Mineral Reserves - Proven and Probable | | | | | | | Contained Metal |
---|
Property | Classification | Tonnes (000) | Ag (g/t) | Au (g/t) | Pb (%) | Zn (%) | Cu (%) | Ag (Moz) | Au (koz) |
---|
Silver Mines | Caylloma, Peru | Proven | 131 | 150 | 0.56 | 2.27 | 2.28 | N.A | 0.6 | 2 |
Probable | 1,532 | 105 | 0.26 | 2.67 | 3.65 | N/A | 5.2 | 13 |
Proven + Probable | 1,662 | 108 | 0.28 | 2.64 | 3.54 | N/A | 5.8 | 15 |
San Jose, Mexico | Proven | 61 | 165 | 1.10 | N/A | N/A | N/A | 0.3 | 2 |
Probable | 3,528 | 200 | 1.35 | N/A | N/A | N/A | 22.7 | 153 |
Proven + Probable | 3,589 | 200 | 1.34 | N/A | N/A | N/A | 23.0 | 155 |
Total | Proven + Probable | 5,251 | 171 | 1.01 | N/A | N/A | N/A | 28.8 | 170 |
Gold Mine | Lindero, Argentina | Proven | 26,718 | N/A | 0.72 | N/A | N/A | 0.11 | 0.0 | 622 |
Probable | 55,940 | N/A | 0.57 | N/A | N/A | 0.11 | 0.0 | 1,027 |
Proven + Probable | 82,658 | N/A | 0.62 | N/A | N/A | 0.11 | 0.0 | 1,649 |
Total | Proven + Probable | 28.8 | 1,819 |
Mineral Resources - Measured and Indicated | | | | | | Contained Metal |
---|
Property | Classification | Tonnes (000) | Ag (g/t) | Au (g/t) | Pb (%) | Zn (%) | Cu (%) | Ag (Moz) | Au (koz) |
---|
Silver Mines | Caylloma, Peru | Measured | 529 | 106 | 0.37 | 1.92 | 3.37 | N.A | 1.8 | 6 |
Indicated | 1,611 | 96 | 0.26 | 1.74 | 3.36 | N.A | 5.0 | 14 |
Measured + Indicated | 2,140 | 99 | 0.29 | 1.78 | 3.36 | N.A | 6.8 | 20 |
San Jose, Mexico | Measured | 42 | 120 | 0.91 | N/A | N/A | N.A | 0.2 | 1 |
Indicated | 913 | 97 | 0.68 | N/A | N/A | N.A | 2.8 | 20 |
Measured + Indicated | 955 | 98 | 0.69 | N/A | N/A | N.A | 3.0 | 21 |
Total | Measured + Indicated | 3,095 | 98 | 0.41 | N/A | N/A | N.A | 9.8 | 41 |
Gold Mine | Lindero, Argentina | Measured | 2,520 | N/A | 0.55 | N/A | N/A | 0.07 | 0.0 | 45 |
Indicated | 33,070 | N/A | 0.46 | N/A | N/A | 0.06 | 0.0 | 487 |
Measured + Indicated | 35,590 | N/A | 0.46 | N/A | N/A | 0.06 | 0.0 | 532 |
Total | Measured + Indicated | 9.8 | 573 |
Mineral Resources – Inferred | | | | | | | Contained Metal |
---|
Property | Classification | Tonnes (000) | Ag (g/t) | Au (g/t) | Pb (%) | Zn (%) | Cu (%) | Ag (Moz) | Au (koz) |
---|
Silver Mines | Caylloma, Peru | Inferred | 3,751 | 122 | 0.40 | 2.70 | 4.08 | N/A | 14.7 | 49 |
San Jose, Mexico | Inferred | 3,452 | 124 | 0.93 | N/A | N/A | N/A | 13.8 | 104 |
Total | Inferred | 7,203 | 123 | 0.66 | N/A | N/A | N/A | 28.5 | 152 |
Gold Mine | Lindero, Argentina | Inferred | 30,368 | N/A | 0.42 | N/A | N/A | 0.11 | 0.0 | 412 |
Total | Inferred | 28.5 | 564 |
Notes:
- Mineral Reserves and Mineral Resources are as defined by the 2014 CIM Definition Standards for Mineral Resources and Mineral Reserves
- Mineral Resources are exclusive of Mineral Reserves
- Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability
- Factors that could materially affect the reported Mineral Resources or Mineral Reserves include; changes in metal price and exchange rate assumptions; changes in local interpretations of mineralization; changes to assumed metallurgical recoveries, mining dilution and recovery; and assumptions as to the continued ability to access the site, retain mineral and surface rights titles, maintain environmental and other regulatory permits, and maintain the social license to operate
- Mineral Resources and Reserves are estimated as of June 30, 2020 and reported as of December 31, 2020 taking into account production-related depletion for the period through December 31, 2020
- Mineral Reserves for the San Jose Mine are based on underground mining within optimized stope designs using an estimated NSR break-even cut-off grade of US$69.47/t, equivalent to 120 g/t Ag Eq based on assumed metal prices of US$21/oz Ag and US$1,600/oz Au; estimated metallurgical recovery rates of 91% for Ag and 90% for Au and mining costs of US$34.92/t; processing costs of US$17.10/t; and other costs including distribution, management, community support and general service costs of US$17.44/t based on actual operating costs. Mining recovery is estimated to average 93% and mining dilution 11%. Mineral Resources are reported at a 100 g/t Ag Eq cut-off grade based on the same parameters used for Mineral Reserves and a 15% upside in metal prices. Proven + Probable Reserves include 1.9 Mt containing 14 Moz of silver and 83 koz of gold reported at a 123 g/t Ag Eq cut-off grade and Inferred Resources totaling 2.5 Mt containing 9.7 Moz of silver and 70 koz of gold reported at a 100 g/t Ag Eq cut-off grade located in the Taviche Oeste concession and subject to a 2.5% royalty
- Mineral Reserves for the Caylloma Mine are reported above NSR breakeven cut-off values based on underground mining methods including; mechanized (breasting) at US$ 83.37/t; mechanized (enhanced) at US$ 81.66/t; semi-mechanized at US$ 90.19/t; and a conventional method at US$173.74/t; using assumed metal prices of US$21/oz Ag, US$1,600/oz Au, US$2,000/t Pb and US$2,270/t Zn; metallurgical recovery rates of 83% for Ag, 42% for Au, 91% for Pb and 90% for Zn with the exception of the Ramal Piso Carolina vein that uses a metallurgical recovery rate of 75% for Au. Mining, processing and administrative costs used to determine NSR cut-off values were estimated based on actual operating costs incurred from July 2019 through June 2020. Mining recovery is estimated to average 95% with average mining dilution ranging from 13% to 32% depending on the mining methodology. Mineral Resources are reported at an NSR cut-off grade of US$65/t for veins classified as wide (Animas, Animas NE, Nancy, San Cristobal) and US$135/t for veins classified as narrow (all other veins) based on the same parameters used for Mineral Reserves, and a 15% upside in metal prices
- Mineral Reserves for Lindero are reported based on open pit mining within a designed pit shell based on variable gold cut-off grades and gold recoveries by metallurgical type. Met type 1 cut-off 0.27 g/t Au, recovery 75.4%; Met type 2 cut-off 0.26 g/t Au, recovery 78.2%; Met type 3 cut-off 0.26 g/t Au, recovery 78.5%; and Met type 4 cut-off 0.27 g/t Au, recovery 68.5%. Mining recovery is estimated to average 100% and mining dilution 0%. The cut-off grades and pit designs are considered appropriate for long term gold prices of US$1,600/oz, estimated mining costs of US$1.11 per tonne of material, total processing and process G&A costs of US$6.21 per tonne of ore, and refinery costs net of pay factor of US$6.50 per ounce gold. Lindero Mineral Reserves are restricted to a maximum heap leach capacity of 84.2 Mt. Reported Proven Reserves include 2.6 Mt averaging 0.55 g/t Au of stockpiled material. Lindero Mineral Resources are reported within the same conceptual pit shell above a 0.2 g/t Au cut-off grade based on the same parameters used for Mineral Reserves and a 15% upside in metal prices
- Eric Chapman, P. Geo. (APEGBC #36328) is the Qualified Person for resources and Amri Sinuhaji (APEGBC #48305) is the Qualified Person for reserves, both being employees of Fortuna Silver Mines Inc.
- Totals may not add due to rounding procedures
- N/A = Not Applicable
© 2021 Fortuna Silver Mines Inc.
All rights reserved.
Disclaimer