Avion Announces Updated Mineral Resource and Mineral Reserve at Tabakoto Project of 827,100 Ounces of Gold
10.05.2012 | Marketwire
Overall Tabakoto Project Mineral Resources Increase After Mining DrawdownTORONTO, ONTARIO -- (Marketwire) -- 05/10/12 -- Avion Gold Corporation ("Avion" or "the Company") (TSX: AVR) (OTCQX: AVGCF), is pleased to announce its updated mineral resource and mineral reserve estimation for nine deposit groups and several ore stockpiles that comprise the Tabakoto Project in Mali, West Africa. The mineral reserves and mineral resource estimates have been determined as of January 1, 2012, with highlights as follows:
- Tabakoto Project underground Proven and Probable mineral reserves comprise 4,606,000 tonnes grading 4.49 g/t Au for 664,600 ounces of gold.
- Tabakoto Project open pit and stockpiled Proven and Probable mineral reserves comprise 2,300,000 tonnes grading 2.20 g/t Au for 162,500 ounces of gold.
- Total mineral reserves comprise 6,906,000 tonnes grading 3.73 g/t Au for 827,100 ounces of gold.
- Total post-reserve additional Measured and Indicated mineral resources comprise 1,964,000 tonnes at 4.62 g/t Au containing 292,100 ounces of
gold.
- Total additional Inferred mineral resources comprise 7,598,000 tonnes at 4.57 g/t Au containing 1,117,400 ounces of gold.
Avion's pre-reserve Measured and Indicated mineral resources of 6,772,000 tonnes grading 5.12 g/t Au totaling 1,118,900 ounces of gold represents a 3.6% increase in grade and a 4.9% decrease in overall ounces from the previous Measured and Indicated mineral resource estimate. The current Inferred mineral resources of 7,598,000 tonnes grading 4.57 g/t Au totaling 1,117,400 ounces of gold represent an 11.5% increase in grade and a 7.4% increase in overall ounces as compared to the previous Inferred mineral resource estimate. Overall, year over year, total estimated mineral resources increased by 0.9% or approximately 30,000 ounces from 2011 to 2012 even after production of 91,200 ounces of gold in 2011.
Updated mineral reserves, based on the above Measured and Indicated mineral resources total 6,906,000 tonnes grading 3.73 g/t Au for 827,100 ounces of gold. Avion's underground reserves at 664,500 ounces of gold have remained essentially the same while the open pit reserves have been depleted by mining as was expected. The Company's annual goal is to replace or increase the mineral reserves that have been depleted by mining. Current mineral reserves were derived from the current Measured and Indicated mineral resources which are presented, pre-reserve, in a table at the end of this news release.
John Begeman, President and CEO, commented: "The gold resource grades we see at Tabakoto are some of the best in West Africa and again highlights why Avion has chosen to focus in this part of Mali and why we can continue to build value through the drill bit. The Company has over three years of operating experience at the Tabakoto Project, and has demonstrated that the mine is profitable. Production from the Tabakoto underground mine and Djambaye open pit were both successfully started this year with underground production planned to commence at the Segala deposit in 2013. Additionally, Avion is working toward defining initial reserves on the nearby Kofi property in 2012 where Avion has defined an Indicated mineral resource of 500,000 ounces of gold, and an Inferred mineral resource of 702,000 ounces of gold."
Compared to Avion's previous reserve statement on July 5, 2011, post reserve, Measured and Indicated mineral resources have increased 95% from 149,100 ounces of gold to 292,100 ounces of gold and the grade of the resources has increased by 35%. Increases of Measured and Indicated mineral resources were realized from both open pit and underground sources with, in management's opinion, obvious areas where additional Measured and Indicated mineral resources could be defined. Avion's goal in 2012 will be to convert some of these Measured and Indicated mineral resources to reserves through additional drilling and deposit modeling and to continue to convert Inferred mineral resources to Measured and Indicated mineral resources.
During the first four months of 2012, Avion updated the mineral resource estimates of the Tabakoto NW, Tabakoto NE, Tabakoto South, Djambaye II and Segala NW zones as well as defined new mineral resources for the Segala Main West zone. Mineral resource estimates, developed by P&E Mining Consultants Inc., after production drawdown, for the Segala Main, Dioulafoundou and Tabakoto M zones, have not been updated since May 3, 2011, when last stated as there has been no new drilling since the last resource estimate.
The mineral reserve estimate (see tables below) for the Tabakoto Project demonstrates several sources of open pit and underground mineral reserves that provide significant flexibility for Avion's mining plans. The Company is currently transitioning from an open pit mining operation to primarily an underground mining operation with open pit mining to serve as contingency mill feed. The mineral reserve estimate is as of January 1, 2012.
Summary Of Mineral Reserve Estimates By Mine Type(1)(2)(3)
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GRADE OUNCES
TYPE CATEGORY TONNES g/t Au GOLD
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Underground Proven 355,000 5.35 61,100
Probable 4,251,000 4.42 603,500
Subtotal 4,606,000 4.49 664,600
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Open Pit Proven 78,000 3.71 9,300
Probable 931,000 3.57 106,900
Subtotal 1,009,000 3.58 116,200
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Stockpile Proven 1,291,000 1.12 46,300
Probable 0 0.00 0
Subtotal 1,291,000 1.12 46,300
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GRAND TOTAL Proven 1,724,000 2.11 116,700
Probable 5,182,000 4.26 710,400
Total 6,906,000 3.73 827,100
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(1) The Mineral Reserves have been classified in accordance with
requirements of NI 43-101 and the CIM standards. Mineral Reserve
estimates are based on a gold price of USD$1,183 per ounce and a 94%
process plant recovery. Additional parameters used to define the
reserves are presented in a NI 43-101 compliant report filed on
SEDAR on August 17, 2011.
(2) Andrew Bradfield, P.Eng. and Don Dudek, P.Geo. Sr. Officers of Avion
and Qualified Persons, as such term is defined under NI 43-101, are
responsible for the Mineral Reserve estimates and have reviewed and
approved the scientific and technical information in this document
relating to those estimates.
(3) The Mineral Reserves in this press release were estimated using the
Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM
Standards on Mineral Resources and Reserves, Definitions and
Guidelines prepared by the CIM Standing Committee on Reserve
Definitions and adopted by CIM Council.
Mineral Reserve Estimates(1)(2)(3)(4)
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GRADE OUNCES
ZONE CATEGORY TONNES g/t Au GOLD TYPE
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Tabakoto NE Proven 91,000 5.42 15,800 UG
Probable 743,000 4.09 97,600 UG
Subtotal 834,000 4.23 113,400 UG
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Tabakoto NW Proven 142,000 5.16 23,600 UG
Probable 274,000 5.00 44,000 UG
Proven 18,000 3.93 2,300 OP
Probable 13,000 4.45 1,900 OP
Subtotal 447,000 5.00 71,800 UG & OP
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Tabakoto South Proven 104,000 5.81 19,300 UG
/Dabo Probable 361,000 4.73 54,900 UG
Subtotal 465,000 4.96 74,200 UG
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Segala Main Proven 18,000 4.33 2,400 UG
Probable 2,873,000 4.41 407,000 UG
Subtotal 2,891,000 4.40 409,400 UG
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Segala NW Proven 21,000 2.28 1,500 OP
Probable 0 0.00 0 OP
Subtotal 21,000 2.22 1,500 OP
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Djambaye II Proven 0 0.00 0 OP
Probable 806,000 3.23 83,800 OP
Subtotal 806,000 3.23 83,800 OP
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Dioulafoundou Proven 39,000 4.39 5,500 OP
Probable 112,000 5.86 21,200 OP
Subtotal 151,000 5.50 26,700 OP
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STOCKPILES
ROMPAD Proven 31,000 1.70 1,700 SP
Segala Main Pit Low
Grade Proven 833,000 1.08 28,800 SP
Tabakoto Pit Low
Grade Proven 221,000 1.48 10,500 SP
Dioulafoundou Pit Low
Grade Proven 132,000 0.77 3,300 SP
Tabakoto South Pit
Low Grade Proven 49,000 0.78 1,200 SP
Tabakoto UG Low Grade Proven 25,000 1.05 800 SP
Subtotal 1,291,000 1.12 46,300 SP
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GRAND TOTAL 6,906,000 3.73 827,100
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(4) "UG" indicates Underground, "OP" Open Pit and "SP" Stockpile.
A National Instrument 43-101 ("NI 43-101") compliant technical report on the Tabakoto Project issued on August 17, 2011, provides technical support for the above mineral reserve update. Changes in the underground mining method at Tabakoto from Avoca style to conventional longhole sublevel stoping resulted in more pillars being left in the ore and an approximate 3% reduction in mineral reserves. Additionally, several of the ore zones have been modeled at narrower widths than were previously modeled resulting in less tonnes and higher dilution.
Avion is planning to increase its gold production to a rate of approximately 200,000 ounces per year once the mill upgrades are completed. The mineral reserve of 827,100 ounces of gold represents over four and a half years of mine life based on Avion's projected production rates. In 2011, Avion produced 91,200 ounces of gold. Revised production guidance for 2012 of 90,000 to 100,000 ounces of gold assumes that the mill will continue to produce at its current rate for the rest of the year.
Over the past three years, Avion focused on delineating higher grade cross-structures in the Tabakoto pit area, defining additional open pit and underground mineral resources at Dioulafoundou, and better defining the near surface resources at the northern end of the Djambaye II zone. Avion's mineral reserves are concentrated above 300 metres vertical depth from surface, with all zones open down plunge and to some extent along strike. Management believes that the likelihood of adding additional mineral reserves in the future is high.
In combination with the current mineral reserves, additional estimated Measured and Indicated mineral resources, after reserve estimation, of 1,964,000 tonnes at 4.62 g/t Au containing 292,100 ounces of gold and Inferred mineral resources of 7,598,000 tonnes at 4.57 g/t Au containing 1,170,400 ounces of gold have been defined in several deposits. Of these resources, there are Measured and Indicated open pit mineral resources of 738,300 tonnes grading 2.75 g/t Au totaling 65,000 ounces of gold and Measured and Indicated underground mineral resources of 1,226,000 tonnes grading 5.76 g/t Au totaling 226,900 ounces of gold. Inferred open pit mineral resources total 1,591,600 tonnes grading 2.91 g/t Au totaling 149,000 ounces of gold and Inferred underground mineral resources totaling 6,007,000 tonnes grading 5.01 g/t Au totaling 968,400 ounces of gold. These mineral resources have not yet been supported by open pit or underground mine plans, and require additional work to convert to mineral reserves and to upgrade the Inferred mineral resources to Measured and Indicated mineral resources. Avion management believes that there is a reasonable likelihood of upgrading a significant portion of these mineral resources to mineral reserves with further drilling and exploration work.
Technical Data
Tabakoto Deposit
The Tabakoto Deposit consists of 18 modeled northwest trending (NW Tabakoto zones) mineralized structures and 14 modeled northeast-trending zones (NE Tabakoto zones, Tabakoto M zones, Tabakoto South Zone and Dabo zone). Of these zones, seven of the best developed mineralized structures (NE1, NE2, NE hanging wall, NW1, NW2, Tabakoto South and Dabo) were drill tested to approximately 300 metres depth. All zones are open to depth. Additional, un-modeled, mineralized structures have been noted below the Tabakoto pit and north and south of the Tabakoto pit. Avion is currently mining and advancing two mine declines under the Tabakoto pit with the northern portal targeting the northwest-trending zones and the southern portal targeting the northeast-trending zones. Two core drills continue to define the gold-bearing structures with a goal to add additional mineral resources and to provide enough information for drift development of the mineralized structures.
Dioulafoundou Deposit
The Dioulafoundou mineralized system consists of two stronger gold mineralized zones and several, smaller, parallel gold mineralized zones. The strongest of the zones, the Dioulafoundou NW1 zone, has been traced for approximately 400 metres along strike and to approximately 325 metres depth. A second parallel zone of gold mineralization, the Dioulafoundou NW2 zone, lies approximately 60 metres to the south and has been traced for approximately 190 metres along strike and to approximately 300 metres depth. Both zones are steeply dipping, steep east plunging and open down plunge and to a lesser extent, to the east. Since the bulk of the mineral resources below the open pit are in the Inferred category, drilling is planned to upgrade these resources to Measured and Indicated status to determine if sufficient underground mineral resources are present to support a third underground mine.
In-pit mapping has located at fault at the western end of the Dioulafoundou deposit which suggests that the zone may have been faulted to the south. Drilling is planned to test this concept.
Segala Deposit
The Segala Deposit consists of the Segala Main, Segala NW and Segala Main West zones. The Segala Main West zone represents a westerly extension of the Segala Main deposit. The Segala Main deposit provided the bulk of the mill feed over Avion's first two production years. This zone has been traced for 350 to 400 metres along strike and remains open at depth on the Segala Main Zone with intersections as deep as 600 metres below surface. Avion also believes there is a reasonable expectation that additional mineral resources can be defined between 300 metres to 600 metres below surface and below the 600 metre level. The Segala NW zone has been traced for approximately 550 metres along strike and is open below approximately 325 metres depth. A modest amount of additional open pit resources have been defined a Segala NW and Segala Main West zones with open pit resources defined as those mineral resources located within 50 metres of surface. Additional drilling and preliminary Whittle Pit review is required before determining if open pit reserves can be delineated. Drilling to further develop the depth potential will be carried out prior to defining mineral reserves.
Djambaye II Deposit
The Djambaye II mineralized structure/zone dips at -70 degrees to the east and has now been traced by drilling for approximately 4,400 metres and is still open to the north, south and below 200 metres depth. Locally the Djambaye II zone comprises two parallel zones and there is local evidence of gold-bearing cross structures. The Djambaye II zone is the longest continually mineralized structure on the Tabakoto Project and provides an excellent opportunity to define additional open pit and underground mineral resources. Current open pit mineral reserves are for an approximately 1,000 metre long section at the north end of the Djambaye II zone. A review of the sectional data indicates that the currently designed pit depth and extent is limited by a lack of drilling data verses an end to the mineralization. Additional drilling with a focus on converting Inferred open pit mineral resources to Measured and Indicated open pit resources is a priority. As well, based on results to date, management believes that there is a reasonable potential to define sufficient underground mineral resources at Djambaye II to consider underground mining in the future.
Dar Salam
Four mineralized zones comprise the Dar Salam Deposit; the South, North, NE Orpaillage and Moralia Zones. The Dar Salam South extends over a strike of 630 metres north south, has variable widths of between two and 25 metres and continuity of mineralization to a depth of at least 300 metres. Mineralization in this zone is similar to that seen at Tabakoto and is most likely an extension to the Tabakoto system. The Dar Salam North Zone comprises several north-northeast trending low grade gold zones, up to a combined width of 35 metres, that extend along a strike for more than 500 metres and are open to the north and to depth. Within this area there is a higher grade central core that has an average width of five metres, dips steeply to the east and extends to a depth of at least 140 metres. The Moralia Zone extends over a strike of 125 meters northeast, has an average width of two metres and continuity of mineralization to a depth of at least 100 metres dipping east. The NE Orpailleur Zone extends over a northerly strike of 150 metres, dips steeply east, has an average width of five metres and continuity of mineralization to a depth of at least 185 metres. Recent artisanal mining activity indicates that the zone is open to the south. Additional drilling is planned over the Dar Salam South zone to provide sufficient information for the design of an open pit.
Mineral Resources
At the Tabakoto Project, open pit mineral resources have been defined in five deposit area: Dioulafoundou, Tabakoto (including just north of the Tabakoto pit), Segala (including Main, West and NW), Djambaye II and Dar Salam.
The majority of the underground mineral resources are currently defined below and near to the Segala Main and Tabakoto pits. Avion will continue to work toward converting Inferred mineral resources to Measured and Indicated mineral resources with in-fill drill holes and will further test the Segala Main and Tabakoto zones to depth. Additional underground mineral resources have been defined at the Dioulafoundou, Djambaye II, Segala NW and Segala Main West, and Dar Salam zones; more drilling is required in these five zones to define sufficient underground mineral resources to support underground mining.
In order to document these updated Tabakoto Project mineral resources, Avion, with the assistance of Antoine Yassa, P.Geo. of P&E Mining Consultants Inc. ("P&E"), first interpreted the Tabakoto mine zones with a 0.5 g/t Au to 1 g/t Au grade shell to define open pit resources and then defined a 2.0 g/t Au grade shell to define underground resources. The updated mineral resource capped gold assays at 15 to 50 g/t Au, depending on the individual zone. A 2.0 g/t Au cut-off grade was used to determine underground mineral resources, and for open pit resources, a 1.0 g/t Au cut-off grade was used.
A current pre-reserve, mineral resource table as of January 1, 2012, is presented below.
Mineral Resource Estimates (pre-reserve)(1)(2)(3)(4)(5)
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GRADE OUNCES
ZONE CATEGORY TONNES g/t Au GOLD TYPE
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Tabakoto NE Measured 88,000 7.35 20,800 UG
Zones Indicated 828,000 5.66 150,600 UG
Inferred 334,000 7.41 79,600 UG
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Tabakoto NW Measured 18,000 5.10 3,000 OP
Zones Indicated 19,000 5.85 3,500 OP
Inferred 16,000 5.78 3,000 OP
Measured 148,000 7.00 33,200 UG
Indicated 522,000 7.02 117,900 UG
Inferred 693,000 6.06 135,100 UG
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Tabakoto South Measured 101,600 6.72 21,900 UG
/Dabo Zones Indicated 423,400 6.26 85,200 UG
Inferred 227,000 6.07 44,400 UG
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Djambaye II Indicated 842,000 3.92 106,100 OP
Inferred 770,000 3.07 76,100 OP
Indicated 70,000 4.41 10,000 UG
Inferred 1,161,000 6.03 224,800 UG
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Segala Main Measured 3,000 4.41 400 UG
Indicated 2,548,000 5.29 433,000 UG
Inferred 1,442,000 4.35 201,500 UG
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Segala Main West Indicated 91,000 2.49 7,300 OP
Inferred 130,000 3.73 15,600 OP
Indicated 67,000 3.21 6,900 UG
Inferred 464,000 3.26 48,600 UG
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Segala NW Indicated 284,000 2.36 21,500 OP
Inferred 209,000 1.99 13,400 OP
Indicated 115,000 3.68 13,600 UG
Inferred 754,000 3.51 85,000 UG
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Dioulafoundou Measured 36,000 4.83 5,500 OP
Indicated 102,000 6.44 21,200 OP
Inferred 21,000 7.09 4,700 OP
Indicated 155,000 5.26 26,300 UG
Inferred 514,000 6.08 100,500 UG
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Dar Salam Indicated 266,000 2.57 22,000 OP
Inferred 445,000 2.53 36,200 OP
Indicated 45,000 3.37 4,800 UG
Inferred 418,000 3.64 48,900 UG
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(1) Mineral resource estimates for the Tabakoto NE, Tabakoto NW,
Tabakoto South/Dabo, Segala Main West and Djambaye II zone are based
on a gold price of USD$1,183 per ounce and a 94% process plant
recovery. Mineral resource estimates for the Dioulafoundou, Segala
Main, Tabakoto M and Dar Salam zones are based on a gold price of
USD$1,000 per ounce and a 96% process plant recovery. Eugene
Puritch, P.Eng. and Antoine Yassa, P.Geo. from P&E Mining
Consultants Inc., and Don Dudek, P.Geo. a Sr. Officer of Avion,
Qualified Persons under NI 43-101, are responsible for the mineral
resource estimates presented herein. Eugene Puritch and Antoine
Yassa are independent of the Company and responsible for the Mineral
resource estimates for the Dioulafoundou, Segala Main, Tabakoto M
and Dar Salam zones; these resources have been depleted by mining
since their last public disclosure.
(2) Mineral resources which are not mineral reserves do not have
demonstrated economic viability. The estimate of mineral resources
may be materially affected by environmental, permitting, legal,
title, taxation, sociopolitical, marketing, or other relevant
issues.
(3) The quantity and grade of reported Inferred resources in this
estimation are uncertain in nature and there has been insufficient
exploration to define these Inferred resources as an Indicated or
Measured mineral resource and it is uncertain if further exploration
will result in upgrading them to an Indicated or Measured mineral
resource category.
(4) The mineral resources in this press release were estimated using the
Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM
Standards on Mineral Resources and Reserves, Definitions and
Guidelines prepared by the CIM Standing Committee on Reserve
Definitions and adopted by CIM Council.
(5) "UG" indicates Underground and "OP" Open Pit.
During 2011 Avion carried out a US$ 6.2 million dollar, 262 hole approximate 31,340 metre, exploration drill program over the Tabakoto Project area. To date, in 2012, Avion has completed 62 holes totaling approximately 8,260 metres at Tabakoto. The 2012 program at Tabaktoto is focusing on the definition of additional open pit Measured and Indicated mineral resources along strike and to depth at the Djambaye II zone and on conceptual targets on the remainder of the Tabakoto Property.
Andrew Bradfield, P.Eng., the Chief Operating Officer, and Don Dudek, P.Geo., the Senior Vice President, Exploration, of the Company are qualified persons under National Instrument 43-101 and have reviewed and approved the scientific and technical information in this press release.
About Avion Gold Corporation
Avion is a Canadian-based gold mining company focused in West Africa that holds 80% of the Tabakoto and Segala gold projects in Mali. Gold production commenced at these projects in 2009 with approximately 51,290 ounces produced. 2010 production was 87,630 ounces of gold. 2011 production was 91,200 ounces of gold. The current mineral reserve estimate (as of January 1, 2012) of 6.91 million tonnes grading 3.73 g/t Au totaling 827,100 ounces of gold (proven and probable), for the Tabakoto project property, demonstrates several sources of excellent grade open pit and good grade underground mineral resources thus providing significant flexibility for Avion's future mining plans. The Company has developed an underground mine at the Tabakoto deposit, and is developing another underground mine at the Segala deposit. The Tabakoto project property also contains several producing open pit mines. Production sustainability will continue to be supported by exploration programs over an approximately 600 km2 exploration package that both surrounds and is near to the Company's existing mine infrastructure, and contains mineral resources on the Kofi property. Additionally, mineral resources have grown considerably at Avion's 1,600 km2 Hounde exploration property in Burkina Faso. Avion has a highly skilled management team, with a focus on growth and consolidation within West Africa.
Cautionary Notes
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the impact of the mineral resource and mineral reserve statement on the Company; statements with respect to the development potential and timetable of the Tabakoto, Kofi and Hounde projects; the future price of gold; the estimation of mineral resources and mineral reserves; conclusions of economic evaluation (including scoping studies); the realization of mineral resource and mineral reserve estimates; the timing and amount of estimated future production, development and exploration; costs of future activities; capital and operating expenditures; success of exploration activities; mining or processing issues; currency exchange rates; government regulation of mining operations; and environmental risks. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to those risks described in the annual information form of the Company which is available under the profile of the Company on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Legal, political, environmental and other relevant risks could materially affect the potential development of mineral resources and mineral reserves set out in this press release.
Contacts:
Avion Gold Corporation
Michael McAllister, Manager, Investor Relations
(416) 309-2134
info@aviongoldcorp.com