Geological Resources – Coringa
The Company acquired the Coringa project on 21 December 2017 from Anfield Gold Corp which was a reporting issuer as at that date and had filed a Feasibility Study prepared by MTB Project Management Professional Inc of Colorado USA, entitled “Coringa Gold Project Brazil, Feasibility Study NI 43-101 Technical Report” (the Feasibility Study”) and dated September 6, 2017.
The Feasibility Study has been reviewed by Michael J Hodgson, the Chief Executive of Serabi. Mr Hodgson is an Economic Geologist by training with over 30 years’ experience in the mining industry. He holds a BSc (Hons) Geology, University of London, a MSc Mining Geology, University of Leicester and is a Fellow of the Institute of Materials, Minerals and Mining and a Chartered Engineer of the Engineering Council of UK, recognising him as both a Qualified Person for the purposes of Canadian National Instrument 43-101 and by the AIM Guidance Note on Mining and Oil & Gas Companies dated June 2009.
All information regarding the Mineral Reserves, Mineral Resources and potential economics of the Coringa project are extracted from the Feasibility Study. The Company is not aware of any new material scientific or technical information that would make the disclosure of the mineral resources, mineral reserves or results of the preliminary economic assessment inaccurate or misleading.
The Feasibility Study established an independent Mineral Reserve and Mineral Resource, in accordance with the standard of CIM and Canadian National Instrument 43-101, as follows:
|Mineral Resources as at July 2017||Tonnage||Gold g/t||Contained Gold ounces|
|TOTAL Measured + Indicated||726,000||8.36||195,000|
|Total Inferred Resources||1,301,000||4.32||181,000|
1) Mineral resources are not Mineral Reserves and do not have demonstrated economic viability.
2) Base case cut-off is 2g/t.
|Mineral Reserves as at July 2017||Tonnage||Gold g/t||Contained Gold ounces|
|TOTAL Proven and Probable||768,600||6.49||160,300|
1) The Reserves include diluting material, thus the grades are fully diluted
2) Probable Reserves are reported based in Indicated Resources inside of mining shapes and after it was demonstrated that it can be mined at a profit
3) Indicated Resources below the mining cut-off grade, and inside of mining solids are included in reserves as internal dilution
Mineral Resources and Mineral Reserves for the Coringa Gold Project have been classified according to the CIM Standards on Mineral Resources and Reserves: Definitions and Guidelines (Update 2011)