Robex Resources Inc.: With 391,000 Ounces of Probable Mineral Reserves, Robex Expects a Mine Life of Nearly 9 Years for Nampa...
October 25 2020 - 8:55PM
Robex Resources Inc. (“Robex” or “the Company”) (TSXV: RBX/FWB:
RB4) announces that it has filed with SEDAR the technical report
titled “NI 43-101 Technical Report, Mineral Resource and Mineral
Reserve Estimates for the Nampala Gold Mine (2020)” signed and
dated October 23, 2020.
The latest Mineral Resource Estimate (2020 MRE)
and the Mineral Reserve Estimate (2020 MR) are summarized in the
next paragraphs. They required an update for the following
motives:
- The Nampala Phase 4, containing 410 drill holes, added a total
of 34,998 m to the geological database. These drill holes were
mainly drilled east of the current open pit.
- The price of gold has increased significantly in the last year.
The last Mineral Resource Estimate (2019 MRE) used a price of
gold of USD 1250/oz. This value was increased to USD 1700/oz. for
the 2020 MRE and to USD 1500/oz. for the 2020 MR.
- The density model was updated to take into account the results
from the mine-to-mill mass balance completed in 2020.
- Mineralized material contained in the Upper Transition
weathering horizon was metallurgically tested in 2019-2020. The
average tests returned some suitable recovery rates of 86.8% and
88.0% for two sampled populations.
Mineral Resource Estimate (2020
MRE):
On July 31, 2020, the Mineral Resource in the
Indicated category was estimated at 37,887,000 t at a grade of
0.71 g/t Au and a metal content of 869 000 oz. of gold.
The Mineral Resource in the Inferred category was estimated at
2,989,000 t at a grade of 0.69 g/t Au and a metal content of
66 000 oz. of gold (Table 1). The presented Mineral Resource
includes the Mineral Reserve.
Table
1: Mineral Resource
Estimate (2020 MRE)
Category |
Cut-Off Au (g/t) |
Weathering type |
Tonnage (000 t) |
Grade Au (g/t) |
Metal content Au (000 oz.) |
|
|
Indicated |
0.25 |
Oxide |
21,422 |
0.63 |
435 |
|
0.33 |
Transition |
6,158 |
0.82 |
163 |
|
0.31 |
Fresh Rock |
10,307 |
0.82 |
271 |
|
Subtotal |
37,887 |
0.71 |
869 |
|
Inferred |
0.25 |
Oxide |
542 |
0.55 |
10 |
|
0.33 |
Transition |
213 |
0.71 |
5 |
|
0.31 |
Fresh Rock |
2,235 |
0.72 |
52 |
|
Subtotal |
2,989 |
0.69 |
66 |
|
Total |
40,876 |
0.71 |
936 |
|
Notes regarding Table 1:
1. |
|
The independent and qualified persons for the Mineral Resource
estimate, as defined by NI 43-101, are Mr. Denis Boivin, B.Sc.,
Geo. (OGQ #816) and Mr. Mario Boissé, Mining Eng. (OIQ # 130715),
and the effective date of the estimate is
July 31, 2020. |
2. |
|
The
mineral resource is not a mineral reserve as it has not
demonstrated economic viability. Further metallurgical testing is
required to analyze the economic potential of the mineral resource
found in the transition and fresh rock zones. |
3. |
|
The
mineral resource estimate follows the 2014 CIM definitions and
guidelines. |
4. |
|
Results
are presented on-site and undiluted for the open-pit scenario and
are considered to have reasonable prospects for profitable
mining. |
5. |
|
In terms
of classification: the distance to the closest (composite) point
(DCP) must be less than or equal to 30 meters to be considered an
indicated resource. The inferred resource is at a distance greater
than 30 meters and less than 100 meters. |
6. |
|
Grade
interpolation was performed on the Nampala mining permit from
2-metre drill composites using the grade of the material assayed
and clipped at 15 g/t Au. The grade model was interpolated
according to the structural patterns of the mineralized zones using
the Leapfrog Geo v5.1.0 software Radial Basis Function (RBF) method
and assessed in a model pointed at 20 degrees North with blocks of
the same size (5 m x 15 m x 5 m). On-site densities were
interpolated using the respective oxidation levels. |
7. |
|
The
mineral resource is contained within an economic envelope built
with the MineSight - Project Evaluator V1.0.4.3902 Lerch-Grossman
optimization tool. Only the indicated resource is taken into
account to generate the economic envelope. The following economic
parameters were used in the optimization (Table 2): |
Table 2:
Input parameters used for cut-off grade
estimate
Parameters |
UOM |
Oxide |
Transition |
Fresh Rock |
Gold price |
USD/oz |
1700 |
Mining cost |
USD/t mined |
2.08 |
2.51 |
2.65 |
G&A cost |
USD/t milled |
2.48 |
2.48 |
2.48 |
Processing cost* |
USD/t milled |
9.31 |
10.24 |
- |
Heap Leach cost* |
USD/t milled |
- |
- |
9.19 |
Mill recovery |
% |
88.9 |
71.9 |
- |
Heap Leach recovery |
% |
- |
- |
70 |
Optimizer Cut-off grade |
g/t |
0.25 |
0.33 |
0.31 |
*Includes transport and refining cost |
8. |
|
The slope of the economic envelope is set to 45 degrees. |
9. |
|
The
number of metric tons has been rounded to the nearest thousand and
the metal grade is presented in troy ounces (tons x grade /
31.10348). Any discrepancies between totals are due to rounding
effects. Rounding practices comply with the recommendations
outlined in Form 43-101A1. |
10. |
|
Except
for the political instability in Mali and the current COVID-19
pandemic, Denis Boivin P.Geo and Mario Boissé Eng. are not aware of
any environmental, permits, legal, title-related, fiscal,
sociopolitical or marketing issues, or any other relevant issues
that could have a significant impact on the Mineral Resource
estimate. |
Mineral Reserve Estimate (2020
MR):
On July 31, 2020, the Mineral Reserve was
estimated at 17,147,000 t of oxidized ore and Upper Transition
with a metal content of 391 000 oz. of gold (Table 3). The average
grade was 0.71 g/t using a cut-off of 0.28 g/t in the Oxide and
0.31 g/t in the Upper Transition. The Mineral Reserve estimate
(2020 MR) presents a LOM of almost 9 years.
Table
3: Nampala mine Probable
Mineral Reserve
Weathering type |
Probable Mineral Reserve |
|
Cut-Off Au (g/t) |
Tonnage (000 t) |
Grade Au (g/t) |
Metal Content Au (000 oz.) |
|
|
Oxide |
0.28 |
15,291 |
0.69 |
339 |
|
Upper Transition |
0.31 |
1,857 |
0.87 |
52 |
|
Lower Transition |
N/A |
|
|
|
|
Fresh Rock |
N/A |
|
|
|
|
Total |
|
17,147 |
0.71 |
391 |
|
Notes regarding Table 3:
1. |
|
The independent and qualified persons for the Mineral Reserve
Estimate, as defined by NI 43-101, are Mr. Denis Boivin, B.Sc.,
Geo. (OGQ #816) and Mr. Mario Boissé, Mining Eng. (OIQ # 130715),
and the effective date of the estimate is
July 31, 2020. |
2. |
|
Reported
in accordance with Canadian Institute of Mining, Metallurgy and
Petroleum (CIM) standards |
3. |
|
Constituted of Oxide and Upper Transition ore only; |
4. |
|
Based on
a Pit Shell that does not include Inferred Material. In that case,
the DCP must be inferior or equal to 30 m to be considered
indicated; |
5. |
|
Classified as probable; |
6. |
|
Included
in the Mineral Resource; |
7. |
|
Identified as minable using standard open-pit mining only; |
8. |
|
Located
within 7 pit designs based on a Pit Shell; |
9. |
|
Excluding
Lower Transition and Fresh Rock mineralization as current ore
processing infrastructures may be unsuitable if the ore is
refractory or too hard for the current processing equipment. For
calculation purposes, the recovery was set at 0% for Lower
Transition and Fresh Rock, which is very conservative; |
10. |
|
Taking
into account a mining recovery of 97%; |
11. |
|
Assuming
a dilution factor of 0% based on the composites used to interpolate
the grade in the block model, the current ore control process, the
mining method and the ore body characteristics; |
12. |
|
Excluding
any pit design that would be smaller than 100 m in
diameter; |
13. |
|
Used as a
base for the life of mine (LOM) production plan; |
14. |
|
Grade
interpolation was performed on the Nampala mining permit from
2-metre drill composites using the grade of the material assayed
and clipped at 15 g/t Au. The grade model was interpolated
according to the structural patterns of the mineralized zones using
the Leapfrog Geo v5.1.0 software Radial Basis Function (RBF) method
and assessed in a model pointed at 20 degrees North with blocks of
the same size (5 m x 15 m x 5 m). On-site densities were
interpolated using the respective oxidation levels; |
15. |
|
The
mineral reserve is contained within the 7 pit designs. The base for
the pit designs is an economic envelope built with the MineSight -
Project Evaluator V1.0.4.3902 Lerch-Grossman optimization tool. The
following economic parameters are used in the optimization (Table
4): |
Table 4:
Input parameters used for cut-off grade
estimate
Parameters |
UOM |
Oxide |
UpperTransition |
LowerTransition |
Fresh Rock |
Gold price |
USD/oz |
1500 |
Mining cost |
USD/t mined |
2.08 |
2.51 |
2.51 |
2.65 |
G&A cost |
USD/t milled |
2.48 |
2.48 |
2.48 |
2.48 |
Processing cost* |
USD/t milled |
9.31 |
10.24 |
10.24 |
- |
Heap Leach cost* |
USD/t milled |
- |
- |
|
9.19 |
Mill recovery |
% |
88.9 |
86.0 |
0 |
- |
Heap Leach recovery |
% |
- |
- |
- |
0 |
Optimizer Cut-off grade |
g/t |
0.28 |
0.31 |
- |
- |
*Includes transport and refining cost |
16. |
|
The slope of the economic envelope is set to 40 degrees for the
first 20 m then follows an angle of 45 degrees; |
17. |
|
The
number of metric tons has been rounded to the nearest thousand and
the metal grade is presented in troy ounces (tons x grade /
31.10348). Any discrepancies between totals are due to rounding
effects. Rounding practices comply with the recommendations
outlined in Form 43-101A1. |
Denis Boivin, P.Geo., on-site consulting
geologist, is the qualified and independent person under NI 43-101
who has reviewed and approved the disclosure of the geological
information contained in this press release.
Benjamin Cohen says “I would like to thank the
technical teams who have done an unbelievable job in particularly
difficult conditions with Covid-19 and a terrible rainy season that
has caused delays.
We are very pleased with these first results for
our shareholders, employees and village communities because the
horizon has been pushed back.
The exploration work continues very intensely;
we are confident about the future; we are awaiting results for the
southern and western areas in particular.
The work carried out has already allowed us to
open a second pit that will provide a second source of ore to
stabilize the production grade.
Restoring a satisfactory mine life was one of
our main objectives, this creates value and confidence to find more
gold in the near future.”
About ROBEX
Robex Resources Inc. is a Canadian mining
company operating in gold production and exploration in West
Africa. The Company operates the Nampala mine in Mali, which
reached the commercial production stage on
January 1, 2017.
For information:
Robex Resources Inc.
Benjamin Cohen, CEOAugustin Rousselet,
CFO/COOHead office: (581)
741-7421info@robexgold.com
This news release contains statements that may
be considered “forecast information” or “forecast statements” in
terms of security rights. These forecasts are subject to
uncertainties and risks, some of which are beyond the control of
Robex. Achievements and final results may differ significantly from
forecasts made implicitly or explicitly. These differences can be
attributed to many factors, including market volatility, the impact
of the exchange rate and interest rate fluctuations, mispricing,
the environment (hardening of regulations), unforeseen geological
situations, unfavourable operating conditions, political risks
inherent in mining in developing countries, changes in government
policies or regulations (laws and policies), an inability to obtain
necessary permits and approvals from government agencies, or any
other risk associated with mining and development. There can be no
assurance that the circumstances set out in these forecasts will
occur, or even benefit Robex, if any. The forecasts are based on
the estimates and opinions of the Robex management team at the time
of publication. Robex makes no commitment to make any updates or
changes to these publicly available forecasts based on new
information or events, or for any other reason, except as required
by applicable security laws. The TSX Venture Exchange or the
Regulation Services Provider (as defined in the policies of the TSX
Venture Exchange) assumes no responsibility for the authenticity or
accuracy of this news release.
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