Mineral Resources
The Mineral Resource estimate for Guelb Moghrein, inclusive of the Mineral Reserve inventory, is presented in the table below and reflects the Guelb Moghrein Technical Report estimates and depleted to December 31, 2023. The additional stockpile resource as at the same date is listed in the stockpile table that follows.
Mineral Resources– as at December 31, 2023 and reported using 0.5% CuEq cut-off grade
Classification |
Tonnes (Mt) |
TCu (%) |
Au (g/t) |
Sulphide |
Total Measured |
2.2 |
0.88 |
0.78 |
Total Indicated |
7.9 |
0.87 |
0.63 |
Total Meas. plus Ind. |
10.1 |
0.87 |
0.67 |
Total Inferred |
0.6 |
0.91 |
0.68 |
Oxide |
Total Measured |
0.1 |
1.46 |
2.04 |
Total Indicated |
0.3 |
0.88 |
0.80 |
Total Meas. plus Ind. |
0.4 |
1.03 |
1.11 |
Total Inferred |
1.2 |
0.74 |
2.52 |
Sulphide + Oxide |
Total Measured |
2.3 |
0.90 |
0.83 |
Total Indicated |
8.2 |
0.87 |
0.64 |
Total Meas. plus Ind. |
10.5 |
0.88 |
0.68 |
Total Inferred |
1.8 |
0.80 |
1.89 |
The current depleted Mineral Resource was estimated and verified by David Gray of FQM who is a qualified person and holds the following valid qualifications:
BSc Hons(Geo), MAusIMM, Pr.Sci.Nat.
Mineral Resource Statement for Guelb Moghrein stockpiles - as at December 31, 2023
Classification / Stockpile |
Tonnes (Mt) |
TCu (%) |
Au (g/t) |
ROM Stockpile |
0.9 |
0.82 |
0.63 |
Marginal Stockpile |
0.7 |
0.41 |
0.50 |
Oxide Stockpile |
9.2 |
1.10 |
1.06 |
Total Measured |
10.9 |
1.03 |
0.99 |
The current stockpile Mineral Resource inventory as at December 31, 2022 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.
Mineral Reserves
The table below lists the Mineral Reserve estimate for Guelb Moghrein, inclusive of primary sulphide ore
stockpiles, as at December 31, 2023. The oxide resources are not currently included in reserves although
studies are on-going as to how this material may be processed.
The Mineral Reserve inventory is a depletion estimate through mining of the Mineral Reserve reported in the
Guelb Moghrein Technical Report. The estimate is derived from conventional optimization processes, detailed
stage and ultimate pit designs and life of mine production scheduling.
Mineral Reserves - as at December 31, 2023 and reported based on a $3.00/lb long-term copper price
Classification |
Non-primary Sulphide Ore |
Primary Sulphide Ore |
Total Ore |
|
Ore (Mt) |
TCu (%) |
Au (g/t) |
Ore (Mt) |
TCu (%) |
Au (g/t) |
Ore (Mt) |
TCu (%) |
Au (g/t) |
Total Proven |
- |
- |
- |
0.3 |
0.71 |
0.57 |
0.3 |
0.71 |
0.57 |
Total Probable |
- |
- |
- |
0.2 |
0.81 |
0.59 |
0.2 |
0.81 |
0.59 |
Total Mineral Reserves |
- |
- |
- |
0.5 |
0.74 |
0.58 |
0.5 |
0.74 |
0.58 |
The 2022 Mineral Reserve estimate has been estimated by 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 Mineral Reserve estimate is based on a copper equivalent cut-off grade of 0.59% CuEq using the long term consensus price of $3.00/lb for copper and a gold price of $1,200/oz. Low grade stockpiles are shown to be economic at the 0.59% CuEq cut-off grade. Hence these stockpiles continue to be considered as a part of the Mineral Reserve inventory.
A final cutback (Cutback 4) of the main pit was approved and commenced in 2021. The project is expected to
contribute an additional 3Mt of plant feed over the next two to three years. Ore supply from this source will begin in 2023
following a period of waste stripping.
The remaining life of mine at a treatment rate of 4.0 Mtpa is therefore shown to be approximately two years
when all Cutback 4 ore, high grade and low grade stockpiles are considered.