Nevada Reserves
Proven and Probable (P&P) Reserve Estimates
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December 31, 2022 Nevada Mining Unit Proven & Probable Reserve Summary
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| Description |
Tonnes |
Gold
g/t |
Silver
g/t |
Gold
Ounces |
Silver
Ounces |
| Isabella Pearl Mine |
|
| Proven |
250,400 |
4.38 |
49 |
35,200 |
392,700 |
| Probable |
171,500 |
1.77 |
17 |
9,800 |
92,900 |
| Proven and Probable Total |
421,900 |
3.32 |
36 |
45,000 |
485,600 |
| High-Grade Stockpile |
65,300 |
3.46 |
37 |
7,300 |
78,400 |
| Low-Grade Stockpile |
426,500 |
0.52 |
6 |
7,100 |
76,600 |
| Isabella Pearl Mine Total |
913,700 |
2.02 |
22 |
59,400 |
640,600 |
Notes to the 2022 P&P reserves:
- Metal prices used for P&P reserves were $1,750 per ounce of gold and $21.00 per ounce of silver. These prices reflect the consensus 2023-2024 average prices for gold and silver (CIBC Global Mining Group, Analyst Consensus Commodity Price Forecasts, January 3, 2023).
- Gold equivalent is 83.33:1 determined by taking gold ounces produced or sold, plus silver ounces produced or sold converted to gold equivalent ounces using the gold to silver average price ratio for the period.
- For the Isabella Pearl Mine, the quantities of material within the designed pits were calculated using a cutoff grade of 0.33 Au g/t.
- Mining, processing, energy, administrative and smelting/refining costs were based on 2022 actual costs for the Isabella Pearl Mine.
- Metallurgical gold recovery assumptions used for the Isabella Pearl Mine were 81% for all ore which is currently being crushed. These recoveries reflect predicted average recoveries from metallurgical test programs.
- Isabella Pearl P&P reserves are diluted and factored for expected mining recovery.
- Figures in tables are rounded to reflect estimate precision and small differences generated by rounding are not material estimates.
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In addition to Reserves, the Company estimates 51,900 recoverable gold ounces on the Isabella Pearl heap leach pad at 12/31/2022
Nevada Resources
Mineral Resource Inventory at Golden Mile, Mineral County, Nevada, USA
(as of September 30, 2021)1 2 3 4 5 6 7 |
| Class |
Tonnes |
Short Tons |
Au
(g/t)5 |
Au
(opst)6 |
Au
(oz)7 |
| Indicated |
2,160,000 |
2,380,000 |
1.13 |
0.033 |
78,500 |
| Inferred |
2,400,000 |
2,640,000 |
1.10 |
0.032 |
84,500 |
- Reported at a cutoff of 0.34 g/t Au (0.010 opst).
- Whole block diluted estimates are reported within an optimized pit shell.
- Mineral Resources do not have demonstrated economic viability.
- Totals may not sum exactly due to rounding.
- "g/t" = gram/metric tonne.
- "Opst" = ounces per short ton.
- "oz" = Troy ounce.
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Mineral Resource Inventory at County Line, Mineral & Nye Counties, Nevada, USA
(as of December 31, 2022)1 2 3 4 5 6 7 8 9 |
| Class |
Tonnes |
Au
(g/t) |
Au
(oz) |
| Measured |
579,500 |
1.04 |
19,500 |
| Indicated |
623,000 |
0.90 |
17,900 |
| Inferred |
438,000 |
0.87 |
12,200 |
- Reported at a cutoff grade of 0.33 g/t Au.
- Cutoff grade calculations used mining, processing, energy, administrative and smelting/refining costs based on 2022 actual costs for the Company’s producing Isabella Pearl mine.
- Metallurgical gold recovery assumption used was 81%. This recovery reflects the predicted average recovery from metallurgical test programs at the Isabella Pearl mine.
- Whole block diluted estimates are reported within an optimized pit shell
- Mineral Resources do not have demonstrated economic viability
- Totals may not sum exactly due to rounding
- “g/t” = gram/metric tonne
- “oz” = Troy ounce
- Gold price $1,750 per oz assumed. The gold price as reported on December 31, 2022 was $1,812 per oz.
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