TIDMTSG
RNS Number : 6765A
Trans-Siberian Gold PLC
31 May 2019
31 May 2019
Trans-Siberian Gold plc
("TSG", the "Company", or the "Group")
Mineral Resource Update
Trans-Siberian Gold plc (TSG.LN), a low cost, high grade gold
producer in Russia, announces an update of the Mineral Resource
Estimate for the Asacha deposit in Kamchatka, Far East Russia.
The Mineral Resource Estimate ('MRE') for the Asacha deposit was
updated by Seequent UK Ltd ("SUKL") to the end of December 2018.
SUKL has updated the Asacha deposit's MRE at the end of every year
from 2013. The purpose of these updates is to incorporate new data
available from exploration, mining development and to account for
mining depletion. A copy of SUKL's report is available on the
Company's website at: www.trans-siberiangold.com
The resource at Asacha occurs in two zones: Main zone (currently
being mined) and East zone (not yet mined). The Main zone hosts six
defined veins, with the majority of the resource contained in two
of these, QV1 and QV2. Three veins have been defined in the
separate East zone. The Main zone has a strike length of
approximately 1,500m, whilst the East zone is approximately
400m.
Mineral Resource Estimate
The Mineral Resource estimate for Asacha as at 31 December 2018
is shown in the following table:
Classification Zone '000 tonnes Au Ag Au Ag
(g/t) (g/t) ('000oz) ('000oz)
---------------- ------ ------------ ------- ------- ---------- ----------
Measured Main 199 16 37 103 240
Indicated Main 295 19 54 182 515
Indicated East 3 56 30 6 3
Total M&I 498 18 47 290 758
Inferred Main 90 13 34 39 98
Inferred East 269 26 53 224 458
Total Inferred 360 23 48 263 557
------------------------ ------------ ------- ------- ---------- ----------
Notes:
1. Resources are reported above 4g/t Au cut-off grade
2. Resources are reported exclusive of mining depletion occurring after 31 December 2018.
3. Tonnage and grades have been rounded to reflect an appropriate level of precision
4. Rounding may mean that columns do not sum exactly
Asacha's Resources estimates were classified according to the
guidelines of the JORC Code (2012).
Classification took account of data quality, confidence in
geological interpretation and confidence in block estimations. Some
of these aspects are necessarily subjective. Classifications were
applied by digitisation of polygon boundaries between classes in
long section view. Resources were only classified and reported
within constrained vein volumes.
Year-on-Year Comparison
The total (Measured + Indicated + Inferred) declared mineral
resource has decreased from 651,000 oz Au and 1,638,000 oz Ag as
reported at 31st December 2017 to 553,000 oz Au and 1,314,000 oz Ag
as at 31st December 2018.
Mining depletion accounts for 48,000 oz Au and 154,000 oz Ag
from the mineral resource model. The remaining adjustment is due to
substantial development on the 100mRL which has led to a
re-interpretation of a large volume of the main veins QV1 and QV2
that was previously estimated in 2013. The addition of the new data
allowed for a 3D estimate for all but small areas of QV2 which
remain as a 2D estimate.
The following table illustrates the changes between the MRE as
at 31 December 2017 and the updated MRE as at 31 December 2018:
Description Au ('000oz) Ag ('000oz)
------------------------------------------------------- ------------ ------------
Resource Estimate as at 31 December 2017 651 1,638
Mining depletion -48 -154
Difference due to model geometry and grade estimation
changes for new channel data -48 -169
Resource Estimate as at 31 December 2018 553 1,314
------------------------------------------------------- ------------ ------------
For the previous three years the mineral resource model had been
under-predicting the contained metal, however during 2018 the model
over predicted by 7%. The ore dilution remains high but has
decreased by 5% in 2017.
Competent Person Conclusion
The Competent Person, Ms. Carrie Nicholls, states:
"Based on the presence of the operating mine and mill, existing
mine economics, the potential for incremental development access to
deeper and more distal parts of the orebody, and the potential for
further exploration success, SUKL opined that all of the vein
resources defined at Asacha have a reasonable prospect of eventual
economic extraction."
2019 Exploration
The Group will be conducting both underground and surface
drilling campaigns during 2019. A total of approximately 4,700m of
surface drilling will target the lateral extents of the Main zone
and QV25. A further 8,500m of underground drilling will be
conducted on the Main zone at depth.
S
Contacts:
TSG
Stewart Dickson +44 (0) 7799 694195
Arden Partners plc
Paul Shackleton (Corporate Finance)
Tim Dainton / Fraser Marshall (Equity Sales) +44 (0) 207 894 7000
Hudson Sandler (Financial PR)
Charlie Jack / Katerina Parker +44 (0) 207 796 4133
About TSG
TSG is focused on low cost, high grade mining operations and
stable gold production from its 100% owned Asacha Gold Mine in Far
East Russia. The Group also holds the licence for the development
and exploration of the Rodnikova deposit, one of the largest gold
fields in South Kamchatka.
Additional information is available from the Company's website:
www.trans-siberiangold.com
Qualified Person Review
The updated Mineral Resource estimate was prepared by Ms. Carrie
Nicholls (Senior Evaluation Geologist, SUKL).
The information in this release that relates to the updated
Mineral Resource estimate is based on, and fairly represents,
information, which has been compiled by Ms. Nicholls.
Ms. Nicholls is a geologist with more than 15 years of
experience in geo-statistical analysis, geological modelling and
resource estimation. She has extensive experience in open pit gold
mining operations in Africa and Venezuela and has undertaken
geo-statistical and geological modelling work for a variety of
deposits including gold, copper and niobium. She holds a B.Sc.
(Hons) degree in geology from Bristol University, UK and a M.Sc. in
Mineral Resources from the University of Wales, Cardiff, UK. She is
a member of the AusIMM and Geological Society of London.
Ms. Nicholls has sufficient experience relevant to the styles of
mineralisation and type of deposit under consideration and to the
activity that is being undertaken to qualify as a Competent Person,
as defined in the 2012 Edition of the "Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore
Reserves". Ms. Nicholls is a full time employee of SUKL and has
consented to the inclusion of the matters in this announcement
based on the information in the form and context in which it
appears.
Technical Glossary
"Au" the chemical symbol of gold
"Ag" the chemical symbol of silver
"cut-off grade" the lowest grade, or quality, of mineralised
material that qualifies as economically
mineable and available in a given deposit.
May be defined on the basis of economic
evaluation, or on physical or chemical
attributes that define an acceptable product
specification.
"g/t" grams per tonne
"Indicated mineral a part of a Mineral Resource for which
resource" tonnage, densities, shape, physical characteristics,
grade and mineral content can be estimated
with a reasonable level of confidence.
It is based on exploration, sampling and
testing information gathered through appropriate
techniques from locations such as outcrops,
trenches, pits, workings and drill holes.
The locations are too widely or inappropriately
spaced to confirm geological and/or grade
continuity but are spaced closely enough
for continuity to be assumed
"Inferred mineral a part of a Mineral Resource for which
resource" tonnage, grade and mineral content can
be estimated with a low level of confidence.
It is inferred from geological evidence
and assumed but not verified geological
and/or grade continuity. It is based on
information gathered through appropriate
techniques from locations such as outcrops,
trenches, pits, workings and drill holes
which may be limited or of uncertain quality
and reliability.
"JORC Code" the code for reporting of the Australasian
Joint Ore Reserves Committee, which is
sponsored by the Australian mining industry
and its professional organisations. The
code is widely accepted as a standard
for professional reporting purposes for
reporting of mineral resources and ore
reserves.
"Measured mineral A part of a Mineral Resource for which
resource" quantity, grade (or quality), densities,
shape, and physical characteristics are
estimated with confidence sufficient to
allow the application of Modifying Factors
to support detailed mine planning and
evaluation of the economic viability of
the deposit.
"Mineral Resource" a concentration or occurrence of material
of intrinsic economic interest in or on
the Earth's crust in such form, quality
and quantity that there are reasonable
prospects for eventual economic extraction.
The location, quantity, grade, geological
characteristics and continuity of a Mineral
Resource are known, estimated or interpreted
from specific geological evidence and
knowledge. Mineral Resources are sub-divided,
in order of increasing geological confidence,
into Inferred, Indicated and Measured
categories.
"Mineralisation" the process or processes by which a mineral
is introduced into a rock, resulting in
a valuable or potentially valuable deposit.
It is a general term, incorporating various
types; e.g., fissure filling, impregnation,
and replacement.
Market Abuse Regulations
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ('MAR'). Upon the
publication of this announcement via Regulatory Information Service
('RIS'), this inside information is now considered to be in the
public domain.
Disclaimer
This announcement contains "forward-looking statements" - that
is, statements related to future, not past, events. In this
context, forward-looking statements often address our expected
future business and financial performance, and often contain words
such as "expects," "anticipates," "intends," "plans," "believes,"
"seeks," "should" or "will." Forward-looking statements by their
nature address matters that are, to different degrees, uncertain.
For us, uncertainties arise from the behaviour of financial and
metals markets, fluctuations in interest and/or exchange rates and
metal prices; and from numerous other matters of national, regional
and global scale, including those of a political, economic,
business, competitive or regulatory nature. These uncertainties may
cause our actual future results to be materially different that
those expressed in our forward-looking statements.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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