Aris Mining Corp. T.ARIS

43-101

[likeike]

GCM Mining Files Amended National Instrument 43-101 Technical Report for its Toroparu Project; Does Not Materially Amend Disclosures Regarding Updated Mineral Resource Estimate and Preliminary Economic Assessment

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GCM Mining Corp.

Mon., February 7, 2022, 2:00 p.m.

 

 

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TORONTO, Feb. 07, 2022 (GLOBE NEWSWIRE) -- GCM Mining Corp. (“GCM Mining” or the “Company”) (TSX: GCM, OTCQX: TPRFF) announced today that, as a result of a review by the staff of the Ontario Securities Commission, it is issuing the following news release related to its recent disclosure for its Toroparu Project.

Specifically, the Company announced that it has filed an amended version of its technical report and preliminary economic assessment (“PEA”) for its Toroparu Project (the “Amended Technical Report”) prepared by Nordmin Engineering Ltd. (“Nordmin”) pursuant to National Instrument 43101 - Standards of Disclosure for Mineral Projects (“NI 43101"). The Amended Technical Report does not materially change any of the Company’s previous disclosures regarding the updated Mineral Resource estimate and PEA for the Toroparu Project as outlined in the initial technical report (effective date of December 1, 2021) filed on SEDAR on January 13, 2022 (the “Technical Report”). In compliance with NI 43-101, the Company has rounded certain Mineral Resource and pit optimization tables to fewer significant figures and has eliminated certain immaterial or excessive supplementary information contained within the appendices of the Technical Report. Certain information related to an “estimate of potential mineable resources” has been moved within sections of the Amended Technical Report and has been renamed “mineral resources within the PEA mine plan”. The Company has also corrected a previously illegible table and a typographical error within the Technical Report.

A summary of the updated Mineral Resource estimate in the Amended Technical Report is as follows:

 

Table 1: Mineral Resource Statement for the Toroparu Project

Deposit	Area	Resource Category	Type	Tonnes (‘000s)	Au (g/t)	Au oz (‘000s)	Cu (%)	Cu lb (‘000s)	Ag (g/t)	Ag oz (‘000s)
Toroparu	Main/NW	Measured	Open pit	98,070	1.21	3,809	0.110	238,112	1.19	3,743
		Indicated		62,531	1.56	3,133	0.100	137,557	0.91	1,828
Toroparu	SE	Measured	Open pit	5,121	1.16	190	0.043	4,826	n/a	n/a
		Indicated		2,403	1.14	88	0.052	2,763	n/a	n/a
Sona Hill	Sona Hill	Measured	Open pit	6,958	1.85	413	0.008	1,241	1.07	239
		Indicated		4,180	1.66	223	0.008	700	0.85	115
Toroparu	Main/NW	Measured	Underground	727	2.84	66	0.072	1,151	0.47	11
		Indicated		4,978	3.21	514	0.091	9,937	0.41	66
Total Measured				110,877	1.26	4,479	0.100	245,330	1.12	3,993
Total Indicated				74,092	1.66	3,958	0.092	150,957	0.84	2,009
Total Measured & Indicated				184,969	1.42	8,437	0.097	396,286	1.01	6,002
Toroparu	Main/NW	Inferred	Open Pit	4,018	1.58	204	0.080	7,118	0.66	85
Toroparu	SE	Inferred	Open Pit	9	1.67	1	0.040	8	n/a	n/a
Sona Hill	Sona Hill	Inferred	Open Pit	1,365	1.28	56	0.006	179	0.54	24
Toroparu	Main/NW/SE	Inferred	Underground	8,403	3.53	953	0.091	16,884	0.25	68
Total Inferred				13,796	2.74	1,213	0.08	24,189	0.40	177

Table 2: Mineral Resource Estimate Summary

	Tonnes (‘000s)	Au (g/t)	Au oz (‘000s)	Cu (%)	Cu lb (‘000s)	Ag (g/t)	Ag oz (‘000s)
Open Pit
Measured and Indicated	179,264	1.36	7,857	0.097	385,198	1.03	5,924
Inferred	5,393	1.50	260	0.061	7,305	0.63	109
Underground
Measured and Indicated	5,705	3.16	580	0.088	11,088	0.42	77
Inferred	8,403	3.53	953	0.091	16,884	0.25	68
Total
Measured and Indicated	184,969	1.42	8,437	0.097	396,286	1.01	6,002
Inferred	13,796	2.74	1,213	0.080	24,189	0.40	177

Mineral Resource Estimate Notes:

1. Combined Open Pit and Underground Mineral Resources were prepared in accordance with NI 43-101 and the CIM Definition Standards for Mineral Resources and Mineral Reserves (2014) and the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines (2019). Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. This estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.

2. Underground and Open Pit Mineral Resources are based on a gold price of $1,630/oz. This gold price is the three-year tailing average as of September 30, 2021.

3. Open Pit Mineral Resources comprise the material contained within various Lerchs-Grossmann pit shells at various revenue factors. These revenue factors are as follows: Main/Southeast/NW Zone @ 0.75 revenue factor and Sona Hill @ 1.00 revenue factor. The gold cut-off applied to Open Pit Mineral Resources within the selected pit shells was 0.40 g/t.

4. Underground Mineral Resources comprise all material found within Mineable Shape Optimizer (MSO) wireframes generated at a cut-off of 1.8 g/t gold including material below cut-off.

5. Silver values are not reported for the SE Open Pit. Ag contained metal values reported will not equal A tonnes X grade conversion calculation.

6. Assays were variably capped on a wireframe-by-wireframe basis.

7. Specific Gravity was applied using weighted averages to each individual lithology type.

8. Mineral Resource effective date November 1, 2021.

9. All figures are rounded to reflect the relative accuracy of the estimates and totals may not add correctly.

10. Excludes unclassified mineralization located within mined out areas.

11. Reported from within a mineralization envelope accounting for mineral continuity.

The Amended Technical Report, with a report date of February 4, 2022 and an effective date of December 1, 2022, was prepared by Nordmin and is entitled “Revised NI 43-101 Technical Report and Preliminary Economic Assessment, Toroparu Gold Project, Upper Puruni River Region of Western Guyana”. The “qualified persons” for the purposes of NI 43-101 include Glen Kuntz, P.Geo., Consulting Specialist – Geology/Mining; Brian Wissent, P.Eng., Senior Mine Engineer – Underground Mining; Kurt Boyko, P.Eng., Consulting Specialist – Mechanical; David Willms, P.Eng., Senior Reviewer; Ben Peacock, P. Eng., Senior Engineer; Daniel Yang, P. Eng., Specialist Geotechnical Engineer; and, Fernando Rodrigues, MMSAQP, Practice Leader/Principal Consultant – Mining.

The Amended Technical Report is available on the Company’s website at www.gcm-mining.com and under the Company’s profile on SEDAR at www.sedar.com.

[likeike]

Dang 8,437,000 gold ...6,000,000 silver  400,000,000 lbs of copper. Always said we were over 10 mill gold and in equivalent terms of  sillver and copper combined what does that put us at. All in the proven and probably range but man this sucker is big. IKE

[prem124]

It is almost 10 million if you count inferred.

[MaterialWorld]

Great post likeike. It's to bad that our share price isn't a reflection of the millions and millions of pounds of Gold, Silver and copper we have available. If it did, we'd be sitting at, at least $12.00 to $15.00 per share and more. It's coming...................MW