Reserves and Resources

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2019 Mineral Resource Estimate

 

 

2019 Mineral Reserve Estimate

 

Notes on Mineral Resource and Mineral Reserve Table

Mineral Resources and Mineral Reserve estimates are shown on a 100% basis for each mine. The Measured and Indicated Mineral Resource estimates are inclusive of those Mineral Resource estimates modified to produce the Mineral Reserve estimates. All estimates are prepared as at June 30, 2019.

Estimates for all operations are prepared by or under the supervision of and verified by a Qualified Person as defined in NI 43-101 or have been audited and verified by independent Qualified Persons on behalf of Lundin Mining. The technical information in this news release has been prepared in accordance NI 43-101 and has been reviewed and verified by Stephen Gatley, BSc (Eng), C.Eng. Vice President - Technical Services of the Company, who is a "Qualified Person" under NI 43-101.



Candelaria and Ojos

Mineral Resources at Candelaria are estimated using metal prices of US$3.16/lb copper and US$1,000/oz gold and an exchange rate of USD/CLP 600. Mineral Reserves were estimated using metal prices of US$2.75/lb copper and US$900/oz gold and an exchange rate of USD/CLP 600.

Candelaria and La Española open pit Mineral Resource estimates are reported within a conceptual pit shell with cut-off grades of 0.15% and 0.20% copper respectively. Underground Mineral Resources are estimated at a cut-off grade of 0.55% copper. Mineral Reserves for the Candelaria open pit, Española open pit and underground for the Candelaria property are estimated at cut-off grades of 0.17%, 0.20% and 0.57% copper, respectively. Underground Mineral Reserves for the Ojos del Salado property (Santos and Alcaparrosa mines) are both estimated at cut-off grades of 0.63% copper. Patricio Calderón, Superintendent Exploration, Patricio Vega, Open Pit Mine Engineer and Cristian Erazo, Underground Mine Engineer, each of whom is a Registered Member, Chilean Mining Commission, employed by the Candelaria mining complex and is a Qualified Person as defined under NI 43-101, supervised the preparation of and verified the Mineral Resource estimate, open pit Mineral Reserve and underground Mineral Reserve estimates respectively, and the scientific and technical information on Candelaria contained in this news release.

For further information, refer to the Technical Report entitled Technical Report for the Candelaria Copper Mining Complex, Atacama Province, Region III, Chile dated November 28, 2018.

 

Chapada

Mineral Resources at Chapada and Suruca SW copper-gold are estimated using metal prices of US$4.00/lb copper and US$1,600/oz gold and an exchange rate of USD/BRL 3.95. For the Suruca gold only Mineral Resource estimates a gold price of $1,500/oz has been used and an exchange rate of USD/BRL 3.50. Mineral Reserves were estimated using metal prices of US$3.00/lb copper and US$1,250/oz gold and an exchange rate of USD/BRL 3.95.

The Chapada and Suruca SW copper-gold Mineral Resource estimates are reported within a conceptual pit shell at a variable Net Smelter Return (NSR) marginal cut-off averaging $4.08 per tonne. For the Suruca gold only Mineral Resource estimates, cut-off grades of 0.16g/t gold for oxides and 0.23g/t for sulphides were used. Mineral Reserves for the Chapada open pit are estimated at a NSR cut-off of $4.08 per tonne. For the Suruca gold only Mineral Reserve estimates cut-off grades of 0.19g/t gold for oxides and 0.30g/t for sulphides are used. Felipe Machado de Araujo, Mineral Resources Coordinator, Registered Member of Chilean Mining Commission employed by Chapada prepared the Chapada and Suruca Mineral Resource estimates and Luiz Pignatari, Registered Member of Chilean Mining Commission, EDEM Engenharia reviewed and verified the Mineral Reserve estimates and the scientific and technical information for Chapada contained in this news release. Messrs. Araujo and Pignatari have verified the data underlying the information for Chapada disclosed herein, including sampling, analytical and test data underlying the information, by reviewing the reports of the laboratories, methodologies, results and all procedures undertaken for quality assurance and quality control in a manner consistent with industry practice, and all matters were consistent and accurate according to their professional judgement. There were no limitations on the verification process. Both Messrs. Araujo and Pignatari are Qualified Persons as defined under NI 43-101.

For further information, refer to the Technical Report entitled Technical Report on the Chapada Mine, Goiás State, Brazil, dated March 21, 2018 which is available on Yamana Gold Inc’s SEDAR profile at www.sedar.com.


Neves-Corvo and Semblana

Mineral Reserves for Neves-Corvo and Semblana have been estimated using metal prices of US$2.75/lb copper and US$1.00/lb zinc and an exchange rate of EUR/USD 1.25.

The Mineral Resources are estimated above cut-off grades of 1.0% for copper and 4.5% for zinc. The copper and zinc Mineral Reserve estimates have been calculated using variable NSR values based on area and mining method.  The NSR is calculated on a recovered payable basis considering copper, lead, zinc and silver grades, metallurgical recoveries, prices and realization costs. The copper Mineral Reserves are estimated above a site average cut-off of EUR 42/t (grade equivalent to 1.4% copper). For zinc Mineral Reserve estimates a site average cut-off of EUR 47/t (grade equivalent to 5.4% zinc) is used. Mineral Reserves and Mineral Resources for Neves-Corvo were estimated by the mine geology and mine engineering departments at Neves-Corvo under the guidance of Nelson Pacheco, EurGeol, Chief Geologist, and Diogo Caupers, Chief Mine Planning Engineer, each of whom is employed by the Neves-Corvo mine. Nelson Pacheco EurGeol, prepared the Neves-Corvo Mineral Resource estimate and Antonio Salvador, CEng MIMMM, Group Mining Engineer, Lundin Mining, reviewed and verified the Mineral Reserve estimate and the scientific and technical information for Neves-Corvo contained in this news release. Both Messrs. Pacheco and Salvador are Qualified Persons as defined under NI 43-101.

The Mineral Resources at Semblana are estimated above a cut-off grade of 1.0% copper. The Mineral Resource estimate contained in this news release was prepared by Graham Greenway, P.Geo, Group Resource Geologist, Lundin Mining, who is a Qualified Person as defined under NI 43-101.

For further information, refer to the Technical Report entitled NI 43-101 Technical Report for the Neves-Corvo, Portugal dated June 23, 2017.

 

Zinkgruvan

Mineral Resources and Mineral Reserves at Zinkgruvan have been estimated using metal prices of US$2.75/lb copper, US$1.00/lb zinc and US$1.00/lb lead and an exchange rates of USD/SEK 7.00.

The zinc Mineral Resources are estimates within geological volumes based at a nominal NSR cut-off of SEK 350/t (equivalent to 4.5% zinc) and a minimum mining width of 5 m.  The copper Mineral Resource is estimated above a cut-off grade of 1.0% Cu. The zinc and copper Mineral Reserves are estimated above a site average NSR cut-off grade of SEK 445/t (equivalent to 5.4% zinc and 1.4% copper respectively).  The NSR is calculated on a recovered payable basis considering copper, lead, zinc and silver grades, metallurgical recoveries, prices and realization costs.  The Zinkgruvan Mineral Resource and Mineral Reserve estimates are prepared by the mine’s geology and mine engineering department under the supervision of Anja Hagerud, Resource Manager, and Angelique Bohm, Section Manager Mine Planning, both employed by Zinkgruvan mine.  The estimates were reviewed and verified by Graham Greenway, P.Geo, and David Allison, Group Mining Engineer, CEng MIMMM, Lundin Mining.  Both Messrs. Greenway and Allison are Qualified Persons as defined under NI 43-101.

For further information, refer to the Technical Report entitled NI 43-101 Technical Report for the Zinkgruvan Mine, Central Sweden dated November 30, 2017

 

Eagle and Eagle East

Mineral Resources and Mineral Reserves at Eagle and Eagle East have been estimated using metal prices of US$2.75/lb copper and US$8.00/lb nickel.

The Eagle Mineral Resources and Reserves are reported above a fixed NSR cut-off of US$108/t. The Eagle East Mineral Resources and Reserves are reported above a fixed NSR cut-offs of US$142/t and US$158/t respectively. The NSR is calculated on a recovered payable basis considering nickel, copper, cobalt, gold and PGM grades, metallurgical recoveries, prices and realization costs. The Eagle Mineral Resource and Reserve estimates are prepared by the mine’s geology and mine engineering department under the guidance of Robert Mahin, Chief Geologist and Josh Lam, PEng, Senior Mine Engineer, both of whom are employees of Eagle Mine. The Eagle East Mineral Resource estimate was prepared by Graham Greenway, P.Geo, Group Resource Geologist, Lundin Mining. Robert Mahin, CPG, prepared the Eagle Mineral Resource estimate and reviewed and verified the Eagle East Mineral Resource estimate. Josh Lam, PEng, reviewed and verified the Eagle and Eagle East Mineral Reserve estimates and the scientific and technical information on Eagle and Eagle East contained in this news release. Messrs. Greenway, Mahin and Lam are Qualified Persons as defined under NI 43-101.

For further information, refer to the Technical Report entitled Technical Report on the Eagle Mine, Michigan, U.S.A. dated April 26, 2017.

Lundin Mining Corporation

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