Mineral Resources and Reserves 2012 (full report, click HERE)
The technical report Mineral Resources and Reserves 2012 (Technical Report) for the Charters Towers Gold Project (the Project).
The 173 page Technical Report by the consultant's is a rigorous review and evaluation of the technical aspects of the Projects geological gold and silver deposit.
This independent Technical Report, by Pathfinder Exploration, of Citigold's Mineral Resources and Ore Reserves for the overall Charters Towers Gold Project are reported in accordance with the Australasian JORC Reporting code 2012. As at 30 June 2016 the Mineral Resources and Ore Reserves are tabled below.
No gold production or infill drilling was undertaken in the year and the resources and reserves remain unchanged.
See detailed Technical Report at www.citigold.com click Mining, then Technical Reports then Mineral Resources and Reserves 2012.
In accordance with JORC requirements the Technical Report states the consultants confidence level is ±10 to 15% for the contained ounces in the Probable Ore Reserve. The confidence level is ±30% for the contained ounces in the Inferred Mineral Resource, because two mining factors have been included (a minimum mining width of one metre, and a substantial discount of the tonnes (-70%) based on known mine payability on the reefs).
The gold mineralisation in the main east-west striking reefs generally start about 100 metres from surface. It is planned that the Mineral Resources are effectively converted to Mineral Reserve during the actual process of mining.
Therefore, Citigold’s Financial Model for the go forward gold production has applied a conservative 20% discount to the contained in-situ gold ounces for the estimation of ounces available to be mined in each of the reefs.