Commodity

Commodity

Gold

Ownership

Ownership

100%

Land Package

Land Package

3,500 hectares

Operation

Operation

18,750 tpd

Deposit Type

Deposit Type

Gold-rich porphyry system

Mining Method

Mining Method

Open pit, heap leach

Overview

Lindero is an open pit, heap leach gold project with a completed 2016 feasibility study that has been granted all environmental and other major permits necessary for development.

Location

The Lindero Project is located in the Argentinian puna at an elevation of approximately 3,500 to 4,000 meters, 260 kilometers due west of Salta City at latitude 25° 04’ 56” S and longitude 67° 46’ 47” W. Drive time from Salta City to Lindero is approximately 7 to 7.5 hours over a road distance of 420 kilometers. Access to the project is via National Route 51, which passes through the towns of San Antonio de Los Cobres and Olacapato, and by Provincial Route 27, which passes through the towns of Pocitos and Tolar Grande. Tolar Grande is the nearest town to the project, located 75 kilometers to the northeast.

Geology and Mineralization

The Lindero deposit is a gold-rich porphyry system hosted within a series of diorite to monzonite porphyritic stocks that intrude coarse-grained Ordovician granites and Early Tertiary red bed sandstones. Mineralization forms an inward plunging semi-circular shape approximately 600 meters in diameter and extends to a drill tested depth of 600 meters. Gold-copper mineralization shows a strong relationship to lithology, K-feldspar alteration, and stockwork veining.

12 Year Reserve Life

Reserves and Resources

Mineral Reserves - Proven and Probable

PropertyClassificationTonnes
(000)
Au
(g/t)
Contained Metal
Au
(koz)
Lindero Project, ArgentinaProven26,3490.78 661
Probable56,1840.571,022
Proven + Probable82,5330.631,684

Mineral Resources - Measured and Indicated

PropertyClassificationTonnes
(000)
Au
(g/t)
Contained Metal
Au
(koz)
Lindero Project, ArgentinaMeasured2,0510.5939
Indicated32,7160.40418
Measured + Indicated34,7670.41456

Mineral Resources - Inferred

PropertyClassificationTonnes
(000)
Au
(g/t)
Contained Metal
Au
(koz)
Lindero Project, ArgentinaInferred46,5000.41610

Notes:

  1. Mineral Reserves and Mineral Resources are as defined by CIM Definition Standards on Mineral Resources and Mineral Reserves
  2. Mineral Resources are exclusive of Mineral Reserves
  3. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability
  4. There are no known legal, political, environmental, or other risks that could materially affect the potential development of the Mineral Resources or Mineral Reserves at Lindero
  5. Mineral Resources and Mineral Reserves are reported as of October 23, 2015
  6. Mineral Reserves for Lindero are reported based on open pit mining within designed pit shells based on variable gold cut-off grades and gold recoveries by metallurgical type. Met type 1 cut-off 0.25 g/t Au, recovery 67.9%; Met type 2 cut-off 0.23 g/t Au, recovery 73.6%; Met type 3 cut-off 0.24 g/t Au, recovery 69.3%; and Met type 4 cut-off 0.27 g/t Au, recovery 61.7%
  7. The cut-off grades and pit designs are considered appropriate for long term gold prices of US$1,200/oz
  8. Mineral Resources are reported above a 0.2 g/t Au cut-off grade with internal dilution appropriate for a 10 x 10 x 8 m selective mining unit and no external dilution
  9. Mineral Resources are reported using a long-term gold price of US$1,350/oz, mining costs at US$1.80 per tonne of material, with total processing and process G&A costs of US$5.72 per tonne of ore and an average process recovery of 70%. The refinery costs net of pay factor were estimated to be US$10.21 per ounce gold
  10. Mineral Resources are reported within a conceptual pit shell using a slope angle (52°) consistent with geotechnical consultant recommendations
  11. Totals may not add due to rounding procedures
Technical Report

Technical Report

Effective date: October 23, 2015

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