Sturec Gold Mine, Slovakia

Key Announcement

  • 100% owned Kremnica Mining Licence covers 9km2
  • Low cost and safe EU jurisdiction of Slovakia
  • JORC (2012) Resource of 21.2Mt @ 1.50 g/t Au and 11.6 g/t Ag, containing 1.026Moz of gold and 7.94Moz of silver on an open cut scenario with a further 388kt @ 3.45 g/t Au and 21.6 g/t Ag containing 43koz of gold and 270koz of silver on an underground basis – 76% Measured + Indicated Mineral Resource
  • Historically produced over 1.5Moz of gold and 6.7Moz of silver worth more than US$2 billion at recent metal prices
  • Opportunity to apply simple and low impact underground mining techniques and gravity separation and flotation processing to a historically significant gold deposit
  • Significant exploration upside exists along strike of the main Sturec defined resource as well as down dip / plunge of the existing ore body

Low risk / high impact value catalysts

  • Resource upgrade late 2021
  • Scoping study – late 2021 / early 2022

Project Location

Exploration efforts are targeting a southern step out of the previous resource envelope along the high grade plunging zone with the purpose of growing the underground resources.

Recent exploration success

  • UGA-04: 90m @ 3.88 g/t Au and 13.9 g/t Ag
  • UGA-05: 32m @ 4.62 g/t Au and 17.5 g/t Ag
  • UGA-06: 70m @ 3.43 g/t Au and 14.7 g/t Ag
  • UGA-07: 112m @ 0.87 g/t Au and 7.7 g/t Ag
  • UGA-12: 35m @ 3.73 g.t Au and 11.6 g/t Ag

Recent exploration success

Recent exploration success

Attractive metallurgy

  • Excellent gold recovery on transitional (semi-oxidised) and sulphide (fresh) ore from the Andrej Adit within the Sturec Gold Mine using gravity separation and flotation
  • Gravity gold recoveries range from 52% to 74% increasing to up to 88% after flotation and increasing to up to 98% if flotation tailings are also leached
  • Strong gold recovery profile of sulphide ore supports potential for simple gravity separation and flotation processing strategy
  • Potential to significantly reduce CAPEX and allow Sturec to produce a gold concentrate for export out of Slovakia where it could be processed further using conventional processing for sulphide concentrates or sold

Resource table

Resources Estimate above 0.40 g/t Au cut-off and within an optimised open pit shell
Resource CategoryTonnes
(kt)
Density (t/m3)Au
(g/t)
Ag (g/t)AuEq1
(g/t))
Au (koz)Ag (koz)AuEq1
(koz)
Measured3,0002.171.6913.51.791611291171
Indicated11,2002.241.7914.91.906435373685
Measured + Indicated14,2002.231.7714.61.878046664856
Inferred7,0002.330.975.61.012221280230
TOTAL21,2002.261.50m11.61.59102679441086
Resources Estimate above 2.85 g/t Au cut-off: outside optimised open pit shell
Resource CategoryTonnes
(kt)
Density (t/m3)Au
(g/t)
Ag (g/t)AuEq1
(g/t))
Au (koz)Ag (koz)AuEq1
(koz)
Measured
Indicated1142.283.3925.63.57129413
Measured + Indicated1142.283.3925.63.57129413
Inferred2742.343.4719.93.613117632
TOTAL3882.343.4521.63.604927045

AuEq g/t = ((Au g/t grade*Met. Rec.*Au price/g) + (Ag g/t grade*Met. Rec.*Ag price/g)) / (Met. Rec.*Au price/g)
Long term Forecast Gold and Silver Price USD/oz (source: World Bank, JP Morgan): $1,500 and $20 respectively.
Gold And silver recovery from the 2014 Thiosulphate metallurgical test work: 90.5% and 48.9% respectively.
It is the Company’s opinion that both gold and silver have a reasonable potential to be recovered and sold from the Sturec ore using Thiosulphate Leaching/Electrowinning as per the recoveries indicated.

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