Mineral Resources
The Mineral Resource estimate for Cobre Panama, inclusive of the Mineral Reserve inventory, is set out in the following table and reflects the position as at December 31, 2019 as contained in the Cobre Panama Technical Report.
Mineral Resource - as at December 31, 2019, and reported using a 0.15% Cu cut-off grade
Deposit |
Category |
Tonnes (Mt) |
TCu (%) |
Mo (%) |
Au (g/t) |
Ag (g/t) |
Botija |
Measured |
277 |
0.48 |
0.008 |
0.11 |
1.38 |
Botija |
Indicated |
642 |
0.35 |
0.007 |
0.06 |
1.07 |
Colina |
Indicated |
1,032 |
0.39 |
0.007 |
0.06 |
1.58 |
Medio |
Indicated |
63 |
0.28 |
0.004 |
0.03 |
0.96 |
Valle Grande |
Indicated |
602 |
0.36 |
0.006 |
0.04 |
1.37 |
Balboa |
Indicated |
647 |
0.35 |
0.002 |
0.08 |
1.37 |
Botija Abajo |
Indicated |
114 |
0.31 |
0.004 |
0.06 |
0.93 |
Brazo |
Indicated |
228 |
0.36 |
0.004 |
0.05 |
0.81 |
Total Measured and Indicated |
3,606 |
0.37 |
0.006 |
0.07 |
1.32 |
Botija |
Inferred |
150 |
0.23 |
0.004 |
0.03 |
0.78 |
Colina |
Inferred |
125 |
0.26 |
0.006 |
0.05 |
1.20 |
Medio |
Inferred |
189 |
0.25 |
0.005 |
0.03 |
1.25 |
Valle Grande |
Inferred |
363 |
0.29 |
0.005 |
0.03 |
1.14 |
Balboa |
Inferred |
79 |
0.23 |
0.003 |
0.04 |
0.96 |
Botija Abajo |
Inferred |
67 |
0.27 |
0.005 |
0.06 |
1.25 |
Brazo |
Inferred |
76 |
0.21 |
0.003 |
0.01 |
0.73 |
Total Inferred |
1,049 |
0.26 |
0.005 |
0.04 |
1.08 |
The current Mineral Resource for Cobre Panama was estimated and verified by 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 Panama Stockpiles - as at December 31, 2019
Deposit |
Category |
Tonnes (Mt) |
TCu (%) |
Mo (%) |
Au (g/t) |
Ag (g/t) |
Botija |
Stockpile |
14.4 |
0.26 |
42.35 |
0.05 |
0.91 |
The current stockpile Mineral Resource inventory for Cobre Panama 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)
Mineral Reserves
The Mineral Reserve estimate for Cobre Panama is entirely within the Measured and Indicated Mineral Resource estimate in the table above. It is consistent with the Mineral Reserve estimate methodology reported in the Cobre Panama Technical Report. The actual cut-off grade for the estimate varies due to variable processing recovery, but otherwise reflects a longer-term consensus copper price of $3.00/lb, a molybdenum price of $13.50/lb, a gold price of $1,200/oz and a silver price of $16.00/oz.
As at the end of December 2019, the mine life is 35 years.
Mineral Reserve - as at December 31, 2019 and reported based on a $3.00/lb Cu price
Classification/Pit |
Saprock Ore |
Primary Sulphide Ore |
Total Ore |
|
Tonnes (Mt) |
TCu (%) |
Mo (ppm) |
Au (ppm) |
Ag (ppm) |
Tonnes (Mt) |
TCu (%) |
Mo (ppm) |
Au (ppm) |
Ag (ppm) |
Tonnes (Mt) |
TCu (%) |
Mo (ppm) |
Au (ppm) |
Ag (ppm) |
Botija |
Total Proven |
0.2 |
0.23 |
44.36 |
0.06 |
0.56 |
275.6 |
0.46 |
76.41 |
0.11 |
1.40 |
275.7 |
0.46 |
76.39 |
0.11 |
1.40 |
Total Probable |
0.3 |
0.25 |
32.87 |
0.06 |
0.87 |
620.0 |
0.34 |
66.91 |
0.07 |
1.10 |
620.3 |
0.34 |
66.89 |
0.07 |
1.09 |
Total Mineral Reserve |
0.4 |
0.24 |
37.11 |
0.06 |
0.76 |
895.6 |
0.38 |
69.83 |
0.08 |
1.19 |
896.0 |
0.38 |
69.81 |
0.08 |
1.19 |
Colina and Medio |
Total Proven |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Total Probable |
28.9 |
0.34 |
52.58 |
0.10 |
1.45 |
952.4 |
0.40 |
67.41 |
0.06 |
1.61 |
981.3 |
0.39 |
66.98 |
0.06 |
1.61 |
Total Mineral Reserve |
28.9 |
0.39 |
66.27 |
0.06 |
1.45 |
952.4 |
0.40 |
67.41 |
0.06 |
1.61 |
981.3 |
0.39 |
66.98 |
0.06 |
1.61 |
Valle Grande |
Total Proven |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Total Probable |
14.1 |
0.32 |
76.24 |
0.05 |
1.47 |
527.0 |
0.37 |
67.20 |
0.05 |
1.41 |
541.1 |
0.37 |
67.43 |
0.05 |
1.42 |
Total Mineral Reserve |
14.1 |
0.36 |
67.02 |
0.05 |
1.47 |
527.0 |
0.37 |
67.20 |
0.05 |
1.41 |
541.1 |
0.37 |
67.43 |
0.05 |
1.42 |
Balboa |
Total Proven |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Total Probable |
- |
- |
- |
- |
- |
437.1 |
0.35 |
16.10 |
0.08 |
1.36 |
437.1 |
0.35 |
16.10 |
0.08 |
1.36 |
Total Mineral Reserve |
- |
- |
- |
- |
- |
437.1 |
0.35 |
16.10 |
0.08 |
1.36 |
437.1 |
0.35 |
16.10 |
0.08 |
1.36 |
BABR |
Total Proven |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Total Probable |
1.2 |
0.27 |
40.38 |
0.07 |
0.86 |
218.6 |
0.40 |
41.32 |
0.07 |
0.87 |
219.7 |
0.40 |
41.31 |
0.07 |
0.87 |
Total Mineral Reserve |
1.2 |
0.40 |
41.25 |
0.07 |
0.86 |
218.6 |
0.40 |
41.32 |
0.07 |
0.87 |
219.7 |
0.40 |
41.31 |
0.07 |
0.87 |
Combined Pits |
Total Proven |
0.2 |
0.23 |
44.36 |
0.06 |
0.56 |
275.6 |
0.46 |
76.41 |
0.11 |
1.40 |
275.7 |
0.46 |
76.39 |
0.11 |
1.40 |
Total Probable |
44.4 |
0.33 |
59.63 |
0.09 |
1.44 |
2,755.0 |
0.37 |
57.05 |
0.06 |
1.36 |
2,799.4 |
0.37 |
57.09 |
0.07 |
1.36 |
Total Mineral Reserve |
44.6 |
0.33 |
59.57 |
0.09 |
1.43 |
3,030.6 |
0.38 |
58.81 |
0.07 |
1.36 |
3,075.2 |
0.38 |
58.82 |
0.07 |
1.36 |
The current in-pit Mineral Reserve for Cobre Panama has been estimated and verified by the Company personnel under the supervision of, and verified by, Michael Lawlor of the Company, who is a qualified person and holds the following valid qualifications: BEng (Mining)(Hons), MEngSc, FAusIMM
Mineral Reserve Statement for Cobre Panama Stockpiles - as at December 31, 2019
Classification/Pit |
Saprock Ore |
Primary Sulphide Ore |
Total Ore |
|
Tonnes (Mt) |
TCu (%) |
Mo (ppm) |
Au (ppm) |
Ag (ppm) |
Tonnes (Mt) |
TCu (%) |
Mo (ppm) |
Au (ppm) |
Ag (ppm) |
Tonnes (Mt) |
TCu (%) |
Mo (ppm) |
Au (ppm) |
Ag (ppm) |
Total Proven |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Total Probable |
- |
- |
- |
- |
- |
14.4 |
0.26 |
42.35 |
0.05 |
0.91 |
14.4 |
0.26 |
42.35 |
0.05 |
0.91 |
Total Mineral Reserve |
- |
- |
- |
- |
- |
14.4 |
0.26 |
42.35 |
0.05 |
0.91 |
14.4 |
0.26 |
42.35 |
0.05 |
0.91 |
The current stockpile Mineral Reserve inventory for Cobre Panama has been verified by the Company personnel under the supervision of, and verified by, Michael Lawlor of the Company, who is a qualified person and holds the following valid qualifications: BEng (Mining)(Hons), MEngSc, FAusIMM