Kiena Reserves
Mine |
Category |
Tonnes
(‘000s)
|
Grade
(gAu/tonne)
|
Contained Ounces |
Kiena |
Proven |
71 |
13.2 |
30,000 |
Probable |
1,758 |
11.0 |
621,000 |
Proven and Provable |
1,829 |
11.1 |
651,000 |
- Mineral reserves are founded on measured and indicated mineral resources with an effective date of December 31, 2021
- The Qualified Person for the Mineral Reserves estimate as per NI 43-101 is Simon Fontaine P. Eng, Mining Engineer at Kiena Mine and employee of the Company
- Mineral Reserves are reported using a 3.7 g/t Au cut off
-
Mineral Reserves demonstrated economic viability with the following parameters:
- gold price of C$1,820 (US$1,400) per ounce for the Reserves, with a USD:CAD exchange rate of 1.3.
- a 2.1 m minimum width,
- 15% external dilution in the A Zone, H1ZA1, BZA1, BZA2, S50, and Martin, 12% external dilution in the VC Zone and 25% external dilution in the A1 and A2 Zones,
- S50 considers a dilution grade of 0.7 g/t Au, all other zones consider 0.0 g/t Au dilution grade.
- 90% mine recovery,
- mining cost of C$113.7/t,
- milling cost of C$40.3/t,
- surface and G&A cost of C$58.3/t,
- selling cost of C$ 1.59/t, and 97% metallurgical processing recovery for the S50, VC & Martin Zones and 98.5% for the Kiena Deep Zones
- A bulk density factor of 2.8 tonnes per cubic m (t/m3)
- Kiena Deep incorporates, Zone A, A1, A2, H1ZA, BZA1, BZA2
- Mineral Reserves have been estimated in accordance with the Standards of the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”)
- Rounding as required by reporting guidelines may result in apparent summation differences between tonnes, grade, and metal content.
Kiena Resources
Mine |
Category |
Tonnes
(‘000s)
|
Grade
(gAu/tonne)
|
Contained Ounces |
Kiena |
Measured |
21 |
9.6 |
6,000 |
Indicated |
713 |
4.6 |
106,000 |
Measured + Indicated |
734 |
4.8 |
113,000 |
Inferred |
4,011 |
5.9 |
761,000 |
- The effective date of the estimate is December 31, 2021
- The estimate was prepared by Karine Brousseau, P. Eng., Senior Engineer – Mineral Resources of the Company, who is a “Qualified Person” under NI 43-101
- Mineral resources are reported exclusive of mineral reserves; mineral resources that are not mineral reserves do not have demonstrated economic viability
- Mineral resources are considered for underground extraction and have been reported below a 100m crown pillar and within potentially mineable volumes without external dilution. Must take material inside these volumes below the stated block grade cut-off has been included in the total.
- A bulk density factor of 2.8 tonnes per cubic m (t/m3) was applied
- Resources have been reported considering mining progress as of December 31, 2021
- Resources are reported using a 3.0 g/t Au cut-off grade
-
Economic parameters for the determination of the cut-off grade include:
- a gold price of US$1,500 per ounce, a USD/CAD exchange rate of 1.30 (resulting in C$1,950 per ounce gold price);
- mining cost C$85.7/t milled;
- processing cost C$40.3/t;
- G&A C$58.3/t milled;
- 98.5% mill recovery and
- selling cost at C1.59$/oz
- Mineral resources are classified in accordance with CIM standards
- Rounding as required by reporting guidelines may result in apparent summation differences between tonnes, grade, and metal content.
Technical Disclosure
The technical content of this release has been compiled, reviewed and approved by Jacqueline Wheeler, P. Eng, Director, Corporate Development and Technical Projects and Michael Michaud, P.Geo., Vice President, Exploration of the Company and each a "Qualified Person" as defined in National Instrument 43-101 -Standards of Disclosure for Mineral Projects.
Cautionary Note to United States Investors Concerning Estimates of Reserves and Resources
The mineral reserve and resource estimates reported in this news release were prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) as required by Canadian securities regulatory authorities. The United States Securities and Exchange Commission (the “SEC”) applies different standards in order to classify and report mineralization. This news release uses the terms “measured”, “indicated” and “inferred” mineral resources, as required by NI 43-101. Readers are advised that although such terms are recognized and required by Canadian securities regulations, the SEC does not recognize such terms. Canadian standards differ significantly from the requirements of the SEC. Readers are cautioned not to assume that any part or all of the mineral deposits in these categories constitute or will ever be converted into mineral reserves. In addition, “inferred” mineral resources have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource exists, is economically or legally mineable or will ever be upgraded to a higher category of mineral resource.