El Roble Mine

NI 43 - 101 mineral Reserves and Resources

Contained Metal

Cu Eq Cutoff
Cu Lbs
Au oz  
Proven + Probable Reserves
1.80% 1,002 3.81 3.02 1.76 66,678 57
Measured + Indicated Resources
0.89% 1,174 4.30 3.26 2.33 84,343 88
Inferred Resources
0.89% 17 2.03 0.49 3.41 186 1.9
Click table to enlarge


  1. Mineral Resources and Mineral Reserves are as defined by CIM definition Standards on Mineral Resources and Mineral Reserves 2014.
  2. Mineral Resources and Mineral Reserves are estimated as of September 30th 2020.
  3. Mineral Reserves are reported using an NSR breakeven cut-off value of US$104.44/t (cost basis October 2019 to September 2020) for the Zeus body.
  4. Mineral Resources are reported based on an NSR cut-off grade of US$54.39/t (cost basis October 2019 through September 2020),
  5. Metal prices used were US$1,543.13/troy ounce Au and US$ 3.01/t Cu.
  6. Metallurgical recoveries are based in the historical recovery (El Roble process plant results October 2019 through September 2020): Au is 57.94% and Cu is 92.13%.
  7. Metal payable recovery used 90.67% for gold and 94.87% for copper (basis October 2019 through September 2020).
  8. Reserves are based on break-even cut-off grade of 1.80 percent copper equivalent, which is based on actual El Roble operating costs from October 2019 – September 2020 along with other factors
  9. Density was estimated for each ore-body (Goliath = 3.34t/m3, Maximus = 3.50t/m3, Maximus Sur = 3.26t/m3, Zeus = 3.53t/m3).
  10. Mineral Resources, as reported, are undiluted.
  11. Mineral Resources are reported to 0.89% CuEq cut-off.
  12. CuEq for each block was calculated by multiplying one tonne of mass of each block by block grade for both Au and Cu by their average recovery, metal payable recovery and metal price. If the block is higher that CuEq cut-off, the block is included in the estimate (resource or reserve estimate as appropriate).
  13. Mineral Resources are Inclusive of Mineral Reserves.
  14. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
  15. There is no certainty that all or any part of the Mineral Resources estimated will be converted into Mineral Reserves.
  16. There are no known legal, political, environmental or other risks that could materially affect the development and mining of the Mineral Reserves in the Zeus deposit;
  17. Mineral Reserves were reviewed by Mr. Thomas Kelly, RM-SME, president of Andes Colorado Corp., who is a Qualified Person for the estimate and independent of Atico Mining and its subsidiaries;
  18. Figures in the table are rounded to reflect estimate precision; small differences are not regarded as material to the estimate;
  19. Reserves are estimated based on mining material that will be mined, processed and smelted.

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