Resource Estimate

  • Photo Core 2 (V2015-05)
    Photo Core 2 (V2015-05)

The latest resource estimate was published as part of the Preliminary Economic Assessment on February 18, 2014. It was based on the old geological model and the drilling data up to the end of 2008. A new resource estimate will be calculated as part of the current work program. This resource estimate will include the drilling from the 2015/2016 campaign and the current drilling campaign. The new resource estimate is currently expected to be finalized during the fourth quarter of 2017.

The table below shows the mineral resources estimated within the Vizcachitas deposit, with an Effective Date of January 23, 2014. The estimate was based on the drill hole sample assays, geological model interpretation and geostatistical analysis employing industry standard methods and was classified in accordance to the CIM standards on Mineral Resources and Mineral Reserves (CIM 2010), as further detailed on the 2014 Preliminary Economic Assessment.

Mineral resources are reported at Copper equivalent (Cu Eq) cut-off under prevailing conditions in January 2014. At 0.3 % Cu Eq cut-off, the Indicated Resources are 1,038 Mt @ 0.434 % Cu Eq, (0.373 % Cu and 0.012 % Mo) and Inferred Resources are 318 Mt @ 0.405 % Cu Eq, (0.345 % Cu and 0.013 % Mo).

Estimated Resource at Selected Cut-off Grades

INDICATED

Cut-Off
(Cu Eq %)
Tonnage
Mt
Cu Eq
%
Cu Grade
%
Mo Grade
%
Cu
Mlb
Mo
Mlb
0.20 1,317 0.396 0.341 0.011 9,913 318
0.25 1,191 0.414 0.356 0.012 9,353 305
0.30 1,038 0.434 0.373 0.012 8,539 281
0.35 824 0.462 0.396 0.013 7,201 240
0.40 566 0.501 0.431 0.014 5,374 179
0.45 368 0.543 0.467 0.015 3,788 125
0.50 244 0.588 0.509 0.016 2,515 79

INFERRED

Cut-Off
(Cu Eq %)
Tonnage
Mt
Cu Eq
%
Cu Grade
%
Mo Grade
%
Cu
Mlb
Mo
Mlb
0.20 521 0.343 0.296 0.010 3,407 111
0.25 404 0.376 0.322 0.011 2,873 101
0.30 318 0.405 0.345 0.013 2,415 88
0.35 212 0.443 0.372 0.015 1,734 70
0.40 130 0.488 0.402 0.018 1,152 51
0.45 76 0.533 0.428 0.022 714 36
0.50 40 0.584 0.466 0.024 415 22

Copper equivalent grade (Cu Eq) has been calculated using the following expression:

Cu Eq (%) = CuT (%) + 4.95 x Mo (%), where 4.95 reflects the Mo/Cu price ratio

The metal prices used in the 2014 PEA were: $2.75 /lb. Cu, $13.6 /lb. Mo, this was based on assessment of consensus opinion at the time. The quantity and grades are estimates and are rounded to reflect the fact that they are an approximation.

Mineral Resources are not Mineral Reserves and do not demonstrate economic viability. There is no certainty that all or any part of the Mineral Resource will be converted to Mineral Reserves.

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