Mineral Resources
The December 31, 2024 Mineral Resource is a depletion of the December 31, 2023 Mineral Resource estimate,
as a result of mining and processing carried out in 2024. The Mineral Resources estimate, inclusive of the
Mineral Reserves inventory, is shown in the following table.
Mineral Resource - as at December 31, 2024 and reported using a $55 NSR value cut-off
| Classification |
Tonnes (Mt) |
Cu (%) |
Zn (%) |
Au (g/t) |
Ag (g/t) |
| Total Measured |
1.0 |
2.93 |
1.98 |
0.40 |
17.6 |
| Total Indicated |
4.3 |
1.94 |
2.67 |
0.73 | 2.22 |
| Total Meas. plus Ind. |
5.4 |
2.13 |
2.54 |
0.67 |
5.12 |
| Total Inferred |
2.7 |
1.82 |
2.11 |
- |
- |
The Mineral Reserve as at December 31, 2024 has been produced by the Çayeli site mining team, under the supervision of, and verified by Joseph Boaro. Joseph Boaro is a qualified person.
Mineral Reserves
The mineral reserve estimate for Çayeli is presented below and reflects the position as at December 31, 2022.
The mineral reserve estimate used an economic net smelter return (NSR) cut-off. There is no stockpiled Mineral Reserve
inventory. The estimate is derived from conventional underground mine design and life of mine production
scheduling.
At currently projected processing throughput rates, the remaining life of mine using current reserves is approximately 3 years. Ongoing diamond core drilling in south ore body is expected to increase reserves and has the potential to extend the life by an additional 10 years..
Mineral Reserve - as at December 31, 2024 and reported using a $55 NSR value cut-off
| Classification |
Primary Sulphide Ore |
|
Ore (Mt) |
Cu (%) |
Zn (%) |
Au (g/t) |
Ag (g/t) |
| Total Proven | 0.9 |
2.64 |
1.84 |
0.35 |
16.70 |
| Total Probable |
3.7 |
1.66 |
2.45 |
0.63 |
9.42 |
| Total Mineral Reserves | 4.6 |
1.86 |
2.33 |
0.57 |
10.89 |
The Mineral Reserve as at December 31, 2024 has been produced by the Çayeli site mining team, under the supervision of, and verified by Joseph Boaro. Joseph Boaro is a qualified person.