Mineral Resources

Feb 20, 2019 - Rovina Valley Project, NI 43-101 Technical report and Mineral Resource Updata

Mineral Resource
Category & Zone

Tonnage (Mt)

Au (g/t)

Cu (%)

Gold (Moz)

Copper (Mlb)

Au eq* (Moz)

 

Measured

Rovina (open-pit)

32.21

0.36

0.29

0.37

208.5

0.83

Colnic (open-pit)

29.2

0.65

0.12

0.61

74.3

0.82

Ciresata (underground)

28.5

0.88

0.16

0.81

102.2

1.13

Total Measured

89.8

0.62

0.19

1.78

385.1

2.63

 

Indicated

Rovina (open-pit)

74.2

0.27

0.22

0.64

364.6

1.44

Colnic (open-pit)

106.5

0.47

0.10

1.62

227.5

2.12

Ciresata (underground)

125.9

0.74

0.15

3.01

413.4

3.92

Total Indicated

306.6

0.53

0.15

5.26

1,005.5

7.47

 

Total Measured + Indicated

396.4

0.55

0.16

7.05

1,390.6

10.11

 

Notes: *Au eq. determined by using a long-term gold price of US$1,500 per ounce and a copper price of US$ 3.30/lb. Metallurgical recoveries are not taken into account for Au eq. Base case cut-off grade used in the table are 0.35 g/t Au eq. for the Colnic deposit and 0.25% Cu eq for the Rovina deposit, both of which are amenable to open-pit mining and 0.65 g/t Au eq. for the Ciresata deposit which is amenable to underground bulk mining. For the Rovina and Colnic porphyries, the resources are pit-shell constrained using Lerchs-Grossmann algorithm pit optimizer and market metal values of $1,500/oz Au price and $3.30/lb Cu price, with net prices after smelter payables, concentrate transport, smelter charges, and royalty of US$1,384/oz Au and US$2.61/lb Cu for Colnic and US$1,286/oz Au and US$2.59/Ib Cu for Rovina.  Flotation metallurgical recoveries used are: Colnic 81.5% gold, 88.5% copper and Rovina 73.2% gold, 94.7% copper. Rounding of tonnes as required by reporting guidelines may result in apparent differences between tonnes, grade and contained metal content. These mineral resources are not mineral reserves as they do not have demonstrated economic viability

Regional Geology

On a regional level, the majority of the mineral deposits in the Romanian/Hungarian region are located in the Carpathian Fold Belt; an arcuate orogenic belt which is part of a much larger belt extending westward into Austria and Switzerland and south into Serbia and Bulgaria. These belts developed during the late Cretaceous and Tertiary, following closure of the Tethys Ocean, due to the collision of continental fragments of Gondwana with continental Europe and the related subduction of small, intervening oceanic basins. The development of the Carpathian Fold Belt was accompanied by widespread igneous activity including a suite of late Cretaceous to early Eocene acidic to intermediate intrusive and extrusive rocks, known as “banatites.” These rocks are believed to have formed early stages of subduction and are host to several Cu–Mo–Fe Porphyry and skarn deposits.

Email Signup

Sign up for the latest news and updates