TORONTO, Sept. 8, 2020 /CNW/ - (TSX: LUN) (Nasdaq
Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining"
or the "Company") today reported its Mineral Resource and Reserve
estimates as at June 30, 2020.
On a consolidated and attributable basis, estimated contained
metal in the Proven and Probable Mineral Reserve categories
totalled 5,518 kt of copper, 3,123 kt of zinc, 100 kt of nickel,
936 kt of lead and 6.9 Moz of gold.
Commenting on the June 2020
Mineral Resource and Reserve estimates, Marie Inkster, President and CEO said, "Our
exploration programs continued to add value by replacing mined
depletion and adding to the Mineral Resources and Reserves. We are
progressing drilling as aggressively as possible in high potential
locations while taking the necessary COVID-19 precautions and
measures to ensure the health and safety of our workforce and
communities.
At Chapada, Mineral Resource and Reserves have increased as a
result of a successful start to our expanded drilling program since
taking ownership. New Mineral Reserves have been added to the
existing orebodies and in two new adjacent deposits. Mineral
Resources have increased despite the use of more conservative metal
price assumptions and the inclusion of only 5,000 m of 2020 drilling ahead of the estimation
cut-off date. We now have five drill rigs on site and are planning
an increased 60,000 m drilling
campaign coupled with a geophysics targeting program for
2021.
At Candelaria, further increases in Mineral Reserves in the
Candelaria underground mines will support ongoing underground mine
expansion studies and potential increases in the copper production
profile. Delineation and extension drilling have again been highly
successful at Eagle East with further discovery largely offsetting
a full year of mined depletion. And, at Zinkgruvan, ongoing
exploration and infill drilling at Dalby has resulted in further
increases in the Indicated and Inferred Mineral Resource estimates,
supporting the mining studies currently underway to allow future
conversion to Mineral Reserves."
2020 Mineral Resource and Reserve Highlights
- Total estimated Candelaria Measured and Indicated Mineral
Resources have increased by approximately 18% to 1,179.3 Mt at
0.64% copper, from 998.6 Mt at 0.65% copper reported as of
June 30, 2019. The increase reflects
the continued success of the exploration campaigns, largely in the
underground mines, and re-optimized open pits and lower cut-off
grades as a result of revised metal price assumptions.
- Total estimated Candelaria Proven and Probable Mineral Reserves
have also increased to 684.4 Mt at 0.53% copper, from 663.7 Mt at
0.54% copper, with the majority of the increase being in the
underground mines.
- Total estimated Candelaria open pit Proven and Probable Mineral
Reserves, excluding stockpiles, have decreased slightly and are now
381.1 Mt at 0.49% copper, from 386.8 Mt at 0.49% copper, reflecting
additional drill information, reduced cut-off grades and a year of
mining depletion.
- Total estimated Candelaria Underground Proven and Probable
Mineral Reserves have increased to 160.2 Mt at 0.83% copper, from
148.2 Mt at 0.85% copper. This is a 12.0 Mt increase, or
approximate 8%, over last year's estimate, reflecting continued
exploration success, particularly in the Candelaria North Sector.
This additional mineralization is being included in potential
future expansion studies for the combined Candelaria underground
mine sectors.
- Total estimated Chapada copper-gold Measured and Indicated
Mineral Resources have increased to 1,132.2 Mt at 0.23% copper and
0.14g/t gold, from 1,090.8 Mt at 0.24% copper and 0.15g/t gold
reported as of June 30, 2019. This
increase reflects the inclusion of approximately 18,500 m of drilling since taking ownership and
prior to the cut-off date for this June
2020 estimation. Ongoing exploration success has increased
Mineral Resources in extensions of the known mineralized bodies and
in the new Buriti Norte and Jatoba deposits to the east of the
mine. This discovery has been offset by the effects of more
conservative metal price assumptions for Mineral Resource
estimation of $3.45/lb copper and
$1,495/oz gold, compared with
$4.00/lb copper and $1,600/oz gold previously, as well as mining
depletion.
- Total estimated Chapada Proven and Probable Mineral Reserves
have increased to 759.7 Mt at 0.23% copper and 0.15g/t gold, from
738.8 Mt at 0.24% copper and 0.15g/t gold. New Mineral Reserves
have been added in extensions to the known mineralization and in
the new Buriti Norte and Jatoba deposits adjacent to the current
open pits. Continued exploration drilling in these and other near
mine orebodies will support ongoing mine expansion studies.
- The total combined estimated Eagle and Eagle East Proven and
Probable Mineral Reserves have again remain virtually unchanged
from last year at 3.9 Mt at 2.6% nickel and 2.1% copper with mining
depletion at Eagle offset by additions from extensions to the
mineralization and the upgrading of Inferred Mineral Resources to
Indicated by infill drilling at Eagle East. The Eagle East Probable
Mineral Reserve estimate has increased to 2.7 Mt at 2.9% nickel and
2.4% copper and the overall Eagle mine life is now extended to at
least late 2025.
- Estimated copper and zinc Measured and Indicated Mineral
Resources at Neves-Corvo are virtually unchanged from last year at
61.9 Mt at 2.3% copper and 71.3 Mt at 6.9% zinc respectively with
in-mine exploration and infill drilling success offsetting mine
depletion.
- Copper Proven and Probable Mineral Reserve estimates at
Neves-Corvo have increased to 29.7 Mt at 2.0% copper, from 27.9 Mt
at 2.2% copper reported at June 30,
2019, with the changes representing revised metal price
assumptions and lower cut-off grades offsetting higher grade mining
depletion. Zinc Proven and Probable Mineral Reserve estimates
increased slightly to 30.1 Mt at 7.3% zinc.
- At Zinkgruvan, continued drilling in the Dalby area has
converted Inferred Mineral Resources to Indicated. Total estimated
zinc Measured and Indicated Mineral Resources now stand at 22.6 Mt
at 8.7% zinc and 4.0% lead and Inferred Mineral Resources at 19.0
Mt at 7.6% zinc and 3.5% lead. Exploration and infill drilling from
underground continues on Dalby in support of mine design and study
work for future conversion to Mineral Reserves. Drilling has also
added Inferred and Indicated Mineral Resource in the extensions of
known mineralization at the mine with particularly encouraging
results down dip in the Cecilia orebody.
- Zinkgruvan estimated zinc Proven and Probable Mineral Reserves
are now 8.8 Mt at 7.9% zinc and 3.6% lead while estimated copper
Proven and Probable Mineral Reserves have increased to 3.1 Mt at
1.9% copper.
The table attached to this news release summarizes the Mineral
Resource and Mineral Reserve estimates for each of the Company's
mines as of June 30, 2020.
About Lundin Mining
Lundin Mining is a diversified Canadian base metals mining
company with operations in Brazil,
Chile, Portugal, Sweden and the
United States of America, primarily producing copper, zinc,
gold and nickel.
The information in this release is subject to the disclosure
requirements of Lundin Mining under the EU Market Abuse Regulation.
The information was submitted for publication, through the agency
of the contact persons set out below on September 8, 2020 at 16:30
Eastern Time.
Cautionary Statement in Forward-Looking Information
Certain of the statements made and information contained
herein is "forward-looking information" within the meaning of
applicable Canadian securities laws. All statements other than
statements of historical facts included in this document constitute
forward-looking information, including but not limited to
statements regarding the Company's plans, prospects and business
strategies; the Company's guidance on the timing and amount of
future production and its expectations regarding the results of
operations; expected costs; permitting requirements and timelines;
timing and possible outcome of pending litigation; the results of
any Feasibility Study, or Mineral Resource and Mineral Reserve
estimations, life of mine estimates, and mine and mine closure
plans; anticipated market prices of metals, currency exchange
rates, and interest rates; the development and implementation of
the Company's Responsible Mining Management System; the Company's
ability to comply with contractual and permitting or other
regulatory requirements; anticipated exploration and development
activities at the Company's projects; and the Company's integration
of acquisitions and any anticipated benefits thereof. Words such as
"believe", "expect", "anticipate", "contemplate", "target", "plan",
"goal", "aim", "intend", "continue", "budget", "estimate", "may",
"will", "can", "could", "should", "schedule" and similar
expressions identify forward-looking statements.
Forward-looking information is necessarily based upon various
estimates and assumptions including, without limitation, the
expectations and beliefs of management, including that the Company
can access financing, appropriate equipment and sufficient labour;
assumed and future price of copper, nickel, zinc, gold and other
metals; anticipated costs; ability to achieve goals; the prompt and
effective integration of acquisitions; that the political
environment in which the Company operates will continue to support
the development and operation of mining projects; and assumptions
related to the factors set forth below. While these factors and
assumptions are considered reasonable by Lundin Mining as at the
date of this document in light of management's experience and
perception of current conditions and expected developments, these
statements are inherently subject to significant business, economic
and competitive uncertainties and contingencies. Known and unknown
factors could cause actual results to differ materially from those
projected in the forward-looking statements and undue reliance
should not be placed on such statements and information. Such
factors include, but are not limited to: volatility and
fluctuations in metal and commodity prices; global financial
conditions and inflation; risks inherent in mining including but
not limited to risks to the environment, industrial accidents,
catastrophic equipment failures, unusual or unexpected geological
formations or unstable ground conditions, and natural phenomena
such as earthquakes, flooding or unusually severe weather;
uninsurable risks; changes in the Company's share price, and
volatility in the equity markets in general; the threat associated
with outbreaks of viruses and infectious diseases, including the
novel COVID-19 virus; risks related to negative publicity with
respect to the Company or the mining industry in general; reliance
on a single asset; potential for the allegation of fraud and
corruption involving the Company, its customers, suppliers or
employees, or the allegation of improper or discriminatory
employment practices, or human rights violations; actual ore mined
and/or metal recoveries varying from Mineral Resource and Mineral
Reserve estimates, estimates of grade, tonnage, dilution, mine
plans and metallurgical and other characteristics; risks associated
with the estimation of Mineral Resources and Mineral Reserves and
the geology, grade and continuity of mineral deposits including but
not limited to models relating thereto; ore processing efficiency;
risks inherent in and/or associated with operating in foreign
countries and emerging markets; security at the Company's
operations; changing taxation regimes; health and safety risks;
exploration, development or mining results not being consistent
with the Company's expectations; unavailable or inaccessible
infrastructure and risks related to ageing infrastructure;
counterparty and credit risks and customer concentration; risks
related to the environmental regulation and environmental impact of
the Company's operations and products and management thereof;
exchange rate fluctuations; reliance on third parties and
consultants in foreign jurisdictions; community and stakeholder
opposition; civil disruption; the potential for and effects of
labour disputes or other unanticipated difficulties with or
shortages of labour or interruptions in production; uncertain
political and economic environments; litigation; regulatory
investigations, enforcement, sanctions and/or related or other
litigation; risks associated with the structural stability of waste
rock dumps or tailings storage facilities; changes in laws,
regulations or policies including but not limited to those related
to mining regimes, permitting and approvals, environmental and
tailings management, labour, trade relations, and transportation;
climate change; compliance with environmental, health and safety
laws; enforcing legal rights in foreign jurisdictions; information
technology and cybersecurity risks; estimates of future production
and operations; estimates of operating, cash and all-in sustaining
cost estimates; delays or the inability to obtain, retain or comply
with permits; compliance with foreign laws; risks related to mine
closure activities and closed and historical sites; challenges or
defects in title; the price and availability of key operating
supplies or services; historical environmental liabilities and
ongoing reclamation obligations; indebtedness; funding requirements
and availability of financing; liquidity risks and limited
financial resources; risks relating to attracting and retaining of
highly skilled employees; risks associated with acquisitions and
related integration efforts, including the ability to achieve
anticipated benefits, unanticipated difficulties or expenditures
relating to integration and diversion of management time on
integration; the estimation of asset carrying values; internal
controls; competition; dilution; existence of significant
shareholders; conflicts of interest; activist shareholders and
proxy solicitation matters; risks relating to dividends; risks
associated with business arrangements and partners over which the
Company does not have full control; and other risks and
uncertainties, including but not limited to those described in the
"Risks and Uncertainties" section of the Annual Information Form
and the "Managing Risks" section of the Company's MD&A for the
year ended December 31, 2019, which
are available on SEDAR at www.sedar.com under the Company's
profile. All of the forward-looking statements made in this
document are qualified by these cautionary statements. Although the
Company has attempted to identify important factors that could
cause actual results to differ materially from those contained in
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated, forecast or intended
and readers are cautioned that the foregoing list is not exhaustive
of all factors and assumptions which may have been used. Should one
or more of these risks and uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary
materially from those described in forward-looking information.
Accordingly, there can be no assurance that forward-looking
information will prove to be accurate and forward-looking
information is not a guarantee of future performance. Readers are
advised not to place undue reliance on forward-looking information.
The forward-looking information contained herein speaks only as of
the date of this document. The Company disclaims any intention or
obligation to update or revise forward–looking
information or to explain any material difference between such and
subsequent actual events, except as required by applicable
law.
Cautionary Notes to Investors – Mineral Resource and Reserve
Estimates
In accordance with applicable Canadian securities laws, all
Mineral Reserve and Mineral Resource estimates of the Company
disclosed or referenced in this news release have been prepared in
accordance with Canadian National Instrument 43-101 - Standards of
Disclosure for Mineral Projects of the Canadian Securities
Administrators ("NI 43-101"), classified in accordance with
Canadian Institute of Mining Metallurgy and Petroleum's "Definition
Standards for Mineral Resources and Reserves" (the "CIM
Standards"). The definitions of Mineral Reserves and Mineral
Resources are set out in our disclosure of our Mineral Reserve and
Mineral Resource estimates in our most recently Annual Information
Form available under the Company's profile on www.sedar.com.
Mineral Resources that are not Mineral Reserves do not have
demonstrated economic viability.
Mineral Resource Estimates – June 30,
2020
Mineral Resources
- Inclusive of Mineral Reserves
|
|
|
|
|
Contained
Metal
|
|
Category
|
000's
|
Cu
|
Zn
|
Pb
|
Au
|
Ag
|
Ni
|
|
Cu
|
Zn
|
Pb
|
Au
|
Ag
|
Ni
|
Lundin
Mining
|
|
|
Tonnes
|
%
|
%
|
%
|
g/t
|
g/t
|
%
|
|
kt
|
kt
|
kt
|
Moz
|
Moz
|
kt
|
Interest
|
Copper
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Candelaria
|
Measured
|
434,834
|
0.46
|
|
|
0.11
|
1.6
|
|
|
2,019
|
|
|
1.5
|
22
|
|
80%
|
Open
Pit
|
Measured
(Stockpile)
|
85,086
|
0.32
|
|
|
0.09
|
1.3
|
|
|
270
|
|
|
0.2
|
4
|
|
80%
|
|
Indicated
|
38,410
|
0.33
|
|
|
0.09
|
1.3
|
|
|
127
|
|
|
0.1
|
2
|
|
80%
|
|
Inferred
|
5,958
|
0.24
|
|
|
0.05
|
0.7
|
|
|
14
|
|
|
-
|
-
|
|
80%
|
Candelaria
|
Measured
|
35,695
|
0.41
|
|
|
0.09
|
0.4
|
|
|
147
|
|
|
0.1
|
-
|
|
80%
|
La
Espanola
|
Indicated
|
39,697
|
0.39
|
|
|
0.09
|
0.4
|
|
|
155
|
|
|
0.1
|
-
|
|
80%
|
|
Inferred
|
17,208
|
0.38
|
|
|
0.09
|
0.4
|
|
|
66
|
|
|
-
|
-
|
|
80%
|
Candelaria
|
Measured
|
272,939
|
0.93
|
|
|
0.22
|
3.1
|
|
|
2,530
|
|
|
1.9
|
27
|
|
80%
|
Underground
|
Measured
(Stockpile)
|
63
|
0.93
|
|
|
0.20
|
2.5
|
|
|
1
|
|
|
-
|
-
|
|
80%
|
|
Indicated
|
272,529
|
0.85
|
|
|
0.19
|
2.6
|
|
|
2,324
|
|
|
1.7
|
23
|
|
80%
|
|
Inferred
|
54,452
|
0.85
|
|
|
0.17
|
2.2
|
|
|
460
|
|
|
0.3
|
4
|
|
80%
|
Chapada
|
Measured
|
494,059
|
0.25
|
|
|
0.15
|
|
|
|
1,221
|
|
|
2.4
|
|
|
100%
|
Copper
|
Measured
(Stockpile)
|
115,385
|
0.22
|
|
|
0.15
|
|
|
|
251
|
|
|
0.6
|
|
|
100%
|
|
Indicated
|
522,755
|
0.22
|
|
|
0.14
|
|
|
|
1,167
|
|
|
2.3
|
|
|
100%
|
|
Inferred
|
171,048
|
0.22
|
|
|
0.08
|
|
|
|
372
|
|
|
0.4
|
|
|
100%
|
Chapada
|
Measured
|
12,737
|
|
|
|
0.42
|
|
|
|
|
|
|
0.2
|
|
|
100%
|
Suruca
Gold
|
Indicated
|
134,780
|
|
|
|
0.54
|
|
|
|
|
|
|
2.3
|
|
|
100%
|
|
Inferred
|
12,565
|
|
|
|
0.48
|
|
|
|
|
|
|
0.2
|
|
|
100%
|
Neves-Corvo
|
Measured
|
9,823
|
3.6
|
0.9
|
0.3
|
|
44
|
|
|
351
|
85
|
28
|
|
14
|
|
100%
|
|
Indicated
|
52,124
|
2.1
|
0.8
|
0.3
|
|
43
|
|
|
1,072
|
437
|
180
|
|
72
|
|
100%
|
|
Inferred
|
12,640
|
1.8
|
0.8
|
0.3
|
|
33
|
|
|
227
|
101
|
40
|
|
14
|
|
100%
|
Semblana
|
Inferred
|
7,807
|
2.9
|
|
|
|
25
|
|
|
223
|
|
|
|
6
|
|
100%
|
Zinkgruvan
|
Measured
|
3,632
|
2.3
|
0.3
|
|
|
36
|
|
|
82
|
12
|
|
|
4
|
|
100%
|
|
Indicated
|
463
|
2.0
|
0.9
|
|
|
38
|
|
|
9
|
4
|
|
|
1
|
|
100%
|
|
Inferred
|
241
|
2.0
|
0.5
|
|
|
35
|
|
|
5
|
1
|
|
|
-
|
|
100%
|
Zinc
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Neves-Corvo
|
Measured
|
11,246
|
0.3
|
8.0
|
1.8
|
|
67
|
|
|
36
|
897
|
204
|
|
24
|
|
100%
|
|
Indicated
|
60,007
|
0.3
|
6.7
|
1.4
|
|
61
|
|
|
206
|
4,041
|
836
|
|
117
|
|
100%
|
|
Inferred
|
3,677
|
0.4
|
5.8
|
1.4
|
|
63
|
|
|
13
|
214
|
51
|
|
7
|
|
100%
|
Zinkgruvan
|
Measured
|
6,687
|
|
7.9
|
3.0
|
|
74
|
|
|
|
530
|
202
|
|
16
|
|
100%
|
|
Indicated
|
15,909
|
|
9.0
|
4.4
|
|
81
|
|
|
|
1,425
|
703
|
|
41
|
|
100%
|
|
Inferred
|
18,981
|
|
7.6
|
3.5
|
|
82
|
|
|
|
1,439
|
661
|
|
50
|
|
100%
|
Nickel
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eagle
|
Measured
|
751
|
2.2
|
|
|
0.2
|
|
2.2
|
|
17
|
|
|
|
|
17
|
100%
|
|
Indicated
|
477
|
1.6
|
|
|
0.1
|
|
2.1
|
|
8
|
|
|
|
|
10
|
100%
|
|
Indicated Eagle
East
|
2,579
|
2.7
|
|
|
0.3
|
10
|
3.3
|
|
71
|
|
|
-
|
1
|
86
|
100%
|
|
Inferred
|
21
|
0.9
|
|
|
0.1
|
|
1.0
|
|
-
|
|
|
-
|
-
|
-
|
100%
|
|
|
|
|
|
Lundin Mining's
share
|
|
10,551
|
7,430
|
2,153
|
12.3
|
352
|
113
|
|
Note: totals may not
summate correctly due to rounding
|
|
not including
Inferred Resources
|
|
|
|
|
|
|
|
|
Mineral Reserve Estimates – June 30,
2020
Mineral
Reserves
|
|
|
|
|
|
|
|
|
Contained
Metal
|
|
Category
|
000's
|
Cu
|
Zn
|
Pb
|
Au
|
Ag
|
Ni
|
|
Cu
|
Zn
|
Pb
|
Au
|
Ag
|
Ni
|
Lundin
Mining
|
|
|
Tonnes
|
%
|
%
|
%
|
g/t
|
g/t
|
%
|
|
kt
|
kt
|
kt
|
Moz
|
Moz
|
kt
|
Interest
|
Copper
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Candelaria
|
Proven
|
355,519
|
0.49
|
|
|
0.11
|
1.6
|
|
|
1,732
|
|
|
1.3
|
18
|
|
80%
|
Open
Pit
|
Proven
(Stockpile)
|
85,086
|
0.32
|
|
|
0.09
|
1.3
|
|
|
270
|
|
|
0.2
|
4
|
|
80%
|
|
Probable
|
25,622
|
0.31
|
|
|
0.08
|
1.1
|
|
|
81
|
|
|
0.1
|
1
|
|
80%
|
|
Total
|
466,227
|
0.45
|
|
|
0.11
|
1.5
|
|
|
2,082
|
|
|
1.6
|
23
|
|
80%
|
Candelaria
|
Proven
|
32,702
|
0.42
|
|
|
0.09
|
0.4
|
|
|
136
|
|
|
0.1
|
-
|
|
80%
|
La
Espanola
|
Probable
|
25,297
|
0.40
|
|
|
0.09
|
0.4
|
|
|
102
|
|
|
0.1
|
-
|
|
80%
|
|
Total
|
58,000
|
0.41
|
|
|
0.09
|
0.4
|
|
|
238
|
|
|
0.2
|
1
|
|
80%
|
Candelaria
|
Proven
|
79,845
|
0.86
|
|
|
0.20
|
3.2
|
|
|
687
|
|
|
0.5
|
8
|
|
80%
|
Underground
|
Proven
(Stockpile)
|
63
|
0.93
|
|
|
0.20
|
2.5
|
|
|
1
|
|
|
-
|
-
|
|
80%
|
|
Probable
|
80,311
|
0.81
|
|
|
0.18
|
2.6
|
|
|
648
|
|
|
0.5
|
7
|
|
80%
|
|
Total
|
160,219
|
0.83
|
|
|
0.19
|
2.9
|
|
|
1,335
|
|
|
1.0
|
15
|
|
80%
|
Chapada
|
Proven
|
403,695
|
0.24
|
|
|
0.16
|
|
|
|
983
|
|
|
2.1
|
|
|
100%
|
Copper
|
Proven
(Stockpile)
|
115,385
|
0.21
|
|
|
0.15
|
|
|
|
243
|
|
|
0.5
|
|
|
100%
|
|
Probable
|
240,573
|
0.22
|
|
|
0.12
|
|
|
|
533
|
|
|
1.0
|
|
|
100%
|
|
Total
|
759,652
|
0.23
|
|
|
0.15
|
|
|
|
1,759
|
|
|
3.6
|
|
|
100%
|
Chapada
|
Proven
|
11,454
|
|
|
|
0.42
|
|
|
|
|
|
|
0.2
|
|
|
100%
|
Suruca
Gold
|
Probable
|
53,741
|
|
|
|
0.53
|
|
|
|
|
|
|
0.9
|
|
|
100%
|
|
Total
|
65,195
|
|
|
|
0.51
|
|
|
|
|
|
|
1.1
|
|
|
100%
|
Neves-Corvo
|
Proven
|
5,199
|
3.1
|
0.8
|
0.3
|
|
31
|
|
|
162
|
43
|
16
|
|
5
|
|
100%
|
|
Probable
|
24,494
|
1.8
|
0.7
|
0.2
|
|
30
|
|
|
433
|
181
|
61
|
|
24
|
|
100%
|
|
Total
|
29,693
|
2.0
|
0.8
|
0.3
|
|
30
|
|
|
596
|
224
|
76
|
|
29
|
|
100%
|
Zinkgruvan
|
Proven
|
2,825
|
1.9
|
0.2
|
|
|
30
|
|
|
54
|
7
|
|
|
3
|
|
100%
|
|
Probable
|
274
|
1.7
|
0.8
|
|
|
33
|
|
|
5
|
2
|
|
|
-
|
|
100%
|
|
Total
|
3,099
|
1.9
|
0.3
|
|
|
30
|
|
|
58
|
9
|
|
|
3
|
|
100%
|
Zinc
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Neves-Corvo
|
Proven
|
4,713
|
0.3
|
8.2
|
2.2
|
|
71
|
|
|
14
|
387
|
105
|
|
11
|
|
100%
|
|
Probable
|
25,401
|
0.3
|
7.1
|
1.7
|
|
61
|
|
|
82
|
1,813
|
436
|
|
49
|
|
100%
|
|
Total
|
30,114
|
0.3
|
7.3
|
1.8
|
|
62
|
|
|
96
|
2,200
|
541
|
|
60
|
|
100%
|
Zinkgruvan
|
Proven
|
3,393
|
|
7.7
|
3.4
|
|
78
|
|
|
|
263
|
115
|
|
8
|
|
100%
|
|
Probable
|
5,393
|
|
7.9
|
3.8
|
|
84
|
|
|
|
427
|
204
|
|
14
|
|
100%
|
|
Total
|
8,786
|
|
7.9
|
3.6
|
|
81
|
|
|
|
690
|
319
|
|
23
|
|
100%
|
Nickel
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eagle
|
Proven
|
728
|
1.8
|
|
|
0.2
|
|
1.9
|
|
13
|
|
|
-
|
|
14
|
100%
|
|
Probable
|
474
|
1.3
|
|
|
0.1
|
|
1.7
|
|
6
|
|
|
-
|
|
8
|
100%
|
|
Probable Eagle
East
|
2,707
|
2.4
|
|
|
0.3
|
5
|
2.9
|
|
65
|
|
|
-
|
0.5
|
78
|
100%
|
|
Total
|
3,909
|
2.1
|
|
|
0.2
|
4
|
2.6
|
|
84
|
|
|
-
|
0.5
|
100
|
100%
|
Note: totals may not
summate correctly due to rounding
|
|
Lundin Mining's
share
|
|
5,518
|
3,123
|
936
|
6.9
|
146
|
100
|
|
Notes on Mineral Resource and Mineral Reserve Tables
Mineral Resources and Mineral Reserve estimates are shown on a
100% basis for each mine. The Measured and Indicated Mineral
Resource estimates are inclusive of those Mineral Resource
estimates modified to produce the Mineral Reserve estimates. All
estimates are prepared as at June 30,
2020.
Estimates for all operations are prepared by or under the
supervision of and verified by a Qualified Person as defined in NI
43-101 or have been audited and verified by independent Qualified
Persons on behalf of Lundin Mining. The technical information in
this news release has been prepared in accordance with NI 43-101
and has been reviewed and verified by Stephen Gatley, BSc (Eng), CEng MIMMM, Vice
President - Technical Services of the Company, who is a "Qualified
Person" under NI 43-101.
Mineral Reserves for all active mines have been estimated using
metal prices of US$3.00/lb copper,
US$1.00/lb zinc, US$0.95/lb lead, US$6.50/lb nickel and US$1,300/oz gold. Exchange rates used were
EUR/USD 1.25, USD/SEK 7.00, USD/CLP
600 and USD/BRL 4.00. For the
Suruca gold deposit Mineral Reserve, the metal prices used were
US$3.00/lb copper and US$1,250/oz gold and an exchange rate of
USD/BRL 3.95.
Candelaria and Ojos
Candelaria and La Española open pit Mineral Resource estimates
are reported within a conceptual pit shell based on metal prices of
US$3.45/lb copper and US$1,300/oz gold with cut-off grades of 0.15% and
0.17% copper, respectively. Underground Mineral Resources are
estimated at a cut-off grade of 0.45% copper within confining
grades shells of 0.4% copper. Mineral Reserves for the Candelaria
open pit, Española open pit and underground for the Candelaria
property are estimated at cut-off grades of 0.16%, 0.19% and 0.50%
copper, respectively. Underground Mineral Reserves for the Ojos del
Salado property, Santos and Alcaparrosa mines, are estimated at
cut-off grades of 0.55% copper and 0.60% copper respectively.
Patricio Calderón, Deputy Manager Exploration Geology, Patricio Oyarce, Senior Engineer Technical
Services Open Pit and Cristian
Erazo, Deputy Manager Technical Services Candelaria
Underground, each of whom is a Registered Member, Chilean Mining
Commission, employed by the Candelaria mining complex and is a
Qualified Person as defined under NI 43-101, supervised the
preparation of and verified the Mineral Resource estimate, open pit
Mineral Reserve and underground Mineral Reserve estimates
respectively, and the scientific and technical information on
Candelaria contained in this news release.
For further information, refer to the Technical Report entitled
Technical Report for the Candelaria Copper Mining Complex, Atacama
Province, Region III, Chile dated
November 28, 2018, which is available
on the Company's SEDAR profile at www.sedar.com.
Chapada
The Chapada and Suruca SW copper-gold Mineral Resource estimates
are reported within a conceptual pit shell based on metal prices of
US$3.45/lb copper and US$1,495/oz gold and at a variable Net Smelter
Return (NSR) marginal cut-off averaging US$4.08 per tonne. For the Suruca gold only
Mineral Resource estimates, cut-off grades of 0.16g/t gold for
oxides and 0.23g/t for sulphides were used. Mineral Reserves for
the Chapada open pit are estimated at a NSR cut-off of US$4.73 per tonne. For the Suruca gold only
Mineral Reserve estimates cut-off grades of 0.19g/t gold for oxides
and 0.30g/t for sulphides are used. Felipe
Machado de Araujo, Mineral Resources Coordinator, Registered
Member of Chilean Mining Commission formerly employed by Chapada
prepared the Chapada and Suruca Mineral Resource estimates
and Jean-Francois St-Onge, PEO
and OIQ, Director Technical Services, Lundin Mining, reviewed and
verified the Mineral Reserve estimates and the scientific and
technical information for Chapada contained in this news release.
Both Messrs. Araujo and St-Onge are Qualified Persons as defined
under NI 43-101.
For further information, refer to the Technical Report entitled
Technical Report on the Chapada Mine, Goiás State, Brazil, dated October
10, 2019 which is available on Lundin Mining's SEDAR profile
at www.sedar.com.
Eagle and Eagle East
The Eagle Mineral Resources and Reserves are reported above a
fixed NSR cut-off of US$108/t. The
Eagle East Mineral Resources are reported above a fixed NSR cut-off
of US$142/t and the Mineral Reserves
are reported above US$142/t for
long-hole stopes and US$150/t for
cut-and-fill stopes. The NSR is calculated on a recovered payable
basis considering nickel, copper, cobalt, gold and PGM grades,
metallurgical recoveries, prices and realization costs. The Eagle
Mineral Resource and Reserve estimates are prepared by the mine's
geology and mine engineering department under the guidance of
Lars Olaussen, Technical Services
Principal and Josh Lam, P.Eng, Mine
Superintendent, both of whom are employees of Eagle Mine. The Eagle
East Mineral Resource estimate was prepared by Graham Greenway, P.Geo, Group Resource
Geologist, Lundin Mining, who also reviewed and verified the Eagle
Mineral Resource estimate. Josh Lam,
P.Eng, reviewed and verified the Eagle and Eagle East Mineral
Reserve estimates and the scientific and technical information on
Eagle and Eagle East contained in this news release. Messrs.
Greenway and Lam are Qualified Persons as defined under NI
43-101.
For further information, refer to the Technical Report entitled
Technical Report on the Eagle Mine, Michigan, U.S.A. dated April 26, 2017, which is available on the
Company's SEDAR profile at www.sedar.com.
Neves-Corvo and Semblana
The Mineral Resources are estimated above cut-off grades of 1.0%
for copper and 4.5% for zinc. The copper and zinc Mineral Reserve
estimates have been calculated using variable NSR values based on
area and mining method. The NSR is calculated on a recovered
payable basis considering copper, lead, zinc and silver grades,
metallurgical recoveries, prices and realization costs. The copper
Mineral Reserves are estimated above a site average cut–off of
EUR 42.0/t (grade equivalent to 1.34%
copper). For zinc Mineral Reserve estimates a site average cut–off
of EUR 46.6/t (grade equivalent to
5.34% zinc) is used. Mineral Reserves and Mineral Resources for
Neves-Corvo were estimated by the mine geology and mine engineering
departments at Neves-Corvo under the guidance of Sandra Santos, CEng MIMMM, Geological Engineer,
and Diogo Caupers, Chief Mine Planning Engineer, each of whom is
employed by the Neves-Corvo mine. Sandra
Santos, prepared the Neves-Corvo Mineral Resource estimate
and Jean-Francois St-Onge, PEO and
OIQ, Director Technical Services, Lundin Mining, reviewed and
verified the Mineral Reserve estimate and the scientific and
technical information for Neves-Corvo contained in this news
release. Both Ms. Santos and Mr. St-Onge are Qualified Persons as
defined under NI 43-101.
The Mineral Resources at Semblana are estimated above a cut-off
grade of 1.0% copper. The Mineral Resource estimate contained in
this news release was prepared by Graham
Greenway, P.Geo, Group Resource Geologist, Lundin Mining,
who is a Qualified Person as defined under NI 43-101.
For further information, refer to the Technical Report entitled
NI 43-101 Technical Report for the Neves-Corvo Mine, Portugal dated June 23,
2017, which is available on the Company's SEDAR profile at
www.sedar.com.
Zinkgruvan
The zinc Mineral Resources are estimates within geological
volumes based at a nominal NSR cut-off of SEK 350/t (equivalent to 4.5% zinc) and a minimum
mining width of 5 m. The copper
Mineral Resource is estimated above a cut-off grade of 1.0% Cu. The
zinc and copper Mineral Reserves are estimated above a site average
NSR cut-off grade of SEK 500/t
(equivalent to 6.1% zinc and 1.4% copper respectively). The NSR is
calculated on a recovered payable basis considering copper, lead,
zinc and silver grades, metallurgical recoveries, prices and
realization costs. The Zinkgruvan Mineral Resource and Mineral
Reserve estimates are prepared by the mine's geology and mine
engineering department under the supervision of Anja Hagerud, Resource Manager, and Nigel Clark, Section Manager Technical Services,
both employed by Zinkgruvan mine. The estimates were reviewed and
verified by Graham Greenway, P.Geo,
and David Allison, Group Mining
Engineer, CEng MIMMM, Lundin Mining.
Both Messrs. Greenway and Allison are Qualified Persons as defined
under NI 43-101.
For further information, refer to the Technical Report entitled
NI 43-101 Technical Report for the Zinkgruvan Mine, Sweden dated November
30, 2017, which is available on the Company's SEDAR profile
at www.sedar.com.
SOURCE Lundin Mining Corporation