TIDMTSG
RNS Number : 4098C
Trans-Siberian Gold PLC
10 February 2020
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10 February 2020
Trans-Siberian Gold plc
("TSG", the "Company", or the "Group")
+1Moz JORC Mineral Resource Estimate - Rodnikova Gold
Deposit
Trans-Siberian Gold plc (TSG.LN), a high grade gold producer in
Russia, announces a JORC compliant Mineral Resource Estimate for
the 100% owned Rodnikova Gold Deposit, located in Kamchatka, Far
East Russia.
Highlights of Mineral Resource Estimate
-- Total Indicated & Inferred Resources of 6.3Mt at a grade
of 5g/t gold, for total contained +1Moz of gold, of which:
o Indicated Mineral Resources of 3.1Mt at a grade of 5.3g/t
gold, for contained 519,000oz gold
o Inferred Mineral Resources of 3.2Mt at a grade of 4.8g/t gold,
for contained 491,100oz gold
-- Total Indicated & Inferred Resources of 6.3Mt, for total contained 7.4Moz of silver
-- Rodnikova Gold Deposit combines two sites: Rodnikovy and
Vilyuchinsky. Vilyuchinsky is located 4 km north-west of
Rodnikovy.
-- 75% of total contained gold resources at Rodnikovy
The JORC compliant Mineral Resource Estimate ('MRE') for the
Rodnikova Gold Deposit was produced by SRK Consulting (Russia) Ltd
for the Company's wholly owned subsidiary, CJSC Trevozhnoye Zarevo
("TZ") which holds a 25 year exploration licence over the Rodnikova
Gold Deposit.
The MRE was developed in accordance with the recommendations and
guidelines of the Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves as published by the
Joint Ore Reserves Committee of the Australasian Institute of
Mining and Metallurgy, Australian Institute of Geoscientists and
Minerals Council of Australia (the JORC Code, 2012 Edition).
SRK's full report is available on the Company's website at:
www.trans-siberiangold.com
Alexander Dorogov, Chief Executive Officer of TSG,
commented:
"It is pleasing to confirm a 1million ounce gold Mineral
Resource Estimate at Rodnikova. The JORC Mineral Resource Estimate
validates previous reported estimates under the GKZ classification
and also the value-created following its cost-effective acquisition
last year.
We remain on track to deliver an initial scoping study in Q2
2020. This study will assist in de-risking the project by
establishing the framework for understanding the economics of
future mine development scenarios and will also provide guidance
for near-term exploration programmes to maximise the delineation of
further economic mineralisation".
Mineral Resource Estimate
The Mineral Resource Estimate, classified according to the
guidelines of the JORC Code (2012), for the Rodnikova Gold Deposit
as at 20 January 2020 is shown in the following table:
Table 1: Mineral Resource Estimate for Rodnikova Gold Deposit
(planned for underground extraction) as at 20 January 2020
Classification Tonnes Au Au Au Ag Ag Ag
(Mt) (g/t) (t) ('000oz) (g/t) (t) (Moz)
----------------- ------- ------- ----- ---------- ------- ------ -------
Rodnikovy
Indicated 3.1 5.3 16.1 519 43.9 134.9 4.3
Inferred 1.7 4.3 7.4 238 32.3 55.7 1.8
Vilyuchinsky
Inferred 1.5 5.3 7.9 253 27.1 39.9 1.3
------------------ ------- ------- ----- ---------- ------- ------ -------
Total Indicated 3.1 5.3 16.1 519 43.9 134.9 4.3
Total Inferred 3.2 4.8 15.3 491 29.9 95.7 3.1
------------------ ------- ------- ----- ---------- ------- ------ -------
Notes:
1. Mineral Resources are reported in accordance with guidelines
and provisions of the JORC Code.
2. Mineral Resources were estimated at a cut-off grade of 3.0
g/t within underground mining outlines.
3. The Competent Person for this report of Mineral Resources is
Mr Robin Simpson, an employee of SRK Consulting (Russia) Ltd. Mr
Simpson is a Member of the Australian Institute of Geoscientists
(AIG), and has sufficient experience relevant to the style of
mineralisation and type of deposit under consideration and to the
activity undertaken to qualify as a Competent Person.
Summary of Mineral Resource Estimate Report
Location
The Rodnikova Gold Deposit is located in the south-eastern part
of the Kamchatka Peninsula, in the South Kamchatka ore region, in
the Yelizovo administrative district of the Kamchatka Region. There
is a 120km road from Petropavlovsk-Kamchatsky to the Rodnikova Gold
Deposit, including 65km of asphalt road. The Rodnikova Gold Deposit
is approximately 61 km from the Company's operating Asacha Gold
Mine.
Previous Exploration
The main types of exploration work on the Rodnikova Gold Deposit
and its flanks included reconnaissance exploration, diamond
drilling (223 drill-holes for 47,377m), core sampling, development
of two adit levels totalling 822 m, with a collection of channel
and chip samples, excavation of ditches and trenches to trace vein
continuity along the strike and channel sampling. The main
exploration stages on the deposit were completed in the 1980-1990s.
Additional drilling within Rodnikovy mineralised zone and at its
flanks were undertaken as part of the 2005-2007 exploration
program.
The main exploration reports, drawings and primary field
documentation for the Rodnikova Gold Deposit are kept in the
regional archives of the Ministry of Natural Resources. SRK is of
the opinion that exploration works were generally performed at the
level to meet the state standards of the Soviet Union and Russia,
and these standards are appropriate for collecting information to
be used for Mineral Resource estimation.
The database used to construct the resource model contains
information on 223 drill-holes, 332 trenches, 440 clearings and 83
cross-cuts, 15,027 core samples and 12,060 channel samples.
Rodnikovy
Gold mineralisation at the Rodnikova deposit is mainly
associated with hydrothermal-metasomatic formations.
The Rodnikovy vein zone is localised in a N-S trending
disjunctive fault. The zone thickness is 50-120m, the estimated
length is 3 km. It is represented by veins: 42, 43, 44, 52 and 53
which are accompanied by apophyses and numerous quartz veinlets.
The main plane of the ore-controlling fault is composed of Vein 44
which is adjoined at various angles from the side of the hanging
wall by the remaining veins that form the main branching structure
of tensile fracturing.
The main veins are Veins 43 and 44 which contain 80% of the
mineralisation of the Rodnikovy vein zone. The maximum thickness of
the ore body is 23m and is observed on the 220m level. Gold grade
ranges from tenths of a gram per ton to 90-130g/t, with most
samples showing grades within a 4-70g/t range.
Mineralisation from the Rodnikova deposit is a typical quartz
low-sulphidation gold and silver. Gold and associated silver are
the only valuable ore components of significance. Ore is mostly
represented by vein non-metallic minerals: quartz (42.5 - 75%),
adularia (9.5 - 16%) and carbonate (5 - 28.6%). Diagnostic leach
data shows that most of the gold in analysed ore (88.7%) is
amenable to cyanidation (in the presence of a sorbent. Associated
silver is mostly present in a cyanide-amenable form (82.2%).
Figure 1: Rodnikovy wireframe model
Vilyuchinsky
The Vilyuchinsky site is located in the north-western part of
the ore field, 4 km from the Rodnikovy site, on the watershed of
the Bystraya-Paratunka and Vilyucha rivers.
Two systems of ore-controlling faults (sub-meridional and
north-eastern) were identified within the site. Of major importance
is the system of the N-E trending disjunctive faults that form the
Vilyuchinsky ore-bearing vein zone of 400-500m wide traced over
some 3km. Productive mineralisation is mainly confined to shallow
veins that form tensile fractures (Vein 9). Vein 9 has an average
thickness of 2.9m, a strike length of 450m and a dip length of 90m.
The average gold grade is 9.82g/t, silver grade is 67.83g/t. 80% of
mineralisation at Vilyuchinsky is concentrated within Veins 9,
Regina, 6 and 13.
Figure 2: Vilyuchinsky wireframe model
Figure 3: Block model coded by Mineral Resource classification
(Rodnikovy looking West at 270deg)
Next Steps
TZ plans to use the Mineral Resource Estimate as an input for a
Scoping Study. The outcomes of this internally-produced study will
inform a decision about whether or not further drilling and
sampling is justified, in order to improve the level of confidence
in the current Mineral Resource Estimate, and in particular to
increase the portion of Indicated Mineral Resources (which could
potentially convert to Reserves if a Pre-Feasibility Study is
prepared).
SRK believes that mineral and material composition, as well as
internal structure of gold mineralisation have been studied
reasonably well during previous exploration campaigns and are
mainly based on sampling results for trenches (longitudinal and
transverse) and underground developments in the central part of the
Rodnikovy site. In order to expand the Rodnikovy site's
mineralisation potential, SRK recommends looking at options of
exploring the northern extension of the zone with infill
drilling.
The Company looks forward to publishing the Scoping Study and
intended work programme in due course.
S
Contacts
TSG
Stewart Dickson +44 (0) 7799 694195
Arden Partners plc
Paul Shackleton (Corporate Finance)
Tim Dainton / Fraser Marshall (Equity Sales) +44 (0) 207 614 5900
Hudson Sandler (Financial PR) +44 (0) 207 796 4133
Charlie Jack / Katerina Parker / Elfreda
Kent
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 Gold Deposit, one of the largest
gold fields in South Kamchatka.
Additional information is available from the Company's website:
www.trans-siberiangold.com
Competent Person Review
The Mineral Resource Estimate was prepared by Mr. Robin Simpson,
an employee of SRK Consulting (Russia) Ltd. Mr Simpson is a Member
of the Australian Institute of Geoscientists (AIG), and has
sufficient experience relevant to the style of mineralisation and
type of deposit under consideration and to the activity undertaken
to qualify as a Competent Person.
The information in this release that relates to the Mineral
Resource Estimate is based on, and fairly represents, information
which has been compiled by Mr. Simpson.
Mr. Simpson 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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