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Resources

Several mineral resource estimates have been previously calculated for the Cameron Gold Deposit, however all past estimates were based on the premise of mining being undertaken by underground methods. The Company realised during the evaluation of the project that the deposit would be able to be mined by an open pit operation in a period of historically-high gold prices. Consequently, the JORC-compliant mineral resource estimate was recalculated by independent consultants DataGeo to incorporate lower grade material which would able to be mined by open pit. The recalculated JORC-compliant indicated and inferred resource estimate now comprises:

11.3 Mt at 2.77 g/t gold for 1,005,833 ounces of gold (1.5 g/t Gold cut off)

The robustness of the resource is confirmed by the fact that 42% of the total resource is classified as indicated (see Table 1 below), and that more than a million ounces of gold have been delineated despite the application of a conservatively high cut-off grade of 1.5 g/t gold. Calculations at various cut-off grades further confirm that there is a substantial and very robust high-grade component to the resource base (see Table 2).

 

Category
Tonnes
Grade
(g/t gold)
Gold
(Ounces)
Indicated
4,164,000
3.16
422,353
Inferred
7,148,000
2.54
583,480
Total
11,312,000
2.77
1,005,833

Table 1. JORC-compliant resource estimate for the Cameron Gold Deposit (1.5 g/t gold cut-off).

 

 

Cut-off grade
(g/t gold)
Category
Tonnes

Grade
(g/t gold)
Gold
(Ounces)
0.5
Indicated
7,221,000
2.26
523,477
Inferred
13,311,000
1.84
786,150
Total
20,531,000
1.98
1,309,627
1.0
Indicated
5,818,000
2.61
488,366
Inferred
10,585,000
2.11
719,457
Total
16,403,000
2.29
1,207,823
1.5
Indicated
4,164,000
3.16
422,353
Inferred
7,148,000
2.54
583,480
Total
11,312,000
2.77
1,005,833
2.0
Indicated
2,978,000
3.72
356,169
Inferred
3,870,000
3.27
406,457
Total
6,848,000
3.46
762,626

Table 2. JORC-compliant resource estimates at the Cameron Gold Deposit by applying various cut-off grades.