Technical Reports

January 2017 - NI 43 - 101 Technical Report on the Primavera Project Resource Estimate, R.A.C.C.N. Nicaragua

February 8, 2013 - An Investigation into Scoping Level Testwork on Primavera Project Samples

Table 1 Inferred Resource at a cutoff of 0.5 g/t Au for the Primavera Au-Cu Porphyry Deposit

tonnesAu g/tAg g/tCu %Au EqAu ozsAg ozsCu LbsAu Eq ozs
44,974,0000.541.150.220.84782,0001,661,000218,670,0001,200,000

1. CIM definition standards were followed for the resource estimate. 
2. The 2016 resource models used Ordinary Krig grade estimation within a three-dimensional block model with mineralized zones defined by wireframed solids (HG=high grade, LG= low grade, sap=saprolite). 
3. A base cutoff grade of 0.5 % g/t Au was used for reporting resources. 
4. Densities varied by material type and ranged from 2.4 for saprolite to 2.71 for diorite and the volcanics have variable estimated densities using inverse distance. 
5. Numbers may not add exactly due to rounding. 
6. Gold Equivalent (AuEq) calculated using $1300/oz Au for gold, $2.40/lb for Copper, and $20.00/oz Ag for silver and metallurgical recoveries are assumed to be 90% for both gold and copper. 
7. Mineral Resources that are not mineral reserves do not have economic viability 
8. The quantity and grade of reported inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category.

Table 2 Calibre Mining Corp. Inferred Resource for Cerro Aeropuerto, La Luna & Riscos de Oro (using a 0.6 g/t AuEq 1,3cutoff grade)2 

ZoneTonnesGrade (Au g/t)Grade (Ag g/t)Grade (Aueq g/t)Contained Au (ounces)Contained Ag (ounces)Contained Aueq (ounces)
La Luna2,539,0001.5614.011.78127,7001,143,570146,000
C. Aeropuerto6,052,0003.6416.163.89707,7503,144,500757,000
Riscos de Oro2,159,0003.2059.674.14222,3004,142,000287,000
Total    1,057,7508,430,0701,190,000

1. Resource models used Inverse Distance grade estimation within a three-dimensional block model with mineralized zones defined by wireframed solids and a base cutoff grade of 0.6 g/t. 
2. Resource Estimates for La Luna and Cerro Aeropuerto detailed in Technical Report titled NI 43-101 Technical Report and Resource Estimation of the Cerro Aeropuerto and La Luna Deposits, Borosi Concessions, Nicaragua by Todd McCracken, dated April 11, 2011. 
3. Numbers may not add exactly due to rounding. 
4. Gold Equivalent (AuEq) for Riscos de Oro was calculated using $1264 /oz Au for gold and $19.78/oz Ag for silver, and metallurgical recoveries and net smelter returns are assumed to be 100%. 
5. Gold Equivalent (AuEq) for La Luna and C. Aeropurto was calculated using $1058/oz Au for gold and $16.75/oz Ag for silver, and metallurgical recoveries and net smelter returns are assumed to be 100%. 
6. Mineral Resources that are not mineral reserves do not have economic viability

Table 3 Cerro Aeropuerto Deposit - Inferred Resource Calculations at different cutoff grades2

Tonnes and GradeTotal Contained Metal
Cutoff gradeTonnesGoldSilverAu Eq1GoldSilverGoldSilverAu Eq1
Au Eq (g/t)1 (g/t)(g/t)(g/t)(grams)(grams)(ounces)(ounces)(ounces)
0.26,850,0003.2414.693.4722,228,000100,599,000714,6403,234,350765,290
0.46,219,0003.5515.953.8022,078,00099,203,000709,8203,189,470759,780
0.66,052,0003.6416.163.8922,013,00097,805,000707,7503,144,500757,000
0.85,656,0003.8615.954.1121,845,00090,205,000702,3302,900,150747,750
1.05,396,0004.0215.934.2721,676,00085,980,000696,9102,764,320740,210

1 Au Eq cutoff equivalent calculated using Wardrop’s estimated gold price of US$1058/oz and silver price of US$16.57 per ounce.
2 Mineral resources that are not mineral reserves do not have economic viability

Table 4 La Luna Deposit - Inferred Resource Calculations at different cutoff grades2

Tonnes and GradeTotal Contained Metal
Cutoff gradeTonnesGoldSilverAu Eq1GoldSilverGoldSilverAu Eq1
Au Eq (g/t)1 (g/t)(g/t)(g/t)(grams)(grams)(ounces)(ounces)(ounces)
0.23,502,0001.2211.151.404,279,00039,044,000137,5701,255,280157,230
0.42,909,0001.4212.791.624,129,00037,206,000132,7501,196,190151,480
0.62,539,0001.5614.011.783,972,00035,569,000127,7001,143,570145,610
0.82,129,0001.7415.821.993,713,00033,685,000119,3601,083,010136,320
1.01,661,0002.0119.092.313,343,00031,708,000107,5001,019,440123,460

1 Au Eq cutoff equivalent calculated using Wardrop’s estimated gold price of US$1058/oz and silver price of US$16.57 per ounce. 
2 Mineral resources that are not mineral reserves do not have economic viability

Table 5 Riscos de Oro- Inferred Resource Calculations at different cut off grades2

AuEq
CUT-OFF
TONNESGrade
AuEq g/t
Grade
Au g/t
Grade
Ag g/t
Contained
Au oz
Contained
Ag oz
Contained
AuEq oz
0.42,255,0003.983.0857.56223,2904,173,423288,599
0.62,159,0004.143.2059.67222,2574,142,076287,075
0.82,037,0004.343.3662.41220,3094,087,071284,266
1.01,917,0004.563.5365.27217,7974,023,009280,752
1.21,807,0004.773.7068.17214,9183,960,356276,893
1.41,696,0004.993.8871.41211,3253,893,867272,259
1.61,595,0005.214.0574.62207,5453,826,497267,425
1.81,514,0005.404.1977.55203,9633,774,633263,032
2.01,451,0005.554.3179.59201,0163,713,150259,122

1. Au Eq cutoff equivalent calculated using Wardrop’s estimated gold price of US$1058/oz and silver price of US$16.57 per ounce.
2. Mineral resources that are not mineral reserves do not have economic viability

Table 6 Calibre Mining Corp. (party to Alder Resources Ltd. joint venture)
Inferred Resource for Rosita Stock Piles (using a 0.14% Copper cutoff grade)2

Tonnes and GradeTotal Contained Metal
DepositTonnesGoldSilverCuGoldSilverCu
  (g/t)(g/t)(%)(oz)(oz)(lbs)
Rosita Stock Piles7,950,0000.469.200.62118,0002.35M108M

1 Base case is reported at a 0.15% copper equivalent cut-off grade which incorporates consideration of mining and processing cost, recoveries, commodity prices and selling cost.
2. Estimate assumes a long term copper price of US$2.90/lb, a gold price of US$1,200/oz and a silver price of US$24/oz.
3. Rounding as required by NI 43-101 reporting guidelines may result in apparent summation differences.
4. Tonnage and grade measurements are in metric units. Contained gold and silver ounces are reported as troy ounces, contained copper pounds as imperial pounds.
5. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
6. The quantity and grade of reported inferred mineral resources in this estimation are uncertain in nature and there has been insufficient exploration to define these inferred mineral resources as indicated or measured mineral resources and it is uncertain if further exploration will result in upgrading them to indicated or measured mineral resources.

Technical Reports


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