Assets

Reserves and Resources

Mineral Reserves for the Morelos Complex

  • Notes

    Notes to accompany summary Mineral Reserve Table:
     

    1. Mineral Reserves were developed in accordance with CIM (2014) guidelines.
    2. Rounding may result in apparent summation differences between tonnes, grade, and contained metal content Surface Stockpile mineral reserves are estimated using production and survey data and apply the same AuEq formula as ELG Open Pits and ELG Underground.
    3. AuEq of Total Reserves is established from combined contributions of the various deposits.
    4. The qualified person for the mineral reserve estimate is Johannes (Gertjan) Bekkers, P. Eng., Director of Mine Technical Services.
    5. The qualified person is not aware of mining, metallurgical, infrastructure, permitting, or other factors that materially affect the Mineral Reserve estimates.


    Notes to accompany the ELG Open Pit Mineral Reserves:
     

    1. Mineral Reserves are founded on Measured and Indicated Mineral Resources, with an effective date of December 31, 2021, for ELG Open Pits (including El Limón, El Limón Sur and Guajes deposits).
    2. ELG Open Pit Mineral Reserves are reported above a diluted cut-off grade of 1.1 g/t Au.
    3. ELG Low Grade Mineral Reserves are reported above a diluted cut-off grade of 1.0 g/t Au.
    4. It is planned that ELG Low Grade Mineral Reserves within the designed pits will be stockpiled during pit operation and processed during pit closure.
    5. Mineral Reserves within the designed pits include assumed estimates for dilution and ore losses.
    6. Cut-off grades and designed pits are considered appropriate for a metal price of $1,400/oz Au and metal recovery of 89% Au.
    7. Mineral Reserves are reported using a gold price of US$1,400/oz, silver price of US$17/oz, and copper price of US$3.25/lb.
    8. Average metallurgical recoveries of 89% for gold and 30% for silver and 10% for copper
    9. ELG AuEq = Au (g/t) + Ag (g/t) * (0.0041) + Cu (%) * (0.1789), accounting for metal prices and metallurgical recoveries.


    Notes to accompany the ELG Underground Mineral Reserves:
     

    1. Mineral Reserves are founded on Measured and Indicated Mineral Resources, with an effective date of December 31, 2021, for ELG Underground (including Sub-Sill and ELD deposits).
    2. Mineral Reserves were developed in accordance with CIM guidelines.
    3. El Limón Underground mineral reserves are reported above an in-situ ore cut-off grade of 3.58 g/t Au and an in-situ incremental cut-off grade of 1.04 g/t Au
    4. Cut-off grades and mining shapes are considered appropriate for a metal price of $1,400/oz Au and metal recovery of 89% Au.
    5. Mineral Reserves within designed mine shapes assume mechanized cut and fill mining method and include estimates for dilution and mining losses.
    6. Mineral Reserves are reported using a gold price of US$1,400/oz, silver price of US$17/oz, and copper price of US$3.25/lb
    7. Average metallurgical recoveries of 89% for gold and 30% for silver and 10% for copper
    8. ELG AuEq = Au (g/t) + Ag (g/t) * (0.0041) + Cu (%) * (0.1789), accounting for metal prices and metallurgical recoveries.


    Notes to accompany the ML Underground Mineral Reserves:
     

    1. Mineral Reserves are based on Media Luna Indicated Mineral Resources with an effective date of October 31st, 2021.
    2. Media Luna Underground Mineral Reserves are reported above a diluted ore cut-off grade of 2.2 g/t AuEq
    3. Media Luna Underground cut-off grades and mining shapes are considered appropriate for a metal price of $1,400/oz Au, $17/oz Ag and $3.25/lb Cu and metal recoveries of 85% Au, 79% Ag, and 91% Cu.
    4. Mineral Reserves within designed mine shapes assume long-hole open stoping, supplemented with mechanized cut-and-fill mining and includes estimates for dilution and mining losses.
    5. Media Luna AuEq = Au (g/t) + Ag (g/t) * (0.011188) + Cu (%) * (1.694580), accounting for metal prices and metallurgical recoveries

Mineral Resources for the Morelos Complex

  • Notes

    Notes to accompany summary Mineral Resource Table:
     

    1. CIM (2014) definitions were followed for Mineral Resources.
    2. Mineral Resources are depleted above a mining surface or to the as-mined solids as of December 31, 2021.
    3. Mineral Resources are reported using a gold price of US$1,550/oz, silver price of US$20/oz, and copper price of US$3.50/lb.
    4. AuEq of total Mineral Resources is established from combined contributions of the various deposits.
    5. Mineral Resources are inclusive of Mineral Reserves.
    6. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
    7. Numbers may not add due to rounding.
    8. The estimate was prepared by Mr. John Makin, MAIG, a consultant with SLR Consulting (Canada) Ltd. Mr. Makin is independent of the company and is a “Qualified Person” under NI 43-101.


    Notes to accompany the ELG Mineral Resources:
     

    1. The effective date of the estimate is December 31, 2021.
    2. Average metallurgical recoveries are 89% for gold, 30% for silver and 10% for copper.
    3. ELG AuEq = Au (g/t) + (Ag (g/t) * 0.0043) + (Cu (%) * 0.1740). AuEq calculations consider both metal prices and metallurgical recoveries.


    Notes to accompany the ELG Open Pit Mineral Resources:
     

    1. Mineral resources are reported above a cut-off grade of 0.9 g/t Au.
    2. Mineral Resources are reported inside an optimized pit shell, underground mineral reserves at ELD within the El Limón shell have been excluded from the open pit Mineral Resources.


    Notes to accompany the ELG Underground Mineral Resources:
     

    1. Mineral Resources are reported above a cut-off grade of 2.6 g/t Au.
    2. The assumed mining method is underground cut and fill.
    3. Mineral Resources from ELD that are contained within the El Limón pit optimization and that are not underground Mineral Reserves have been excluded from the underground Mineral Resources.


    Notes to accompany the ML Mineral Resources:
     

    1. The effective date of the estimate is October 31, 2021.
    2. Mineral Resources are reported above a 2.0 g/t AuEq cut-off grade.
    3. Metallurgical recoveries at Media Luna (excluding EPO) average 85% for gold, 79% for silver, and 91% for copper. Metallurgical recoveries at EPO average 85% for gold, 75% for silver, and 89% for copper.
    4. Media Luna (excluding EPO) AuEq = Au (g/t) + (Ag (g/t) * 0.011889) + (Cu (%) * 1.648326). EPO AuEq = Au (g/t) + Ag (g/t) * (0.011385) + Cu % * (1.621237). AuEq calculations consider both metal prices and metallurgical recoveries.
    5. The assumed mining method is from underground methods, using a combination of long hole stoping and, cut and fill.
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For additional information and disclosure related to our 2021 year-end mineral reserves and resources for ELG, please see click here.
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For additional information and disclosure related to our our latest mineral resource estimate for Media Luna, please see here.
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