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Patagonia Gold Plc
Summary
| Project: | Cap-Oeste | |
|---|---|---|
| Deposit: | Cap-Oeste | |
| Location: | Argentina | |
| Commodities: | Gold-Silver | |
| Date: | 12/23/2016 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 23-12-2016: Patagonia Gold Plc announces a Resource Estimation report for its Cap-Oeste deposit at the Cap-Oeste project. Updated mineral resource estimate + new drill results incl. 2m @ 49.25ppm Au. Patagonia Gold Plc, the mining company with gold and si | |
| Resources: | (Resource, Total): 18.67Mt @ 1.83g/t Au, 50.19g/t Ag gross resource for project | |
| CP/QP: | [Overall Report]: Matthew Boyes (Internal) | |
| ABSTRACT: | Patagonia Gold Plc, the mining company with gold and silver projects in the southern Patagonia region of Argentina, Chile and Uruguay, is pleased to provide an update on its open pit mine and heap leach processing facility at Cap-Oeste (the "Project"). An updated pit optimisation for Cap-Oeste has been completed by Kenmore Consulting in conjunction with a cash cost review and pit resource update for Cap-Oeste completed by CUBE Consulting. The pit optimisation was carried out at a price of US$1,300/oz Au and US$20/oz Ag and has resulted in an increase in the current pit life for Cap-Oeste from 2 to 3 years, with the pit now forecast for completion in Q3 2019 with a total ore production of 2.03Mt @ 2.99g/t Au and 138g/t Ag for a total recoverable estimated production of 136,000 oz of Au and 3.2Moz of Ag, equating to 186,800 oz AuEq. Pursuant to the pit optimisation, the proposal is to increase the size of the pit to mine the ore previously delineated for the Cap-Oeste underground pit, resulting in the overall material to be moved over the life of the mine increasing from 7.2Mt to 25.2Mt, which will also increase the strip ratio from 3.7 to 11.44 and the ore being mined increasing from 1.55Mt to 2.03Mt. In order to mine the increased material, additional fleet will be required to increase the monthly production with one excavator and two fixed body dump trucks and one additional blast hole drill required at an estimated cost of approximately US$2.5 million, which the Company anticipates funding from supplier and debt financing. The resource update includes the recently drilled 98 grade control RC holes and was utilised for the short term planning. Set out below is the updated JORC code compliant resource for Cap-Oeste, which shows a slight reduction in the indicated and inferred categories due to increased drill density and re-interpretation of the mineralised envelope. | |
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