VANCOUVER, BC, Nov. 2, 2023
/CNW/ - Aris Mining Corporation (Aris Mining or the Company) (TSX:
ARIS) (NYSE: ARMN) announces updated mineral resource estimates for
its Segovia Operations in Colombia
effective September 30, 2023 (the
"2023 MRE"). Aris Mining will file an updated technical report in
support of the 2023 MRE within 45 days of this news release.
Neil Woodyer, CEO of Aris Mining,
commented "In early 2023, Aris Mining launched a strategic
exploration and infill drill program at the Segovia Operations and
a review of the geological interpretation and resource estimation
methodology. After assessing the findings of our reviews as well as
our impressive mid-year drilling results (see News Release from
August 16, 2023), we decided to
expedite the process of updating our mineral resource and mineral
reserve estimates. Segovia has a history of expanding its gold
resources and this current estimate represents a leap forward. We
are now in the process of updating the mineral reserve estimates,
which is expected to be completed by the end of November."
Figure 1: Growth of gold mineral resources (in million of
ounces or Moz), net of production
depletion1
The table below summarizes the 2023 MRE effective September 30, 2023, a comparison to the 2022 MRE
effective December 31, 2022, and
several years of previous mineral resource estimates.
Table 1 Segovia Operations mineral resource
estimates1
|
Effective
date
|
Measured
|
Indicated
|
Measured &
Indicated
|
Inferred
|
|
Tonnes
|
Grade Au
|
Oz Au
|
Tonnes
|
Grade Au
|
Oz Au
|
Tonnes
|
Grade Au
|
Oz Au
|
Tonnes
|
Grade Au
|
Oz Au
|
|
(kt)
|
(g/t)
|
(koz)
|
(kt)
|
(g/t)
|
(koz)
|
(kt)
|
(g/t)
|
(koz)
|
(kt)
|
(g/t)
|
(koz)
|
|
2023
MRE
2022 MRE
|
4,114
405
|
14.31
15.39
|
1,893
200
|
3,754
4,569
|
14.38
10.16
|
1,736
1,492
|
7,869
4,974
|
14.34
10.58
|
3,629
1,692
|
4,682
5,325
|
12.11
9.44
|
1,823
1,616
|
|
Change 2023 MRE
/2022 MRE
(koz or %)
|
|
|
|
|
|
|
|
+36 %
|
+1,937
+114%
|
|
+28 %
|
+207
+13%
|
|
31-Dec-2021
|
462
|
14.00
|
208
|
4,123
|
10.65
|
1,412
|
4,585
|
10.99
|
1,620
|
5,349
|
9.90
|
1,703
|
|
31-Dec-2020
|
327
|
19.78
|
208
|
3,640
|
10.40
|
1,217
|
3,967
|
11.17
|
1,425
|
3,661
|
10.28
|
1,210
|
|
31-Dec-2019
|
226
|
20.64
|
150
|
3,385
|
11.07
|
1,205
|
3,611
|
11.67
|
1,355
|
4,098
|
9.60
|
1,265
|
|
31-Dec-2018
|
218
|
19.97
|
140
|
3,289
|
11.23
|
1,187
|
3,507
|
11.77
|
1,327
|
3,562
|
10.10
|
1,157
|
|
31-Dec-2017
|
189
|
19.09
|
116
|
2,673
|
11.46
|
985
|
2,862
|
11.97
|
1,101
|
3,073
|
9.90
|
978
|
|
Notes:
- Mineral resources
are inclusive of mineral reserves.
- Mineral resources
are not mineral reserves and have no demonstrated economic
viability
- There are no known
environmental, permitting, legal, title, taxation, socio-economic,
marketing, political, or other relevant factors that could
materially affect the mineral resource estimate.
- Totals may not add
due to rounding.
2023 MRE
Notes:
- A gold price of
US$1,850 per ounce was used for the 2023 MRE.
- The 2023 MRE
utilized a gold cut-off grade of between 2.80 g/t and 3.12 g/t
depending on mineral resource area. The cut-off grade values were
applied to vein grades diluted to a minimum height of one vertical
metre.
- The 2023 MRE was
prepared by Pamela De Mark, P. Geo., Senior Vice President of
Geology and Exploration of Aris Mining.
Previous MRE
Notes:
- The mineral
resource estimate used a US$ gold price per ounce of $1,400 in
2017, 2018, and 2019, $1,700 in 2020, $1,800 in 2021, and $1,850 in
2022 to determine a gold cut-off grade of 3.0 g/t in 2017, 2018,
and 2019, 2.9 g/t in 2020 and 2021, and 2.65 g/t in 2022, all using
a minimum mining width of 1.0 m.
|
As of September 30, 2023,
$10.5 million of the planned
$17 million 2023 budget had been
spent with 83,205 metres of the planned 84,500 metres of drilling
completed. Drilling will continue until the budget has
been spent, to an estimated 105,000 metres.
In June 2023, Aris Mining engaged
Mining Plus to complete a thorough audit of the Segovia Operations'
mineral resource and mineral reserve estimates, which led to
several recommendations to improve the estimation processes. A
significant difference of the 2023 MRE compared to previous MREs is
a change in the methodology used to select drillhole and channel
samples to create the vein wireframe interpretations in 3D
geological modelling software. This change involved utilizing the
"snap to sample" function to appropriately select the high grade
vein samples in the vein interpretation. The improvement to the
vein interpretation methodology resulted in both the elimination of
significant numbers of waste material sample assays and the
inclusion of significant numbers of high grade vein sample assays,
better representing the volume and grade of the vein material that
is expected to be mined. The impact on the mineral resource
estimate is both a material increase in the volumes of high grade
vein material as well as a reduction in the amount of diluting
waste grades that have the potential to lower estimated grades to
below the mineral resource cut-off grades, thereby eliminating
those volumes from the mineral resource inventory.
Technical Disclosure and Qualified Person
The technical information in this news release was reviewed and
approved by Pamela De Mark, P.Geo,
Senior Vice President, Geology and Exploration of Aris Mining, who
is a Qualified Person as defined by NI 43-101. Ms. De Mark has
verified the sampling, analytical, and test data as well as the
geological interpretation underlying the information or opinions
disclosed in this news release. Ms. De Mark has fully verified the
sampling, analytical, and test data as well as the geological
interpretation underlying the information or opinions disclosed in
this news release by way of analysis of the data and the
interpretations during the production of the mineral resource.
Unless otherwise indicated, the mineral resource estimates,
scientific disclosure and technical information included in this
news release are based upon information included in the following
documents and NI 43-101 compliant technical reports:
- for the mineral resource estimate effective December 31, 2017, the technical report entitled
"NI 43-101 Technical Report, Prefeasibility Study, Segovia Project,
Colombia" dated May 10, 2018 and prepared by SRK Consulting (US),
Inc. (SRK);
- for the mineral resource estimate effective December 31, 2018, the technical report entitled
"Amended NI 43-101 Technical Report, Prefeasibility Study Update,
Segovia Project, Colombia" dated
July 8, 2019 and prepared by
SRK;
- for the mineral resource estimate effective December 31, 2019, the technical report entitled
"NI 43-101 Technical Report, Prefeasibility Study Update, Segovia
Project, Colombia" dated
May 14, 2020 and effective as of
December 31, 2019 and prepared by
SRK;
- for the mineral resource estimate effective December 31, 2020, the technical report entitled
"NI 43-101 Technical Report, Prefeasibility Study Update, Segovia
Project, Department of Antioquia, Colombia" dated May 13,
2021 and effective as of December 31,
2020 and prepared by SRK;
- for the mineral resource estimate effective December 31, 2021, the technical report entitled
"NI 43-101 Technical Report, Prefeasibility Study, Segovia Project,
Antioquia, Colombia" dated
May 6, 2022 and effective as of
December 31, 2021 and prepared by
SRK; and
for the mineral resource estimate effective December 31, 2022, the mineral resource and
reserve estimates of the Segovia Operations is summarized, derived,
or extracted from the news release of the Company dated
March 3, 2023.
All of the documents listed above are available for review on
the Company's website at www.aris-mining.com and on the
Company's profile on SEDAR+ at www.sedarplus.ca
About Aris Mining
Aris Mining is a gold producer in the Americas with a
growth-oriented strategy. In Colombia, Aris Mining operates several
high-grade underground mines at its Segovia Operations and the
Marmato Mine, which together produced 235,000 ounces of gold in
2022. Aris Mining is currently advancing construction of the
Marmato Lower Mine Expansion project, which will provide access to
wider porphyry mineralization below the current Upper Mine. Aris
Mining also operates the Soto Norte Project joint venture, where
environmental licensing is advancing to develop a new underground
gold, silver and copper mine. In Guyana, Aris Mining is advancing the Toroparu
Project, a gold/copper project. Aris Mining plans to pursue
acquisitions and other growth opportunities to unlock value
creation from scale and diversification.
Aris Mining promotes the formalization of artisanal and
small-scale mining as this process enables all miners to operate in
a legal, safe and responsible manner that protects them and the
environment.
Additional information on Aris Mining can be found at
www.aris-mining.com, www.sedarplus.ca, and on www.sec.gov.
Forward-Looking Information
This news release contains "forward-looking information" or
forward-looking statements" within the meaning of Canadian and U.S.
securities legislation. All statements included herein, other than
statements of historical fact, including, without limitation,
statements relating to results of the 2023 MRE, the nature of the
results of the 2023 MRE, the filing of the technical report in
support of the 2023 MRE and the updating of the mineral reserves of
the Segovia Operations and the timing thereof, and the Company's
plans and strategies are forward-looking. When used herein, forward
looking terminology such as "expect", "plan", "anticipate",
"estimate", "may", "will", "should", "intend", "believe", and
similar expressions, are intended to identify forward-looking
statements. Statements concerning mineral reserve estimates and
mineral resource estimates may also be deemed to constitute forward
looking information to the extent that they involve estimates of
the mineralization that will be encountered. Forward-looking
statements are based on estimates and assumptions made by the
Company in light of its experience and its perception of historical
trends, current conditions and expected future developments, as
well as other factors that the Company believes are appropriate in
the circumstances. Many factors could cause the Company's actual
results, performance or achievements to differ materially from
those expressed or implied by the forward-looking statements,
including those described in the "Risk Factors" section of the
Company's most recent AIF and in the Management's Discussion and
Analysis for the three and six months ended June 30, 2023, which are available on the
Company's profile on SEDAR+ at www.sedarplus.ca and in its
filings with the U.S. Securities and Exchange Commission at
www.sec.gov. These factors should be considered carefully, and
readers should not place undue reliance on the Company's
forward-looking statements. The Company has no intention and
undertakes no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
|
______________________
|
|
1 See
"Technical Disclosure and Qualified Person" section below
for full disclosure of technical and scientific details.
|
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