Mineral Resources

Cactus Mine Project

Global Mineral Copper Resource

Material Type

Tons
(kt)

CuT
%

TSol

%

Contained

Cu (k lbs)

Contained

Cu (k Tons)

INDICATED

Cactus

Oxide

31,400

 

0.559

349,700

176

Enriched

42,500

 

0.844

715,500

359

Total Leachable

73,900

 

0.723

1,065,200

534

Primary

77,900

0.35

 

545,500

273

Total Indicated

151,800

0.531

1,610,700

806

INFERRED

Cactus

Oxide

62,500

 

0.346

430,500

216

Enriched

55,100

 

0.498

548,800

274

Total Leachable

117,600

 

0.417

979,300

490

Primary

111,300

0.349

 

776,000

388

Total Inferred

228,900

0.384

1,755,300

879

Stockpile

Oxide

77,400

 

0.144

223,500

111

Parks/Salyer

Oxide

14,100

 

0.827

233,700

117

Enriched

101,200

 

1.1

2,227,200

1,113

Total Leachable

115,400

 

1.066

2,460,900

1,230

Primary

28,300

0.804

 

454,400

228

Total Inferred

143,600

1.015

2,915,400

1,458

           

Total Resources

INDICATED

Total Leachable

73,900

 

0.723

1,065,200

534

Total Indicated

151,800

0.531

1,610,700

806

INFERRED

Total Leachable

310,400

 

0.59

3,663,700

1,832

Total Inferred

449,900

0.544

4,894,200

2,447

Notes for Tables 1 and 2:

1. CuT means total copper and Tsol means total soluble copper as the addition of sequential acid soluble and sequential cyanide soluble copper assays. Tons are reported as short tons.

2. Cactus and Stockpile Resource estimates have an effective date of 31st August, 2021 and use a copper price of US$3.15/lb. The assumptions in respect of the Cactus and Stockpile Resource estimates are as stated in the Preliminary Economic Assessment (“PEA”) titled "Arizona Sonoran Copper Company, Inc. Cactus Project, Arizona, USA Preliminary Economic Assessment" with an effective date of August 31, 2021; Parks/Salyer Resource estimate has an effective date of 26th September, 2022 and uses a copper price of US$3.75/lb.

3. Technical and economic parameters defining resource pit shell: mining cost US$2.45/t; G&A US$0.55/t, and 44°-46° pit slope angle.

4. Technical and economic parameters defining underground resource: mining cost US$28.93/t, and G&A representing 7% of direct costs. 

5. Technical and economic parameters defining processing: Heap leach (HL) processing cost including selling US$1.77/t; HL recovery 83% of CuT; mill processing cost US$8.50/t. 

6. For Cactus: Variable cutoff grades were reported depending on material type, potential mining method, and potential processing method. Oxide material within resource pit shell = 0.096% TSol; enriched material within resource pit shell = 0.098% TSol; primary material within resource pit shell = 0.205% CuT; oxide underground material outside resource pit shell = 0.56% TSol; enriched underground material outside resource pit shell = 0.70% TSol; primary underground material outside resource pit shell = 0.70% CuT.

7. For Parks/Salyer: Variable cut-off grades were reported depending on material type associated potential processing method. Oxide underground material = 0.495% TSol; enriched underground material = 0.60% TSol; primary underground material = 0.586% CuT.  

8. 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, sociopolitical, marketing, or other relevant factors. 

9. The quantity and grade of reported inferred mineral resources in this estimation are uncertain in nature and there is insufficient exploration to define these inferred mineral resources as an indicated or measured mineral resource; it is uncertain if further exploration will result in upgrading them to an indicated or measured classification. 

10. Total may not add up due to rounding. 

Technical documents are prepared by Stantec Consulting Services Inc., supported by the ASCU Mining project team and Samuel Engineering Inc

 

Qualified Person

Except where otherwise indicated, ASCU’s exploration programs and pertinent disclosure of a technical or scientific nature are supported by Mr. Allan Schappert, Stantec, for the mineral resource and Dr. Martin Kuhn, Minerals Advisory Group, for metallurgy, both of whom are Qualified Persons as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”).

Cactus Mineral Resource Estimate (US$3.35/lb copper price), Effective date: August 31, 2021

Parks/Salyer Mineral Resource Estimate (US$3.75/lb copper price), Effective date: September 26, 2022