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Reserves & Resources

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Mineral Resource

The Mineral Resources, inclusive of the Mineral Reserves inventory reflect the March 2020 NI 43-101 Technical Report estimates, depleted to December 31, 2019.

Mineral Resource - as at December 31, 2019, and reported using a 0.13% TCu cut-off

Classification Tonnes (Mt) TCu (%)
Total Measured 657.7 0.48
Total Indicated 303.0 0.41
Total Meas. plus Ind. 960.7 0.46
Total Inferred 62.3 0.36

The current depleted Mineral Resource as at December 31, 2019 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 Sentinel Stockpiles - as at December 31, 2019

Classification/Stockpile Tonnes (Mt) TCu (%)
Total Measured - -
Total Indicated 28.9 0.24
Total Meas. plus Ind. 28.9 0.24

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, FAIG,(#7323)

Mineral Reserves

The Mineral Reserve estimate for the Sentinel project as listed in the table below has been based on conventional Whittle 4X optimization, followed by detailed life of mine design and planning accounting for staged pit cutbacks to suit in-pit ore crushing and conveying plus trolley assisted waste haulage, and comprehensive ore and waste mining/production scheduling.

The statement is consistent with depletion from the estimate produced for the March 2020 NI 43-101 Technical Report. The predicted plant recoveries are consistent with, test work and the operating results for the last two years. The estimated marginal cut-off grade is based on the long-term consensus copper price of $3.00/lb Cu.

Mineral Reserve - as at December 31, 2019, and reported based on a long-term $3.00/lb Cu price

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Classification Non-primary Sulphide Ore Primary Sulphide Ore Total Ore
Ore (Mt) TCu (%) AsCu (%) Ore (Mt) TCu (%) AsCu (%) Ore (Mt) TCu (%) AsCu (%)
Total Proven 63.7 0.40 0.07 539.1 0.49 0.01 602.8 0.48 0.02
Total Probable 20.9 0.31 0.06 224.3 0.43 0.01 245.2 0.42 0.02
Total Mineral Reserves 84.6 0.38 0.07 763.3 0.47 0.01 847.9 0.47 0.02

The current depleted in-pit Mineral Reserve as at December 31, 2019 for Sentinel has been estimated and verified by the Company’s personnel under the supervision of 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 Sentinel Stockpiles - as at December 31, 2019

Classification Non-primary Sulphide Ore Primary Sulphide Ore Total Ore
Ore (Mt) TCu (%) AsCu (%) Ore (Mt) TCu (%) AsCu (%) Ore (Mt) TCu (%) AsCu (%)
Total Proven - - - - - - - - -
Total Probable - - - 28.9 0.24 - 28.9 0.24 -
Total Mineral Reserves - - - 28.9 0.24 - 28.9 0.24 -

The current stockpile Mineral Reserve inventory as at December 31, 2019 for Sentinel has been verified by the Company’s personnel under the supervision of Michael Lawlor of the Company, who is a qualified person and holds the following valid qualifications: BEng (Mining)(Hons), MEngSc, FAusIMM.

The total Mineral Reserve inventory inclusive of stockpiles is 876.8 Mt at an average grade of 0.46% TCu. At planned throughput rates the remaining life of mine is approximately 15 years