Operations

Overview

The NX Gold Mining Complex consists of fully integrated underground mining and processing facilities. The high-grade, shear-zone hosted, quartz vein system is accessed via a single decline, and current mining operations are focused on the Brás and Buracão veins. Ore is processed using a conventional three-stage crushing circuit, milling, and a combination of gravity concentration and intensive leaching and flotation followed by carbon in leach at the Nova Xavantina Mill, located adjacent to the NX Gold underground mine. Near mine exploration activities are focused down-plunge of the Brás and Buracão veins, and at the Santo Antônio and Stock Works targets located between the two. Regional exploration will focus on the under-explored, 31,716 hectare land package held by NX Gold.

Location

The NX Gold Mining Complex is located in southeastern Mato Grosso State, Brazil, approximately 670 km east of the capital city of Cuiabá. Doré bars containing gold and silver, as well as lesser amounts of lead, are shipped from the mine weekly by airplane via a gravel airstrip located on the property.

Classification

Tonnage
(000 tonnes)

Grade
(gpt Au)

Au Contained
(000 ounces)

Reserves

 Probable, Santo Antonio Vein

373.2

11.45

137.4

 Probable, Brás Vein

3.0

3.83

0.4

 Probable, Buracão Vein

2.7

5.42

0.5

Total Probable

378.9

11.35

138.2

 

Resources (including Reserves)

 Indicated, Santo Antonio Vein

403.7

12.53

162.6

 Indicated, Brás Vein

33.2

7.29

7.8

 Indicated, Buracão Vein

45.8

23.08

4.3

Total Indicated

442.6

12.28

174.7

 Inferred

470.2

9.37

141.7

Mineral Reserve & Resource Notes:

  1. Mineral Resource effective date of August 31, 2019.
  2. Mineral Reserve effective date of September 30, 2019.
  3. Presented mineral resources inclusive of mineral reserves. All figures have been rounded to the relative accuracy of the estimates. Summed amounts may not add due to rounding.
  4. Mineral resource gold  cut-off grade of 1.90 grams per tonne (“gpt”) gold. Mineral resources have been estimated using ordinary kriging inside 2.5m x 2.5m x 0.5m block sizes and minimum stope dimensions of 1.25m x 1.25m x 1.50m.  The mineral resource estimates were prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards for Mineral Resources and Mineral Reserves, adopted by the CIM Council on May 10, 2014 (the “CIM Standards”), and the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines, adopted by CIM Council on November 23, 2003 (the ‘CIM Guidelines”), using geostatistical and/or classical methods, plus economic and mining parameters appropriate to the deposit.
  5. Mineral reserve estimates were prepared in accordance with the CIM Standards and the CIM Guidelines, using geostatistical and/or classical methods, plus economic and mining parameters appropriate for the deposit. Mineral reserves are based on a long-term gold price of US$1,350 per ounce (“oz”), and a USD:BRL foreign exchange rate of 3.80. Mineral reserves are the economic portion of the Indicated mineral resources. Mineral reserve estimates include operational dilution of 10% plus planned dilution of approximately 10% within each stope. Assumes mining recovery of 90% and pillar recovery of 60%. Practical mining shapes (wireframes) were designed using geological wireframes / mineral resource block models as a guide.

Mineral resources which are not mineral reserves do not have demonstrated economic viability.

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