Highlights of the Mansounia 2023 Mineral Resources Estimate (“MRE”) update include:
- The total contained gold for Mansounia Inferred Mineral Resources on a standalone basis has increased by +169% compared to the previous 2022 Kiniero Gold Project Feasibility Study MRE on Mansounia.
- The 2023 MRE update for Mansounia increases the total contained gold of the Kiniero Gold Project Inferred Mineral Resources by +52% compared to the previous 2022 Kiniero Gold Project FS MRE.
MANSOUNIA DEPOSIT RESOURCES INCREASES CONFIRMS PROSPECTIVITY OF THE KINIERO PROJECT
Following completion of the first phase of Mineral Resource delineation drilling at the Mansounia deposit1 and recent drill spacing study, Robex reports a significant increase in its inferred resources base, as shown in the table below. The Mansounia Central deposit is approximately 3km south of the Kiniero processing plant at the
The Mineral Resource Estimate (MRE) update, prepared by
Table 1: Mineral Resources of the Mansounia Deposit, effective
Pit | Classification | Tonnage (Mt) | Grade (Au g/t) | Contained Gold (koz) |
Mansounia | Inferred | 29.22 | 0.95 | 896 |
Notes:
- The Mineral Resource Estimate has been prepared in accordance with National Instrument 43-101 (NI 43-101) Standards of Disclosure for Mineral Projects and has an effective date of
December 21, 2023 . - To demonstrate Reasonable Prospects for Eventual Economic Extraction (RPEEE), open pit Mineral Resources were constrained by an optimised pit shell. All blocks above the cut-off and within the pit shell were included in the Mineral Resources. Robex created the optimised pit shell.
- Cut-off grades for Mineral Resource reporting were calculated using a gold price of
US$1,950 oz and are: laterite 0.5 g/t Au; saprolite (oxide) 0.3 g/t Au; saprock (transition) 0.7 g/t Au; and fresh 0.9 g/t Au. - Mineral Resources are not Mineral Reserves and have not demonstrated economic viability. There is no certainty that all or any part of the estimated Mineral Resources will be converted into Mineral Reserves.
- Average density values used are: laterite 2.12 t/m3; saprolite (oxide) 1.66 t/m3; saprock (transition) 2.46 t/m3; and fresh 2.66 t/m3.
- Grade interpolation by ordinary kriging using a rotated block model (azimuth 40°) with a block size of 12 m (X) by 24 m (Y) by 5 m (Z). Outlier management used grade capping for extreme outliers and a restricted search neighbourhood for outliers on a domain-by-domain basis.
- All Mineral Resources were classified as Inferred. To limit extrapolation, a volume was used to constrain the interpolated blocks to approximately 10 m below the base of the drilling and 40 m lateral to the drilling.
- Totals presented in this table are reported from the Mineral Resource models, are subject to rounding, and may not sum exactly.
Table 2: Comparison of the Inferred Mineral Resources for the 2023 MRE Update and the 2022 Kiniero Gold Project FS.
Inferred Mineral Resources | 2022 FS2 | 2023 MRE Update1 | ||||
Pit | Tonnage (Mt) | Grade (Au g/t) | Contained Gold (koz) | Tonnage (Mt) | Grade (Au g/t) | Contained Gold (koz) |
SGA | 9.64 | 1.54 | 479 | |||
Jean | 1.63 | 1.68 | 88 | |||
Sabali North & South | 0.27 | 0.98 | 9 | |||
Sabli South | 2.93 | 1.03 | 97 | |||
West Balan | 0.84 | 1.51 | 41 | |||
Banfara | 0.78 | 1.46 | 37 | |||
Mansounia3 | 12.32 | 0.84 | 333 | 29.22 | 0.95 | 896.3 |
Total in situ | 28.42 | 1.18 | 1,082 | 45.31 | 1.13 | 1,647 |
Notes:
- Micon completed the 2023 MRE update for Mansounia in
December 2023 . The total in situ Inferred Mineral Resources were calculated using the 2023 MRE Update for Mansounia. - All other pits other than Mansounia were not updated in 2023 by Micon and remain unchanged from the 2022 FS as stated in the technical report by
AMC Consultants “Technical Report,Kiniero Gold Project ,Guinea . Effective date 01 June 2023”. - The 2022 FS refers to Mansounia as Mansounia Central.
Figure 1: Plan view map of Mansounia shows the completed drilling and modelled grade shell wireframes.
Figure 2: Cross-section A-B shows the (top) modelled grade shell wireframes that remain open at depth; (middle) interpolated block Au grades, to limit extrapolation a volume was used to constrain the interpolated blocks to approximately 10 m below the base of the drilling and 40 m lateral to drilling; (bottom)interpolated block Au grades constrained to Inferred Mineral Resources within the
START AN OPTIMISED FEASIBILITY STUDY FOR Q2 2024
Robex has engaged Soutex and Wacom to engineer the required small design modifications, including two additional CIL tanks and a larger oxygen plant for a throughput increase to 4.1 Mtpa.
Robex is now starting working on an optimized Feasibility Study to (i) include the Mansounia resources modelling across the deposits and update the Reserves and Resources on the entire project; (ii) update the capital expenditure to accommodate a higher oxide mix at 4.1Mtpa; and (iii) add flexibility in the current design to accommodate future expansion of 6Mtpa.
CONSTRUCTION UPDATE – SLOW DOWN DUE TO FUEL SUPPLY RISK AND ENGINEERING
At this stage the impact on the project timeline is under review due to the new engineering work required and the current situation in
Current spending on the project stands at c.
Figure 3: SGA pit dewatering progress with an approximated 9m drop.
Figure 4: Construction site overview with KCP (
Figure 5: Plant Earthworks construction
The current Bridge Facility provided by Taurus was drawn from time to time since closing of the facility in
Given the resources update at Mansounia Central and ongoing technical works to carry out as part of the optimized Feasibility Study, Robex and Taurus agreed to extend the maturity of the Bridge Facility by 6 months from
- Interest rate 10% per annum (from 8% currently);
- Royalty of 0.25% capped at 1.5Moz of gold across Kiniero’s licences, including buy-back mechanism subject to specifics conditions;
- Permitted indebtedness headroom increased from
US$ 4m toUS$ 12m subject to certain conditions; - Security, covenants and other conditions remain unchanged;
The Bridge still has no requirements for hedging. Closing of the extension is subject to customary conditions.
Aurelien Bonneviot, President and CEO: “We are pleased to see Mansounia delivering inferred resources increase. This is a significant advancement towards the delineation of the 4.5 km Sabali – Mansounia corridor. This resource confirms the prospectivity of our Mansounia Licence and that’s why the company have decided to include it in an optimised feasibility study. We thank Taurus for supporting Robex in extending the maturity of the bridge and reiterating their support for the Project Financing.”
Qualified Person
The information in this announcement, which relates to the updated Mineral Resource Estimate for Mansounia, has been approved by Dr
About
Robex is a multi-jurisdictional West African gold production and development company with near-term exploration potential. The Company is dedicated to safe, diverse and responsible operations in the countries in which it operates with a goal to foster sustainable growth. The Company has been operating the
Robex is supported by two strategic shareholders and has the ambition to become a-tier gold producers in
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FINANCIAL COMMUNICATIONS RENMARK INC. | |
Aurélien Bonneviot Chief Executive Officer Investor Relations and Corporate Development +1 581 741-7421 E-mail: investor@robexgold.com www.robexgold.com | Account Manager +1 416 644-2020 or +1 212 812-7680 E-mail: rthaemlitz@renmarkfinancial.com www.renmarkfinancial.com |
Forward Looking Statement
Certain information set forth in this news release contains “forward‐looking statements” and “forward‐looking information” within the meaning of applicable Canadian securities legislation (referred to herein as forward‐looking statements). Except for statements of historical fact, certain information contained herein constitutes forward‐looking statements which includes, but is not limited to, statements with respect to: the potential development and exploitation of the Mansounia Central Deposit or the
There can be no assurance that forward‐looking statements will prove to be accurate, or even benefit Robex, if any, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward‐looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws. The forward-looking statements contained herein are presented for the purposes of assisting investors in understanding the Company’s plan, objectives and goals and may not be appropriate for other purposes. Forward-looking statements are not guarantees of future performance and the reader is cautioned not to place undue reliance on forward‐looking statements.
Please refer to the “Risk Factors” section of the Company’s annual information form for the year ended
Neither
1 Please refer to press release dated
2 Please refer to press release dated April 20th, 2023
3 Please refer to press release dated
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https://www.globenewswire.com/NewsRoom/AttachmentNg/04c74da1-51a1-4069-a4a8-45f42be9551d
https://www.globenewswire.com/NewsRoom/AttachmentNg/72c1c77d-c52b-43bc-bb0d-4341c12ada81
https://www.globenewswire.com/NewsRoom/AttachmentNg/1601660a-af9a-4944-b122-106a7296ff40
https://www.globenewswire.com/NewsRoom/AttachmentNg/ccb1cf65-add0-4ba9-b79a-6b9b0ed834b5
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