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Avesoro Resources Inc.
Summary
| Project: | New Liberty | |
|---|---|---|
| Deposit: | New Liberty | |
| Location: | Liberia | |
| Commodities: | Gold | |
| Date: | 10/11/2017 | |
| Report Code: | NI43-101 | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 11-10-2017: Avesoro Resources Inc. announces a Resource Estimation report for its New Liberty deposit at the New Liberty project. Updated mineral resources and ore reserves for the New Liberty Gold Mine. This Technical Report on the New Liberty Gold Mine | |
| Resources: | (Reserve, P+P): 7.4Mt @ 3.03g/t Au for 717000oz Au contained at project | |
| CP/QP: | [Resources]: Mike Armitage (SRK Consulting (UK) Ltd.) | |
| ABSTRACT: | This Technical Report on the New Liberty Gold Mine (New Liberty, NLGM or the Project) within the Bea Mountain Mineral Development Agreement (Bea-MDA) property in Liberia, West Africa, has been compiled by SRK Consulting (UK) Ltd (SRK), for Avesoro Resources Inc. (Avesoro). Bea Mountain Mining Corporation (BMMC or the Company), which is a 100% owned subsidiary of Avesoro, has a 100% interest in the Bea-MDA. The Project is an operating gold mine. Construction activities started in late 2012/early 2013, pre-stripping mining activities commenced in October 2014 and the first gold pour occurred in May 2015. This report has an effective date of 01 November 2017, has been compiled by SRK, describes the Project in its current stage of development, presents SRK’s opinions on the Mineral Resource and Mineral Reserve and current production forecast and presents an updated economic model and cash flow forecast which is based on the Life of Mine (LoM) plan currently in place. The most up to date Mineral Resource estimate for the Project has been derived by SRK and is presented in Table 1-1 below. This is reported with an effective date of 31 July 2017 and has taken into account mining depletion up to this point. The estimate is reported according to CIM Standards and at a 0.8g/t Au cut-off for open pit material and 2.0g/t Au for underground material. The Resource Statement has been split to show both remaining in-situ open pit and underground resources and also ore stockpiles as at 31 July 2017. The ore stockpiles have been classified as Indicated Resources as while the stockpiles are surveyed and reconciled with truck counts for tonnage, the material is not sampled (subsequent to excavation) and the grade is based on theoretical block model grades | |
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