G-Resources Group has updated the mineral resources and ore reserves statement for the Martabe gold and silver mine in Sumatra as at December 31, 2014, as a result of mining depletion in 2014 and some relatively minor changes to the resource and reserve estimation process.
The total G-Resources JORC 2012-compliant resource at 31 December 2014 is estimated at 190 million tonnes @ 1.2 grams/tonne gold and 11 grams/tonne silver, for contained metal of 7.4 million ounces of gold and 70 million ounces of silver. Additional resources were defined at the Uluala Hulu deposit.
Significant changes from the previously stated mineral resources are:
• New mineral resources were estimated for the Uluala Hulu and Barani deposits.
• The total mineral resources were reduced by 700,000 ounces of gold and 5.6 million ounces of silver.
• The reduction consists of mining depletion at the Purnama deposit of 400,000 ounces of gold and 5.1 million ounces of silver, and a reduction with the new mineral resources at the Barani deposit of 400,000 ounces of gold and 600,000 ounces of silver.
• The Uluala Hulu deposit resources increased by 100,000 ounces of gold and 200,000 ounces of silver.
Total ore reserves are 42.2 million tonnes @ 2.0 grams/tonne gold and 20 grams/tonne silver for a total metal content of 2.68 million ounces of gold and 27.2 million ounces of silver.
The reserves occur within three open pits which contain an associated 64 million tonnes of waste material to be mined, resulting in a total waste material to economic ore reserves ratio of 1.6 to 1 tonnes. The ratio for Purnama only is 0.9:1 tonnes.
The most notable changes from the previous public ore reserves statement for this project is depletion due to mining and processing operations, additions due to modification of the existing Purnama pit design and reduction of economic ore due to short term metal prices, resulting in a higher short term grade cut-off.
The Martabe mine is on the western side of the Indonesian island of Sumatra in the province of North Sumatra, in the Batangtoru sub-district. Martabe is established under a sixth generation Contract of Work (CoW) signed in April 1997.