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Primero Mining Corp.
Summary
| Project: | Black Fox | |
|---|---|---|
| Deposit: | Black Fox | |
| Location: | Canada | |
| Commodities: | Gold | |
| Date: | 2/22/2017 | |
| Report Code: | NI43-101 | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 22-2-2017: Primero Mining Corp. announces a Resource Estimation report for its Black Fox deposit at the Black Fox project. Updated mineral resource and ore reserve statement. Primero Mining Corp. (‘‘Primero’’ or the ‘‘Company’’) (TSX:P, NYSE:PPP) today an | |
| Resources: | (Reserve, P+P): 0.8Mt @ 4.1g/t Au for 111koz Au contained at project | |
| CP/QP: | [Resources]: Dave Laudrum (Internal) | |
| ABSTRACT: | Primero Mining Corp. (‘‘Primero’’ or the ‘‘Company’’) (TSX:P, NYSE:PPP) today announced its updated year-end 2016 Mineral Reserves and Mineral Resources. Total Primero Proven and Probable Mineral Reserves at December 31, 2016 were 1.3 million ounces of contained gold and 56.6 million ounces of contained silver. This represents a decrease of 24% for gold and 20% for silver from year-end 2015, primarily attributable to mining depletion (155,000 gold ounces and 5.3 million silver ounces) and modified modeling parameters. In its modeling approach, the Company has applied a two-pass cut-off grade methodology and increased geological constraints which will improve mine planning and future reserve reconciliations. ‘‘Our 2016 exploration program substantially replaced our depleted Mineral Resources,’’ stated Damien Marantelli, Chief Operating Officer. ‘‘However, our Mineral Reserve estimate was affected by mining depletion and improvements we made to our geological controls and modelling methodologies. We believe these important changes will set up our mines for future successes through improved planning, predictability and deliverability. Primero has traditionally had a strong history of replacing Mineral Reserves and we remain confident in the significant mineral endowment of our mining districts. In 2016, our exploration programs identified additional Resources but not yet at a confidence level to convert to Reserves”. Black Fox Mineral Resources increased by 6% from 2015 to 2016 with infill drilling success leading to a significant conversion of Inferred Resources at Froome replacing mining depletion and the modeling factors described above. Inferred Resources totalled 0.3 million tonnes grading 6.9 g/t gold with 57,000 ounces of gold contained. Mineral Resources were affected by the factors described above. Primero will continue to explore deeper targets beyond the currently defined Deep Central Zone. | |
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