VANCOUVER, BC, Sept. 7, 2021 /CNW/ – Orla Mining Ltd. (TSX: OLA) (NYSE: ORLA) (“Orla” or the “Company”) is pleased to announce that the Company has filed a technical report, prepared in accordance with the disclosure standards under National Instrument 43-101 (“NI 43-101”) for its Cerro Quema Oxide Gold Project (the “Project”) located in the Azuero Peninsula, Los Santos Province, Panama. Orla previously announced the results for the Pre-Feasibility Study (see News Release dated July 28, 2021), which highlighted an estimated Project after-tax net present value (“NPV”) (5% discount rate) of US$176 million with an after-tax internal rate of return (“IRR”) of 38% at a gold price of US$1,600 per ounce. The detailed technical report is now available on SEDAR and EDGAR under the Company’s profile at www.sedar.com and at www.sec.gov, respectively. The technical report is now also available on Orla’s website at www.orlamining.com.
The following tables presents the mineral reserve and mineral resource estimation for the Cerro Quema Oxide Project. Proven and probable mineral reserves amount to 21.7 million tonnes at 0.80 g/t gold and 2.18 g/t silver for 0.56 million contained gold ounces and 1.53 million contained silver ounces. The mineral reserve was estimated based on a gold price of US$1,250 per ounce and a silver price of US$17 per ounce while the mineral resource was estimated based on a gold price of US$2,000 per ounce and a silver price of US$26 per ounce. The July 28, 2021 news release contained a typographical error in the calculation of gold and silver ounces in the inferred mineral resource category which has been corrected in the material change report dated August 9, 2021 and below. Tonnes and grades were correctly stated and remain unchanged.
Mineral Reserves
|
Mineral Reserve Category |
000’s |
Gold |
Silver |
Gold |
Silver |
|
tonnes |
(g/t) |
(g/t) |
(koz) |
(koz) |
|
|
La Pava Probable Mineral Reserve |
15,700 |
0.79 |
2.27 |
400 |
1,148 |
|
Quema Probable Mineral Reserve |
6,000 |
0.83 |
1.95 |
161 |
378 |
|
Total Probable Mineral Reserves |
21,700 |
0.80 |
2.18 |
562 |
1,526 |
|
Notes: |
|
1. The qualified person responsible for the Mineral Reserves is Jesse Aarsen, P.Eng of Moose Mountain Technical Services. Jesse Aarsen is independent of Orla. |
|
2. Only Oxide and Mixed material is included in the Mineral Reserve; all Sulphide material is treated as waste. |
|
3. The minimum cut-off grade used for ore/waste determination is NSR>= $6.34/tonne for Oxide and $9.18 for Mixed at the La Pava deposit and $6.50/tonne for Oxide and $8.35/tonne for Mixed at the Quema deposit. |
|
4. Mineral Reserves have an effective date of April 22, 2021. All Mineral Reserves in this table are Proven and Probable Mineral Reserves. The Mineral Reserves are not in addition to the Mineral Resources but are a subset thereof. All Mineral Reserves stated above include mining dilution, but no mining loss. |
|
5. Associated metallurgical gold recoveries have been estimated as 86% for Oxide at the Quema deposit and 88% for Oxide at the La Pava deposit. Gold recoveries vary according to grade for Mixed material at both the La Pava and Quema deposits. |
|
6. Associated metallurgical silver recoveries have been estimated as 15% for Oxide and 10% for Mixed material at the Quema deposit and 30% for Oxide and 10% for Mixed material at the La Pava deposit. |
|
7. Mineral Reserves are based on a US$1,250/oz gold price, US$17/oz silver price. |
|
8. Mineral Reserves are converted from resources through the process of pit optimization, pit design, production scheduling, stockpiling, cut-off grade optimization and supported by a positive cash flow model. |
|
9. Rounding as required by reporting guidelines may result in summation differences. |
Mineral Resources
|
Mineral Resource Type |
000’s |
Gold |
Silver |
Gold |
Silver |
|
tonnes |
(g/t) |
(g/t) |
(koz) |
(koz) |
|
|
Oxide |
|||||
|
Quema Indicated Mineral Resource |
9,305 |
0.67 |
1.97 |
200 |
589 |
|
Pava Indicated Mineral Resource |
21,488 |
0.65 |
2.03 |
451 |
1,402 |
|
Indicated Mineral Resource |
30,793 |
0.66 |
2.01 |
651 |
1,992 |
|
Mixed |
|||||
|
Quema Indicated Mineral Resource |
8,367 |
0.72 |
2.08 |
195 |
560 |
|
Pava Indicated Mineral Resource |
17,519 |
0.76 |
2.18 |
428 |
1,228 |
|
Indicated Mineral Resource |
25,886 |
0.75 |
2.15 |
623 |
1,787 |
|
Total Indicated Mineral Resource |
56,679 |
0.70 |
2.07 |
1,274 |
3,779 |
|
Oxide |
|||||
|
Quema Inferred Mineral Resource |
2,837 |
0.32 |
2.91 |
29 |
265 |
|
Pava Inferred Mineral Resource |
776 |
0.25 |
1.24 |
6 |
31 |
|
Inferred Mineral Resource |
3,613 |
0.31 |
2.55 |
36 |
296 |
|
Mixed |
|||||
|
Quema Inferred Mineral Resource |
1,928 |
0.39 |
3.74 |
24 |
232 |
|
Pava Inferred Mineral Resource |
448 |
0.31 |
1.24 |
4 |
18 |
|
Inferred Mineral Resource |
2,376 |
0.38 |
3.27 |
29 |
250 |
|
Total Inferred Mineral Resource |
5,989 |
0.33 |
2.84 |
64 |
546 |
|
Notes: |
|
1. Mineral Resources are reported using the 2014 CIM Definition Standards and were estimated using the 2019 CIM Best Practices Guidelines. |
|
2. Mineral Resources are reported inclusive of Mineral Reserves. |
|
3. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. |
|
4. The Mineral Resource has been confined by a “reasonable prospects of eventual economic extraction” pit using the following assumptions: US $2,000/oz. Au and US $26/oz Ag; 99.9% payable Au; 98.0% payable Ag; $1.40/oz Au and $1.20/oz Ag offsite costs (refining, transport and insurance); a 4% NSR royalty. |
|
5. Metallurgical recoveries are for Pava: 88% Au in oxides, 55% Au in Sulfides, for Quema: 86% Au in oxides, 55% Au in sulfides, for all deposits: Au Rec=0.9867*2.7183^(-0.1*%total Sulfur)*100%-13%. Cu recovery in sulfides is 85% for all deposits, Ag recovery is 30% oxides, 10% mixed in Pava, Ag recovery is 15% in oxides and 10% in mixed in Quema. |
|
6. Pit slope angles are 40º. |
|
7. The specific gravity of the deposit has been determined by Alteration Zone and Core recovery and ranges between 2.07 and 2.62. |
|
8. Numbers may not add due to rounding |
|
9. Mineral Resources have an effective date of December 16, 2020. |
Qualified Persons
The scientific and technical information in this news release has also been reviewed and approved by Carl Defilippi, RM SME; Sue Bird, M.Sc., P.E.; Jesse Aarsen, P.E.; Denys Parra, RM SME; Matt Gray, Ph.D., C.P.G (AIPG), Brent Johnson, RM SME, P.G.; Lee Joselyn, P.E.; and Wade Brunham, M.Sc. PWS, R.P.Bio, each of whom is an Independent Qualified Person under NI 43-101.
About Orla Mining Ltd.
Orla is developing the Camino Rojo Oxide Gold Project, an advanced gold and silver open-pit and heap leach project, located in Zacatecas State, Central Mexico. The project is 100% owned by Orla and covers over 160,000 hectares. The technical report for the 2021 Feasibility Study on the Camino Rojo Oxide Gold Project entitled “Unconstrained Feasibility Study NI 43-101 Technical Report on the Camino Rojo Gold Project – Municipality of Mazapil, Zacatecas, Mexico“ dated January 11, 2021, is available on SEDAR and EDGAR under the Company’s profile at www.sedar.com and www.sec.gov, respectively. The technical report is also available on Orla’s website at www.orlamining.com. Orla also owns 100% of the Cerro Quema Project located in Panama which includes a near-term gold production scenario and various exploration targets. The Cerro Quema Project is a proposed open pit mine and gold heap leach operation. The technical report for the 2021 Pre-Feasibility Study on the Cerro Quema Oxide Gold Project entitled “Project Pre-Feasibility NI 43-101 Technical Report on the Cerro Quema Gold Oxide Project, Province of Los Santos, Panama” dated July 27, 2021, is available on SEDAR and EDGAR under the Company’s profile at www.sedar.com and www.sec.gov, respectively. The technical report is also available on Orla’s website at www.orlamining.com.
Forward-looking Statements
This news release contains certain “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities legislation and within the meaning of Section 27A of the United States Securities Act of 1933, as amended, Section 21E of the United States Exchange Act of 1934, as amended, the United States Private Securities Litigation Reform Act of 1995, or in releases made by the United States Securities and Exchange Commission, all as may be amended from time to time, including, without limitation, statements regarding the results of the pre-feasibility study and the anticipated capital and operating costs, sustaining costs, net present value, internal rate of return, payback period, process capacity, average annual metal production, average process recoveries, concession renewal, permitting of the Project, anticipated mining and processing methods, proposed pre-feasibility study production schedule and metal production profile, anticipated construction period, anticipated mine life, expected recoveries and grades, anticipated production rates, infrastructure, social and environmental impact studies, availability of labour, tax rates and commodity prices that would support development of the Project. Information concerning mineral resource/reserve estimates and the economic analysis thereof contained in the results of the pre-feasibility study are also forward-looking statements in that they reflect a prediction of the mineralization that would be encountered, and the results of mining, if a mineral deposit were developed and mined. Forward-looking statements are statements that are not historical facts which address events, results, outcomes or developments that the Company expects to occur. Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made and they involve a number of risks and uncertainties. Certain material assumptions regarding such forward-looking statements were made, including without limitation, assumptions regarding the price of gold and silver; the accuracy of mineral resource and mineral reserve estimations; that there will be no material adverse change affecting the Company or its properties; that all required approvals will be obtained, including concession renewals and permitting; that political and legal developments will be consistent with current expectations; that currency and exchange rates will be consistent with current levels; and that there will be no significant disruptions…
Read More:Orla Mining Files Cerro Quema Oxide Project Pre-Feasibility Study Technical Report
2021-09-07 21:43:00
