Marmato Mineral Reserves (effective March 17, 2020)
| Area |
Category |
Tonnes (kt) |
Grade Au (g/t) |
Grade Ag (g/t) |
Contained Au (koz) |
Contained Ag (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.
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. 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%.
5. Mineral reserves from the Transition Mine, as described in the Pre-Feasibility Study, are now included in the
Upper Mine mineral reserves.
Marmato Mineral Resources (effective June 30, 2021)
| Area |
Category |
Tonnes (Mt) |
Grade Au (g/t) |
Grade Ag (g/t) |
Contained Au (koz) |
Contained Ag (koz) |
| Upper Mine |
Measured (M) |
2.7 |
6.2 |
28.2 |
545 |
2,492 |
|
Indicated (I) |
10.9 |
4.3 |
17.9 |
1,492 |
6,258 |
|
M&I |
13.6 |
4.7 |
20.0 |
2,037 |
8,751 |
|
Inferred |
1.7 |
3.0 |
16.3 |
161 |
873 |
| Lower Mine |
Measured (M) |
0.1 |
5.7 |
22.3 |
18 |
69 |
|
Indicated (I) |
43.2 |
2.7 |
3.6 |
3,753 |
5,027 |
|
M&I |
43.3 |
2.7 |
3.7 |
3,771 |
5,096 |
|
Inferred |
29.2 |
2.6 |
2.6 |
2,407 |
2,409 |
| Total |
Measured (M) |
2.8 |
6.2 |
28.0 |
562 |
2,561 |
|
Indicated (I) |
54.0 |
3.0 |
6.5 |
5,245 |
11,285 |
|
M&I |
56.9 |
3.2 |
7.6 |
5,808 |
13,847 |
|
Inferred |
30.8 |
2.6 |
3.3 |
2,567 |
3,282 |
Notes:
1. Measured and Indicated mineral resources are inclusive of mineral reserves.
2. Mineral resources are not mineral reserves and have no demonstrated economic viability.
3. The mineral resource estimate was prepared by Benjamin Parsons, MSc, of SRK, who is a Qualified Person as
defined by National Instrument 43-101. Mr. Parsons has reviewed and verified the drilling, sampling, assaying,
and QAQC protocols and results, and is of the opinion that the sample recovery, preparation, analyses, and
security protocols used for the mineral resource estimate are reliable for that purpose.
4. Totals may not add up due to rounding.
5. Mineral resources are reported above a cut-off grade of 1.9 g/t Au for the Upper Mine, and 1.4 g/t Au for the
Lower Mine. The cut-off grades are based on a metal price of USD$1,600 per ounce of gold, metallurgical
recoveries of 85% for the Upper Mine and 95% for the Lower Mine, without consideration of revenue from other
metals.
6. The Upper Mine is defined as the current operating mine levels above the 1,000 m elevation using cut and fill
mining, and the Lower Mine is defined as below the 1,000 m elevation using mostly long hole open stoping
methods.
7. Mineral resources from the Transition Mine, as described in the PFS, are now included in the Upper Mine
mineral resources.
8. There are no known legal, political, environmental, or other risks that could materially affect the potential
development of the mineral resources.
Technical Disclosure
NI 43-101 Technical Report
Scientific and technical information concerning Marmato is summarized, derived, or extracted from the Marmato Technical Report entitled "Revised NI 43-101 Technical Report Pre-Feasibility Study Marmato Project Colombia" dated September 18, 2020 with an effective date of March 17, 2020. The Marmato Technical Report was prepared by Ben Parsons, MSc, MAusIMM (CP), Eric J. Olin, MSc Metallurgy, MBA, SME-RM, MAusIMM, Fernando Rodrigues, BS Mining, MBA, MAusIMM, MMSAQP, Jeff Osborn, BEng Mining, MMSAQP, Joanna Poeck, BEng Mining, SME-RM, MMSAQP, Fredy Henriquez, MS Eng, SME, ISRM, Breese Burnley, P.E., Cristian A Pereira Farias, SME-RM, David Hoekstra, BS, PE, NCEES, SME-RM, David Bird, PG, SME-RM, Mark Allan Willow, MSc, CEM, SME-RM, and Tommaso Roberto Raponi, P.Eng, each of whom is independent of the Company within the meaning of NI 43-101 and is a "Qualified Person" as such term is defined in NI 43-101.