Measured and Indicated Gold Mineral Resources
Increased 14% Year-Over-Year
DENVER, March 30, 2021 /CNW/ - SSR Mining Inc. (NASDAQ:
SSRM) (TSX: SSRM) (ASX: SSR) ("SSR Mining") today reported its
updated Mineral Reserves and Mineral Resources as of December 31, 2020. For a detailed summary by
asset, please refer to the summary and tables
below.
Highlights:
- Track Record of Mineral Reserves Replacement: Gold
Mineral Reserves increased 5% to 8.0 million ounces (9.0 million
gold-equivalent ounces) as compared to year-end 2019 combined
results for SSR Mining and Alacer Gold pre-merger, driven primarily
by additions at Çöpler.
- Measured and Indicated Gold Mineral Resources Increased
14%: Gold Measured and Indicated Mineral Resources
of 15.0 million ounces (27.0 million gold-equivalent ounces)
resulting from increases at Marigold and in the Çöpler
District.
- Çöpler District Mineral Reserves and Resources Growth:
Mineral Reserves increased 17% to 3.8 million ounces of gold
and Measured and Indicated Mineral Resources increased 20% to
7.2 million ounces of gold. Inclusion of results from the large
drilling program at Ardich in the Çöpler District resulted in
additions as outlined in the November
2020 Çöpler District Master Plan Studies ("CDMP20").
- Marigold Increases Mineral Resources: Indicated Mineral
Resources increased by 9% for a total of 5.4 million ounces of gold
compared to 4.9 million ounces at year-end 2019. Mineral Resources
increased at Mackay, Red Dot, New Millennium, Crossfire and
Valmy.
- Seabee Mineral Reserves Replace Depletion: Despite a
limited exploration program due to COVID-19, Seabee largely
replaced Mineral Reserves for the year. The Gap HW Mineral
Resources remain a key focus area for conversion to Mineral
Reserves in 2021.
Mineral Reserves and Mineral Resources
At year-end 2020, total estimated gold and silver Mineral
Reserves were 8.0 million ounces and 52.4 million ounces compared
to 7.7 million ounces and 57.5 million ounces, respectively, at
year-end 2019 (combined SSR Mining and Alacer Gold results
pre-merger).
At year-end 2020, total estimated gold and silver Measured and
Indicated Mineral Resources were 15.0 million ounces and 658.5
million ounces compared to 13.2 million ounces and 664.2 million
ounces, respectively, at year-end 2019 (combined SSR Mining and
Alacer Gold results pre-merger).
Mineral Reserves estimates for the Çöpler District, Marigold
mine, the Seabee Gold Operation and Puna Operations have been
determined based on prices of $1,350
per ounce of gold and $18.50 per
ounce of silver. Mineral Resources estimates have been determined
based on prices of $1,750 per ounce
of gold and $22.00 per ounce of
silver. Mineral Resources reported are inclusive of Mineral
Reserves.
Çöpler District
For the Çöpler District, Mineral Reserves increased by 17% to
3.8 million ounces of gold (56.8 million tonnes at an average
gold grade of 2.1 g/t) at year-end 2020. The increase is from the
larger Çöpler pit design, reduction in oxide and sulfide cut-off
grades due to the improved cost structure from the increased
throughput provided by the sulfide circuit, reduced unit costs and
increased gold price assumptions.
Measured and Indicated Mineral Resources increased by 20% to 7.2
million ounces of gold (133.1 million tonnes at an average
gold grade of 1.7 g/t) at year-end 2020. Mineral Resource additions
included 418,000 ounces of gold at Ardich and 781,000 ounces at
Çöpler.
Inferred Mineral Resources increased by 58% to 3.1 million
ounces of gold (73.7 million tonnes at an average gold grade of 1.3
g/t) at year-end 2020, compared to 2.0 million ounces of gold (41.8
million tonnes at an average gold grade of 1.5 g/t) at year-end
2019.
A total of 221 diamond core holes were drilled in 2020 within
the Çöpler District for a total of 46,459 meters.
Marigold Mine
At the Marigold mine, Mineral Reserves decreased slightly due to
mining depletion and the focus of our exploration programs on
growing Mineral Resources following a successful year of Mineral
Resource to Reserve conversion in 2019. Mineral Reserves were 3.7
million ounces of gold (219.4 million tonnes at an average gold
grade of 0.49 g/t) at year-end 2020, a decrease of 5% compared to
the year-end 2019. For 2020, mining depletion was offset by
increases in Mineral Reserves related to updated pit designs for
Red Dot and Mackay and increased gold price assumptions. Leach pad
inventory reduced by 7,000 ounces of gold for a total of 270,000
ounces contained at year-end 2020.
Indicated Mineral Resources increased by 9% for a total of 5.4
million ounces of gold (340.7 million tonnes at an average gold
grade of 0.47 g/t) at year-end 2020, compared to 4.9 million ounces
(301.8 million tonnes at an average gold grade of 0.48 g/t) at
year-end 2019. Areas of Mineral Resource additions included Mackay,
Red Dot, New Millennium, Crossfire and Valmy.
Inferred Mineral Resources increased to 334,000 ounces of gold
(28.6 million tonnes at an average gold grade of 0.36 g/t) at
year-end 2020, compared to 182,000 ounces of gold (16.2 million
tonnes at an average gold grade of 0.35 g/t) at year-end 2019, due
to definition in sections of Red Dot, New Millennium, Mackay, Valmy
and Crossfire.
A total of 109 reverse circulation holes were drilled in 2020 at
Marigold for a total of 37,956 meters.
Seabee Gold Operation
At the Seabee Gold Operation exploration activities were
impacted in 2020 due to the COVID-19 pandemic, limiting exploration
during the year. Mineral Reserves totaled 493,000 ounces of gold
(1.6 million tonnes at an average gold grade of 9.83 g/t) at
year-end 2020, a decrease of 1% compared to year-end 2019. The
slight decrease in Mineral Reserves is due to depletion at Santoy 8
and 9, offset by Mineral Resource to Reserve conversion at Santoy 8
and 9 and the Gap HW based on infill drilling.
Measured and Indicated Mineral Resources totaled 1,003,000
ounces of gold (3.0 million tonnes at an average gold grade of
10.38 g/t) at year-end 2020, compared to 1,050,000 ounces (3.1
million tonnes at an average gold grade of 10.61 g/t) at year-end
2019.
At year-end 2020, Inferred Mineral Resources totaled 507,000
ounces of gold (2.03 million tonnes at an average gold grade of
7.77 g/t) compared to 583,000 ounces of gold (2.13 million tonnes
at an average gold grade of 8.50 g/t) at year-end 2019, with the
majority of the decrease resulting from the upgrading of some of
the Gap HW and Santoy 9 Inferred Resources to Measured and
Indicated Mineral Resources.
The Gap HW discovery now totals 26,445 ounces (111,000 tonnes at
an average gold grade of 7.41 g/t) classified as Probable Mineral
Reserves, 300,000 ounces (1.29 million tonnes at an average grade
of 7.22 g/t) classified as Indicated Mineral Resources and an
additional 167,000 ounces (0.75 million tonnes at an average gold
grade of 6.91 g/t) classified as Inferred Mineral Resources.
Mineral Resources and Reserves development drilling continues at
Seabee in 2021 with a focus on Gap HW and the newly discovered
adjacent Santoy hanging wall.
A total of 198 diamond drill holes were drilled at Seabee in
support of the 2020 resource update for a total of 39,678
meters.
Puna Operations
At Puna Operations, silver Mineral Reserves were 43.0 million
ounces (8.4 million tonnes at an average silver grade of 159.7
g/t), a reduction of 6.7 million ounces as compared to year-end
2019, related to depletion of the Chinchillas open pit. All
parameters including metal prices, cost and cut-off grade were kept
the same as at year-end 2019.
Measured and Indicated Mineral Resources totaled 100.3 million
ounces of silver within the open pit, underground and stockpiles at
both Chinchillas and Pirquitas at year-end 2020 compared to 110.7
million ounces at year-end 2019.
Inferred Mineral Resources are estimated to total 42.2 million
ounces (22.9 million tonnes at an average silver grade of 57 g/t)
of silver at year-end 2020, compared to 42.7 million ounces (23.3
million tonnes at an average silver grade of 57 g/t) of silver at
year-end 2019.
Mineral Reserves and Resources
(As of December 31, 2020)
|
|
(kt)
|
Au
(g/t)
|
Ag
(g/t)
|
Pb
(%)
|
Zn
(%)
|
Cu
(%)
|
Au
(koz)
|
Ag (koz)
|
Pb
(M-lbs)
|
Zn
(M-lbs)
|
Cu
(M-lbs)
|
Au Eq
(koz)
|
Au
Eq
(g/t)
|
PROVEN MINERAL
RESERVES
|
Çöpler(1)
|
Turkey
|
2,196
|
2.31
|
7.7
|
-
|
-
|
0.01
|
163
|
544
|
-
|
-
|
0.2
|
171
|
2.42
|
Seabee(3)
(UG)
|
Canada
|
529
|
8.79
|
-
|
-
|
-
|
-
|
150
|
-
|
-
|
-
|
-
|
150
|
8.79
|
Chinchillas(4)
|
Argentina
|
420
|
-
|
142.6
|
0.73
|
0.37
|
-
|
-
|
1,926
|
6.8
|
3.4
|
-
|
34
|
2.49
|
Total Proven
|
3,146
|
|
|
|
|
|
313
|
2,470
|
6.8
|
3.4
|
0.2
|
354
|
3.50
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROBABLE MINERAL
RESERVES
|
Çöpler(1)
|
Turkey
|
54,610
|
2.10
|
5.0
|
-
|
-
|
0.02
|
3,681
|
8,836
|
-
|
-
|
18.1
|
3,842
|
2.19
|
Marigold(2)
|
USA
|
219,398
|
0.49
|
-
|
-
|
-
|
-
|
3,425
|
-
|
-
|
-
|
-
|
3,425
|
0.49
|
Leach Pad
Inventory
|
USA
|
-
|
-
|
-
|
-
|
-
|
-
|
270
|
-
|
-
|
-
|
-
|
270
|
-
|
Seabee(3)
(UG)
|
Canada
|
1,031
|
10.37
|
-
|
-
|
-
|
-
|
344
|
-
|
-
|
-
|
-
|
344
|
10.37
|
Chinchillas(4)
|
Argentina
|
7,614
|
-
|
162.2
|
1.39
|
0.36
|
-
|
-
|
39,696
|
232.6
|
60.4
|
-
|
746
|
3.05
|
Stockpiles (Chinchillas)
|
Argentina
|
339
|
-
|
126.7
|
0.84
|
0.45
|
-
|
-
|
1,382
|
6.3
|
3.4
|
-
|
26
|
2.36
|
Total
Probable
|
282,992
|
|
|
|
|
|
7,719
|
49,914
|
238.8
|
63.8
|
18.1
|
8,652
|
0.95
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROVEN AND
PROBABLE MINERAL RESERVES
|
Çöpler(1)
|
Turkey
|
56,807
|
2.10
|
5.1
|
-
|
-
|
0.01
|
3,844
|
9,379
|
-
|
-
|
18.4
|
4,013
|
2.20
|
Marigold(2)
|
USA
|
219,398
|
0.49
|
-
|
-
|
-
|
-
|
3,425
|
-
|
-
|
-
|
-
|
3,425
|
0.49
|
Leach Pad
Inventory
|
USA
|
-
|
-
|
-
|
-
|
-
|
-
|
270
|
-
|
-
|
-
|
-
|
270
|
-
|
Seabee(3)
(UG)
|
Canada
|
1,560
|
9.83
|
-
|
-
|
-
|
-
|
493
|
-
|
-
|
-
|
-
|
493
|
9.83
|
Chinchillas(4)
|
Argentina
|
8,373
|
-
|
159.7
|
1.33
|
0.36
|
-
|
-
|
43,004
|
245.6
|
67.2
|
-
|
805
|
2.99
|
Total Proven and
Probable
|
286,138
|
|
|
|
|
|
8,032
|
52,383
|
245.6
|
67.2
|
18.4
|
9,006
|
0.98
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MEASURED MINERAL
RESOURCES
|
Çöpler(1)
|
Turkey
|
7,904
|
1.87
|
2.3
|
-
|
-
|
0.00
|
475
|
580
|
-
|
-
|
0.5
|
484
|
1.90
|
Seabee(3)
(UG)
|
Canada
|
553
|
12.91
|
-
|
-
|
-
|
-
|
230
|
-
|
-
|
-
|
-
|
230
|
12.91
|
Chinchillas(4)
|
Argentina
|
793
|
-
|
115.7
|
0.68
|
0.51
|
-
|
-
|
2,969
|
11.9
|
8.9
|
-
|
50
|
1.95
|
Pitarrilla(6,7)
|
Mexico
|
12,345
|
-
|
90.1
|
0.70
|
1.22
|
-
|
-
|
35,746
|
190.0
|
333.1
|
-
|
777
|
1.96
|
Total
Measured
|
21,600
|
|
|
|
|
|
705
|
39,296
|
201.9
|
342.0
|
0.5
|
1,540
|
2.22
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INDICATED MINERAL
RESOURCES
|
Çöpler(1)
|
Turkey
|
125,229
|
1.67
|
3.9
|
-
|
-
|
0.03
|
6,730
|
15,875
|
-
|
-
|
78.0
|
7,074
|
1.76
|
Marigold(2)
|
USA
|
340,730
|
0.47
|
-
|
-
|
-
|
-
|
5,105
|
-
|
-
|
-
|
-
|
5,105
|
0.47
|
Leach Pad
Inventory
|
USA
|
-
|
-
|
-
|
-
|
-
|
-
|
270
|
-
|
-
|
-
|
-
|
-
|
-
|
Seabee(3)
(UG)
|
Canada
|
2,452
|
9.81
|
-
|
-
|
-
|
-
|
773
|
-
|
-
|
-
|
-
|
773
|
9.81
|
Chinchillas(4)
|
Argentina
|
21,690
|
-
|
102.0
|
1.00
|
0.63
|
-
|
-
|
71,046
|
476.4
|
298.9
|
-
|
1,363
|
1.95
|
Stockpiles
(Chinchillas)
|
Argentina
|
339
|
-
|
126.7
|
0.84
|
0.45
|
-
|
-
|
1,382
|
6.3
|
3.4
|
-
|
23
|
2.12
|
Stockpiles
(Pirquitas)
|
Argentina
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Pirquitas(5) (UG)
|
Argentina
|
2,634
|
-
|
292.4
|
0.02
|
4.46
|
-
|
-
|
24,756
|
1.2
|
258.7
|
-
|
482
|
5.69
|
Pitarrilla(6)
|
Mexico
|
147,016
|
-
|
97.5
|
0.32
|
0.87
|
-
|
-
|
460,728
|
1,040.4
|
2,803.6
|
-
|
8,229
|
1.74
|
Pitarrilla(7) (UG)
|
Mexico
|
5,430
|
-
|
164.9
|
0.68
|
1.34
|
-
|
-
|
28,793
|
81.4
|
160.4
|
-
|
514
|
2.94
|
San
Luis(8) (UG)
|
Peru
|
484
|
22.40
|
578.1
|
-
|
-
|
-
|
349
|
9,003
|
-
|
-
|
-
|
462
|
29.67
|
Amisk(9)
|
Canada
|
43,976
|
0.73
|
5.3
|
-
|
-
|
-
|
1,028
|
7,531
|
-
|
-
|
-
|
1,123
|
-
|
Total
Indicated
|
689,980
|
|
|
|
|
|
14,255
|
619,228
|
1,605.7
|
3,525.0
|
78.0
|
25,418
|
1.15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MEASURED AND
INDICATED MINERAL RESOURCES
|
Çöpler(1)
|
Turkey
|
133,133
|
1.68
|
3.8
|
-
|
-
|
0.03
|
7,205
|
16,455
|
-
|
-
|
78.5
|
7,558
|
1.77
|
Marigold(2)
|
USA
|
340,730
|
0.47
|
-
|
-
|
-
|
-
|
5,105
|
-
|
-
|
-
|
-
|
5,105
|
0.47
|
Leach Pad
Inventory
|
USA
|
-
|
-
|
-
|
-
|
-
|
-
|
270
|
|
|
|
|
270
|
|
Seabee(3)
(UG)
|
Canada
|
3,005
|
10.38
|
-
|
-
|
-
|
-
|
1,003
|
-
|
-
|
-
|
-
|
1,003
|
10.38
|
Chinchillas(4) +
Pirquitas(5)
|
Argentina
|
25,461
|
-
|
122.5
|
0.88
|
1.02
|
-
|
-
|
100,267
|
495.9
|
569.9
|
-
|
1,916
|
2.34
|
Pitarrilla(7)
(OP + UG)
|
Mexico
|
164,791
|
-
|
99.1
|
0.36
|
0.91
|
-
|
-
|
525,267
|
1,311.8
|
3,297.1
|
-
|
9,520
|
1.80
|
San
Luis(8) (UG)
|
Peru
|
484
|
22.40
|
578.1
|
-
|
-
|
-
|
349
|
9,003
|
-
|
-
|
-
|
462
|
29.76
|
Amisk(9)
|
Canada
|
43,976
|
0.73
|
5.3
|
-
|
-
|
-
|
1,028
|
7,531
|
-
|
-
|
-
|
1,123
|
0.79
|
Total Measured and
Indicated
|
711,580
|
|
|
|
|
|
14,960
|
658,524
|
1,807.6
|
3,867.0
|
78.5
|
26,958
|
1.18
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INFERRED MINERAL
RESOURCES
|
Çöpler(1)
|
Turkey
|
73,741
|
1.30
|
9.2
|
-
|
-
|
0.06
|
3,089
|
21,708
|
-
|
-
|
94.9
|
3,538
|
1.49
|
Marigold(2)
|
USA
|
28,597
|
0.36
|
-
|
-
|
-
|
-
|
334
|
-
|
-
|
-
|
-
|
334
|
0.36
|
Seabee(3)
(UG)
|
Canada
|
2,030
|
7.77
|
-
|
-
|
-
|
-
|
507
|
-
|
-
|
-
|
-
|
507
|
7.77
|
Chinchillas(4)
|
Argentina
|
21,836
|
-
|
49.8
|
0.55
|
0.83
|
-
|
-
|
34,974
|
263.4
|
400.0
|
-
|
853
|
1.22
|
Pirquitas(5) (UG)
|
Argentina
|
1,080
|
-
|
206.9
|
0.00
|
7.45
|
-
|
-
|
7,185
|
0.1
|
177.4
|
-
|
207
|
5.96
|
Pitarrilla(6)
|
Mexico
|
8,524
|
-
|
77.4
|
0.18
|
0.58
|
-
|
-
|
21,213
|
32.9
|
108.2
|
-
|
357
|
1.30
|
Pitarrilla(7) (UG)
|
Mexico
|
1,230
|
-
|
138.1
|
0.89
|
1.25
|
-
|
-
|
5,461
|
24.1
|
33.9
|
-
|
105
|
2.65
|
San
Luis(8) (UG)
|
Peru
|
20
|
5.60
|
272.0
|
-
|
-
|
-
|
4
|
175
|
-
|
-
|
-
|
6
|
9.02
|
Amisk(9)
|
Canada
|
49,985
|
0.52
|
3.5
|
-
|
-
|
-
|
830
|
5,550
|
-
|
-
|
-
|
900
|
0.56
|
Total
Inferred
|
187,043
|
|
|
|
|
|
4,765
|
96,267
|
320.6
|
719.6
|
94.9
|
6,807
|
1.13
|
Notes to Mineral Reserves and Mineral Resources
Table:
All estimates set forth in the Mineral Reserves and Mineral
Resources table have been prepared in accordance with National
Instrument 43-101 – Standards of Disclosure for Mineral Projects
("NI 43-101"). The Mineral Reserves and Mineral Resources estimates
have been reviewed and approved by Samuel
Mah, P.Eng., the Company's Director, Mine Planning (North
America), and Karthik
Rathnam, MAusIMM (CP), the Company's Resource Manager,
Corporate, each of whom is a qualified person as defined under NI
43-101.
All Mineral Resources are reported inclusive of Mineral
Reserves. Mineral Resources, which are not Mineral Reserves, do not
have demonstrated economic viability. Due to the uncertainty that
may be attached to Inferred Mineral Resources, it cannot be assumed
that all or any part of an Inferred Mineral Resource will be
upgraded to an Indicated or Measured Mineral Resource as a result
of continued exploration.
Mineral Reserves and Mineral Resources figures have some
rounding applied, and thus totals may not sum exactly. All ounces
reported herein represent troy ounces (oz), and (g/t) represents
grams per tonne. All $ references are in U.S. dollars. All Mineral
Reserves and Mineral Resources estimates are as of December 31, 2020.
Mineral Reserves are estimated using the following commodity
prices: $1,350/oz of gold;
$18.50/oz of silver; $1.05/lb of zinc; $0.90/lb of lead and $3.00/lb of copper, as applicable and except as
noted below for Puna Operations. Certain additional modifying
parameters such as mine recovery, dilution, metallurgical recovery
and geotechnical are appropriately taken into consideration.
Mineral Resources are estimated using the following commodity
prices: $1,750/oz of gold;
$22.00/oz of silver; $1.15/lb of zinc; $1.00/lb of lead and $3.25/lb of copper, as applicable and except as
noted below for each of the following: Çöpler District, Puna
Operations (including Pirquitas UG), the San Luis project and the Pitarrilla project
(including Pitarrilla UG).
All gold equivalent figures are based on the above-mentioned
commodity prices. Metal equivalence is calculated for the
respective and applicable metals as follows: Au Eq g/t = Au g/t +
((Ag g/t * Ag price per gram) + (Pb% * Pb price per tonne) + (Zn% *
Zn price per tonne) + (Cu% * Cu price per tonne)) / (Au price per
gram).
All technical reports for the properties are available under the
Company's profile on the SEDAR website at www.sedar.com or on
the Company's website at www.ssrmining.com.
Çöpler
District
|
|
|
(1)
|
Mineral Reserves and
Mineral Resources estimates as set out in the Çöpler District
Master Plan 2020 have been adjusted for depletion. All key
assumptions, parameters and methods used to estimate Mineral
Reserves and Mineral Resources and the data verification procedures
followed are set out in the Çöpler District Master Plan 2020. For
additional information about the Çöpler District, readers are
encouraged to review the Çöpler District Master Plan 2020. All
Mineral Reserves and Mineral Resources are reported on 100%
ownership basis.
|
|
|
|
Mineral Reserves
estimate was prepared by Robert L. Clifford, BS (Mine Eng), SME
Registered Member, a qualified person and the Company's Director,
Mine Planning (Turkey, Argentina). Mineral Resources estimate was
prepared by Sharron Sylvester, B.Sc. (Geol), RPGeo AIG, employed by
OreWin Pty Ltd as Technical Director – Geology.
|
|
|
|
All Mineral Resources
in the Çöpler District Master Plan 2020 were assessed for
reasonable prospects for eventual economic extraction by reporting
only material that fell within conceptual pit shells based on metal
prices of $1,750/oz for gold ($1,400/oz for gold and $19/oz for
silver for Bayramdere). The following parameters were used:
metallurgical recoveries in oxide: Çöpler 62.3%–78.4%, Çakmaktepe
38.0%–80.0%, Ardich 40.0%–73.0%, and Bayramdere 75.0%, and in
sulfide: Çöpler 85.0%, and Ardich 82.9%; gold cut off grades in
oxide: Çöpler 0.32–0.41 g/t Au, Çakmaktepe
0.36–0.76 g/t Au, Ardich 0.30–0.55 g/t Au,
and Bayramdere 0.35–0.50 g/t Au, and in sulfide: Çöpler
0.73 g/t Au and Ardich 0.77 g/t Au, (there are
no credits for Ag or Cu in the cut-off grade calculations);
allowances have been made for royalty payable.
|
|
|
|
Mineral Reserves are
reported at the following cut-off grades: Çöpler oxide cut-off
grades 0.47–0.59 g/t Au, Çöpler sulfide cut-off grade
1.05 g/t Au; and Çakmaktepe oxide cut-off grades
0.52–0.71 g/t Au; and all cut-off grades include
allowance for royalty payable. There are no credits for silver or
copper in the cut-off grade calculations. The average metallurgical
recoveries used are 73% and 91% for oxides and sulfides,
respectively.
|
|
Marigold
Mine
|
|
|
(2)
|
Except for updates to
cost parameters, all other key assumptions, parameters and methods
used to estimate Mineral Reserves and Mineral Resources and the
data verification procedures followed are set out in the technical
report entitled "NI 43-101 Technical Report on the Marigold Mine,
Humboldt County, Nevada" dated July 31, 2018 (the "Marigold
Technical Report"). For additional information about Marigold,
readers are encouraged to review the Marigold Technical
Report.
|
|
|
|
Mineral Reserves
estimate was prepared under the supervision of Jeremy W. Johnson,
SME Registered Member, a qualified person and the Company's
Technical Services Superintendent at Marigold. Mineral Resources
estimate was prepared under the supervision of James N. Carver, SME
Registered Member, Resource Development Manager at Marigold, and
Karthik Rathnam, MAusIMM (CP), the Company's Resource Manager
Corporate, each of whom is a qualified person.
|
|
|
|
Mineral Reserves are
reported within a design pit shell whereas Mineral Resources are
constrained within a conceptual open pit shell. Mineral Reserves
are reported at an incremental cut-off grade of 0.065 g/t gold
payable, which has been adjusted to incorporate royalty and
metallurgical recovery within the block model and takes into
consideration the differential haulage costs between ore and waste.
The calculated break-even cut-off grade is 0.151 g/t contained
gold. On-site costs (inclusive of capital) include the average
costs for mining of $1.85 per tonne mined, processing of $1.67 per
tonne placed (heap leach), and site general costs of $0.87 per
tonne placed.
|
|
Seabee Gold
Operation
|
|
|
(3)
|
Mineral Reserves
estimate was prepared by Kevin P. Fitzpatrick, P.Eng., a qualified
person and the Company's Engineering Supervisor at Seabee. Mineral
Resources estimate was prepared under the supervision of Jeffrey
Kulas, P.Geo., a qualified person and the Company's Resource
Development Manager, Mining Operations at Seabee.
|
|
|
|
Mineral Reserves are
reported at a cut-off grade of 3.99 g/t gold. On-site costs include
the average costs for mining of $48.10 per tonne processed, process
and surface transport of $30.84 per tonne processed, and site
general costs of $67.63 per tonne processed. The overall
metallurgical recovery is 98.0% for gold.
|
|
Puna
Operations
|
|
|
(4)
|
Mineral Reserves
estimates were prepared under the supervision of Robert Gill,
P.Eng., a qualified person and the Company's General Manager at
Puna. Mineral Resources estimate was prepared under the supervision
of Karthik Rathnam, MAusIMM (CP), a qualified person and the
Company's Resource Manager Corporate.
|
|
|
|
Mineral Reserves for
Chinchillas are reported within a design pit shell whereas Mineral
Resources are constrained within a conceptual open pit shell.
Mineral Reserves are reported at a net smelter return ("NSR")
cut-off value of $44.11 per tonne, which incorporates the
appropriate metallurgical recoveries and an amount for sustaining
capital. On-site costs include the average costs for mining of
$3.03 per tonne mined, surface transport cost of $9.80 per tonne
hauled, rehandling cost of $1.93 per tonne crushed, processing of
$16.89 per tonne processed, and site general costs of $9.70 per
tonne processed.
|
|
|
|
Mineral Reserves are
estimated using the following commodity prices: $18.00 per ounce
for silver; $1.00 per pound of zinc; and $0.90 per pound of lead.
Mineral Resources are estimated using the following commodity
prices: $20.00 per ounce of silver; $1.30 per pound of zinc and
$1.10 per pound of lead.
|
|
|
(5)
|
Mineral Resources for
Pirquitas UG are reported below the as-built open pit topographic
surface above an NSR cut-off value of $100 per tonne. Additional
factors of dilution, mine recovery and the requisite development
costs were considered to exclude any potentially uneconomical stope
shapes. Mineral Resources for Pirquitas UG are estimated using the
following commodity prices: $20.00 per ounce of silver; $1.30 per
pound of zinc and $1.10 per pound of lead.
|
|
Pitarrilla
Project
|
|
|
(6)
|
Mineral Resources
amenable to conventional open pit mining method are constrained
within conceptual pit shell at an NSR cut-off value of $16.38 per
tonne (leach) or $16.40 per tonne (flotation), which incorporates
the appropriate metallurgical recoveries for the respective
concentrates and off-site charges.
|
|
|
(7)
|
Mineral Resources
(Pitarrilla UG) are reported below the constrained open pit
resource shell above an NSR cut-off value of $80 per tonne, using
grade shells that have been trimmed to exclude distal and lone
blocks that would not support development costs. Metal price
assumptions for both open pit and UG Mineral Resources are: $20.00
per ounce of silver; $1.30 per pound of zinc and $1.10 per pound of
lead.
|
|
San Luis
Project
|
|
|
(8)
|
Mineral Resources are
reported at a cut-off grade of 6.0 g/t gold equivalent, using metal
price assumptions of $600 per ounce of gold and $9.25 per ounce of
silver.
|
|
Amisk
Project
|
|
|
(9)
|
Mineral Resources
estimate was prepared by Glen Cole, P.Geo., Principal Resource
Geologist, SRK Consulting (Canada) Inc., a qualified person.
Mineral Resources are reported at a cut-off grade of 0.30 g/t gold
equivalent.
|
About SSR Mining
SSR Mining Inc. is a leading, free cash flow focused
intermediate gold company with four producing assets located in the
USA, Turkey, Canada, and Argentina, combined with a global pipeline of
high-quality development and exploration assets in the USA, Turkey,
Mexico, Peru, and Canada. In 2020, the four operating assets
produced approximately 711,000 gold-equivalent ounces. SSR
Mining is listed under the ticker symbol SSRM on the NASDAQ and the
TSX, and SSR on the ASX.
SSR Mining Contacts
F. Edward Farid, Executive Vice
President, Chief Corporate Development Officer
Brian Martin, Director, Corporate
Development & Investor Relations
SSR Mining Inc.
E-Mail: invest@ssrmining.com
Phone: +1 (888) 338-0046 or +1 (604) 689-3846
To receive SSR Mining's news releases by e-mail, please
register using the SSR Mining website at
www.ssrmining.com.
Cautionary Note Regarding Forward-Looking
Statements
Except for statements of historical fact relating to
the Company, certain statements contained in this press release
constitute forward-looking information, future oriented financial
information, or financial outlooks (collectively "forward-looking
information") within the meaning of Canadian securities laws.
Forward-looking information may be contained in this document and
the Company's other public filings. Forward-looking information
relates to statements concerning the Company's outlook and
anticipated events or results and in some cases, can be identified
by terminology such as "may", "will", "could", "should", "expect",
"plan", "anticipate", "believe", "intend", "estimate", "projects",
"predict", "potential", "continue" or other similar expressions
concerning matters that are not historical facts.
Forward-looking information and statements in this press
release are based on certain key expectations and assumptions made
by the Company. Although the Company believes that the expectations
and assumptions on which such forward-looking information and
statements are based are reasonable, undue reliance should not be
placed on the forward-looking information and statements because
the Company can give no assurance that they will prove to be
correct. Forward-looking information and statements are subject to
various risks and uncertainties which could cause actual results
and experience to differ materially from the anticipated results or
expectations expressed in this press release. The key risks and
uncertainties include, but are not limited to: local and global
political and economic conditions; governmental and regulatory
requirements and actions by governmental authorities, including
changes in government policy, government ownership requirements,
changes in environmental, tax and other laws or regulations and the
interpretation thereof; developments with respect to the
coronavirus disease 2019 ("COVID-19") pandemic, including the
duration, severity and scope of the pandemic and potential impacts
on mining operations; and other risk factors detailed from time to
time in the Company's reports filed with the Canadian securities
regulatory authorities.
Forward-looking information and statements in this press
release include statements concerning, among other things:
forecasts; outlook; timing of production; production, cost,
operating and capital expenditure guidance; the Company's intention
to return excess attributable free cash flow to shareholders; the
timing and implementation of the Company's dividend policy; the
granting of any supplemental dividends or the implementation of any
share buyback program or other supplements to the base dividend;
statements regarding plans or expectations for the declaration of
future dividends and the amount thereof; future cash costs and AISC
per payable ounce of gold, silver and other metals sold; the prices
of gold, silver and other metals; Mineral Resources, Mineral
Reserves, realization of Mineral Reserves, and the existence or
realization of Mineral Resource estimates; the Company's ability to
discover new areas of mineralization; the timing and extent of
capital investment at the Company's operations; the timing and
extent of capitalized stripping at the Company's operations; the
timing of production and production levels and the results of the
Company's exploration and development programs; current financial
resources being sufficient to carry out plans, commitments and
business requirements for the next twelve months; movements in
commodity prices not impacting the value of any financial
instruments; estimated production rates for gold, silver and other
metals produced by the Company; the estimated cost of sustaining
capital; availability of sufficient financing; receipt of
regulatory approvals; the timing of studies, announcements, and
analysis; the timing of construction and development of proposed
mines and process facilities; ongoing or future development plans
and capital replacement; estimates of expected or anticipated
economic returns from the Company's mining projects, including
future sales of metals, concentrate or other products produced by
the Company and the timing thereof; the Company's plans and
expectations for its properties and operations; and all other
timing, exploration, development, operational, financial,
budgetary, economic, legal, social, environmental, regulatory, and
political matters that may influence or be influenced by future
events or conditions.
Such forward-looking information and statements are based on
a number of material factors and assumptions, including, but not
limited in any manner to, those disclosed in any other of the
Company's filings, and include: the inherent speculative nature of
exploration results; the ability to explore; communications with
local stakeholders; maintaining community and governmental
relations; status of negotiations and completion of transactions,
including joint ventures; weather conditions at the Company's
operations; commodity prices; the ultimate determination of and
realization of Mineral Reserves; existence or realization of
Mineral Resources; the development approach; availability and
receipt of required approvals, titles, licenses and permits;
sufficient working capital to develop and operate the mines and
implement development plans; access to adequate services and
supplies; foreign currency exchange rates; interest rates; access
to capital markets and associated cost of funds; availability of a
qualified work force; ability to negotiate, finalize, and execute
relevant agreements; lack of social opposition to the Company's
mines or facilities; lack of legal challenges with respect to the
Company's properties; the timing and amount of future production;
the ability to meet production, cost, and capital expenditure
targets; timing and ability to produce studies and analyses;
capital and operating expenditures; economic conditions;
availability of sufficient financing; the ultimate ability to mine,
process, and sell mineral products on economically favorable terms;
and any and all other timing, exploration, development,
operational, financial, budgetary, economic, legal, social,
geopolitical, regulatory and political factors that may influence
future events or conditions. While the Company consider these
factors and assumptions to be reasonable based on information
currently available to the Company, they may prove to be
incorrect.
The above list is not exhaustive of the factors that may
affect any of the Company's forward-looking statements and
information. You should not place undue reliance on forward-looking
information and statements. Forward-looking information and
statements are only predictions based on the Company's current
expectations and the Company's projections about future events.
Actual results may vary from such forward-looking information for a
variety of reasons including, but not limited to, risks and
uncertainties disclosed in the Company's filings on the Company's
website at www.ssrmining.com, on SEDAR at www.sedar.com, on EDGAR
at www.sec.gov and on the ASX at www.asx.com.au and other
unforeseen events or circumstances. Other than as required by law,
the Company does not intend, and undertake no obligation to update
any forward-looking information to reflect, among other things, new
information or future events.
All references to "$" in this press release are to U.S.
dollars unless otherwise stated.
Cautionary Note to U.S. Investors
This press release includes Mineral Reserves and Mineral
Resources classification terms that comply with reporting standards
in Canada and the Mineral Reserves
and the Mineral Resources estimates are made in accordance with NI
43-101 - Standards of Disclosure for Mineral Projects ("NI
43-101"). NI 43-101 is a rule developed by the Canadian Securities
Administrators that establishes standards for all public disclosure
an issuer makes of scientific and technical information concerning
mineral projects. These standards differ significantly from the
requirements of the SEC set out in the SEC rules that are
applicable to domestic United
States reporting companies. Consequently, Mineral Reserves
and Mineral Resources information included in this press release is
not comparable to similar information that would generally be
disclosed by domestic U.S. reporting companies subject to the
reporting and disclosure requirements of the SEC. Accordingly,
information concerning mineral deposits set forth herein may not be
comparable with information made public by companies that report in
accordance with U.S. standards.
View original
content:http://www.prnewswire.com/news-releases/ssr-mining-reports-mineral-reserves-and-resources-for-year-end-2020-301258122.html
SOURCE SSR Mining Inc.