VANCOUVER, BC, Nov. 11, 2021 /CNW/ - Aris Gold
Corporation (Aris Gold or
the Company) (TSX: ARIS) (OTCQX: ALLXF) announces its project team
has completed several Lower Mine optimizations with Wood PLC, the
Company's EPCM contractor. Construction of the new camp and
administrative areas is scheduled to begin in late November 2021 followed by the new portal and
decline to begin in December 2021.
The Lower Mine project includes a new decline and a 4,000 tonne per
day (tpd) processing facility to expand on the existing Upper Mine
operations. First gold production from the Lower Mine is expected
in Q4 2023. In addition, an updated mineral resource estimate has
been completed with an effective date of June 30, 2021, representing a 42% increase in
Measured and Indicated mineral resources to 5.8 million ounces
(Moz) of gold, comprised of 56.9 million tonnes at 3.2 grams per
tonne (g/t) gold, compared to the previous estimate effective
March 17, 2020. This growth in
Measured and Indicated mineral resources includes an 81% increase
of contained gold ounces in the Lower Mine.
Marmato Exploration Drill Program and Mineral Resource
Estimate
- A 35,000-metre drill program began in May 2020, following completion of the Marmato
Expansion Pre-Feasibility Study (PFS) led by SRK Consulting. The
drill program had two objectives: (1) convert Inferred mineral
resources to the Indicated category; and (2) test potential areas
at depth and along strike.
- Between May 2020 and June 30, 2021, results were received for 43 holes
totalling 27,737 metres, or approximately 80% of the total
program.
- The new holes infilled existing drilling in the lower eastern
half of the Marmato Lower Mine, converting Inferred mineral
resources to Indicated, and expanded the mineral resource at depth
and towards the east. The drill results demonstrate continuity of
grades and widths and confirm the quality and interpretation of the
mineralized zones, currently extending 800 metres vertically from
1,000 metres to 200 metres elevation, and along strike for over 950
metres.
- The drill program is ongoing and since June 30, 2021, eight more holes (4,543 metres)
have been drilled and a further six holes are in progress.
- The Marmato deposit is still open with high-grade
mineralization along strike and at depth with opportunities for
further growth. Additional drill programs are in the planning
stage.
- With an effective date of June 30,
2021, the updated mineral resource estimate (MRE) is as
follows:
-
- Measured and Indicated mineral resources of 5.8 Moz gold
comprised of 56.9 million tonnes at 3.2 g/t gold, representing a
42% increase in contained gold ounces from the PFS MRE; and
- Inferred mineral resources of 2.6 Moz gold comprised of 30.8
million tonnes at 2.6 g/t gold, representing an 18% increase in
contained gold ounces from the PFS MRE.
- Additional details for the MRE are included in Table 1 below
and comparisons to the PFS MRE (effective March 17, 2020) are included in Figure 1.
Aris Gold CEO Neil Woodyer stated
"Following our selection of Wood as our EPCM contractor in
April 2021, we have completed several
optimizations for the Lower Mine and are now ready to begin
purchasing long-lead order items. Our Lower Mine capital cost
estimate remains in line with the PFS estimate of US$270 million after factoring in our decision to
use a mining contractor rather than purchase an owner-mining fleet.
By using a mining contractor, we expect to speed up the development
of the Lower Mine ramp and increase overall efficiencies. First
gold production from the Lower Mine is expected in Q4 2023. We
maintain regular contact with the Caldas Department authorities
regarding completion of the amendments to our environmental permits
and with our existing financial resources, we are ready to commence
the Lower Mine construction.
"We have also maintained a high level of exploration activity,
which, as at the end of June, has resulted in large increases to
the mineral resource estimates at the Marmato Lower Mine. Our
exploration program has demonstrated meaningful upside potential at
Marmato, and we are now planning our next drill program."
Table 1: Marmato Mineral Resource Estimate (effective
June 30, 2021)
Area
|
Category
|
Tonnes
(Mt)
|
Grade Au
(g/t)
|
Grade Ag
(g/t)
|
Contained Au
(koz)
|
Contained Ag
(koz)
|
Marmato Upper
Mine
|
|
|
Measured
|
2.7
|
6.2
|
28.2
|
545
|
2,492
|
|
Indicated
|
10.9
|
4.3
|
17.9
|
1,492
|
6,258
|
|
Measured +
Indicated
|
13.6
|
4.7
|
20.0
|
2,037
|
8,751
|
|
Inferred
|
1.7
|
3.0
|
16.3
|
161
|
873
|
Marmato Lower
Mine
|
|
|
Measured
|
0.1
|
5.7
|
22.3
|
18
|
69
|
|
Indicated
|
43.2
|
2.7
|
3.6
|
3,753
|
5,027
|
|
Measured +
Indicated
|
43.3
|
2.7
|
3.7
|
3,771
|
5,096
|
|
Inferred
|
29.2
|
2.6
|
2.6
|
2,407
|
2,409
|
Marmato
Total
|
|
|
Measured
|
2.8
|
6.2
|
28.0
|
562
|
2,561
|
|
Indicated
|
54.0
|
3.0
|
6.5
|
5,245
|
11,285
|
|
Measured +
Indicated
|
56.9
|
3.2
|
7.6
|
5,808
|
13,847
|
|
Inferred
|
30.8
|
2.6
|
3.3
|
2,567
|
3,282
|
|
|
|
|
|
Notes:
|
|
1.
|
Measured and
Indicated mineral resources are inclusive of mineral
reserves.
|
2.
|
Mineral resources are
not mineral reserves and have no demonstrated economic
viability.
|
3.
|
The mineral resource
estimate was prepared by Benjamin Parsons, MSc, of SRK, who is a
Qualified Person as defined by
National Instrument 43-101. Mr. Parsons has reviewed and verified
the drilling, sampling, assaying, and QAQC protocols
and results, and is of the opinion that the sample recovery,
preparation, analyses, and security protocols used for the
mineral resource estimate are reliable for that purpose.
|
4.
|
Totals may not add up
due to rounding.
|
5.
|
Mineral resources are
reported above a cut-off grade of 1.9 g/t Au for the Upper Mine,
and 1.4 g/t Au for the Lower Mine.
The cut-off grades are based on a metal price of USD$1,600 per
ounce of gold, metallurgical recoveries of 85% for the Upper
Mine and 95% for the Lower Mine, without consideration of revenue
from other metals.
|
6.
|
The Upper Mine is
defined as the current operating mine levels above the 1,000 m
elevation using cut and fill mining, and
the Lower Mine is defined as below the 1,000 m elevation using
mostly long hole open stoping methods.
|
7.
|
Mineral resources
from the Transition Mine, as that term is used in the PFS, are now
included in the Upper Mine estimate.
|
8.
|
There are no known
legal, political, environmental, or other risks that could
materially affect the potential development of
the mineral resources.
|
Highlights of the 2020 PFS for the Marmato Expansion Project
and Next Steps
- The life of mine plan for the PFS was based on a mineral
reserve of 2.0 Moz of gold consisting of 19.7 million tonnes at an
average grade of 3.2 g/t gold.
- The PFS gold production profile averages approximately 165,000
oz per year from 2024 through 2033 once the Lower Mine is in full
production.
- We have commenced the work to prepare a new mineral reserve
estimate based on the Updated MRE and a refreshed PFS technical
report. On the basis of the increases to the Updated MRE, the
updated gold production profile is expected to extend by several
years beyond 2033.
Qualified Persons and Technical Information
Measured and Indicated mineral resources are inclusive of
mineral reserves. Mineral resources and reserves are as defined by
the Canadian Institute of Mining, Metallurgy, and Petroleum's 2014
Definition Standards for Mineral Resources & Mineral Reserves.
Mineral resources are not mineral reserves and have no demonstrated
economic viability. There are no known legal, political,
environmental, or other risks that could materially affect the
potential development of the mineral resources.
The mineral resource estimate was prepared by Benjamin Parsons, MSc, MAusIMM (CP) of SRK
Consulting, who is an Independent Qualified Person as defined by
National Instrument 43-101, following the Canadian Institute of
Mining, Metallurgy, and Petroleum's Estimation of Mineral Resources
and Mineral Reserves Best Practice Guidelines. Mr. Parsons has
reviewed and verified the drilling, sampling, assaying, and QAQC
protocols and results, and is of the opinion that the sample
recovery, preparation, analyses, and security protocols used for
the mineral resource estimate are reliable for that purpose. Mr.
Parsons has reviewed and approved the updated mineral resource
estimate in this news release.
Pamela De Mark, P.Geo., Vice
President Exploration of Aris Gold
is a Qualified Person as defined by National Instrument 43-101, and
has reviewed and approved the technical information contained in
this news release.
Further information regarding the disclosure derived from the
2020 PFS can be found in the Company's technical report entitled
"Revised NI 43-101 Technical Report Pre-Feasibility Study Marmato
Project Colombia" dated September 18,
2020 with an effective date of March
17, 2020. The PFS was prepared by Ben Parsons, MSc, MAusIMM (CP), Eric J. Olin, MSc Metallurgy, MBA, SME-RM,
MAusIMM, Fernando Rodrigues, BS
Mining, MBA, MAusIMM, MMSAQP, Jeff
Osborn, BEng Mining, MMSAQP, Joanna
Poeck, BEng Mining, SME-RM, MMSAQP, Fredy Henriquez, MS Eng, SME, ISRM, Breese
Burnley, P.E., Cristian A Pereira Farias, SME-RM, David Hoekstra, BS, PE, NCEES, SME-RM,
David Bird, PG, SME-RM, Mark Allan Willow, MSc, CEM, SME-RM, and
Tommaso Roberto Raponi, P.Eng, each
of whom is independent of the Company within the meaning of NI
43-101 and is a "Qualified Person" as such term is defined in NI
43-101. A copy of the PFS can be downloaded from the Company's
profile on SEDAR at www.sedar.com or from the Company's
website.
About Aris Gold
Aris Gold is a Canadian mining
company listed on the TSX under the symbol ARIS and on the OTCQX
under the symbol ALLXF. The Company is led by an executive team
with a demonstrated track record of creating value through building
globally relevant gold mining companies. Aris Gold operates the Marmato mine in
Colombia, where a modernization
and expansion program is under way, and the Juby project, an
advanced exploration stage gold project in the Abitibi greenstone
belt of Ontario, Canada.
Aris Gold plans to pursue
acquisition and other growth opportunities to unlock value creation
from scale and diversification.
Additional information on Aris
Gold can be found at www.arisgold.com and www.sedar.com.
Forward-looking Information
This news release contains
"forward-looking information" or forward-looking statements" within
the meaning of Canadian securities legislation. All statements
included herein, other than statements of historical fact,
including without limitation statements relating to commencement of
construction at the Lower Mine, first gold pour at the Lower Mine,
opportunities for further growth of the deposit, the
efficiencies expected from using a mining contractor, further
updates to the MRE, extending the mine-life and the upside
potential for Marmato are forward-looking. Generally, the
forward-looking information and forward looking statements can be
identified by the use of forward looking terminology such as
"plans", "expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", "will continue" or "believes", or variations
of such words and phrases or state that certain actions, events or
results "may", "could", "would", "might" or "will be taken",
"occur" or "be achieved". Statements concerning mineral resource
estimates may also be deemed to constitute forward looking
information to the extent that they involve estimates of the
mineralization that will be encountered. The material factors or
assumptions used to develop forward looking information or
statements are disclosed throughout this news release.
Forward looking information and forward looking statements,
while based on management's best estimates and assumptions, are
subject to known and unknown risks, uncertainties and other factors
that may cause the actual results, level of activity, performance
or achievements of Aris Gold to be
materially different from those expressed or implied by such
forward-looking information or forward looking statements,
including but not limited to: risks related to international
operations, risks related to general economic conditions,
uncertainties relating to operations during the COVID-19 pandemic,
actual results of current exploration activities; changes in
project parameters as plans continue to be refined; fluctuations in
prices of metals including gold; the ability to convert mineral
resources to mineral reserves; fluctuations in foreign currency
exchange rates, increases in market prices of mining consumables,
risks associated with holding derivative instruments (such as
credit risks, market liquidity risk and mark-to-market risk),
possible variations in mineral reserves, grade or recovery rates;
failure of plant, equipment or processes to operate as anticipated;
changes in national and local government legislation, taxation,
controls, regulations, regulations and political or economic
developments in Canada or
Colombia, accidents in operations,
labour disputes, title disputes, claims and limitations on
insurance coverage and other risks of the mining industry; delays
in obtaining governmental approvals including obtaining required
environmental and other licenses and permits, or in the completion
of development or construction activities, changes in national and
local government regulation of mining operations, tax rules and
regulations, and political and economic developments in countries
in which the Company operates, as well as those factors discussed
in the section entitled "Risk Factors" in Aris Gold's most recent AIF available on SEDAR
at www.sedar.com.
Although Aris Gold has attempted
to identify important factors that could cause actual results to
differ materially from those contained in forward-looking
information and forward-looking statements, there may be other
factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such information or
statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
information or statements. The Company has and continues to
disclose in its Management's Discussion and Analysis and other
publicly filed documents, changes to material factors or
assumptions underlying the forward-looking information and
forward-looking statements and to the validity of the information,
in the period the changes occur. The forward-looking statements and
forward-looking information are made as of the date hereof and
Aris Gold disclaims any obligation
to update any such factors or to publicly announce the result of
any revisions to any of the forward-looking statements or
forward-looking information contained herein to reflect future
results. Accordingly, readers should not place undue reliance on
forward-looking statements and information.
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SOURCE Aris Gold Corporation