REG - Resolute Mining Ltd - Maiden Mineral Resource at Tomboronkoto
24/01/2024 07:00
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RNS Number : 6876A Resolute Mining Limited 23 January 2024
24 January 2024
Resolute Announces Maiden Mineral Resource at Tomboronkoto
Resolute Mining Limited ("Resolute" or "the Company") (ASX/LSE: RSG) is
pleased to provide an update on our Senegal exploration prospects, including a
maiden Inferred Mineral Resource Estimate at the Tomboronkoto ("Tombo")
project.
Resolute has been focusing on three potential satellite deposits that could
result in an extension to the Mako mine. These are Tomboronkoto and the
prospects at Bantaco and Laminia where Joint Venture agreements have been
concluded.
Highlights
Tomboronkoto
• Maiden Inferred Mineral Resource Estimate (MRE) for the Tomboronkoto
prospect of 3.4Mt grading 2.2g/t Au for 264 koz at 1g/t cut-off or 10.2Mt
grading 1.2 g/t Au for 403 koz at 0.5 g/t cut-off
• Tomboronkoto is located 20km by road from the Mako Processing Plant
• The MRE is based on shallow drilling completed to date with the
majority of the current resource located in the top 100m and remains open
along strike to the west and down dip
• Preliminary metallurgical test-work on samples from Tomboronkoto
show the mineralisation is free milling with recoveries exceeding 90% from
fresh and weathered gold mineralised materials
• The focus over the remainder of 2024 will be on both infill drilling
to convert Inferred resources to the Indicated category and further drilling
to expand the resource
Bantaco
• Resolute has signed a Joint Venture ("JV") with SNEPAC, a local
Senegalese company, to earn into the Bantaco project located 20km east of Mako
• Bantaco also provides an excellent opportunity to discover an open
cut gold resource within trucking distance of Mako
Laminia
• Resolute has signed a Joint Venture on the Laminia Project which is
located east and contiguous with the Bantaco JV area
• The Laminia Project covers the southern extensions of the Massawa
Shear zone which controls the gold mineralisation hosted in the Massawa
Deposits held by Endeavour Mining Corporation
Terry Holohan, CEO commented: "We are very pleased to report the progress we
are making in Senegal to extend the life of our Mako operation with now three
projects close to our mine and within the same Greenstone Belt following the
recent successful conclusion of the two JVs. We will be stepping up our
overall exploration efforts in 2024 on these exciting projects which have well
known areas of outcropping mineralisation, and we expect further progress
updates throughout the year. The completion of the maiden Inferred Mineral
Resource at Tomboronkoto within 6 months is a significant achievement and
reflects the efforts and ability of our exploration and operations teams on
the ground."
Tomboronkoto
Location
Tomboronkoto is located 16km east of the Mako Processing Plant - see Figure 1.
It is approximately 20km by road and, therefore pending cost analysis, we are
confident of the opportunity for hauling material to the existing Plant.
Figure 1: Senegal Geology and Project Locations.
Drilling Program
Resolute commenced its first Reverse Circulation drilling campaign at
Tomboronkoto in mid-2023. A total of 54 holes for 8,900 metres was completed
with the program ending in October 2023.
This was the first program completed by Resolute on the prospect and was
focused on better defining the gold mineralisation zone identified by previous
explorers including Randgold Resources.
The drilling program achieved the goals as set out with assay results
confirming the target zone with broad intersections of medium to high-grade
gold mineralisation in most holes drilled during the program. Significant
intersections are listed in Appendix 1.
Figure 2. Tomboronkoto Geological Interpretation and Drillhole Locations
Mineralisation is currently interpreted to be within a shear in the
granodiorite unit. Intensity of gold mineralisation appears to correlate with
the intensity of pyrite development and exhibits good lateral and vertical
continuity through the mineralised zone.
Mineralisation has a relatively simple geometry comprising a zone that varies
from 30 to 60m in width, along the 1,700m strike length drilled to date. The
zone dips approximately 70⁰ to the south-southeast - a cross section
representative of the typical mineralisation shape is shown on Figure 3.
Figure 3: Cross Section Tomboronkoto
Mineral Resource Estimate
The Tomboronkoto MRE was developed in December 2023 using wireframe
constrained Ordinary Kriged ("OK") estimation methodology, within two nested
Leapfrog Indicator wireframes at 0.2 g/t Au and 0.75g/t Au.
A Global Mineral Resource Estimate of 10.4Mt grading 1.2g/t Au for 403,000oz
was estimated at a cut-off of 0.5g/t (in-line with the current cut-off grade
used to define Mako's Mineral Resources). At a higher 1g/t cut off the grade
increases to 2.2g/t with a total of 264,000oz Au. Further cost analysis is
required to determine the appropriate cut-off grade for Tomboronkoto.
Classification Tonnes Grade (g/t Au) Ounces (Au)
Inferred 10,204,000 1.2 403,000
Total 10,204,000 1.2 403,000
Table 1: Tomboronkoto Mineral Resources at December 2023 (0.5g/t cut off)
Classification Tonnes Grade (g/t Au) Ounces (Au)
Inferred 3,685,000 2.2 264,000
Total 3,685,000 2.2 264,000
Table 2: Tomboronkoto Mineral Resources at December 2023 (1g/t cut off)
So far most of the Tomboronkoto deposit is only drilled to 100m below surface
and is open along strike and down dip. Further drilling is expected to expand
the Mineral Resource.
Preliminary metallurgical test work was undertaken by Resolute on Reverse
Circulation ("RC") samples from the recent drilling campaign conducted at
Tomboronkoto.
The sample selection encompassed different ore types of the ore body across
various depths from the surface. Leach tests were conducted under conditions
that closely mimic the current Mako Plant CIL circuit parameters. The results
from the leach test work demonstrate that the Tomboronkoto ore body is free
milling, with recoveries exceeding 90% from fresh and weathered gold
mineralised material.
Future Exploration
Future exploration at Tomboronkoto in 2024 will be focused on both infill
drilling to convert Inferred Mineral Resource to Indicated category and
further drilling to expand the resource. The deposit remains open at depth and
along strike to the west.
Drilling at Tomboronkoto will focus on open pit extractable Mineral Resources
and will generally be restricted to mineralisation within 200m of the surface.
The 2024 exploration program at Tomboronkoto comprises a drilling program of
20,000m of RC drilling and 3,000m of diamond drilling with a budget cost of
US$4 million. This work is aimed at increasing the Mineral Resources.
Bantaco Joint Venture
Resolute recently signed a Joint Venture with SNEPAC, a local Senegalese
company, to earn into the Bantaco prospect located east of Mako - see Figure 1
for location.
The Bantaco project presents an opportunity in the short term to find an
economically exploitable gold resource to extend the life of Mako.
The project area has extensive artisanal workings in two main locations,
Baisso in the southwest and Bantaco in the northeast of the permit.
Exploration activity is expected to commence in the first quarter of 2024. The
approved exploration budget for Bantaco for 2024 is US$1.4 million which will
include a 10,000m RC drilling program, over areas of known outcropping
mineralisation.
Figure 4: Bantaco Location and soil geochemistry
Laminia Joint Venture
Resolute has signed a Joint Venture on the Laminia Project which is located
east and contiguous with the Bantaco JV area - see figure 1. The Laminia
Project covers the southern extensions of the Massawa Shear zone which
controls the gold mineralisation hosted in the Massawa Deposits held by
Endeavour Mining Corporation.
Auger drilling in the northwestern part of the permit covering the southern
extensions of the Massawa shear zone, delineated a 3km gold anomaly open to
the South. Subsequent RC drilling encountered encouraging results.
The eastern part of the permit covers the southern extension of the Makosa
(Thor Exploration) and Makabingui (Bishop Resources) shears. Gold in soil
results highlighted two long anomalies along the shears which will be tested
by auger drilling.
Summary of Tomboronkoto 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 be within a shear in the
granodiorite unit. Intensity of gold mineralisation appears to correlate with
the intensity of pyrite development and exhibits good lateral and vertical
continuity through the mineralised zone.
Mineralisation has a relatively simple geometry comprising a zone that varies
from 30 to 60m in width, along the 1,700m strike length drilled to date. The
zone dips approximately 70⁰ to the south-southeast.
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.
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
historic core drilling using PQ and HQ sized bits. All Resolute drilling to
date has been RC. Historic core drilling has been incorporated into the
resource.
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 only 139 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 comprehensive in its coverage and does not favour or
misrepresent the in-situ mineralisation. The definition of the mineralised
zones is based on a high level of geologic understanding from good quality
sample data, producing models of continuous mineralisation. 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 ALS Kedougou for sample preparation and to ALS
Ouagadougou for gold analysis by 30g fire assay fusion with AAS instrument
finish (method code Au-AA25). Over-range results were re-analysed and reported
by 30g fire assay fusion with gravimetric finish (method code Au-GRA21). 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 grades selected has been selected using previous Resource
(0.5 g/t Au) and Reserve (1.0 g/t Au) cut-off grades used at the nearby
Mako deposit.
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.
There is no evidence to suggest that the metallurgical characteristics of ore
extracted from Tomboronkoto would change from that encountered at Mako.
Preliminary metallurgical test-work on samples from Tomboronkoto show similar
characteristics to the Mako ore and is expected to be treated though the
existing circuits.
Contact
Resolute Public Relations
Matthias O'Toole-Howes Jos Simson, Tavistock
matthias.otoolehowes@resolutemining.com (mailto:contact@rml.com.au) 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 Terry Holohan, Managing Director and Chief Executive Officer
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
Patrick Smillie, a Competent Person who is a Registered Member of the Society
for Mining, Metallurgy, and Exploration (SME). Mr Smillie 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
Smillie 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
Tomboronkoto
Hole_ID North (WGS) East (WGS) RL Dip Azi EOH From To Width Au
(m) (WGS) (m) (m) (m) (m) (g/t)
TADD005 1416598 793896 117 -50 320 203.5 46 87 41 2.2
TADD008 1416388 793610 102 -50 320 223 68 74 6 6.14
103 115 12 2.1
TADDH98_04 1416511 793553 3 -50 160 84 5 50.5 45.5 1.07
TARC015 1416704 793898 1 -50 160 57 0 22 22 1.23
TARC021 1416570 793734 1 -48 160 63 0 30 30 0.9
TARC026 1416429 793569 2 -50 160 63 16 63 47 2.12
TARC027 1416486 793559 3 -50 160 60 0 57 57 2.83
TARC041 1416856 794269 21 -50 340 75 13 28 15 12.84
TARC051 1416566 793625 0 -50 160 75 0 74 74 1.59
TARC054 1416624 793828 4 -50 160 75 32 40 8 9.13
TARC055 1416646 793820 5 -50 160 75 0 61 61 2.61
TARC056 1416694 793803 9 -50 160 87 40 87 47 1.02
TARC058 1416704 794015 1 -50 160 75 2 48 46 2.07
TBRC00003 1416687 793958 103 -61 160 160 32 63 31 2.36
71 89 18 1.94
130 150 20 1.03
TBRC00005A 1416549 793898 107 -60 340 180 102 137 35 1.5
TBRC00008 1416708 793819 120 -61 160 108 17 52 35 0.63
59 89 30 0.86
TBRC00008A 1416690 793863 114 -60 160 138 0 94 94 1.68
TBRC00009 1416748 794145 103 -61 160 120 21 36 15 1.39
72 100 28 0.92
TBRC00015 1416650 794077 105 -59 340 99 62 81 19 1.55
TBRC00029 1416699 793902 111 -60 160 160 0 24 24 1.18
TBRC00031 1416674 793881 111 -60 160 160 3 81 78 2.06
138 150 12 2.78
TBRC00032 1416665 793809 114 -59 160 102 10 89 79 1.28
TBRC00032A 1416667 793812 114 -60 160 162 11 56 45 1.06
67 114 47 0.99
TBRC00034 1416702 793861 114 -60 340 180 0 37 37 0.71
TBRC00035 1416681 793996 106 -60 160 90 14 21 7 3.37
TBRC00038 1416590 793907 106 -60 340 180 60 84 24 3.77
TBRC00041 1416555 793809 105 -59 340 165 54 92 38 2.87
TBRC00044 1416633 793798 110 -59 160 172 1 104 103 2.47
108 140 32 0.85
146 168 22 1.29
TBRC00045A 1416585 793675 106 -61 160 125 0 53 53 2.11
TBRC00046 1416556 793685 105 -59 160 93 10 67 57 1.65
72 93 21 1.88
TBRC00048 1416560 793688 105 -60 340 144 9 53 44 1.74
TBRC00049 1416815 794283 124 -62 340 142 81 84 3 11.04
TBRC00051 1416574 793737 106 -60 160 138 8 55 47 1.84
69 121 52 1.1
TBRC00052 1416597 793723 107 -61 160 180 149 174 25 1.35
TBRC00054 1416608 794037 110 -59 340 170 81 96 15 2.22
Notes to Accompany Table:
• Grid coordinates are WGS84 Zone 29 North
• RC intervals are sampled every 1m by dry riffle splitting or
scoop to provide a 1-3kg 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 >1g/t Au with a
maximum of 3m consecutive internal dilution included within the intercept;
only intercepts >=3m and >20 gram x metres are reported
• Samples are analysed for gold by 30g fire assay fusion with AAS
instrument finish; over-range results are reanalysed by 30g fire assay fusion
with gravimetric finish
Tomboronkoto
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 Historical diamond core has been geologically logged and sampled to geological
specific specialised industry standard measurement tools appropriate to the contacts with nominal sample lengths between 0.3m and 4.5m (most commonly 1m).
minerals under investigation, such as down hole gamma sondes, or handheld XRF Core selected for assay is systematically cut lengthwise into half core by
instruments, etc.). These examples should not be taken as limiting the broad diamond blade rock saw.
meaning of sampling.
Reverse circulation chips are geologically logged and sampled on regular
· Include reference to measures taken to ensure sample representivity lengths of 1m. Chip material selected for assay is systematically divided to a
and the appropriate calibration of any measurement tools or systems used. 1/8 proportion using a riffle splitter, numbered and bagged before dispatch to
the laboratory for analysis.
· Aspects of the determination of mineralisation that are Material to
the Public Report.
· 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 Reverse Circulation drilling with 4" or 4.5" hammer and 4" rod string to
target depth.
· Drill type (e.g. core, reverse circulation, open-hole hammer,
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
type, whether core is oriented and if so, by what method, etc.).
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 Historical diamond core has been geologically logged to a level of detail to
support appropriate classification and reporting of a Mineral Resource.
· Whether core and chip samples have been geologically and
geotechnically logged to a level of detail to support appropriate Mineral Reverse circulation chip samples have been geologically logged to a level of
Resource estimation, mining studies and metallurgical studies. detail to support appropriate classification and reporting of a Mineral
Resource.
· Whether logging is qualitative or quantitative in nature. Core (or
costean, channel, etc.) photography. Total length of historical DD logged is 1,093m (260m Ashanti Gold, 833m
Randgold). Total length of RC logged is 12,565m (4,003m Ashanti Gold, 8,562m
· The total length and percentage of the relevant intersections Resolute Mining)
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 by riffle splitter, sample weight is
recorded, sample is bagged in pre numbered plastic and sample tickets are
· If non-core, whether riffled, tube sampled, rotary split, etc. and inserted and bag is sealed for transport to preparation facility.
whether sampled wet or dry.
Generally, one of each of the control samples (blank,CRM standard, or
· For all sample types, the nature, quality and appropriateness of duplicate) is inserted into the sample stream every tenth sample. RC samples
the sample preparation technique. were submitted to ALS Kedougou (Senegal). The laboratories sample preparation
followed a standard documented process flow with whole sample crushing (better
· Quality control procedures adopted for all sub-sampling stages to than 70% passing 2mm) followed by a 1kg riffle split for pulverisation to 75
maximise representivity of samples. micron (better than 85% pass).
· Measures taken to ensure that the sampling is representative of the Master pulps of 250g were split and placed in airtight, sealed bags and sent
in situ material collected, including for instance results for field by courier to the assaying laboratory for analysis.
duplicate/second-half sampling.
Sample size of 2-6kg is appropriate for the grain size of material.
· Whether sample sizes are appropriate to the grain size of the
material being sampled.
Quality of assay data and laboratory tests Au assays are determined by fire assay with AAS finish. Laboratory and assay
procedures are appropriate for Mineral Resource estimation.
· The nature, quality and appropriateness of the assaying and
laboratory procedures used and whether the technique is considered partial or QAQC consisted of standards, blanks and laboratory duplicates (both coarse and
total. pulp). The QAQC sample results showed acceptable levels of accuracy and
precision.
· For geophysical tools, spectrometers, handheld XRF instruments,
etc., the parameters used in determining the analysis including instrument The assay data is considered to be suitable for Mineral Resource estimation.
make and model, reading times, calibrations factors applied and their
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 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.
Location of data points Drill holes have been surveyed by the 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 Down hole surveys were undertaken by the drilling contractor using a Reflex
Mineral Resource estimation. DeviGyro tool with a reading taken. every 3m down the hole.
· 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 2022 Lidar
survey of the Tomboronkoto area.
Data spacing and distribution Data spacing is variable across the deposit, ranging from 50x50m at the
periphery to 25x25m in the more densely drilled core. This spacing is adequate
· Data spacing for reporting of Exploration Results. to determine the geological and grade continuity for reporting of an Inferred
Mineral Resources.
· Whether the data spacing and distribution is sufficient to
establish the degree of geological and grade continuity appropriate for the Drill samples were composited to 1m for use in the estimate.
Mineral Resource and Ore Reserve estimation procedure(s) and classifications
applied.
· Whether sample compositing has been applied.
Orientation of data in relation to geological structure Geological structures are interpreted to be steeply-dipping to the
south-southeast. Drilling intersects structures from the north and south
· Whether the orientation of sampling achieves unbiased sampling of sides, generally dipping -60⁰ below horizontal, with azimuths either at
possible structures and the extent to which this is known, considering the approximately 340⁰ or 160⁰.
deposit type.
Drilling primarily targeted the granodiorite unit which contained the most
· If the relationship between the drilling orientation and the significant mineralisation and dipped at about 70⁰ to the south-southeast.
orientation of key mineralised structures is considered to have introduced a The drilling orientation is adequate for a non-biased assessment of the
sampling bias, this should be assessed and reported if material. orebody with respect to interpreted structures and interpreted controls on
mineralisation.
Sample security Labelling and submission of samples complies with industry standard.
· The measures taken to ensure sample security.
Audits or reviews An independent audit of the sample preparation laboratory has been undertaken
in 2018 (Fis, 2018) found no material issues with the sampling methods or
· The results of any audits or reviews of sampling techniques and data.
data.
Section 2 Reporting of Exploration Results
CRITERIA JORC CODE EXPLANATION COMMENTARY
Mineral tenement and land tenure status The Tomboronkoto Permit is held by Ardimines SARL. Toro Gold Limited is in
a joint Venture with Ardimines with Toro being the manager and sole funder of
· Type, reference name/number, location and ownership including the joint Venture. Toro Gold Limited is a company controlled by resolute
agreements or material issues with third parties such as joint ventures, Limited.
partnerships, overriding royalties, native title interests, historical sites,
wilderness or national park and environmental settings. The permit is in good standing.
· 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 Ardimines SARL. Randgold had undertaken soil geochemistry, surface
mapping and drilling on the entire Research Permit. Regional auger drilling
identified gold anomalism which Ashanti Gold followed up with Diamond and
Reverse Circulation drilling and trenching on the Tomboronkoto prospect.
Subsequently Randgold undertook further DD drilling and trenching.
Geology Mineralisation is currently interpreted to be within a shear in the
granodiorite unit. Intensity of gold mineralisation appears to correlate with
· Deposit type, geological setting and style of mineralisation. the intensity of pyrite development and exhibits good lateral and vertical
continuity through the mineralised zone.
Mineralisation has a relatively simple geometry comprising a zone that varies
from 30 to 60m in width, along the 1,700m strike length drilled to date. The
zone dips approximately 70⁰ to the south-southeast.
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 has used drill hole collar RL derived from the topographical surface.
o easting and northing of the drill hole collar Dip is the inclination of the hole from the horizontal. For example, a
vertically down drilled hole from the surface is -90°. Azimuth is reported in
o elevation or RL (Reduced Level - elevation above sea level in metres) of degrees as the grid direction toward which the hole is drilled.
the drill hole collar
Down hole length of the hole is the distance from the surface to the end of
o dip and azimuth of the hole 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 down hole length and interception depth is the downhole distance of an intersection as measured along the drill trace.
o Whole length. Drill hole length is the distance from the surface to the end of the hole, as
measured along the drill trace.
· If the exclusion of this information is justified on the basis that
the information is not Material and this exclusion does not detract from the
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 2023.2.0
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. The influence of extreme gold assays has been limited by top-cutting assays
across all domains. Top-cuts have been determined using a combination of log
· Where aggregate intercepts incorporate short lengths of high grade probability, log histogram, and mean variance plots. Top-cuts have been
results and longer lengths of low grade results, the procedure used for such reviewed and applied to the composites on a domain-by-domain basis.
aggregation should be stated and some typical examples of such aggregations
should be shown in detail. The assay intervals are reported as down hole length as the true width
variable is not known.
· The assumptions used for any reporting of metal equivalent values
should be clearly stated. Gold assays are rounded to two decimal places.
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. New cross-sectional
interpretations are included.
· 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 2023
· 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
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 granodiorite unit. There is a moderate level of confidence in the
· Confidence in (or conversely, the uncertainty of) the geological interpretation of the mineralised shear zone primarily due to the relatively
interpretation of the mineral deposit. wide-spaced drilling. Additionally Resolute's drilling program was entirely
RC, though historic core has been reviewed and logged.
· Nature of the data used and of any assumptions made.
The mineralised volume has been constructed using nested Leapfrog Indicator
· The effect, if any, of alternative interpretations on Mineral wireframes at lower cut-offs of 0.2g/t Au and 0.75g/t Au. The overall shape of
Resource estimation. the mineralised unit has been guided by a sectional interpretation of the
trend of mineralisation within the mineralised shear.
· The use of geology in guiding and controlling Mineral Resource
estimation. The factors affecting continuity both of grade and geology are most likely to
be associated with structural controls and local complexity, the knowledge of
· The factors affecting continuity both of grade and geology. which is limited with the current spacing of information. The broad approach
to the mineralisation modelling is an attempt to model an unbiased
interpretation.
Dimensions Gold mineralisation varies from approximately 10 to 50m in thickness along the
approximately 750m strike length of defined mineralisation. Mineralisation
· The extent and variability of the Mineral Resource expressed as dips at approximately 70⁰ to the SSE and is defined to approximately 150m
length (along strike or otherwise), plan width, and depth below surface to the vertical depth. The deposit remains open at depth and to the west.
upper and lower limits of the Mineral Resource.
Estimation and modelling techniques Estimation of gold grade has been completed using Ordinary Kriging (OK).
Mineralisation has been constrained using wireframes constructed using nested
· The nature and appropriateness of the estimation technique(s) applied Leapfrog Indicator wireframes constructed within the host granodiorite unit.
and key assumptions, including treatment of extreme grade values, domaining, These wireframes have been used to define domain codes for estimation.
interpolation parameters and maximum distance of extrapolation from data Drillholes have been flagged with the domain code and composited using the
points. If a computer assisted estimation method was chosen include a domain code to 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 2023.2.0
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 The influence of extreme gold assays has been limited by top-cutting assays
production records and whether the Mineral Resource estimate takes appropriate across all domains. Top-cuts have been determined using a combination of log
account of such data. probability, log histogram, and mean variance plots. Top-cuts have been
reviewed and applied to the composites on a domain-by-domain basis.
· The assumptions made regarding recovery of by- products.
Variography has been undertaken on a domain-by-domain basis in Datamine
· Estimation of deleterious elements or other non-grade variables of Supervisor v.8.14.3.3 using top-cut values.
economic significance (e.g. sulphur for acid mine drainage characterization).
Drillhole data spacing ranges from 25m x 25m in densely drilled areas to
· In the case of block model interpolation, the block size in relation approximately 50m x 50m.
to the average sample spacing and the search employed.
The block model parent block size is 25m (X) by 25m (Y) by 5m (Z) with up to
· In the case of block model interpolation, the block size in relation 16 sub-blocks per parent block in the X and Y directions, and up to 8
to the average sample spacing and the search employed. sub-blocks per parent block in the Z direction. Sub-blocks have been estimated
at the parent block scale. Block size is considered appropriate for the
· Any assumptions behind modelling of selective mining units. drillhole spacing throughout the deposit.
· Any assumptions about correlation between variables. Grade estimation has been completed in three passes:
· Description of how the geological interpretation was used to control Ø Pass 1 estimation has been undertaken using a minimum of 4 and maximum of
the resource estimates. 25 sample composites (determined using Datamine Supervisor v.8.14 KNA tool)
into a search ellipsoid with dimensions equal to half the variogram range of
· Discussion of basis for using or not using grade cutting or capping. the domain.
· The process of validation, the checking process used, the comparison Ø Pass 2 estimation has been undertaken with the same minimum/maximum
of model data to drill hole data, and use of reconciliation data if available. samples as Pass 1 into a search ellipsoid twice the first pass.
Ø Pass 3 estimation has been undertaken with a minimum of 2 samples, and
the same maximum number of samples as the first two passes into a search
ellipsoid twice the second pass
Ø A maximum of three samples per drillhole has been used in the first two
passes, with no limits set on the third pass..
This is the first mineral resource estimate released for the Tomboronkoto
deposit.
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 v2023.2.0 and Datamine Supervisor v8.14.3.3 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 and above 1.0 g/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 Specific gravity values for the Tomboronkoto Prospect have been measured based
on the Archimedean Principle using the immersion method for individual core
· Whether assumed or determined. If assumed, the basis for the samples. A total of 215 density measurements were available for use, with the
assumptions. If determined, the method used, whether wet or dry, the frequency vast majority of these being in fresh rock below the saprock and laterite
of the measurements, the nature, size and representativeness of the samples. domains. This data has been used as the basis of the block model bulk density.
· The bulk density for bulk material must have been measured by methods No relationship between density and sulphur content or gold content could be
that adequately account for void spaces (vugs, porosity, etc), moisture and established.
differences between rock and alteration zones within the deposit.
A default bulk density of 1.76t/m(3) was assigned to oxide rocks.
· Discuss assumptions for bulk density estimates used in the evaluation
process of the different materials. A default bulk density of 2.16t/m(3) was assigned to transitional rock.
A default bulk density of 2.72t/m(3) was assigned to fresh rock.
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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