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TMAC Resources Inc.
Summary
| Project: | Hope Bay | |
|---|---|---|
| Deposit: | Doris North | |
| Location: | Canada | |
| Commodities: | Gold | |
| Date: | 7/14/2017 | |
| Report Code: | NI43-101 | |
| Report Type: | Resource Estimation | |
| Project Stage: | Mine Development | |
| Report details: | 14-7-2017: TMAC Resources Inc. announces a Resource Estimation report for its Doris North deposit at the Hope Bay project. Updated Mineral Reserve and Mineral Resource at Hope Bay. Dr. Catharine Farrow, Chief Executive Officer of TMAC, commented: “The ram | |
| Resources: | (Reserve, P+P): 14.531Mt @ 7.7g/t Au for 3607koz Au contained at project | |
| CP/QP: | [Resources]: Sean Horan (Roscoe Postle Associates Inc.) | |
| ABSTRACT: | Dr. Catharine Farrow, Chief Executive Officer of TMAC, commented: “The ramp up continues to be slower than anticipated and has resulted in less than budgeted cash inflows. We anticipate that recoveries will improve as we continue to optimize the plant’s performance. As recoveries increase, we will increase the tonnes of ore being processed, increase the tonnes of ore being mined and hauled to surface and increase the grade of ore being processed, all resulting in greater revenues and cash inflows. Our entire site-based team’s focus, assisted by our metallurgical consultants and Gekko, the manufacturer of the processing plant, and other vendor and consultant teams, is to improve plant availabilities and ramp up to planned rates through an optimization process. We acknowledge their dedication to ensure that the process continues in a safe and systematic manner.” Dr. Catharine Farrow, Chief Executive Officer of TMAC, stated, “We are pleased to provide an update to TMAC’s Hope Bay Mineral Reserve and Mineral Resource statement. As of June 30, 2017, Proven and Probable Mineral Reserves have increased by 100,000 ounces of gold, which more than replaces the ore mined over the past year and a half at Doris. The results of diamond drilling at Doris and Madrid North, and the more than a year and a half of mining at Doris, have significantly improved our understanding of the structural controls on gold mineralization and have thereby refined our geological models. The new ramp development below the dyke at Doris North has allowed us to carry out detailed drilling to further test areas of new Mineral Resources and Reserves reported here. We are optimistic that current 2017 diamond drilling programs at both Doris and Boston will have positive impacts and will continue to add to the Mineral Reserve and Mineral Resource base, thereby replacing mined Reserves.” | |
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