Projects

Ayawilca Zinc Zone

Overview

Mineral Resources

The current resources at the Ayawilca Project, as estimated by RPA of Toronto, Canada, are highlighted in the following tables.

Table 1 - Indicated Mineral Resource – Ayawilca Zinc Zone as of November 26, 2018

Sensitivities at various cut-off grades

NSR
$/t Cut-off

Tonnage
(Mt)

ZnEq
(% grade)

Zinc
(%)

Lead
(%)

Indium
(g/t)

Silver
(g/t)

40

13.6

7.4

6.3

0.16

75

15

50

12.4

7.9

6.7

0.17

80

15

55

11.7

8.1

6.9

0.16

84

15

60

10.8

8.5

7.2

0.16

89

16

70

9.4

9.2

7.7

0.15

99

16

80

7.9

10.0

8.4

0.15

111

17

Notes:

  1. Base case highlighted with bold text.
  2. See Table 3 for notes.

Table 2 - Inferred Mineral Resources – Ayawilca Zinc Zone as of November 26, 2018

Sensitivities at various cut-off grades

NSR
$/t Cut-off

Tonnage
(Mt)

ZnEq
(% grade)

Zinc
(%)

Lead
(%)

Indium
(g/t)

Silver
(g/t)

40

52.7

6.2

5.2

0.24

60

17

50

48.1

6.5

5.4

0.24

64

17

55

45.0

6.7

5.6

0.23

67

17

60

41.5

7.0

5.8

0.23

70

18

70

33.9

7.6

6.4

0.22

78

18

80

26.9

8.3

6.9

0.22

86

20

Notes:

  1. Base case highlighted with bold text.
  2. See Table 3 for notes.

Table 3 – Ayawilca Zinc Zone Base Case Mineral Resources by Area

As of November 26, 2018

Area

Tonnage
(Mt)

ZnEq
(%)

Zn
(%)

Pb
(%)

In
(g/t)

Ag
(g/t)

Zn
(Mlb)

Pb
(Mlb)

In
(kg)

Ag
(Moz)

Indicated

 

 

 

 

 

 

 

 

 

 

West

7.8

7.7

6.5

0.20

72

15

1,126

35

561

3.9

South

3.9

9.1

7.6

0.09

108

16

652

8

422

2.0

Total Indicated

11.7

8.1

6.9

0.16

84

15

1,778

42

983

5.8

Inferred

 

 

 

 

 

 

 

 

 

 

West

5.0

7.1

6.4

0.27

34

17

699

30

170

2.8

Central

18.6

5.6

4.6

0.23

62

12

1,884

95

1,153

7.5

East

11.3

5.9

5.0

0.18

56

14

1,238

44

633

5.0

South

10.2

9.6

7.9

0.27

103

30

1,764

61

1,047

9.9

Total Inferred

45.0

6.7

5.6

0.23

67

17

5,585

230

3,003

25.2

Notes:

  1. The Qualified Person for the estimate is Ms. Dorota El Rassi, P.Eng., an RPA employee. Mineral Resources have an effective date of November 26, 2018.
  2. Mineral Resources are reported using the 2014 CIM Definition Standards. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
  3. Mineral Resources are reported above a cut-off grade of US $55 per tonne NSR value.
  4. The NSR value was based on estimated metallurgical recoveries, assumed metal prices and smelter terms, which include payable factors, treatment charges, penalties, and refining charges. Metal price assumptions were: US $1.15/lb Zn, US $300/kg In, US $15/oz Ag, and US$1.00/lb Pb. Metal recovery assumptions were: 90% Zn, 75% In, 60% Ag, and 75% Pb. The NSR value for each block was calculated using the following NSR factors: US $15.34 per % Zn, US$ 4.70 per % Pb, US $0.18 per gram In, and US $0.22 per gram Ag.
  5. The NSR value was calculated using the following formula: NSR = Zn(%)*US $15.34+Pb(%)*US $4.70+In(g/t)*US $0.18+Ag(g/t)*US $0.22
  6. The ZnEq value was calculated using the following formula: ZnEq = NSR/US $15.34
  7. Numbers may not add due to rounding.

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