REG - Resolute Mining Ltd - Ore Reserves and Mineral Resource Statement
08/03/2024 07:02
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240308:nRSH0791Ga&default-theme=true
RNS Number : 0791G Resolute Mining Limited 07 March 2024
8 March 2024
Ore Resources Maintained with Exploration Success in both Mali and Senegal
Highlights
· Total Mineral Resources maintained at 11.2 million ounces (Moz) of
gold with exploration success at Syama North in Mali and Tomboronkoto in
Senegal offsetting mining depletion
· Total Ore Reserves decreased marginally to 4.4 Moz (from 4.6 Moz in
December 2022) in line with expectations due to mining depletion across both
operations
· Syama North Ore Reserves increased over 17% to 1.0 Moz and Measured
and Indicated Mineral Resources increased 47% to 2.7 Moz following successful
drilling campaigns in 2023
· Mineral Resources in Senegal increased significantly following the
maiden Mineral Resource Estimate ("MRE") at the Tomboronkoto satellite deposit
of 403 koz grading 1.2g/t
Resolute Mining Limited (Resolute, the Company or the Group) (ASX/LSE: RSG),
is pleased to announce the Company's Annual Ore Reserve and Resource Statement
at 31 December 2023.
Terry Holohan, CEO and Managing Director, commented, "these results are in
line with our expectations given the work we are conducting on our growth
projects.
At Syama the exploration teams have been focussed on the infilling of the 3.5
Moz Syama North project, raising the M&I to over 2.7 Moz, with first
mining commencing later this year. We are also conducting detailed mine
optimisations with an uplift in our Ore Reserve estimate to 1 Moz and we
expect further increases going forward.
At Mako the drilling of the first of our three major mineralisation satellite
targets, Tomboronkoto, we recently published a maiden Mineral Resource
estimate of 403 koz and drilling is continuing."
At 31 December 2023 Resolute's direct share of Ore Reserves decreased by
approximately 230 koz to 3.61 Moz across the Group. Mineral Resources
increased by 51 koz to 9.16 Moz due to the additional Resources at Syama North
and Tomboronkoto.
A detailed breakdown of the Company's Ore Reserves and Mineral Resources at 31
December 2023 representing the Syama and Mako operations is presented in the
tables below. Tables 1 and 2 show a summary of total Ore Reserves and Mineral
Resources respectively on a 100% basis. The 2023 Annual Ore Reserve Statement
and the 2023 Annual Mineral Resource Statement are in Table 3 and 4
respectively.
All tonnes and grade information have been rounded to reflect relative
uncertainty of the estimate, small differences may be present in the totals.
Table 1: Ore Reserves (100% Basis)
Proved Probable Total
As at Tonnes g/t oz Tonnes g/t oz Tonnes g/t oz
December 2023
(000s) (000s) (000s) (000s) (000s) (000s)
Syama 3,063 1.5 153 44,979 2.6 3,804 48,041 2.6 3,957
Mako 4,445 1.1 152 3,652 2.1 250 8,097 1.5 402
Managed Ore Reserves 7,508 1.3 304 48,631 2.6 4,054 56,139 2.4 4,358
Total Ore Reserves as at 31 December 2023 on a 100% basis total 4.4 Moz after
mining depletion, changes in modifying factors and an increase in reserves at
Syama North. Increases in Measured and Indicated Mineral Resources at Syama
North, following successful drilling campaigns in 2023, permitted an increased
open pit Ore Reserve to 1.0 Moz grading 2.6 g/t up from the previous Ore
Reserve of 854koz grading 2.5 g/t.
In Mali, the Ore Reserves at Syama decreased by approximately 150koz to 4.0Moz
marginally due to mining depletion in line with expectation in both the open
pit and underground reserves and changes in modifying factors. This
re-modelling has caused the oxide Ore Reserves to decrease to 215koz grading
1.5g/t.
Ore Reserves at the Mako Gold Mine decreased in line with mining depletion.
Table 2: Mineral Resources (100% Basis)
Measured Indicated Inferred Total Resources
As at Tonnes g/t oz Tonnes g/t oz Tonnes g/t oz Tonnes g/t oz
December 2023
(000s) (000s) (000s) (000s) (000s) (000s) (000s) (000s)
Syama 31,541 2.8 2,872 63,528 2.8 5,704 33,376 1.6 1,686 128,445 2.5 10,263
Mako 4,608 1.1 156 6,234 1.8 363 10,668 1.2 416 21,510 1.4 936
Managed Mineral Resources 36,149 2.6 3,029 69,762 2.7 6,067 44,044 1.5 2,102 149,955 2.3 11,198
Mineral Resources (inclusive of Ore Reserves) at 31 December 2023, on a 100%
basis, contain 11.2 Moz of gold. The Company's fully attributable Mineral
Resources position, net of government interests is 9.2 Moz of gold.
Mineral Resources increased marginally in 2023 following additions at Syama
North during the year.
Successful drilling programs at Syama North have consistently increased
Mineral Resources since exploration commenced in 2021. During 2023 the Syama
North Mineral Resource increased to 37.9Mt at a grade of 2.9g/t Au for 3.5Moz.
In Senegal, the Mineral Resources at Mako decreased in line with mining
depletion. Moreover, in Senegal there is an additional 403 koz of Inferred
Resources at a grade of 1.2 g/t (reported at a cut-off grade of 0.5 g/t) from
the Tomboronkoto deposit (maiden MRE announced on 24(th) January 2024).
Table 3: Ore Reserves Statement
Proved Probable Total Group Share
Tonnes g/t oz Tonnes g/t oz Tonnes g/t oz oz
Ore Reserves
As at December 2023
(000s) (000s) (000s) (000s) (000s) (000s) (
0
0
0
s
)
Mali 80%
Syama Underground 0 0.0 0 23,588 2.5 1,865 23,588 2.5 1,865 1,492
Syama Stockpiles 1,071 1.8 61 1,823 1.3 79 2,894 1.5 139 112
Sub Total (Sulphides) 1,071 1.8 61 25,411 2.4 1,943 26,482 2.4 2,004 1,603
Syama Satellite Deposits 97 1.8 6 13,137 2.5 1,052 13,234 2.5 1,058 846
Stockpiles (satellite deposits) 919 1.5 44 1,403 1.0 43 2,322 1.2 87 70
Sub Total Satellite Deposits 1,016 1.5 50 14,540 2.3 1,095 15,556 2.3 1,145 916
90%
Tabakoroni Underground 0 0.0 0 5,028 4.7 766 5,028 4.7 766 689
Tabakoroni Open Pit 0 0 0 0 0 0 0 0 0 0
Tabakoroni Satellite Deposits 0 0.0 0 0 0.0 0 0 0.0 0 0
Tabakoroni Stockpiles 975 1.3 42 0 0.0 0 975 1.3 42 38
Sub Total Tabakoroni 975 1.3 42 5,028 4.7 766 6,033 4.2 808 727
Mali Total 3,063 1.5 153 44,979 2.6 3,804 48,041 2.6 3,957 3,246
Senegal 90%
Mako 345 1.9 21 3,652 2.1 250 3,997 2.1 271 244
Mako Stockpiles 4,100 1.0 131 0 0.0 0 4,100 1.0 131 118
Senegal Total 4,445 1.1 152 3,652 2.1 250 8,097 1.5 402 362
Total Ore Reserves 7,508 1.3 304 48,631 2.6 4,054 56,139 2.4 4,358 3,608
Notes:
1. Mineral Resources include Ore Reserves.
2. All tonnes and grade information have been rounded to reflect
relative uncertainty of the estimate, small differences may be present in the
totals.
3. Syama Underground mine planning is based on a cut-off grade of
2g/t.
4. Syama Satellite Reserves are reported above 0.8g/t cut-off.
5. Syama North Sulphide Reserves are reported above 1.0g/t cut-off.
6. Tabakoroni Underground Reserves are reported above a 2.75g/t
cut-off.
7. Tabakoroni Satellite Reserves are reported above 1.1g/t cut-off.
8. Mako Reserves are reported above 0.9g/t cut-off.
Resolute's asset ownership is 80% of Syama (Mali Government 20%), 90% of
Tabakoroni (Mali Government 10%), 90% of Mako (Senegalese Government 10%). As
such, the Company's fully attributable Ore Reserves position net government
interests, is 3.6Moz of gold - see Table 3.
Table 4: Mineral Resources Statement
Measured Indicated Inferred Total Resources Group Share
Mineral Resources Tonnes g/t oz Tonnes g/t oz Tonnes g/t oz Tonnes g/t oz oz
As at December 2023
(000s) (000s) (000s) (000s) (000s) (000s) (000s) (000s) (000s)
Mali 80%
Syama Underground 24,023 3.1 2,356 24,940 2.6 2,061 1,903 2.0 124 50,866 2.8 4,540 3,632
Stockpiles (sulphide) 1,071 1.8 62 1,777 1.3 75 0 0 0 2,848 1.5 137 110
Sub Total (Sulphides) 25,094 3.0 2,418 26,717 2.5 2,136 1,903 2.0 124 53,714 2.7 4,677 3,742
Satellite Deposits 3,448 2.8 311 30,032 2.8 2,709 12,783 2.5 1,013 46,263 2.7 4,034 3,227
Stockpiles (satellite deposits) 1,848 1.4 85 1,449 1.0 45 46 1.1 2 3,343 1.2 131 105
Sub Total Satellite Deposits 5,296 2.3 396 31,481 2.7 2,754 12,829 2.5 1,015 49,606 2.6 4,165 3,332
Old Tailings 0 0.0 0 0 0.0 0 17,000 0.7 365 17,000 0.7 365 292
90%
Tabakoroni Open Pit 0 0.0 0 151 4.5 22 0 0 0 151 4.5 22 20
Tabakoroni Underground 6 3.5 1 5,179 4.8 792 1,644 3.5 182 6,829 4.4 976 878
Tabakoroni Satellite Deposits 191 2.0 12 0 0.0 0 0 0.0 0 191 2.0 12 11
Tabakoroni Stockpiles 954 1.5 46 0 0.0 0 0 0.0 0 954 1.5 46 41
Sub Total Tabakoroni 1,151 1.6 58 5,330 4.8 815 1,644 3.5 183 8,125 4.0 1,055 950
Mali Total 31,541 2.8 2,872 63,528 2.8 5,704 33,376 1.6 1,686 128,445 2.5 10,263 8,316
Senegal 90%
Mako 507 1.6 25 6,234 1.8 363 464 0.9 13 7,206 1.7 401 361
Tomboronkoto 0 0.0 0 0 0.0 0 10,204 1.2 403 10,204 1.2 403 363
Mako Stockpiles 4,100 1.0 131 0 0.0 0 0 0.0 0 4,100 1.0 131 118
Senegal Total 4,608 1.1 156 6,234 1.8 363 10,668 1.2 416 21,510 1.4 935 842
Total Mineral Resources 36,149 2.6 3,029 69,762 2.7 6,067 44,044 1.5 2,102 149,955 2.3 11,198 9,157
Notes:
Mineral Resources include Ore Reserves.
All tonnes and grade information have been rounded to reflect relative
uncertainty of the estimate, small differences may be present in the totals.
Resources are reported above 1.0g/t cut-off for the Syama North.
Resources for the SLC at Syama is reported within an MSO shape generated at
1.5g/t and south of the SLC within an MSO shape generated at 1.5g/t.
Resources for the Cashew NE, Paysans, Tellem and Porphyry Zone (Splay) are
reported above a cut-off of 1.0g/t.
Resources for Tabakoroni Open Pit are reported above a cut-off of 1.0g/t and
within a US$2,000 optimised shell.
Resources for the Tabakoroni Underground are reported within an MSO shape
generated at 1.75g/t (equivalent to US$2,000).
Mako Resources are reported above a cut-off of 0.5g/t and within a US$2,000
optimised shell.
Tomboronkoto Resources are reported above a cut-off of 0.5g/t
Competent Persons Statement
The information in this announcement that relates to data quality, geological
interpretation and Mineral Resource estimation for the various projects unless
specified in the list below is based on information compiled by Bruce Mowat, a
Competent Person who is a Member of the Australian Institute of Geoscientists
and a full-time employee of Resolute Corporate Services Pty Ltd, a
wholly-owned subsidiary of Resolute Mining Limited. Mr Mowat has sufficient
experience that is relevant to the styles of mineralisation and type of
deposits under consideration and to the activity being undertaken as a
Competent Person as defined in the 2012 Edition of the "Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore Reserves" (JORC
Code 2012). Mr Mowat consents to the inclusion in this announcement of the
material compiled by him in the form and context in which it appears.
The information in this statement that relates to the Mineral Resources and
Ore Reserves listed below is based on information and supporting documents
prepared by the Competent Person identified. Each person specified in the list
has sufficient experience which is 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 as defined in the JORC Code 2012.
Mr Smillie, Mr Ndjibu and Mr Patani are full-time employees of Resolute
Corporate Services Pty Ltd, a wholly-owned subsidiary of Resolute Mining
Limited.
Activity Competent Person Membership Institution
Syama Resource Patrick Smillie Society for Mining, Metallurgy, and Exploration
Syama Reserve Gito Patani Australasian Institute of Mining and Metallurgy
Syama North Resource Patrick Smillie Society for Mining, Metallurgy, and Exploration
Syama North Reserve Kitwa Ndjibu Australasian Institute of Mining and Metallurgy
Syama Tailings Facility Susan Havlin Society for Mining, Metallurgy, and Exploration
Tabakoroni OP Resource Susan Havlin Australasian Institute of Mining and Metallurgy
Tabakoroni OP Reserves Kitwa Ndjibu Australasian Institute of Mining and Metallurgy
Tabakoroni UG Resource Susan Havlin Australasian Institute of Mining and Metallurgy
Tabakoroni UG Reserves Gito Patani Australasian Institute of Mining and Metallurgy
Tellem Resource Patrick Smillie Society for Mining, Metallurgy, and Exploration
Tellem Reserves Kitwa Ndjibu Australasian Institute of Mining and Metallurgy
Cashew Resource Bruce Mowat Australian Institute of Geoscientists
Cashew Reserves Kitwa Ndjibu Australasian Institute of Mining and Metallurgy
Paysans Resource Bruce Mowat Australian Institute of Geoscientists
Paysans Reserves Kitwa Ndjibu Australasian Institute of Mining and Metallurgy
Porphyry Zone Resource Bruce Mowat Australian Institute of Geoscientists
Porphyry Zone Reserves Kitwa Ndjibu Australasian Institute of Mining and Metallurgy
Mako Resources Bruce Mowat Australian Institute of Geoscientists
Mako Reserves Kitwa Ndjibu Australasian Institute of Mining and Metallurgy
Tomboronkoto Resource Bruce Mowat Australian Institute of Geoscientists
Authorised by Mr Terry Holohan, Managing Director and Chief Executive Officer
Contact
Resolute Public Relations
Matty O'Toole Howes, Jos Simson, Tavistock
Corporate Development and Investor Relations Manager resolute@tavistock.co.uk
Motoolehowes@resolutemining.com +44 207 920 3150
+44 203 3017 620
Corporate Brokers
Jennifer Lee, Berenberg
+44 20 3753 3040
Tom Rider, BMO Capital Markets
+44 20 7236 1010
Resolute Mining encourages all shareholders to provide an email address so we
can communicate with you electronically when shareholder notices become
available online. To review or change your communications preferences, please
go to: www.computershare.com.au/easyupdate/rsg
(https://www-au.computershare.com/Investor/#EasyUpdates/C4mBYLGrpESBqlpsnVtOUg)
APPENDIX
Ore Reserves Comparison to 31 December 2022
Reserves and Resources comply with the Australasian Code for Reporting of
Mineral Resources and Reserves (The JORC Code 2004 and JORC Code 2012).
Dec-23 Dec-22
Tonnes Gold grade Ounces Group Share Group Share Tonnes Gold grade Ounces Group Share Group Share
(000s) (g/t) (000s) % Ounces (000s) (g/t) (000s) % Ounces
Ore Reserves Proved Proved Comment on Changes
Mali
Syama Stockpiles (Sulphide) 1,071 1.8 61 80% 48 707 2.0 46 80% 37 Movement in operating stockpiles
Syama North 97 1.8 6 80% 5 0 0.0 0 80% 0 New Reserve
Stockpiles (Oxide) 919 1.5 44 80% 35 881 1.3 38 80% 30 Movement in operating stockpiles
Porphyry Zone (Splay) 0 0.0 0 80% 0 164 2.2 11 80% 10 Depleted
Tabakoroni Open Pit 0 0.0 0 90% 0 48 1.9 3 90% 3 Depleted
Tabakoroni Stockpiles 975 1.3 42 90% 38 1,080 1.4 50 90% 45 Movement in operating stockpiles
Senegal
Mako 345 1.9 21 90% 19 697 2.0 44 90% 40 COG change and mining depletion
Mako Stockpiles 4,100 1.0 131 90% 118 3,861 1.0 128 90% 115 Movement in operating stockpiles
Total Proved 7,508 1.3 304 263 7,438 1.3 320 279
Probable Probable Comment on Changes
Mali
Syama Underground 23,588 2.5 1,865 80% 1,492 25,500 2.6 2,094 80% 1,675 Depletion from mining, updated resource model, and new cave flow settings
Syama Stockpiles (sulphide) 1,823 1.3 79 80% 63 1,817 1.3 78 80% 63 Movement in operating stockpiles
Syama North 11,878 2.6 984 80% 787 10,582 2.5 854 80% 683 New pit optimisation (A21, Ba01N, Ba04, Alpha) from new resource model
Stockpiles (Syama North) 1,403 1.0 43 80% 34 1,403 1.0 43 80% 34 No change
Cashew 120 1.3 5 80% 4 109 1.4 5 80% 4 Revised modifying factors (COG from 0.8 to 1.0)
Paysans 598 1.6 31 80% 25 609 1.7 33 80% 27 New pit design, mining depletion, and revised modifying factors
Folona 0 0.0 0 80% 0 2 1.6 0 80% 0 Depleted
Tabakoroni Open Pit 0 0.0 0 90% 0 222 1.7 12 90% 11 Depleted
Tabakoroni Underground 5,028 4.7 766 90% 689 5,028 4.7 766 90% 689 No change
Senegal
Mako 3,652 2.1 250 90% 225 4,948 2.2 348 90% 313 COG change and mining depletion
Total Probable 48,631 2.6 4,054 3,345 51,284 2.6 4,317 3,566
Total Reserves 56,139 2.4 4,358 3,608 58,723 2.5 4,637 3,845
Appendix Table 1: Ore Reserves Comparison - 31 December 2023 to 31 December
2022
Notes:
1. Mineral Resources include Ore Reserves.
2. All tonnes and grade information have been rounded
to reflect relative uncertainty of the estimate, small differences may be
present in the totals.
3. Syama Underground mine planning is based on a
cut-off grade of 2g/t.
4. Syama Satellite Reserves are reported above 0.8g/t
cut-off.
5. Tabakoroni Underground Reserves are reported above
a 2.75g/t cut-off.
6. Tabakoroni Satellite Reserves are reported above
1.1g/t cut-off.
7. Mako Reserves are reported above 0.9g/t cut-off.
Mineral Resources Comparison To 31 December 2023
Dec-23 Dec-22
Tonnes Gold grade Ounces Group Share Group Share Tonnes Gold grade Ounces Group Share Group Share
(000s) (g/t) (000s) % Ounces (000s) (g/t) (000s) % Ounces
Mineral Resources Measured Measured Comment on Changes
Mali
Syama Underground 24,023 3.1 2,356 80% 1,885 21,235 3.5 2,362 80% 1,890 Depletion due to mining and new resource
Syama Stockpiles (Sulphide) 1,071 1.8 62 80% 50 707 2.0 46 80% 37 Movement in operating stockpiles
Syama North 2,417 3.2 251 80% 201 717 3.5 81 80% 65 New Resource and depletion due to mining
Stockpiles (Oxide) 1,848 1.4 85 80% 68 739 1.6 38 80% 30 Movement in operating stockpiles
Cashew NE 1,031 1.8 60 80% 48 1,031 1.8 60 80% 48 No change
Tabakoroni Open Pit 0 0.0 0 90% 0 33 3.9 4 90% 4 Depletion from mining.
Tabakoroni Underground 6 3.5 1 90% 1 6 3.5 1 90% 1 No change
Tabakoroni Stockpiles 954 1.5 46 90% 41 945 1.4 42 90% 38 Movement in operating stockpiles
Porphyry Zone (Splay) 191 2.0 12 90% 11 191 2.0 12 90% 11 No change
Senegal
Mako 507 1.6 25 90% 23 1,103 1.6 56 90% 50 Depletion due to mining
Mako Stockpiles 4,100 1.0 131 90% 118 3,852 1.0 121 90% 109 Movement in operating stockpiles
Total Measured 36,149 2.6 3,029 2,445 30,558 2.9 2,822 2,282
Indicated Indicated
Mali
Syama Underground 24,940 2.6 2,061 80% 1,649 25,920 3.0 2,483 80% 1,986 Depletion due to mining and new resource
Syama Stockpiles (Sulphide) 1,777 1.3 75 80% 60 1,771 1.3 75 80% 60 Movement in operating stockpiles
Syama North 25,301 3.0 2,412 80% 1,930 18,457 3.0 1,774 80% 1,419 New Resource and depletion due to mining
Stockpiles (Oxide) 1,449 1.0 45 80% 36 1,657 1.0 52 80% 42 Movement in operating stockpiles
Paysans 3,437 1.8 199 80% 159 3,437 1.8 199 80% 159 No change
Tellem 1,294 2.4 98 80% 79 2,208 2.3 162 80% 130 New Resource
Tabakoroni Open Pit 151 4.5 22 90% 20 205 5.0 33 90% 30 Depletion due to mining
Tabakoroni Underground 5,179 4.8 792 90% 713 5,179 4.8 792 90% 713 No change
Senegal
Mako 6,234 1.8 363 90% 327 8,458 1.8 487 90% 438 Depletion due to mining
Total Indicated 69,762 2.7 6,067 4,971 67,293 2.8 6,057 4,977
Mineral Resources Inferred Inferred Comment on Changes
Mali
Syama Underground 1,903 2.0 124 80% 99 1,359 2.6 112 80% 90 New Resource and depletion.
Syama North 9,502 2.6 806 80% 645 14,863 2.8 1,319 80% 1,065 New Resource and depletion.
Stockpiles (Syama North) 46 1.1 2 80% 1 46 1.1 2 80% 1 No change
Paysans 1,765 1.7 98 80% 78 1,765 1.7 98 80% 78 No change
Tellem 1,516 2.2 109 80% 88 2,528 2.3 187 80% 150 New resource
Tabakoroni Open Pit 0 0.0 0 90% 0 1 6.0 0 90% 0 Depletion from mining.
Tabakoroni Underground 1,644 3.5 183 90% 164 1,644 3.5 183 90% 164 No change
Tailings Storage Facility 17,000 0.7 365 80% 292 17,000 0.7 365 80% 292 No change
Senegal
Mako 464 0.9 13 90% 12 682 0.9 19 90% 17 Depletion due to mining
Tomboronkoto 10,204 1.2 403 90% 363 0 0.0 0 90% 0 New resource
Total Inferred 44,044 1.5 2,102 1,742 39,888 1.8 2,284 1,848
Total Resources 149,955 2.3 11,198 9,157 137,739 2.5 11,164 9,106
Appendix Table 2: Mineral Resources Comparison - 31 December 2023 to 31
December 2022
Notes:
1. Mineral Resources include Ore Reserves.
2. All tonnes and grade information have been rounded
to reflect relative uncertainty of the estimate, small differences may be
present in the totals.
3. Resources are reported above 1.0g/t cut-off for the
Syama North.
4. Resources for the SLC at Syama is reported within
an MSO shape generated at 1.5g/t and south of the SLC within an MSO shape
generated at 1.5g/t.
5. Resources for the Cashew NE, Paysans, Tellem and
Porphyry Zone (Splay) are reported above a cut-off of 1.0g/t.
6. Resources for Tabakoroni Open Pit are reported
above a cut-off of 1.0g/t and within a US$2,000 optimised shell.
7. Resources for the Tabakoroni Underground are
reported within an MSO shape generated at 1.75g/t (equivalent to US$2,000).
8. Mako Resources are reported above a cut-off of
0.5g/t and within a US$2,000 optimised shell.
JORC Code, 2012 Edition - Table 1 Report
Syama Gold Mine
Section 1 Sampling Techniques and Data
CRITERIA JORC CODE EXPLANATION COMMENTARY
Sampling techniques The mineral resource estimate was based on data collected from reverse
circulation (RC) and diamond core (DD) drill holes completed by Resolute
· Nature and quality of sampling (e.g. cut channels, random chips, or Mining Limited (2003-2023), Randgold Resources Ltd (1996-2000) and BHP
specific specialised industry standard measurement tools appropriate to the (1987-1996).
minerals under investigation, such as down hole gamma sondes, or handheld XRF
instruments, etc.). These examples should not be taken as limiting the broad Diamond core was sampled at 1m intervals and cut in half, to provide a 2-4kg
meaning of sampling. sample, which was sent to the laboratory for crushing, splitting and
pulverising, to provide a 30g charge for analysis.
· Include reference to measures taken to ensure sample representivity and
the appropriate calibration of any measurement tools or systems used. RC samples were collected on 1m intervals via a cyclone by riffle split (dry),
or by scoop (wet), to obtain a 2-4kg sample which was sent to the laboratory
· Aspects of the determination of mineralisation that are Material to the for crushing, splitting and pulverising to provide a 30g charge for analysis.
Public Report.
Resolute sampling and sample preparation protocols are industry standard and
· In cases where 'industry standard' work has been done this would be are deemed appropriate by the Competent Person.
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 The Randgold and BHP diamond core and RC samples were taken on 1m intervals.
assay'). In other cases, more explanation may be required, such as where there Due to the historical nature of the data sampling protocols are not known.
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 Drill types used include diamond core of HQ and NQ sizes.
· Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air Core is oriented at 3m down hole intervals using a Reflex Act II RD
blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or Orientation Tool and more recently using a Reflex north seeking gyro
standard tube, depth of diamond tails, face-sampling bit or other type, instrument.
whether core is oriented and if so, by what method, etc.).
Drill sample recovery Drill core interval recoveries are measured from core block to core block
using
· Method of recording and assessing core and chip sample recoveries and
a tape measure.
results assessed.
Appropriate measures are taken to maximise sample recovery and ensure
· Measures taken to maximise sample recovery and ensure representative representative nature of the samples.
nature of the samples.
No apparent relationship between sample recovery and grade.
· 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 Drill holes were geologically logged by geologists for colour, grainsize,
lithology, minerals, alteration and weathering on geologically domained
· Whether core and chip samples have been geologically and geotechnically intervals.
logged to a level of detail to support appropriate Mineral Resource
estimation, mining studies and metallurgical studies. Geotechnical and structure orientation data was measured and logged for all
diamond core intervals.
· Whether logging is qualitative or quantitative in nature.
Diamond core was photographed (wet and dry).
· Core (or costean, channel, etc.) photography.
Holes were logged in their entirety (100%) and this logging was considered
· The total length and percentage of the relevant intersections logged. reliable and appropriate.
CRITERIA JORC CODE EXPLANATION COMMENTARY
Sub-sampling techniques Diamond core were sampled at 1m intervals and cut in half to obtain a 2-4kg
and
sample.
sample preparation · If core, whether cut or sawn and whether quarter, half or all core
taken. Reverse circulation samples were collected on 1m intervals by riffle split
(dry) or by scoop (wet) to obtain a 2-4kg sample.
· If non-core, whether riffled, tube sampled, rotary split, etc. and
whether sampled wet or dry. Sample preparation for diamond core and RC samples includes oven drying,
crushing to 10mm and splitting, pulverising to 85% passing -75um. These
· For all sample types, the nature, quality and appropriateness of the preparation techniques are deemed to be appropriate to the material and
sample preparation technique. element being sampled.
· Quality control procedures adopted for all sub-sampling stages to Drill core coarse duplicates were split by the laboratory after crushing at a
maximise representivity of samples. rate of 1:20 samples. Reverse circulation field duplicates were collected by
the company at a rate of 1:20 samples.
· Measures taken to ensure that the sampling is representative of the
in-situ material collected, including for instance results for field Resolute sampling, sample preparation and quality control protocols are of
duplicate/second-half sampling. industry standard and all attempts were made to ensure an unbiased
representative sample was collected. The methods applied in this process were
· Whether sample sizes are appropriate to the grain size of the deemed appropriate by the Competent Person.
material being sampled.
Sub-sampling techniques and sample preparation completed by previous owners is
not known.
Quality of assay data and laboratory tests All Resolute samples were analysed for gold by 30g fire assay fusion with AAS
instrument finish. The analysis was performed by ALS Bamako, ALS Ouagadougou,
· The nature, quality and appropriateness of the assaying and or SGS Morila. The analytical method was appropriate for the style of
laboratory procedures used and whether the technique is considered partial or mineralisation.
total.
No geophysical tools were used to determine elemental concentrations.
· For geophysical tools, spectrometers, handheld XRF instruments, etc.,
the parameters used in determining the analysis including instrument make and Quality control (QC) procedures included the use of certified standards and
model, reading times, calibrations factors applied and their derivation, etc. blanks (1:20), non- certified sand blanks (1:20), diamond core coarse
duplicates (1:20) and reverse circulation field duplicates (1:20).
· Nature of quality control procedures adopted (e.g. standards, blanks,
duplicates, external laboratory checks) and whether acceptable levels of Laboratory quality control data, including laboratory standards, blanks,
accuracy (i.e. lack of bias) and precision have been established. duplicates, repeats and grind size results 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.
The assay techniques used by Randgold and BHP include fire assay fusion with
AAS instrument finish and aqua regia with AAS. The majority of the samples
were analysed at the onsite Syama laboratory. Due to the historical nature of
the Randgold and BHP data the assay procedures are not known for all samples.
Verification of sampling and assaying Verification of significant intersections have been completed by company
personnel and the competent person.
· The verification of significant intersections by either independent
or alternative company personnel. No drill holes within the resource area were twinned.
· The use of twinned holes. Drill holes were logged onto paper templates or Excel templates with lookup
codes, validated and then compiled into a relational SQL 2012 database using
· Documentation of primary data, data entry procedures, data DataShed data management software. The database has a variety of verification
verification, data storage (physical and electronic) protocols. protocols which are used to validate the data entry. The drill hole database
is backed up daily to the head office server.
· Discuss any adjustment to assay data.
Assay result files were reported by the laboratory in PDF and CSV format and
imported directly into the SQL database without adjustment or modification.
Resolute has conducted extensive reviews, data validation and data
verification on the historic data collected by the previous owners, Randgold
and BHP.
Location of Collar coordinates were picked up in UTM (WGS84) by staff surveyors using an
data points
RTK DGPS with an expected accuracy of 0.05m; elevations were height above
· Accuracy and quality of surveys used to locate drill holes (collar EGM96 geoid.
and down-hole surveys), trenches, mine workings and other locations used in
Mineral Resource estimation. Down hole surveys were collected using single shot and multi shot magnetic
survey tools including Reflex EZTrac and EZShot instruments. A time-dependent
· Specification of the grid system used. declination was applied to the magnetic readings to determine UTM azimuth.
Diamond drilling completed in 2017 and 2018 has utilised a Reflex EZ Gyro
· Quality and adequacy of topographic control. downhole survey instrument to provide more frequent data points and reduced
magnetic interference.
Coordinates and azimuth are reported in UTM WGS84 Zone 29 North in this
release.
Coordinates were translated to local mine grid where appropriate.
Local topographic control is via satellite photography and drone UAV Aerial
Survey.
Data spacing The drill hole spacing was sufficient to demonstrate geological and grade
and distribution
continuity appropriate for
· Data spacing for reporting of Exploration Results.
Mineral Resource estimation and classification in accordance with the 2012
· Whether the data spacing and distribution is sufficient to establish JORC Code.
the degree of geological and grade continuity appropriate for the Mineral
Resource and Ore Reserve estimation procedure(s) and classifications applied. The appropriateness of the drill spacing was reviewed by the geological
technical team, both on site and within the Resolute group. This was also
· Whether sample compositing has been applied. reviewed by the Competent Person.
RC and diamond core samples were collected on 1m intervals; no sample
compositing is applied during sampling.
Orientation of data in relation to geological structure Holes were drilled predominantly perpendicular to mineralised domains where
possible.
· Whether the orientation of sampling achieves unbiased sampling of
possible structures and the extent to which this is known, considering the No orientation-based sampling bias has been identified in the data.
deposit type.
· If the relationship between the drilling orientation and the
orientation of key mineralised structures is considered to have introduced a
sampling bias, this should be assessed and reported if material.
Sample security Samples were collected from the drill site and stored on site.
All samples were individually bagged and labelled with unique sample
· The measures taken to ensure sample security. identifiers then securely dispatched to the laboratories.
All aspects of sampling process were supervised and tracked by SOMISY
personnel.
Audits or reviews External audits of procedures indicate protocols are within industry
standards.
· 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 Drilling was conducted within the Malian Exploitation Concession Permit PE
93/003 which has an area of 200.6km(2).
· Type, reference name/number, location and ownership including agreements
or material issues with third parties such as joint ventures, partnerships, Resolute Mining Limited has an 80% interest in the Syama project and the
overriding royalties, native title interests, historical sites, wilderness or Exploitation Permit PE-93/003, on which it is based, through its Malian
national park and environmental settings. subsidiary, Sociêtê des Mines de Syama SA (SOMISY). The Malian Government
holds a free carried 20% interest in SOMISY.
· 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. The Permit is held in good standing. Malian mining law provides that all
mineral resources are administered by DNGM (Direction Nationale de la
Géologie et des Mines) or National Directorate of Geology and Mines under the
Ministry of Mines, Energy and Hydrology.
Exploration The Syama deposit was originally discovered by a regional geochemical survey
done by other parties
undertaken by the Direction National de Géologie et des Mines (DNGM) with
· Acknowledgment and appraisal of exploration by assistance from the United Nations Development Program (UNDP) in 1985. There
other parties. had also been a long history of artisanal activities on the hill where an
outcropping chert horizon originally marked the present-day position of the
open pit.
BHP during 1987-1996 sampled pits, trenches, auger, RC and diamond drill holes
across Syama prospects.
Randgold Resources Ltd during 1996-2000 sampled pits, trenches, auger, RAB, RC
and diamond drill holes across Syama prospects.
Geology The Syama Project is found on the northern margin of the Achaean-Proterozoic
Leo Shield which forms the southern half of the West African Craton. The
· Deposit type, geological setting and style of mineralisation. project area straddles the boundary between the Kadiana-Madinani terrane and
the Kadiolo terrane. The Kadiana-Madinani terrane is dominated by greywackes
and a narrow belt of interbedded basalt and argillite. The Kadiolo terrane
comprises polymictic conglomerate and sandstone that were sourced from the
Kadiana-Madinani terrane and deposited in a late- to syntectonic basin.
Prospects are centred on the NNE striking, west dipping, Syama-Bananso Fault
Zone and Birimian volcano-sedimentary units of the Syama Formation. The major
commodity being sought is gold.
Drill hole Information No new exploration results have been reported in
this release.
· A summary of all information material to the understanding of the
exploration results including a tabulation of the following information for The listing of the entire drill hole database used to estimate the resource
all Material drill holes: was not considered relevant for this release.
o easting and northing of the drill hole collar.
o elevation or RL (Reduced Level - elevation above sea level in metres) of the
drill hole collar.
o dip and azimuth of the hole.
o down hole length and interception depth.
o Whole length.
· 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 No new exploration results have been reported in
this release.
· In reporting Exploration Results, weighting averaging techniques, maximum
and/or minimum grade truncations (e.g. cutting of high grades) and cut-off Metal equivalent values are not used in reporting.
grades are usually Material and should be stated.
· Where aggregate intercepts incorporate short lengths of high-grade results
and longer lengths of low-grade results, the procedure used for such
aggregation should be stated and some typical examples of such aggregations
should be shown in detail.
· The assumptions used for any reporting
of metal equivalent values should be clearly stated.
Relationship between mineralisation widths and intercept lengths The mineralisation is steeply dipping at approximately 60(0) from the
horizontal.
· These relationships are particularly important in the reporting of
Exploration Results. Most of the drill holes are planned at local grid 090(0) at a general
inclination of ‑60(0) east to achieve as close to perpendicular to the ore
· If the geometry of the mineralisation with respect to the drill hole angle zone as possible.
is known, its nature should be reported.
At the angle of the drill holes and the dip of the ore zones, the reported
· If it is not known and only the down hole lengths are reported, there intercepts will be slightly more than true width.
should be a clear statement to this effect (e.g. 'down hole length, true width
not known').
Diagrams Relevant maps, diagrams and tabulations are included in the body of text.
· 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 Mineral Resources are being reported in this announcement.
· Where comprehensive reporting of all Exploration Results is not No new exploration results have been reported in this release.
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 geophysical and geochemical data and any additional exploration information
has been reported in this release, as they are not deemed relevant to the
· Other exploration data, if meaningful and material, should be reported release.
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 Depth extension drilling is planned to test the down-dip potential of the
Syama ore body at depth, and beneath the current limit of drilling.
· The nature and scale of planned further work (e.g. tests for lateral
extensions or depth extensions or large-scale step-out drilling).
· 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 does 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. Duplicate records.
· Assay grade ranges.
· Collar coordinate ranges.
· Valid hole orientation data.
There are no significant issues identified with the data.
Site visits · Comment on any site visits undertaken by the Competent Person and the The Competent Person visited site in November 2022 and July of 2023.
outcome of those visits.
· If no site visits have been undertaken indicate why this is the case.
Geological The digital database used for the interpretation included logged intervals for
interpretation
the key stratigraphic zones of Syama. Detailed geological logs were available
· Confidence in (or conversely, the uncertainty of) the geological in hardcopy and digital and reviewed where necessary.
interpretation of the mineral deposit.
Drill density (50m by 50m) for the majority of the Syama area allows for
· Nature of the data used and of any assumptions made. confident interpretation of the geology and mineralised domains. More recent
grade control (gc) drilling (at 25m by 25m spacing) confirms the positions of
· The effect, if any, of alternative interpretations on Mineral Resource mineralised zones. Geological and structural controls support modelled
estimation. mineralised zones, which are constrained within geological units.
· The use of geology in guiding and controlling Mineral Continuity of mineralisation is affected by proximity to structural conduits
Resource estimation. (allowing flow of mineralised fluids), stratigraphic position, lithology of
key stratigraphic units and porosity of host lithologies.
· The factors affecting continuity both of grade and geology.
Wireframes used to constrain the estimation for Syama South and Nafolo are
based on drill hole intercepts and geological boundaries. All wireframes at
Syama South and Nafolo have been constructed to a 1g/t Au cut-off grade for
shape consistency.
The incorporation of an independent structural model (Steve King, 2019) gives
limited options for large scale alternate interpretations.
Dimensions The Syama area extends for approximately 1,500 metres in strike and the west
dipping gold mineralised zone is between 100-200 metres in horizontal width,
· The extent and variability of the Mineral Resource narrowing at its southern and northern limits. The Mineral Resource is limited
expressed as length (along strike or otherwise), plan width, and depth below in depth by drilling, which extends from surface to a maximum depth of
surface to the upper and lower limits approximately 800 metres vertically.
of the Mineral Resource.
Estimation Estimation was completed in Datamine Studio RM using Categorical Indicator
and modelling techniques
(CI) approach to define the mineralised blocks followed by an Ordinary Kriged
· The nature and appropriateness of the estimation technique(s) applied and (OK) model to estimate the gold grade. Grades were estimated into parent
key assumptions, including treatment of extreme grade values, domaining, block of 5mE by 12.5mN by 5mRL for Syama underground and 10mE by 25 mN by
interpolation parameters and maximum distance of extrapolation from data 10mRl for Syama South and Nafolo. Sub- celling down to 5mE by 12.5mN by 5mRL
points. If a computer assisted estimation method was chosen include a was employed for resolution of the mineralisation boundary at Nafolo.
description of computer software and
parameters used. The categorical model used a cut-off of 1 g/t gold once the mineralised blocks
have been identified another categorical model within this mineralisation is
· The availability of check estimates, previous estimates and/or mine carried out at a cut-off of 2 g/t to identify higher grade zones. A 5mE by
production records and whether the Mineral Resource estimate takes appropriate 12.5mN by 5mRL block size was employed during the categorical process used to
account of such data. delineate mineralised regions.
· The assumptions made regarding recovery of by- products. After this process, the model was reblocked up to 5mE by 25mN by 10mRL for
Nafolo while retaining the smaller size blocks as subcells at mineralisation
· Estimation of deleterious elements or other non-grade variables of boundaries.
economic significance (e.g. sulphur for acid mine drainage characterization).
The resource model included estimates for sulphide sulphur and organic carbon
· In the case of block model interpolation, the block size in relation to which assist with metallurgical characterisation. The sulphide sulphur is
the average sample spacing and the search employed. estimated via a categorical indicator approach with a cut-off grade of 1% to
identify the higher grade blocks and then an OK estimation was carried out
· In the case of block model interpolation, the block size in relation to within these blocks. Organic carbon was just estimated without boundaries
the average sample spacing and the search employed. into the block model. There are reduced assays at depth of these two
elements so there is some smoothing at depth.
· Any assumptions behind modelling of selective mining units.
Kriging neighbourhood analysis was performed to optimise the block size,
· Any assumptions about correlation between variables. sample numbers and discretisation levels with the goal of minimising
conditional bias in the gold grade estimates.
· Description of how the geological interpretation was used to control the
resource estimates. A larger blocks size for Nafolo and Syama South was chosen based on this
analysis than was employed in the previous resource estimate and the wider
· Discussion of basis for using or not using grade cutting or capping. drill spacing.
· The process of validation, the checking process used, the comparison of A total of three search passes was used, with the first search pass set to the
model data to drill hole data, and use of reconciliation data if available. range of the variogram for each element. A minimum of 10 and a maximum of 30
samples were used. The search stayed the same for the second pass but was
increased by a factor of 2 for the third and final pass. The minimum number of
samples was reduced to 8 for the second pass and 6 for the third pass.
Semi-soft boundaries were used between the higher grade and lower grade
domains and between the lower grade domain and the waste domain for Syama
Main. Two samples either side of the mineralisation boundary were used in
the OK estimation. Hard boundaries were utilised for the domains at Nafolo,
Syama South and all of the domains for sulphide sulphur.
Un-estimated blocks (less than 1% for gold) were assigned the domain average
grades. No deleterious elements were found in the ore.
No selective mining units have been assumed.
No assumptions have been made regarding the correlation of variables although
it is noted that a broad positive correlation exists between gold and sulphur.
Estimation searches have been orientated to respect the orientation of the
Syama Formation which hosts the mineralisation.
Top cuts were applied to reduce the variability of the data and to remove the
outliers.
The estimated block model grades were visually validated against the input
drillhole data and comparisons were carried out against the drillhole data and
by northing and elevation slices. Global comparison between the input data and
the block grades for each variable is considered acceptable (±10%).
Comparison with the 2020 Mineral Resource was carried out.
Moisture All tonnages are estimated on a dry basis.
• 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 Mineral Resources for the main part of Syama was reported within a shape
generated using a MSO (Mineable Shape Optimiser) at 1.3g/t cut-off grade
• The basis of the adopted cut-off grade(s) or quality parameters applied. (equivalent to a US$2,000 gold price) this was based on the current Sub-Level
Caving (SLC) mining method. The material south of the main zone was reported
within an MSO shape generated at 1.5 g/t cut-off grade (equivalent to a
US$2,000 gold price) as this is planned to be mined by Open Stoping.
Mining factors The current mining method for underground exploitation is SLC.
or assumptions
• Assumptions made regarding possible mining methods, minimum mining The resource model extends from 1,250 mRL to 600 mRL. Open pit mining
dimensions and internal (or, if applicable, external) mining dilution. It is methods were used by Resolute to 1,120 mRL. Material testing conducted on
always necessary as part of the process of determining reasonable prospects samples of underground ore confirmed that properties such as metallurgical
for eventual economic extraction to consider potential mining methods, but the factors, structural trends and geological continuity remain the same as
assumptions made regarding mining methods and parameters when estimating observed in the fresh rock portion of the open pit.
Mineral Resources may not always be rigorous.
Where this is the case, this should be reported with an explanation of the This Mineral Resource does not account for mining recovery.
basis of the mining assumptions made.
Metallurgical factors Resolute has conducted metallurgical testwork on variability samples taken
or assumptions
from within the proposed underground ore zone. A testwork program was
• The basis for assumptions or predictions regarding metallurgical supervised by consultants MineLogix Pty Ltd based on analytical testwork
amenability. It is always necessary as part of the process of determining completed at ALS Metallurgy Laboratory.
reasonable prospects for eventual economic extraction to consider potential
metallurgical methods, but the assumptions regarding metallurgical treatment The program included comminution, flotation, roasting and leaching
processes and parameters made when reporting Mineral Resources may not always assessments.
be rigorous. Where this is the case, this should be reported with an
explanation of the basis of the metallurgical The planned processing flowsheet involves crushing, milling, flotation and
assumptions made. roasting, followed by CIL recovery of the calcine product. The Syama sulphide
processing facility has been in operation in its current form since 2007.
The various testwork programs did not identify any contrasting metallurgical
behaviour from samples within the underground ore zone and the performance of
the underground ore typically matches that observed for open pit ore.
Environmental factors It is a requirement of Decree No.03-594/P-RM of 31 December 2003 of Malian law
or assumptions
that an Environmental and Social Impact Study (Étude d'Impact Environmental
• Assumptions made regarding possible waste and process residue disposal et Social - EIES) must be undertaken to update the potential environmental and
options. It is always necessary as part of the process of determining social impacts of the mine's redevelopment. The EIES for the Syama Gold Mine
reasonable prospects for eventual economic extraction to consider the was approved in November 2007 and an Environment Permit (07- 0054/MEA - SG)
potential environmental impacts of the mining and processing operation. While was issued by the Ministry of Environment and Sanitation on the 22 November
at this stage the determination of potential environmental impacts, 2007. The Ministry of Environment conduct timely reviews of the Syama Gold
particularly for a green fields project, may not always be well advanced, the Mine to ensure that the Company maintains compliance with the EIES guidelines.
status of early consideration of these potential environmental impacts should
be reported. Where these aspects have not been considered this should be At Syama there are three key practices for disposal of wastes and residues
reported with an explanation of the environmental assumptions made. namely, stacking of waste rock from open pit mining; storage of tailings from
mineral processes; and "tall-stack dispersion" of sulphur dioxide from the
roasting of gold bearing concentrate. All waste disposal practices are in
accordance with the guidelines in the EIES.
The Environmental and Social Impact Study - "Société des Mines de Syama,
Syama Gold Mine, Mali, dated 2007 indicated there was minimal potential for
acid mine drainage from waste rock due to the elevated carbonate content which
buffers a potential acid generation. Resolute maintains a plan for progressive
rehabilitation of waste rock landforms as part of ongoing mine development and
waste rock dumping.
The landform of tailings impoundments does not have a net acid generating
potential. The largest volume is flotation tailings where the sulphide
minerals have already been removed from the host rock. Its mineralogy includes
carbonates which further buffer any acid-formation potential from sulphides
that may also be present.
Cyanide levels in the leached-calcine tailings are typically less than 50 ppm
in the weak acid dissociable form. Groundwater away from the tailing's
landform is intercepted by trenches and sump pumps.
Sulphur dioxide is generated from the roasting of gold concentrate so that
gold can be extracted and refined. Tall-Stack "dispersion" of the sulphur
dioxide emission is monitored continuously. Prevailing weather and dissipation
of the sulphur dioxide is modelled daily to predict the need to pause the
roasting process to meet the air quality criteria set out in the Environmental
and Social Impact Study.
Bulk density Site personnel have completed numerous bulk density comparative estimates on
HQ drill core to assess variability using the Archimedes method of dry weight
• Whether assumed or determined. If assumed, the basis for the versus weight in water. This method was used for 96% of the bulk density
assumptions. If determined, the method used, whether wet or dry, the frequency measurements.
of the measurements, the nature, size and representativeness of the samples.
Other tests were completed by SGS using the pycnometer method.
• The bulk density for bulk material must have been measured by methods
that adequately account for void spaces (vugs, porosity, etc), moisture and Based on the data collected the following SG estimates were applied to the
differences between rock and alteration zones within the deposit. model:
· Syama Formation 2.82
• Discuss assumptions for bulk density estimates used in the evaluation · Sikoro Formation 2.75
process of the
different materials. · Banmbere Conglomerate 2.75
BANMBERE
CONGLOMERATE
SYAMA
FORMATION
SIKORO
FORMATION
Classification The Measured Mineral Resource classification is based on good confidence in
the geology and gold grade continuity with less than 25m x 25m spaced
• The basis for the classification of the Mineral Resources into varying drillhole density in the central part of the deposit directly below the
confidence categories. current pit.
• Whether appropriate account has been taken of all relevant factors (i.e. The Indicated Mineral Resource classification is based on good confidence in
relative confidence in tonnage/grade estimations, reliability of input data, the geology and gold grade continuity with less than 75m x 75m spaced
confidence in continuity of geology and metal values, quality, quantity and drillhole density in the central part
distribution of the data). of the deposit.
• Whether the result appropriately reflects the Competent Person's view of The Inferred Mineral Resource classification is applied to extensions of
the deposit. mineralised zones on the margins of the deposit where drill spacing is more
than 100m x 100m and the extents of mineralisation at depth. The Nafolo
orebody to the south of Syama which is tested by wider drill spacing has also
been classified as Inferred.
The validation of the block model has confirmed satisfactory correlation of
the input data to the estimated grades and reproduction of data trends.
The Mineral Resource estimate appropriately reflects the view of the Competent
Persons.
Audits or reviews The Mineral Resource has been audited internally and in conjunction with
resource consultants at Snowden Optiro Pty Ltd as part of the routine
• The results of any audits or reviews of Mineral Resource estimates. validation process. There has been no external review of the Mineral Resource
estimate.
Discussion of relative accuracy/ confidence The relative accuracy of the Mineral Resource estimate is reflected in the
reporting of Indicated and Inferred resource categories as defined by 2012
• Where appropriate a statement of the relative accuracy and confidence JORC Code guidelines.
level in the Mineral Resource estimate using an approach or procedure deemed
appropriate by the Competent Person. For example, the application of The geostatistical techniques applied to the estimate of underground resources
statistical or geostatistical procedures to quantify the relative accuracy at Syama are deemed appropriate to the estimation of Sub Level Caving (SLC)
of the resource within stated confidence limits, or, if such an approach is mining method and hence applicable for reserve estimation.
not deemed appropriate, a qualitative discussion of the factors that could
affect the relative accuracy and confidence of the estimate. The estimation was compared with the production history at Syama and it is
within 15-20% which is within the limits for the relevant classifications.
• 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.
SYAMA
FORMATION
SIKORO
FORMATION
Classification
• The basis for the classification of the Mineral Resources into varying
confidence categories.
• Whether appropriate account has been taken of all relevant factors (i.e.
relative confidence in tonnage/grade estimations, reliability of input data,
confidence in continuity of geology and metal values, quality, quantity and
distribution of the data).
• Whether the result appropriately reflects the Competent Person's view of
the deposit.
The Measured Mineral Resource classification is based on good confidence in
the geology and gold grade continuity with less than 25m x 25m spaced
drillhole density in the central part of the deposit directly below the
current pit.
The Indicated Mineral Resource classification is based on good confidence in
the geology and gold grade continuity with less than 75m x 75m spaced
drillhole density in the central part
of the deposit.
The Inferred Mineral Resource classification is applied to extensions of
mineralised zones on the margins of the deposit where drill spacing is more
than 100m x 100m and the extents of mineralisation at depth. The Nafolo
orebody to the south of Syama which is tested by wider drill spacing has also
been classified as Inferred.
The validation of the block model has confirmed satisfactory correlation of
the input data to the estimated grades and reproduction of data trends.
The Mineral Resource estimate appropriately reflects the view of the Competent
Persons.
Audits or reviews
• The results of any audits or reviews of Mineral Resource estimates.
The Mineral Resource has been audited internally and in conjunction with
resource consultants at Snowden Optiro Pty Ltd as part of the routine
validation process. There has been no external review of the Mineral Resource
estimate.
Discussion of relative accuracy/ confidence
• Where appropriate a statement of the relative accuracy and confidence
level in the Mineral Resource estimate using an approach or procedure deemed
appropriate by the Competent Person. For example, the application of
statistical or geostatistical procedures to quantify the relative accuracy
of 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.
The relative accuracy of the Mineral Resource estimate is reflected in the
reporting of Indicated and Inferred resource categories as defined by 2012
JORC Code guidelines.
The geostatistical techniques applied to the estimate of underground resources
at Syama are deemed appropriate to the estimation of Sub Level Caving (SLC)
mining method and hence applicable for reserve estimation.
The estimation was compared with the production history at Syama and it is
within 15-20% which is within the limits for the relevant classifications.
Section 4 Estimation and Reporting of Ore Reserves
CRITERIA JORC CODE EXPLANATION COMMENTARY
Mineral Resource estimate for conversion to Ore Reserves The Syama 1123 Mineral Resource is the basis for the estimation of Syama Ore
Reserves.
• Description of the Mineral Resource estimate used as a basis for the
conversion to an The Mineral Resources are reported inclusive of Ore Reserves.
Ore Reserve.
• Clear statement as to whether the Mineral Resources are reported
additional to, or inclusive of, the Ore Reserve.
Site visits The Competent Person, Mr. Gito Patani, is a full-time employee of Resolute
Mining Ltd and a Member of the Australasian Institute of Mining and
• Comment on any site visits undertaken by the Competent Person and the Metallurgy. He started with the company in 2021 and conducts site visit to the
outcome of those visits. project area on a regular basis and weekly contact with site teams was
maintained throughout teams meetings.
• If no site visits have been undertaken indicate why this is
the case.
Study status Pre-Feasibility and Feasibility studies were previously conducted for Syama.
The Syama UG mine is a going concern. The Ore Reserves are derived from LOM
• The type and level of study undertaken to enable Mineral Resources to be plan maintained for the ongoing scheduling and management of Syama UG
converted to Ore Reserves. operations.
• The Code requires that a study to at least Pre-Feasibility Study level
has been undertaken to convert Mineral Resources to Ore Reserves. Such studies
will have been carried out and will have determined a mine plan that is
technically achievable and economically viable, and that material Modifying
Factors have been considered.
Cut-off parameters The LOM plan for Syama is designed based on constant cut-off grade with
dilution and recovery estimation undertaken in cave flow modelling. The
• The basis of the cut-off grade(s) or quality parameters applied. cut-off grade strategy used for cave flow modelling is based on COG
calculation for various years from Fy23 financial model.
The COG is estimated using: a gold price of USD 1,650/oz, a metallurgical
recovery of 78%, an ad valorem royalty rate of 6%.
Mining factors Most of mining at Syama UG is planned to be undertaken by Sub-Level Caving
or assumptions
(SLC) mining methods. Geotechnical studies have concluded that the deposit is
• The method and assumptions used as reported in the Pre-Feasibility or amenable to SLC, and that caving is likely to be induced at hydraulic radius
Feasibility Study to convert the Mineral Resource to an Ore Reserve (i.e. of between 12 and 17m. Observed progress from mining to date supports these
either by application of appropriate factors by optimization or by preliminary conclusions.
or detailed design).
Resolute undertakes a program of grade control drilling at Syama UG to
• The choice, nature and appropriateness of the selected mining method(s) progressively upgrade its geological confidence at Syama and enable further
and other mining parameters including associated design issues such as detailed mine planning.
pre-strip, access, etc.
The Ore Reserve was estimated using the block model prepared for estimating
• The assumptions made regarding geotechnical parameters (e.g. pit slopes, the 2023 Mineral Resource.
stope sizes, etc.), grade control and pre-production drilling.
The Syama LOM plan is prepared -from the Mineral Resource block model- using
• The major assumptions made and Mineral Resource model used for pit and mining industry standard computer aided design and scheduling software.
stope optimization (if appropriate). Initially, production rings are designed to extract ore. Subsequently, lateral
development and other infrastructure are designed to access production rings
• The mining dilution factors used. and enable safe and efficient ore extraction.
• The mining recovery factors used. Mining dilution and recovery are estimated for production rings using flow
modelling software, PGCA. Dilution and recovery are inversely related at
• Any minimum mining widths used. Syama. In general, the greater the recovery, the higher the level of dilution
that will be experienced. The Syama LOM planning process balances recovery
• The manner in which Inferred Mineral Resources are utilized in mining against dilution so the cash-flow is maximized..
studies and
the sensitivity of the outcome to their inclusion. With respect to minimum mining widths, production areas at Syama are planned
to ensure that minimum hydraulic radius is achieved so that caving is induced
• The infrastructure requirements of the selected mining methods. in the overlying ground.
Inferred Mineral Resources are not included in the Syama UG mine planning. All
material from Syama Underground for 2023 OR inventory is categorised as
Probable; comprised mainly of Indicated material. All Inferred and
Unclassified material is classified as waste and not included in ore reserves
The infrastructure necessary to extract the Syama UG Ore Reserve is maintained
by the company.
Metallurgical factors The Syama deposit is refractory due to locking of gold within the sulphides
or assumptions
and variable amounts of reactive natural carbon which robs cyanide leach
• The metallurgical process proposed and the appropriateness of that solutions of dissolved gold. Resolute has years of operating data processing
process to the style of mineralization. Syama ore and metallurgical testwork data. Processing of the ore will be via
the following stages:
• Whether the metallurgical process is well-tested technology or novel in
nature. Crushing and grinding.
• The nature, amount and representativeness of metallurgical test work Flotation to produce a sulphide rich concentrate.
undertaken, the nature of the metallurgical domaining applied and the
corresponding metallurgical recovery factors applied. Concentrate thickening.
• Any assumptions or allowances made for deleterious elements. Roasting, followed by calcine quench and wash.
• The existence of any bulk sample or pilot scale test work and the degree CIL.
to which such samples are considered representative of the ore body as a
whole. Tailings disposal.
• For minerals that are defined by a specification, has the ore reserve
estimation been based on the appropriate mineralogy to meet the
specifications?
Environmental The Syama Gold Mine operates in accordance with its' Environmental &
Social Impact Study - "Société des Mines de Syama, Syama Gold Mine, Mali,
• The status of studies of potential environmental impacts of the mining dated 2007. Waste rock characterisation has been included in prior studies for
and processing operation. Details of waste rock characterization and the this Environmental & Social Impact Study. Work is ongoing to optimise the
consideration of potential sites, status of design options considered and, mining operation and environmental management through the following :
where applicable, the status of approvals for process residue storage and
waste dumps should be reported. Drilling to investigate rock characteristics
Mineralogical assay analysis of drill core
Routine testing of rock material types for acid generating properties
Developing a sequence, rate and design optimization for open-pit mine walls,
ramps and the waste rock dump landform to meet the requirements of rock
characteristics.
The outcomes of this work are part of a continuous improvement program that
contributes to the waste rock dump management plans, annual reporting and
consultation-committee meetings with government and community representatives.
Tailings storage for the life of mine is forecast to be impounded over the
existing footprint area approved in the Environmental & Social Impact
Study. Progressive raising of the tailings impoundments will occur to contain
life-of-mine storage capacity. Routine progress on the monitoring is reported
to government and at stakeholder meetings in concert with routine inspections
by government representatives.
The Syama Project is mature in its operating life with environmental
management permitted by an Environmental Authority and supported by an
Environmental Management Plan. No impediments are anticipated to the
development of the underground mine.
Infrastructure The Syama Mine and the underground mine site are located near the two major
towns of Kadiola and Sikasso. Kadiola, 55km southeast, is the regional
• The existence of appropriate infrastructure: availability of land for capital while Sikasso, approximately 85 km to the northeast, is the second
plant development, power, water, transportation (particularly for bulk largest city in Mali and located close to the border with Burkina Faso.
commodities), labour, accommodation; or the ease with which the infrastructure
can be provided or accessed. Access is via formed gravel road off the sealed Sikasso to Côte d'Ivoire
highway through Kadiola, and then from Fourou to site. Most consumables and
supplies use this route as it can be approached either from Côte d'Ivoire
through the border post at Zegoua or alternatively from Burkina Faso and Togo
through Sikasso. The road north through Bananso to Farakala, on the main
highway from Bamako to Sikasso, provides an alternate and shorter route to
Bamako. This road is generally impassable during the wet season when the low
level "bridge" at Bananso is covered with water.
Supporting infrastructure for the current operations has included upgrading of
the 70km section of road from Kadiola to the site, refurbishment of
administration buildings, plant site buildings and accommodation for housing
expatriate and senior national staff. The underground operations will also use
this infrastructure, with additional allowance made in the study for
underground specific infrastructure on surface, such as primary ventilation
fan installations, additional work shops and offices, and change rooms for
underground workers.
The site is serviced by two Internet and mobile telecommunications providers
(Sotelma & Orange), in addition to a point to point satellite connection
to Perth.
The current operation has a peak continuous power demand of approximately 22MW
with an installed power capacity of 27MW. Power is currently supplied from a
diesel fired power station. Supply of power from the national grid is being
considered in the near future and was incorporated into the underground
study..
Costs Syama is a going concern with established mining, processing and
administration operations with respect to cost estimates. As part of ongoing
• The derivation of, or assumptions made, regarding projected capital operations, capital and operating budgets are prepared from first principles
costs in the study. and considering existing contractual agreements.
• The methodology used to estimate operating costs. Syama produces gold doré (without problematic deleterious elements) that is
subsequently refined offsite. Refining costs are not material.
• Allowances made for the content of deleterious elements.
Exchange rates used for planning purposes are from consensus forecasts
• The derivation of assumptions made of metal provided by external corporate advisers.
or commodity price(s), for the principal minerals and co- products.
Ad valorem Government royalties of 6% are payable on gold production.
• The source of exchange rates used in the study.
• Derivation of transportation charges.
• The basis for forecasting or source of treatment and refining charges,
penalties for failure to meet specification, etc.
• The allowances made for royalties payable, both Government and private.
Revenue Syama's head grade is estimated by mine planning and flow modelling from the
factors
Mineral Resource Estimate.
• The derivation of, or assumptions made regarding revenue factors
including head grade, metal or commodity price(s) exchange rates, All revenue and cost estimates have been made in USD.
transportation and treatment charges, penalties, net smelter returns, etc.
The Ore Reserve is based on a planning gold price of
• The derivation of assumptions made of metal or commodity price(s), for
US$1,650/oz.
the principal metals, minerals and co-products.
Market There is a transparent quoted market for the sale of gold.
Assessment
• The demand, supply and stock situation for the particular commodity,
consumption trends and factors likely to affect supply and demand into the
future.
• A customer and competitor analysis along with the identification of
likely market windows for the product.
• Price and volume forecasts and the basis for these forecasts.
• For industrial minerals the customer specification, testing and
acceptance requirements prior to a supply contract.
Economic The economic assessment of the project demonstrates robust economics.
• The inputs to the economic analysis to produce the net present value
(NPV) in the study, the source and confidence of these economic inputs
including estimated inflation, discount rate, etc.
• NPV ranges and sensitivity to variations in the significant assumptions
and inputs.
Social Resolute assumed management of Société des Mines de Syama in May 2004.
The recently completed open pit operated under the 1993 Permit Syama
• The status of agreements with key stakeholders and matters leading to (No.PE-93/003) and the proposed underground will do the same.
social license to operate.
The selected posts requiring specific skills or experience will most likely be
filled by expatriates. In addition to performing their job function,
expatriate personnel will be expected to transfer knowledge and expertise to
develop their Malian staff's capabilities. In the longer term it is
anticipated that Malian nationals will fill most operating and management
positions within the company.
It is the intention to encourage economic development within the local
community. Local contracts therefore, are let wherever possible and the
company works actively with existing and emerging companies to achieve this
aim.
The Syama Mine Community Consultative Committee was established in February
2001 with representatives from local villages, the Malian Government and
SOMISY. Since April 2004 the Committee has met regularly as a communication
forum and to address community issues and assist with community project
proposals.
Other High seasonal rain fall events present a risk for the underground operations.
• To the extent relevant, the impact of the following on the project All current government agreements and approvals are in good standing and no
and/or on the estimation and classification of the Ore Reserves: anticipated changes are expected.
• Any identified material naturally occurring risks.
• The status of material legal agreements and marketing arrangements.
• The status of governmental agreements and approvals critical to the
viability of the project, such as mineral tenement status, and government and
statutory approvals. There must be reasonable grounds to expect that all
necessary Government approvals will be received within the timeframes
anticipated in the Pre-Feasibility or Feasibility study. Highlight and discuss
the materiality of any unresolved matter that is dependent on a third party on
which extraction of the reserve is contingent.
Classification All Measured and Indicated Resources were converted to Probable Reserves,
given the sub-level caving method.
• The basis for the classification of the Ore Reserves into varying
confidence categories.
• Whether the result appropriately reflects the Competent Person's view of
the deposit.
• The proportion of Probable Ore Reserves that have been derived from
Measured Mineral Resources (if any).
Audits or reviews Snowden Mining Industry Consultants completed the Syama Underground
Pre-Feasibility study in 2015 and later contributed to detailed designs
• The results of any audits or reviews of Ore Reserve estimates. incorporated in the Definitive Feasibility Study. Subsequent mining studies
have been conducted in conjunction with various industry experts from external
companies relevant to the areas of study.
No other external audits of Ore Reserves were undertaken.
Discussion of relative accuracy/ confidence Treatment costs and recoveries are based on the actual performance of
processing underground ore and provide
• Where appropriate a statement of the relative accuracy and confidence
a high level of confidence.
level in the Ore Reserve estimate using an approach or procedure deemed
appropriate by the Competent Person. For example, the application of Resolute has extensive experience with a similar underground operation at the
statistical or geostatistical procedures to quantify the relative accuracy of Company's Mt Wright mine in Australia. This experience was combined with
the reserve within stated confidence limits, or, if such an approach is not industry average assumptions, where required, to provide a level of accuracy
deemed appropriate, a qualitative discussion of the factors which could affect and confidence
the relative accuracy and confidence of the
estimate.
that falls within the required standard for a Definitive Feasibility Study and
the subsequent Mining studies.
• The statement should specify whether it relates to global or local
estimates, and, if local, state the relevant tonnages, which should be All the parameters assumed and adopted including the
relevant to technical and economic evaluation. Documentation should include
financial modelling and analysis have been subject to internal
assumptions made and the procedures used.
peer review.
• Accuracy and confidence discussions should extend to specific
The Ore Reserve estimate is based on the Mineral Resource estimate.
discussions of any applied Modifying Factors that may have a material impact Consequently, the Ore Reserve estimate accuracy is dependent on the Mineral
on Ore Reserve viability, or for which there are remaining areas of Resource estimate accuracy.
uncertainty at the current study stage.
• It is recognized that this may not be possible or appropriate in all
circumstances. These statements of relative accuracy and confidence of the
estimate should be compared with production data, where available.
Tabakoroni
Section 1 Sampling Techniques and Data
CRITERIA JORC CODE EXPLANATION COMMENTARY
Sampling The samples were collected from reverse circulation (RC) and diamond core
techniques
drill holes.
• Nature and quality of sampling (e.g. cut channels, random chips, or
specific specialised industry standard measurement tools appropriate to the RC samples were collected on 1m intervals by riffle split (dry) or by scoop
minerals under investigation, such as down hole gamma sondes, or handheld XRF (wet), to obtain
instruments, etc.). These examples should not be taken as limiting the broad
a 1-3kg sample which was sent to the laboratory for crushing, splitting and
meaning of sampling. pulverising to provide a 30g charge for analysis.
• Include reference to measures taken to ensure sample representivity and Diamond core was sampled at 1m intervals and cut in half, to provide a 2-4kg
the appropriate calibration of any measurement tools or systems used. sample,
which was sent to the laboratory for crushing, splitting and pulverising to
• Aspects of the determination of mineralisation that are Material to the provide a 30g charge for analysis.
Public Report.
Sampling and sample preparation protocols are industry standard and are deemed
• In cases where 'industry standard' work has been done this would be appropriate by the Competent Person.
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 Drill types used include diamond core of PQ and HQ sizes
and RC.
• 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 Core is oriented at 3m down hole intervals using a Reflex Act II RD
standard tube, depth of diamond tails, face-sampling bit or other type, Orientation Tool.
whether core is oriented and if so, by what method, etc.).
Drill sample recovery Drill core interval recoveries are measured from core block to core block
using a tape measure.
• Method of recording and assessing core and chip sample recoveries and
results assessed. Appropriate measures are taken to maximise sample recovery and ensure the
representative nature of the samples.
• Measures taken to maximise sample recovery and ensure representative
nature of the samples. No apparent relationship is noted between sample recovery and grade.
• 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 Drill holes were geologically logged by geologists for colour, grainsize,
lithology, minerals, alteration and weathering on geologically-domained
• Whether core and chip samples have been geologically and geotechnically intervals.
logged to a level of detail to support appropriate Mineral Resource
estimation, mining studies and metallurgical studies. Geotechnical and structure orientation data was measured and logged for all
diamond core intervals.
• Whether logging is qualitative or quantitative in nature. Core (or
costean, channel, etc.) photography. Diamond core was photographed (wet and dry).
• The total length and percentage of the relevant intersections logged. Holes were logged in their entirety (100%) and this logging was considered
reliable and appropriate.
Sub-sampling techniques Diamond core was sampled at 1m intervals and cut in half to obtain a 2-4kg
and sample preparation
sample.
• If core, whether cut or sawn and whether quarter, half or all core
taken. Reverse circulation samples were collected on 1m intervals by riffle split
(dry) or by scoop (wet) to obtain a 1-3kg sample.
• If non-core, whether riffled, tube sampled, rotary split, etc. and
whether sampled wet or dry. Sample preparation for diamond core and RC samples includes oven drying,
crushing to 10mm, splitting and pulverising to 85% passing -75µm. These
• For all sample types, the nature, quality and appropriateness of the preparation techniques are deemed to be appropriate to the material being
sample preparation technique. sampled.
• Quality control procedures adopted for all sub-sampling stages to Drill core coarse duplicates were split by the laboratory after crushing at a
maximise representivity of samples. rate of 1:20 samples. Reverse circulation field duplicates were collected by
the Company at a rate of 1:20 samples.
• Measures taken to ensure that the sampling is representative of the
in-situ material collected, including for instance results for field Sampling, sample preparation and quality control protocols are of industry
duplicate/second-half sampling. standard and all attempts were made to ensure an unbiased representative
sample was collected. The methods applied in this process were deemed
• Whether sample sizes are appropriate to the grain size of the material appropriate by the Competent Person.
being sampled.
Quality of assay data and All samples were dispatched to ALS Bamako for gold analysis by 30g fire assay
laboratory tests
fusion with AAS instrument finish (method code Au-AA25). Over-range results
• The nature, quality and appropriateness of the assaying and laboratory were re-analysed and reported by 30g fire assay fusion with gravimetric finish
procedures used and whether the technique is considered partial or total. (method code Au-GRA21). The analytical method was appropriate for the style of
mineralisation.
• For geophysical tools, spectrometers, handheld XRF instruments, etc.,
the parameters used in determining the analysis including instrument make and No geophysical tools were used to determine elemental concentrations.
model, reading times, calibrations factors applied and their derivation, etc.
Quality control (QC) procedures included the use of certified standards
• Nature of quality control procedures adopted (e.g. standards, blanks, (1:40), non-certified sand blanks (1:40), diamond core coarse duplicates
duplicates, external laboratory checks) and whether acceptable levels of (1:20) and reverse circulation field duplicates (1:20).
accuracy (i.e. lack of bias) and precision have been established.
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.
Verification of sampling Verification of significant intersections have been completed by the Company
and assaying
personnel and the Competent Person.
• The verification of significant intersections by either independent or
alternative company personnel. No drill holes within the resource area were twinned.
• The use of twinned holes. Drill holes were logged into digital templates with lookup codes, validated
and then compiled into a relational SQL 2012 database using DataShed data
• Documentation of primary data, data entry procedures, data verification, management software. The database has verification protocols which are used to
data storage (physical and electronic) protocols. validate the data entry. The drill hole database is backed up on a daily basis
to the head office server.
• Discuss any adjustment to assay data.
Assay result files were reported by the laboratory in PDF and CSV format and
imported into the SQL database without adjustment or modification.
Location of Collar coordinates were picked up in UTM (WGS84) by staff surveyors using an
data points
RTK DGPS with an expected accuracy of ±0.05m; elevations were height above
• Accuracy and quality of surveys used to locate drill holes (collar and EGM96 geoid.
down-hole surveys), trenches, mine workings and other locations used in
Mineral Resource estimation. Down hole surveys were collected at intervals between 5m and 30m using either
a Reflex EZ-Gyro north seeking instrument or a Reflex EZ-Trac magnetic
• Specification of the grid system used. instrument in single shot or multi shot mode. A time-dependent declination was
applied to the magnetic readings to determine UTM azimuth.
• Quality and adequacy of topographic control.
Coordinates and azimuths are reported in UTM WGS84 Zone 29 North.
Coordinates were translated to local mine grid using 1 point and rotation.
Local topographic control is via LIDAR surveys, satellite photography and
drone UAV
aerial survey.
Data spacing and distribution Drill hole spacing was sufficient to demonstrate geological and grade
continuity appropriate for a Mineral Resource and the classifications applied
• Data spacing for reporting of Exploration Results. under the 2012 JORC Code.
• Whether the data spacing and distribution is sufficient to establish the The appropriateness of the drill spacing was reviewed by the geological
degree of geological and grade continuity appropriate for the Mineral Resource technical team, both on site and head office. This was also reviewed by the
and Ore Reserve estimation procedure(s) and classifications applied. Competent Person.
• Whether sample compositing has been applied. Samples were collected on 1m intervals; no sample compositing is applied
during sampling.
Orientation of data in relation to geological structure Holes were drilled predominantly perpendicular to mineralised domains where
possible.
• Whether the orientation of sampling achieves unbiased sampling of
possible structures and the extent to which this is known, considering the No orientation-based sampling bias has been identified in
deposit type.
the data.
• If the relationship between the drilling orientation and the orientation
of key mineralised structures is considered to have introduced a sampling
bias, this should be assessed and reported if material.
Sample security Samples were collected from the drill site and stored on site. All samples
were individually bagged and labelled with unique sample identifiers, then
• The measures taken to ensure sample security. securely dispatched to the laboratories. All aspects of sampling and dispatch
process were supervised and tracked by SOMIFI personnel.
Audits or reviews External audits of procedures indicate protocols are within industry
standards.
• 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 Tabakoroni drilling was completed within the Finkolo-Tabakoroni Exploitation
Licence PE 13/19. Resolute Mining Limited has an 85% interest in Exploitation
• Type, reference name/number, location and ownership including agreements Permit PE 13/19, through its Malian subsidiary, Sociêtê des Mines de Finkolo
or material issues with third parties such as joint ventures, partnerships, SA (SOMIFI). The Malian Government holds a free carried 10% interest in
overriding royalties, native title interests, historical sites, wilderness or SOMIFI.
national park and environmental settings.
The Permits are held in good standing. Malian mining law provides that all
• The security of the tenure held at the time of reporting along with any Mineral Resources are administered by DNGM (Direction Nationale de la
known impediments to obtaining a licence to operate in the area. Géologie et des Mines) or National Directorate of Geology and Mines under the
Ministry of Mines, Energy and Hydrology.
Exploration done by other parties Etruscan Resources Inc explored Tabakoroni during 2002-2003 by auger, aircore,
RC and diamond drill hole tails. The Tabakoroni area was previously explored
• Acknowledgment and appraisal of exploration by other parties. by BHP (1988-1990) and Barrick Gold (1990) by auger, pits, trenches, RAB and
diamond core drilling.
Geology The Tabakoroni deposit is hosted in upright tightly folded greenstone rocks of
the Syama Formation, comprising interbedded basalt and sediment units, and an
• Deposit type, geological setting and style of mineralisation. overlying complex sequence of deep marine and turbiditic sediments. The
sequence overlying the basalts contains interbedded carbonaceous units (silts
and shales) that are preferentially deformed, and which form the Tabakoroni
Main Shear Zone (TMSZ) that lies along the approximate contact of the
greenstone-sediment sequence. Gold mineralisation occurs within the TMSZ
associated with quartz vein stockworks and stylolitic quartz reefs.
Drill hole Information All information, including easting, northing, elevation, dip, azimuth,
coordinate system, drill hole length, intercept length and depth are measured
• A summary of all information material to the understanding of the and recorded in UTM Zone 29 WGS84.
exploration results including a tabulation of the following information for
all Material drill holes: The Syama belt is mostly located on the Tengrela 1/200,000 topo sheet (Sheet
NC 29-XVIII).
o easting and northing of the drill hole collar
The Tabakoroni local grid has been tied to the UTM Zone 29 WGS84 co-ordinate
o elevation or RL (Reduced Level - elevation above sea level in metres) of system.
the drill hole collar
Spectrum Survey and Mapping from Australia established survey control at
o dip and azimuth of the hole Tabakoroni using AusPos online processing to obtain an accurate UTM Zone 29
(WGS84) and 'above geoid' RL for the origin of the survey control points.
o down hole length and interception depth
Accuracy of the survey measurements is considered to meet acceptable industry
o Whole length. standards.
• If the exclusion of this information is justified on the basis that the Drill hole information has been tabulated for this release in the intercepts
information is not Material and this exclusion does not detract from the table of the accompanying text.
understanding of the report, the Competent Person should clearly explain why
this is the case. For completeness the following information about the drill holes is provided:
· Easting, Northing and RL of the drill hole collars are measured and
recorded in UTM Zone 29 (WGS84).
· Dip is the inclination of the drill hole from horizontal. A drill
hole drilled at -60° is 60° from the horizontal.
· Down hole length is the distance down the inclination of the hole and
is measured as the distance from the horizontal to end of hole.
· Intercept depth is the distance from the start of the hole down the
inclination of the hole to the depth of interest or assayed interval of
interest.
Data aggregation methods No new exploration results have been reported in this release.
• In reporting Exploration Results, weighting averaging techniques, Metal equivalent values are not used in reporting.
maximum and/or minimum grade truncations (e.g. cutting of high grades) and
cut-off grades are usually Material and should be stated.
• Where aggregate intercepts incorporate short lengths of high-grade
results and longer lengths of low-grade results, the procedure used for such
aggregation should be stated and some typical examples of such aggregations
should be shown in detail.
• The assumptions used for any reporting of metal equivalent values should
be clearly stated.
Relationship between mineralisation widths and intercept lengths The majority of the Tabakoroni mineralisation is vertical. There is one domain
which dips at 45(o) to the west.
• These relationships are particularly important in the reporting of
Exploration Results. The majority of the drill holes are planned at a general inclination of ‑60
degrees east and as close to perpendicular to the ore zone as possible.
• If the geometry of the mineralisation with respect to the drill hole
angle is known, its nature should be reported. At the angle of the drill holes and the dip of the ore zones, the reported
intercepts will be slightly more than true width.
• 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 Relevant maps, diagrams and tabulations are included in the body of text.
• 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 Mineral Resources are being reported in this announcement.
• Where comprehensive reporting of all Exploration Results is not No new exploration results have been reported in this release.
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 geophysical and geochemical data or any additional exploration information
has been reported in this release,
• Other exploration data, if meaningful and material, should
as they are not deemed relevant to the release.
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 Depth extension drilling is planned to test the down-dip potential of the
Tabakoroni ore body at depth, and beneath the current limit of drilling.
• The nature and scale of planned further work (e.g. tests
for lateral extensions or depth extensions or large-scale step-out drilling).
• 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 integrity Data has been compiled into a relational SQL database; the setup of this
database precludes the loading of data which do not meet the required
• Measures taken to ensure that data has not been corrupted validation protocols. The data is managed using DataShed© drill hole
by, for example, transcription or keying errors, between its initial management software using SQL database techniques. Validation checks are
collection and 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 Mrs Susan Havlin, an employee of Snowden Optiro Pty Ltd and a
Member of the Australasian Institute of Mining and Metallurgy is the Competent
• Comment on any site visits undertaken by the Competent Person and the Person who has visited this site in February and October 2019.
outcome of those visits.
All aspects of drilling, sampling and mining are considered by the Competent
• If no site visits have been undertaken indicate why this is Persons to be of a high industry standard.
the case.
Geological The digital database used for the interpretation included logged intervals for
interpretation
the key stratigraphic zones of Tabakoroni. Detailed geological logs were
• Confidence in (or conversely, the uncertainty of) the geological available in hardcopy and digital and reviewed where necessary.
interpretation of the mineral deposit.
There is a high level of confidence for the interpretation of the Tabakoroni
• Nature of the data used and of any assumptions made. Main Shear Zone (TMSZ) due to the close-spaced grade control drilling at
surface and the confirmation of the position in the current oxide pits. Since
• The effect, if any, of alternative interpretations on Mineral Resource an independent structural model was created there is high level of confidence
estimation. in the geological interpretation of the minor lodes adjacent to the TMSZ.
• The use of geology in guiding and controlling Mineral Resource Wireframes used to constrain the estimation are based on drill hole intercepts
estimation. and geological boundaries. All wireframes at Tabakoroni have been constructed
to a 1g/t Au cut-off grade for shape consistency.
• The factors affecting continuity both of grade and geology.
The mineralisation in the TMSZ is generally quite consistent and drill
intercepts clearly define the shape of the mineralised zones with limited
options for large scale alternate interpretations.
Dimensions The mineral resource at Tabakoroni comprises four individual domains. The main
zone is the TMSZ, which extends for approximately 1,800 metres along strike;
• The extent and variability of the Mineral Resource expressed the sub-vertical dipping gold mineralised zone width varies between 1.5 and 15
as length (along strike or otherwise), plan width, and depth below surface metres, with an average thickness of 5 metres. The Mineral Resource is limited
to the upper and lower limits of the Mineral Resource. in depth by drilling, which extends from surface to a maximum depth of
approximately 450 metres vertically.
There is a zone parallel to the TMSZ which is generally at depth and not as
consistent; this is dominantly in the central part of the deposit. The
northeast (NE) domain is a zone which is striking at 20° and is sub vertical
in the north of the deposit. The southern lode is shallow westerly-dipping
lodes in the southern and central portion of the deposit. The whole of the
Tabakoroni deposit, including domains additional to the TMSZ, extends for 450
metres in the horizontal plane.
Estimation and modelling techniques Estimation was completed in Datamine Studio RM using an Ordinary Kriged
model to estimate the gold grade. Grades were estimated into parent block of
• The nature and appropriateness of the estimation technique(s) applied 5 mE by 10 mN by 5 mRL with sub- celling down to 1mE by 2 mN by 1 mRL was
and key assumptions, including treatment of extreme grade values, domaining, employed for resolution of the mineralisation boundaries as defined by
interpolation parameters and maximum distance of extrapolation from data wireframes. The drill spacing at Tabakoroni varies from 12.5 by 12.5 metres
points. If a computer assisted estimation method was chosen include a for grade control to between 25 and 50 metres for the exploration holes.
description of computer software and parameters used.
Drillhole sample data was flagged using domain codes generated from
• The availability of check estimates, previous estimates and/or mine three-dimensional mineralisation domains. The grade control samples and
production records and whether the Mineral Resource estimate takes appropriate exploration samples were composited to 1 metre intervals.
account of such data.
Variogram orientations were largely controlled by the strike of the
• The assumptions made regarding recovery of by- products. mineralisation and downhole variography. Variograms for estimation purposes
were determined for each domain.
• Estimation of deleterious elements or other non-grade variables of
economic significance (e.g. sulphur for acid mine drainage characterization). Kriging neighbourhood analysis was performed to optimise the block size,
sample numbers and discretisation levels with the goal of minimising
• In the case of block model interpolation, the block size in relation to conditional bias in the gold grade estimates.
the average sample spacing and the search employed.
Mineralisation domains were treated as hard boundaries in the estimation
• In the case of block model interpolation, the block size in relation to process while oxidation surfaces were treated as soft boundaries for gold,
the average sample spacing and the search employed. sulphide sulphur and organic carbon. A hard boundary was utilised in the
estimation of arsenic between fresh material and transitional material
• Any assumptions behind modelling of selective mining units. following a boundary analysis review.
• Any assumptions about correlation between variables. Three search passes were used, with the first search pass set to the range of
the variogram for each element. A minimum of 8 and a maximum of 30 samples
• Description of how the geological interpretation was used to control the were used. The search stayed the same for the second pass but was increased
resource estimates. by a factor of 2 for the third and final pass. The minimum number of samples
was reduced to 6 for the second pass and 4 for the third pass.
• Discussion of basis for using or not using grade cutting or capping.
No deleterious elements were found in the ore.
• The process of validation, the checking process used, the comparison of
model data to drill hole data, and use of reconciliation data if available. No selective mining units have been assumed.
Top cuts were applied to reduce the variability of the data and to remove the
outliers.
The estimated block model grades were visually validated against the input
drillhole data and comparisons were carried out against the drillhole data and
by northing and elevation slices. Global comparison between the input data
and the block grades for each variable is considered acceptable (±10%).
Comparison with the mine production to date was carried out and was within an
acceptable limit.
Moisture All tonnages have been estimated on a dry basis.
• 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 Mineral Resources for open pit extraction have been reported at a 1 g/t Au
grade cut-off and above a US$2000/oz optimised shell.
• The basis of the adopted cut-off grade(s) or quality parameters applied.
The Mineral Resources for underground mining are undiluted and the mineralised
blocks (within the mineralisation wireframes) have been reported within MSO
wireframes created at US$2,000/oz which is equivalent to 1.75 g/t Au cut-off
grade.
Mining factors A Pre-Feasibility study determined the mining method would be by long hole
or assumptions
open stoping. No Mineral Resource margin (external) dilution has been
· Assumptions made regarding possible mining methods, minimum mining modelled. A minimum stope dip of
dimensions and internal (or, if applicable, external) mining dilution. It is
30 degrees on the footwall was applied. More rigorous mining assumptions and
always necessary as part of the process of determining reasonable prospects parameters will be applied during the conversion to Ore Reserves.
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 metallurgical factors or assumptions have been made during the resource
estimation process as these will be addressed during the conversion to Ore
• The basis for assumptions or predictions regarding metallurgical Reserves.
amenability. It is always necessary as part of the process of determining
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 It is a requirement of Decree No.03-594/P-RM of 31 December 2003 of Malian law
or assumptions
that an Environmental and Social Impact Study (Étude d'Impact Environmental
· Assumptions made regarding possible waste and process residue disposal et Social - EIES) must be undertaken to update the potential environmental and
options. It is always necessary as part of the process of determining social impacts of the mine's redevelopment. The EIES for the Syama Gold Mine
reasonable prospects for eventual economic extraction to consider the (including Tabakoroni) was approved in November 2007 and an Environment Permit
potential environmental impacts of the mining and processing operation. While (07- 0054/MEA - SG) was issued by the Ministry of Environment and Sanitation
at this stage the determination of potential environmental impacts, on 22 November 2007. The Ministry of Environment conducts timely reviews of
particularly for a green fields project, may not always be well advanced, the the Syama Gold Mine to ensure that Company maintains compliance with the EIES
status of early consideration of these potential environmental impacts should guidelines.
be reported. Where these aspects have not been considered this should be
reported with an explanation of the environmental assumptions made. At Syama and Tabakoroni, there are three key practices for disposal of wastes
and residues namely, stacking of waste rock from open pit mining; storage of
tailings from mineral processes; and "tall-stack dispersion" of sulphur
dioxide from the roasting of gold bearing concentrate. All waste disposal
practices are in accordance with the guidelines in the EIES.
The Environmental and Social Impact Study - "Société des Mines de Syama,
Syama Gold Mine, Mali", dated 2007 indicated there was minimal potential for
acid mine drainage from waste rock due to the elevated carbonate content which
buffers a potential acid generation. Resolute maintains a plan for progressive
rehabilitation of waste rock landforms as part of ongoing mine development and
waste rock dumping.
The landform of tailings impoundments does not have a net acid generating
potential. The largest volume is flotation tailings where the sulphide
minerals have already been removed from the host rock. Its mineralogy includes
carbonates which further buffer any acid-formation potential from sulphides
that may also be present.
Cyanide levels in the leached-calcine tailings are typically less than 50 ppm
in the weak acid dissociable form. Groundwater away from the tailings landform
is intercepted by trenches and sump pumps.
Sulphur dioxide is generated from the roasting of gold concentrate so that
gold can be extracted and refined. Tall-Stack "dispersion" of the sulphur
dioxide emission is monitored continuously. Prevailing weather and dissipation
of the sulphur dioxide is modelled daily to predict the need to pause the
roasting process to meet the air quality criteria set out in the Environmental
and Social Impact Study.
Bulk density Site personnel have completed numerous bulk density comparative estimates on
HQ drill core to assess variability using the Archimedes method of dry weight
· Whether assumed or determined. If assumed, the basis for the assumptions. versus weight in water. This method was used for 76% of the bulk density
If determined, the method used, whether wet or dry, the frequency of the measurements. The other 34% is by unknown method.
measurements, the nature, size and representativeness of the samples.
On the basis of the data collected the following SG estimates were applied to
· The bulk density for bulk material must have been measured by methods that the model by weathering type:
adequately account for void spaces (vugs, porosity, etc), moisture and
differences between rock and alteration zones within the deposit. · Oxide 2.12 t/m(3)
· Discuss assumptions for bulk density estimates used in the evaluation · Transitional 2.38 t/m(3)
process of the different materials.
· Fresh 2.72 t/m(3)
Classification The Measured Mineral Resource classification is based on good confidence in
the geology and gold grade continuity with 12.5 m x 12.5 m spaced drillhole
• The basis for the classification of the Mineral Resources into varying density in the central part of the deposit.
confidence categories.
The Indicated Mineral Resource classification is based on good confidence in
• Whether appropriate account has been taken of all relevant factors (i.e. the geology and gold grade continuity with less than 50 m x 50 m spaced
relative confidence in tonnage/grade estimations, reliability of input data, drillhole density in the central part of the deposit.
confidence in continuity of geology and metal values, quality, quantity and
distribution of the data). The Inferred Mineral Resource classification is applied to extensions of
mineralised zones on the margins of the deposit where drill spacing is more
• Whether the result appropriately reflects the Competent Person's view of than 50 m x 50 m and the extents of mineralisation at depth.
the deposit.
The validation of the block model has confirmed satisfactory correlation of
the input data to the estimated grades and reproduction of data trends.
The Mineral Resource estimate appropriately reflects the view of the Competent
Persons.
Audits or reviews The Mineral Resource has been audited internally and in conjunction with
resource consultants at Snowden Optiro Pty Ltd as part of the routine
• The results of any audits or reviews of Mineral Resource estimates. validation process. There has been an external review of the Mineral Resource
estimation completed by Cube Consulting Pty Ltd in February 2022.
Discussion of relative The relative accuracy of the Mineral Resource estimate is reflected in the
accuracy/ confidence
reporting of Measured, Indicated and Inferred resource categories as defined
• Where appropriate a statement of the relative accuracy and confidence by 2012 JORC Code guidelines.
level in the Mineral Resource estimate using an approach or procedure deemed
appropriate by the Competent Person. For example, the application of The estimate is considered to be relevant to an annual level of reporting of
statistical or geostatistical procedures to quantify the relative accuracy of tonnage and grade.
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 estimation was compared with the production history at Tabakoroni and it
the relative accuracy and confidence of is within 15%, which is within the limits for the relevant classifications.
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.
Section 4 Estimation and Reporting of Ore Reserves
CRITERIA JORC CODE EXPLANATION COMMENTARY
Mineral Resource estimate for conversion to The Ore Reserves are based on the Mineral Resource estimate detailed in the
Ore Reserves
ASX release dated December 2021, prepared by Optiro Pty Ltd. The resource
• Description of the Mineral Resource estimate used as was reported above a 1.75 g/t gold grade cut-off, based on an equivalent gold
a basis for the conversion to an Ore Reserve. price of US$2,000/oz and an underground mining method utilising long hole
stoping mining methods with paste fill. Material below this cut-off is not
• Clear statement as to whether the Mineral Resources are reported included in the Mineral Resource.
additional to, or inclusive of, the
Ore Reserve. Ore Reserves are the material reported as a sub-set of the resource, that
which can be extracted from the mine and processed with an economically
acceptable outcome. The resource is depleted for open pit material already
mined and future cut back planned for Taba North.
Mineral Resources are reported inclusive of Ore Reserves.
Site visits The Competent Person, Mr Gito Patani, is a full-time employee of Resolute
Mining Ltd and a Member of the Australasian Institute of Mining and
• Comment on any site visits undertaken by the Competent Person and the Metallurgy. Regular site visit to the project area was conducted during the
outcome of those visits. year 2023 and weekly contact with site teams was maintained throughout the
period. These site visits help to validate technical and operating assumptions
• If no site visits have been undertaken indicate why this used in the preparation of this ore reserves
is the case.
The site visit reviewed the project site and proposed portal location in the
mined out Namakan Pit western wall, a review of current operations at both
Syama and Tabakoroni, existing open pit infrastructure available for immediate
underground use, a review of selected drill core and various meetings were
held with site personnel and key stakeholders to the study. A pit wall failure
exist in the eastern wall of the Namakan pit. This failure was monitored
since the occurrence through the last couple of wet season and have
stabilised at its natural angle of repose and does not pose further material
risk to the proposed underground portal location.
Study status A Pre-Feasibility Study was completed on Tabakoroni Underground in late 2020.
• The type and level of study undertaken to enable Mineral Resources to be Tabakoroni open pit has been in continuous mining operation since August
converted to Ore Reserves. 2018. During this time the performance of the open pit has shown a positive
reconciliation between mineral resources and gold production and delivered
• The Code requires that a study to at least Pre-Feasibility Study level positive cashflows. Data from the current open pit operations which also
has been undertaken to convert Mineral Resources to Ore Reserves. Such studies applies to the intended underground operation, such as existing infrastructure
will have been carried out and will have determined a mine plan that is and ore haulage cost, were used as part of the underground study. The open pit
technically achievable and economically viable, and that material Modifying reconciliation data was not considered as it relates to oxide ore only and the
Factors have been considered. underground will focus on fresh ore only.
No underground operations have been undertaken at Tabakoroni yet. However,
underground operations and processing of similar underground material have
been undertaken for several years at the nearby Syama Mine where the
Tabakoroni Underground ore will also be processed under the current toll
treatment agreement, providing actual data to further support the Tabakoroni
study assumptions.
Primary contributors to the study were:
· Optiro Pty Ltd - Mineral Resources
· Solid Geology Pty Ltd - Structural Model
· AMC Consultants - mining geotechnical study and portal review
· Piteau - dewatering
· Digby Wells - environmental and social impact assessment
· Outotec - backfill, concentrate roasting, floatation plant
· Osprey - security assessment
· Practara - economic evaluation
· ALS - metallurgical variability testing
· Resolute Mining Ltd - mine design and scheduling, processing
and overall study management
Cut-off A marginal cut-off grade (COG) of 2.5 g/t gold has been applied for Tabakoroni
parameters
Underground. This is based on long hole open stoping with paste fill at a
• The basis of the cut-off grade(s) or quality gold price of U$1,650/oz, metallurgical recovery of 78%, and includes
parameters applied. royalties of 6%.
Individual underground zones and levels were further tested to confirm each
area achieves the required financial returns to offset the capital investment
required to access that zone or level. Sub-economical areas were removed from
the reserves.
Mining factors or assumptions The Tabakoroni mineralisation is mostly steeply dipping, between 80 to 90°,
with an average width of 4m to 15m. Some mineralisation is located parallel
· The method and assumptions used as reported in the Pre-Feasibility or to, and adjacent to the main Tabakoroni mineralisation. These shallower
Feasibility Study to convert the Mineral Resource to an Ore Reserve (i.e. dipping zones are located predominantly in a competent basalt zone, ranging in
either by application of appropriate factors by optimization or by preliminary dip between 40° and 80°, with an average width of 2m to 10m.
or detailed design).
Long hole open stoping is considered the most suitable mining method to
· The choice, nature and appropriateness extract the underground deposit. Long term support will be providing by
of the selected mining method(s) and other mining parameters including backfilling the stopes with cemented paste in the main mineralised zone,
associated design issues such as pre-strip, access, etc. create by adding binder to a large supply of highly weathered oxide waste
already available on site from the previous open pit mines. Shallower dipping
· The assumptions made regarding geotechnical parameters (e.g. pit slopes, zones in the competent basalt zones will also use open stoping with pillars,
stope sizes, etc.), grade control and pre-production drilling. where appropriate.
· The major assumptions made and Mineral Resource model used for pit and Longitudinal sub-level caving and open stoping with rock fill were also
stope optimization (if appropriate). reviewed but not considered appropriate methods. The mineralisation is too
long and narrow to use sub-level caving and it would result in caving breaking
· The mining dilution factors used. through into the current open pit, increasing inrush risk for the
underground. Paste fill was selected over waste fill as it provides a better
· The mining recovery factors used. cashflow with a top-down mining method, provides improved stability and in
general there is a lack of suitable fresh rock to use as backfill material. It
· Any minimum mining widths used. also improves the extraction of parallel mineralised zones which was not
possible with open stopes and loose rock fill.
· The manner in which Inferred Mineral Resources are utilized in mining
studies and the sensitivity of the outcome to their inclusion. The reported Ore Reserve estimates for Tabakoroni are based on Deswik.SO
(Mineable Shape Optimiser / MSO) results, followed by detailed mine design in
· The infrastructure requirements of the selected mining methods. Deswik.CAD and activity-based task and resource scheduling in Deswik.Sched.
Economic modelling was performed in consultation with an external financial
consultant experienced in Malian mining economic modelling.
Stope dilution is considered separately for hangingwall and footwall
conditions as part of the MSO optimisation. Equivalent Linear Overbreak
Slough (ELOS) is applied based on geotechnical domaining, resulting in 0.5 m
dilution in competent (basalt) ground to 2.0 m in poor, highly structured
zones. The average dilution considered is 0.5 to 1.0 m, applied individually
to both hangingwall and footwall conditions. A global mine recovery of 90% was
applied.
Minimum Mining Width used was 3.0 m, but average stoping widths range between
4.5 m and 10.0 m. Level spacings are selected at 20 m vertical, floor to
floor. Stope lengths of 10 m to 50 m are recommended based on the
geotechnical modelling and chosen level spacing. The study conservatively
limited stope lengths to 20 m, which will be further optimised during actual
operations. For the shallower dipping stopes a minimum footwall dip of 40°
was selected to ensure blasted material can be moved effectively to the
drawpoint for loading during production.
Costs are based on existing contract mining rates from the nearby Syama
Operation with a contract proposal provided for the study to account for
potential changes expected at Tabakoroni, contract haulage rates to the Syama
process plant from the current Tabakoroni open pit operation, processing costs
are based on the current Syama process plant and site costs which are
understood with a high degree of accuracy from current operations.
Equipment for the underground were selected considering the selected mining
method, planned production rate, existing experience and equipment in
operation at Syama Underground. Loading will be done by 21 tonne loaders from
the development headings and stopes and hauled by 63 t trucks to surface via a
decline. From surface stockpiles ore will be hauled to the process plant at
Syama using the current open pit truck haulage fleet and waste will dumped
directly onto the existing open pit waste dumps.
The mine plan includes an insignificant amount of Inferred Resources, which is
not material to the outcome of the Ore Reserves. Inferred Resources were
considered when positioning life of mine infrastructure but does not
materially influence the outcome of the current reserves.
Existing open pit infrastructure and a dedicated haul road to Syama is
available for immediate use by the underground operation. The only
additional infrastructure consists of:
· a power shed to house diesel generators for power generation.
Existing diesel generators will be relocated from the current Syama operation
as part of their power upgrades and the power shed is just for weather
protection.
· paste plant for paste fill generation
· explosives magazine (open pit operations did minimal blasting and
did not establish an explosive magazine)
· underground primary ventilation fans
· upgraded security control facilities
· minor fit-out to the existing open pit offices and workshops to
comply with underground requirements (change house, lamp room, etc)
· float circuit modifications to allow the existing Syama Oxide plant to
process sulphide ore
Metallurgical factors Metallurgical test work was conducted on multiple samples, representative of
or assumptions
the spatial and mineralogical distribution of the deposit. The tests
• The metallurgical process proposed and the appropriateness of that indicated that, similarly to the Syama ore, the Tabakoroni ore can be double
process to the style of mineralization. refractory in nature due to locking of gold within the sulphides and organic
carbon. Processing of the ore will be similar to that of the Syama sulphide
• Whether the metallurgical process is well-tested technology or novel in circuit which has been in operation for several years and is well understood,
nature. consisting of the following stages:
• The nature, amount and representativeness of metallurgical test work · Crushing and grinding utilising the existing oxide process plant
undertaken, the nature of the metallurgical domaining applied and the infrastructure
corresponding metallurgical recovery factors applied.
· Gravity gold recovery utilising the existing oxide gravity
• Any assumptions or allowances made for deleterious elements. circuit
• The existence of any bulk sample or pilot scale test work and the degree · Flotation to produce a sulphide rich concentrate through a new
to which such samples are considered representative of the ore body as a flotation circuit, prior to blending with the current Syama concentrate
whole. circuit for further:
• For minerals that are defined by a specification, has the ore reserve · Concentrate thickening
estimation been based on the appropriate mineralogy to meet the
specifications? · Roasting, followed by calcine quench and wash
· Carbon-in-leach (CIL)
· Tailings disposal
The oxide crushing and grinding circuit has an oxide capacity of 1.6 Mtpa,
with a modelled sulphide throughput capacity of up to 1.0 Mtpa. The Syama
roaster, CIL circuit and tailings storage facility has enough capacity to
process the additional concentrate.
A number of metallurgical test work programmes have been conducted on a
range of Tabakoroni ore samples to date. The most recent variability test
programme, conducted as part of the PFS, focussed on optimising the flowsheet
to then assess the metallurgical performance of the various mineralised
domains to be encountered. A total gold recovery of 78% has been assumed based
on test results to date. This is in line with similar ore being processed at
Syama.
Environmental The Tabakoroni mining area and haul road to Syama are covered under current
environmental approval and permitting.
• The status of studies of potential environmental impacts of the mining
and processing operation. Details of waste rock characterization and the An active waste rock characterisation program has been put in place for
consideration of potential sites, status of design options considered and, Tabakoroni open pit operation. Underground waste will be co-disposed
where applicable, the status of approvals for process residue storage and underground with paste fill where possible, with the remainder being stored on
waste dumps should be reported. the current open pit waste dump under the current waste rock management
protocols to prevent potentially acid forming waste rock from contaminating
water sources. The current waste dump has much more space than is required by
the underground operation.
Ore Reserves from Tabakoroni will be processed at Syama and tailings storage
will be in pit tailings area approved in the current ESIA. Routine progress
on the monitoring is reported to government and at stakeholder meetings in
concert with routine inspections by government representatives.
Arsenic is naturally occurring in the Tabakoroni mineralisation. A
groundwater characterisation programme was conducted as part of the ESIA
submission and did not identify any adverse impacts on water being discharged
to the environment.
Infrastructure All required mining infrastructure is already in place at the Tabakoroni open
pit mine and processing and camp facilities at Syama Mine, except for the
· The existence of appropriate infrastructure: availability of land for additions required specifically for the Tabakoroni underground, consisting of:
plant development, power, water, transportation (particularly for bulk
commodities), labour, accommodation; or the ease with which the infrastructure · a power shed to house diesel generators for power generation.
can be provided, or accessed. Existing diesel generators will be relocated from the current Syama operation
as part of their power upgrades.
· paste plant for paste fill generation
· explosives magazine
· upgraded security control facilities
· minor fit-out to the existing open pit offices and workshops to
comply with underground requirements, such as change rooms and lamp rooms
· float circuit modifications to allow the existing Syama Oxide
plant to process Tabakoroni sulphide ore
Tabakoroni is linked to the Syama Mine through a purpose built 35 km haul
road. The Syama Mine is located near the two major towns of Kadiola and
Sikasso. Kadiola, 55km southeast, is the regional capital while Sikasso,
approximately 85 km to the northeast, is the second largest city in Mali and
located close to the border with Burkina Faso.
Access is via formed gravel road off the sealed Sikasso to Côte d'Ivoire
highway through Kadiola, and then from Fourou to site. Most consumables and
supplies use this route as it can be approached either from Côte d'Ivoire
through the border post at Zegoua or alternatively from Burkina Faso and Togo
through Sikasso. The road north through Bananso to Farakala, on the main
highway from Bamako to Sikasso, provides an alternate and shorter route to
Bamako. This road is generally impassable during the wet season when the low
level "bridge" at Bananso is covered with water.
The 70km section of road from Kadiola to the site was upgraded for the Syama
Mine. In addition to the current open pit infrastructure left behind by open
pit operations at Tabakoroni, the Syama Mine provides access to administration
buildings, plant site buildings and accommodation for housing expatriate and
senior national staff.
Tabakoroni site is serviced through a local telecommunications provider
Orange. Provision is made in the study to allow have a dedicated link to
Syama Mine, from where two Internet and mobile telecommunications providers
(Sotelma & Orange) are available, in addition to a point to point
satellite connection to Perth.
Costs Cost estimates are based mostly on existing operations at Syama and
Tabakoroni, with modifications where identified in the study. Current
· The derivation of, or assumptions made, regarding projected capital costs operations, and existing costs were used for:
in the study.
· ore haulage to Syama for processing under the current open pit
· The methodology used to estimate operating costs. haulage contract
· Allowances made for the content of deleterious elements. · owner-operated processing, general and administration costs are
shared between the oxide plant and the sulphide plant at Syama, which
· The derivation of assumptions made of metal or commodity price(s), for the processes the current Syama UG orebody. These costs are well understood, and
principal minerals and co- products. minor changes were included based on Tabakoroni specific metallurgical
variability test work results
· The source of exchange rates used in the study.
· power generation cost utilising the current Syama diesel
· Derivation of transportation charges. generators
· The basis for forecasting or source of treatment and refining charges, · development and production rates are based on the current Syama
penalties for failure to meet specification, etc. mining contract schedule of rates, with updated quotes provided by the
contractor as required for mining method changes expected at Tabakaroni
· The allowances made for royalties payable, both Government and private.
· ground support consumables, fuel, explosives, bulk cement based
on current Syama mining contract
· mine closure costs (existing open pit component)
· PFS level cost estimates were calculated for:
· paste fill cost - based on locally supplied bulk cement prices
and an independent paste fill study to determine consumption rate
· environmental and mine closure costs specific to underground
The oxide plant produces gold doré (without problematic deleterious elements)
that is subsequently refined offsite. Refining costs are allowed for as per
current Syama Mine, but are not material.
Ad valorem Government royalties of 6% are payable on gold production.
Revenue factors A gold price of US$1,650/oz formed the basis of the Ore Reserves. Gold price
used for planning purposes is from consensus forecasts provided by external
• The derivation of, or assumptions made regarding revenue factors corporate advisers.
including head grade, metal or commodity price(s) exchange rates,
transportation and treatment charges, penalties, net smelter returns, etc. No penalties are incurred, nor is any revenue received from co-products.
• The derivation of assumptions made of metal or commodity price(s), for
the principal metals, minerals and co-products.
Market assessment The market for gold is robust with prevailing gold price being well above
US$1,650/oz.
• The demand, supply and stock situation for the particular commodity,
consumption trends and factors likely to affect supply and demand into the Supply and demand are not considered material to the Ore Reserve calculations.
future.
• A customer and competitor analysis along with the identification of
likely market windows for the product.
• Price and volume forecasts and the basis for these forecasts.
• For industrial minerals the customer specification, testing and
acceptance requirements prior to a supply contract.
Economic The financial evaluation undertaken as part of the evaluation indicated a
positive net present value (NPV) at a 7% annual discount rate. The following
• The inputs to the economic analysis to produce the net present value major economic inputs were used:
(NPV) in the study, the source and confidence of these economic inputs
including estimated inflation, discount rate, etc. · Costs as previous described
• NPV ranges and sensitivity to variations in the significant assumptions · Gold price of US$1650/oz
and inputs.
· Royalties of 6%
· Effective tax rate of 25% (Corporate tax rate of 30% with 5%
discount provided by the Malian government to Tabakoroni)
· Discount rate of 7% per annum for real, post-tax cash flows.
Social Tabakoroni falls under the SOMIFI exploitation permit and is managed by SOMISY
under Management and Toll Treatment agreements lodged with the Government of
• The status of agreements with key stakeholders and matters leading to Mali.
social license to operate.
It is the intention to encourage economic development within the local
community. During the operation of Tabakoroni open pit focus has been on
improving farming and health care plus providing access to water; this will
continue to remain a focus.
The Syama Mine Community Consultative Committee, which includes representation
from Tabakoroni and the villages adjacent to the Syama Satellites, was
established in February 2001 with representatives from local villages, the
Malian Government and SOMISY. Since April 2004 the Committee has met
regularly as a communication forum and to address community issues and assist
with community project proposals; it continues to meet on the first or second
Tuesday of each month. Initial consultation as part of the underground updates
to the ESIA indicated no major concerns with the underground operation.
Other All current government agreements and approvals are in good standing and no
anticipated changes are expected. Political instability is a potential risk in
• To the extent relevant, the impact of the following on the project Mali, but the owner has many years operating experience in this environment
and/or on the estimation and classification of the Ore Reserves: through the current Syama and Tabakoroni operations. The current Malian
government is supportive of mining operations and the current Syama and
• Any identified material naturally occurring risks. Tabakoroni operations are in good standing with the authorities. There are
no current unresolved matters affecting this project.
• The status of material legal agreements and marketing arrangements.
• The status of governmental agreements and approvals critical to the
viability of the project, such as mineral tenement status, and government and
statutory approvals. There must be reasonable grounds to expect that all
necessary Government approvals will be received within the timeframes
anticipated in the Pre-Feasibility or Feasibility study. Highlight and discuss
the materiality of any unresolved matter that is dependent on a third party on
which extraction of the reserve is contingent.
Classification Proved and Probable Ore Reserves were declared based on the Measured and
Indicated Mineral Resources.
• The basis for the classification of the Ore Reserves into varying
confidence categories. The Ore Reserve estimate appropriately reflects the Competent Person's view of
the deposit.
• Whether the result appropriately reflects the Competent Person's view of
the deposit. None of the Measured Mineral Resource was converted to Proven Ore Reserves.
The Measured Resource component is located below the previous open pit and
• The proportion of Probable Ore Reserves that have been derived from forms part of the crown pillar to be extracted at the end of the underground
Measured Mineral Resources (if any). mine life. Due to the inherent risk of extracting the crown pillar at a much
later stage in the mine's life, it is appropriate in the Competent Person's
opinion to classify this material as Probable Ore Reserves and not Proved Ore
Reserves.
Audits or reviews Major parts of the study were completed by external, independent contributors
and were internally reviewed by each contributor prior to submission to
• The results of any audits or reviews of Ore Reserve estimates. Resolute. These inputs were then further reviewed by Resolute Corporate and
Site operational teams prior to inclusion in the PFS. The combined PFS and
Ore Reserves output was then internally reviewed, but no external review of
the combine PFS and Ore Reserves has been conducted yet.
Discussion of relative The relative accuracy and confidence of the Ore Reserve estimate is inherent
accuracy/ confidence
in the Ore Reserve Classification.
• Where appropriate a statement of the relative accuracy and confidence
level in the Ore Reserve estimate using an approach or procedure deemed The mine design and schedule were prepared to a PFS level of accuracy.
appropriate by the Competent Person. For example, the application of Conservative mining modifying factors were used to account for potential
statistical or geostatistical procedures to quantify the relative accuracy of variations in ground and geotechnical conditions.
the reserve within stated confidence limits, or, if such an approach is not
deemed appropriate, a qualitative discussion of the factors which could affect The open pit operations had a slight positive reconciliation, but this was not
the relative accuracy and confidence of the estimate. considered material to the underground project as the open pit operations only
focused on oxide material, and the underground will be focusing on fresh,
• The statement should specify whether it relates to global or local sulphide ore. Reconciliation procedures will be implemented as part of the
estimates, and, if local, state the relevant tonnages, which should be underground operation and will be considered in future Ore Reserve updates.
relevant to technical and economic evaluation. Documentation should include
assumptions made and the procedures used. Costs are at PFS level of confidence or better due to existing capital
infrastructure and open pit operations at Tabakoroni, and existing underground
• Accuracy and confidence discussions should extend to specific operations and processing at Syama, which will be re-used for the Tabakoroni
discussions of any applied Modifying Factors that may have a material impact underground project.
on Ore Reserve viability, or for which there are remaining areas of
uncertainty at the current study stage. Metallurgical results are in line with Syama parameters for similar ore, and
are consistent between various test programmes, providing confidence in the
• It is recognized that this may not be possible or appropriate in all assumptions used for the study.
circumstances. These statements of relative accuracy and confidence of the
estimate should be compared with production data, where available.
Tabakoroni Satellite Deposits - Porphyry Zone (Splay)
Section 1 Sampling Techniques and Data
CRITERIA JORC CODE EXPLANATION COMMENTARY
Sampling The samples were collected from reverse circulation (RC) and diamond core
techniques
drill holes.
• Nature and quality of sampling (e.g. cut channels, random chips, or
specific specialised industry standard measurement tools appropriate to the RC samples were collected on 1m intervals by riffle split (dry) or by scoop
minerals under investigation, such as down hole gamma sondes, or handheld XRF (wet), to obtain a 1-3kg sample which was sent to the laboratory for crushing,
instruments, etc.). These examples should not be taken as limiting the broad splitting and pulverising to provide a 30g charge for analysis.
meaning of sampling.
Diamond core was sampled at 1m intervals and cut in half, to provide a 2-4kg
• Include reference to measures taken to ensure sample representivity and sample, which was sent to the laboratory for crushing, splitting and
the appropriate calibration of any measurement tools or systems used. pulverising to provide a 30g charge for analysis.
• Aspects of the determination of mineralisation that are Material to the Sampling and sample preparation protocols are industry standard and are deemed
Public Report. appropriate by the Competent Person.
• 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 Drill types used include diamond core of PQ and HQ sizes and RC.
• Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air Core is oriented at 3m down hole intervals using a Reflex Act II RD
blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or Orientation Tool
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 Drill core interval recoveries are measured from core block to core block
using a tape measure.
• Method of recording and assessing core and chip sample recoveries and
results assessed. Appropriate measures are taken to maximise sample recovery and ensure the
representative nature of the samples.
• Measures taken to maximise sample recovery and ensure representative
nature of the samples. No apparent relationship is noted between sample recovery and grade.
• 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 Drill holes were geologically logged by geologists for colour, grainsize,
lithology, minerals, alteration and weathering on geologically-domained
• Whether core and chip samples have been geologically and geotechnically intervals.
logged to a level of detail to support appropriate Mineral Resource
estimation, mining studies and metallurgical studies. Geotechnical and structure orientation data was measured and logged for all
diamond core intervals.
• Whether logging is qualitative or quantitative in nature. Core (or
costean, channel, etc.) photography. Diamond core was photographed (wet and dry).
• The total length and percentage of the relevant intersections logged. Holes were logged in their entirety (100%) and this logging was considered
reliable and appropriate.
Sub-sampling techniques Diamond core was sampled at 1m intervals and cut in half to obtain a 2-4kg
and sample preparation
sample.
• If core, whether cut or sawn and whether quarter, half or all core
taken. Reverse circulation samples were collected on 1m intervals by riffle split
(dry) or by scoop (wet) to obtain a 1-3kg sample.
• If non-core, whether riffled, tube sampled, rotary split, etc. and
whether sampled wet or dry. Sample preparation for diamond core and RC samples includes oven drying,
crushing to 10mm, splitting and pulverising to 85% passing -75µm. These
• For all sample types, the nature, quality and appropriateness of the preparation techniques are deemed to be appropriate to the material being
sample preparation technique. sampled.
• Quality control procedures adopted for all sub-sampling stages to Drill core coarse duplicates were split by the laboratory after crushing at a
maximise representivity of samples. rate of 1:20 samples. Reverse circulation field duplicates were collected by
the company at a rate of 1:20 samples.
• Measures taken to ensure that the sampling is representative of the
in-situ material collected, including for instance results for field Sampling, sample preparation and quality control protocols are of industry
duplicate/second-half sampling. standard and all attempts were made to ensure an unbiased representative
sample was collected. The methods applied in this process were deemed
• Whether sample sizes are appropriate to the grain size of the material appropriate by the Competent Person.
being sampled.
Quality of assay data and All samples were dispatched to ALS Bamako for gold analysis by 30g fire assay
laboratory tests
fusion with AAS instrument finish (method code Au-AA25). Over-range results
• The nature, quality and appropriateness of the assaying and laboratory were re-analysed and reported by 30g fire assay fusion with gravimetric finish
procedures used and whether the technique is considered partial or total. (method code Au-GRA21). The analytical method was appropriate for the style of
mineralisation.
• For geophysical tools, spectrometers, handheld XRF instruments, etc.,
the parameters used in determining the analysis including instrument make and No geophysical tools were used to determine elemental concentrations.
model, reading times, calibrations factors applied and their derivation, etc.
Quality control (QC) procedures included the use of certified standards
• Nature of quality control procedures adopted (e.g. standards, blanks, (1:40), non-certified sand blanks (1:40), diamond core coarse duplicates
duplicates, external laboratory checks) and whether acceptable levels of (1:20) and reverse circulation field duplicates (1:20).
accuracy (i.e. lack of bias) and precision have been established.
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.
Verification of sampling Verification of significant intersections have been completed by company
and assaying
personnel and the Competent Person.
• The verification of significant intersections by either independent or
alternative company personnel. No drill holes within the resource area were twinned.
• The use of twinned holes. Drill holes were logged into digital templates with lookup codes, validated
and then compiled into a relational SQL 2012 database using DataShed data
• Documentation of primary data, data entry procedures, data verification, management software. The database has verification protocols which are used to
data storage (physical and electronic) protocols. validate the data entry. The drill hole database is backed up on a daily basis
to the head office server.
• Discuss any adjustment to assay data.
Assay result files were reported by the laboratory in PDF and CSV format and
imported into the SQL database without adjustment or modification.
Location of Collar coordinates were picked up in UTM (WGS84) by staff surveyors using an
data points
RTK DGPS with an expected accuracy of ±0.05m; elevations were height above
• Accuracy and quality of surveys used to locate drill holes (collar and EGM96 geoid.
down-hole surveys), trenches, mine workings and other locations used in
Mineral Resource estimation. Down hole surveys were collected at intervals between 5m and 30m using either
a Reflex EZ-Gyro north seeking instrument or a Reflex EZ-Trac magnetic
• Specification of the grid system used. instrument in single shot or multi shot mode. A time-dependent declination was
applied to the magnetic readings to determine UTM azimuth.
• Quality and adequacy of topographic control.
Coordinates and azimuths are reported in UTM WGS84 Zone 29 North.
Coordinates were translated to local mine grid using 1 point and rotation.
Local topographic control is via LIDAR surveys, satellite photography and
drone UAV aerial survey.
Data spacing and distribution Drill hole spacing was sufficient to demonstrate geological and grade
continuity appropriate for a Mineral Resource and the classifications applied
• Data spacing for reporting of Exploration Results. under the 2012 JORC Code.
• Whether the data spacing and distribution is sufficient to establish the The appropriateness of the drill spacing was reviewed by the geological
degree of geological and grade continuity appropriate for the Mineral Resource technical team, both on site and head office. This was also reviewed by the
and Ore Reserve estimation procedure(s) and classifications applied. Competent Person.
• Whether sample compositing has been applied. Samples were collected on 1m intervals; no sample compositing is applied
during sampling
Orientation of data in relation to geological structure Holes were drilled predominantly perpendicular to mineralised domains where
possible.
• Whether the orientation of sampling achieves unbiased sampling of
possible structures and the extent to which this is known, considering the No orientation-based sampling bias has been identified in
deposit type.
the data.
• If the relationship between the drilling orientation and the orientation
of key mineralised structures is considered to have introduced a sampling
bias, this should be assessed and reported if material.
Sample security Samples were collected from the drill site and stored on site. All samples
were individually bagged and labelled with unique sample identifiers, then
• The measures taken to ensure sample security. securely dispatched to the laboratories. All aspects of sampling and dispatch
process were supervised and tracked by SOMIFI personnel.
Audits or reviews External audits of procedures indicate protocols are within industry
standards.
• 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 Porphyry Zone drilling was completed within the Finkolo-Tabakoroni
Exploitation Licence PE 13/19. Resolute Mining Limited has an 85% interest in
• Type, reference name/number, location and ownership including agreements Exploitation Permit PE 13/19, through its Malian subsidiary, Sociêtê des
or material issues with third parties such as joint ventures, partnerships, Mines de Finkolo SA (SOMIFI). The Malian Government holds a free carried 10%
overriding royalties, native title interests, historical sites, wilderness or interest in SOMIFI and a free carried 5% interest is held privately.
national park and environmental settings.
The Permits are held in good standing. Malian mining law provides that all
• The security of the tenure held at the time of reporting along with any Mineral Resources are administered by DNGM (Direction Nationale de la
known impediments to obtaining a licence to operate in the area. Géologie et des Mines) or National Directorate of Geology and Mines under the
Ministry of Mines, Energy and Hydrology.
Exploration done by other parties Etruscan Resources Inc explored Tabakoroni during 2002-2003 by auger, aircore,
RC and diamond drill hole tails. The Tabakoroni area was previously explored
• Acknowledgment and appraisal of exploration by other parties. by BHP (1988-1990) and Barrick Gold (1990) by auger, pits, trenches, RAB and
diamond core drilling..
Geology The Tabakoroni Porphyry Zone is located on a NNE trending splay of the NNW
oriented Main Tabakoroni Shear Zone.
• Deposit type, geological setting and style of mineralisation.
Host rocks are comprised of interbedded greywacke and shale with small
intrusions of quartz feldspar phyric dacite porphyry. Ductile shearing
affects all units and is particularly focussed within the shale units.
Mineralisation occurs as quartz-pyrite veins and sulphidic shears within shale
units. Visible gold is commonly seen in vein quartz.
The gold mineralisation at the 'Porphyry Zone" is somewhat erratic with more
coherent zones striking NNE and dipping shallowly and steeply west.
Drill hole Information No exploration results have been reported in this release.
• A summary of all information material to the understanding of the All information, including easting, northing, elevation, dip, azimuth,
exploration results including a tabulation of the following information for coordinate system, drill hole length, intercept length and depth are measured
all Material drill holes: and recorded in UTM Zone 29 WGS84.
o easting and northing of the drill hole collar The Syama belt is mostly located on the Tengrela 1/200,000 topo sheet (Sheet
NC 29-XVIII).
o elevation or RL (Reduced Level - elevation above sea level in metres) of
the drill hole collar The Tabakoroni local grid has been tied to the UTM Zone 29 WGS84 co-ordinate
system.
o dip and azimuth of the hole
Spectrum Survey & Mapping from Australia established survey control at
o down hole length and interception depth Tabakoroni using AusPos online processing to obtain an accurate UTM Zone 29
(WGS84) and 'above geoid' RL for the origin of the survey control points.
o Whole length.
Accuracy of the survey measurements is considered to meet acceptable industry
• If the exclusion of this information is justified on the basis that the standards.
information is not Material and this exclusion does not detract from the
understanding of the report, the Competent Person should clearly explain why Drill hole information has been tabulated for this release in the intercepts
this is the case. table of the accompanying text.
For completeness the following information about the drill holes is provided:
· Easting, Northing and RL of the drill hole collars are measured
and recorded in UTM Zone 29 (WGS84)
· Dip is the inclination of the drill hole from horizontal. A drill
hole drilled at -60° is 60° from the horizontal
· Down hole length is the distance down the inclination of the hole
and is measured as the distance from the horizontal to end of hole
· Intercept depth is the distance from the start of the hole down the
inclination of the hole to the depth of interest or assayed interval of
interest.
Data aggregation methods No new exploration results have been reported in this release.
• In reporting Exploration Results, weighting averaging techniques, Exploration results are tabulated using the following parameters:
maximum and/or minimum grade truncations (e.g. cutting of high grades) and
cut-off grades are usually Material and should be stated. · Grid coordinates are WGS84 Zone 29 North
• Where aggregate intercepts incorporate short lengths of high-grade · Cut-off grade for reporting of intercepts is >=1g/t Au
results and longer lengths of low-grade results, the procedure used for such
aggregation should be stated and some typical examples of such aggregations · No top cut of individual assays prior to length weighted
should be shown in detail. compositing of the reported intercept has been applied
• The assumptions used for any reporting of metal equivalent values should · Maximum 3m consecutive internal dilution included within the
be clearly stated. intercept
Metal equivalent values are not used in reporting
Relationship between mineralisation widths and intercept lengths The majority of the drill holes are planned at a general inclination of ‑60
degrees east and as close to perpendicular to the ore zone as possible.
• These relationships are particularly important in the reporting of
Exploration Results. At the angle of the drill holes and the dip of the ore zones, the reported
intercepts will be slightly more than true width.
• 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 No exploration results have been reported in this release.
• 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 Significant intercepts of new drill holes have not been reported in this
release.
• Where comprehensive reporting of all Exploration Results is not
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 geophysical and geochemical data or any additional exploration information
has been reported in this release, as they are not deemed relevant to the
• Other exploration data, if meaningful and material, should release.
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 Further drilling is planned.
• The nature and scale of planned further work (e.g. tests
for lateral extensions or depth extensions or large-scale step-out drilling).
• 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 integrity Data have been compiled into a relational SQL database; the setup of this
database precludes the loading of data which do not meet the required
• Measures taken to ensure that data has not been corrupted validation protocols. The data is managed using DataShed© drill hole
by, for example, transcription or keying errors, between its initial management software using SQL database techniques. Validation checks are
collection and 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 full-time employee of Resolute Mining Ltd 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 multiple.
outcome of those visits.
All aspects of drilling, sampling and mining are considered by the Competent
• If no site visits have been undertaken indicate why this is Persons to be of a high industry standard.
the case.
Geological The digital database used for the interpretation included logged intervals
interpretation
for the key stratigraphic zones of the Porphyry Zone. Detailed geological logs
• Confidence in (or conversely, the uncertainty of) the geological were available in hardcopy and digital and reviewed where necessary.
interpretation of the mineral deposit.
A wireframe was used to constrain the estimation is based on drill hole
• Nature of the data used and of any assumptions made. intercepts and geological boundaries. The wireframe has been constructed to a
0.5 g/t Au cut-off grade for shape consistency. Only one wireframe was
• The effect, if any, of alternative interpretations on Mineral Resource constructed in the closely spaced drilled area and the remaining
estimation. mineralisation was in the wider spaced drilling area and an alternate
estimation method was used.
• The use of geology in guiding and controlling Mineral Resource
estimation. The confidence in the geological interpretation is a moderate level and is
based on good quality drilling and ongoing drill hole logging. The main zone
• The factors affecting continuity both of grade and geology. has been gc drilled and therefore is considered robust, the area outside the
gc drilling has a lower confidence give the sparse drilling. There could be
alternative interpretations in this area which is reflected in the
classification.
The logging in the geological database of lithology and weathering were
considered during the mineralisation domain interpretations, and where
available.
Dimensions The Porphyry Zone Mineral Resource area extends over a strike length of 700
metres (from 1,164,600 mN to 1,165,300 mN) and includes the 175 metre vertical
• The extent and variability of the Mineral Resource expressed interval from 345 mRL to 170 mRL. The overall plan width of the mineralised
as length (along strike or otherwise), plan width, and depth below surface lodes varies between a few metres to 20 metres in thickness and is 600 metres
to the upper and lower limits of the Mineral Resource. wide (from 810,265 mE to 810,865 mE).
Estimation and modelling techniques Estimation was completed in Datamine Studio RM using two estimation methods.
Gold was estimation into a three-dimensional block model by dynamic anisotropy
• The nature and appropriateness of the estimation technique(s) applied using ordinary kriging (OK) into the main domain (Domain 10). A hard
and key assumptions, including treatment of extreme grade values, domaining, boundary was used between mineralisation domains. A soft boundary was used
interpolation parameters and maximum distance of extrapolation from data between the oxide and transitional and a hard boundary between transitional
points. If a computer assisted estimation method was chosen include a and fresh within the main domain. To capture the complex low angled
description of computer software and parameters used. surrounding mineralisation an unconstrained inverse distance cubed (ID(3))
estimation technique was used.
• The availability of check estimates, previous estimates and/or mine
production records and whether the Mineral Resource estimate takes appropriate The drill spacing at The Porphyry Zone is a nominal 25 by 25 metres for the
account of such data. exploration holes for the majority of the deposits and 50 by 50 metres around
the periphery. The main part of the deposit has been gc drilled out to 12.5
• The assumptions made regarding recovery of by- products. by 10 metres. Parent blocks of 4 mE by 10 mN by 5 mRl were used for the block
model to tie in with the existing grade control model. Sub blocking down to 1
• Estimation of deleterious elements or other non-grade variables of mE by 2.5 mN by 1.25 mRl was employed for resolution of the mineralisation
economic significance (e.g. sulphur for acid mine drainage characterization). boundaries as define by wireframes
• In the case of block model interpolation, the block size in relation to Drillhole sample data was flagged using domain codes generated from
the average sample spacing and the search employed. three-dimensional mineralisation domains. The samples were composited to 1
metre intervals.
• In the case of block model interpolation, the block size in relation to
the average sample spacing and the search employed. Variogram orientations were largely controlled by the strike of the
mineralisation and downhole variography. The search ellipse for the
• Any assumptions behind modelling of selective mining units. background mineralisation is orientated striking towards the north and dipping
30(o) to the west.
• Any assumptions about correlation between variables.
Kriging neighbourhood analysis was performed to optimise the block size,
• Description of how the geological interpretation was used to control the sample numbers and discretisation levels with the goal of minimising
resource estimates. conditional bias in the gold grade estimates.
• Discussion of basis for using or not using grade cutting or capping. Three search passes were used, with the first search pass set to the range of
the variogram for each domain. A minimum of 8 and a maximum of 30 samples
• The process of validation, the checking process used, the comparison of were used. The search stayed the same for the second pass but was increased
model data to drill hole data, and use of reconciliation data if available. by a factor of 2 for the third and final pass. The minimum number of samples
was reduced to 6 for the second pass and 4 for the third pass.
No deleterious elements were found in the ore.
No selective mining units have been assumed.
Top cuts were applied to reduce the variability of the data and to remove the
outliers.
The estimated block model grades were visually validated against the input
drillhole data and comparisons were carried out against the drillhole data and
by northing and elevation slices. Global comparison between the input data
and the block grades for each variable is considered acceptable (±10%).
Moisture All tonnages have been estimated on a dry basis.
• 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 The cut-off grade of 1 g/t for the stated open pit Mineral Resource estimate
is determined from economic parameters that reflect geotechnical, mining and
• The basis of the adopted cut-off grade(s) or quality parameters applied. processing parameters and costs for an open pit mining operation.
Mining factors The Resource models assume that a moderate level of mining selectivity is
or assumptions
achieved in open pit mining. It has been assumed that high quality grade
· Assumptions made regarding possible mining methods, minimum mining control will be applied to ore/waste delineation processes using RC drilling,
dimensions and internal (or, if applicable, external) mining dilution. It is or similar, at a nominal (and no greater) spacing of 10 metre by 12.5 metre
always necessary as part of the process of determining reasonable prospects and applying a pattern sufficient to ensure adequate coverage of the
for eventual economic extraction to consider potential mining methods, but the mineralisation zones.
assumptions made regarding mining methods and parameters when estimating
Mineral Resources may not always be rigorous. Where this is the case, this This is consistent with current mining practises at Syama.
should be reported with an explanation of the basis of the mining assumptions
made.
Metallurgical factors or assumptions No metallurgical factors or assumptions have been made during the resource
estimation process as these will be addressed during the conversion to Ore
• The basis for assumptions or predictions regarding metallurgical Reserves.
amenability. It is always necessary as part of the process of determining
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 It is a requirement of Decree No.03-594/P-RM of 31 December 2003 of Malian
or assumptions
law that an Environmental and Social Impact Study (Étude d'Impact
· Assumptions made regarding possible waste and process residue disposal Environmental et Social - EIES) must be undertaken to update the potential
options. It is always necessary as part of the process of determining environmental and social impacts of the mine's redevelopment. The EIES for
reasonable prospects for eventual economic extraction to consider the the Syama Gold Mine (including Tabakoroni) was approved in November 2007 and
potential environmental impacts of the mining and processing operation. While an Environment Permit (07- 0054/MEA - SG) was issued by the Ministry of
at this stage the determination of potential environmental impacts, Environment and Sanitation on 22 November 2007. The Ministry of Environment
particularly for a green fields project, may not always be well advanced, the conducts timely reviews of the Syama Gold Mine to ensure that company
status of early consideration of these potential environmental impacts should maintains compliance with the EIES guidelines.
be reported. Where these aspects have not been considered this should be
reported with an explanation of the environmental assumptions made. At Syama and Tabakoroni, there are three key practices for disposal of wastes
and residues namely, stacking of waste rock from open pit mining; storage of
tailings from mineral processes; and "tall-stack dispersion" of sulphur
dioxide from the roasting of gold bearing concentrate. All waste disposal
practices are in accordance with the guidelines in the EIES.
The Environmental & Social Impact Study - "Société des Mines de Syama,
Syama Gold Mine, Mali", dated 2007 indicated there was minimal potential for
acid mine drainage from waste rock due to the elevated carbonate content which
buffers a potential acid generation. Resolute maintains a plan for
progressive rehabilitation of waste rock landforms as part of ongoing mine
development and waste rock dumping.
The landform of tailings impoundments does not have a net acid generating
potential. The largest volume is flotation tailings where the sulphide
minerals have already been removed from the host rock. Its mineralogy includes
carbonates which further buffer any acid-formation potential from sulphides
that may also be present.
Cyanide levels in the leached-calcine tailings are typically less than 50 ppm
in the weak acid dissociable form. Groundwater away from the tailings landform
is intercepted by trenches and sump pumps.
Sulphur dioxide is generated from the roasting of gold concentrate so that
gold can be extracted and refined. Tall-Stack "dispersion" of the sulphur
dioxide emission is monitored continuously. Prevailing weather and dissipation
of the sulphur dioxide is modelled daily to predict the need to pause the
roasting process to meet the air quality criteria set out in the Environmental
& Social Impact Study.
Bulk density No bulk density measurements have been taken at the Porphyry Zone.
· Whether assumed or determined. If assumed, the basis for the assumptions. An average SG was applied to the model by weathering types based on similar
If determined, the method used, whether wet or dry, the frequency of the deposits at Syama:
measurements, the nature, size and representativeness of the samples.
· Oxide 2.12 t/m(3)
· The bulk density for bulk material must have been measured by methods that
adequately account for void spaces (vugs, porosity, etc), moisture and · Transitional 2.38 t/m(3)
differences between rock and alteration zones within the deposit.
· Fresh 2.72 t/m(3)
· Discuss assumptions for bulk density estimates used in the evaluation
process of the different materials.
Classification In general, the Inferred Mineral Resource classification is applied to
extensions of mineralised zones on the margins of the deposit where drill
• The basis for the classification of the Mineral Resources into varying spacing is more than 50 m x 50 m and the extents of mineralisation at depth.
confidence categories. However, due to the complexity of the surrounding mineralisation and the low
confidence in the geological interpretation in addition to the estimation
• Whether appropriate account has been taken of all relevant factors (i.e. method being unconstrained. The competent person decided to classify the
relative confidence in tonnage/grade estimations, reliability of input data, whole of the deposit to Inferred until more drilling can be carried out.
confidence in continuity of geology and metal values, quality, quantity and
distribution of the data). The validation of the block model has confirmed satisfactory correlation of
the input data to the estimated grades and reproduction of data trends.
• Whether the result appropriately reflects the Competent Person's view of
the deposit. The Mineral Resource estimates appropriately reflects the view of the
Competent Person.
Audits or reviews There has been no external review of the Mineral Resource estimate.
• The results of any audits or reviews of Mineral Resource estimates.
Discussion of relative The Mineral Resource estimate has been classified based on the quality of
accuracy/ confidence
the data collected, the density of data, the confidence of the geological
• Where appropriate a statement of the relative accuracy and confidence models and mineralisation models, and the grade estimation quality. This has
level in the Mineral Resource estimate using an approach or procedure deemed been applied to a relative confidence based on data density and zone
appropriate by the Competent Person. For example, the application of confidence for resource classification. No relative statistical or
statistical or geostatistical procedures to quantify the relative accuracy of geostatistical confidence or risk measure has been generated or applied.
the resource within stated confidence limits, or, if such an approach is not
deemed appropriate, a qualitative discussion of the factors that could affect Mine production data was used in the validation process and showed to be
the relative accuracy and confidence of within 20% of the estimated tonnes, grade and ounces within the mined area.
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.
Section 4 Estimation and Reporting of Ore Reserves
CRITERIA JORC CODE EXPLANATION COMMENTARY
Mineral Resource estimate for conversion to Resources at Porphyry Zone are reported above a 1 g/t cut-off. This was
Ore Reserves
calculated as a marginal cut off utilising open pit mining methods.
• Description of the Mineral Resource estimate used as Material below this cut-off is not included in the Mineral Resource.
a basis for the conversion to an Ore Reserve.
Ore Reserves are the material reported as a sub-set of the resource, that
• Clear statement as to whether the Mineral Resources are reported which can be extracted from the mine and processed with an economically
additional to, or inclusive of, the acceptable outcome.
Ore Reserve.
Mineral Resources are reported inclusive of Ore Reserves.
Site visits Mr Kitwa Ndjibu is member of the Australasian Institute of Mining and
Metallurgy and is a Competent Person who has visited the site the project is
• Comment on any site visits undertaken by the Competent Person and the located.
outcome of those visits.
• If no site visits have been undertaken indicate why this
is the case.
Study status The Porphyry Zone deposit is adjacent to the Tabakoroni mine which had a
Feasibility study was completed in 2009 with updates in 2012 & 2016.
• The type and level of study undertaken to enable Mineral Resources to be
converted to Ore Reserves. Tabakoroni has been in continuous mining operation since August 2018. During
this time the performance the project has shown a positive reconciliation
• The Code requires that a study to at least Pre-Feasibility Study level between mineral resources and gold production and delivered positive
has been undertaken to convert Mineral Resources to Ore Reserves. Such studies cashflows. For 2023, the pit has been depleted; there is no ore to report.
will have been carried out and will have determined a mine plan that is
technically achievable and economically viable, and that material Modifying
Factors have been considered.
Cut-off No need to determine the cut-off grade
parameters
• The basis of the cut-off grade(s) or quality
parameters applied.
Mining factors or assumptions The reported Ore Reserve estimate for Porphyry Zone is based on pit
optimisations conducted using the Lerchs-Grossman (LG) algorithm of the
· The method and assumptions used as reported in the Pre-Feasibility or Whittle software to calculate the optimal pit at specific input parameters and
Feasibility Study to convert the Mineral Resource to an Ore Reserve (i.e. pit designs. Costs are based on existing contract mining and haulage rates
either by application of appropriate factors by optimization or by preliminary and site costs which are understood with a high degree of accuracy.
or detailed design).
Mining is undertaken by conventional open pit methods of drill and blast,
· The choice, nature and appropriateness followed by load and haul, utilising mining equipment comprising 120t - 230t
of the selected mining method(s) and other mining parameters including diesel hydraulic excavators and 90t off-highway dump trucks.
associated design issues such as pre-strip, access, etc.
Detailed pit design work was completed based on pit optimisations using
· The assumptions made regarding geotechnical parameters (e.g. pit slopes, Whittle Four-X optimisation software. Only Indicated Resources were used in
stope sizes, etc.), grade control and pre-production drilling. the pit optimisation.
· The major assumptions made and Mineral Resource model used for pit and Pit slope parameters for Porphyry Zone were based on a geotechnical assessment
stope optimization (if appropriate). that included a total of seven specific geotechnical holes. Overall slopes
angles are approximately 40°. All other pits adopt similar overall slope
· The mining dilution factors used. angles.
· The mining recovery factors used. Grade control consists of RC drilling, based on a 5.0mE x 12.5mN drill pattern
· Any minimum mining widths used. The MIK resource estimation technique used for the Porphyry Zone implicitly
incorporates internal mining dilution at the scale of the assessed SMU so no
· The manner in which Inferred Mineral Resources are utilized in mining additional modifying factor was applied.
studies and the sensitivity of the outcome to their inclusion.
· The infrastructure requirements of the selected mining methods.
Metallurgical factors Processing is by conventional primary crushing followed by single stage SAG
or assumptions
milling. Gold recovery is by means of a gravity recovery circuit and carbon
• The metallurgical process proposed and the appropriateness of that in leach process.
process to the style of mineralization.
Processing recoveries used are 90%, 80% and 65% for Oxide, Transitional and
• Whether the metallurgical process is well-tested technology or novel in fresh material respectively
nature.
Mine is operational with good reconciliation between predicted recoveries and
• The nature, amount and representativeness of metallurgical test work actual
undertaken, the nature of the metallurgical domaining applied and the
corresponding metallurgical recovery factors applied. Allowances are made in the recovery estimates for transitional and fresh ore
as the Au recovery is impacted by some of the gold being hosted in refractory
• Any assumptions or allowances made for deleterious elements. sulphide and preg-robbing carbon
• The existence of any bulk sample or pilot scale test work and the degree
to which such samples are considered representative of the ore body as a
whole.
• For minerals that are defined by a specification, has the ore reserve
estimation been based on the appropriate mineralogy to meet the
specifications?
Environmental An active waste rock characterisation program has been put in place for
Porphyry Zone.
• The status of studies of potential environmental impacts of the mining
and processing operation. Details of waste rock characterization and the Ore Reserves from Porphyry Zone will be processed at Syama and tailings
consideration of potential sites, status of design options considered and, storage will be impounded in existing footprint area approved in the
where applicable, the status of approvals for process residue storage and Environmental & Social Impact Study. Progressive raising of the tailings
waste dumps should be reported. occurs regularly with the 9th lift completed in 2019. Routine progress on
the monitoring is reported to government and at stakeholder meetings in
concert with routine inspections by government representatives.
Infrastructure All required infrastructure is already in place for the Porphyry Zone deposit
which is within the current the Tabakoroni mine footprint
· The existence of appropriate infrastructure: availability of land for
plant development, power, water, transportation (particularly for bulk
commodities), labour, accommodation; or the ease with which the infrastructure
can be provided, or accessed.
Costs The Porphyry Zone deposit is adjacent to the Tabakoroni mine, with established
mining operations. Ore is trucked to Syama where it is processed at Syama's
· The derivation of, or assumptions made, regarding projected capital costs oxide circuit. General and administration costs are shared between the oxide
in the study. plant and the sulphide plant which treats the Syama UG orebody. The Porphyry
Zone deposit will be mined contemporaneously with the Tabakoroni pits using
· The methodology used to estimate operating costs. the same mining and haulage fleet. The mining and haulage rates are based on
known contract rates.
· Allowances made for the content of deleterious elements.
The oxide plant produces gold doré (without problematic deleterious elements)
· The derivation of assumptions made of metal or commodity price(s), for the that is subsequently refined offsite. Refining costs are not material.
principal minerals and co- products.
Exchange rates used for planning purposes are from consensus forecasts
· The source of exchange rates used in the study. provided by external corporate advisers.
· Derivation of transportation charges. Ad valorem Government royalties of 6% are payable on gold production
· The basis for forecasting or source of treatment and refining charges,
penalties for failure to meet specification, etc.
· The allowances made for royalties payable, both Government and private.
Revenue factors A gold price of US$1,500/oz formed the basis of the Ore Reserves.
• The derivation of, or assumptions made regarding revenue factors
including head grade, metal or commodity price(s) exchange rates,
transportation and treatment charges, penalties, net smelter returns, etc.
• The derivation of assumptions made of metal or commodity price(s), for
the principal metals, minerals and co-products.
Market assessment The market for gold is robust with prevailing gold price being around
US$1,850/oz.
• The demand, supply and stock situation for the particular commodity,
consumption trends and factors likely to affect supply and demand into the Supply and demand are not considered material to the Ore Reserve calculations.
future.
• A customer and competitor analysis along with the identification of
likely market windows for the product.
• Price and volume forecasts and the basis for these forecasts.
• For industrial minerals the customer specification, testing and
acceptance requirements prior to a supply contract.
Economic The financial evaluation undertaken as part of the evaluation of these open
pits indicated a positive net present value (NPV) at a 5% discount rate and
• The inputs to the economic analysis to produce the net present value operating results to date have exceeded production and NPV forecasts.
(NPV) in the study, the source and confidence of these economic inputs
including estimated inflation, discount rate, etc.
• NPV ranges and sensitivity to variations in the significant assumptions
and inputs.
Social The Porphyry Zone falls under the SOMIFI exploitation permit and is managed by
SOMISY SA under Management and Toll Treatment agreements lodged with the
• The status of agreements with key stakeholders and matters leading to Government of Mali.
social license to operate.
It is the intention to encourage economic development within the local
community. During the operation of Tabakoroni and its satellite deposits the
focus has been on improving farming and health care plus providing access to
water; this will continue to remain a focus.
The Syama Mine Community Consultative Committee, which includes representation
from Tabakoroni and the villages adjacent to the Syama Satellites, was
established in February 2001 with representatives from local villages, the
Malian Government and SOMISY. Since April 2004 the Committee has met
regularly as a communication forum and to address community issues and assist
with community project proposals; it continues to meet on the first or second
Tuesday of each month.
Other All current government agreements and approvals are in good standing and no
anticipated changes are expected.
• To the extent relevant, the impact of the following on the project
and/or on the estimation and classification of the Ore Reserves:
• Any identified material naturally occurring risks.
• The status of material legal agreements and marketing arrangements.
• The status of governmental agreements and approvals critical to the
viability of the project, such as mineral tenement status, and government and
statutory approvals. There must be reasonable grounds to expect that all
necessary Government approvals will be received within the timeframes
anticipated in the Pre-Feasibility or Feasibility study. Highlight and discuss
the materiality of any unresolved matter that is dependent on a third party on
which extraction of the reserve is contingent.
Classification Proved and Probable Ore Reserves were declared based on the Measured and
Indicated Mineral Resources.
• The basis for the classification of the Ore Reserves into varying
confidence categories. The Ore Reserve estimate appropriately reflects the Competent Person's view of
the deposit.
• Whether the result appropriately reflects the Competent Person's view of
the deposit.
• The proportion of Probable Ore Reserves that have been derived from
Measured Mineral Resources (if any).
Audits or reviews
• The results of any audits or reviews of Ore Reserve estimates.
Discussion of relative The relative accuracy and confidence of the Ore Reserve estimate is inherent
accuracy/ confidence
in the Ore Reserve Classification.
• Where appropriate a statement of the relative accuracy and confidence
level in the Ore Reserve estimate using an approach or procedure deemed
appropriate by the Competent Person. For example, the application of
statistical or geostatistical procedures to quantify the relative accuracy of
the reserve within stated confidence limits, or, if such an approach is not
deemed appropriate, a qualitative discussion of the factors which could affect
the relative accuracy and confidence of the estimate.
• The statement should specify whether it relates to global or local
estimates, and, if local, state the relevant tonnages, which should be
relevant to technical and economic evaluation. Documentation should include
assumptions made and the procedures used.
• Accuracy and confidence discussions should extend to specific
discussions of any applied Modifying Factors that may have a material impact
on Ore Reserve viability, or for which there are remaining areas of
uncertainty at the current study stage.
• It is recognized that this may not be possible or appropriate in all
circumstances. These statements of relative accuracy and confidence of the
estimate should be compared with production data, where available.
Syama Satellite Deposits - Cashew, Paysans, Tellem and Syama North
Section 1 Sampling Techniques and Data
CRITERIA JORC CODE EXPLANATION COMMENTARY
Sampling techniques The samples were collected from reverse circulation (RC) and diamond core
drill holes.
· Nature and quality of sampling (e.g. cut channels, random chips, or
specific specialised industry standard measurement tools appropriate to the RC samples were collected on 1m intervals by riffle split (dry) or by scoop
minerals under investigation, such as down hole gamma sondes, or handheld XRF (wet), to obtain
instruments, etc.). These examples should not be taken as limiting the broad
a 1-3kg sample which was sent to the laboratory for crushing, splitting and
meaning of sampling. pulverising to provide a 30g charge for analysis.
· Include reference to measures taken to ensure sample representivity and the Diamond core was sampled at 1m intervals and cut in half, to provide a 2-4kg
appropriate calibration of any measurement tools or systems used. sample,
which was sent to the laboratory for crushing, splitting and pulverising to
· Aspects of the determination of mineralisation that are Material to the provide a 30g charge for analysis.
Public Report.
Sampling and sample preparation protocols are industry standard and are deemed
· In cases where 'industry standard' work has been done this would be appropriate by the Competent Person.
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 Drill types used include diamond core of PQ and HQ sizes and RC.
· Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air Core is oriented at 3m down hole intervals using a Reflex Act II RD
blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or Orientation Tool.
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 Drill core interval recoveries are measured from core block to core block
using a tape measure.
· Method of recording and assessing core and chip sample recoveries and
results assessed. Appropriate measures are taken to maximise sample recovery and ensure the
representative nature of the samples.
· Measures taken to maximise sample recovery and ensure representative nature
of the samples. No apparent relationship is noted between sample recovery and grade.
· 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 Drill holes were geologically logged by geologists for colour, grainsize,
lithology, minerals, alteration and weathering on geologically-domained
· Whether core and chip samples have been geologically and geotechnically intervals.
logged to a level of detail to support appropriate Mineral Resource
estimation, mining studies and metallurgical studies. Geotechnical and structure orientation data was measured and logged for all
diamond core intervals.
· Whether logging is qualitative or quantitative in nature. Core (or costean,
channel, etc.) photography. Diamond core was photographed (wet and dry).
· The total length and percentage of the relevant intersections logged. Holes were logged in their entirety (100%) and this logging was considered
reliable and appropriate.
Sub-sampling techniques Diamond core was sampled at 1m intervals and cut in half to obtain a 2-4kg
and sample preparation
sample.
· If core, whether cut or sawn and whether quarter, half or all core taken.
Reverse circulation samples were collected on 1m intervals by riffle split
· If non-core, whether riffled, tube sampled, rotary split, etc. and (dry) or by scoop (wet) to obtain a 1-3kg sample.
whether sampled wet or dry.
Sample preparation for diamond core and RC samples includes oven drying,
· For all sample types, the nature, quality and appropriateness of the crushing to 10mm, splitting and pulverising to 85% passing -75µm. These
sample preparation technique. preparation techniques are deemed to be appropriate to the material being
sampled.
· Quality control procedures adopted for all sub-sampling stages to
maximise representivity of samples. Drill core coarse duplicates were split by the laboratory after crushing at a
rate of 1:20 samples. Reverse circulation field duplicates were collected by
· Measures taken to ensure that the sampling is representative of the the Company at a rate of 1:20 samples.
in-situ material collected, including for instance results for field
duplicate/second-half sampling. Sampling, sample preparation and quality control protocols are of industry
standard and all attempts were made to ensure an unbiased representative
· Whether sample sizes are appropriate to the grain size of the material sample was collected. The methods applied in this process were deemed
being sampled. appropriate by the Competent Person.
Quality of assay data and laboratory tests All samples were dispatched to ALS Bamako for gold analysis by 30g fire assay
fusion with AAS instrument finish (method code Au-AA25). Over-range results
· The nature, quality and appropriateness of the assaying and laboratory were re-analysed and reported by 30g fire assay fusion with gravimetric finish
procedures used and whether the technique is considered partial or total. (method code Au-GRA21). The analytical method was appropriate for the style of
mineralisation.
· For geophysical tools, spectrometers, handheld XRF instruments, etc., the
parameters used in determining the analysis including instrument make and No geophysical tools were used to determine elemental concentrations.
model, reading times, calibrations factors applied and their derivation, etc.
Quality control (QC) procedures included the use of certified standards
· Nature of quality control procedures adopted (e.g. standards, blanks, (1:40), non-certified sand blanks (1:40), diamond core coarse duplicates
duplicates, external laboratory checks) and whether acceptable levels of (1:20) and reverse circulation field duplicates (1:20).
accuracy (i.e. lack of bias) and precision have been established.
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.
Verification of sampling and assaying Verification of significant intersections have been completed by Company
personnel and the Competent Person.
· The verification of significant intersections by either independent or
alternative company personnel. No drill holes within the resource area were twinned.
· The use of twinned holes. Drill holes were logged into digital templates with lookup codes, validated
and then compiled into a relational SQL 2012 database using DataShed data
· Documentation of primary data, data entry procedures, data verification, management software. The database has verification protocols which are used to
data storage (physical and electronic) protocols. validate the data entry. The drill hole database is backed up on a daily basis
to the head office server.
· Discuss any adjustment to assay data.
Assay result files were reported by the laboratory in PDF and CSV format and
imported into the SQL database without adjustment or modification.
Location of data points Collar coordinates were picked up in UTM (WGS84) by staff surveyors using an
RTK DGPS with an expected accuracy of ±0.05m; elevations were height above
· Accuracy and quality of surveys used to locate drill holes (collar and EGM96 geoid.
down-hole surveys), trenches, mine workings and other locations used in
Mineral Resource estimation. Down hole surveys were collected at intervals between 5m and 30m using either
a Reflex EZ-Gyro north seeking instrument or a Reflex EZ-Trac magnetic
· Specification of the grid system used. instrument in single shot or multi shot mode. A time-dependent declination was
applied to the magnetic readings to determine UTM azimuth.
· Quality and adequacy of topographic control.
Coordinates and azimuths are reported in UTM WGS84 Zone 29 North.
Coordinates were translated to local mine grid using 1 point and rotation.
Local topographic control is via LIDAR surveys, satellite photography and
drone UAV aerial survey.
Data spacing and distribution Drill hole spacing was sufficient to demonstrate geological and grade
continuity appropriate for a Mineral Resource and the classifications applied
· Data spacing for reporting of Exploration Results. under the 2012 JORC Code.
· Whether the data spacing and distribution is sufficient to establish the The appropriateness of the drill spacing was reviewed by the geological
degree of geological and grade continuity appropriate for the Mineral Resource technical team, both on site and head office. This was also reviewed by the
and Ore Reserve estimation procedure(s) and classifications applied. Competent Person.
· Whether sample compositing has been applied. Samples were collected on 1m intervals; no sample compositing is applied
during sampling.
Orientation of data in relation to geological structure Holes were drilled predominantly perpendicular to mineralised domains where
possible.
· Whether the orientation of sampling achieves unbiased sampling of
possible structures and the extent to which this is known, considering the No orientation-based sampling bias has been identified in the data.
deposit type.
· If the relationship between the drilling orientation and the orientation
of key mineralised structures is considered to have introduced a sampling
bias, this should be assessed and reported if material.
Sample security Samples were collected from the drill site and stored on site.
All samples were individually bagged and labelled with unique sample
· The measures taken to ensure sample security. identifiers, then securely dispatched to the laboratories. All aspects of
sampling and dispatch process were supervised and tracked by SOMIFI/SOMISY
personnel.
Audits or reviews External audits of procedures indicate protocols are within industry
standards.
· 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 Drilling at Syama was conducted within the Malian Exploitation Concession
Permit PE 93/003 which covers an area of 200.6km2.
· Type, reference name/number, location and ownership including
agreements or material issues with third parties such as joint ventures, Resolute Mining Limited has an 80% interest in the Syama project and the
partnerships, overriding royalties, native title interests, historical sites, Exploitation Permit PE 93/003, on which it is based, through its Malian
wilderness or national park and environmental settings. subsidiary, Sociêtê des Mines de Syama SA (SOMISY). The Malian Government
holds a free carried 20% interest in SOMISY.
· 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. The Permits are held in good standing. Malian mining law provides that all
Mineral Resources are administered by DNGM (Direction Nationale de la
Géologie et des Mines) or National Directorate of Geology and Mines under the
Ministry of Mines, Energy and Hydrology.
Exploration done by other parties The Syama deposit was originally discovered by a regional geochemical survey
undertaken by the Direction National de Géologie et des Mines (DNGM) with
· Acknowledgment and appraisal of exploration by other parties. assistance from the United Nations Development Program (UNDP) in 1985. There
had also been a long history of artisanal activities on the hill where an
outcropping chert horizon originally marked the present-day position of the
open pit.
BHP during 1987-1996 sampled pits, trenches, auger, RC and diamond drill holes
across Syama prospects. Randgold Resources Ltd during 1996-2000 sampled pits,
trenches, auger, RAB, RC and diamond drill holes across Syama prospects.
Etruscan Resources Inc explored Tabakoroni during 2002-2003 by auger, aircore,
RC and diamond drill hole tails. The Tabakoroni area was previously explored
Barrick Gold (1990) by auger, pits, trenches, RAB and diamond core drilling.
Geology The Syama Project is found on the northern margin of the Achaean-Proterozoic
Leo Shield which forms the southern half of the West African Craton. The
· Deposit type, geological setting and style of mineralisation. project area straddles the boundary between the Kadiana-Madinani terrane and
the Kadiolo terrane. The Kadiana-Madinani terrane is dominated by greywackes
and a narrow belt of interbedded basalt and argillite. The Kadiolo terrane
comprises polymictic conglomerate and sandstone that were sourced from the
Kadiana-Madinani terrane and deposited in a late- to syntectonic basin.
Prospects are centred on the NNE striking, west dipping, Syama-Bananso Fault
Zone and Birimian volcano-sedimentary units of the Syama Formation. The major
commodity being sought is gold.
Drill hole Information All information, including easting, northing, elevation, dip, azimuth,
coordinate system, drill hole length, intercept length and depth are measured
· A summary of all information material to the understanding of the and recorded in UTM Zone 29 WGS84.
exploration results including a tabulation of the following information for
all Material drill holes: The Syama belt is mostly located on the Tengrela 1/200,000 topo sheet (Sheet
NC 29-XVIII).
o easting and northing of the drill hole collar
Spectrum Survey & Mapping from Australia established survey control at
o elevation or RL (Reduced Level - elevation above sea level in metres) of Tabakoroni using AusPos online processing to obtain an accurate UTM Zone 29
the drill hole collar (WGS84) and 'above geoid' RL for the origin of the survey control points.
o dip and azimuth of the hole Accuracy of the survey measurements is considered to meet acceptable industry
standards.
o down hole length and interception depth
Drill hole information has been tabulated for this release in the intercepts
o Whole length. table of the accompanying text.
· If the exclusion of this information is justified on the basis that For completeness the following information about the drill holes is provided:
the information is not Material and this exclusion does not detract from the
understanding of the report, the Competent Person should clearly explain why · Easting, Northing and RL of the drill hole collars are measured and
this is recorded in UTM Zone 29 (WGS84).
the case.
· Dip is the inclination of the drill hole from horizontal. A drill hole
drilled at -60° is 60° from the horizontal.
· Down hole length is the distance down the inclination of the hole and
is measured as the distance from the horizontal to end of hole.
· Intercept depth is the distance from the start of the hole down the
inclination of the hole to the depth of interest or assayed interval of
interest.
Data aggregation methods Exploration results are tabulated using the following parameters:
· In reporting Exploration Results, weighting averaging techniques, · Grid coordinates are WGS84 Zone 29 North.
maximum and/or minimum grade truncations (e.g. cutting of high grades) and
cut-off grades are usually Material and should be stated. · Cut-off grade for reporting of intercepts is >=1g/t Au.
· Where aggregate intercepts incorporate short lengths of high-grade · No top cut of individual assays prior to length weighted compositing of
results and longer lengths of low-grade results, the procedure used for such the reported intercept has been applied.
aggregation should be stated and some typical examples of such aggregations
should be shown in detail. · Maximum 3m consecutive internal dilution included within the intercept.
· The assumptions used for any reporting of metal equivalent values Metal equivalent values are not used in reporting.
should be clearly stated.
Relationship between mineralisation widths and intercept lengths The Cashew NE, Paysans and Syama North mineralisation is shallowly dipping at
about 30 degrees to the west (local grid).
· These relationships are particularly important in the reporting of
Exploration Results. The majority of the Tellem mineralisation is narrow and sub vertical.
· If the geometry of the mineralisation with respect to the drill The majority of the drill holes are planned at a general inclination of ‑60
hole angle is known, its nature should be reported. degrees east and as close to perpendicular to the ore zone as possible.
· If it is not known and only the down hole lengths are reported, At the angle of the drill holes and the dip of the ore zones, the reported
there should be a clear statement to this effect (e.g. 'down hole length, true intercepts will be slightly more than true width.
width not known').
Diagrams No exploration results have been reported in this release.
· 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 Significant intercepts of new drill holes have not been reported in this
release.
· Where comprehensive reporting of all Exploration Results is not
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 geophysical and geochemical data or any additional exploration information
has been reported in this release, as they are not deemed relevant to the
· Other exploration data, if meaningful and material, should be release.
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 Further drilling is planned.
· The nature and scale of planned further work (e.g. tests for
lateral extensions or depth extensions or large-scale step-out drilling).
· 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 integrity Cashew,Paysans and Tellem
Data has been compiled into a relational SQL database; the setup of this
· Measures taken to ensure that data has not been corrupted by, for database precludes the loading of data which do not meet the required
example, transcription or keying errors, between its initial collection and validation protocols. The data is managed using DataShed© drill hole
its use for Mineral Resource estimation purposes. management software using SQL database techniques. Validation checks are
conducted using SQL and DataShed© relational database standards. Data has
· Data validation procedures used. also been checked against original hard copies for 100% of the data, and where
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 Cashew and Paysans
Mr Bruce Mowat, a full-time employee of Resolute Mining Ltd and a Member of
· Comment on any site visits undertaken by the Competent Person and the the Australasian Institute of Mining and Metallurgy is the Competent Person
outcome of those visits. who has visited this site multiple times.
· If no site visits have been undertaken indicate why Tellem and Syama North
this is the case.
Mr Patrick Smillie is a full-time employee of Resolute Mining Ltd and a Member
of the Society for Mining, Metallurgy, and Exploration is the competent person
and has visited site on multiple occasions.
All aspects of drilling, sampling and mining are considered by the Competent
Persons to be of a high industry standard.
Geological interpretation Cashew and Paysans
The digital database used for the interpretation included logged intervals for
· Confidence in (or conversely, the uncertainty of) the geological the key stratigraphic zones of Cashew NE, Paysans and Tellem. Detailed
interpretation of the mineral deposit. geological logs were available in hardcopy and digital and reviewed where
necessary.
· Nature of the data used and of any assumptions made.
Wireframes used to constrain the estimation are based on drill hole intercepts
· The effect, if any, of alternative interpretations on Mineral Resource and geological boundaries. All wireframes at Cashew NE and Paysans have been
estimation. constructed to a 0.3g/t Au cut-off grade for shape consistency. At Tellem they
were constructed at nominal 0.1g/t Au mineralised envelope.
· The use of geology in guiding and controlling Mineral Resource
estimation. There is a moderate level of confidence for the interpretation at Cashew NE,
Paysans, Tellem and Syama North due to the relatively close-spaced drilling at
· The factors affecting continuity both of grade and geology. surface. The mineralisation is generally quite consistent and drill intercepts
clearly define the shape of the mineralised zones with limited options for
large scale alternate interpretations.
Dimensions Cashew
The mineral resource at Cashew comprises three individual domains they all dip
· The extent and variability of the Mineral Resource at about 30 degrees to the west (local grid) from surface and extend 200
expressed as length (along strike or otherwise), plan width, metres down dip. The three domains extend for approximately 350 metres along
and depth below surface to the upper and lower limits of the Mineral Resource. strike and the gold mineralised zone width varies between 1.5 and 20 metres,
with an average thickness of 7 metres.
Paysans
Three domains have been identified at Paysans. The three domains all dip at
about 30 degrees to the west (local grid) and extend for 300 metres down dip.
The mineralised zone width varies between 1.5 and 10 metres with an average
thickness of 3 metres. They strike north-south (local grid) for approximately
1,700 metres. The deposit has been divided into three areas by two faults
which run east-west
(local grid).
Tellem
There are three mineralised domains at Tellem. The three domains are narrow
sub vertical zone of stockwork veins modelled to be between a few metres to
1.5 metres in thickness. The strike length is approximately 4.3 kilometres and
covers a vertal extent of 270 metres.
Syama North
The Syama North Mineral Resource area extends over a strike length of 6,000
metres (from 1,196,925mN to 1,202,800mN), and includes the 310m vertical
interval from 455mRL to 145mRL. The overall plan width of the mineralised
lodes varies between 10 metres to 100 metres in horizontal thickness.
Estimation and modelling techniques Cashew
Estimation was completed in Datamine Studio RM using an Ordinary Kriged model
• The nature and appropriateness of to estimate the gold, sulphide sulphur and organic carbon grades. Grades were
the estimation technique(s) applied and key assumptions, including treatment estimated into parent block of 5mE by 5mN by 2.5mRL with sub- celling down to
of extreme grade values, domaining, interpolation parameters and maximum 2.5mE by 2.5mN by 2.5mRL was employed for resolution of the mineralisation
distance of extrapolation from data points. If a computer assisted estimation boundaries as defined by wireframes. The drill spacing at Cashew is a nominal
method was chosen include a description of computer software and parameters 25 by 25 metres for the exploration holes for the majority of the deposits and
used. 50 by 50 metres around the periphery. The main part of the deposit has been gc
drilled out to 12.5 by 5 metres.
· The availability of check estimates, previous estimates and/or
mine production records and whether the Mineral Resource estimate takes Drillhole sample data was flagged using domain codes generated from
appropriate account of such data. three-dimensional mineralisation domains. The samples were composited to 1
metre intervals.
· The assumptions made regarding recovery of by- products.
Variogram orientations were largely controlled by the strike of the
· Estimation of deleterious elements or other mineralisation and downhole variography. One set of variograms was generated
non-grade variables of economic significance (e.g. sulphur for acid mine for all the mineralisation due to similar orientation of each of the domains.
drainage characterization).
Kriging neighbourhood analysis was performed to optimise the block size,
· In the case of block model interpolation, the block size in sample numbers and discretisation levels with the goal of minimising
relation to the average sample spacing and the search employed. conditional bias in the gold grade estimates.
· In the case of block model interpolation, the block size in The mineralisation domains were treated as hard boundaries in the estimation
relation to the average sample spacing and the search employed. process while oxidation surfaces were treated as soft boundaries.
· Any assumptions behind modelling of selective mining units. Three search passes were used, with the first search pass set to the range of
the variogram for each domain. A minimum of 8 and a maximum of 30 samples were
· Any assumptions about correlation between variables. used. The search stayed the same for the second pass but was increased by a
factor of 2 for the third and final pass. The minimum number of samples was
· Description of how the geological interpretation was used to reduced to six for the second pass and for the third pass.
control the resource estimates.
No deleterious elements were found in the ore.
· Discussion of basis for using or not using grade cutting or
capping. No selective mining units have been assumed.
· The process of validation, the checking process used, the Top cuts were applied to reduce the variability of the data and to remove the
comparison of model data to drill hole data, and use of reconciliation data if outliers.
available.
The estimated block model grades were visually validated against the input
drillhole data and comparisons were carried out against the drillhole data and
by northing and elevation slices. Global comparison between the input data and
the block grades for each variable is considered acceptable (±10%)
Paysans
Estimation was completed in Datamine Studio RM using an Ordinary Kriged model
to estimate the gold grade. Grades were estimated into parent block of 10mE by
20mN (at Cashew, 25mN at Paysans) by 5mRL with sub- celling down to 2.5mE by
2.5mN by 2.5mRL was employed for resolution of the mineralisation boundaries
as defined by wireframes. The drill spacing at Paysans is a nominal 25 by 25
metres for the exploration holes for the majority of the deposits and 50 by 50
metres around the periphery.
Drillhole sample data was flagged using domain codes generated from
three-dimensional mineralisation domains. The samples were composited to one
metre intervals.
Variogram orientations were largely controlled by the strike of the
mineralisation and downhole variography. One set of variograms was generated
for all the mineralisation due to similar orientation of each of the domains
and sometimes lack of composites.
Kriging neighbourhood analysis was performed to optimise the block size,
sample numbers and discretisation levels with the goal of minimising
conditional bias in the gold grade estimates.
At Cashew mineralisation domains were treated as hard boundaries in the
estimation process while oxidation surfaces were treated as soft boundaries.
At Paysans the mineralisation domains were treated as hard boundaries as well
as the boundary
between the transitional and fresh material within each domain.
The boundary between the oxide and transitional is treated as a soft boundary.
Three search passes were used, with the first search pass set to the range of
the variogram for each domain. A minimum of eight and a maximum of 30 samples
were used. The search stayed the same for the second pass but was increased by
a factor of three for the third and final pass. The minimum number of samples
was reduced to six for the second pass and four for the third pass.
No deleterious elements were found in the ore.
No selective mining units have been assumed.
Top cuts were applied to reduce the variability of the data and to remove the
outliers.
The estimated block model grades were visually validated against the input
drillhole data and comparisons were carried out against the drillhole data and
by northing and elevation slices. Global comparison between the input data and
the block grades for each variable is considered acceptable (±10%).
Syama North and Tellem
Estimation of gold grade has been completed using Ordinary Kriging (OK).
The deposit mineralisation has been constrained by wireframes constructed
using a combination of downhole gold assay and associated lithological
logging. These lode wireframes have been used to define domain codes used for
estimation. The drillholes have been flagged with the domain code and
composited using the domain code to segregate the data.
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
with residual lengths distributed evenly across all composites. There are no
residual samples.
The influence of extreme gold assays has been reduced by top-cutting across
selected domains. Top-cuts have been determined using a combination of log
probability, log histogram, and mean-variance plots. Top-cuts have been
reviewed and applied to the composites on a domain-by-domain basis.
Variography has been determined using Datamine Supervisor v.8.14 software
using top-cut values. Where there is insufficient data in individual domains
to generate meaningful variograms, domains have been grouped, or variograms
borrowed from other similar domains.
Drillhole data spacing ranges from 10m spacing in areas of dense drilling to
approximately 100m spacing in sparsely drilled, deeper areas.
Syama North
The block model parent block size is 5m (X) by 10m (Y) by 5m (Z) with
sub-blocks down to 0.3125m (X) by 0.625m (Y) by 0.3125m (Z), with the
sub-blocks estimated at the scale of the parent block. The block size is
considered appropriate for the drillhole spacing throughout the deposit.
Grade estimation has been completed in three passes:
Ø Pass 1 estimation has been undertaken using a minimum and maximum number
of sample composites (determined using Datamine Supervisor v.8.14 KNA tool)
into a search ellipsoid with dimensions equal to half the variogram range of
the domain.
Ø Pass 2 estimation has been undertaken with the same minimum/maximum
samples as Pass 1 into a search ellipsoid twice the first pass.
Ø Pass 3 estimation has been undertaken with a minimum of 4 samples, and
the same maximum number of samples as the first two passes into a search
ellipsoid twice the second pass
Previous Mineral Resource estimates are comparable in size and scope when
considering the additional extensional drilling included in the current
estimate.
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 block model grades by Northing, Easting, and RL
No selective mining units are assumed in the estimate.
There will be no by-products recovered from mining.
No additional or deleterious elements have been estimated.
The model focuses on interpreting mineralisation beneath existing open pits.
Historical reconciliation data is incomplete and has not been used.
Tellem
The block model parent block size is 5m (X) by 10m (Y) by 5m (Z) with
sub-blocks down to 0.625m (X) by 1.25m (Y) by 0.625m (Z), with the sub-blocks
estimated at the scale of the parent block. The block size is considered
appropriate for the drillhole spacing throughout the deposit.
Grade estimation has been completed in three passes:
Ø Pass 1 estimation has been undertaken using a minimum and maximum number
of sample composites (determined using Datamine Supervisor v.8.14 KNA tool)
into a search ellipsoid with dimensions equal to half the variogram range of
the domain.
Ø Pass 2 estimation has been undertaken with the same minimum/maximum
samples as Pass 1 into a search ellipsoid twice the first pass.
Ø Pass 3 estimation has been undertaken with a minimum of 4 samples, and
the same maximum number of samples as the first two passes into a search
ellipsoid twice the second pass
Previous Mineral Resource estimates are comparable in size and scope when
considering the additional extensional drilling included in the current
estimate.
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 block model grades by Northing, Easting, and RL
No selective mining units are assumed in the estimate.
There will be no by-products recovered from mining.
No additional or deleterious elements have been estimated.
The model focuses on interpreting mineralisation beneath existing open pits.
Historical reconciliation data is incomplete and has not been used.
Moisture Cashew, Paysans, Tellem and Syama North
All tonnages have been estimated on a dry basis.
· 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 Mineral Resources for open pit extraction have been reported at a 1g/t Au
grade cut-off.
· The basis of the adopted cut-off grade(s) or quality parameters
applied.
Mining factors or assumptions Cashew, Paysans, Tellem and Syama North
The Resource models assume that a moderate level of mining selectivity is
· Assumptions made regarding possible mining methods, minimum achieved in open pit mining. It has been assumed that high quality grade
mining dimensions and internal (or, if applicable, external) mining dilution. control will be applied to ore/waste delineation processes using RC drilling,
It is always necessary as part of the process of determining reasonable or similar, at a nominal (and no greater) spacing of 5 metre by 12.5 metre and
prospects for eventual economic extraction to consider potential mining applying a pattern sufficient to ensure adequate coverage of the
methods, but the assumptions made regarding mining methods and parameters when mineralisation zones.
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 This is consistent with current mining practises at Syama.
assumptions made.
Metallurgical factors or assumptions Cashew, Paysans, Tellem and Syama North
No metallurgical factors or assumptions have been made during the resource
· The basis for assumptions or predictions regarding metallurgical estimation process as these will be addressed during the conversion to Ore
amenability. It is always necessary as part of the process of determining Reserves.
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 Cashew, Paysans, Tellem and Syama North
It is a requirement of Decree No.03-594/P-RM of 31 December 2003 of Malian law
· Assumptions made regarding possible waste and process residue that an Environmental and Social Impact Study (Étude d'Impact Environmental
disposal options. It is always necessary as part et Social - EIES) must be undertaken to update the potential environmental and
of the process of determining reasonable prospects for eventual economic social impacts of the mine's redevelopment. The EIES for the Syama Gold Mine
extraction to consider the potential environmental impacts of the mining and (including Tabakoroni) was approved in November 2007 and an Environment Permit
processing operation. While at this stage the determination of potential (07- 0054/MEA - SG) was issued by the Ministry of Environment and Sanitation
environmental impacts, particularly for a green fields project, may not always on 22 November 2007. The Ministry of Environment conducts timely reviews of
be well advanced, the status of early consideration of these potential the Syama Gold Mine to ensure that the Company maintains compliance with the
environmental impacts should be reported. Where these aspects have EIES guidelines.
not been considered this should be reported with an explanation of the
environmental assumptions made. At Syama, there are three key practices for disposal of wastes and residues
namely, stacking of waste rock from open pit mining; storage of tailings from
mineral processes; and "tall-stack dispersion" of sulphur dioxide from the
roasting of gold bearing concentrate. All waste disposal practices are in
accordance with the guidelines in the EIES.
The Environmental and Social Impact Study - "Société des Mines de Syama,
Syama Gold Mine, Mali", dated 2007 indicated there was minimal potential for
acid mine drainage from waste rock due to the elevated carbonate content which
buffers a potential acid generation. Resolute maintains a plan for progressive
rehabilitation of waste rock landforms as part of ongoing mine development and
waste rock dumping.
The landform of tailings impoundments does not have a net acid generating
potential. The largest volume is flotation tailings where the sulphide
minerals have already been removed from the host rock. Its mineralogy includes
carbonates which further buffer any acid-formation potential from sulphides
that may also be present.
Cyanide levels in the leached-calcine tailings are typically less than 50ppm
in the weak acid dissociable form. Groundwater away from the tailings landform
is intercepted by trenches and sump pumps.
Sulphur dioxide is generated from the roasting of gold concentrate so that
gold can be extracted and refined. Tall-Stack "dispersion" of the sulphur
dioxide emission is monitored continuously. Prevailing weather and dissipation
of the sulphur dioxide is modelled daily to predict the need to pause the
roasting process to meet the air quality criteria set out in the Environmental
and Social Impact Study.
Bulk density Paysans and Tellem
No bulk density measurements have been taken at Paysans.
· Whether assumed or determined. If assumed, the basis for the
assumptions. If determined, the method used, whether wet or dry, the frequency An average SG was applied to the model by weathering type based on similar
of the measurements, the nature, size and representativeness of the samples. deposits at Syama:
· The bulk density for bulk material must have been measured by a) Oxide 1.80 t/m(3)
methods that adequately account for void spaces (vugs, porosity, etc),
moisture and differences between rock and alteration zones within the deposit. b) Transitional 2.40 t/m(3)
· Discuss assumptions for bulk density estimates used in the c) Fresh 2.70 t/m(3)
evaluation process of the different materials.
Cashew
One hole had density measurements at Cashew. The average density was adjusted
to reflect the density of this hole. The density was assigned based on
weathering:
a) Oxide 2.00 t/m(3)
b) Transitional 2.56 t/m(3)
c) Fresh 2.75 t/m(3)
Syama North
Site personnel have completed numerous bulk density comparative estimates on
HQ drill core to assess variability using the Archimedes method of dry weight
versus weight in water. This method was used for 96% of the bulk density
measurements.
Other tests were completed by SGS using the pycnometer method.
Based on the data collected the following SG estimates were applied to the
model:
Oxide 1.80 t/m3
Transitional 2.40 t/m3
Fresh 2.70 t/m3
Classification Cashew and Paysans
The Indicated Mineral Resource classification is based on moderate confidence
· The basis for the classification of the Mineral Resources into in the geology and gold grade continuity with 25m x 25m spaced drillhole
varying confidence categories. density or less.
· Whether appropriate account has been taken of all relevant The Inferred Mineral Resource classification is applied to extensions of
factors (i.e. relative confidence in tonnage/grade estimations, reliability of mineralised zones on the margins of the deposit where drill spacing is more
input data, confidence in continuity of geology and metal values, quality, than 50m x 50m and the extents of mineralisation at depth.
quantity and distribution of the data).
The validation of the block model has confirmed satisfactory correlation of
· Whether the result appropriately reflects the Competent Person's the input data to the estimated grades and reproduction of data trends.
view of the deposit.
Tellem and Syama North
Mineral Resources were classified in accordance with the Australasian Code for
the Reporting of Exploration Results, Mineral Resources and Ore Reserves
(JORC, 2012).
The deposits have been classified as Measured, Indicated, and 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).
The Measured portion of the Resource was defined using areas populated on the
first estimation pass, within 20m of informing composites; the kriging
efficiency and slope of regression were generally >=0.7; and high
confidence exists in lode continuity (strike and thickness).
The Indicated portion of the Resource was defined using areas populated on the
first two estimation passes within 50m of informing composites; the kriging
efficiency and slope of regression were generally >=0.7; and moderate to
high confidence exists in lode continuity (strike and thickness).
Mineralisation that not classified by the above parameters has been classified
as Inferred.
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 mineralised lodes. Validation of
the block model shows good correlation of the input data to the block
estimated grades.
The Mineral Resource estimate appropriately reflects the view of the Competent
Person.
Audits or reviews Cashew, Paysans, Tellem and Syama North
There has been no external review of the Mineral Resource estimate.
· The results of any audits or reviews of Mineral
· Resource estimates.
Discussion of relative accuracy/ confidence Cashew, Paysans, Tellem and Syama North
The Mineral Resource estimate has been classified based on the quality of the
· Where appropriate a statement of the relative accuracy and data collected, the density of data, the confidence of the geological models
confidence level in the Mineral Resource estimate using an approach or and mineralisation models, and the grade estimation quality. This has been
procedure deemed appropriate by the Competent Person. For example, the applied to a relative confidence based on data density and zone confidence for
application of statistical or geostatistical procedures to quantify the resource classification. No relative statistical or geostatistical confidence
relative accuracy of the resource within stated confidence limits, or, if such or risk measure has been generated or applied.
an approach is not deemed appropriate,
a qualitative discussion of the factors that could affect the relative The relative accuracy of the Mineral Resource estimate is reflected in the
accuracy and confidence of the estimate. reporting of Indicated and Inferred resource categories as defined by 2012
JORC Code guidelines.
· The statement should specify whether it relates to global or
local estimates, and, if local, state the relevant tonnages, which should be The estimate is considered to be relevant to an annual level of reporting of
relevant to technical and economic evaluation. Documentation should include tonnage and grade.
assumptions made and the procedures used.
No production data available for comparison.
· These statements of relative accuracy and confidence of the
estimate should be compared with production data, where available.
Section 4 Estimation and Reporting of Ore Reserves
CRITERIA JORC CODE EXPLANATION COMMENTARY
Mineral Resource estimate for conversion to Ore Reserves Cashew South, Paysans_Samogo and Tellem
· Description of the Mineral Resource estimate used Resources and Rese Cashew South, Paysans_Samogo and Tellem
as a basis for the conversion to an Ore Reserve.
Resources and Reserves at Cashew South, Paysans_Samogo and Tellem are reported
· Clear statement as to whether the Mineral Resources above a 1 g/t cut-off . This was calculated as a marginal cut-off utilising
are reported additional to, or inclusive of, the Ore Reserve. open pit mining methods. Material below this cut-off is not included in the
mineral resource.
Ore Reserves are the material reported as a sub-set of the resource, that
which can be extracted from the mine and processed with an economically
acceptable outcome.
Mineral Resources are reported inclusive of Ore Reserves.rves at Cashew South,
Paysans_Samogo and Tellem are reported above a 1 g/t cut-off . This was
calculated as a marginal cut-off utilising open pit mining methods. Material
below this cut-off is not included in the mineral resource.
Ore Reserves are the material reported as a sub-set of the resource, that
which can be extracted from the mine and processed with an economically
acceptable outcome.
Mineral Resources are reported inclusive of Ore Reserves.
Syama North
The Ore Reserves are based on the Mineral Resource estimate detailed in the
ASX release dated January 2023. The resource was reported above a 1.0 g/t
gold grade cut-off, based on an equivalent gold price of US$2,000/oz and using
an Open pit mining methodology. The Material below this cut-off is not
included in the Mineral Resource.
Ore Reserves are the Material reported as a sub-set of the resource, that
which can be extracted from the region and processed with an economically
acceptable outcome.
Site visits Cashew South, Paysans_Samogo and Tellem
· Comment on any site visits undertaken by the Mr Kitwa Ndjibu a member of the Australasian Institute of Mining and
Competent Person and the outcome of those visits. Metallurgy and is a Competent Person who has visited the site the project is
in the year 2023.
· If no site visits have been undertaken indicate why
this is the case. Syama North
The Competent Person, Mr Kitwa Ndjibu, is a full-time employee of Resolute
Mining Ltd and a Member of the Australasian Institute of Mining and
Metallurgy.
Regular site visit to the project area was conducted during the year 2023, and
weekly contact with site teams was maintained throughout the period. These
site visits help to validate technical and operating assumptions used in the
preparation of these ore reserves
The site visit reviewed the project site and proposed waste dump location, a
review of current operations at Syama and Tabakoroni, existing open pit
infrastructure available, a review of selected drill core and various meetings
were held with site personnel key stakeholders to the study.
Study status Cashew South, Paysans- Samogo and Tellem
· The type and level of study undertaken to enable Feasibility studies were completed for mining of open satellite deposits in
Mineral Resources to be converted to Ore Reserves. 2009 and mining of satellite pits has been occurring since 2014.
· The Code requires that a study to at least Pre-Feasibility Study Further optimisations have been undertaken in 2022 given the change in gold
level has been undertaken to convert Mineral Resources to Ore Reserves. Such price and other inputs such as mining and processing costs. The
studies will have been carried out and will have determined a mine plan that above-mentioned optimisations resulted in new pit designs at all sites, Cashew
is technically achievable and economically viable, and that material Modifying South, Paysans_Samogo and Tellem.
Factors have been considered.
Syama North
Syama No Syama North Consist of A21, Beta, Alpha & Ba04.
Feasibility Studies were completed for mining of Open pit satellite deposits
in 2016, and mining of satellite pits has been occurring since 2016. Recent
drilling in Syama North has identified a significant resource in sulphide,
spread across the Syama North region, an extension to the known oxide deposit.
Additional drilling was completed targeting the A21 area and the resource
model was updated in August 2023 with additional information. Pit was
reoptimized using the new model and redesigned to match the latest
optimisation. All Reserves were declared as Probable as more test works and
drilling is ongoing to firm up the modifying factors (geotechnical inputs).
The work undertaken to date has addressed all material Modifying Factors
required for the conversion of a Mineral Resources estimate into an Ore
Reserve estimate and has shown material change to the reserve; i.e, change in
tonnes, grades, rock type (Oxide; Transisitional and Fresh). Furthermore, the
result shows that the mine plan is technically feasible and economically
viable.rth Consist of A21, Beta, Alpha & Ba04.
Feasibility Studies were completed for mining of Open pit satellite deposits
in 2016, and mining of satellite pits has been occurring since 2016. Recent
drilling in Syama North has identified a significant resource in sulphide,
spread across the Syama North region, an extension to the known oxide deposit.
Additional drilling was completed targeting the A21 area and the resource
model was updated in August 2023 with additional information. Pit was
reoptimized using the new model and redesigned to match the latest
optimisation. All Reserves were declared as Probable as more test works and
drilling is ongoing to firm up the modifying factors (geotechnical inputs).
The work undertaken to date has addressed all material Modifying Factors
required for the conversion of a Mineral Resources estimate into an Ore
Reserve estimate and has shown material change to the reserve; i.e, change in
tonnes, grades, rock type (Oxide; Transisitional and Fresh). Furthermore, the
result shows that the mine plan is technically feasible and economically
viable.
Cut-off parameters Cashew South, Paysans_Samogo and Tellem
· The basis of the cut-off grade(s) or quality Cashew South, Paysans_Samogo and Tellem. use a cut-off of 0.8 g/t, based on
parameters applied. the economic parameters described in subsequent sections. The increase in gold
price from $1500/oz-$1650/oz has been balanced by the increase in dilution
across the Syama south resulting in no change to the cut of grade
Syama North
Based on the economic parameters described in subsequent sections, calculated
cut of grade of the fresh representing more than 90% of Syama North ore is
approximately 1.07 g/t. As a result, Syama North uses a cut-off of 1.0 g/t.
Mining factors or assumptions Cashew South, Paysans_Samogo and Tellem
· The method and assumptions used as reported in the The reported Ore Reserve estimates Cashew NE, Tellem and Paysans are based on
Pre-Feasibility or Feasibility Study to convert the Mineral Resource to an Ore pit optimisations conducted using the Lerchs-Grossman (LG) algorithm utilizing
Reserve (i.e. either by application of appropriate factors by optimization or the Whittle to determine the optimal pit at specific input parameters and pit
by preliminary or detailed design). designs. Costs are based on existing contract mining and haulage rates and
site costs which are understood with a high degree of accuracy.
· The choice, nature and appropriateness of the selected mining
method(s) and other mining parameters including associated design issues such Mining is planned to be undertaken by conventional open pit methods of drill
as pre-strip, access, etc. and blast, followed by load and haul.
· The assumptions made regarding geotechnical parameters (e.g. pit Detailed pit design work was completed based on pit optimisations using
slopes, stope sizes, etc.), grade control and pre-production drilling. Whittle Four-X optimisation software. Only Measured and Indicated Resources
were used in the pit optimisation.
· The major assumptions made and Mineral Resource model used for
pit and stope optimization (if appropriate). Overall slope angles are approximately 40° based on empirical experience from
the mining other similar satellite pits
· The mining dilution factors used.
Grade control consists of RC drilling, based on a 5.0mE x 12.5mN drill pattern
· The mining recovery factors used.
A 5 % dilution factor and 10% mining loss factors have been applied to all
· Any minimum mining widths used. satellite Cashew South, Paysans, Folona and Tellem.
· The manner in which Inferred Mineral Resources are utilized in Minimum Mining Width used is 15m.Syama North
mining studies and the sensitivity of the outcome to their inclusion.
The reported Ore Reserve estimates for Syama North are based on pit
· The infrastructure requirements of the selected mining methods. optimisations conducted using the Lerchs-Grossman (LG) algorithm utilizing the
NPV Scheduler and reviewed in Whittle to calculate the optimal pit at specific
input parameters and pit designs. Costs are based on existing contract mining
and haulage rates and site costs which are understood with a high degree of
accuracy.
Mining is planned to be undertaken by conventional open pit methods of drill
and blast, followed by load and haul.
Detailed pit design work was completed based on pit optimisations result. Only
Measured and Indicated Resources were used in the pit optimisation.
Overall slope angles are dependent on rock type; approximately 34° for Oxide,
38° for Transisitional and 50° for Fresh as recommended by Geotechnical
consultants and operational experience in mining other similar pits in same
region.
A 5% dilution and 10 % mining loss factor applied. All Inferred material is
treated as waste and is excluded from Reserve Reporting. However, at A21
central west, currently operating, site has applied 10% dilution and 5% mining
loss.
Inferred Mineral Resources are not included in the pit optimisation and pit
design. A mining and production schedule were completed with Inferred Mineral
Resource treated as waste. As a result, the conversion of Inferred Mineral
Resource to processed product is not required for the overall financial
viability of the project.
Metallurgical factors or assumptions Cashew South, Paysans_Samogo and Tellem
· The metallurgical process proposed and the appropriateness of Processing is by conventional primary crushing followed by single stage SAG
that process to the style of mineralization. milling. Gold recovery is by means of a gravity recovery circuit and carbon in
leach process.
· Whether the metallurgical process is well-tested technology or
novel in nature. Processing recoveries used are 90%, 80% and 65% for Oxide, Transitional and
Fresh material respectively.
· The nature, amount and representativeness of metallurgical test
work undertaken, the nature of the metallurgical domaining applied and the Mine is operational with good reconciliation between predicted recoveries and
corresponding metallurgical recovery factors applied. actuals.
· Any assumptions or allowances made for deleterious elements. Allowances are made in the recovery estimates for Transitional and Fresh ore
as the Au recovery is impacted by some of the gold being hosted in refractory
· The existence of any bulk sample or pilot scale test work and the sulphide and preg-robbing carbon
degree to which such samples are considered representative of the ore body as
a whole. Syama North
· For minerals that are defined by a specification, has the ore Metallurgical test work was conducted on multiple samples. The tests indicated
reserve estimation been based on the appropriate mineralogy to meet the that, similarly to the Syama ore. The processing of the ore will be similar
specifications? to that of the Syama sulphide circuit which has been in operation for several
years and is well understood, consisting of the following stages:
· Crushing and grinding utilising the existing oxide process plant
infrastructure
· Gravity gold recovery utilising the existing oxide gravity
circuit
· Flotation to produce a sulphide rich concentrate
· Concentrate thickening
· Roasting, followed by calcine quench and wash
· Carbon-in-leach (CIL)
· Tailings disposal
The oxide crushing and grinding circuit has an oxide capacity of 1.6 Mtpa, and
Sulphide crushing & grinding has a sulphide capacity of 2.4 Mtpa. PFS
study is underway to expand the oxide circuit to a dual feed circuit to feed
additional Sulphide ore once the oxide ore depletes.
The Syama roaster, CIL circuit and tailings storage facility has enough
capacity to process the additional concentrate from Syama North Sulphide ore
stream.
A total gold recovery of 86%, 80% and 78%, has been assumed for Oxide,
Transitional and Fresh Material respectively, based on test results to date.
This is in line with similar ore being processed at Syama.
Environmental Cashew South, Paysans_Samogo and Tellem
· The status of studies of potential environmental impacts of the Ore from these pits will be processed at Syama and tailings storage will be
mining and processing operation. Details of waste rock characterization and impounded in existing footprint area approved in the Environmental &
the consideration of potential sites, status of design options considered and, Social Impact Study. Progressive raising of the tailings occurs regularly
where applicable, the status of approvals for process residue storage and with the 9th lift completed in 2019. Routine progress on the monitoring is
waste dumps should be reported. reported to government and at stakeholder meetings in concert with routine
inspections by government representatives.Syama North
An active waste rock characterisation program has been put in place.
Potentially Acid Forming (PAF) and Non Acid Forming (NAF) will be identified
for waste material dumping in light of closure plan consideration.
Ore from these pits will be processed at Syama and tailings storage will be
impounded in existing tailings storage area.
Infrastructure Cashew NE, Paysans, Tellem, and Syama North
These pits will be supported by existing infrastructure at Syama
· The existence of appropriate infrastructure: availability of land
as they are close to the main facility.
for plant development, power, water, transportation (particularly for bulk
commodities), labour, accommodation; or the ease with which the infrastructure
can be provided, or accessed.
Costs All pits are located within approximately 10km of Syama. Ore is trucked to
Syama where it is processed at Syama's oxide circuit. General and
· The derivation of, or assumptions made, regarding projected administration costs are shared between the oxide plant and the sulphide plant
capital costs in the study. which treats the Syama UG orebody. As part of ongoing operations, capital and
operating budgets are prepared from first principles and considering existing
· The methodology used to estimate operating costs. contractual agreements.
· Allowances made for the content of deleterious elements. The oxide plant produces gold doré (without problematic deleterious elements)
that is subsequently refined offsite. Refining costs are not material.
· The derivation of assumptions made of metal or commodity
price(s), for the principal minerals and co- products. · Exchange rates used for planning purposes are from consensus
forecasts provided by external corporate advisers.
· The source of exchange rates used in the study.
· Ad valorem Government royalties of 6% are payable on gold
· Derivation of transportation charges. production.
· The basis for forecasting or source of treatment and refining
charges, penalties for failure to meet specification, etc.
· The allowances made for royalties payable, both
· Government and private.
Revenue factors A gold price of US$1,650/oz formed the basis of the Ore Reserves. Gold prices
used for planning are from consensus forecasts provided by external corporate
· The derivation of, or assumptions made regarding revenue factors advisers.
including head grade, metal or commodity price(s) exchange rates,
transportation and treatment charges, penalties, net smelter returns, etc. No penalties are incurred, nor is any revenue received from co-products.
· The derivation of assumptions made of metal or commodity
price(s), for the principal metals, minerals and co-products.
Market assessment The market for gold is robust with prevailing gold price being well above the
Reserve price.
· The demand, supply and stock situation for the particular
commodity, consumption trends and factors likely to affect supply and demand Supply and demand are not considered material to the Ore
into the future.
Reserve calculations.
· A customer and competitor analysis along with the identification
of likely market windows for the product.
· Price and volume forecasts and the basis for these forecasts.
· For industrial minerals the customer specification, testing and
acceptance requirements prior to a supply contract.
Economic Cashew South, Paysans_Samogo and Tellem
· The inputs to the economic analysis to produce the net present The financial evaluation undertaken as part of the evaluation of these open
value (NPV) in the study, the source and confidence of these economic inputs pits indicated a positive net present value (NPV) at 7% discount rate and
including estimated inflation, discount rate, etc. operating results to date have exceeded production and NPV forecasts.
· NPV ranges and sensitivity to variations in the significant Syama North
assumptions and inputs.
The financial evaluation undertaken as part of the evaluation indicated a
positive net present value (NPV) at a 7% annual discount rate. The following
major economic inputs were used:
· Costs as previous described
· Gold price of US$1650/oz
· Royalties of 6%
· Effective tax rate of 25% (Corporate tax rate of 30% with 5%
discount provided by the Malian government to Tabakoroni)
· Discount rate of 7% per annum for real, post-tax cash flows.
Social Cashew South, Paysans_samogo and Tellem
· The status of agreements with key stakeholders and matters The Southern Satellite Pits fall within the Syama exploitation permit and will
leading to social license to operate. be managed and operated by SOMISY SA.
Development of the Southern Satellite pits has required updating of the SOMISY
ESIA which has been lodged with the Government of Mali since December 2019.
The ESIA process has required consultation with local community and local
government leadership plus other relevant stakeholders. Engagement will
continue up to and during operations including the payment of compensation to
farmers whose fields are disturbed as per Malian legal requirements.
It is anticipated that Malian nationals will fill most operating and
management positions related to the Southern Satellite open pits.
It is the intention to encourage economic development within the local
community
The Syama Mine Community Consultative Committee, which includes representation
from Tabakoroni and the villages adjacent to the Southern Satellites, was
established in February 2001 with representatives from local villages, the
Malian Government and SOMISY. Since April 2004 the Committee has met
regularly as a communication forum and to address community issues and assist
with community project proposals; it continues to meet on the first or second
Tuesday of each month.Syama North
The Syama North Pits fall within the Syama exploitation permit and will be
managed and operated by SOMISY SA.
Development of the Syama North requires updating of the SOMISY ESIA. The ESIA
process requires consultation with local community and government leadership
and other relevant stakeholders. Engagement will continue up to and during
operations including the payment of compensation to farmers whose fields are
disturbed as per Malian legal requirements.
Malian nationals are anticipated to fill most operating and management
positions related to the Southern Satellite open pits. The intention is to
encourage economic development within the local community
Other Cashew South, Paysans_Samogo, Tellem and Syama North
All current government agreements and approvals are in good standing and no
· To the extent relevant, the impact of the following on the anticipated changes are expected. Political instability is a potential risk in
project and/or on the estimation and classification of the Ore Reserves: Mali, but the owner has many years operating experience in this environment
through the current Syama operations. The current Malian government is
· Any identified material naturally occurring risks. supportive of mining operations and the current Syama and operations are in
good standing with the authorities. There are no current unresolved matters
· The status of material legal agreements and marketing affecting this project.
arrangements.
· The status of governmental agreements and approvals critical to
the viability of the project, such as mineral tenement status, and government
and statutory approvals. There must be reasonable grounds to expect that all
necessary Government approvals will be received within the timeframes
anticipated in the Pre-Feasibility or Feasibility study. Highlight and discuss
the materiality of any unresolved matter that is dependent on a third party on
which extraction of the reserve is contingent.
Classification Cashew South, Paysans_Samogo and Tellem
· The basis for the classification of the Ore Reserves into varying Probable Ore Reserves were declared based on the Indicated Mineral Resources
confidence categories. and Measured Resources considering the uncertainty of the Modifying Factors
such as geotechnical inputs.
· Whether the result appropriately reflects the Competent Person's
view of the deposit. Nevertheless, since Paysans Central is an operating mine, the uncertainties
are reduced but geotechnical study is yet to confirm the modifying factors
· The proportion of Probable Ore Reserves that have been derived (pit geometry; i.e; batter face angle and berm width. As a result, there is no
from Measured Mineral Resources (if any). Measures Resources conversion into Proved Reserve.
The Ore Reserve estimate appropriately reflects the Competent Person's view of
the deposit.Syama North
Proved and Probable Ore Reserves were declared based on the Measured and
Indicated Mineral Resources.
The Ore Reserve estimate appropriately reflects the Competent Person's view of
the deposit.
None of the Measured Mineral Resource was converted to Proven Ore Reserves as
the PFS study for plant expansion is underway.
Audits or reviews Cashew South, Paysans_Samogo, Tellem, and Syama North
No external audits of resources/reserves were undertaken.
· The results of any audits or reviews of Ore Reserve estimates.
Discussion of relative accuracy/ confidence Cashew South, Paysans_Samogo,Tellem, and Syama North
The relative accuracy and confidence of the Ore Reserve estimate is inherent
· Where appropriate a statement of the relative accuracy and in the Ore Reserve Classification.
confidence level in the Ore Reserve estimate using an approach or procedure
deemed appropriate by the Competent Person. For example, the application of All the parameters assumed and adopted along with financial modelling and
statistical or geostatistical procedures to quantify the relative accuracy of analysis have been subject to internal peer review.
the reserve within stated confidence limits, or, if such an approach is not
deemed appropriate, a qualitative discussion of the factors which could affect
the relative accuracy and confidence of the estimate.
· The statement should specify whether it relates to global or
local estimates, and, if local, state the relevant tonnages, which should be
relevant to technical and economic evaluation. Documentation should include
assumptions made and the procedures used.
· Accuracy and confidence discussions should extend to specific
discussions of any applied Modifying Factors that may have a material impact
on Ore Reserve viability, or for which there are remaining areas of
uncertainty at the current study stage.
· It is recognized that this may not be possible or appropriate in
all circumstances. These statements of relative accuracy and confidence of the
estimate should be compared with production data, where available.
Tabakoroni Satellite Deposits - Porphyry Zone (Splay)
Section 1 Sampling Techniques and Data
CRITERIA JORC CODE EXPLANATION COMMENTARY
Sampling techniques The samples were collected from reverse circulation (RC) and diamond core
drill holes.
· Nature and quality of sampling (e.g. cut channels, random chips, or
specific specialised industry standard measurement tools appropriate to the RC samples were collected on 1m intervals by riffle split (dry) or by scoop
minerals under investigation, such as down hole gamma sondes, or handheld XRF (wet), to obtain a 1-3kg sample which was sent to the laboratory for crushing,
instruments, etc.). These examples should not be taken as limiting the broad splitting and pulverising to provide a 30g charge for analysis.
meaning of sampling.
Diamond core was sampled at 1m intervals and cut in half, to provide a 2-4kg
· Include reference to measures taken to ensure sample representivity sample, which was sent to the laboratory for crushing, splitting and
and the appropriate calibration of any measurement tools or systems used. pulverising to provide a 30g charge for analysis.
· Aspects of the determination of mineralisation that are Material to Sampling and sample preparation protocols are industry standard and are deemed
the Public Report. appropriate by the Competent Person.
· 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 Drill types used include diamond core of PQ and HQ sizes and RC.
· Drill type (e.g. core, reverse circulation, open-hole hammer, Core is oriented at 3m down hole intervals using a Reflex Act II RD
rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, Orientation Tool.
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 Drill core interval recoveries are measured from core block to core block
using a tape measure.
· Method of recording and assessing core and chip sample recoveries
and results assessed. Appropriate measures are taken to maximise sample recovery and ensure the
representative nature of the samples.
· Measures taken to maximise sample recovery and ensure
representative nature of the samples. No apparent relationship is noted between sample recovery
and grade.
· 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 Drill holes were geologically logged by geologists for colour, grainsize,
lithology, minerals, alteration and weathering on geologically-domained
· Whether core and chip samples have been geologically and intervals.
geotechnically logged to a level of detail to support appropriate Mineral
Resource estimation, mining studies Geotechnical and structure orientation data was measured and logged for all
and metallurgical studies. diamond core intervals.
· Whether logging is qualitative or quantitative in nature. Diamond core was photographed (wet and dry).
Core (or costean, channel, etc.) photography.
Holes were logged in their entirety (100%) and this logging was considered
· The total length and percentage of the relevant reliable and appropriate.
intersections logged.
Sub-sampling techniques and sample preparation Diamond core was sampled at 1m intervals and cut in half to obtain a 2-4kg
sample.
· If core, whether cut or sawn and whether quarter, half or all core
taken. Reverse circulation samples were collected on 1m intervals by riffle split
(dry) or by scoop (wet) to obtain a 1-3kg sample.
· If non-core, whether riffled, tube sampled, rotary split, etc. and
whether sampled wet or dry. Sample preparation for diamond core and RC samples includes oven drying,
crushing to 10mm, splitting and pulverising to 85% passing -75µm. These
· For all sample types, the nature, quality and appropriateness of preparation techniques are deemed to be appropriate to the material being
the sample preparation technique. sampled.
· Quality control procedures adopted for all sub-sampling stages to Drill core coarse duplicates were split by the laboratory after crushing at a
maximise representivity of samples. rate of 1:20 samples. Reverse circulation field duplicates were collected by
the Company at a rate of 1:20 samples.
· Measures taken to ensure that the sampling is representative of the
in-situ material collected, including for instance results for field Sampling, sample preparation and quality control protocols are of industry
duplicate/second-half sampling. standard and all attempts were made to ensure an unbiased representative
sample was collected. The methods applied in this process were deemed
· Whether sample sizes are appropriate to the grain size of the appropriate by the Competent Person.
material being sampled.
Quality of assay data and laboratory tests All samples were dispatched to ALS Bamako for gold analysis by 30g fire assay
fusion with AAS instrument finish (method code Au-AA25). Over-range results
· The nature, quality and appropriateness of the assaying and were re-analysed and reported by 30g fire assay fusion with gravimetric finish
laboratory procedures used and whether the technique is considered partial or (method code Au-GRA21). The analytical method was appropriate for the style of
total. mineralisation.
· For geophysical tools, spectrometers, handheld XRF instruments, No geophysical tools were used to determine elemental concentrations.
etc., the parameters used in determining the analysis including instrument
make and model, reading times, calibrations factors applied and their Quality control (QC) procedures included the use of certified standards
derivation, etc. (1:40), non-certified sand blanks (1:40), diamond core coarse duplicates
(1:20) and reverse circulation field duplicates (1:20).
· Nature of quality control procedures adopted (e.g. standards,
blanks, duplicates, external laboratory checks) and whether acceptable levels Laboratory quality control data, including laboratory standards, blanks,
of accuracy (i.e. lack of bias) and precision have been established. 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.
Verification of sampling and assaying Verification of significant intersections have been completed by Company
personnel and the Competent Person.
· The verification of significant intersections by either independent
or alternative company personnel. No drill holes within the resource area were twinned.
· The use of twinned holes. Drill holes were logged into digital templates with lookup codes, validated
and then compiled into a relational SQL 2012 database using DataShed data
· Documentation of primary data, data entry procedures, data management software. The database has verification protocols which are used to
verification, data storage (physical and electronic) protocols. validate the data entry. The drill hole database is backed up on a daily basis
to the head office server.
· Discuss any adjustment to assay data.
Assay result files were reported by the laboratory in PDF and CSV format and
imported into the SQL database without adjustment or modification.
Location of data points Collar coordinates were picked up in UTM (WGS84) by staff surveyors using an
RTK DGPS with an expected accuracy of ±0.05m; elevations were height above
· Accuracy and quality of surveys used to locate drill holes (collar EGM96 geoid.
and down-hole surveys), trenches, mine workings and other locations used in
Mineral Resource estimation. Down hole surveys were collected at intervals between 5m and 30m using either
a Reflex EZ-Gyro north seeking instrument or a Reflex EZ-Trac magnetic
· Specification of the grid system used. instrument in single shot or multi shot mode. A time-dependent declination was
applied to the magnetic readings to determine UTM azimuth.
· Quality and adequacy of topographic control.
Coordinates and azimuths are reported in UTM WGS84 Zone 29 North.
Coordinates were translated to local mine grid using 1 point and rotation.
Local topographic control is via LIDAR surveys, satellite photography and
drone UAV aerial survey.
Data spacing and distribution Drill hole spacing was sufficient to demonstrate geological and grade
continuity appropriate for a Mineral Resource and the classifications applied
· Data spacing for reporting of Exploration Results. under the 2012 JORC Code.
· Whether the data spacing and distribution is sufficient to The appropriateness of the drill spacing was reviewed by the geological
establish the degree of geological and grade continuity appropriate for the technical team, both on site and head office. This was also reviewed by the
Mineral Resource and Ore Reserve estimation procedure(s) and classifications Competent Person.
applied.
Samples were collected on 1m intervals; no sample compositing is applied
· Whether sample compositing has been applied. during sampling.
Orientation of data in relation to geological structure Holes were drilled predominantly perpendicular to mineralised domains where
possible.
· Whether the orientation of sampling achieves unbiased sampling of
possible structures and the extent to which this is known, considering the No orientation-based sampling bias has been identified in the data.
deposit type.
· If the relationship between the drilling orientation and the
orientation of key mineralised structures is considered to have introduced a
sampling bias, this should be assessed and reported if material.
Sample security Samples were collected from the drill site and stored on site. All samples
were individually bagged and labelled with unique sample identifiers, then
· The measures taken to ensure sample security. securely dispatched to the laboratories. All aspects of sampling and dispatch
process were supervised and tracked by SOMIFI personnel.
Audits or reviews External audits of procedures indicate protocols are within industry
standards.
· 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 Porphyry Zone drilling was completed within the Finkolo-Tabakoroni
Exploitation Licence PE 13/19. Resolute Mining Limited has an 85% interest in
· Type, reference name/number, location and ownership including Exploitation Permit PE 13/19, through its Malian subsidiary, Sociêtê des
agreements or material issues with third parties such as joint ventures, Mines de Finkolo SA (SOMIFI). The Malian Government holds a free carried 10%
partnerships, overriding royalties, native title interests, historical sites, interest in SOMIFI.
wilderness or national park and environmental settings.
The Permits are held in good standing. Malian mining law provides that all
· The security of the tenure held at the time of reporting along with Mineral Resources are administered by DNGM (Direction Nationale de la
any known impediments to obtaining a licence to operate in the area. Géologie et des Mines) or National Directorate of Geology and Mines under the
Ministry of Mines, Energy and Hydrology.
Exploration done by other parties Etruscan Resources Inc explored Tabakoroni during 2002-2003 by auger, aircore,
RC and diamond drill hole tails. The Tabakoroni area was previously explored
· Acknowledgment and appraisal of exploration by other parties. by BHP (1988-1990) and Barrick Gold (1990) by auger, pits, trenches, RAB and
diamond core drilling.
Geology The Tabakoroni Porphyry Zone is located on a NNE trending splay of the NNW
oriented Main Tabakoroni Shear Zone.
· Deposit type, geological setting and style of mineralisation.
Host rocks are comprised of interbedded greywacke and shale with small
intrusions of quartz feldspar phyric dacite porphyry. Ductile shearing affects
all units and is particularly focussed within the shale units.
Mineralisation occurs as quartz-pyrite veins and sulphidic shears within shale
units. Visible gold is commonly seen in vein quartz.
The gold mineralisation at the 'Porphyry Zone" is somewhat erratic with more
coherent zones striking NNE and dipping shallowly and steeply west.
Drill hole Information No exploration results have been reported in this release.
· A summary of all information material to the understanding of the All information, including easting, northing, elevation, dip, azimuth,
exploration results including a tabulation of the following information for coordinate system, drill hole length, intercept length and depth are measured
all Material drill holes: and recorded in UTM Zone 29 WGS84.
o easting and northing of the drill hole collar The Syama belt is mostly located on the Tengrela 1/200,000 topo sheet (Sheet
NC 29-XVIII).
o elevation or RL (Reduced Level - elevation above sea level in metres) of
the drill hole collar The Tabakoroni local grid has been tied to the UTM Zone 29 WGS84 co-ordinate
system.
o dip and azimuth of the hole
Spectrum Survey & Mapping from Australia established survey control at
o down hole length and interception depth Tabakoroni using AusPos online processing to obtain an accurate UTM Zone 29
(WGS84) and 'above geoid' RL for the origin of the survey control points.
o Whole length.
Accuracy of the survey measurements is considered to meet acceptable industry
· If the exclusion of this information is justified on the basis that standards.
the information is not Material and this exclusion does not detract from the
understanding of the report, the Competent Person should clearly explain why Drill hole information has been tabulated for this release in the intercepts
this is table of the accompanying text.
the case.
For completeness the following information about the drill holes is provided:
· Easting, Northing and RL of the drill hole collars are measured
and recorded in UTM Zone 29 (WGS84).
· Dip is the inclination of the drill hole from horizontal. A drill
hole drilled at -60° is 60° from the horizontal.
· Down hole length is the distance down the inclination of the hole
and is measured as the distance from the horizontal to end of hole.
· Intercept depth is the distance from the start of the hole down
the inclination of the hole to the depth of interest or assayed interval of
interest.
Data aggregation methods Exploration results are tabulated using the following parameters:
· In reporting Exploration Results, weighting averaging techniques, · Grid coordinates are WGS84 Zone 29 North.
maximum and/or minimum grade truncations (e.g. cutting of high grades) and
cut-off grades are usually Material and should be stated. · Cut-off grade for reporting of intercepts is >=1g/t Au.
· Where aggregate intercepts incorporate short lengths of high grade · No top cut of individual assays prior to length weighted
results and longer lengths of low grade results, the procedure used for such compositing of the reported intercept has been applied.
aggregation should be stated and some typical examples of such aggregations
should be shown in detail. · Maximum 3m consecutive internal dilution included within the
intercept.
· The assumptions used for any reporting of metal equivalent values
should be clearly stated. Metal equivalent values are not used in reporting.
Relationship between mineralisation widths and intercept lengths The majority of the drill holes are planned at a general inclination of ‑60
degrees east and as close to perpendicular to the ore zone as possible.
· These relationships are particularly important in the reporting of
Exploration Results. At the angle of the drill holes and the dip of the ore zones, the reported
intercepts will be slightly more than true width.
· 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 No exploration results have been reported in this release.
· 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 Significant intercepts of new drill holes have not been reported in this
release.
· Where comprehensive reporting of all Exploration Results is not
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 geophysical and geochemical data or any additional exploration information
has been reported in this release,
· Other exploration data, if meaningful and material, should be
as they are not deemed relevant to the release.
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 Further drilling is planned.
· The nature and scale of planned further work (e.g. tests for
lateral extensions or depth extensions or large-scale step-out drilling).
· 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 integrity Data has been compiled into a relational SQL database; the setup of this
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 who has visited this site on multiple occasions.
the outcome of those visits.
All aspects of drilling, sampling and mining are considered by the Competent
· If no site visits have been undertaken indicate why this is the Persons to be of a high industry standard.
case.
Geological interpretation The digital database used for the interpretation included logged intervals for
the key stratigraphic zones of the Porphyry Zone. Detailed geological logs
· Confidence in (or conversely, the uncertainty of) the geological were available in hardcopy and digital and reviewed where necessary.
interpretation of the mineral deposit.
A wireframe was used to constrain the estimation is based on drill hole
· Nature of the data used and of any assumptions made. intercepts and geological boundaries. The wireframe has been constructed to a
0.5g/t Au cut-off grade for shape consistency. Only one wireframe was
· The effect, if any, of alternative interpretations on Mineral constructed in the closely spaced drilled area and the remaining
Resource estimation. mineralisation was in the wider spaced drilling area and an alternate
estimation method was used.
· The use of geology in guiding and controlling Mineral Resource
estimation. The confidence in the geological interpretation is a moderate level and is
based on good quality drilling and ongoing drill hole logging. The main zone
· The factors affecting continuity both of grade and geology. has been gc drilled and therefore is considered robust, the area outside the
gc drilling has a lower confidence give the sparse drilling. There could be
alternative interpretations in this area which is reflected in the
classification.
The logging in the geological database of lithology and weathering were
considered during the mineralisation domain interpretations, and where
available.
Dimensions The Porphyry Zone Mineral Resource area extends over a strike length of 700
metres (from 1,164,600 mN to 1,165,300 mN) and includes the 175 metre vertical
· The extent and variability of the Mineral Resource expressed as interval from 345mRL to 170mRL. The overall plan width of the mineralised
length (along strike or otherwise), plan width, and depth below surface to the lodes varies between a few metres to 20 metres in thickness and is 600 metres
upper and lower limits of the Mineral Resource. wide (from 810,265 mE to 810,865 mE).
Estimation and modelling techniques Estimation was completed in Datamine Studio RM using two estimation methods.
Gold was estimation into a three-dimensional block model by dynamic anisotropy
· The nature and appropriateness of the estimation technique(s) using ordinary kriging (OK) into the main domain (Domain 10). A hard boundary
applied and key assumptions, including treatment of extreme grade values, was used between mineralisation domains. A soft boundary was used between the
domaining, interpolation parameters and maximum distance of extrapolation from oxide and transitional and a hard boundary between transitional and fresh
data points. If a computer assisted estimation method was chosen include a within the main domain. To capture the complex low angled surrounding
description of computer software and parameters used. mineralisation an unconstrained inverse distance cubed (ID(3)) estimation
technique was used.
· The availability of check estimates, previous estimates and/or
mine production records and whether the Mineral Resource estimate takes The drill spacing at The Porphyry Zone is a nominal 25 by 25 metres for the
appropriate account of such data. exploration holes for the majority of the deposits and 50 by 50 metres around
the periphery. The main part of the deposit has been gc drilled out to 12.5 by
· The assumptions made regarding recovery of by- products. 10 metres. Parent blocks of 4mE by 10mN by 5mRl were used for the block model
to tie in with the existing grade control model. Sub blocking down to 1mE by
· Estimation of deleterious elements or other non-grade variables 2.5mN by 1.25mRl was employed for resolution of the mineralisation boundaries
of economic significance (e.g. sulphur for acid mine drainage as define by wireframes
characterization).
Drillhole sample data was flagged using domain codes generated from
· In the case of block model interpolation, the block size in three-dimensional mineralisation domains. The samples were composited to 1
relation to the average sample spacing and the search employed. metre intervals.
· In the case of block model interpolation, the block size in Variogram orientations were largely controlled by the strike of the
relation to the average sample spacing and the search employed. mineralisation and downhole variography. The search ellipse for the background
mineralisation is orientated striking towards the north and dipping 30(o) to
· Any assumptions behind modelling of selective mining units. the west.
· Any assumptions about correlation between variables. Kriging neighbourhood analysis was performed to optimise the block size,
sample numbers and discretisation levels with the goal of minimising
· Description of how the geological interpretation was used to conditional bias in the gold grade estimates.
control the resource estimates.
Three search passes were used, with the first search pass set to the range of
· Discussion of basis for using or not using grade cutting or the variogram for each domain. A minimum of eight and a maximum of 30 samples
capping. were used. The search stayed the same for the second pass but was increased by
a factor of two for the third and final pass. The minimum number of samples
· The process of validation, the checking process used, the was reduced to 6 for the second pass and four for the third pass.
comparison of model data to drill hole data, and use of reconciliation data if
available. No deleterious elements were found in the ore.
No selective mining units have been assumed.
Top cuts were applied to reduce the variability of the data and to remove the
outliers.
The estimated block model grades were visually validated against the input
drillhole data and comparisons were carried out against the drillhole data and
by northing and elevation slices. Global comparison between the input data and
the block grades for each variable is considered acceptable (±10%).
Moisture All tonnages have been estimated on a dry basis.
· 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 The cut-off grade of 1g/t for the stated open pit Mineral Resource estimate is
determined from economic parameters that reflect geotechnical, mining and
· The basis of the adopted cut-off grade(s) or quality parameters processing parameters and costs for an open pit mining operation.
applied.
Mining factors or assumptions The Resource models assume that a moderate level of mining selectivity is
achieved in open pit mining. It has been assumed that high quality grade
· Assumptions made regarding possible mining methods, minimum control will be applied to ore/waste delineation processes using RC drilling,
mining dimensions and internal (or, if applicable, external) mining dilution. or similar, at a nominal (and no greater) spacing of 10 metre by 12.5 metre
It is always necessary as part of the process of determining reasonable and applying a pattern sufficient to ensure adequate coverage of the
prospects for eventual economic extraction to consider potential mining mineralisation zones.
methods, but the assumptions made regarding mining methods and parameters when
estimating Mineral Resources may not always be rigorous. Where this is the This is consistent with current mining practises at Syama.
case, this should be reported with an explanation of the basis of the mining
assumptions made.
Metallurgical factors or assumptions No metallurgical factors or assumptions have been made during the resource
estimation process as these will be addressed during the conversion to Ore
· The basis for assumptions or predictions regarding metallurgical Reserves.
amenability. It is always necessary as part of the process of determining
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 It is a requirement of Decree No.03-594/P-RM of 31 December 2003 of Malian law
that an Environmental and Social Impact Study (Étude d'Impact Environmental
· Assumptions made regarding possible waste and et Social - EIES) must be undertaken to update the potential environmental and
process residue disposal options. It is always necessary as part of the social impacts of the mine's redevelopment. The EIES for the Syama Gold Mine
process of determining reasonable prospects for eventual economic extraction (including Tabakoroni) was approved in November 2007 and an Environment Permit
to consider the potential environmental impacts of the mining and processing (07- 0054/MEA - SG) was issued by the Ministry of Environment and Sanitation
operation. While at this stage the determination of potential environmental on 22 November 2007. The Ministry of Environment conducts timely reviews of
impacts, particularly for a green fields project, may not always be well the Syama Gold Mine to ensure that the Company maintains compliance with the
advanced, the status of early consideration of these potential environmental EIES guidelines.
impacts should be reported. Where these aspects have not been considered this
should be reported with an explanation of the environmental assumptions made. At Syama and Tabakoroni, there are three key practices for disposal of wastes
and residues namely, stacking of waste rock from open pit mining; storage of
tailings from mineral processes; and "tall-stack dispersion" of sulphur
dioxide from the roasting of gold bearing concentrate. All waste disposal
practices are in accordance with the guidelines in the EIES.
The Environmental and Social Impact Study - "Société des Mines de Syama,
Syama Gold Mine, Mali", dated 2007 indicated there was minimal potential for
acid mine drainage from waste rock due to the elevated carbonate content which
buffers a potential acid generation. Resolute maintains a plan for progressive
rehabilitation of waste rock landforms as part of ongoing mine development and
waste rock dumping.
The landform of tailings impoundments does not have a net acid generating
potential. The largest volume is flotation tailings where the sulphide
minerals have already been removed from the host rock. Its mineralogy includes
carbonates which further buffer any acid-formation potential from sulphides
that may also be present.
Cyanide levels in the leached-calcine tailings are typically less than 50ppm
in the weak acid dissociable form. Groundwater away from the tailings landform
is intercepted by trenches and sump pumps.
Sulphur dioxide is generated from the roasting of gold concentrate so that
gold can be extracted and refined. Tall-Stack "dispersion" of the sulphur
dioxide emission is monitored continuously. Prevailing weather and dissipation
of the sulphur dioxide is modelled daily to predict the need to pause the
roasting process to meet the air quality criteria set out in the Environmental
& Social Impact Study.
Bulk density No bulk density measurements have been taken at the Porphyry Zone.
· Whether assumed or determined. If assumed, the basis for the An average SG was applied to the model by weathering types based on similar
assumptions. If determined, the method used, whether wet or dry, the frequency deposits at Syama:
of the measurements, the nature, size and representativeness of the samples.
· The bulk density for bulk material must have been measured by
methods that adequately account for void spaces (vugs, porosity, etc), • Oxide 2.12 t/m(3)
moisture and differences between rock and alteration zones within the deposit.
• Transitional 2.38 t/m(3)
· Discuss assumptions for bulk density estimates used in the
evaluation process of the different materials. • Fresh 2.72 t/m(3)
Classification In general, the Inferred Mineral Resource classification is applied to
extensions of mineralised zones on the margins of the deposit where drill
· The basis for the classification of the Mineral spacing is more than 50m x 50m and the extents of mineralisation at depth.
Resources into varying confidence categories. However, due to the complexity of the surrounding mineralisation and the low
confidence in the geological interpretation in addition to the estimation
· Whether appropriate account has been taken of all method being unconstrained. The competent person decided to classify the whole
relevant factors (i.e. relative confidence in tonnage/ of the deposit to Inferred until more drilling can be
grade estimations, reliability of input data, confidence in continuity of
carried out.
geology and metal values, quality, quantity
and distribution of the data). The validation of the block model has confirmed satisfactory correlation of
the input data to the estimated grades and reproduction of data trends.
· Whether the result appropriately reflects the
Competent Person's view of the deposit. The Mineral Resource estimates appropriately reflects the view of the
Competent Person.
Audits or reviews There has been no external review of the Mineral Resource estimate.
· The results of any audits or reviews of Mineral
· Resource estimates.
Discussion of relative accuracy/ confidence The Mineral Resource estimate has been classified based on the quality of the
data collected, the density of data, the confidence of the geological models
· Where appropriate a statement of the relative accuracy and and mineralisation models, and the grade estimation quality. This has been
confidence level in the Mineral Resource estimate using an approach or applied to a relative confidence based on data density and zone confidence for
procedure deemed appropriate by the Competent Person. For example, the resource classification. No relative statistical or geostatistical confidence
application of statistical or geostatistical procedures to quantify the or risk measure has been generated or applied.
relative accuracy of the resource within stated confidence limits, or, if such
an approach is not deemed appropriate, a qualitative discussion of the factors Mine production data was used in the validation process and showed to be
that could affect the relative accuracy and confidence of the estimate. within 20% of the estimated tonnes, grade and ounces within the mined area.
· 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.
Section 4 Estimation and Reporting of Ore Reserves
CRITERIA JORC CODE EXPLANATION COMMENTARY
Mineral Resource estimate for conversion to Ore Reserves Resources at Porphyry Zone are reported above a 1g/t cut-off. This was
calculated as a marginal cut-off utilising open pit mining methods. Material
· Description of the Mineral Resource estimate used as a basis for below this cut-off is not included in the Mineral Resource.
the conversion to an Ore Reserve.
Ore Reserves are the material reported as a sub-set of the resource, that
· Clear statement as to whether the Mineral Resources are reported which can be extracted from the mine and processed with an economically
additional to, or inclusive of, the Ore Reserve. acceptable outcome.
Mineral Resources are reported inclusive of Ore Reserves.
Site visits Mr Scott Atkinson is a member of the Australasian Institute of Mining and
Metallurgy and is a Competent Person who has visited the site where the
· Comment on any site visits undertaken by the Competent Person and project is located.
the outcome of those visits.
· If no site visits have been undertaken indicate why this is the
case.
Study status The Porphyry Zone deposit is adjacent to the Tabakoroni mine which had a
Feasibility study was completed in 2009 with updates in 2012 and 2016.
· The type and level of study undertaken to enable Mineral
Resources to be converted to Ore Reserves. Tabakoroni has been in continuous mining operation since August 2018. During
this time the performance the project has shown a positive reconciliation
· The Code requires that a study to at least Pre-Feasibility Study between mineral resources and gold production and delivered positive
level has been undertaken to convert Mineral Resources to Ore Reserves. Such cashflows.
studies will have been carried out and will have determined a mine plan that
is technically achievable and economically viable, and that material Modifying
Factors have been considered.
Cut-off parameters
A cut-off of 1.1g/t has been applied for Porphyry Zone
· The basis of the cut-off grade(s) or quality parameters applied.
Mining factors or assumptions The reported Ore Reserve estimate for Porphyry Zone is based on pit
optimisations conducted using the Lerchs-Grossman (LG) algorithm of the
· The method and assumptions used as reported in the Whittle software to calculate the optimal pit at specific input parameters and
Pre-Feasibility or Feasibility Study to convert the Mineral Resource to an Ore pit designs. Costs are based on existing contract mining and haulage rates and
Reserve (i.e. either by application of appropriate factors by optimization or site costs which are understood with a high degree of accuracy.
by preliminary or detailed design).
Mining is undertaken by conventional open pit methods of drill and blast,
· The choice, nature and appropriateness of the selected mining followed by load and haul, utilising mining equipment comprising 120t - 230t
method(s) and other mining parameters including associated design issues such diesel hydraulic excavators and 90t off-highway dump trucks.
as pre-strip, access, etc.
Detailed pit design work was completed based on pit optimisations using
· The assumptions made regarding geotechnical parameters (e.g. pit Whittle Four-X optimisation software. Only Indicated Resources were used in
slopes, stope sizes, etc.), grade control and pre-production drilling. the pit optimisation.
· The major assumptions made and Mineral Resource model used for Pit slope parameters for Porphyry Zone were based on a geotechnical assessment
pit and stope optimization (if appropriate). that included a total of seven specific geotechnical holes. Overall slopes
angles are approximately 40°. All other pits adopt similar overall slope
· The mining dilution factors used. angles.
· The mining recovery factors used. Grade control consists of RC drilling, based on a 5.0mE x 12.5mN drill pattern
· Any minimum mining widths used. The MIK resource estimation technique used for the Porphyry Zone implicitly
incorporates internal mining dilution at the scale of the assessed SMU so no
· The manner in which Inferred Mineral Resources are utilized in additional modifying factor was applied.
mining studies and the sensitivity of the outcome to their inclusion.
· The infrastructure requirements of the selected mining methods.
Metallurgical factors or assumptions Processing is by conventional primary crushing followed by single stage SAG
milling. Gold recovery is by means of a gravity recovery circuit and carbon in
· The metallurgical process proposed and the appropriateness of leach process.
that process to the style of mineralization.
Processing recoveries used are 90%, 80% and 65% for Oxide, Transitional and
· Whether the metallurgical process is well-tested technology or fresh material respectively
novel in nature.
Mine is operational with good reconciliation between predicted recoveries and
· The nature, amount and representativeness of metallurgical test actual
work undertaken, the nature of the metallurgical domaining applied and the
corresponding metallurgical recovery factors applied. Allowances are made in the recovery estimates for transitional and fresh ore
as the Au recovery is impacted by some of the gold being hosted in refractory
· Any assumptions or allowances made for deleterious elements. sulphide and preg-robbing carbon
· The existence of any bulk sample or pilot scale test work and the
degree to which such samples are considered representative of the ore body as
a whole.
· For minerals that are defined by a specification, has the ore
reserve estimation been based on the appropriate mineralogy to meet the
specifications?
Environmental An active waste rock characterisation program has been put in place for
Porphyry Zone.
· The status of studies of potential environmental impacts of the
mining and processing operation. Details of waste rock characterization and Ore Reserves from Porphyry Zone will be processed at Syama and tailings
the consideration of potential sites, status of design options considered and, storage will be impounded in existing footprint area approved in the
where applicable, the status of approvals for process residue storage and Environmental and Social Impact Study. Progressive raising of the tailings
waste dumps should be reported. occurs regularly with the 9(th) lift completed in 2019. Routine progress on
the monitoring is reported to government and at stakeholder meetings in
concert with routine inspections by government representatives.
Infrastructure All required infrastructure is already in place for the Porphyry Zone deposit
which is within the current the Tabakoroni mine footprint
· The existence of appropriate infrastructure: availability of land
for plant development, power, water, transportation (particularly for bulk
commodities), labour, accommodation; or the ease with which the infrastructure
can be provided, or accessed.
Costs The Porphyry Zone deposit is adjacent to the Tabakoroni mine, with established
mining operations. Ore is trucked to Syama where it is processed at Syama's
· The derivation of, or assumptions made, regarding projected oxide circuit. General and administration costs are shared between the oxide
capital costs in the study. plant and the sulphide plant which treats the Syama UG orebody. The Porphyry
Zone deposit will be mined contemporaneously with the Tabakoroni pits using
· The methodology used to estimate operating costs. the same mining and haulage fleet. The mining and haulage rates are based on
known contract rates.
· Allowances made for the content of deleterious elements.
The oxide plant produces gold doré (without problematic deleterious elements)
· The derivation of assumptions made of metal or commodity that is subsequently refined offsite. Refining costs are not material.
price(s), for the principal minerals and co- products.
Exchange rates used for planning purposes are from consensus forecasts
· The source of exchange rates used in the study. provided by external corporate advisers.
· Derivation of transportation charges. Ad valorem Government royalties of 6% are payable on
gold production.
· The basis for forecasting or source of treatment and refining
charges, penalties for failure to meet specification, etc.
· The allowances made for royalties payable, both Government and
private.
Revenue factors A gold price of US$1,500/oz formed the basis of the Ore Reserves.
· The derivation of, or assumptions made regarding
revenue factors including head grade, metal or
commodity price(s) exchange rates, transportation and treatment charges,
penalties, net smelter returns, etc.
· The derivation of assumptions made of metal or commodity
price(s), for the principal metals, minerals
and co-products.
Market assessment The market for gold is robust with prevailing gold price being around
US$1,850/oz.
· The demand, supply and stock situation for the particular
commodity, consumption trends and factors likely to affect supply and demand Supply and demand are not considered material to the Ore Reserve calculations.
into the future.
· A customer and competitor analysis along with the identification
of likely market windows for the product.
· Price and volume forecasts and the basis for these forecasts.
· •or industrial minerals the customer specification, testing and
acceptance requirements prior to a supply contract.
Economic The financial evaluation undertaken as part of the evaluation of these open
pits indicated a positive net present value (NPV) at a 5% discount rate and
· The inputs to the economic analysis to produce the net present operating results to date have exceeded production and NPV forecasts.
value (NPV) in the study, the source and confidence of these economic inputs
including estimated inflation, discount rate, etc.
· NPV ranges and sensitivity to variations in the significant
assumptions and inputs.
Social The Porphyry Zone falls under the SOMIFI exploitation permit and is managed by
SOMISY SA under Management and Toll Treatment agreements lodged with the
· The status of agreements with key stakeholders and matters Government of Mali.
leading to social license to operate.
It is the intention to encourage economic development within the local
community. During the operation of Tabakoroni and its satellite deposits the
focus has been on improving farming and health care plus providing access to
water; this will continue to remain a focus.
The Syama Mine Community Consultative Committee, which includes representation
from Tabakoroni and the villages adjacent to the Syama Satellites, was
established in February 2001 with representatives from local villages, the
Malian Government and SOMISY. Since April 2004 the Committee has met regularly
as a communication forum and to address community issues and assist with
community project proposals; it continues to meet on the first or second
Tuesday of each month.
Other All current government agreements and approvals are in good standing and no
anticipated changes are expected.
· To the extent relevant, the impact of the following on the
project and/or on the estimation and classification of the
Ore Reserves:
· Any identified material naturally occurring risks.
· The status of material legal agreements and marketing
arrangements.
· The status of governmental agreements and approvals critical to
the viability of the project, such as mineral tenement status, and government
and statutory approvals. There must be reasonable grounds to expect that all
necessary Government approvals will be received within the timeframes
anticipated in the Pre-Feasibility or Feasibility study. Highlight and discuss
the materiality of any unresolved matter that is dependent on a third party on
which extraction of the reserve is contingent.
Classification Proved and Probable Ore Reserves were declared based on the Measured and
Indicated Mineral Resources.
· The basis for the classification of the Ore Reserves into varying
confidence categories. The Ore Reserve estimate appropriately reflects the Competent Person's view of
the deposit.
· Whether the result appropriately reflects the Competent Person's
view of the deposit.
· The proportion of Probable Ore Reserves that have been derived
from Measured Mineral Resources (if any).
Audits or reviews
· The results of any audits or reviews of Ore Reserve estimates.
Discussion of relative accuracy/ confidence The relative accuracy and confidence of the Ore Reserve estimate is inherent
in the Ore Reserve Classification.
· Where appropriate a statement of the relative accuracy and
confidence level in the Ore Reserve estimate using an approach or procedure
deemed appropriate by the Competent Person. For example, the application of
statistical or geostatistical procedures to quantify the relative accuracy of
the reserve within stated confidence limits, or, if such an approach is not
deemed appropriate, a qualitative discussion of the factors which could affect
the relative accuracy and confidence of the estimate.
· The statement should specify whether it relates to global or
local estimates, and, if local, state the relevant tonnages, which should be
relevant to technical and economic evaluation. Documentation should include
assumptions made and the procedures used.
· Accuracy and confidence discussions should extend to specific
discussions of any applied Modifying Factors that may have a material impact
on Ore Reserve viability, or for which there are remaining areas of
uncertainty at the current study stage.
· It is recognized that this may not be possible or appropriate in
all circumstances. These statements of relative accuracy and confidence of the
estimate should be compared with production data, where available.
Mako
Section 1 Sampling Techniques and Data
CRITERIA JORC CODE EXPLANATION COMMENTARY
Sampling techniques Sampling has been by diamond drill coring and reverse circulation chip
techniques with minor trench and surface sampling.
· Nature and quality of sampling (e.g. cut channels, random chips, or
specific specialised industry standard measurement tools appropriate to the Diamond core is geologically logged and sampled to geological contacts with
minerals under investigation, such as down hole gamma sondes, or handheld XRF nominal sample lengths between 0.3m and 4.5m (most commonly 1.5m). Core
instruments, etc.). These examples should not be taken as limiting the broad selected for assay is systematically cut lengthwise into half core by diamond
meaning of sampling. blade rock saw, numbered and bagged before dispatch to the laboratory for
analysis.
· Include reference to measures taken to ensure sample representivity
and the appropriate calibration of any measurement tools or systems used. All core is photographed, wet and dry.
· Aspects of the determination of mineralisation that are Material to Reverse circulation chips are geologically logged and sampled on regular
the Public Report. lengths of 1m. Chip material selected for assay is systematically divided to a
1/8 proportion using a rotary splitter attached to the cyclone sample recovery
· In cases where 'industry standard' work has been done this would be system, numbered and bagged before dispatch to the laboratory for analysis.
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. Diamond core drilling prior to the latest deep diamond drilling had just over
96% of core sample intervals measured (28,701 measurements totalling 46,200m
· Measures taken to maximise sample recovery and ensure of core) with core recoveries of 75% or better. Approximately 85% of core
representative nature of the samples. sample intervals measured had core recoveries of 100%. The percentage core
recovery data was examined graphically against the gold grades and no
· Whether a relationship exists between sample recovery and grade and relationship is evident between core loss and gold grade in the regions of low
whether sample bias may have occurred due to preferential loss/gain of core recovery.
fine/coarse material.
In 2016 % core recovery data was examined graphically against the gold grades
and no relationship is evident between core loss and gold grade in the regions
of low sample recovery.
RC recoveries are monitored by chip sample weight recording. Of 43 RC holes
reviewed in 2016 all recorded weight/m in consolidated rock material ranged
from 19 to 38kg/m (mode=25; mean=25; median=25kg/m) which equates to rock
densities between 2 and 3gcm3.
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 data is 69,728.01m from total 70,527.01m drilled.
· The total length and percentage of the relevant intersections
logged.
Sub-sampling techniques and sample preparation Core is systematically cut lengthwise into half core with a diamond saw.
· If core, whether cut or sawn and whether quarter, half or all core In the initial drill phases between 2kg and 6kg of broken core sample was
taken. dispatched by contracted truck transport to SGS Mali (Phase 1- 90 holes) or
ALS Mali (Phases 2 and 3 - 88 holes) for sample preparation.
· If non-core, whether riffled, tube sampled, rotary split, etc. and
whether sampled wet or dry. More recent samples (Phase 3 to 5 and the 2018 deep diamond holes) have
undergone sample preparation at the site sample prep laboratory.
· For all sample types, the nature, quality and appropriateness of
the sample preparation technique. The 2018 deep diamond programme (PWD362 to 420) was prepared onsite with assay
pulps analysed by ALS Loughrea (Ireland).
· Quality control procedures adopted for all sub-sampling stages to
maximise representivity of samples. 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
· Measures taken to ensure that the sampling is representative of the numbered plastic and sample tickets are inserted and bag is sealed for
in situ material collected, including for instance results for field transport to preparation facility.
duplicate/second-half sampling.
Generally, one of each of the two control samples (blank or CRM standard) is
· Whether sample sizes are appropriate to the grain size of the inserted into the sample stream every tenth sample. Over the 2018 deep diamond
material being sampled. programme A total of 4,582 samples have had 249 CRM and 260 blanks inserted,
sufficient as per industry standards. An industry standard, documented process
of sample mark-up, core splitting, bagging and ticketing and recording is in
place at the Mako site. The laboratories sample preparation followed a
standard documented process flow with whole sample crushing (better than 70%
passing 2mm) followed by a 1kg riffle split for pulverisation to 75 micron
(better than 85% pass).
Master pulps of 250g were split and placed in airtight, sealed bags and sent
by courier to the assaying laboratory for analysis.
For the majority of the Phase 1 drilling the mineralised interval sample
preparation done at SGS Mali has been repeated and re-assayed. As a result the
nature, quality and appropriateness of the sample preparation technique are to
industry standard.
Sample size of 2-6kg is appropriate for the grain size of material.
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 core sampling, assay procedures and QA/QC program have been
reviewed and were judged to be of industry standard and suitable for use in
· The verification of significant intersections by either independent the estimation of Mineral Resources.
or alternative company personnel.
Independent sampling has been undertaken and the results closely match the
· The use of twinned holes. original data.
· Documentation of primary data, data entry procedures, data Drill hole assay result data has been checked against the original hardcopy
verification, data storage (physical and electronic) protocols. laboratory assay reports for a representative number of holes.
· Discuss any adjustment to assay data. Site based checks of the raw assay data have been undertaken to verify grade
intersections were consistent with a visual inspection of mineralisation in
the core.
Below detection limit values (negatives) have been replaced by background
values.
Un-sampled intervals have been retained as un-sampled (null or blank). The
majority 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 a contract surveyor (P.C. Drysdale Land and
Engineering Surveyor) using a Leica GS12 GNSS (GPS) survey system.
· 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. Ex-Trac tool with a reading taken approx. every 50m down the hole.
· Specification of the grid system used. Cube consulting made independent verification of the collar surveys of three
diamond core in progress holes (PWD409, 408 and 407) which were all found to
· Quality and adequacy of topographic control. be within an acceptable tolerance of the planned and reported coordinates.
Cube also verified the coordinated positions of laid out grade control planned
holes on the pit floor.
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
(i.e. msl).
A topographic surface was provided based on a one metre resolution satellite
DTM surface of Central Mako, including the Petowal prospect area, and a number
of smaller resolution (10m x 10m) data files derived from the one metre source
data. The smaller resolution data (10m x 10m) has been used for all validation
and estimation purposes.
Data spacing and distribution Data spacing is variable being in the range of 80m x 40m to 20m x 20m.
Additionally, a significant area of grade control drilling at 10m x 10m has
· Data spacing for reporting of Exploration Results. been completed defining a volume of approximately four million BCM. This
spacing is adequate to determine the geological and grade continuity for
· Whether the data spacing and distribution is sufficient to reporting of Measured, Indicated and Inferred Mineral Resources.
establish the degree of geological and grade continuity appropriate for the
Mineral Resource and Ore Reserve estimation procedure(s) and classifications Drill samples were composited to 3m for use in the estimate.
applied.
· Whether sample compositing has been applied.
Orientation of data in relation to geological structure The drill hole orientation was designed to intersect the mineralisation
orthogonal to dip and strike of the major mineralisation bodies. The majority
· Whether the orientation of sampling achieves unbiased sampling of of drill hole azimuths were between 140° and 160⁰ with dips varying from
possible structures and the extent to which this is known, considering the -50 to -80⁰ below horizontal. For a small number of holes, different
deposit type. orientations were selected to target different portions of the mineralisation
depending on localised mineralised structures or features.
· If the relationship between the drilling orientation and the
orientation of key mineralised structures is considered to have introduced a The preliminary RC grade control programme drilling was
sampling bias, this should be assessed and reported if material.
all vertical (azimuth of 0⁰ and dip of -90⁰). Mine grade control during
2017 and 2018 was primarily drilled on azimuth 140⁰ dipping -60⁰.
Drilling primarily targeted the FEL unit which contained the most significant
mineralisation and dipped at about 20-30⁰ to the northwest near surface,
steepening to about 45⁰ dip at depth. The drilling orientation is adequate
for a non-biased assessment of the 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) and the review undertaken at the project by Cube in August
· The results of any audits or reviews of sampling techniques and 2018 and both found no material issues with the sampling methods or data.
data.
Section 2 Reporting of Exploration Results
CRITERIA JORC CODE EXPLANATION COMMENTARY
Mineral tenement and land tenure status To date no exploration results have been reported on a granted exploration
permit, owned 100% by Petowal Mining Company SA (Petowal).
· Type, reference name/number, location and ownership including
agreements or material issues with third parties such as joint ventures, The 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 Exploration has been performed by Mako Exploration Company SARL ("MEC"), 100%
owned by TORO.
· Acknowledgment and appraisal of exploration by other parties.
Geology It is currently interpreted that the northeast striking structure controlled
the flow of the gold bearing hydrothermal fluids, with the preferential
· Deposit type, geological setting and style of mineralisation. chemistry/rheology of the felsic volcanic horizon acting as a favourable
horizon for silicification and the deposition of the gold-pyrite mineral
assemblage. 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 20-30⁰ to the northwest near surface, steepening to
approximately 45⁰ dip
at depth.
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 Gold assay intercepts were composited to 3m length down the hole, using length
weighting, in order to provide a uniform sample support size for grade
· In reporting Exploration Results, weighting averaging techniques, estimation.
maximum and/or minimum grade truncations (e.g. cutting of high grades) and
cut-off grades are usually Material and should be stated. High grade cuts have been applied to gold grade composites, but only for use
in producing check estimates. The primary, reported estimates were based on a
· Where aggregate intercepts incorporate short lengths of high grade Uniform Conditioning approach which used cut grade values.
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. 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 as part of the 2018 MRE. Additional drilling has
· Where comprehensive reporting of all Exploration Results is not informed the 2018 update.
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 drill holes, 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 Database is maintained by PMC who compile and validate all data files on the
integrity
project.
· Measures taken to ensure that data has not been corrupted by, for
example, transcription or keying errors, between its initial collection and Cube completed validation checks on the database including checks for
its use for Mineral Resource estimation purposes. overlapping sample intervals, checks on minimum and maximum assays, depths,
azimuths, dips and co-ordinates for consistency. No material errors were
· Data validation procedures used. identified. Cube undertook site based checks of the raw assay data to verify
that grade intersections were consistent with a visual inspection of
mineralisation in the core.
A number of drill hole collar positions were also verified in the field.
Site visits The competent person has visited site on multiple occasions.
· Comment on any site visits undertaken by the Competent Person and the
outcome of those visits.
· If no site visits have been undertaken indicate why this
is the case.
Geological interpretation The geological confidence is considered to be moderate to high.
· Confidence in (or conversely, the uncertainty of) the geological The mineralised volume at Petowal has been based on a drill section
interpretation of the mineral deposit. interpretation of mineralisation defined by a lower limit gold grade of 0.2
g/t Au, along with the observed close association between mineralisation and
· Nature of the data used and of any assumptions made. the felsic lithological unit. The overall shape and trend of the
mineralisation was guided by the form of the felsic unit and its contacts with
· The effect, if any, of alternative interpretations on Mineral the surrounding basalt. Four mineralisation domains, the first contained
Resource estimation. within the felsic unit, the second and third in the adjacent footwall basalt
and the fourth in the hanging wall basalt unit, were defined (Domains 100 200
· The use of geology in guiding and controlling Mineral Resource 300 400, respectively). A separate Domain (500) was created based on
estimation. mineralisation 450m northwest of the Mako deposit. An overall envelope, called
Domain 1 encapsulating all the material not contained within Domains 100, 200,
· The factors affecting continuity both of grade and geology. 300, 400 and 500 out to the limit of drill coverage, was also created. The
resulting volumes encapsulate the complete mineralised distribution and
produce a model that reduces the risk of conditional bias that could be
introduced where the constraining interpretation and data selection is based
on a significantly higher grade than the natural geological grade cut-off.
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.
Dimensions The gold mineralisation identified to date varies from 30m to 60m in width,
along the 1,700m strike length drilled to date. The zone dips approximately
· The extent and variability of the Mineral Resource expressed as 20-30⁰ to the northwest near surface, steepening to approximately 45⁰ dip
length (along strike or otherwise), plan width, and depth below surface to the at depth.
upper and lower limits of the Mineral Resource.
Estimation and modelling techniques Three metre downhole composite gold grade data were interpolated into 20mE x
20mN x 5mRL sized panels using Ordinary Kriging (OK).
· The nature and appropriateness of the estimation technique(s) applied
and key assumptions, including treatment of extreme grade values, domaining, The minimum number of composites was set at 8 and the maximum number of
interpolation parameters and maximum distance of extrapolation from data composites was set at either 16 (Domain 100), 26 (Domain 200) or 24 (Domains
points. If a computer assisted estimation method was chosen include a 300, 400 and 4000).
description of computer software and parameters used.
The maximum search ellipse radius was set at either 180m (Domain 100), 160
(Domain 200), 120m (Domain 300), 200m (Domain 400) or 300m (Domain 4000). The
orientation of the variogram model and search ellipse was dynamically set
according to the shape of the felsic hanging wall and footwall, as well the
trend of high grade mineralisation within the felsic unit.
· The availability of check estimates, previous estimates and/or mine Change of Support (CoS) calculations were conducted, conditioned to the panel
production records and whether the Mineral Resource estimate takes appropriate grade estimates, for selectivity on 5mE x 5mN x 2.5mRL SMU-sized blocks in
account of such data. order to produce a recoverable resource estimate. The Gaussian-based Uniform
Conditioning approach was applied to the OK check grade estimates. An
· The assumptions made regarding recovery of by- products. information effect correction was applied during the CoS calculations, to
account for a future theoretical grade control drill configuration of 10mE x
· Estimation of deleterious elements or other non-grade variables of 10mN x 1mRL. The CoS process yields a set of array variables, stored in the
economic significance (e.g. sulphur for acid mine drainage characterization). panel block model, detailing the estimates for tonnage, grade and metal above
a range of grade cut-offs.
· In the case of block model interpolation, the block size in relation
to the average sample spacing and the search employed. A process of localisation was completed, by which the output of the CoS is
mapped into single grade estimate per 5mE x 5mN x 2.5mRL block in an SMU block
· In the case of block model interpolation, the block size in relation model, which comprises the final product of the grade estimation.
to the average sample spacing and the search employed.
Domain 500 was estimated using ID2 methodology. Due to the limited number of
· Any assumptions behind modelling of selective mining units. samples within the domain a robust variogram could not be produced. Two passes
were used with second pass having double the initial search radii of 45m.
· Any assumptions about correlation between variables.
Surpac Mining software 6.9 and Isatis were used for estimation.
· Description of how the geological interpretation was used to control
the resource estimates. No by-product recoveries were considered.
· Discussion of basis for using or not using grade cutting or capping. Estimations of density were also made with this Mineral Resource estimation.
· The process of validation, the checking process used, the comparison Block model validation was undertaken globally by comparing the mean LUC block
of model data to drill hole data, and use of reconciliation data if available. grade estimates to the mean of the informing composite grades on a domain by
domain basis. The LUC estimates were also compared to the mean grade of a
check ID(2) estimation.
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 and is based on the results of Whittle
optimisation shells using cost and recovery data sourced from the operation of
the open pit mine by PMC during 2017-18.
A Whittle optimisation shell using these operational costs and a gold price of
US$2,000/ounce has been used to limit the reported MRE to that with reasonable
expectations of economic exploitation.
Mining factors or assumptions The shallow occurrence of the mineralisation indicates that open pit mining is
appropriate for Petowal 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 Metallurgical test work on the mineralisation commenced in 2012 and is
reasonable prospects for eventual economic extraction to consider potential ongoing.
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 Petowal 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 16,078 density measurements were available for use, with
assumptions. If determined, the method used, whether wet or dry, the frequency the 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 Visual inspection shows a clear relationship between lithology and density in
that adequately account for void spaces (vugs, porosity, etc), moisture and fresh rock. No relationship between density and sulphur content or gold
differences between rock and alteration zones within the deposit. content could be established.
· Discuss assumptions for bulk density estimates used in the evaluation A default bulk density of 1.70t/m(3) was assigned to the thin laterite horizon
process of the different materials. capping the deposit and to the underlying saprock.
A default bulk density of 2.46t/m(3) was assigned to soft (oxidised?) rock.
In fresh rock, Ordinary Kriging was used to estimate density, with the
variogram and search neighbourhood being dynamically oriented as per the gold
grade estimation. Default values for un-estimated fresh rock were set as
undifferentiated rock=2.86t/m(3); fresh UBU 2.99t/m(3); fresh LBU 2.96t/m(3)
and fresh FEL 2.75t/m(3,) fresh RHD 2.69t/m(3).
Classification The Measured, Indicated and Inferred classification is based on the confidence
in the continuity of geology and mineralisation and quality/confidence in the
· The basis for the classification of the Mineral Resources into estimation and quality of assay data and bulk density data. Sectional
varying confidence categories. wireframe interpretations encompass material of Measured and Indicated
classification. The classification is Measured where it is informed by 20m
· Whether appropriate account has been taken of all relevant factors spaced drilling on 20m spaced sections or better, the slope of regression
(i.e. relative confidence in tonnage/grade estimations, reliability of input estimation quality parameter is greater than 0.8. It is classified as
data, confidence in continuity of geology Indicated where it is informed by 20m to 40m spaced drilling on 40m spaced
and metal values, quality, quantity and distribution of the data). sections or better, the slope of regression estimation quality parameter is
greater than 0.7.
· Whether the result appropriately reflects the Competent Person's view
of the deposit. Inferred classification is informed by 40m spaced drilling on 80m spaced
sections, or better.
The Mineral Resource estimate 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 (SMU) scale when drilling density exceeds 20m x
appropriate by the Competent Person. For example, the application of 20m. Infill grade control drilling will be required to improve the confidence
statistical or geostatistical procedures to quantify the relative accuracy of 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 LUC estimate has been compared to ID estimates and in a limited volume to
the relative accuracy and confidence of the estimate. an OK estimate of close spaced grade control drilling. Differences have been
identified, however these do not exceed expectations and no material issues
· The statement should specify whether it relates to global or local have been identified in these comparisons and the LUC estimate appropriately
estimates, and, if local, state the relevant tonnages, which should be represents the source data.
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.
Section 4 Estimation and Reporting of Ore Reserves
CRITERIA JORC CODE EXPLANATION COMMENTARY
Mineral Resource estimate for conversion to Ore Reserves Ore Reserves are the material reported as a sub-set of the resource, that
which can be extracted from the mine and processed with an economically
· Description of the Mineral Resource estimate used as a basis for the acceptable outcome. Mineral Resources are reported inclusive of Ore Reserves.
conversion to an Ore Reserve.
· Clear statement as to whether the Mineral Resources are reported
additional to, or inclusive of, the Ore Reserve.
Site visits The Competent Person, Mr Kitwa Ndjibu, is a full-time employee of Resolute
Mining Ltd and a Member of the Australasian Institute of Mining and
· Comment on any site visits undertaken by the Competent Person and the Metallurgy. He conducted a site visit to the project area in October 2022.
outcome of those visits.
· If no site visits have been undertaken indicate why this is
the case.
Study status A mining study update was conducted by Mining Focus Consultants Pty Ltd in
July 2020 based on the 2015 Definitive feasibility study Mako open pit has
· The type and level of study undertaken to enable Mineral Resources to been in continuous mining operation since August 2017. During this time the
be converted to Ore Reserves. performance of the open pit has shown a positive reconciliation between
mineral resources and gold production and delivered positive cashflows.
· The Code requires that a study to at least Pre-Feasibility Study Primary contributors to the study were: · Mining Focus Consultants
level has been undertaken to convert Mineral Resources to Ore Reserves. Such
studies will have been carried out and will have determined a mine plan that
is technically achievable and economically viable, and that material Modifying
Factors have been considered.
Cut-off parameters A Mill breakeven cut-off grade (COG) change from 0.6 g/t to 0.9 g/t gold has
been applied for Mako to account for the increase to the long-term processing
· The basis of the cut-off grade(s) or quality costs.
parameters applied.
Mining factors or assumptions · Mako operations are open pit mining methods.
· The method and assumptions used as reported in the · Whittle pit shell optimisations were conducted as component of
Pre-Feasibility or Feasibility Study to convert the Mineral Resource to an Ore the mining study. ·
Reserve (i.e. either by application of appropriate factors by optimization or
by preliminary or detailed design). · Ground conditions at Mako are good with overall slope angle 55°
with batter face angle of 75°. ·
· The choice, nature and appropriateness of the selected mining
method(s) and other mining parameters including associated design issues such · Footwall slope is on average 45 degrees in line with the dip of
as pre-strip, access, etc. the orebody. ·
· The assumptions made regarding geotechnical parameters (e.g. pit · The Resource model was a diluted model; no additional dilution is
slopes, stope sizes, etc.), grade control and required. ·
pre-production drilling.
· 95% Mining recovery used. ·
· The major assumptions made and Mineral Resource model used for pit
and stope optimization (if appropriate). · No Inferred Mineral Resource is included within the Reserve. ·
· The mining dilution factors used. · No additional infrastructure is required for the remaining mine
life.
· The mining recovery factors used.
· Any minimum mining widths used.
· The manner in which Inferred Mineral Resources are utilized in mining
studies and the sensitivity of the outcome to their inclusion.
· The infrastructure requirements of the selected mining methods.
Metallurgical factors or assumptions · Different recovery is used for different ore types. Basalt and
Felsic ore have 90% and 95% recoveries respectively. The mentioned recoveries
· The metallurgical process proposed and the appropriateness of that are in line with current plant performance. ·
process to the style of mineralization.
· Recovery process is well tested and performing to expectation. ·
· Whether the metallurgical process is well-tested technology or novel
in nature. · No deleterious elements, no organics or other elements impacting
on Au recovery
· The nature, amount and representativeness of metallurgical test work
undertaken, the nature of the metallurgical domaining applied and the
corresponding metallurgical recovery factors applied.
· Any assumptions or allowances made for deleterious elements.
· The existence of any bulk sample or pilot scale test work and the
degree to which such samples are considered representative of the ore body as
a whole.
· For minerals that are defined by a specification, has the ore reserve
estimation been based on the appropriate mineralogy to meet the
specifications?
Environmental No acid generation from the waste dumps have been observed in line with test
work expectations. No acid forming metallurgy within waste rock material.
· The status of studies of potential environmental impacts of the
mining and processing operation. Details of waste rock characterization and
the consideration of potential sites, status of design options considered and,
where applicable, the status of approvals for process residue storage and
waste dumps should be reported.
Infrastructure All infrastructure for the Mako project has been completed.
· The existence of appropriate infrastructure: availability of land for Water supply dams, TSF dams have been completed with ongoing TSF lifts planned
plant development, power, water, transportation (particularly for bulk through the remaining mine life. All power station and camp accommodation
commodities), labour, accommodation; or the ease with which the infrastructure infrastructure has been completed.
can be provided, or accessed.
Costs Royalties paid are variable dependent on gold price At 1500 the gold royalty
is 3.53%. at 1800 $/oz the royalty is 3.8%
· The derivation of, or assumptions made, regarding projected capital
costs in the study. Costs used are taken from mine actuals and Mining contractor unit rates.
· The methodology used to estimate operating costs.
· Allowances made for the content of deleterious elements.
· The derivation of assumptions made of metal or commodity price(s),
for the principal minerals and co- products.
· The source of exchange rates used in the study.
· Derivation of transportation charges.
· The basis for forecasting or source of treatment and refining
charges, penalties for failure to meet specification, etc.
· The allowances made for royalties payable, both Government and
private.
Revenue factors A gold price of US$1,500/oz formed the basis of the Ore Reserves. Gold price
used for planning purposes are from consensus forecasts provided by external
· The derivation of, or assumptions made regarding revenue factors corporate advisers.
including head grade, metal or commodity price(s) exchange rates,
transportation and treatment charges, penalties, net smelter returns, etc. No penalties are incurred for deleterious material.
· The derivation of assumptions made of metal or commodity price(s), No revenue received from co-products.
for the principal metals, minerals and co-products.
Market assessment The market for gold is robust with prevailing gold price being well above
US$1,500/oz.
· The demand, supply and stock situation for the particular commodity,
consumption trends and factors likely to affect supply and demand into the Supply and demand are not considered material to the Ore Reserve calculations.
future.
· A customer and competitor analysis along with the identification of
likely market windows for the product.
· Price and volume forecasts and the basis for these forecasts.
· For industrial minerals the customer specification, testing and
acceptance requirements prior to a supply contract.
Economic The financial evaluation undertaken as part of the evaluation indicated a
positive net present value (NPV) at a 7% annual discount rate. The following
· The inputs to the economic analysis to produce the net present value major economic inputs were used:
(NPV) in the study, the source and confidence of these economic inputs
including estimated inflation, discount rate, etc. · Costs as previous described
· NPV ranges and sensitivity to variations in the significant · Gold price of US$1500/oz
assumptions and inputs.
· Royalties of 3.5%
Social The government of Senegal has a 10% free carried interest in the operation.
· The status of agreements with key stakeholders and matters leading to No other stakeholder agreements in place.
social license to operate.
Other No additional naturally occurring risks. No flood risk, low seismicity risk.
· To the extent relevant, the impact of the following on the project
and/or on the estimation and classification of the Ore Reserves:
· Any identified material naturally occurring risks.
· The status of material legal agreements and marketing arrangements.
· The status of governmental agreements and approvals critical to the
viability of the project, such as mineral tenement status, and government and
statutory approvals. There must be reasonable grounds to expect that all
necessary Government approvals will be received within the timeframes
anticipated in the Pre-Feasibility or Feasibility study. Highlight and discuss
the materiality of any unresolved matter that is dependent on a third party on
which extraction of the reserve is contingent.
Classification The Ore Reserve estimate appropriately reflects the Competent Person's view of
the deposit.
· The basis for the classification of the Ore Reserves into varying
confidence categories.
· Whether the result appropriately reflects the Competent Person's view
of the deposit.
· The proportion of Probable Ore Reserves that have been derived from
Measured Mineral Resources (if any).
Audits or reviews
· The results of any audits or reviews of Ore Reserve estimates.
· Where appropriate a statement of the relative accuracy and confidence
level in the Ore Reserve estimate using an approach or procedure deemed
appropriate by the Competent Person. For example, the application of
statistical or geostatistical procedures to quantify the relative accuracy of
the reserve within stated confidence limits, or, if such an approach is not
deemed appropriate, a qualitative discussion of the factors which could affect
the relative accuracy and confidence of the estimate.
Discussion of relative accuracy/ confidence · The statement should specify whether it relates to global or local
estimates, and, if local, state the relevant tonnages, which should be
relevant to technical and economic evaluation. Documentation should include
assumptions made and the procedures used.
· Accuracy and confidence discussions should extend to specific
discussions of any applied Modifying Factors that may have a material impact
on Ore Reserve viability, or for which there are remaining areas of
uncertainty at the current study stage.
· It is recognized that this may not be possible or appropriate in all
circumstances. These statements of relative accuracy and confidence of the
estimate should be compared with production data, where available.
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 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 1,242m. Total length of RC logged is 12,986m.
· 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. Over the 2018 deep diamond
programme. An industry standard, documented process of sample mark-up, core
· Quality control procedures adopted for all sub-sampling stages to splitting, bagging and ticketing and recording is in place at the Mako site.
maximise representivity of samples. The laboratories sample preparation followed a standard documented process
flow with whole sample crushing (better than 70% passing 2mm) followed by a
· Measures taken to ensure that the sampling is representative of the 1kg riffle split for pulverisation to 75 micron (better than 85% pass).
in situ material collected, including for instance results for field
duplicate/second-half sampling. Master pulps of 250g were split and placed in airtight, sealed bags and sent
by courier to the assaying laboratory for analysis.
· Whether sample sizes are appropriate to the grain size of the
material being sampled. Sample size of 2-6kg is appropriate for the grain size of material.
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 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 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 To date no exploration results have been reported on a granted exploration
permit, owned 100% by Petowal Mining Company SA (Petowal).
· Type, reference name/number, location and ownership including
agreements or material issues with third parties such as joint ventures, The 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
· Acknowledgment and appraisal of exploration by other parties. held 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 zoneprimarily 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 0.2 g/t Au and 0.75 g/t Au. The overall
Resource estimation. shape of 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 Tombo Prospect have been measured based on the
Archimedean Principle using the immersion method for individual core samples.
· Whether assumed or determined. If assumed, the basis for the A total of 215 density measurements were available for use, with the vast
assumptions. If determined, the method used, whether wet or dry, the frequency majority of these being in fresh rock below the saprock and laterite domains.
of the measurements, the nature, size and representativeness of the samples. 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.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END DRLQKOBPDBKBNNKRecent news on Resolute Mining
See all newsREG - Resolute Mining Ltd - Quarterly Conference Call Details
AnnouncementREG - Resolute Mining Ltd - Notice of Annual General Meeting
AnnouncementREG - Resolute Mining Ltd - AGM Notice of Access
AnnouncementREG - Resolute Mining Ltd - Appendix 4G
AnnouncementREG - Resolute Mining Ltd - Corporate Governance Statement
Announcement