FM TSX: Last: $ 19.22 -0.08 -0.43% Volume: 2,294,633 15-20 min delay 01-19-2018 04:17 PM
Our-Business
Our Business

Reserves & Resources

Mineral Reserves

The Mineral Reserve estimate for Cobre Las Cruces is shown below and reflects the position as at December 31, 2016. The estimate is a depletion of the May 31, 2015 estimate reported in the Technical Report published in June 2015 and is based on a copper price of $2.70/lb.

Cobre Las Cruces stockpiles as at December 31, 2016 - reported using a 1% Cu cut-off grade

Classification Ore (Mt) TCu (%)
In-pit
Total Proven 4.3 5.22
Total Probable 1.0 4.47
Subtotal Prov. plus Prob. 5.3 5.07
Stockpiles
Total Proven 0.6 4.50
Total Probable - -
Subtotal Prov. plus Prob. 0.6 4.50
In-pit plus stockpiles
Total Proven 4.9 5.13
Total Probable 1.0 4.47
Total Prov. plus Prob. 5.9 5.01

This Mineral Reserve estimate as at December 31, 2016, has been estimated and verified under the supervision of independent consulting Mining Engineer, Anthony Cameron of Cameron Mining Consulting Ltd. Anthony Cameron is a qualified person and holds the following valid qualifications: BE (Mining), Grad Dip Bus, M Comm. Law, FAusIMM.

Mineral Resources

The Mineral Resource estimate for Cobre Las Cruces, inclusive of the Mineral Reserve inventory, is presented in the table below and reflects the position as at December 31, 2016. The additional stockpile resource as at the same date is listed in the Cobre Las Cruces stockpile table below. This Mineral Resource estimate is a depletion of the estimated Mineral Resource submitted in the December 31, 2015 AIF.

Mineral Resource as at December 31, 2016 - reported using a 1% Cu cut-off grade

Classification Tonnes (Mt) Cu (%) Au (g/t) Pb (%) Ag (g/t) Zn (%)
Secondary Sulphide
Total Measured 4.9 5.54 - - - -
Total Indicated 0.9 5.69 - - - -
Subtotal Meas. plus Ind. 5.8 5.57 - - - -
Total Inferred - - - - - -
Gossan
Total Measured - - - - - -
Total Indicated 0.9 - 1.71 1.91 40.88 -
Subtotal Meas. plus Ind. 0.9 - 1.71 1.91 40.88 -
Total Inferred - - - - - -
Primary Sulphide
Total Measured - - - - - -
Total Indicated - - - - - -
Subtotal Meas. plus Ind. - - - - - -
Total Inferred 36.0 1.11 - 1.25 28.94 2.64

The current depleted Mineral Resource as at December 31, 2016, was estimated and verified under the supervision of David Gray of the Company who is a qualified person and holds the following valid qualifications: BSc Hons(Geo), MAusIMM, Pr.Sci.Nat.

Cobre Las Cruces stockpiles - as at December 31, 2016

Classification Tonnes (Mt) Cu (%) Au (g/t) Pb (%) Ag (g/t) Zn (%)
Gossan
Total Measured - - - - - -
Total Indicated 2.0 - 2.87 3.80 90.00 -
Total Meas. plus Ind. 2.0 - 2.87 3.80 90.00 -

The current depleted Mineral Resource inventory as at December 31, 2016, was estimated and verified under the supervision of David Gray of the Company who is a qualified person and holds the following valid qualifications: BSc Hons(Geo), MAusIMM, Pr.Sci.Nat.

While the Primary Sulphide material is partly associated with the current open pit mining operations, any exploitation of this mineralization requires further evaluation of current geological exploration and technical programmes.