The Company has filed an updated mineral reserve estimate and NI 43-101 Technical Report entitled “Technical Report on the Mineral Reserve Update at the Gibraltar Mine” dated November 6. Gibraltar’s updated proven and probable reserves as of December 31, 2019 are as follows:
Summary of Mineral Reserves – December 31, 2019 |
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Ore Type |
Category |
Tonnage |
Cu Grade |
Mo Grade |
Sulphide: 0.15% Cu Cut-off Grade |
||||
Proven |
442 |
0.25 |
0.008 |
|
|
Probable |
121 |
0.23 |
0.008 |
|
Ore Stockpiles |
2 |
0.20 |
0.006 |
|
Total |
564 |
0.25 |
0.008 |
The mineral reserves stated above are contained within the measured and indicated mineral resources below:
Summary of Mineral Resources – December 31, 2019 |
|||
Category |
Tonnage |
Cu Grade |
Mo Grade |
Measured |
778 |
0.25 |
0.007 |
Indicated |
302 |
0.23 |
0.007 |
Total Measured + Indicated |
1,081 |
0.25 |
0.007 |
The resource and reserve estimation was completed by Taseko and Gibraltar mine staff under the supervision of Richard Weymark, P.Eng., MBA, Chief Engineer, of Taseko and a Qualified Person under National Instrument 43-101. Mr. Weymark has verified the methods used to determine grade and tonnage in the geological model, reviewed the long range mine plan, and directed the updated economic evaluation. The reserve estimate uses long-term metal prices of US$2.75/lb for copper and US$8.00/lb for molybdenum and a 0.80 C$/US$ foreign exchange.The resource estimate uses long term metal prices of US$3.25/lb for copper and US$12.00/lb for molybdenum and 0.80 C$/US$ foreign exchange. Reserves and Resources were updated and are stated as of Dec 31/19. Mineral reserves are contained within the measured and indicated mineral resources. Totals may not sum due to rounding.
