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Reserves & Resources

Mineral Resource and Reserves

Enterprise is part of the Trident project which includes the Sentinel copper mine currently under development. The project is located approximately 150 km from Solwezi in north-west Zambia. In April 2011, large-scale mining licenses for the development of the Trident project were received from the Government of the Republic of Zambia.

Mineral resource development drilling was completed at the Enterprise deposit towards the end of 2013. The December 2012 NI 43-101 Technical Report was updated and filed in May 2015 (and employs improved estimation techniques together with added drill data and an improved understanding of the structural framework at Enterprise). The updated report documents the latest mineral resource estimate, benefiting from additional drilling and assaying data, an improved understanding of the geological/structural framework at Enterprise, and also improved estimation techniques.

Mineral Resources

The mineral resource estimate for Enterprise, inclusive of the mineral reserve inventory, is presented below and reflects the position as at December 31, 2016. This estimate is consistent with that reported in the May 2015 NI 43-101 Technical Report.

Mineral Resources as at December 31, 2016, and reported using a 0.15% Ni cut-off grade

Classification Tonnes (Mt) Ni%
Non-primary sulphide

Total Measured - -
Total Indicated 4.3 0.69
Subtotal Meas. plus Ind. 4.3 0.69
Total Inferred 5.3 0.47
Primary sulphide

Total Measured 5.1 1.56
Total Indicated 30.3 0.96
Subtotal Meas. plus Ind. 35.4 1.05
Total Inferred 15.6 0.69
Total Mineral Resource

Total Measured 5.1 1.56
Total Indicated 34.6 0.92
Total Meas. plus Ind. 39.8 1.01
Total Inferred 20.9 0.63

The current Mineral Resource inventory was estimated and verified by David Gray of the Company who is a qualified person and holds the following valid qualifications: BSc Hons(Geo), MAusIMM, Pr.Sci.Nat.

Mineral Reserves Estimate

The Enterprise reserve estimate is shown in the table below, reflecting the position at December 31, 2016. This estimate is consistent with that reported in the 2015 NI 43-101 Technical Report.

Mineral Reserve as at December 31, 2016, and reported based on a $7.50/lb Ni price

Classification Tonnes (Mt) Ni%
Non-primary sulphide

Total Proven - -
Total Probable 2.9 0.70
Subtotal Prov. Plus Prob. 2.9 0.70
Primary sulphide

Total Proven 5.3 1.43
Total Probable 27.1 0.91
Subtotal Prov. Plus Prob. 32.5 1.00
Total Mineral Reserve

Total Proven 5.3 1.43
Total Probable 30.1 0.89
Total Prov. Plus Prob. 35.4 0.97

The current mineral reserve inventory for Enterprise has been estimated and verified by the Company’s personnel under the supervision of Michael Lawlor of the Company, who is a qualified person and holds the following valid qualifications: BEng (Mining)(Hons), MEngSc, FAusIMM.