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Highland Gold Mining Ltd.
Summary
| Project: | Novoshirokinskoye | |
|---|---|---|
| Deposit: | Novoshirokinskoye | |
| Location: | Russia | |
| Commodities: | Gold-Lead-Zinc-Silver | |
| Date: | 11/20/2017 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 20-11-2017: Highland Gold Mining Ltd. announces a Resource Estimation report for its Novoshirokinskoye deposit at the Novoshirokinskoye project. Update Ore Reserve and Mineral Resource at Novo. Highland Gold Mining Limited ("Highland Gold" or the "Compan | |
| Resources: | (Reserve, P+P): 17.991Mt @ 0.96% Pb, 0.53% Zn, 1.81g/t Au, 35.73g/t Ag at project | |
| CP/QP: | [Resources]: Andrey Sevryugin (Internal) | |
| ABSTRACT: | Highland Gold Mining Limited ("Highland Gold" or the "Company", AIM: HGM) is pleased to announce the results of updated JORC-compliant Mineral Resource and Ore Reserve estimates for its Novoshirokinskoye ("Novo") mine, conducted by Wardell Armstrong International ("WAI"). The new JORC resource audit follows a comprehensive resource re-evaluation under Russian GKZ standards, completed in 2014. As part of that exercise, Novo's cut-off grades were substantially lowered, resulting in lower average grades but higher tonnages and contained metal. For the purposes of modelling, WAI calculated a lead metal equivalent grade for Novo's polymetallic ore in its report. Prices were based on a trailing three-year average as of January 2017, and actual recovery data was supplied by Highland Gold. Using the same parameters to calculate gold equivalent, total proven and probable Ore Reserves(1) as of 01 January 2017 were 1.9 M oz Au Eq., compared to 1.1 M oz estimated to remain from the prior reserve audit conducted in 2011 and reported in the Company's 2016 Annual Report(2). Total Ore Reserve tonnage was 18.0 M tonnes versus 3.4 M tonnes previously reported. The average gold equivalent grade was 3.3 g/t, compared to 9.8 g/t reported earlier and an average grade of 5.5 g/t processed at the Novo mill this year to date. Novo's measured, indicated and inferred Mineral Resources(1) as of 01 January 2017 were 3.1 M oz of gold equivalent versus 1.4 M oz Au Eq. reported earlier. The resource grade was 4.0 g/t Au Eq. (previously 7.6 g/t) and the total ore resource was 24.1 M tonnes (previously 5.7 M tonnes). | |
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