TIDMWRES
RNS Number : 0331C
W Resources PLC
05 February 2020
5 February 2020
W Resources Plc
("W" or the "Company")
Régua Commencement and Updated Régua JORC Resource Estimate
W Resources Plc (AIM:WRES), the tungsten, tin and gold mining
company with assets in Spain and Portugal, is pleased to announce
the start of operations at its Régua tungsten mine in Northern
Portugal following the release of an updated Régua Australasian
Joint Ore Reserves Committee ("JORC") resource estimate.
Highlights
-- JORC resource estimate update confirms 4.47Mt at 0.27% WO(3)
with initial mining focused on the higher-grade areas of the
orebody close to the surface.
-- Operations commence to access and start trial mining of thick high-grade tungsten ore zones
-- The process plant will be built on lean capital cost estimate of EUR1.5m
-- Plant configuration includes equipment from La Parrilla
tailings plant, spirals from Wolf Minerals Limited and selected new
equipment
JORC Resource Estimate
In preparation for the development and mine development work,
Golder Associates Pty Ltd ("Golder") has updated the JORC compliant
resource estimates for the project incorporating the results of
10,308m of drilling conducted over the last few years. The previous
JORC complaint resource estimates were announced by the Company on
27 October 2015.
The revised JORC resource estimates are set out in the below
table:
Régua Mineral Resource as at 30 January 2019 reported at
a 0.1% WO(3) cut-off grade
---------------------------------------------------------------------
Class Tonnes (Mt) WO(3) (%) WO(3) metal (kt)
-------------- ---------------- ------------ ---------------------
Measured - - -
Indicated 3.74 0.28 10.6
Inferred 0.72 0.21 1.5
-------------- ---------------- ------------ ---------------------
Total * 4.47 0.27 12.1
-------------- ---------------- ------------ ---------------------
* NB: Numbers may not add exactly due to rounding.
Golder resources statement is available on the W Resources
website: https://wresources.com/projects/regua/
Mine Start
Mining operations will commence in February with the development
drives in the first of two and potentially three adits (near
horizontal tunnels) to allow W to access and start mining the thick
high-grade ore zones and test two different mining methods: room
and pillar; and sublevel stoping. Adit mining has been contracted
to Empresa Portuguesa de Obras Subterrâneas, S.A. ("EPOS"), a
highly experienced Portuguese mining operator.
Ore will be trucked on the newly constructed haul road to the
existing crusher plant at the process plant site. A waste landfill
will be created in a nearby quarry improving the restoration stage
of the benches. A contract for fixed unit cost haulage and crushing
was signed in June 2019 with Francisco Pereira Marinho e Irmãos,
S.A. ("FPM").
Plant Configuration
The development of the Régua trial mine process plant is being
delivered on a lean capital basis and will leverage the existing
crusher plant, selected equipment from the La Parrilla tailings
plant in Spain, including parts of the old concentrator plant,
spirals purchased from Wolf Minerals Limited administrators and
selected new equipment.
In the initial trial mine operation, high-grade Régua ore will
be processed using crushing, mill and spiral equipment to produce
an 8-12% WO(3) concentrate which will then be trucked to the La
Parrilla processing plant for upgrade to 60% WO(3) concentrate and
purification. This will maximise synergies between La Parrilla and
Régua and keep the processing plant capital cost to an estimate of
EUR1.5m. The incremental concentrate tonnage from Régua will boost
final La Parrilla concentrate production.
Michael Masterman, Chairman of W Resources commented: "This will
be W's second tungsten mine to come on stream, following the start
of production at La Parrilla at the end of last year. It's great to
kick-off mining and development of Régua, where we see significant
synergies between La Parrilla and Régua with materially lower
capital costs at the Régua plant site and increased La Parrilla
final concentrate production.
"The trial mine development of Régua adds significant value to
this important Portuguese tungsten mine and de-risks the project
while at the same time initiating first Régua tungsten production.
The development will have a positive environmental contribution
with the progressive rehabilitation of an existing quarry and will
create jobs in the northern region of Portugal.
"It was important prior to the commencement of initial trial
mine operations to update our resource estimates and it's pleasing
to confirm indicated resources of 3.74m tonnes at 2,800ppm WO(3)
which is nearly 3-times the grade of the La Parrilla deposit in
Spain. The initial 4-6 months of mining will provide the additional
information to assess reserve estimates and the results from the
trial mine will feed into full mine production. The technical
information gained in the trial mine phase will allow us to
evaluate if we build a larger scale plant at Régua which will yield
costs reductions or alternatively continue with the production of
intermediate concentrate production and processing at La Parrilla.
Mining operations and associated optimisation will be enhanced
through this trial mine phase."
La Parrilla has continued to increase production going into the
New Year with initiative to increase production rates being rapidly
implemented and due for completion in February. W Resources has
moved to full quarterly production reporting and will provide a
full update in April following the close of the March quarter.
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
Enquiries:
W Resources Plc Grant Thornton UK LLP
Michael Masterman Colin Aaronson / Seamus Fricker
T: +44 (0) 20 7193 7463 T: +44 (0) 20 7383 5100
www.wresources.com
Joint Broker Joint Broker
Turner Pope Investments (TPI) Alternative Resource Capital /
Ltd Shard Capital
Andy Thacker / Zoe Alexander Alex Wood
T: +44 (0) 203 657 0050 T:+44 (0) 207 186 9004
www.turnerpope.com www.altrescap.com
Damon Heath
T:+44 (0) 207 186 9952
www.shardcapital.com
Alma PR
Justine James
M: +44 (0) 7525 324431
wres@almapr.co.uk
The information in this report which relates to Mineral
Resources is based on information provided to and compiled by Mr
Andrew Weeks, who is a full-time employee of Golder Associates Pty
Ltd, and a Fellow of the Australasian Institute of Mining and
Metallurgy. Mr Weeks has sufficient relevant experience to the
style of mineralisation and type of deposits under consideration
and to the activity for which he is undertaking to qualify as a
Competent Person as defined in the JORC Code (2012 Edition).
Annexure 1:
Section 1: Sampling Techniques and Data
JORC Code Assessment Criteria Comment
Sampling Techniques Rock chip sampling from outcrops
Nature and quality of sampling and trenches was performed to determine
(e.g. cut channels, random chips, whether prospective tungsten mineralised
or specific specialised industry lithology (skarn) may yield any anomalous
standard measurement tools appropriate tungsten values and not to determine
to the minerals under investigation, average grades. These samples have
such as downhole gamma sondes, not been used in this resource estimate.
or handheld XRF instruments, Samples weighing from 500 g to 1
etc.). These examples should kg were taken from each sampling
not be taken as limiting the location, and its position was recorded
broad meaning of sampling. with a hand-held GPS.
Include reference to measures Diamond drilling was used to obtain
taken to ensure sample representivity core samples.
and the appropriate calibration Sampled intervals included visual
of any measurement tools or systems scheelite bearing mineralised skarns
used. identified under UV light and two
Aspects of the determination 1 metre samples taken immediately
of mineralisation that are Material above and immediately below the mineralised
to the Public Report. In cases sample.
where 'industry standard' work All rock samples were bagged for
has been done this would be relatively shipment to the laboratory inside
simple (e.g. 'reverse circulation cotton bags with the number written
drilling was used to obtain 1 on the outside. The cotton bag is
m samples from which 3 kg was put in a plastic bag which includes
pulverised to produce a 30 g a tag with the sample number inside
charge for fire assay'). In other as well as the same number written
cases, more explanation may be on the outside of the plastic bag,
required, such as where there in both cases in waterproof ink.
is coarse gold that has inherent
sampling problems. Unusual commodities
or mineralisation types (e.g.
submarine nodules) may warrant
disclosure of detailed information.
------------------------------------------------------------
Drilling Techniques Core was obtained with an Acker drill
Drill type (e.g. core, reverse rig with wireline capability.
circulation, open-hole hammer, B146 (132 mm recovered core) was
rotary air blast, auger, Bangka, used for ensuring high recovery along
sonic, etc.), and details (e.g. the weathered/fractured surficial
core diameter, triple or standard rock mass, while otherwise PWL (85
tube, depth of diamond tails, mm recovered core) and HWL (63.5
face--sampling bit or other type, mm recovered core) was used.
whether core is oriented and All drill holes were surveyed at
if so, by what method, etc.). the collar surface by high-resolution
topographic survey. Data for Eastings,
Northings and RL was recorded in
PT TM06/ETRS89, WGS84-UTM-ZONE29N.
All drill holes have been subject
to downhole surveying to record variations
from the original hole inclination.
Surveys have been recorded at varying
intervals, using EZ-Trac from Reflex
Instruments.
Core was oriented in selected holes
using ACT II RD from Reflex Instruments.
------------------------------------------------------------
Drill Sample Recovery Sample recovery was assessed visually,
Method of recording and assessing recorded onto a logging sheet, photographed
core and chip sample recoveries and inserted in an Excel spreadsheet.
and results assessed.
Measures taken to maximise sample
recovery and ensure representative
nature of the samples.
Whether a relationship exists
between sample recovery and grade
and whether sample bias may have
occurred due to preferential
loss/gain of fine/coarse material.
------------------------------------------------------------
Logging Logging was performed after core
Whether core and chip samples fragment "puzzle" reconstruction,
have been geologically and geotechnically and a line was marked down the centre
logged to a level of detail to of the core.
support appropriate Mineral Resource Diamond core was geotechnically logged,
estimation, mining studies and and complete data (recovery, RQD,
metallurgical studies. joint orientation, spacing, roughness
Whether logging is qualitative and weathering) was recorded onto
or quantitative in nature. Core a logging sheet and inserted in an
(or costean, channel, etc.), Excel spreadsheet.
photography. Diamond core was geologically logged,
The total length and percentage and complete data (lithology, alteration,
of the relevant intersections structural data and mineralisation)
logged. was recorded onto a coded logging
sheet and inserted in an Excel spreadsheet.
All drill holes have been logged
in full.
------------------------------------------------------------
Sub--Sampling Techniques and The core was cut by diamond saw along
Sample Preparation a line marked down the centre of
If core, whether cut or sawn the core, splitting the core into
and whether quarter, half or two equal halves. One quarter of
all core taken. the PWL core and one half of the
If non--core, whether riffled, HWL core was sent for analysis and
tube sampled, rotary split, etc., remaining core was retained in wooden
and whether sampled wet or dry. core boxes for future reference.
For all sample types, the nature, Half and quarter core samples were
quality and appropriateness of sent to ALS Laboratory in Seville,
the sample preparation technique. Spain for assaying.
Quality control procedures adopted At ALS facilities, samples were crushed
for all sub--sampling stages (70%<2 mm), dried, split and pulverised
to maximise representivity of (85%<75um) to produce a representative
samples. sub sample for analysis by Aqua Regia
Measures taken to ensure that digestion, combined ICP-MS and ICP-AES
the sampling is representative (ref. ME-MS41) and lithium borate
of the in situ material collected, fusion with XRF finish for tungsten
including for instance results (ME-XRF10).
for field duplicate/second-half The following elements were included
sampling. in the analysis: Ag, Al, As, Au,
Whether sample sizes are appropriate B, Ba, Be, Bi, Ca, Cd, Ce, Co, Cr,
to the grain size of the material Cs, Cu, Fe, Ga, Ge, Hf, Hg, In, K,
being sampled. La, Li, Mg, Mn, Mo, Na, Nb, Ni, P,
Pb, Rb, Re, S, Sb, Sc, Se, Sn, Sr,
Ta, Te, Th, Ti, Tl, U, V, W, Y, Zn,
Zr, WO(3) .
------------------------------------------------------------
Quality of Assay Data and Laboratory Short wave UV light was used to identify
Tests the presence of scheelite in the
The nature, quality and appropriateness core but was not use as a quantitative
of the assaying and laboratory or semi-quantitative method.
procedures used and whether the Internationally certified standards
technique is considered partial and blanks were regularly introduced
or total. among core samples with frequency
For geophysical tools, spectrometers, of 1 in 20 approximately.
handheld XRF instruments, etc., Internal laboratory cross checking
the parameters used in determining methods are implemented by ALS.
the analysis including instrument Assay data reported as per laboratory
make and model, reading times, final reports and certificates.
calibrations factors applied
and their derivation, etc.
Nature of quality control procedures
adopted (e.g. standards, blanks,
duplicates, external laboratory
checks) and whether acceptable
levels of accuracy (i.e. lack
of bias) and precision have been
established.
------------------------------------------------------------
Verification of Sampling and Verification of significant intersections
Assaying by alternative company personnel.
The verification of significant Primary logging paper sheets stored
intersections by either independent at office, data entered into Excel
or alternative company personnel. spreadsheets as is and coded, both
The use of twinned holes. stored in the server and in an external
Documentation of primary data, hard drive.
data entry procedures, data verification, All core boxes are photographed,
data storage (physical and electronic) and a photo archive is maintained
protocols. within the drilling database.
Discuss any adjustment to assay
data.
------------------------------------------------------------
Location of Data Points Drill hole collars survey by precision
Accuracy and quality of surveys DGPS with GPRS on-line processing
used to locate drill holes (collar with 10 mm accuracy and Total Station.
and downhole surveys), trenches, Grid system PT-TM06/ETRS89, WGS84-UTM-ZONE29N.
mine workings and other locations Topographic information has been
used in Mineral Resource estimation. sourced from a publicly available
Specification of the grid system database ReNEP produced by Portuguese
used. Geographic Institute.
Quality and adequacy of topographic
control.
------------------------------------------------------------
Data Spacing and Distribution Completed drill holes were designed
Data spacing for reporting of for testing different targets and
Exploration Results. have irregular spacing.
Whether the data spacing, and Data spacing is irregular but is
distribution is sufficient to close to 40 m by 40 m which is considered
establish the degree of geological sufficient to quantify mineralisation
and grade continuity appropriate continuity and support the Mineral
for the Mineral Resource and Resource estimate at the current
Ore Reserve estimation procedure(s) assigned classification
and classifications applied. Data spacing and distribution is
Whether sample compositing has currently considered by the Competent
been applied. Person to be sufficient only for
Indicated and Inferred Mineral Resources.
------------------------------------------------------------
Orientation of Data in Relation The orientation of drilling is approximately
to Geological Structure perpendicular to the strike of the
Whether the orientation of sampling mineralised bodies.
achieves unbiased sampling of The dip of the drill holes is not
possible structures and the extent always perpendicular to the true
to which this is known, considering dip of the skarn bodies due to local
the deposit type. variations and deformation, so the
If the relationship between the intersections may not represent true
drilling orientation and the widths. This is not considered to
orientation of key mineralised adversely impact the resource estimate.
structures is considered to have
introduced a sampling bias, this
should be assessed and reported
if material.
------------------------------------------------------------
Sample Security Samples are kept in labelled wooden
The measures taken to ensure core boxes in a locked building.
sample security. Industry standard practices are applied.
------------------------------------------------------------
Audits and Reviews Golder has not undertaken audits
The results of any audits or or reviews of the sampling techniques
reviews of sampling techniques and data. Golder is not aware of
and data. any audits or reviews carried out
by other parties.
------------------------------------------------------------
Section 2 Reporting of Exploration Results
---------------------------------------------------------------------------------------------------------
JORC Code Assessment Criteria Comment
------------------------------------------------------------
Mineral Tenement and Land Tenure At Régua, a Trial mine license
Status CE-142 has been granted to IRP, 100%
Type, reference name/number, owned by W Resources Plc.
location and ownership including
agreements or material issues
with third parties such as joint
ventures, partnerships, overriding
royalties, native title interests,
historical sites, wilderness
or national park and environmental
settings.
The security of the tenure held
at the time of reporting along
with any known impediments to
obtaining a licence to operate
in the area.
------------------------------------------------------------
Exploration Done by Other Parties Previous exploration activities were
Acknowledgment and appraisal undertaken in the 1980s by "Minas
of exploration by other parties. de Santa Leucádia, Lda" and
"Rio Tinto Finance and Exploration,
Ldt." (Riofinex).
------------------------------------------------------------
Geology Scheelite bearing skarns within impure
Deposit type, geological setting carbonate horizons of a pre-Ordovican
and style of mineralisation. greywacke-schist sequence, which
has been affected by contact metamorphism
from Hercynian granites.
------------------------------------------------------------
Drill hole information Not applicable.
A summary of all information
material to the understanding
of the exploration results including
a tabulation of the following
information for all Material
drill holes:
Easting and northing of the drill
hole collar
Elevation or RL (Reduced Level-elevation
above sea level in metres) of
the drill hole collar
Dip and azimuth of the hole
Down hole length and interception
depth
Hole length
------------------------------------------------------------
Data aggregation methods Not applicable.
In reporting Exploration Results, No equivalent values are used.
weighting averaging techniques,
maximum and/or minimum grade
truncations (e.g. cutting of
high grades) and cut-off grades
are usually material and should
be stated.
Where aggregate intercepts incorporate
short lengths of high-grade results
and longer lengths of low grade
results, the procedure used for
such aggregation should be stated
and some typical examples of
such aggregations should be shown
in detail.
The assumptions used for any
reporting of metal equivalent
values should be clearly stated.
------------------------------------------------------------
Relationship between mineralisation Drill intersections are not reported
widths and intercept lengths as true widths.
These relationships are particularly
important in the reporting of
Exploration Results.
If the geometry of the mineralisation
with respect to the drill hole
angle is known, its nature should
be reported.
If it is not known and only the
down-hole lengths are reported,
there should be a clear statement
to this effect (e.g. 'downhole
length, true width not known').
------------------------------------------------------------
Diagrams All diagrams contained in this document
Where possible, maps and sections are generated from spatial data displayed
(with scales) and tabulations in industry standard mining and GIS
of intercepts should be included packages.
for any material discovery being
reported if such diagrams significantly
clarify the report.
------------------------------------------------------------
Balance reporting Not applicable.
Where comprehensive reporting
of all Exploration Results is
not practicable, representative
reporting of both low and high
grades and/or widths should be
practiced to avoid misleading
reporting of Exploration Results.
------------------------------------------------------------
Other substantive exploration Not applicable.
data
Other exploration data, if meaningful
and material, should be reported
including (but not limited to):
geological observations; geophysical
survey results; geochemical survey
results; bulk samples - size
and method of treatment; metallurgical
test results; bulk density, groundwater,
geotechnical and rock characteristics;
potential deleterious or contaminating
substances.
------------------------------------------------------------
Further work WRES and IRP have received the necessary
The nature and scale of planned permits to begin a trial mine at
further work (eg. tests for lateral the deposit.
extensions or depth extensions
or large-scale step-out drilling).
Diagrams clearly highlighting
the areas of possible extensions,
including the main geological
interpretations and future drilling
areas, provided this information
is not commercially sensitive.
------------------------------------------------------------
Section 3 Estimation and Reporting of Mineral Resources
---------------------------------------------------------------------------------------------------------
JORC Code Assessment Criteria Comment
------------------------------------------------------------
Database Integrity All drilling data is contained in
Measures taken to ensure that an Excel database and stored by IRP.
data has not been corrupted by, Validation in the database is set
for example, transcription or to prevent the accidental duplication,
keying errors, between its initial alteration or deletion of records
collection and its use for Mineral The database is suitable for use
Resource estimation purposes. during this resource estimate.
Data validation procedures used.
------------------------------------------------------------
Site Visits Golder personnel visited the project
Comment on any site visits undertaken area in May 2016 and again in April
by the Competent Person and the 2019 on behalf of the Competent Person.
outcome of those visits. No issues were identified during
If no site visits have been undertaken the site visit that prevent the declaration
indicate why this is the case. of Mineral Resources.
------------------------------------------------------------
Geological Interpretation IRP has carried out interpretation
Confidence in (or conversely, of the mineralisation and weathering.
the uncertainty of) the geological IRP is confident in the overall geological,
interpretation of the mineral weathering and mineralisation interpretation
deposit. of the deposit. The mineralisation
Nature of the data used and of interpretation comprised 72 vertical
any assumptions made. sections aligned to azimuth N210.
The effect, if any, of alternative Three-dimensional wireframe modelling
interpretations on Mineral Resource was carried out by IRP using Surpac(R)
estimation. The use of geology software. The interpretation was
in guiding and controlling Mineral imported by Golder to Vulcan software
Resource estimation. for sample flagging and constraining
The factors affecting continuity grade estimations.
both of grade and geology. The mineralisation consists of mineralised
skarn horizons hosted within calcsilicate-altered
schists and greywackes. The deposit
is cross cut by a fault splitting
the deposit into two separate areas.
The skarn units continue across the
fault although the orientation or
the mineralisation is different for
each fault block.
------------------------------------------------------------
Dimensions The mineralised zone is approximately
The extent and variability of 900 m long (north west-south east)
the Mineral Resource expressed by 400 m wide. The mineralisation
as length (along strike or otherwise), goes from surface outcrop to approximately
plan width, and depth below surface 300m below the surface in the deepest
to the upper and lower limits zone.
of the Mineral Resource.
------------------------------------------------------------
Estimation and Modelling Techniques The estimation technique used for
The nature and appropriateness the Mineral Resource estimation is
of the estimation technique(s) the geostatistical method of Ordinary
applied and key assumptions, Kriging. Parameters were derived
including treatment of extreme from variograms to estimate the average
grade values, domaining, interpolation grade for WO(3) , As and S.
parameters, and maximum distance Block sizes were selected with respect
of extrapolation from data points. to the nominal drilling spacing to
If a computer assisted estimation support acceptable local estimation
method was chosen include a description quality.
of computer software and parameters The block size selected is 10 m (X)
used. by 10 m (Y) by 5 m (Z). The sub-block
The availability of check estimates, size is 2 m (X) by 2 m (Y) by 1 m
previous estimates and/or mine (Z).
production records and whether All samples were composited to 2
the Mineral Resource estimate m for estimation purposes.
takes appropriate account of The estimation was conducted in three
such data. passes with the search size increasing
The assumptions made regarding for each pass.
recovery of by--products. High grade spatial restraining was
Estimation of deleterious elements applied for grade estimation of individual
or other non--grade variables domains. The thresholds used to restrict
of economic significance (e.g. high grades was based on the assessment
sulphur for acid mine drainage of sample statistics and probability
characterisation). plots and ranged from 1.4 to 1.5%
In the case of block model interpolation, WO(3) . Restraining of high grades
the block size in relation to above these thresholds was within
the average sample spacing and a 25 m by 25 m by 5 m search radius
the search employed. Each individual domain was estimate
Any assumptions behind modelling separately and an unfolding technique
of selective mining units. was applied in the northern domains
Any assumptions about correlation to allow the estimation to better
between variables. capture mineralisation continuity
Description of how the geological within the domains
interpretation was used to control The model was validated visually
the resource estimates. and statistically using comparisons
Discussion of basis for using to composite data statistics, swath
or not using grade cutting or plots and evaluation of the grade
capping. estimation smoothing effect.
The process of validation, the
checking process used, the comparison
of model data to drill hole data,
and use of reconciliation data
if available.
------------------------------------------------------------
Moisture All Mineral Resource tonnages are
Whether the tonnages are estimated reported on a dry basis.
on a dry basis or with natural
moisture, and the method of determination
of the moisture content.
------------------------------------------------------------
Cut-off Parameters The resource model is constrained
The basis of the adopted cut-off by assumptions about economic cut-off
grade(s) or quality parameters grades. The tabulated resources were
applied. reported using cut-off grade of 0.1%
WO(3) which was applied on a block
by block basis.
------------------------------------------------------------
Mining Factors or Assumptions This Mineral Resource statement assumes
Assumptions made regarding possible mining by underground stoping or
mining methods, minimum mining benching techniques.
dimensions and internal (or,
if applicable, external) mining
dilution.
It is always necessary as part
of the process of determining
reasonable prospects for eventual
economic extraction to consider
potential mining methods, but
the assumptions made regarding
mining methods and parameters
when estimating Mineral Resources
may not always be rigorous. Where
this is the case, this should
be reported with an explanation
of the basis of the mining assumptions
made.
------------------------------------------------------------
Metallurgical Factors or Assumptions No metallurgical assumptions have
The basis for assumptions or been made.
predictions regarding metallurgical
amenability. It is always necessary
as part of the process of determining
reasonable prospects for eventual
economic extraction to consider
potential metallurgical methods,
but the assumptions regarding
metallurgical treatment processes
and parameters made when reporting
Mineral Resources may not always
be rigorous. Where this is the
case, this should be reported
with an explanation of the basis
of the metallurgical assumptions
made.
------------------------------------------------------------
Environmental Factors or Assumptions The municipality of Armamar has approved
Assumptions made regarding possible (early 2015) the new Land Use Plan.
waste and process residue disposal The Régua project area is included
options. It is always necessary as potential for a future tungsten
as part of the process of determining operation, so it is assumed that
reasonable prospects for eventual process and waste disposal infrastructures,
economic extraction to consider as well as water storage, should
the potential environmental impacts be acceptable as part of any mining
of the mining and processing operation.
operation. While at this stage A baseline environmental study for
the determination of potential the trial mine has been presented
environmental impacts, particularly to the authorities and approved for
for a greenfield project, may obtaining the trial mining license
not always be well advanced, and a complete environmental impact
the status of early consideration study is expected to be presented
of these potential environmental in early 2020 for the grant of final
impacts should be reported. Where mining license.
these aspects have not been considered
this should be reported with
an explanation of the environmental
assumptions made.
------------------------------------------------------------
Bulk Density Bulk density values were assigned
Whether assumed or determined. based on mineralisation and fault
If assumed, the basis for the block. The bulk densities were based
assumptions. If determined, the on immersion measurements from median
method used, whether wet or dry, density of 1,889 samples from 27
the frequency of the measurements, DDH were used in determining the
the nature, size and representativeness assigned values.
of the samples. Dry bulk density ranges from 2.87
The bulk density for bulk material to 2.90 t/m(3) for fresh material.
must have been measured by methods
that adequately account for void
spaces (vugs, porosity, etc.),
moisture and differences between
rock and alteration zones within
the deposit.
Discuss assumptions for bulk
density estimates used in the
evaluation process of the different
materials.
------------------------------------------------------------
Classification The Mineral Resources were classified
The basis for the classification according to the following criteria
of the Mineral Resources into and assumptions:
varying confidence categories. * Measured Resources: Due to the data scarcity and
Whether appropriate account has complexity of parts the mineralisation lode system,
been taken of all relevant factors, no Measured material has been defined for Régua
i.e. relative confidence in tonnage/grade deposit.
estimations, reliability of input
data, confidence in continuity
of geology and metal values, * Indicated Resources: the area of Régua deposit
quality, quantity and distribution classified as Indicated Resources;
of the data.
Whether the result appropriately
reflects the Competent Person(s)' * Grades are estimated in Pass 1 or Pass 2.
view of the deposit.
* Mineralised domain intersected by more than 2 drill
holes
* Inferred Resources: all remaining estimated blocks,
generally represented by discontinuous and
geologically complex zones with poor drilling
coverage.
------------------------------------------------------------
Audits or Reviews No audits or reviews have been undertaken
The results of any audits or on this Mineral Resource estimate.
reviews of Mineral Resource estimates.
------------------------------------------------------------
Discussion of Relative Accuracy/Confidence The Mineral Resources are an estimate
Where appropriate a statement of the global in situ grades. No
of the relative accuracy and production data or tests are available
confidence level in the Mineral to compare with this resource estimate.
Resource estimate using an approach The relative accuracy is reflected
or procedure deemed appropriate in the Mineral Resource classification
by the Competent Person. For discussed above that is in line with
example, the application of statistical industry acceptable standards.
or geostatistical procedures
to quantify the relative accuracy
of the resource within stated
confidence limits, or, if such
an approach is not deemed appropriate,
a qualitative discussion of the
factors that could affect the
relative accuracy and confidence
of the estimate.
The statement should specify
whether it relates to global
or local estimates, and, if local,
state the relevant tonnages,
which should be relevant to technical
and economic evaluation. Documentation
should include assumptions made
and the procedures used.
These statements of relative
accuracy and confidence of the
estimate should be compared with
production data, where available.
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