TMAC Resources Reports Updated Mineral Reserves & Mineral Resources Estimate, Hope Bay, Nunavut
TORONTO--(BUSINESS WIRE)--Feb 21, 2019--TMAC Resources Inc. (TSX: TMR) (“ TMAC ” or the “ Company ”), reports updated Mineral Reserves and Mineral Resources as of December 31, 2018.
Mineral Reserves and Mineral Resources were last updated as at June 30, 2017. Mineral Reserves reported herein were estimated using a long-term gold price of US$1,250/oz and US$/C$ exchange rate of 0.80. Mineral Resources were estimated using a long-term gold price of US$1,400/oz and US$/C$ exchange rate of 0.80.
Updated Proven and Probable Mineral Reserves for the entire Hope Bay Project decrease slightly by 19,000 contained gold ounces to a total of 3.59 million ounces compared to a total of 3.61 million ounces in the June 30, 2017 statement. Material factors between the June 30, 2017 and December 31, 2018 revised Mineral Reserve estimate include:
TABLE 1: HOPE BAY PROVEN AND PROBABLE MINERAL RESERVES AS OF DECEMBER 31, 2018
Notes: 1. CIM definitions were followed for the statement of Mineral Reserves. 2. The Mineral Reserves for individual deposits were estimated using a cut-off grades between 4.0 g/t and 4.6 g/t to account for assumed variable process recoveries, operating costs and ore haulage costs. 3. All Mineral Reserves are estimated using an average long-term gold price of US$1,250 per ounce and a US$/C$ exchange rate of 0.80. 4. A 50-metre crown pillar allowance was applied to Mineral Reserves located below lakes where applicable. 5. A minimum mining width of 2.5 metres for long hole mining and 3.4 metres for drift and fill mining was applied. 6. Density was calculated using the geological block model density field. 7. A 95% extraction factor and 20% external dilution factor was applied to long hole mining. 8. A 95% extraction factor and 15% external dilution factor was applied to drift and fill mining. 9. Numbers may not add due to rounding.
Updated Measured and Indicated Mineral Resources for the entire Hope Bay Project decreased by 102,000 contained gold ounces to a total of 4.81 million ounces compared to a total of 4.91 million ounces in the June 30, 2017 statement. Updated Inferred Mineral Resources for the entire Hope Bay Project decreased by 73,000 contained gold ounces to a total of 1.62 million ounces compared to a total of 1.69 million ounces in the June 30, 2017 statement Material factors between the June 30, 2017 and December 31, 2018 revised Mineral Resource estimates include:
TABLE 2: HOPE BAY MEASURED, INDICATED AND INFERRED RESOURCES AS OF DECEMBER 31, 2018
Notes: 1. CIM definitions were followed for Mineral Resources. 2. Mineral Resources are estimated at a cut-off grade of 4.0 g/t Au except for Boston which was estimated at a cut-off of 4.5 g/t Au. 3. Mineral Resources are estimated using a long-term gold price of US$1,400 per ounce, and a US$/C$ exchange rate of 0.80. 4. A minimum mining width of approximately 1.5 metres was used. 5. A 50 metre crown pillar allowance was applied to resources located below lakes. 6. Numbers may not add due to rounding. 7. Doris North has been depleted based on surveyed mining cavities up to the end of December 2018. 8. Mineral Resources are inclusive of those resources converted to Mineral Reserves. 9. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
The qualified persons are not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that could materially affect the Mineral Resource or Mineral Reserves estimates.
The Mineral Resources for the Hope Bay Project disclosed in this press release have been estimated by Mr. Sean Horan, P. Geo., an employee of RPA and independent of TMAC.
The Mineral Reserves for the Hope Bay Project disclosed in this press release have been reviewed by Mr. David Robson, P. Eng., an employee of RPA and independent of TMAC. By virtue of their education and relevant experience Mr. Horan and Mr. Robson are “Qualified Persons” for the purpose of National Instrument 43-101. Mr. Horan, P. Geo. and Mr. Robson, P. Eng., have read and approved the contents of this news release as it pertains to the disclosed mineral reserves and mineral resource estimates.
SCIENTIFIC AND TECHNICAL INFORMATION
Information of a scientific or technical nature in respect of the Hope Bay Project, other than new information related to Doris mine development, is based upon the Hope Bay Technical Report, as filed on TMAC’s profile at www.sedar.com. Scientific and technical information contained in this document was reviewed and approved by David King, P. Geo., the Vice President, Exploration and Geoscience who is a “Qualified Person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
This release contains “forward-looking information” within the meaning of applicable securities laws that is intended to be covered by the safe harbours created by those laws. “Forward-looking information” includes statements that use forward-looking terminology such as “may”, “will”, “expect”, “anticipate”, “believe”, “continue”, “potential” or the negative thereof or other variations thereof or comparable terminology. Such forward-looking information includes, without limitation, bringing the timing for bringing Madrid and Boston into production and the rate of ramp up at Doris throughout 2019.
Forward-looking information is not a guarantee of future performance and management bases forward-looking statements on a number of estimates and assumptions at the date the statements are made. Furthermore, such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors, which may cause the actual plans, intentions, activities, results, performance or achievements of the Company to be materially different from any plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking information. See “Risk Factors” in the Company’s Annual Information Form filed on SEDAR at www.sedar.com for a discussion of these risks.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190221005990/en/
CONTACT: TMAC Resources Inc.
Chief Executive Officer
Renmark Financial Communications Inc.
Tel: (416) 644-2020 or (514) 939-3989
KEYWORD: NORTH AMERICA CANADA
INDUSTRY KEYWORD: NATURAL RESOURCES MINING/MINERALS
SOURCE: TMAC Resources Inc.
Copyright Business Wire 2019.
PUB: 02/21/2019 05:00 PM/DISC: 02/21/2019 05:01 PM