Investor Presentaiton
Marmato Mineral Reserves
Marmato Mineral Reserves effective March 17, 2020
Tonnes
Area
Category
(kt)
Grade Au
(g/t)
Grade Ag
Contained Au
Contained Ag
(g/t)
(koz)
(koz)
Upper Mine
Proven
802
5.2
22.1
133
569
Probable
4,342
4.0
14.2
555
1,981
Total
5,144
4.2
15.4
688
2,550
Lower Mine
Proven
Probable
14,556
2.9
3.8
1,333
1,799
Total
14,556
2.9
3.8
1,333
1,799
Total
Proven
802
5.1
22.1
133
569
Probable
18,898
3.1
6.2
1,888
3,780
Total
19,701
3.2
6.9
2,021
4,348
Notes:
1.
The mineral reserve estimate was prepared by Fernando Rodrigues, MAusIMM, and Joanna Poeck, SME-RM, of SRK, who are Qualified Persons as defined by National Instrument 43-101.
2. Totals may not add up due to rounding.
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3. Mineral reserves are reported above cut-off grades of 2.23 g/t gold and 1.91 g/t gold for the Upper Mine, depending on mining method, and above 1.61 g/t gold for the Lower Mine. The cut-off
grades are based on metal prices of USD$1,400 per ounce of gold, metallurgical recoveries of 85% and 95% in the Upper Mine, depending on location, and 95% for the Lower Mine, mining costs of
USD$49.45 per tonne and USD$46 per tonne for the Upper Mine, depending on mining method, and USD$42 per tonne for the Lower Mine, G&A costs of USD$13.63 per tonne for the Upper Mine
and USD$3 per tonne for the Lower Mine, processing costs of USD$12.24 per tonne for the Upper Mine and USD$14 per tonne for the Lower Mine, royalties of USD$8.96 per tonne for the Upper
Mine and production taxes of USD$6.75 per tonne for the Lower Mine, without consideration of revenue from other metals.
4.
5.
The Upper Mine is defined as the current operating mine levels above the 950 m elevation using cut and fill mining, and the Lower Mine is defined as below the 950 m elevation using mostly long
hole open stoping methods. Cut and fill mining assumes dilution averaging 26% and mining recovery averaging 90%. Long hole open stoping assumes dilution of 8% and mining recovery of 92.5%.
Mineral reserves from the Transition Mine, as described in the Pre-Feasibility Study, are now included in the Upper Mine mineral reserves.
ARIS GOLD
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