Mineral Resources

Cactus Mine Project

Mineral Resource Estimate (US$3.35/lb copper price)

Mineral Resource Category and Type(2) Tons 
(kt)
CuT
(%)
Tsol
(%)
Tsol_lb
(klbs)
Indicated Resource
Oxide 31,400 - 0.559 349,700
Enriched 42,500 - 0.844 715,500
Total Leachable 73,900 - 0.723 1,065,200
Primary 77,900 0.350 - 545,500
Cactus – 
Total Indicated Resource
151,800 0.531 - 1,610,700
Inferred Resource
Oxide 62,500 - 0.346 430,500
Enriched 55,100 - 0.498 548,800
Total Leachable 117,600 - 0.417 979,300
Primary 111,300 0.349 - 776,000
Cactus – 
Total Inferred Resource
228,900 0.384 - 1,755,300
Stockpile – 
Total Inferred Resource
77,400 0.169 0.144 223,500

Notes:

  1. Whittle resources are inside the pit generated by Whittle and below present topography.
  2. 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.
  3. Technical and economic parameters defining resource pit shell: copper price US$3.15/lb, 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 outside pit shell: copper price US$3.15/lb, 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. 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 material outside resource pit shell = 0.56% TSol; enriched material outside resource pit shell = 0.70% TSol; primary material outside resource pit shell = 0.70% CuT.
  7. 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.
  8. 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.
  9. 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”).

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