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TSX-V: LMC $1.90  Gold: $1227.30/oz
  • Overview
  • Corebox Model
  • Resources
  • Exploration Potential

Overview

The Bermejal Underground deposit is located below the Bermejal Open Pit. In Q3 2017 development began to gain access to the high-grade underground ore. Ramp development is on track to reach the high-grade central section by year end 2018. Surface facilities at the underground portal and the first raise bore for ventilation are complete, and mine design and engineering are expected to be completed in the second half of 2018. Concurrent with the Bermejal Underground project, studies are under way to evaluate overall processing alternatives at Los Filos, including the potential for a CIL plant.

Mineral Resources

The update of the Bermejal Underground mineral resource estimate to the end of 2017 reflects the additional infill holes that were completed at the end of the drilling program. Mine design and engineering is ongoing using this mineral resource estimate.

The Bermejal Underground Measured and Indicated Mineral Resources total 10.8 million tonnes at a grade of 5.96 grams per tonne ("gpt") for 2.1 million ounces, plus Inferred resources of 3.6 million tonnes at a grade of 4.65 gpt for 0.545 million ounces, as shown in the following table:

Bermejal Underground Resources below current open pit mine design (Dec 31, 2017)1-6

Class Tonnes (kt) Gold grade (g/t) Gold ounces (koz)
Measured 429 7.50 103
Indicated 10,384 5.90 1,969
Measured & Indicated 10,812 5.96 2,073
Inferred 3,643 4.65 545

Notes:

  1. Mineral resources are inclusive of mineral reserves and do not include dilution.
  2. Metal price assumption for gold was US$1,400/oz.
  3. Tonnage and grade measurements are in metric units. Contained gold and silver ounces are reported as troy ounces.
  4. Summation errors may be present due to rounding.
  5. This is the Bermejal Underground Deposit that is entirely below the current Mineral Reserves open pit.
  6. The detailed Mineral Resource and Mineral Reserve Tables and the accompanying notes are provided in an appendix to this news release.

Exploration Potential

The Bermejal Underground deposit remains open on strike and to depth. Exploration activities are concentrated on infill drilling of the Bermejal Underground deposit to convert the current Inferred Resource to an Indicated Resource and to further determine the extent of the deposit. In addition, geotechnical drilling will assist with the optimization of the mining methodology in forthcoming engineering designs.

Qualified Persons

Gilles Arseneau, Ph.D., P. Geo., Associate Consultant with SRK, is an independent Qualified Person as defined by NI 43-101, and has reviewed and approved the updated mineral resource estimate as reported here.

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