Mineral Resources
The December 31, 2022 Mineral Resource is a depletion of the December 31, 2021 Mineral Resource estimate,
as a result of mining and processing carried out in 2022. The Mineral Resources estimate, inclusive of the
Mineral Reserves inventory, is shown in the following table.
Mineral Resource - as at December 31, 2022 and reported using a $55 NSR value cut-off
| Classification |
Tonnes (Mt) |
Cu (%) |
Zn (%) |
Au (g/t) |
Ag (g/t) |
| Total Measured |
8.2 |
2.28 |
1.04 |
0.33 |
9.1 |
| Total Indicated |
2.7 |
2.08 |
1.29 |
0.46 |
11.19 |
| Total Meas. plus Ind. |
10.9 |
2.23 |
1.10 |
0.36 |
9.62 |
| Total Inferred |
0.8 |
2.55 |
6.85 |
- |
- |
This estimate has been produced by the CBI site geological team under the supervision of, and verified by, Joseph Boaro of the Company. Joseph Boaro is
a qualified person, a member of the Professional Engineers Ontario, and holds the following valid qualifications: P.Eng.
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 is expected to be three years from
December 31, 2022. The remaining Mineral Resources, exclusive of Mineral Reserves, other than perhaps 5%
of the total, are not currently upgradeable to a Mineral Reserve due to their discontinuous distribution throughout
the orebody.
Mineral Reserve - as at December 31, 2022 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 |
1.4 |
2.32 |
1.48 |
0.30 |
13.90 |
| Total Probable |
1.2 |
2.32 |
0.99 |
0.24 |
9.76 |
| Total Mineral Reserves |
2.6 |
2.32 |
1.25 |
0.27 |
11.97 |
This Mineral Reserve estimate as at December 31, 2022 has been produced by the Çayeli site mining team under the supervision of, and
verified by, Joseph Boaro of the Company. Joseph Boaro is a qualified person, a member of the Professional Engineers Ontario, and holds
the following valid qualifications: P.Eng