IXTACA GOLD-SILVER DEPOSIT
OVERVIEW OF RESOURCE ESTIMATES
In December 2018, Almaden announced an Updated Resource Estimate.
This estimate showcases the continuity of the Ixtaca Zone gold and silver mineralisation and the continued expansion of the Ixtaca Resource. It forms the basis of the Feasibility Study (“FS”) announced in 2018.
A brief overview of the Ixtaca mineral resource is posted below, along with links to the related news releases.
2018 Resource Estimate
In December 2018, Almaden announced the results of an updated Mineral Resource Estimate prepared in accordance with National Instrument 43-101 (“NI 43-101”) by Gary Giroux, P.Eng., a qualified person under the meaning of NI 43-101. Read news release +
The Ixtaca deposit is an epithermal gold-silver deposit, mostly occurring as anastomosing (branching and re-connecting) vein zones hosted by limestone and shale basement rocks with a minor component of disseminated mineralisation hosted in overlying volcanic rocks. The wireframe models constructed to define the overall vein zones therefore contain interspersed irregular zones of barren limestone dilution. In this Ixtaca Feasibility Study the limestone unit hosts 75% of the metal produced, the volcanic unit hosts 12% and the black shale unit hosts 13% on a gold-equivalent basis. The Mineral Resources for Ixtaca are presented in the table below.
1. Ixtaca Mineral Resources Estimate has an effective date of 8 July 2018. The Qualified person for the estimate is Gary Giroux, P.Eng.
2. Base Case 0.3 g/t AuEq Cut-Off grade is highlighted. Also shown are the 0.5, 0.7 and 1.0 g/t AuEq cut-off results. AuEq calculation based average prices of $1250/oz gold and $18/oz silver. The Base Case cut-off grade includes consideration of the open pit mining method, 90% metallurgical recovery, mining costs of $1.82/t, average processing costs of $11.7, G&A costs of $1.81/t
Mineral Resources are reported inclusive of those Mineral Resources that have been converted to Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
4. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal or other relevant issues. The Mineral Resources have been classified according to the CIM Definition Standards for Mineral Resources and Mineral Reserves in effect as of the date of this news release.
5. All figures were rounded to reflect the relative accuracy of the estimates and may result in summation differences.
6. Equivalencies use metal prices of US$1,250/oz Au and US$18/oz Ag
Mineral Reserve Estimate
Mineral Reserves in Table 5, have been developed by MMTS with an effective date of November 30, 2018, and are classified using the 2014 CIM Definition Standards. The Mineral Reserves are based on an engineered open pit mine plan.
1. Mineral Reserves have an effective date of November 30, 2018. The qualified person responsible for the Mineral Reserves is Jesse Aarsen, P.Eng of Moose Mountain Technical Services.
2. The cut-off grade used for ore/waste determination is NSR>=$14/t
3. All Mineral Reserves in this table are Proven and Probable Mineral Reserves. The Mineral Reserves are not in addition to the Mineral Resources but are a subset thereof. All Mineral Reserves stated above account for mining loss and dilution.
4. Associated metallurgical recoveries (gold and silver, respectively) have been estimated as 90% and 90% for limestone, 50% and 90% for volcanic, 50% and 90% for black shale.
5. Reserves are based on a US$1,300/oz gold price, US$17/oz silver price and an exchange rate of US$1.00:MXP20.00.
6. Reserves are converted from resources through the process of pit optimization, pit design, production schedule and supported by a positive cash flow model.
7. Rounding as required by reporting guidelines may result in summation differences.
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