilling was RC, and no confirmation of previous diamond drilling has been
· Whether appropriate account has been taken of all relevant factors undertaken, the entire Mineral Resource has been classified as Inferred.
(i.e. relative confidence in tonnage/grade estimations, reliability of input
data, confidence in continuity of geology The Mineral Resource estimate appropriately reflects the Competent Person's
and metal values, quality, quantity and distribution of the data). view of the deposit.
· Whether the result appropriately reflects the Competent Person's view
of the deposit.
Audits or reviews No external reviews have been completed.
· The results of any audits or reviews of Mineral
· Resource estimates.
Discussion of relative accuracy/ confidence Although the estimate for gold is considered to be without bias, it is for the
some of the estimated volume based on relatively wide spaced data. The
· Where appropriate a statement of the relative accuracy and confidence estimate is therefore of moderate confidence and expected to be of moderate
level in the Mineral Resource estimate using an approach or procedure deemed relative accuracy at the local scale when drilling density exceeds 25m x 25m.
appropriate by the Competent Person. For example, the application of Infill grade control drilling will be required to improve the confidence of
statistical or geostatistical procedures to quantify the relative accuracy of the local estimate.
the resource within stated confidence limits, or, if such an approach is not
deemed appropriate, a qualitative discussion of the factors that 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.
· These statements of relative accuracy and confidence of the estimate
should be compared with production data, where available.
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