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Centamin

Exploration

Reserves and Resources

Sukari has a large reserve and resource base and there is further exploration upside in Sukari hill and on the 160km2 tenement area that surrounds it. Sukari is the only operating gold mine in Egypt and we believe the country has significant mining potential.

The total Measured and Indicated resource, at 30 June 2015, was 13 million ounces (Moz) gold and is reported as an open pit resource at 0.3g/t cut-off grade. This total is inclusive of the 1.0 Moz underground resource.

Total combined open pit and underground reserve estimate, at 30 June 2015, was 8.8Moz.

Sukari's life-of-mine is expected to be around 20 years, with continued growth and further exploration.

Sukari Total Mineral Resource

  Measured Indicated Total Measured + Indicated Inferred
Cut-off
(g/t Au)
Tonnes
(Mt
Grade
(g/t Au)
Tonnes
(Mt)
Grade
(g/t Au)
Tonnes
(Mt)
Grade
(g/t Au)
Gold
(Moz)
Tonnes
(Mt)
Grade
(g/t Au)
Gold
(Moz)
0.3 198 1.05 188 1.02 386 1.03 12.9 33 1 1.1
0.4 160 1.22 152 1.18 312 1.2 12 26 1.2 1
0.5 133 1.38 124 1.34 257 1.36 11.2 21 1.3 0.9
0.7 95 1.69 87 1.66 182 1.68 9.8 15 1.7 0.8
1 62 2.14 56 2.12 118 2.13 8.1 9 2.1 0.6
  • Totals may not equal the sum of the components due to rounding adjustments.
  • The Mineral Resource estimate is based on the open pit mined surface as at 30 June 2015 and adjusted for underground mine workings as at 30 June 2015.
  • All available assays as at February 2015.
  • Resource data set comprises 252,449 two metre down hole composites and surface rock chip samples.
  • Mineral Resources are reported inclusive of those resources converted to Proven and Probable Mineral Reserves.
  • The resources are estimates of recoverable tonnes and grades using Multiple Indicator Kriging with block support correction.
  • Measured Resources lie in areas where drilling is available at a nominal 25 x 25 metre spacing, Indicated resources occur in areas drilled at approximately 25 x 50 metre spacing and Inferred resources exist in areas of broader spaced drilling.
  • The resource model extends from 9700mN to 12200mN and to a maximum depth of 0mRL (a maximum depth of approximately 1,000 metres below wadi level).

Sukari Underground Resource (included within the total resource above)

Resouce Tonnes
('000 t)
Grade
(g/t Au)
Contained Gold
('000 oz)
Measured 1,850 6.5 390
Indicated 2,820 7.0 630
Total M&I 4,670 6.8 1,020
Inferred 6,970 5.6 1,240
  • Totals may not equal the sum of the components due to rounding adjustments.
  • The Mineral Resource is reported above 2g/t within interpreted mineralised domains.
  • The Mineral Resource estimate is depleted by underground mine workings as at 30 June 2015.
  • All available information has been used including mapping from underground mining and assays as at June 2015.
  • Available resource data resulted in 21,369 one metre down hole composites used for grade estimation.
  • The Mineral Resources were estimated utilising a single Indicator weighted Kriging method (IK) to estimate gold for each of the mineralisation domains.
  • Measured Mineral Resources are defined by a drill spacing of at least 20m x 20m and confined to the interpreted mineralisation defined by underground mine development. Indicated Mineral Resources are defined as areas outside the Measured Mineral Resource and defined by approximately 20m x 20m drill spacing. Inferred Mineral Resources include all remaining estimated mineralisation defined by a drill spacing of approximately 50m x 50m.
  • Mineral Resources are reported inclusive of those resources converted to Proven and Probable Mineral Reserves.
  • The underground resource is located within the boundaries of the open pit resource, and is included within that total.

Sukari Open Pit Mineral Reserve

Classification Tonnes
(Mt)
Grade
(g/t Au)
Contained Gold
(Moz)
Proven 130 1.11 4.6
Probable 99 1.07 3.4
Stockpile 21 0.42 0.3
Total 250 1.03 8.3
  • Totals may not equal the sum of the components due to rounding adjustments.
  • Based on mined surface as at 30 June 2015 and a gold price of US$1,300 per ounce.
  • International diesel price reductions allowed a lower diesel price assumption, resulting in a lowering of the mining cost and the CIL processing costs.
  • Diesel price used was US$0.70/litre and the previous diesel price was US$0.84/litre, current fuel price for Sukari is US$0.52/litre
  • Cut-off grades (gold): CIL oxide 0.40g/t, CIL transitional 0.42g/t, CIL sulphide 0.42g/t, Dump Leach oxide 0.08g/t.
  • Designed underground reserves detailed below do not form part of the open pit reserve.

Sukari Underground Mineral Reserve

Classification Tonnes
('000 t)
Grade
(g/t Au)
Contained Gold
('000 oz)
Proven 1,020 6.1 200
Probable 1,700 5.9 320
Total 2,720 6.0 520
  • Totals may not equal the sum of the components due to rounding adjustments.
  • Based on underground mine workings as at 30 June 2015.
  • Stopes for reserves estimation are designed using a 3g/t cut-off and mining dilution applied at 15% @ 0.8g/t as all stopes are located in mineralised porphyry and 10% mining loss is then assumed to allow for stope bridges and material left in stopes after mining.
  • Mineral Resources are reported inclusive of those resources converted to Proven and Probable Mineral Reserves.

Burkina Faso

Centamin acquired ASX‑listed Ampella Mining Limited in 2014 gaining exploration rights over a highly prospective 2,200km2 region of Burkina Faso. The Konkera prospect which is located near Batie West contains a 1.9Moz Indicated and 1.3Moz Inferred resource.

Konkera Resource, Burkina Faso

Classification Tonnes
(Mt)
Grade
(g/t Au)
Contained Gold
(Moz)
Indicated 34.2 1.7 1.92
Inferred 25 1.7 1.33
  • The table shows a summary of the February 2013 resource estimate using a cut-off of 0.5 g/t Au.
  • The Konkera February 2013 Resource estimate was prepared using JORC (2014) guidelines and meets the criteria of the National Instrument 43-101 Resources.