RNS Number : 6611I
Trans-Siberian Gold PLC
21 June 2017
 

 

 

Trans-Siberian Gold plc

("TSG" or the "Company")

 

Updated Mineral Resource

 

Trans-Siberian Gold plc ("TSG" or the "Company") (TSG.L) announces an update of the Mineral Resource estimate for the Asacha deposit in Kamchatka, Russia.

 

The updated Mineral Resource estimate was conducted by AranzGeo ("AGL"), based in Australia and classified according to the guidelines of the JORC Code (2012). 


 

Mineral Resource Summary

 

The Mineral Resource estimate for Asacha as of 31 December 2016 is shown in the following table:

 

Classification

Zone

'000 tonnes

Au

(g/t)

Ag

(g/t)

Au

('000oz)

Ag

('000oz)

Measured

Main

110

16

25

57

87

Indicated

Main

567

20

61

362

1,110

Indicated

East

3

56

30

6

3

Total M&I


681

19

55

424

1,200

Inferred

Main

101

14

32

45

100

Inferred

East

269

26

53

224

460

Total Inferred


370

23

47

269

560

Notes:

1.     Resources are reported above 4g/t cut-off grade

2.     Resources are reported after mining depletion.

3.     Tonnage and grades have been rounded

The resource at Asacha occurs in two zones: the Main zone (currently being mined) and East zone (not yet mined). The Main zone comprises six defined veins, with the bulk of the resource contained in two of these, QV1 and QV2, while the East zone is comprised of three narrow vein structures.

 

The purpose of these annual updates is to incorporate new data available from mining development, and to account for mining depletion. In addition to mining development data for the 2016 mineral resource estimate on the Main zone veins, an update to the East zone QV25 with new exploration data was incorporated.

 

Year-on-Year Comparison

 

The following table illustrates the changes between the Mineral Resource estimate as of 31 December 2015 and the updated Mineral Resource estimate as of 31 December 2016:

 

 

 

 

 

 

 

 

 

Description

Au ('000oz)

Ag ('000oz)

Resource Estimate as at 31 December 2015

 

760

1,798

Mining depletion

 

-32

-51

Adjustment due to East Zone not reported above 4g/t in 2015 (Inferred)

 

-29

-46

Difference due to model geometry and grade estimation due to new data

-6

59

Resource Estimate as at 31 December 2016

 

693

1,760

 

A copy of the updated Mineral Resource estimate is available on the Company's website at: http://www.trans-siberiangold.com 

 

Competent Person Conclusion

 

The Competent Person, Ms. Carrie Nicholls, states:

 

"Based on the presence of the operating mine and mill, existing mine economics, the potential for incremental development access to deeper and more distal parts of the ore body, and the potential for further exploration success, it is considered that all the vein resources defined at Asacha have a reasonable prospect of eventual economic extraction."

 

 

Dmitry Khilov, CEO of TSG, commented:

 

"We are pleased with the results of the annual review of our mineral resources which indicate no material change and confirm high grades within the in-situ resources. Our team work hard on understanding the ore-body and continue to seek to enhance efficient ways of exploiting this excellent deposit."

 

Contacts:

 

TSG

 

Simon Olsen

+44 (0) 7770 484965

Stewart Dickson

+44 (0) 7799 694195

 

 

 

Cantor Fitzgerald Europe

+44 (0) 207 894 7000

David Porter

 

 

 

Competent Person

 

The updated Mineral Resource estimate was prepared by Ms. Carrie Nicholls (Senior Consultant, AranzGeo).

 

The information in this release that relates to the updated Mineral Resource estimate is based on, and fairly represents, information, which has been compiled by Ms. Nicholls.

 

Ms. Nicholls is a geologist with more than 14 years of experience in geo-statistical analysis, geological modelling and resource estimation. She has extensive experience in open pit gold mining operations in Africa and Venezuela and has undertaken geo-statistical and geological modelling work for a variety of deposits including gold, copper and niobium. She holds a B.Sc. (hons) degree in geology from Bristol University, UK and a M.Sc. in Mineral Resources from the University of Wales, Cardiff, UK. She is a member of the AusIMM and Geological Society of London.

 

Ms. Nicholls has sufficient experience relevant to the styles of mineralisation and type of deposit under consideration and to the activity that is being undertaken to qualify as a Competent Person, as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Ms. Nicholls is a full time employee of AranzGeo and has consented to the inclusion of the matters in this announcement based on the information in the form and context in which it appears.

 

Market Abuse Disclosure

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR'). Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.

 

Technical Glossary

 

"cut-off grade"

the lowest grade, or quality, of mineralised material that qualifies as economically mineable and available in a given deposit. May be defined on the basis of economic evaluation, or on physical or chemical attributes that define an acceptable product specification.

 

"g/t"

grams per tonne

 

"Indicated mineral resource"

a part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a reasonable level of confidence. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. The locations are too widely or inappropriately spaced to confirm geological and/or grade continuity but are spaced closely enough for continuity to be assumed

 

"Inferred mineral resource"

a part of a Mineral Resource for which tonnage, grade and mineral content can be estimated with a low level of confidence. It is inferred from geological evidence and assumed but not verified geological and/or grade continuity. It is based on information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes which may be limited or of uncertain quality and reliability.

 

"JORC Code"

the code for reporting of the Australasian Joint Ore Reserves Committee, which is sponsored by the Australian mining industry and its professional organisations. The code is widely accepted as a standard for professional reporting purposes for reporting of mineral resources and ore reserves.

 

"Measured mineral resource"

 

A part of a Mineral Resource for which quantity, grade (or quality), densities, shape, and physical characteristics are estimated with confidence sufficient to allow the application of Modifying Factors to support detailed mine planning and evaluation of the economic viability of the deposit.

 

 "Mineral Resource"

a concentration or occurrence of material of intrinsic economic interest in or on the Earth's crust in such form, quality and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade, geological characteristics and continuity of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge. Mineral Resources are sub-divided, in order of increasing geological confidence, into Inferred, Indicated and Measured categories.

 

"Mineralisation"

the process or processes by which a mineral is introduced into a rock, resulting in a valuable or potentially valuable deposit.  It is a general term, incorporating various types; e.g., fissure filling, impregnation, and replacement.

 

 


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