TIDMRSG
RNS Number : 2561L
Resolute Mining Limited
04 September 2023
4 September 2023
Mineral Resources increased at Syama North Project
47% increase in Measured and Indicated Resources to 2.7 Moz
Highlights
-- Syama North's Measured and Indicated Resources increased by
47% to 2.72 million ounces grading 3.0g/t, from 1.86 million ounces
grading 3.0g/t, following the infill diamond and RC drilling
campaign conducted in the first half of 2023
-- The majority of the Mineral Resource is located within 200m
of surface highlighting the open pit potential of the deposit
-- The Global Mineral Resource Estimate (MRE) for Syama North
has increased to 37.9 million tonnes, at an unchanged grade of
2.9g/t, for 3.53 million ounces of gold representing an increase of
11%
-- Preliminary metallurgical test-work on samples from Syama
North show similar characteristics to the ore processed at the
original Syama open pit and will be treated through the existing
oxide and sulphide circuits
-- A Syama North Ore Reserve update will be completed in
September/October which will further optimise the mine plan at
Syama
-- The deposit remains open down-dip over the entire 6km strike
length with 'step-out' drilling resuming in the second half of 2023
with further increases in the Global Mineral Resource expected
-- Drilling from the Quartz Vein Hill area continued to return
high grade intersections which would be sufficient tenor for
underground mining following the initial open pit operation
-- Syama North is key to underpinning the 250,000 ounces per
annum Phase I Expansion at Syama with high-grade open pit ore
-- Syama is a world class asset with a Total M&I Resource,
now standing at 9.1 million ounces(2) which we believe can support
an operation even larger than the Phase I Expansion currently going
ahead.
1. At a cut-off grade of 1g/t Au
2. On a 100% basis, excluding depletion since 31 December 2022
Resolute Mining Limited ("Resolute" or "the Company") (ASX/LSE:
RSG) is pleased to announce an updated Mineral Resource Estimate
from Syama North following continued positive exploration drilling
results, reaffirming the potential for a new large open pit
operation adjacent to the Syama processing complex.
Resolute's Chief Executive Officer, Mr Terry Holohan,
commented:
"The infill drilling program at Syama over the first half of
2023 was an outstanding success with a 47% increase in the Measured
and Indicated Resources. Having 2.7 million ounces in the Measured
and Indicated categories will further enhance our Phase I Expansion
project at Syama which is on track for commissioning in H1
2025.
We have been rewarded for our recent investment in exploration
with significant increases in Mineral Resources and Ore Reserves at
Syama being able to support an expanded operation over an extended
mine life.
Such recent shallow discoveries confirm the Syama Greenstone
Belt under our control (Figure 1) remains vastly under-explored and
capable of further significant expansions.
While we continue with the front end engineering design and
equipment purchases for the Phase I Expansion, we recently
commenced a study on the Phase II Expansion program supported by
the ongoing exploration program. "
Syama North Drilling Program
Since the Syama North Mineral Resource update ASX announcement
on 19 January this year, diamond and RC drilling has continued
throughout the first half of 2023 with two drill rigs concentrating
on converting the large proportion of Inferred Resources to the
Indicated category. The January 2023 MRE contained 1.3 million
ounces of Inferred Resources which require upgrading prior to be
included into Ore Reserve calculations.
The majority of the drilling focussed on achieving a nominal 50
x 50m pattern required for Indicated classification on areas of the
mineralisation which optimised during initial open pit engineering
studies.
As part of the drilling program additional deeper diamond
drillholes were also completed to extend the three north plunging
mineralised shoots. Drillholes completed this year are shown on
Figure 2.
Results from this drilling campaign were in line with
expectations with ore grade intervals seen in most holes. Better
results received since the previous ASX announcement are shown
below, with a table of the intersections attached as Appendix
I.
QVRC643 - 2m @ 94.86g/t from 140m
QVRC723 - 28m @ 7.53g/t from 67m
QVRC727 - 20m @ 6.74g/t from 118m
QVRD641 - 7m @ 24.14g/t from 223m
QVRD681 - 17m @ 4.93g/t from 191m
QVRD685 - 10m @ 75.98g/t from 222m
QVRD702 - 11m @ 9.66g/t from 144m
QVRD705 - 12m @ 7.53g/t from 151m
QVRD705 - 5m @ 20.55g/t from 212m
QVRD742 - 39m @ 6.09g/t from 282m
QVRD743 - 13m @ 6.62g/t from 219m
The wide zone of gold mineralisation located in the centre of
the A21 area, which has been previously described in ASX
announcements 30 August 2022 and 19 January 2023, was consolidated
with infill drilling this quarter. Excellent wide intersections
continued down plunge to the north and drill lines were added to
extend this zone of mineralisation. The drill section shown as
Figure 3 displays the results of this additional drilling to the
north and confirms the extension of the wide zone down plunge.
Drilling from the Quartz Vein Hill area continued to return high
grade intersections which would be sufficient tenor for underground
mining following the initial open pit operation.
The Syama North gold deposit remains open down-dip over the
entire 6km strike length. Diamond drilling is ongoing and expected
to continue throughout 2023 to extend and increase Mineral Resource
confidence in the deposit.
A longitudinal section is shown in Figure 4 which displays the
Resource Model now extending well below the previous pit
optimisations completed in early 2023. The pit optimisation
undertaken in January 2023 on all Measured, Indicated and Inferred
Resources at $1,500US is shown as a blue trace.
Syama North
Figure 1. Location of Syama North within the 85km Greenstone
Belt
Figure 2. Interpreted Geology, Satellite Imagery and Drillhole
Locations
Figure 3. Cross Section at 1201850N showing drillholes and
results at A21 North
Figure 4. Longitudinal Section showing 2023 pierce points and
pit optimisation from previous Mineral Resource
Mineral Resource Estimate
The Syama Mineral Resource Estimation was updated in August 2023
using wireframe constrained Ordinary Kriged (OK) estimation
methodology, with identical parameters to the previous estimate
published in January 2023.
The Global Mineral Resources at Syama North is now estimated at
37.9 million tonnes at 2.9g/t Au for 3.5 million ounces at a
cut-off grade of 1g/t Au. Resource classification and material
types are shown below in Tables 1 and 2.
The strategy of converting Inferred to Indicated Mineral
Resources was very successful with now 28.3Mt containing 2.7Moz in
the Measured and Indicated Category a 47% increase over the
previous MRE released in January 2023.
The total Mineral Resource has increased by 11.3% over the
previous estimate driven entirely by an increase in volume of gold
mineralisation.
Summary of Resource Parameters
A summary of JORC Table 1 is provided below for compliance
regarding the Mineral Resources reported within and in-line with
requirements of ASX Listing Rule 5.8.1.
Geology and geological interpretation
The Syama Project is found on the northern margin of the
Achaean-Proterozoic Leo Shield which forms the southern half of the
West African Craton. The project area straddles the boundary
between the Kadiana-Madinani terrane and the Kadiolo terrane. The
Kadiana-Madinani terrane is dominated by greywackes and a narrow
belt of interbedded basalt and argillite. The Kadiolo terrane
comprises polymictic conglomerate and sandstone that were sourced
from the Kadiana-Madinani terrane and deposited in a late- to
syntectonic basin.
The Syama North prospect is located on the NNE striking, west
dipping, Syama-Bananso Fault Zone and Birimian volcano-sedimentary
units of the Syama Formation. Gold mineralisation is associated
with west dipping shear zones and hosted within sericite pyrite
ankerite altered basalts, sediments and lamprophyres.
Sampling and sub-sampling techniques
Reverse circulation samples were collected on 1m intervals by
riffle split (dry) or by scoop (wet) to obtain a 1-3kg sample. Core
samples were sawn using a diamond saw blade with half of the core
sent for analysis.
Sample preparation includes oven drying, crushing to 10mm,
splitting and pulverising to 85% passing -75um. These preparation
techniques are deemed to be appropriate to the material being
sampled.
Reverse circulation and core field duplicates were collected by
the company at a rate of 1:20 samples.
Sampling, sample preparation and quality control protocols are
of industry standard, and all attempts were made to ensure an
unbiased representative sample was collected.
Drilling techniques
Drill types used include reverse circulation with face sampling
bit and core drilling using PQ and HQ sized bits. A digital core
orientation system is used to define the bottom of the hole which
is transferred to the drilled core.
Classification criteria
Mineral Resources were classified in accordance with the
Australasian Code for the Reporting of Exploration Results, Mineral
Resources and Ore Reserves (JORC, 2012).
The deposit has been classified as Measured, Indicated, and
Inferred Mineral Resource based on a combination of quantitative
and qualitative criteria which include geologic continuity,
confidence in volume models, data quality, sample spacing, lode
continuity, and estimation parameters (number of informing
composites, estimation pass number, kriging quality parameters, and
minimum and average distance composites).
The Measured portion of the Resource was defined using areas
populated on the first estimation pass, within 20m of informing
composites; the kriging efficiency and slope of regression were
generally >=0.7; and high confidence exists in lode continuity
(strike and thickness).
The Indicated portion of the Resource was defined using areas
populated on the first two estimation passes within 50m of
informing composites; the kriging efficiency and slope of
regression were generally >=0.7; and moderate to high confidence
exists in lode continuity (strike and thickness).
Mineralisation that is not classified by the above parameters
has been classified as Inferred.
The input data is comprehensive in its coverage and does not
favour or misrepresent the in-situ mineralisation. The definition
of the mineralised zones is based on a high level of geologic
understanding from good quality sample data, producing models of
continuous mineralised lodes. Validation of the block model shows
good correlation of the input data to the block estimated
grades.
Sample analysis method
All samples were dispatched to ALS Bamako for gold analysis by
30g fire assay fusion with AAS instrument finish (method code
Au-AA25). Over-range results were re-analysed and reported by 30g
fire assay fusion with gravimetric finish (method code Au-GRA21).
The analytical method was appropriate for the style of
mineralisation.
No geophysical tools were used to determine elemental
concentrations.
Quality control (QC) procedures included the use of certified
standards (1:40), non-certified sand blanks (1:40) and reverse
circulation/core field duplicates (1:20).
Laboratory quality control data, including laboratory standards,
blanks, duplicates, repeats, grind size results and sample weights
were also captured into the digital database.
Analysis of the QC sample assay results indicates that an
acceptable level of accuracy and precision has been achieved.
Basis for selected cut-off grade
The cut-off grade was the same as for all the previously
announced open pit Mineral Resources for the entire Syama Belt. The
cut-off grade is also the same as currently used for open pit
mining operations undertaken at Syama over the past 2 years.
Mining and metallurgical methods and other material modifying
factors
Extensive metallurgical investigations and reporting have been
completed prior to the commencement of mining and milling at the
nearby Syama deposit.
The processing method involves crushing, milling, flotation and
roasting, followed by conventional CIL recovery.
There is no evidence to suggest that the metallurgical
characteristics of ore extracted from Syama North would change from
that encountered at Syama. Preliminary metallurgical test-work on
samples from Syama North show similar characteristics to the Syama
ore and is expected to be treated though the existing oxide and
sulphide circuits.
Syama Phase I Expansion
Ore Reserve for the Syama North Sulphide deposits form the basis
for the expanded Sulphide processing capacity. The overall
objective is to increase the production profile of Syama to over
250koz per annum and reduce the cost profile by up to $200/oz. This
will be achieved by modifications to the oxide comminution circuit
to enable it to process sulphide ore increasing overall sulphide
processing capacity at Syama by 60% from 2.4Mtpa to 4.0Mtpa.
The changes to the plant will enable overall concentrate
production to be higher than the roasting circuit can process, and
the excess concentrate will be stored in ponds to be reclaimed and
treated while the comminution circuit is treating oxide ores. The
flexibility of excess concentrate production is a key focus of the
Project, which will allow calcine production at full roaster
throughput capacity (the roaster presently having about 130%
throughput capacity of the present sulphide comminution circuitry),
when the modified comminution circuit is switched to treat Oxide
ore, but also provides concentrate inventory to continue calcine
production if one of the flotation circuits were not available.
When the modified Oxide comminution circuit is switched to treat
Oxide ore from Syama North or from future discoveries, the
resulting Oxide slurry will be leached in the existing Oxide
carbon-in-leach circuit.
Internal modelling shows that gold production at Syama will
increase to over 250 koz per annum from H2 2025 and AISC is reduced
up to $200/oz. The primary reasons for this cost reduction are from
the higher-grade open pit sulphide ounces being processed from
Syama North (approx. 2.7g/t), economies of scale on the fixed cost
base and a reduction in the average annual sustaining capital
expenditure over the life of mine.
Future Exploration
The drilling program at Syama North is ongoing and is expected
to extend throughout 2023 with the expectation of increasing the
Mineral Resources. The sulphide mineralisation remains open at
depth and appears to be contiguous along the entire 6km strike
length of the Alpha to A21 deposits.
Drilling at Syama North will continue to focus on open pit
extractable Mineral Resources and will generally be restricted to
mineralisation within 200m of the surface.
Exploration for oxide Mineral Resources continues in parallel
with the sulphide exploration program with recent success
identifying new prospects on the Finkolo Exploitation Permit.
Contact
Resolute Public Relations
Matthias O'Toole-Howes Jos Simson / Emily Moss, Tavistock
matthias.otoolehowes@resolutemining.com resolute@tavistock.co.uk
+44 207 920 3150 / +44 7788
Australian Media 554 035
Cameron Morse, FTI Consulting
cameron.morse@fticonsulting.com Corporate Broker
+61 433 886 871 Jennifer Lee, Berenberg
+44 20 3753 3040
Authorised by Mr Terry Holohan, Managing Director and Chief
Executive Officer
Competent Persons Statement
The information in this report that relates to the Exploration
Results, Mineral Resources and Ore Reserves is based on information
compiled by Mr Bruce Mowat, a member of The Australian Institute of
Geoscientists. Mr Bruce Mowat has more than 5 years' experience
relevant to the styles of mineralisation and type of deposit under
consideration and to the activity which he is undertaking to
qualify as a Competent Person, as defined in the 2012 Edition of
the "Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves" (the JORC Code). Mr Bruce Mowat
is a full-time employee of the Resolute Mining Limited Group and
holds equity securities in the Company. He has consented to the
inclusion of the matters in this report based on his information in
the form and context in which it appears. This information was
prepared and disclosed under the JORC Code 2012 except where
otherwise noted.
The information in this announcement that relates to the Mineral
Resource estimate has been based on information and supporting
documents prepared by Mr Patrick Smillie, a Competent Person who is
a Registered Member of the Society for Mining, Metallurgy, and
Exploration (SME). Mr Smillie is a full-time employee Resolute
Mining Limited Group and has sufficient experience relevant to the
style of mineralisation and type of deposit under consideration and
to the activity which has been undertaken to qualify as a Competent
Person. Mr Smillie confirms that the Mineral Resource estimate is
based on information in the supporting documents and consents to
the inclusion in the report of the Mineral Resource estimate and
related content based on the information in the form and context in
which it appears.
Cautionary Statement about Forward-Looking Statements
This announcement contains certain "forward-looking statements"
including statements regarding our intent, belief or current
expectations with respect to Resolute's business and operations,
market conditions, results of operations and financial condition,
and risk management practices. The words "likely", "expect", "aim",
"should", "could", "may", "anticipate", "predict", "believe",
"plan", "forecast" and other similar expressions are intended to
identify forward-looking statements. Indications of, and guidance
on, future earnings, anticipated production, life of mine and
financial position and performance are also forward-looking
statements. These forward-looking statements involve known and
unknown risks, uncertainties and other factors that may cause
Resolute's actual results, performance and achievements or industry
results to differ materially from any future results, performance
or achievements, or industry results, expressed or implied by these
forward-looking statements. Relevant factors may include (but are
not limited to) changes in commodity prices, foreign exchange
fluctuations and general economic conditions, increased costs and
demand for production inputs, the speculative nature of exploration
and project development, including the risks of obtaining necessary
licences and permits and diminishing quantities or grades of
reserves, political and social risks, changes to the regulatory
framework within which Resolute operates or may in the future
operate, environmental conditions including extreme weather
conditions, recruitment and retention of personnel, industrial
relations issues and litigation.
Forward-looking statements are based on Resolute's good faith
assumptions as to the financial, market, regulatory and other
relevant environments that will exist and affect Resolute's
business and operations in the future. Resolute does not give any
assurance that the assumptions will prove to be correct. There may
be other factors that could cause actual results or events not to
be as anticipated, and many events are beyond the reasonable
control of Resolute. Readers are cautioned not to place undue
reliance on forward-looking statements, particularly in the current
economic climate with the significant volatility, uncertainty and
disruption caused by the COVID-19 pandemic. Forward-looking
statements in this document speak only at the date of issue. Except
as required by applicable laws or regulations, Resolute does not
undertake any obligation to publicly update or revise any of the
forward-looking statements or to advise of any change in
assumptions on which any such statement is based. Except for
statutory liability which cannot be excluded, each of Resolute, its
officers, employees and advisors expressly disclaim any
responsibility for the accuracy or completeness of the material
contained in these forward-looking statements and excludes all
liability whatsoever (including in negligence) for any loss or
damage which may be suffered by any person as a consequence of any
information in forward-looking statements or any error or
omission.
Appendix 1: Recent Drilling Results
Syama North
Hole_ID North East RL Dip Azi EOH From To Width Au
(WGS) (WGS) (m) (WGS) (m) (m) (m) (m) (g/t)
GEOT_A21-010 1201922 822800 347 -71 41 170 97 102 5 8.47
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
QVRC642 1200575 822423 399 -63 88 100 44 47 3 15.74
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
and 63 73 10 3.02
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
QVRC643 1200852 822394 385 -77 82 201 140 142 2 94.86
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
and 146 156 10 2.73
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
QVRC644 1200625 822444 396 -88 86 112 50 61 11 3.85
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
and 66 80 14 1.76
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
QVRC645 1200749 822443 388 -74 86 116 95 105 10 3.22
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
QVRC646 1200800 822505 388 -63 80 111 73 81 8 4.12
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
and 85 97 12 3.34
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
QVRC650 1201000 822445 380 -65 84 201 145 153 8 2.88
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
QVRC651 1200774 822479 389 -66 80 159 75 87 12 6.06
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
QVRC653 1200654 822422 394 -70 261 135 100 119 19 3
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
QVRC655 1202297 822900 347 -56 90 185 138 144 6 3.73
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
QVRC708 1200499 822384 410 -78 90 153 58 67 9 3.03
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
and 81 84 3 9.24
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
QVRC709 1200550 822415 401 -65 90 183 39 46 7 3.69
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
QVRC710 1200900 822476 383 -55 90 195 92 100 8 3.44
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
QVRC712 1200849 822394 385 -88 90 207 143 160 17 2.84
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
QVRC718 1200747 822417 390 -78 270 165 147 151 4 5.82
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
QVRC720 1201696 822652 340 -53 89 165 133 135 2 13.03
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
QVRC721 1201748 822665 340 -64 88 201 82 90 8 3.08
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
QVRC722 1200499 822384 410 -79 273 159 85 98 13 5.64
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
QVRC723 1200650 822426 395 -85 273 141 67 95 28 7.53
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
QVRC724 1201700 822605 348 -67 89 195 54 58 4 5.71
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
and 150 162 12 6.55
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
QVRC725 1200450 822368 413 -73 270 165 88 102 14 5.16
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
QVRC727 1201001 822540 381 -55 90 183 118 138 20 6.74
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
QVRC730 1201430 822561 337 -60 90 201 39 49 10 6.85
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
QVRC731 1200950 822549 383 -54 88 153 120 123 3 8.78
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
and 127 133 6 7.33
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
QVRC738 1203386 823004 334 -55 109 123 33 39 6 4.54
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
QVRC744 1201049 822470 379 -56 90 201 74 80 6 7.51
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
QVRD637 1202001 822599 356 -55 91 300 153 162 9 6.27
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
and 243 247 4 7.42
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
and 255 274 19 2.1
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
QVRD638 1202100 822690 352 -57 91 293.1 122 136 14 2.95
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
QVRD641 1201599 822475 372 -59 84 300 124 142 18 2.6
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
and 223 230 7 24.14
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
QVRD647 1201800 822690 370 -58 88 356 66 72 6 6.42
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
and 166 175 9 3.64
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
and 179 189 10 2.59
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
and 272 275 3 6.87
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
QVRD648 1201949 822685 356 -63 88 294 97 103 6 3.94
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
QVRD649 1201649 822485 372 -55 85 300 165 176 11 2.32
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
QVRD657 1201049 822342 381 -65 90 301 207 218 11 2.96
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
QVRD658 1202051 822681 354 -56 90 282 119 122 3 8.28
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
QVRD674 1200902 822344 387 -79 86 243 172 182 10 3.81
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
QVRD680 1202099 822491 356 -54 84 405 305 323 18 2.22
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
and 327 342 15 3.9
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
and 365 368 3 8.48
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
QVRD681 1201850 822539 361 -64 86 384 178 180 2 19.75
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
and 191 208 17 4.93
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
and 212 234 22 1.51
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
QVRD683 1200500 822177 431 -62 87 282 217 227 10 5.2
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
QVRD684 1202000 822521 356 -54 88 402 248 283 35 2.01
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
and 301 311 10 4.72
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
QVRD685 1201590 822278 368 -55 83 372 222 232 10 75.98
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
QVRD698 1202103 822558 356 -52 90 375 187 193 6 5.35
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
QVRD700 1202298 822568 350 -58 90 399 248 258 10 4.74
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
QVRD701 1202053 822728 354 -57 87 309 167 173 6 3.45
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
and 178 184 6 13.68
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
QVRD702 1202000 822733 354 -61 85 291 128 131 3 9.97
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
and 144 155 11 9.66
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
and 192 194 2 13.18
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
QVRD704 1201048 822429 379 -77 85 225 174 197 23 2.14
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
QVRD705 1201850 822539 361 -76 88 300 151 163 12 7.53
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
and 212 217 5 20.55
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
and 222 231 9 3.77
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
QVRD713 1202050 822564 356 -55 90 372 183 206 23 3.04
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
and 228 241 13 2.93
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
and 257 261 4 8.97
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
QVRD715 1202598 822914 342 -57 88 240 199 204 5 7.33
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
QVRD716 1201189 822408 375 -51 100 192 143 154 11 3.01
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
QVRD717 1200898 822346 386 -89 90 255 205 212 7 6.86
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
QVRD729 1202196 822786 350 -57 86 240 214 223 9 6.67
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
QVRD732 1202050 822564 356 -68 88 387 231 258 27 1.52
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
and 262 273 11 3.94
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
QVRD733 1201648 822375 364 -56 88 303 256 269 13 4.67
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
QVRD734 1200548 822150 435 -58 87 294 259 269 10 2.13
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
QVRD740 1201547 822296 369 -57 90 351 235 246 11 2.18
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
QVRD741 1201599 822351 365 -58 88 327 194 206 12 2.09
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
and 254 256 2 10.51
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
and 261 267 6 5.05
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
QVRD742 1202150 822580 354 -62 90 375 282 321 39 6.09
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
QVRD743 1201798 822493 362 -67 90 399 196 213 17 3.39
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
and 219 232 13 6.62
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
and 246 254 8 3.65
-------- ------- ----- ---- ------- ------ ----- ----- ------ -------
Notes to Accompany Table:
-- Grid coordinates are WGS84 Zone 29 North
-- RC intervals are sampled every 1m by dry riffle splitting or
scoop to provide a 1-3kg sample
-- Diamond core are sampled every 1m by cutting the core in half to provide a 2-4kg sample
-- Cut-off grade for reporting of intercepts is >1g/t Au with
a maximum of 3m consecutive internal dilution included within the
intercept; only intercepts >=2m and >20 gram x metres are
reported
-- Samples are analysed for gold by 30g fire assay fusion with
AAS instrument finish; over-range results are reanalysed by 30g
fire assay fusion with gravimetric finish
Table 1 - Section 1: Syama North Sampling Techniques and
Data
Criteria JORC Code Explanation Commentary
Sampling techniques The samples were collected
* Nature and quality of sampling (e.g., cut channels, from reverse circulation
random chips, or specific specialised industry (RC) and diamond drill
standard measurement tools appropriate to the holes.
minerals under investigation, such as down hole gamma RC samples were collected
sondes, or handheld XRF instruments, etc.). These on 1m intervals by riffle
examples should not be taken as limiting the broad split (dry) or by scoop
meaning of sampling. (wet), to obtain
a 1-3kg sample which was
sent to the laboratory for
* Include reference to measures taken to ensure sample crushing, splitting and
representativity and the appropriate calibration of pulverising to
any measurement tools or systems used. provide a 30g charge for
analysis. Following
splitting adjacent to the
* Aspects of the determination of mineralisation that bottom-of-hole orientation
are Material to the Public Report. line, the right-hand side
of the core is sampled in
1m intervals
* In cases where 'industry standard' work has been done Sampling and sample
this would be relatively simple (e.g., 'reverse preparation protocols are
circulation drilling was used to obtain 1 m samples industry standard and are
from which 3 kg was pulverised to produce a 30 g deemed appropriate
charge for fire assay'). In other cases, more by the Competent Person.
explanation may be required, such as where there 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 Drill types used include
* Drill type (e.g., core, reverse circulation, reverse circulation with
open-hole hammer, rotary air blast, auger, Bangka, face sampling bit and core
sonic, etc.) and details (e.g., core diameter, triple drilling using
or standard tube, depth of diamond tails, PQ and HQ sized bits. A
face-sampling bit or other type, whether core is digital core orientation
oriented and if so, by what method, etc.). system is used to define
the bottom of the
hole which is transferred
to the drilled core.
------------------------------------------------------------ ---------------------------
Drill sample recovery Appropriate measures are
* Method of recording and assessing core and chip taken to maximise sample
sample recoveries and results assessed. recovery and ensure the
representative nature
of the samples.
* Measures taken to maximise sample recovery and ensure No apparent relationship
representative nature of the samples. is noted between sample
recovery and grade.
* 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 Drill holes were
* Whether core and chip samples have been geologically geologically logged by
and geotechnically logged to a level of detail to geologists for colour,
support appropriate Mineral Resource estimation, grainsize, lithology,
mining studies and metallurgical studies. minerals,
alteration and weathering
on geologically-domained
* Whether logging is qualitative or quantitative in intervals.
nature. Core (or costean, channel, etc.) photography. Holes were logged in their
entirety (100%) and this
logging was considered
* The total length and percentage of the relevant reliable and appropriate.
intersections logged.
------------------------------------------------------------ ---------------------------
Sub-sampling techniques Reverse circulation
and sample preparation * If core, whether cut or sawn and whether quarter, samples were collected on
half or all cores taken. 1m intervals by riffle
split (dry) or by scoop
(wet) to obtain a 1-3kg
* If non-core, whether riffled, tube sampled, rotary sample. Core samples were
split, etc. and whether sampled wet or dry. sawn using a diamond saw
blade with half
of the core sent for
* For all sample types, the nature, quality and analysis.
appropriateness of the sample preparation technique. Sample preparation
includes oven drying,
crushing to 10mm,
* Quality control procedures adopted for all splitting and pulverising
sub-sampling stages to maximise the representivity of to 85%
samples. passing -75um. These
preparation techniques are
deemed to be appropriate
* Measures taken to ensure that the sampling is to the material being
representative of the in-situ material collected, sampled.
including for instance results for field Reverse circulation and
duplicate/second-half sampling. core field duplicates were
collected by the company
at a rate of 1:20
* Whether sample sizes are appropriate to the grain samples.
size of the material being sampled. Sampling, sample
preparation and quality
control protocols are of
industry standard, and all
attempts were made to
ensure an unbiased
representative sample was
collected. The methods
applied in this process
were deemed appropriate by
the Competent Person.
------------------------------------------------------------ ---------------------------
Quality of assay data and All samples were
laboratory tests * The nature, quality and appropriateness of the dispatched to ALS Bamako
assaying and laboratory procedures used and whether for gold analysis by 30g
the technique is considered partial or total. fire assay fusion with
AAS instrument finish
(method code Au-AA25).
* For geophysical tools, spectrometers, handheld XRF Over-range results were
instruments, etc., the parameters used in determining re-analysed and reported
the analysis including instrument make and model, by 30g fire assay fusion
reading times, calibrations factors applied and their with gravimetric finish
derivation, etc. (method code Au-GRA21).
The analytical method
was appropriate for the
* Nature of quality control procedures adopted (e.g., style of mineralisation.
standards, blanks, duplicates, external laboratory No geophysical tools were
checks) and whether acceptable levels of accuracy used to determine
(i.e., lack of bias) and precision have been elemental concentrations.
established. Quality control (QC)
procedures included the
use of certified standards
(1:40), non-certified
sand blanks (1:40) and
reverse circulation/core
field duplicates (1:20).
Laboratory quality control
data, including laboratory
standards, blanks,
duplicates, repeats,
grind size results and
sample weights were also
captured into the digital
database.
Analysis of the QC sample
assay results indicates
that an acceptable level
of accuracy and
precision has been
achieved.
------------------------------------------------------------ ---------------------------
Verification of sampling Verification of
and assaying * The verification of significant intersections by significant intersections
either independent or alternative company personnel. have been completed by
company personnel and the
Competent Person.
* The use of twinned holes. No drill holes within the
resource area were
twinned.
* Documentation of primary data, data entry procedures, Drill holes were logged
data verification, data storage (physical and into digital templates
electronic) protocols. with lookup codes,
validated and then
compiled
* Discuss any adjustment to assay data. into a relational SQL 2012
database using DataShed
data management software.
The database
has verification protocols
which are used to validate
the data entry. The drill
hole database
is backed up on a daily
basis to the head office
server.
Assay result files were
reported by the laboratory
in PDF and CSV format and
imported into
the SQL database without
adjustment or
modification.
------------------------------------------------------------ ---------------------------
Location of data points Collar coordinates were
* Accuracy and quality of surveys used to locate drill picked up in UTM (WGS84)
holes (collar and down-hole surveys), trenches, mine by staff surveyors using
workings and other locations used in Mineral Resource an RTK DGPS with
estimation. an expected accuracy of
+/-0 .05m; elevations were
height above EGM96 geoid.
* Specification of the grid system used. Down hole surveys were
collected at 10m intervals
using a Reflex EZ-Gyro
* Quality and adequacy of topographic control. north seeking instrument.
Coordinates and azimuths
are reported in UTM WGS84
Zone 29 North.
Tabakoroni drill holes
were translated to local
mine grid coordinates
using one point and
rotation.
Local topographic control
is via LIDAR surveys,
satellite photography and
drone UAV aerial
survey.
------------------------------------------------------------ ---------------------------
Data spacing and Drill hole spacing was
distribution * Data spacing for reporting of Exploration Results. sufficient to demonstrate
geological and grade
continuity appropriate
* Whether the data-spacing and distribution is for a Mineral Resource and
sufficient to establish the degree of geological and the classifications
grade continuity appropriate for the Mineral Resource applied under the 2012
and Ore Reserve estimation procedure(s) and JORC Code.
classifications applied. The appropriateness of the
drill spacing was reviewed
by the geological
* Whether sample compositing has been applied. technical team, both
on site and head office.
The Competent Person also
reviewed this.
Samples were collected on
1m intervals; no sample
compositing is applied
during sampling.
------------------------------------------------------------ ---------------------------
Orientation of data in Holes were drilled
relation to geological * Whether the orientation of sampling achieves unbiased predominantly
structure sampling of possible structures and the extent to perpendicular to
which this is known, considering the deposit type. mineralised domains where
possible.
No orientation-based
* If the relationship between the drilling orientation sampling bias has been
and the orientation of key mineralised structures is identified in the data.
considered to have introduced a sampling bias, this
should be assessed and reported if material.
------------------------------------------------------------ ---------------------------
Sample security Samples were collected
* The measures taken to ensure sample security. from the drill site and
stored on site. All
samples were individually
bagged and labelled with
unique sample identifiers,
then securely dispatched
to the laboratories.
All aspects of sampling
and dispatch process were
supervised and tracked by
SOMIFI personnel.
------------------------------------------------------------ ---------------------------
Audits or reviews External audits of
* The results of any audits or reviews of sampling procedures indicate
techniques and data. protocols are within
industry standards.
------------------------------------------------------------ ---------------------------
Section 2 Reporting of Exploration Results
CRITERIA JORC CODE EXPLANATION COMMENTARY
Mineral Drilling at Syama North was conducted within the Malian
tenement and * Type, reference name/number, location and ownership Exploitation Concession Permit PE 93/003 which covers
land tenure including agreements or material issues with third an area of 200.6 Km2.
status parties such as joint ventures, partnerships, Resolute Mining Limited has an 80% interest in the
overriding royalties, native title interests, Syama project and the Exploitation Permit PE 93/003,
historical sites, wilderness or national park and on which it is based, through its Malian subsidiary,
environmental settings. Sociêtê des Mines de Syama SA (SOMISY). The
Malian Government holds a free carried 20% interest
in SOMISY.
* The security of the tenure held at the time of Tabakoroni drilling was completed within the
reporting along with any known impediments to Finkolo-Tabakoroni
obtaining a licence to operate in the area. Exploitation Licence PE 13/19. Resolute Mining Limited
has an 90% interest in Exploitation Permit PE 13/19,
through its Malian subsidiary, Société des
Mines de Finkolo SA (SOMIFI). The Malian Government
holds a free carried 10% interest in SOMIFI.
The Permits are held in good standing. Malian mining
law provides that all Mineral Resources are administered
by DNGM (Direction Nationale de la Géologie et
des Mines) or National Directorate of Geology and Mines
under the Ministry of Mines, Energy and Hydrology.
--------------------------------------------------------------- ------------------------------------------------------------
Exploration The Syama deposit was originally discovered by a regional
done by * Acknowledgment and appraisal of exploration by other geochemical survey undertaken by the Direction National
other parties parties. de Géologie et des Mines (DNGM) with assistance
from the United Nations Development Program (UNDP)
in 1985. There had also been a long history of artisanal
activities on the hill where an outcropping chert horizon
originally marked the present day position of the open
pit.
BHP during 1987-1996 sampled pits, trenches, auger,
RC and diamond drill holes across Syama prospects.
Randgold Resources Ltd during 1996-2000 sampled pits,
trenches, auger, RAB, RC and diamond drill holes across
Syama prospects.
Etruscan Resources Inc explored Tabakoroni during 2002-2003
by auger, aircore, RC and diamond drill hole tails.
The Tabakoroni area was previously explored Barrick
Gold (1990) by auger, pits, trenches, RAB and diamond
core drilling.
--------------------------------------------------------------- ------------------------------------------------------------
Geology The Syama Project is found on the northern margin of
* Deposit type, geological setting and style of the Achaean-Proterozoic Leo Shield which forms the
mineralisation. southern half of the West African Craton. The project
area straddles the boundary between the Kadiana-Madinani
terrane and the Kadiolo terrane. The Kadiana-Madinani
terrane is dominated by greywackes and a narrow belt
of interbedded basalt and argillite. The Kadiolo terrane
comprises polymictic conglomerate and sandstone that
were sourced from the Kadiana-Madinani terrane and
deposited in a late- to syntectonic basin.
Prospects are centred on the NNE striking, west dipping,
Syama-Bananso Fault Zone and Birimian volcano-sedimentary
units of the Syama Formation. The major commodity being
sought is gold.
The Tabakoroni deposit is hosted in upright tightly
folded greenstone rocks of the Syama Formation, comprising
interbedded basalt and sediment units, and an overlying
complex sequence of deep marine and turbiditic sediments.
The sequence overlying the basalts contains interbedded
carbonaceous units (silts and shales) that are
preferentially
deformed, and which form the Tabakoroni Main Shear
Zone (TMSZ) that lies along the approximate contact
of the greenstone-sediment sequence. Gold mineralisation
occurs within the TMSZ associated with quartz vein
stockworks and stylolitic quartz reefs.
--------------------------------------------------------------- ------------------------------------------------------------
All information, including easting, northing, elevation,
Drill hole * A summary of all information material to the dip, azimuth, coordinate system, drill hole length,
Information understanding of the exploration results including a intercept length and depth are measured and recorded
tabulation of the following information for all in UTM Zone 29 WGS84.
Material drill holes: The Syama belt is mostly located on the Tengrela 1/200,000
topo sheet (Sheet NC 29-XVIII).
The Tabakoroni local grid has been tied to the UTM
o easting and northing Zone 29 WGS84 co-ordinate system.
of the drill hole collar Spectrum Survey & Mapping from Australia established
o elevation or RL (Reduced survey control at Tabakoroni using AusPos online processing
Level - elevation above to obtain an accurate UTM Zone 29 (WGS84) and 'above
sea level in metres) of geoid' RL for the origin of the survey control points.
the drill hole collar Accuracy of the survey measurements is considered to
o dip and azimuth of the meet acceptable industry standards.
hole Drill hole information has been tabulated for this
o down hole length and release in the intercepts table of the accompanying
interception depth text.
o whole length. For completeness the following information about the
* If the exclusion of this information is justified on drill holes is provided:
the basis that the information is not Material and * Easting, Northing and RL of the drill hole collars
this exclusion does not detract from the are measured and recorded in UTM Zone 29 (WGS84)
understanding of the report, the Competent Person
should clearly explain why this is the case.
* Dip is the inclination of the drill hole from
horizontal. A drill hole drilled at -60deg is 60deg
from the horizontal
* Down hole length is the distance down the inclination
of the hole and is measured as the distance from the
horizontal to end of hole
* Intercept depth is the distance from the start of the
hole down the inclination of the hole to the depth of
interest or assayed interval of interest.
--------------------------------------------------------------- ------------------------------------------------------------
Data Exploration results reported in this announcement are
aggregation * In reporting Exploration Results, weighting averaging tabulated using the following parameters:
methods techniques, maximum and/or minimum grade truncations * Grid coordinates are WGS84 Zone 29 North
(e.g., cutting of high grades) and cut-off grades are
usually Material and should be stated.
* Cut-off grade for reporting of intercepts is >=1g/t
Au
* Where aggregate intercepts incorporate short lengths
of high-grade results and longer lengths of low-grade
results, the procedure used for such aggregation * No top cut of individual assays prior to length
should be stated and some typical examples of such weighted compositing of the reported intercept has
aggregations should be shown in detail. been applied
* The assumptions used for any reporting of metal * Maximum 3m consecutive internal dilution included
equivalent values should be clearly stated. within the intercept
Metal equivalent values are not used in reporting.
--------------------------------------------------------------- ------------------------------------------------------------
Relationship The Syama mineralisation is steeply dipping at
between * These relationships are particularly important in the approximately
mineralisation reporting of Exploration Results. 60 degrees from the horizontal.
widths The majority of the Tabakoroni mineralisation is vertical.
and intercept There is one domain which dips at 45o to the west.
lengths * If the geometry of the mineralisation with respect to The majority of the drill holes are planned at a general
the drill hole angle is known, its nature should be inclination of --60 degrees east and as close to
reported. perpendicular
to the ore zone as possible.
At the angle of the drill holes and the dip of the
* If it is not known and only the down hole lengths are ore zones, the reported intercepts will be slightly
reported, there should be a clear statement to this more than true width.
effect (e.g., 'down hole length, true width not
known').
--------------------------------------------------------------- ------------------------------------------------------------
Diagrams Relevant maps, diagrams and tabulations are included
* Appropriate maps and sections (with scales) and in the body of text.
tabulations of intercepts should be included for any
significant discovery being reported These should
include, but not be limited to a plan view of drill
hole collar locations and appropriate sectional
views.
--------------------------------------------------------------- ------------------------------------------------------------
Balanced Exploration results and infill drilling results are
reporting * Where comprehensive reporting of all Exploration being reported in this announcement and tabulated in
Results is not practicable, representative reporting the body of the text.
of both low and high grades and/or widths should be
practiced, to avoid misleading reporting of
Exploration Results.
--------------------------------------------------------------- ------------------------------------------------------------
Other No geophysical and geochemical data or any additional
substantive * Other exploration data, if meaningful and material, exploration information has been reported in this release,
exploration should be reported including (but not limited to): as they are not deemed relevant to the release.
data 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 Further drilling is planned.
* The nature and scale of planned further work (e.g.,
tests for lateral 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
Criteria JORC Code Explanation Commentary
Database Data have been compiled into a
integrity * Measures taken to ensure that data has not been relational SQL database;
corrupted by, for example, transcription or keying the setup of this database
errors, between its initial collection and its use precludes the loading of
for Mineral Resource estimation purposes. data which do not meet the
required validation protocols.
The data is managed using
* Data validation procedures used. DataShed(c) drill hole
management
software using SQL database
techniques. Validation
checks are conducted using SQL
and DataShed(c) relational
database standards. Data has
also been checked against
original hard copies for 85% of
the data, and where
possible, loaded from original
data sources.
Resolute carried out the
following basic validation
checks on the data supplied
prior to resource estimation:
Ø Drill holes with
overlapping sample intervals.
Ø Sample intervals with no
assay data or duplicate
records.
Ø Assay grade ranges.
Ø Collar coordinate ranges.
Ø Valid hole orientation
data.
There are no significant issues
identified with the
data.
------------------------------------------------------------ --------------------------------------
Site visits No site visit has been undertaken by
* Comment on any site visits undertaken by the the Competent
Competent Person and the outcome of those visits. Person due to the recency of
employment by the Company.
A site visit is planned for October
* If no site visits have been undertaken indicate why 2022.
this is the case.
------------------------------------------------------------ --------------------------------------
Geological The digital database used for the
interpretation * Confidence in (or conversely, the uncertainty of) the interpretation included
geological interpretation of the mineral deposit. logged intervals for the key
stratigraphic zones.
Drill density (25m by 50m) for the
* Nature of the data used and of any assumptions made. majority of the
deposit area allows for
interpretation of the geology
* The effect, if any, of alternative interpretations on and mineralised domains. More recent
Mineral Resource estimation. infill/verification
drilling of selected more
structurally complicated
* The use of geology in guiding and controlling Mineral areas, confirms the positions of
Resource estimation. mineralised zones.
Geological and structural controls
support modelled
* The factors affecting continuity both of grade and mineralised zones.
geology. Continuity of mineralisation is
affected by proximity
to structural conduits, stratigraphic
position, lithology
of key stratigraphic units and
porosity of host lithologies.
The interpretations for the
weathering surfaces have
been compiled by site geological
personnel using the
drill hole database and the logs
identifying Oxide,
Transitional and Fresh material.
------------------------------------------------------------ --------------------------------------
Dimensions The Syama North area extends for
* The extent and variability of the Mineral Resource approximately 6,000
expressed as length (along strike or otherwise), plan metres in strike and the west dipping
width, and depth below surface to the upper and lower gold mineralised
limits of the Mineral Resource. zone is between 200-500 metres in
horizontal width.
The Mineral Resource is limited in
depth by drilling,
which extends from surface to a
maximum depth of approximately
350 metres vertically.
------------------------------------------------------------ --------------------------------------
Estimation Estimation of gold grade has
and modelling * The nature and appropriateness of the estimation been completed using Ordinary
techniques technique(s) applied and key assumptions, including Kriging (OK).
treatment of extreme grade values, domaining, The deposit mineralisation has
interpolation parameters and maximum distance of been constrained by
extrapolation from data points. If a computer wireframes constructed using a
assisted estimation method was chosen include a combination of downhole
description of computer software and parameters used. gold assay and associated
lithological logging. These
lode wireframes have been used
* The availability of check estimates, previous to define domain codes
estimates and/or mine production records and whether used for estimation. The
the Mineral Resource estimate takes appropriate drillholes have been flagged
account of such data. with the domain code and
composited using the domain
code to segregate the data.
* The assumptions made regarding recovery of Domain boundary analysis has
by-products. been undertaken, with
hard boundaries used for all
domains.
* Estimation of deleterious elements or other non-grade Drillholes have been composited
variables of economic significance (e.g., sulphur for to 1m intervals using
acid mine drainage characterisation). Leapfrog Geo 2021.2.5 with
residual lengths distributed
evenly across all composites.
* In the case of block model interpolation, the block There are no residual
size in relation to the average sample spacing and samples.
the search employed. The influence of extreme gold
assays has been reduced
by top-cutting across selected
* Any assumptions behind modelling of selective mining domains. Top-cuts have
units. been determined using a
combination of log probability,
log histogram, and mean-variance
* Any assumptions about correlation between variables. plots. Top-cuts have
been reviewed and applied to the
composites on a domain-by-domain
* Description of how the geological interpretation was basis.
used to control the resource estimates. Variography has been determined
using Datamine Supervisor
v.8.14 software using top-cut
* Discussion of basis for using or not using grade values. Where there is
cutting or capping. insufficient data in individual
domains to generate
meaningful variograms, domains
* The process of validation, the checking process used, have been grouped, or
the comparison of model data to drill hole data, and variograms borrowed from other
use of reconciliation data if available. similar domains.
Drillhole data spacing ranges
from 10m spacing in areas
of dense drilling to
approximately 100m spacing in
sparsely drilled, deeper areas.
The block model parent block
size is 5m (X) by 10m
(Y) by 5m (Z) with sub-blocks
down to 0.3125m (X) by
0.625m (Y) by 0.3125m (Z), with
the sub-blocks estimated
at the scale of the parent
block. The block size is
considered appropriate for the
drillhole spacing throughout
the deposit.
Grade estimation has been
completed in three passes:
Ø Pass one estimation has
been undertaken using
a minimum and maximum number of
sample composites (determined
using Datamine Supervisor v.8.14
KNA tool) into a search
ellipsoid with dimensions equal
to half the variogram
range of the domain.
Ø Pass two estimation has
been undertaken with
the same minimum/maximum samples
as Pass 1 into a search
ellipsoid twice the first pass.
Ø Pass three estimation has
been undertaken with
a minimum of 4 samples, and the
same maximum number
of samples as the first two
passes into a search ellipsoid
twice the second pass
Ø A four drillhole limit
has been applied to the
passes.
Previous Mineral Resource
estimates are comparable
in size and scope when
considering the additional
extensional
drilling included in the current
estimate.
The Mineral Resource estimate
has been validated using
visual validation tools, mean
grade comparisons between
the block model and declustered
composite grade means,
and swath plots comparing the
input composite grades
and the block model grades by
Northing, Easting, and
RL
No selective mining units are
assumed in the estimate.
There will be no by-products
recovered from mining.
No additional or deleterious
elements have been estimated.
The model focuses on
interpreting mineralisation
beneath
existing open pits. Historical
reconciliation data
is incomplete and has not been
used.
------------------------------------------------------------ --------------------------------------
Moisture Tonnages are estimated on a dry
* Whether the tonnages are estimated on a dry basis or basis. No moisture
with natural moisture, and the method of values have been reviewed.
determination of the moisture content.
------------------------------------------------------------ --------------------------------------
Cut-off
parameters * The basis of the adopted cut-off grade(s) or quality
parameters applied.
------------------------------------------------------------ --------------------------------------
Mining It is assumed that mining methods
factors * Assumptions made regarding possible mining methods, would be similar
or assumptions minimum mining dimensions and internal (or, if to Resolute's nearby Syama deposit.
applicable, external) mining dilution. It is always Mining method for the extraction of
necessary as part of the process of determining gold at Syama was
reasonable prospects for eventual economic extraction previously by open pit mining
to consider potential mining methods, but the excavating benches of
assumptions made regarding mining methods and 2.5 metres in height. Grade control
parameters when estimating Mineral Resources may not is conducted on
always be rigorous. Where this is the case, this sampling from high quality reverse
should be reported with an explanation of the basis circulation drilling,
of the mining assumptions made. spaced at approximately 4mE by 10mN,
with samples taken
at one and half metre intervals
down-hole. Sub-Level
Caving (SLC) is used for underground
mining at Syama.
The Underground model was generated
from the 250m RL
to the -400m RL. Open pit methods
will be used by Resolute
to the 120mRL. The reconciliation,
geological continuity,
structural trends and metallurgical
factors experienced
within the open pit are assumed to
apply to the underground.
------------------------------------------------------------ --------------------------------------
Metallurgical Extensive metallurgical
factors * The basis for assumptions or predictions regarding investigations and reporting
or assumptions metallurgical amenability. It is always necessary as have been completed prior to the
part of the process of determining reasonable commencement of mining
prospects for eventual economic extraction to and milling at the nearby Syama
consider potential metallurgical methods, but the deposit.
assumptions regarding metallurgical treatment The processing method involves
processes and parameters made when reporting Mineral crushing, milling, flotation
Resources may not always be rigorous. Where this is and roasting, followed by
the case, this should be reported with an explanation conventional CIL recovery.
of the basis of the metallurgical assumptions made. There is no evidence to suggest that
the metallurgical
characteristics of ore extracted from
Syama North would
change from that encountered at
Syama.
------------------------------------------------------------ --------------------------------------
Environmental It is assumed that environmental
factors * Assumptions made regarding possible waste and process factors would be largely
or assumptions residue disposal options. It is always necessary as similar to those at the nearby Syama
part of the process of determining reasonable Deposit.
prospects for eventual economic extraction to It is a requirement of Decree
consider the potential environmental impacts of the No.03-594/P-RM of 31
mining and processing operation. While at this stage December 2003 of Malian law that an
the determination of potential environmental impacts, Environmental and
particularly for a green fields project, may not Social Impact Study (Étude
always be well advanced, the status of early d'Impact Environmental
consideration of these potential environmental et Social - EIES) must be undertaken
impacts should be reported. Where these aspects have to update the
not been considered this should be reported with an potential environmental and social
explanation of the environmental assumptions made. impacts of the mine's
redevelopment. In November 2007 the
EIES for the Syama
Gold Mine was approved and an
Environment Permit (07-
0054/MEA - SG) issued by the Ministry
of Environment
and Sanitation on the 22 November
2007.
At Syama there are three key
practices for disposal
of wastes and residues namely,
stacking of waste rock
from open pit mining; storage of
tailings from mineral
processes; and "tall-stack
dispersion" of sulphur dioxide
from the roasting of gold bearing
concentrate.
The Environmental & Social Impact
Study - "Société
des Mines de Syama, Syama Gold Mine,
Mali, dated 2007,
found "a minimal potential for acid
drainage from waste
rock, as historical analysis
indicates that the high
carbonate content of the material
will suppress any
potential acid generation."
Progressive rehabilitation
of waste rock landforms has begun and
a management
plan for waste rock dumping is the
subject of ongoing
development.
The landform of tailings impoundments
does not have
a net acid generating potential. The
largest volume
is flotation tailings where the
sulphide minerals have
already been removed from the host
rock. Its mineralogy
includes carbonates which further
buffer any acid-formation
potential from sulphides that may
also be present.
Cyanide levels in the leached-calcine
tailings are
typically less than 50 ppm in the
weak acid dissociable
form. Groundwater away from the
tailing's landform
is intercepted by trenches and sump
pumps.
Sulphur dioxide is generated from the
roasting of gold
concentrate so that gold can be
extracted and refined.
Tall-Stack "dispersion" of the
sulphur dioxide emission
is monitored continuously. Prevailing
weather and dissipation
of the sulphur dioxide is modelled
daily to predict
the need to pause the roasting
process in order to
meet the air quality criteria set out
in the Environmental
& Social Impact Study.
------------------------------------------------------------ --------------------------------------
Bulk density Bulk density values have been
* Whether assumed or determined. If assumed, the basis determined through analysis
for the assumptions. If determined, the method used, of rock and diamond core samples.
whether wet or dry, the frequency of the measurements A total of 576 bulk density
, measurements have been
the nature, size and representativeness of the gathered using the water immersion
samples. method.
An average bulk density value has
been assigned to
* The bulk density for bulk material must have been each of the oxide, transitional, and
measured by methods that adequately account for void fresh material
spaces (vugs, porosity, etc), moisture and across the deposit.
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 Mineral Resources were classified in
* The basis for the classification of the Mineral accordance with
Resources into varying confidence categories. the Australasian Code for the
Reporting of Exploration
Results, Mineral Resources and Ore
* Whether appropriate account has been taken of all Reserves (JORC,
relevant factors (i.e., relative confidence in 2012).
tonnage/grade estimations, reliability of input data, The deposit has been classified as
confidence in continuity of geology and metal values, Measured, Indicated,
quality, quantity and distribution of the data). and Inferred Mineral Resource based
on a combination
of quantitative and qualitative
* Whether the result appropriately reflects the criteria which include
Competent Person's view of the deposit. geologic continuity, confidence in
volume models, data
quality, sample spacing, lode
continuity, and estimation
parameters (number of informing
composites, estimation
pass number, kriging quality
parameters, and minimum
and average distance composites).
The Measured portion of the Resource
was defined using
areas populated on the first
estimation pass, within
20m of informing composites; the
kriging efficiency
and slope of regression were
generally >=0.7; and high
confidence exists in lode continuity
(strike and thickness).
The Indicated portion of the Resource
was defined using
areas populated on the first two
estimation passes
within 50m of informing composites;
the kriging efficiency
and slope of regression were
generally >=0.7; and moderate
to high confidence exists in lode
continuity (strike
and thickness).
Mineralisation that not classified by
the above parameters
has been classified as Inferred.
The input data is comprehensive in
its coverage and
does not favour or misrepresent the
in-situ mineralisation.
The definition of the mineralised
zones is based on
a high level of geologic
understanding from good quality
sample data, producing models of
continuous mineralised
lodes. Validation of the block model
shows good correlation
of the input data to the block
estimated grades.
The Mineral Resource estimate
appropriately reflects
the view of the Competent Person.
------------------------------------------------------------ --------------------------------------
Audits No external audit of the Resource has
or reviews * The results of any audits or reviews of Mineral been completed.
Resource estimates.
------------------------------------------------------------ --------------------------------------
Discussion The relative accuracy of the Mineral
of relative * Where appropriate a statement of the relative Resource estimate
accuracy/ accuracy and confidence level in the Mineral Resource is reflected in the reporting of
confidence estimate using an approach or procedure deemed Measured, Indicated
appropriate by the Competent Person. For example, the and Inferred as per the guidelines of
application of statistical or geostatistical the 2012 JORC
procedures to quantify the relative accuracy of the Code.
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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END
MSCEAFNLEFDDEEA
(END) Dow Jones Newswires
September 04, 2023 02:00 ET (06:00 GMT)
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