SurfaceMine-1
Surface Mine Stage 1 – view1
SurfaceMine-2
Surface Mine Stage 1 – view2
SurfaceMine-3
Surface Mine Stage 1 – view3
SurfaceMine-4
Surface Mine Stage 1 – view4
Surface Mine Stage 1 – view5
Surface Mine Stage 1 – view5
Stage 1
Surface Mine Stage 1 – view6
Aerial view of ROM pad and Process Plant
Aerial view of ROM pad and Process Plant
Aerial view of Process Plant
Aerial view of Process Plant
ROM Pad
ROM Pad
RSI
RSI - spillway view
RSI - pond view1
RSI - pond view1
RSI - pond view2
RSI - pond view2

Latest News

28/04/2020 -- MTL Updated Mineral Reserve Estimate Read More
26/03/2020 -- MTL Operational Update Read More
09/03/2020 -- MTL Update on Senior Facility & Suspension of Trading Read More
19/02/2020 -- MTL Quarterly Update to 31 December 2019 Read More
31/01/2020 -- MTL Sale of Senior Facility Completed Read More
22/01/2020 -- Funding and Banking Update Read More
15/11/2019 -- Quarterly Update To 30 September 2019 Read More
13/09/2019 -- Interim results for the six month period ended 30 June 2019 Read More
08/08/2019 -- Quarterly Update To 30 June 2019 Read More
31/07/2019 -- Funding and Banking Update Read More
28/06/2019 -- Funding and Banking Update Read More
25/06/2019 -- Results of AGM Read More
25/06/2019 -- AGM Statement Read More
03/06/2019 -- Funding and Banking Update Read More
30/05/2019 -- Posting of Annual Report and Notice of AGM Read More
30/05/2019 -- MTL Annual Accounts Read More
03/05/2019 -- Funding & Banking Update Read More
24/04/2019 -- Quarterly Update To 31 March 2019 Read More
12/04/2019 -- Appointment of Nominated AdviserRead More
01/04/2019 -- Funding and Banking UpdateRead More
29/03/2019 -- Funding and Banking UpdateRead More
15/03/2019 -- Resignation of Nominated AdviserRead More
12/03/2019 -- Funding & Banking Update-Debt Standstill RequestedRead More
06/03/2019 -- Funding and Banking UpdateRead More
28/02/2019 -- Interim CFO AppointedRead More
27/02/2019 -- Results of Operational Review and ClarificationsRead More
18/02/2019 -- Amendment to Senior Lenders' Facility agreementRead More
08/02/2019 -- Banking UpdateRead More
05/02/2019 -- Appointment of Non-Executive DirectorRead More
31/01/2019 -- Banking UpdateRead More
30/01/2019 -- Quarter Ending 31 December 2018 operations updateRead More
25/01/2019 -- Holding in CompanyRead More
25/01/2019 -- Directorate ChangeRead More
25/01/2019 -- Appointment of ChairmanRead More
24/01/2019 -- Directorate ChangeRead More
16/01/2019 -- Corporate Update - Presentation Jan 2019Read More
16/01/2019 -- Corporate UpdateRead More
03/01/2019 -- Appointment of CEORead More

Reserve Estimate

On 27 April 2020 the Company released an updated JORC compliant gold reserve estimate calculated by Xenith Consulting.
Since the publication of the last reserve estimate in March 2011 the Company has completed little additional resource drilling; with the vast majority of drilling being undertaken purely for mining grade control purposes. As a result the updated reserve estimate was, to a large extent, based upon the existing 2011 resource model.  The following matters should be considered in conjunction with the reserve estimate.

The steps undertaken to evaluate the resource and develop the updated mine plan, and hence a new reserves estimate for this project are outlined below:

  • A review of the Company's existing LOM plan was completed by Xenith Consulting with the following considerations:
    • Understanding current mine and dump strategy
    • Identifying critical items constraining the mine plan
    • Updated geotechnical parameters
    • Developed a Malilibeg fault zone model
    • Optimised pit design including reviewing the sensitivity of pit limits to resource category
  • Update the Mine Design::
    • Develop ultimate pit limits taking into account the geotechnical criteria, optimiser results and pit access
    • Pit optimisation based on an average 85% recovery and US$1,200/oz gold price.
    • Develop pit stages considering mine access and in-pit dumping requirements
    • Develop both in-pit and ex-pit dumps
  • Following mine design several production and dump schedules (include truck haulage requirements) were analysed
  • Review of mine economics based on the Company's internal budgets and economic models

  • Updated Ore Reserve Estimate

    Table 1: Ore Reserve Estimate - 2020
    ReserveOre Gold
    Category
    Mt g/t M Oz
    Proved nil nil
    nil
    Probable 11.7
    1.38
    0.50
    Total 11.7 1.38
    0.50
    Inferred included in LOM model pit
    Inferred material  2.7  1.21 0.10

      Note:
    • The existing Resource model, developed in March 2011, was used for the new Reserve analysis
    • An updated economic cut-off at 0.59 g/t Au
    • 4.76 Mt of Reserves depleted by mining from commencement of production to the end of 2019
    • All Measured and Indicated Resources have been converted to Probable Reserve (reflecting Geotechnical and Hydrogeology uncertainties)
    • Mining grade dilution increased to 25% (in line with reconciled actual performance)
    • Mining recovery approximately 85% inclusive of a 5% mining loss
    • Measured Resource - converted to 7.9Mt of Probable Reserve
    • Indicated material - converted to 3.7Mt of Probable Reserve
    • Inferred material - forms only 6% of the planned tonnage in the first 3 years of the updated mine plan
    • Inferred material - 73% of the 2.7Mt is only scheduled for mining in the last 3 years of the updated mine plan
    • LoM pit design remains economic with Inferred material included at zero grade

    Reconciliation to 2011 Reserve estimate

    The 2011 Reserves estimate, prepared by Mining Associates, Brisbane, are set out in Table 2 below.

    Table 2: Ore Reserve Estimate - 2011
    ReserveOre Gold
    Category
    Mt g/t M Oz
    Proved 10.2 1.90
    0.60
    Probable 4.8
    1.77
    0.26
    Total 15.0 1.86
    0.87
    Inferred included in LOM model pit
    Inferred material  2.9  1.73 0.16

    While overall tonnes have been depleted at a rate consistent with the available tonnes as estimated in both the 2011 and 2020 reserve estimates, the grade in the 2011 reserve estimate has proven to be inaccurate. The updated 2020 reserve estimate is reflective of the mining dilutions achieved over the past 3 years.

    Application of a more accurate resource to reserve recovery has been included with the analysis with approximately 85% of the resource estimated as recoverable versus a previous assumption of approximately 95% recoverable.

    Total ounces unaccounted between the two reserve estimates is approximately negative 20Koz, when mining depletion and new mining loss factors are applied. By considering the updated 0.59 g/t cutoff grade (2011: 0.03 g/t) the final difference between the two statements is reconciled.

    The Company has a planned drilling programme, to be undertaken during the second half of 2020 and during 2021. This will provide the next basis for updating the project's Reserve estimate.


    Competent Persons' Statement

    The information contained in this release that relates to the 2020 gold Reserves Estimate is based on information compiled by Mr Iain Ross, who is am a Member of The Australasian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists. Mr Ross is a full-time employee of Xenith Consulting. Mr Ross has sufficient experience that is relevant to the style of mineralisation and type of deposit described in the release to qualify as a Competent Person as defined by the JORC Code, 2012 Edition. Mr Ross consents to the inclusion of this information in the form and context in which it appears in this release.

    Mr Darren Bowden, a director of the Company, a Member of the Australasian Institute of Mining and Metallurgy and who has been involved in the mining industry for more than 25 years, has compiled, read and approved the technical disclosure in this reserves estimate.

    Last Updated: April 2020