Resources & Reserves
The following table summarizes the Mineral Resource estimate for the Taysan Project at a 0.1% copper cut-off grade, including the estimates for gold, silver and magnetite:
Source: Mining Associates Limited, February 2012.
The large Measured and Indicated Mineral Resource of 459 Mt at 0.26% Cu, 0.10 g/t Au, 0.8 g/t Ag and 3.3% magnetite, which contains 1.2 Mt of copper (2.6 billion pounds) provides the basis for the Stage 1 project (15 Mtpa operation for 24 years) that can be followed by the Stage 2 expansion to potentially double the throughput rate or extend the mine life to up to 40 years.
As part of the pre-feasibility study, IMC Mining Group Pty Ltd estimated Probable Mineral Reserves to be 353 Mt at 0.27% Cu, 0.11 g/t Au, 0.9 g/t Ag and 3.4% magnetite based on variable cut-off grades for each stage of mining. The estimate is based on commodity prices of US$3.00/lb Cu, US$1,000/oz Au, US$26/oz Ag and US$100/t magnetite concentrate. Details of the Mineral Reserve estimate will be provided in the NI43-101 report to be issued by the end of 2Q'2012.
| Taysan Mineral Resource Estimate at 0.1% Cu Cut off, February 2012 | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Resource | M tonnes | Cu (%) |
Au (g/t) |
Ag (g/t) |
Magnetite (%) |
Cu (M lbs) |
Au (M oz) |
Ag (M oz) |
Magnetite (Mt) |
| Measured | 156 | 0.31 | 0.12 | 1.2 | 3.3 | 1,077 | 0.61 | 5.80 | 5.20 |
| Indicated | 303 | 0.23 | 0.09 | 0.7 | 3.2 | 1,502 | 0.85 | 6.54 | 9.69 |
| Inferred | 509 | 0.18 | 0.08 | 0.5 | 2.7 | 2,065 | 1.24 | 7.81 | 13.59 |
The large Measured and Indicated Mineral Resource of 459 Mt at 0.26% Cu, 0.10 g/t Au, 0.8 g/t Ag and 3.3% magnetite, which contains 1.2 Mt of copper (2.6 billion pounds) provides the basis for the Stage 1 project (15 Mtpa operation for 24 years) that can be followed by the Stage 2 expansion to potentially double the throughput rate or extend the mine life to up to 40 years.
As part of the pre-feasibility study, IMC Mining Group Pty Ltd estimated Probable Mineral Reserves to be 353 Mt at 0.27% Cu, 0.11 g/t Au, 0.9 g/t Ag and 3.4% magnetite based on variable cut-off grades for each stage of mining. The estimate is based on commodity prices of US$3.00/lb Cu, US$1,000/oz Au, US$26/oz Ag and US$100/t magnetite concentrate. Details of the Mineral Reserve estimate will be provided in the NI43-101 report to be issued by the end of 2Q'2012.