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Highlands Pacific Ltd.
Summary
| Project: | Frieda River | |
|---|---|---|
| Deposit: | HITEK | |
| Location: | Papua New Guinea | |
| Commodities: | Copper-Gold | |
| Date: | 12/10/2018 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Environmental Approval | |
| Report details: | 10-12-2018: Highlands Pacific Ltd. announces a Resource Estimation report for its HITEK deposit at the Frieda River project. Updated ore reserve estimate at the project. The 2018 Horse-Ivaal-Trukai, Ekwai and Koki (HITEK) Ore Reserve estimate for the Frie | |
| Resources: | (Reserve, P+P): 1365Mt @ 0.46% Cu, 0.25g/t Au | |
| CP/QP: | [Overall Report]: Scott Cowie (PanAust Ltd.) | |
| ABSTRACT: | The 2018 Horse-Ivaal-Trukai, Ekwai and Koki (HITEK) Ore Reserve estimate for the Frieda River Copper-Gold Project at September 2018 is reported according to the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code). The 2018 HITEK Ore Reserve is supported by the Sepik Development Project Feasibility Study (Feasibility Study) completed in 2018. This Ore Reserve estimate replaces the 2017 HITEK Ore Reserve estimate. Blocks classified as Measured or Indicated Mineral Resource with a positive economic value are selected as ore. The cut-off value used to define the Ore Reserve was applied on a net smelter return (NSR) basis which incorporates realisation costs, metallurgical recovery, ore processing and general and administrative costs. The breakeven NSR differentiates ore from waste rock on a static unscheduled basis. Material having a positive value represents a net positive cash flow increment that supports its reporting in the Ore Reserve. The Ore Reserve is defined at the point at which ore is delivered to the planned HITEK process plant. A mine production schedule for the HITEK deposit, the Ore Reserve schedule, was prepared for the purpose of verifying the declaration of the Ore Reserve estimate. Only Measured and Indicated Mineral Resource classifications within the design open-pit were accepted as mill feed. All Inferred Mineral Resource was treated as waste rock. Economic evaluation of the Ore Reserve schedule including all relevant modifying factors, project capital and operating costs demonstrates technical and economic extraction of the portion of the Measured and Indicated Mineral Resource within the open-pit design. Measured and Indicated Mineral Resources were converted to Proved and Probable Ore Reserve classifications, respectively. The economic evaluation yielded a positive net present value (NPV) at US$3.30 per pound (lb) copper and US$1,390 per ounce (oz) gold. | |
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