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Reserves & Resources

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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 CLC Technical Report estimates and depleted to December 31, 2019. The additional stockpile resource as at the same date is listed in the Cobre Las Cruces stockpile table below.

Mineral Resource - as at December 31, 2019, and reported using a 1% Cu cut-off grade

Classification Tonnes (Mt) Cu (%) Au (g/t) Pb (%) Ag (g/t) Zn (%)
Secondary Sulphide
Total Measured 1.2 6.74 - - - -
Total Indicated 0.2 6.39 - - - -
Subtotal Meas. plus Ind. 1.4 6.69 - - - -
Total Inferred - - - - - -
Gossan
Total Measured - - - - - -
Total Indicated 0.01 - 1.51 1.08 28.80 -
Subtotal Meas. plus Ind. 0.01 - 1.51 1.08 28.80 -
Total Inferred - - - - - -
Primary Sulphide
Total Measured - - - - - -
Total Indicated - - - - - -
Subtotal Meas. plus Ind. - - - - - -
Total Inferred 34.5 1.12 - 1.23 28.93 2.64

The current depleted Mineral Resource as at December 31, 2019, 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.

Mineral Resource Statement for Cobre Las Cruces stockpiles - as at December 31, 2019

Classification Tonnes (Mt) Cu (%) Au (g/t) Pb (%) Ag (g/t) Zn (%)
Primary Stockpiles
Total Measured - - - - - -
Total Indicated 4.3 1.21 - 1.73 - 2.53
Total Meas. plus Ind. 4.3 1.21 - 1.73 - 2.53
Secondary Stockpiles
Total Measured - - - - - -
Total Indicated 0.8 4.24 - - - -
Total Meas. plus Ind. 0.8 4.24 - - - -
Gossan Stockpiles
Total Measured - - - - - -
Total Indicated 2.7 - 2.58 3.30 82.00 -
Total Meas. plus Ind. 2.7 - 2.58 3.30 82.00 -

The current stockpile Mineral Resource inventory as at December 31, 2019, was 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.

While the Primary Sulphide material is partly associated with the current open pit mining operations, any exploitation of this mineralization requires completion of the current technical evaluations, together with approvals for a significant depth extension to the current operations.

Mineral Reserves

The Mineral Reserve estimate for Cobre Las Cruces is shown below and reflects the position as at December 31, 2019. The estimate is a depletion of the June 30, 2015, estimate reported in the CLC Technical Report and is based on a copper price of $2.75/lb. The estimate is derived from conventional optimization processes, detailed stage and ultimate pit designs and life of mine production scheduling.

Mineral Reserve Statement for Las Cruces - as at December 31, 2019, and reported based upon at $2.75/lb Cu price and using a 1% Cu cut-off grade

Classification Non-primary Sulphide Ore Primary Sulphide Ore Total Ore
Ore (Mt) TCu (%) AsCu (%) Ore (Mt) TCu (%) AsCu (%) Ore (Mt) TCu (%) AsCu (%)
Total Proven 1.5 4.65 - - - - 1.5 4.65 -
Total Probable 0.2 6.12 - - - - 0.2 6.12 -
Total Mineral Reserves 1.7 4.84 - - - - 1.7 4.84 -

This Mineral Reserve estimate as at December 31, 2019, 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.

The inventory listed includes 0.8 Mt of stockpiled non-primary sulphide ore at an average grade of 4.24% TCu.

At current processing throughput rate of 1.6 million tonnes per year, the life of mine is expected to be one year from December 31, 2019.