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Reserves & Resources

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Mineral Resources

A Mineral Resource estimate of PPS mineralization was updated in January 2022. The estimate used updated drill hole results together with an updated 3D geology model of the spatial distribution of copper, lead, zinc and silver mineralization. Grade interpolation parameters were guided by geology, styles of mineralization, drill hole spacing and geo-statistical analysis of sample data. The Mineral Resource estimate was classified according to geological and grade continuity, QAQC, density data, drill hole grid spacing and confidence in the panel grade estimate.

The Mineral Resource estimate for CLC presented in the table below is consistent with the estimate produced for the CLC Technical Report.

Mineral Resource - as at December 31, 2021, and reported using a 1% Cu cut-off grade

Classification Tonnes (Mt) CuEq (%) Cu (%) Au (g/t) Pb (%) Ag (g/t) Zn (%)
Polymetallic Primary Sulphide (1% CuEq cutoff grade*)
Total Measured 18.3 2.81 1.27 - 1.37 33.39 3.11
Total Indicated 17.9 2.20 1.24 - 0.89 25.36 1.87
Subtotal Meas. plus Ind. 36.2 2.51 1.26 - 1.13 29.42 2.50
Total Inferred 7.09 1.93 1.23 - 0.73 29.47 1.12
Secondary Sulphide (1% Cu cutoff grade)
Total Measured 0.86 - 6.23 - - - -
Total Indicated 0.06 - 2.51 - - - -
Subtotal Meas. plus Ind. 0.91 - 6.01 - - - -
Total Inferred - - - - - - -
Gossan (1 g/t Au cutoff grade)
Total Measured - - - - - - -
Total Indicated 0.01 - - 1.54 0.83 100.47 -
Subtotal Meas. plus Ind. 0.01 - - 1.54 0.83 100.47 -
Total Inferred - - - - - - -

The current depleted Mineral Resource as at December 31, 2021, 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, FAIG (#7323).

Mineral Resource Statement for Cobre Las Cruces stockpiles - as at December 31, 2021

Classification Tonnes (Mt) CueQ (%) Cu (%) Au (g/t) Pb (%) Ag (g/t) Zn (%)
Primary Stockpiles
Total Measured - - - - - - -
Total Indicated 5.0 2.46 1.19 - 1.63 29.40 2.21
Total Meas. plus Ind. 5.0 2.46 1.19 - 1.63 29.40 2.21
Gossan Stockpiles
Total Measured - - - - - - -
Total Indicated 2.7 - - 2.58 3.30 82.3 -
Total Meas. plus Ind. 2.7 - - 2.58 3.30 82.3 -

The current stockpile Mineral Resource inventory as at December 31, 2021, was verified by David Gray of the Company who is a qualified person and holds the following valid qualifications: BSc Hons(Geo), MAusIMM, FAIG (#7323).

The CLC secondary sulfide copper reserves were depleted by end of February 2021. Secondary stockpiles at CLC were 141 thousand tonnes at 2.11% Cu. These have now been completely processed.