Including the Maiden Estimate for the Saúva Deposit
Containing 578 kt (1.3 Blb) of Copper and 1.1 Moz of Gold
in Indicated Mineral Resource
TORONTO, Feb. 8, 2023
/CNW/ - (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining
Corporation ("Lundin Mining" or the "Company") today reported
its Mineral Resource and Mineral Reserve estimates effective as at
December 31, 2022 (or otherwise specified herein). On a
consolidated and attributable basis, estimated contained metal in
the Proven and Probable Mineral Reserve categories total
7,760 kt (17.1 Blb) of copper, 2,541 kt
(5.6 Blb) of zinc, 56 kt (123 Mlb) of nickel,
736 kt (1.6 Blb) of lead, 12.7 Moz of gold, and
150.5 Moz of silver. View PDF
Commenting on the mineral estimates, Peter Rockandel, CEO said, "Our
exploration programs continue to create significant value. We are
excited to announce the maiden Mineral Resource estimate for
the Saúva deposit located approximately 15 km from our
Chapada plant in Brazil. The
deposit remains open, and we expect the Mineral Resource to
continue to grow with our ongoing exploration efforts. The Upper
Keel zone at Eagle has been included in the Mineral Reserve
estimate extending the life-of-mine and improving the metal
production profile into 2027. Evaluation of the Lower Keel zone is
ongoing for potential inclusion in future operating plans. Lastly,
we have revised our Mineral Resource and Mineral Reserve estimates
date to better align with our business planning cycle. Since the
previous estimates reported as of June 30,
2021, we have been successful in largely replacing mine
depletion, offsetting the impact of the removal of Alcaparrosa from
Candelaria's 2022 Mineral Reserve estimates, and adding to mineral
inventories in our high-potential growth locations."
2022 Mineral Resource and Reserve
Highlights
- Saúva's Indicated Mineral Resource is estimated to be 179.0 Mt
at 0.32% copper and 0.20 g/t gold, containing 578 kt (1.3 Blb) of
copper and 1.1 Moz of gold. The maiden Mineral Resource Estimate is
based on a drill database of 233 holes (65,413 m) completed by September 2022. The deposit remains open in all
directions. Subsequent to the estimate cut-off date, 28 holes
(8,522 m) were completed through the
end of 2022. The 2023 exploration program is focused on increasing
the Mineral Resource and testing step-out anomalies along the
broader Saúva-Formiga trend and is expected to include 55,000 m of drilling.
- Candelaria's total Proven and Probable Mineral Reserves are
estimated to be 655.3 Mt at 0.50% copper, 0.12 g/t gold and 1.72
g/t silver, containing 3.3 Mt (7.2 Blb) of copper, 2.5 Moz of gold
and 36.2 Moz of silver. The majority of the new Mineral Reserves
reflect continued underground exploration success, particularly in
the Candelaria North Sector mine. The Candelaria Underground
Expansion project ("CUGEP") aims to increase ore production rates
from these mines and improve the overall metal production profile
of Candelaria. CUGEP design work is advancing ahead of receipt of
the 2040 EIA and an investment decision. Mineral Reserve estimates
for the Alcaparrosa mine have been removed from the 2022 estimates
with the mine currently on temporary suspension. The Company is
working with the relevant authorities towards a potential restart
of mining operations at Alcaparrosa.
- Candelaria's total Measured and Indicated Mineral Resources are
estimated to be 1,232.4 Mt at 0.60% copper, 0.13 g/t gold and 2.03
g/t silver, containing 7.4 Mt (16.4 Blb) of copper, 5.3 Moz of gold
and 80.6 Moz of silver. Measured and Indicated Mineral Resources
were substantially maintained, compared to the June 30, 2021 estimate, by infill drilling and
conversion offsetting mining depletion over the period.
- Chapada's total copper-gold Proven and Probable Mineral
Reserves are estimated to be 655.7 Mt at 0.23% copper and 0.13 g/t
gold, containing 1.5 Mt (3.3 Blb) of copper and 3.7 Moz of gold.
Reduction in Mineral Reserves compared to the June 30, 2021 estimate owes primarily to mine
depletion over the year and a half period, as well as updated
metallurgical recovery and increased operating cost
assumptions.
- Chapada's total copper-gold Measured and Indicated Mineral
Resources are estimated to be 1,101.1 Mt at 0.23% copper and 0.12
g/t gold, containing 2.5 Mt (5.4 Blb) of copper and 4.2 Moz of
gold. Exploration success since the June 30,
2021 estimates have offset mine depletion. Suruca Gold
Measured and Indicated Mineral Resources remain unchanged at 147.5
Mt at 0.53 g/t gold, containing 2.5 Moz of gold.
- Eagle's total Proven and Probable Mineral Reserves are
estimated to be 3.4 Mt at 1.6% nickel and 1.3% copper, containing
56 kt (124 Mlb) of nickel and 44 kt (97 Mlb) of copper along with
payable gold, silver, cobalt, and platinum group elements. The
increase in Mineral Reserves compared to the June 30, 2021 estimates is due mainly to the
inclusion of the Upper Keel zone which extends the life-of-mine
into 2027. Evaluation of the Lower Keel zone is ongoing, and
targets on the peripheries of the Eagle East orebody are being
explored and evaluated. At current metal prices, the Company
believes that a real opportunity exists for mine life extension in
these areas proximal to existing mine infrastructure. Eagle's total
Measured and Indicated Mineral Resources are estimated to be 3.9 Mt
at 1.9% nickel and 1.4% copper, containing 72 kt (159 Mlb) of
nickel and 55 kt (121 Mlb) of copper.
- Neves-Corvo's total copper Proven and Probable Mineral
Reserves are estimated to be 21.2 Mt at 2.1% copper, containing 438
kt (966 Mlb) of copper. Zinc Proven and Probable Mineral Reserves
are estimated to be 22.3 Mt at 7.5% zinc, containing 1.7 Mt (3.7
Blb) of zinc and payable lead. Estimated Mineral Reserve reductions
compared to the June 30, 2021
estimates are primarily a result of the year and a half of mining
depletion.
- Neves-Corvo's total copper and total zinc Measured and
Indicated Mineral Resources are estimated to be 56.0 Mt at 2.2%
copper, containing 1.2 Mt (2.8 Blb) of copper, and 65.1 Mt at 6.8%
zinc, containing 4.4 Mt (9.8 Blb) of zinc along with payable lead,
respectively. Neves-Corvo's 2021 and 2022 exploration programs have
had modest scope as efforts and focus are on the ramp up of the
Zinc Expansion Project. Gains from in-mine exploration and infill
drilling since the June 30, 2021
estimates have been offset by mining depletion. Further,
pandemic-related backlogs have delayed infill drilling assays and
impacted potential conversion of Mineral Resources.
- Zinkgruvan's total zinc Proven and Probable Mineral Reserves
are estimated to be 9.3 Mt at 7.9% zinc and 3.3% lead, containing
739 kt (1.6 Blb) of zinc and 306 kt (675 Mlb) of lead. The
reduction from the June 30, 2021
estimate is the result of mine depletion partially offset with the
addition of the Dalby sector into Mineral Reserves. The copper
Proven and Probable Mineral Reserves are estimated to be 1.7 Mt at
2.2% copper, containing 37 kt (82 Mlb) of copper. The Mineral
Reserve reductions are primarily a result of mining depletion.
- Zinkgruvan's total zinc Measured and Indicated Mineral
Resources are estimated to be 17.8 Mt at 8.1% zinc and 3.3% lead,
containing 1.4 Mt (3.2 Blb) of zinc and 592 kt (1.3 Blb) of lead.
The decrease compared to the prior estimate is a result of mine
depletion and increased cut-off values. Copper Measured and
Indicated Mineral Resources of 3.8 Mt at 2.1% copper, containing 81
kt (178 Mlb) of copper.
- In April 2022, Lundin Mining
successfully completed the acquisition of the Josemaria copper-gold
project. Josemaria Mineral Resources and Mineral Reserves remain
unchanged since the 2020 estimates. Subsequent to the 2020 estimate
cut-off date, 58 holes (30,612 m)
have been completed through the end of 2022 which will be
incorporated into future Mineral Resource and Reserve estimates,
expected to be included in the upcoming technical report. The
Company is advancing detailed engineering and an update of the
initial capital cost estimate and project schedule. This work is
well underway with the updated technical report on-track for
publication in the second half of 2023. Mineral Reserves are
estimated to be 1,011.8 Mt at 0.30% copper, 0.22g/t gold and 0.94
g/t silver, containing 3.0 Mt (6.7 Blb) of copper, 7.0 Moz of gold
and 30.7 Moz of silver. Measured and Indicated Mineral Resources
are estimated to be 1,158.8 Mt at 0.29% copper and 0.21 g/t gold
and 0.90 g/t silver, containing 3.3 Mt (7.4 Blb) of copper, 7.8 Moz
of gold and 35.1 Moz of silver.
The table attached to this news release summarizes the Mineral
Resource and Mineral Reserve estimates for each of the Company's
mines effective as of December 31,
2022 (or otherwise stated therein). For more information on
the prior Mineral Resource and Mineral Reserve estimates for each
of the Company's mines effective as of June
30, 2021 that are referred to herein please see the news
release dated September 13, 2021,
which is available on the Company's SEDAR profile at www.sedar.com
and on the Company's website at www.lundinmining.com.
About Lundin Mining
Lundin Mining is a diversified Canadian base metals mining
company with operations and projects in Argentina, Brazil, Chile, Portugal, Sweden and the
United States of America, primarily producing copper, zinc,
gold and nickel.
The information in this release is subject to the disclosure
requirements of Lundin Mining under the EU Market Abuse Regulation.
The information was submitted for publication, through the agency
of the contact persons set out below on February 8, 2023 at 17:00
Eastern Time.
Cautionary Statement in Forward-Looking Information
Certain of the statements made and information contained
herein is "forward-looking information" within the meaning of
applicable Canadian securities laws. All statements other than
statements of historical facts included in this document constitute
forward-looking information, including but not limited to
statements regarding the Company's plans, prospects and business
strategies; the Company's guidance on the timing and amount of
future production and its expectations regarding the results of
operations; expected costs; permitting requirements and timelines;
timing and possible outcome of pending litigation; the results of
any Preliminary Economic Assessment, Feasibility Study, or Mineral
Resource and Mineral Reserve estimations, life of mine estimates,
and mine and mine closure plans; anticipated market prices of
metals, currency exchange rates, and interest rates; the
development and implementation of the Company's Responsible Mining
Management System; the Company's ability to comply with contractual
and permitting or other regulatory requirements; anticipated
exploration and development activities at the Company's projects;
the Company's integration of acquisitions and any anticipated
benefits thereof; and expectations for other economic, business,
and/or competitive factors. Words such as "believe", "expect",
"anticipate", "contemplate", "target", "plan", "goal", "aim",
"intend", "continue", "budget", "estimate", "may", "will", "can",
"could", "should", "schedule" and similar expressions identify
forward-looking statements.
Forward-looking information is necessarily based upon various
estimates and assumptions including, without limitation, the
expectations and beliefs of management, including that the Company
can access financing, appropriate equipment and sufficient labor;
assumed and future price of copper, nickel, zinc, gold and other
metals; anticipated costs; ability to achieve goals; the prompt and
effective integration of acquisitions; that the political
environment in which the Company operates will continue to support
the development and operation of mining projects; and assumptions
related to the factors set forth below. While these factors and
assumptions are considered reasonable by Lundin Mining as at the
date of this document in light of management's experience and
perception of current conditions and expected developments, these
statements are inherently subject to significant business, economic
and competitive uncertainties and contingencies. Known and unknown
factors could cause actual results to differ materially from those
projected in the forward-looking statements and undue reliance
should not be placed on such statements and information. Such
factors include, but are not limited to: risks inherent in mining
including but not limited to risks to the environment, industrial
accidents, catastrophic equipment failures, unusual or unexpected
geological formations or unstable ground conditions, and natural
phenomena such as earthquakes, flooding or unusually severe
weather; uninsurable risks; global financial conditions and
inflation; changes in the Company's share price, and volatility in
the equity markets in general; volatility and fluctuations in metal
and commodity demand and prices; changing taxation regimes; delays
or the inability to obtain, retain or comply with permits; reliance
on a single asset; unavailable or inaccessible infrastructure,
infrastructure failures, and risks related to ageing
infrastructure; risks related to negative publicity with respect to
the Company or the mining industry in general; health and safety
risks; pricing and availability of key supplies and services; the
threat associated with outbreaks of viruses and infectious
diseases, including the COVID-19 virus; exchange rate fluctuations;
risks relating to attracting and retaining of highly skilled
employees; risks inherent in and/or associated with operating in
foreign countries and emerging markets; climate change; regulatory
investigations, enforcement, sanctions and/or related or other
litigation; existence of significant shareholders; uncertain
political and economic environments, including in Argentina, Brazil and Chile; risks associated with acquisitions and
related integration efforts, including the ability to achieve
anticipated benefits, unanticipated difficulties or expenditures
relating to integration and diversion of management time on
integration; indebtedness; liquidity risks and limited financial
resources; funding requirements and availability of financing;
exploration, development or mining results not being consistent
with the Company's expectations; risks related to the environmental
regulation and environmental impact of the Company's operations and
products and management thereof; activist shareholders and proxy
solicitation matters; reliance on key personnel and reporting and
oversight systems, as well as third parties and consultants in
foreign jurisdictions; historical environmental liabilities and
ongoing reclamation obligations; information technology and
cybersecurity risks; risks related to mine closure activities,
reclamation obligations, and closed and historical sites; social
and political unrest, including civil disruption in Chile; the inability to effectively compete in
the industry; financial projections, including estimates of future
expenditures and cash costs, and estimates of future production may
be unreliable; actual ore mined and/or metal recoveries varying
from Mineral Resource and Mineral Reserve estimates, estimates of
grade, tonnage, dilution, mine plans and metallurgical and other
characteristics; ore processing efficiency; risks associated with
the estimation of Mineral Resources and Mineral Reserves and the
geology, grade and continuity of mineral deposits including but not
limited to models relating thereto; enforcing legal rights in
foreign jurisdictions; community and stakeholder opposition;
changes in laws, regulations or policies including but not limited
to those related to mining regimes, permitting and approvals,
environmental and tailings management, labor, trade relations, and
transportation; risks associated with the structural stability of
waste rock dumps or tailings storage facilities; dilution; risks
relating to dividends; conflicts of interest; counterparty and
credit risks and customer concentration; the estimation of asset
carrying values; challenges or defects in title; internal controls;
relationships with employees and contractors, and the potential for
and effects of labor disputes or other unanticipated difficulties
with or shortages of labor or interruptions in production;
compliance with foreign laws; potential for the allegation of fraud
and corruption involving the Company, its customers, suppliers or
employees, or the allegation of improper or discriminatory
employment practices, or human rights violations; compliance with
environmental, health and safety regulations and laws; and other
risks and uncertainties, including but not limited to those
described in the "Risk and Uncertainties" section of the Company's
AIF and the "Managing Risks" section of the Company's MD&A for
the year ended December 31, 2021,
which are available on SEDAR at www.sedar.com under the Company's
profile. All of the forward-looking statements made in this
document are qualified by these cautionary statements. Although the
Company has attempted to identify important factors that could
cause actual results to differ materially from those contained in
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated, forecast or intended
and readers are cautioned that the foregoing list is not exhaustive
of all factors and assumptions which may have been used. Should one
or more of these risks and uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary
materially from those described in forward-looking information.
Accordingly, there can be no assurance that forward-looking
information will prove to be accurate and forward-looking
information is not a guarantee of future performance. Readers are
advised not to place undue reliance on forward-looking information.
The forward-looking information contained herein speaks only as of
the date of this document. The Company disclaims any intention or
obligation to update or revise forward–looking
information or to explain any material difference between such and
subsequent actual events, except as required by applicable
law.
Cautionary Notes to Investors – Mineral Resource and Reserve
Estimates
In accordance with applicable Canadian securities laws, all
Mineral Reserve and Mineral Resource estimates of the Company
disclosed or referenced in this news release have been prepared in
accordance with the disclosure standards of Canadian National
Instrument 43-101 - Standards of Disclosure for Mineral Projects of
the Canadian Securities Administrators ("NI 43-101"), and have been
classified in accordance with Canadian Institute of Mining
Metallurgy and Petroleum's "Definition Standards for Mineral
Resources and Reserves" (the "CIM Standards"). Mineral Resources
that are not Mineral Reserves do not have demonstrated economic
viability.
Mineral Resource Estimates – Inclusive of Mineral Reserves –
December 31, 20221
|
|
|
Grade
|
|
Contained
Metal
|
|
Site
|
Category
|
000's
Tonnes
|
Cu
%
|
Zn
%
|
Pb
%
|
Au
g/t
|
Ag
g/t
|
Ni
%
|
|
Cu
kt
|
Zn
kt
|
Pb
kt
|
Au
Koz
|
Ag
Koz
|
Ni
kt
|
Lundin Mining
Interest
|
Candelaria
|
Measured
|
442,494
|
0.44
|
|
|
0.10
|
1.55
|
|
|
1,947
|
|
|
1,423
|
22,051
|
|
80 %
|
Open
Pit
|
Indicated
|
35,579
|
0.28
|
|
|
0.07
|
1.12
|
|
|
100
|
|
|
80
|
1,281
|
|
80 %
|
|
M&I
|
478,073
|
0.43
|
|
|
0.10
|
1.52
|
|
|
2,047
|
|
|
1,503
|
23,332
|
|
80 %
|
|
Inferred
|
5,556
|
0.23
|
|
|
0.05
|
0.82
|
|
|
13
|
|
|
9
|
146
|
|
80 %
|
Candelaria
|
Measured
|
35,696
|
0.40
|
|
|
0.08
|
0.36
|
|
|
143
|
|
|
92
|
413
|
|
80 %
|
La
Espanola
|
Indicated
|
53,066
|
0.38
|
|
|
0.07
|
0.37
|
|
|
202
|
|
|
119
|
631
|
|
80 %
|
|
M&I
|
88,762
|
0.39
|
|
|
0.07
|
0.37
|
|
|
344
|
|
|
211
|
1,044
|
|
80 %
|
|
Inferred
|
81,774
|
0.30
|
|
|
0.05
|
0.28
|
|
|
245
|
|
|
131
|
736
|
|
80 %
|
Candelaria
|
Measured
|
178,354
|
0.84
|
|
|
0.19
|
3.56
|
|
|
1,504
|
|
|
1,077
|
20,430
|
|
80 %
|
Underground
|
Indicated
|
238,212
|
0.78
|
|
|
0.17
|
3.12
|
|
|
1,848
|
|
|
1,316
|
23,867
|
|
80 %
|
|
M&I
|
416,566
|
0.80
|
|
|
0.18
|
3.31
|
|
|
3,352
|
|
|
2,393
|
44,296
|
|
80 %
|
|
Inferred
|
38,373
|
0.75
|
|
|
0.17
|
2.44
|
|
|
288
|
|
|
208
|
3,011
|
|
80 %
|
Candelaria
|
Measured
|
77,830
|
0.28
|
|
|
0.09
|
1.47
|
|
|
220
|
|
|
214
|
3,686
|
|
80 %
|
Stockpile
|
Indicated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
80 %
|
|
M&I
|
77,830
|
0.28
|
|
|
0.09
|
1.47
|
|
|
220
|
|
|
214
|
3,686
|
|
80 %
|
|
Inferred
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
80 %
|
Ojos del
Salado
|
Measured
|
92,319
|
0.90
|
|
|
0.19
|
1.39
|
|
|
828
|
|
|
566
|
4,117
|
|
80 %
|
Underground
|
Indicated
|
78,701
|
0.82
|
|
|
0.18
|
1.64
|
|
|
646
|
|
|
448
|
4,145
|
|
80 %
|
|
M&I
|
171,020
|
0.86
|
|
|
0.18
|
1.50
|
|
|
1,474
|
|
|
1,014
|
8,262
|
|
80 %
|
|
Inferred
|
23,880
|
0.88
|
|
|
0.18
|
2.18
|
|
|
209
|
|
|
136
|
1,677
|
|
80 %
|
Ojos del
Salado
|
Measured
|
146
|
1.06
|
|
|
0.23
|
2.47
|
|
|
2
|
|
|
1
|
12
|
|
80 %
|
Stockpile
|
Indicated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
80 %
|
|
M&I
|
146
|
1.06
|
|
|
0.23
|
2.47
|
|
|
2
|
|
|
1
|
12
|
|
80 %
|
|
Inferred
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
80 %
|
Chapada
|
Measured
|
513,443
|
0.25
|
|
|
0.12
|
|
|
|
1,269
|
|
|
2,015
|
|
|
100 %
|
Open
Pit
|
Indicated
|
458,473
|
0.21
|
|
|
0.11
|
|
|
|
986
|
|
|
1,679
|
|
|
100 %
|
|
M&I
|
971,917
|
0.23
|
|
|
0.12
|
|
|
|
2,255
|
|
|
3,694
|
|
|
100 %
|
|
Inferred
|
66,279
|
0.22
|
|
|
0.08
|
|
|
|
146
|
|
|
175
|
|
|
100 %
|
Chapada
|
Measured
|
129,220
|
0.18
|
|
|
0.11
|
|
|
|
234
|
|
|
460
|
|
|
100 %
|
Stockpile
|
Indicated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100 %
|
|
M&I
|
129,220
|
0.18
|
|
|
0.11
|
|
|
|
234
|
|
|
460
|
|
|
100 %
|
|
Inferred
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100 %
|
Suruca
|
Measured
|
12,737
|
|
|
|
0.42
|
|
|
|
|
|
|
170
|
|
|
100 %
|
Gold
|
Indicated
|
134,780
|
|
|
|
0.54
|
|
|
|
|
|
|
2,324
|
|
|
100 %
|
|
M&I
|
147,517
|
|
|
|
0.53
|
|
|
|
|
|
|
2,494
|
|
|
100 %
|
|
Inferred
|
12,565
|
|
|
|
0.48
|
|
|
|
|
|
|
194
|
|
|
100 %
|
Sauva
|
Measured
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100 %
|
|
Indicated
|
178,966
|
0.32
|
|
|
0.20
|
|
|
|
578
|
|
|
1,135
|
|
|
100 %
|
|
M&I
|
178,966
|
0.32
|
|
|
0.20
|
|
|
|
578
|
|
|
1,135
|
|
|
100 %
|
|
Inferred
|
70,819
|
0.26
|
|
|
0.12
|
|
|
|
187
|
|
|
283
|
|
|
100 %
|
Eagle
|
Measured
|
357
|
1.82
|
|
|
0.16
|
10.71
|
2.23
|
|
7
|
|
|
2
|
123
|
8
|
100 %
|
|
Indicated
|
3,498
|
1.40
|
|
|
0.15
|
5.58
|
1.84
|
|
49
|
|
|
17
|
628
|
65
|
100 %
|
|
M&I
|
3,856
|
1.44
|
|
|
0.15
|
6.06
|
1.88
|
|
55
|
|
|
19
|
751
|
72
|
100 %
|
|
Inferred
|
26
|
0.87
|
|
|
0.00
|
0.00
|
0.95
|
|
0
|
|
|
0
|
0
|
0
|
100 %
|
Josemaria
|
Measured
|
196,774
|
0.43
|
|
|
0.34
|
1.34
|
|
|
846
|
|
|
2,176
|
8,503
|
|
100 %
|
|
Indicated
|
962,067
|
0.26
|
|
|
0.18
|
0.86
|
|
|
2,501
|
|
|
5,629
|
26,601
|
|
100 %
|
|
M&I
|
1,158,841
|
0.29
|
|
|
0.21
|
0.90
|
|
|
3,348
|
|
|
7,806
|
35,104
|
|
100 %
|
|
Inferred
|
704,158
|
0.19
|
|
|
0.10
|
0.82
|
|
|
1,338
|
|
|
2,309
|
18,609
|
|
100 %
|
Neves-Corvo
|
Measured
|
8,222
|
3.5
|
0.8
|
0.3
|
|
43
|
|
|
288
|
66
|
24
|
|
11,440
|
|
100 %
|
Copper
|
Indicated
|
47,811
|
2.0
|
0.8
|
0.3
|
|
44
|
|
|
971
|
386
|
165
|
|
67,383
|
|
100 %
|
|
M&I
|
56,033
|
2.2
|
0.8
|
0.3
|
|
44
|
|
|
1,259
|
452
|
189
|
|
78,824
|
|
100 %
|
|
Inferred
|
14,185
|
1.8
|
0.6
|
0.2
|
|
29
|
|
|
255
|
90
|
34
|
|
13,259
|
|
100 %
|
Neves-Corvo
|
Measured
|
9,615
|
0.3
|
7.7
|
1.7
|
|
66
|
|
|
32
|
745
|
165
|
|
20,412
|
|
100 %
|
Zinc and
Lead
|
Indicated
|
55,486
|
0.3
|
6.7
|
1.4
|
|
60
|
|
|
186
|
3,693
|
751
|
|
106,895
|
|
100 %
|
|
M&I
|
65,101
|
0.3
|
6.8
|
1.4
|
|
61
|
|
|
219
|
4,437
|
917
|
|
127,306
|
|
100 %
|
|
Inferred
|
3,897
|
0.3
|
5.7
|
1.6
|
|
64
|
|
|
13
|
223
|
62
|
|
8,028
|
|
100 %
|
Semblana
|
Measured
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100 %
|
|
Indicated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100 %
|
|
M&I
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100 %
|
|
Inferred
|
7,807
|
2.9
|
|
|
|
25
|
|
|
223
|
|
|
|
6,299
|
|
100 %
|
Zinkgruvan
|
Measured
|
6,084
|
|
8.2
|
3.2
|
|
69
|
|
|
|
500
|
193
|
|
13,497
|
|
100 %
|
Zinc and
Lead
|
Indicated
|
11,680
|
|
8.0
|
3.4
|
|
69
|
|
|
|
939
|
399
|
|
25,911
|
|
100 %
|
|
M&I
|
17,764
|
|
8.1
|
3.3
|
|
69
|
|
|
|
1,439
|
592
|
|
39,408
|
|
100 %
|
|
Inferred
|
17,626
|
|
8.3
|
4.0
|
|
91
|
|
|
|
1,471
|
710
|
|
51,569
|
|
100 %
|
Zinkgruvan
|
Measured
|
3,274
|
2.2
|
|
|
|
34
|
|
|
71
|
|
|
|
3,579
|
|
100 %
|
Copper
|
Indicated
|
507
|
1.9
|
|
|
|
36
|
|
|
10
|
|
|
|
587
|
|
100 %
|
|
M&I
|
3,781
|
2.1
|
|
|
|
34
|
|
|
81
|
|
|
|
4,133
|
|
100 %
|
|
Inferred
|
261
|
1.7
|
|
|
|
27
|
|
|
4
|
|
|
|
227
|
|
100 %
|
|
|
|
|
|
|
|
|
Lundin Mining's
share
|
|
13,980
|
6,328
|
1,698
|
19,877
|
350,032
|
72
|
|
Note: totals may
not summate correctly due to rounding
|
|
|
|
(not including Inferred
Resources)
|
|
|
|
|
|
|
|
|
Mineral Reserve Estimates – December
31, 20221
|
|
|
Grade
|
|
Contained
Metal
|
|
Site
|
Category
|
000's
Tonnes
|
Cu
%
|
Zn
%
|
Pb
%
|
Au
g/t
|
Ag
g/t
|
Ni
%
|
|
Cu
kt
|
Zn
kt
|
Pb
kt
|
Au
Koz
|
Ag
Koz
|
Ni
kt
|
Lundin Mining
Interest
|
Candelaria
|
Proven
|
338,085
|
0.45
|
|
|
0.11
|
1.49
|
|
|
1,527
|
|
|
1,163
|
16,245
|
|
80 %
|
Open
Pit
|
Probable
|
23,576
|
0.29
|
|
|
0.08
|
1.08
|
|
|
69
|
|
|
60
|
819
|
|
80 %
|
|
Total
|
361,661
|
0.44
|
|
|
0.11
|
1.47
|
|
|
1,596
|
|
|
1,223
|
17,064
|
|
80 %
|
Candelaria
|
Proven
|
31,745
|
0.39
|
|
|
0.08
|
0.35
|
|
|
125
|
|
|
86
|
358
|
|
80 %
|
La
Espanola
|
Probable
|
35,629
|
0.39
|
|
|
0.08
|
0.39
|
|
|
138
|
|
|
93
|
441
|
|
80 %
|
|
Total
|
67,374
|
0.39
|
|
|
0.08
|
0.37
|
|
|
263
|
|
|
179
|
799
|
|
80 %
|
Candelaria
|
Proven
|
55,163
|
0.82
|
|
|
0.18
|
3.29
|
|
|
452
|
|
|
327
|
5,828
|
|
80 %
|
Underground
|
Probable
|
76,330
|
0.76
|
|
|
0.17
|
3.14
|
|
|
579
|
|
|
424
|
7,703
|
|
80 %
|
|
Total
|
131,492
|
0.78
|
|
|
0.18
|
3.20
|
|
|
1,032
|
|
|
751
|
13,531
|
|
80 %
|
Candelaria
|
Proven
|
77,830
|
0.28
|
|
|
0.09
|
1.47
|
|
|
220
|
|
|
214
|
3,686
|
|
80 %
|
Stockpile
|
Probable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
80 %
|
|
Total
|
77,830
|
0.28
|
|
|
0.09
|
1.47
|
|
|
220
|
|
|
214
|
3,686
|
|
80 %
|
Ojos del
Salado
|
Proven
|
9,755
|
0.88
|
|
|
0.21
|
2.05
|
|
|
86
|
|
|
65
|
644
|
|
80 %
|
Underground
|
Probable
|
7,039
|
0.89
|
|
|
0.20
|
2.05
|
|
|
63
|
|
|
46
|
463
|
|
80 %
|
|
Total
|
16,795
|
0.88
|
|
|
0.21
|
2.05
|
|
|
148
|
|
|
111
|
1,107
|
|
80 %
|
Ojos del
Salado
|
Proven
|
146
|
1.06
|
|
|
0.23
|
2.47
|
|
|
2
|
|
|
1
|
12
|
|
80 %
|
Stockpile
|
Probable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
80 %
|
|
Total
|
146
|
1.06
|
|
|
0.23
|
2.47
|
|
|
2
|
|
|
1
|
12
|
|
80 %
|
Chapada
|
Proven
|
360,865
|
0.25
|
|
|
0.14
|
|
|
|
906
|
|
|
1,606
|
|
|
100 %
|
Open
Pit
|
Probable
|
165,614
|
0.23
|
|
|
0.11
|
|
|
|
378
|
|
|
587
|
|
|
100 %
|
|
Total
|
526,479
|
0.24
|
|
|
0.13
|
|
|
|
1,284
|
|
|
2,192
|
|
|
100 %
|
Chapada
|
Proven
|
129,220
|
0.18
|
|
|
0.11
|
|
|
|
234
|
|
|
460
|
|
|
100 %
|
Stockpile
|
Probable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100 %
|
|
Total
|
129,220
|
0.18
|
|
|
0.11
|
|
|
|
234
|
|
|
460
|
|
|
100 %
|
Chapada
|
Proven
|
11,454
|
|
|
|
0.42
|
|
|
|
|
|
|
154
|
|
|
100 %
|
Suruca
Gold
|
Probable
|
53,741
|
|
|
|
0.53
|
|
|
|
|
|
|
908
|
|
|
100 %
|
|
Total
|
65,195
|
|
|
|
0.51
|
|
|
|
|
|
|
1,062
|
|
|
100 %
|
Eagle
|
Proven
|
303
|
1.54
|
|
|
0.13
|
9.62
|
1.89
|
|
5
|
|
|
1
|
94
|
6
|
100 %
|
|
Probable
|
3,127
|
1.25
|
|
|
0.13
|
5.14
|
1.62
|
|
39
|
|
|
13
|
517
|
51
|
100 %
|
|
Total
|
3,430
|
1.28
|
|
|
0.13
|
5.54
|
1.64
|
|
44
|
|
|
14
|
610
|
56
|
100 %
|
Josemaria
|
Proven
|
196,774
|
0.43
|
|
|
0.34
|
1.33
|
|
|
837
|
|
|
2,143
|
8,430
|
|
100 %
|
|
Probable
|
815,051
|
0.27
|
|
|
0.19
|
0.85
|
|
|
2,205
|
|
|
4,872
|
22,285
|
|
100 %
|
|
Total
|
1,011,825
|
0.30
|
|
|
0.22
|
0.94
|
|
|
3,041
|
|
|
7,015
|
30,715
|
|
100 %
|
Neves-Corvo
|
Proven
|
3,095
|
3.2
|
0.6
|
0.2
|
|
33
|
|
|
99
|
19
|
5
|
|
3,254
|
|
100 %
|
Copper
|
Probable
|
18,112
|
1.9
|
0.6
|
0.2
|
|
33
|
|
|
339
|
117
|
42
|
|
19,390
|
|
100 %
|
|
Total
|
21,207
|
2.1
|
0.6
|
0.2
|
|
33
|
|
|
438
|
135
|
47
|
|
22,644
|
|
100 %
|
Neves-Corvo
|
Proven
|
3,369
|
0.3
|
8.1
|
2.1
|
|
69
|
|
|
11
|
274
|
72
|
|
7,518
|
|
100 %
|
Zinc and
Lead
|
Probable
|
18,930
|
0.3
|
7.4
|
1.6
|
|
62
|
|
|
62
|
1393
|
311
|
|
37,603
|
|
100 %
|
|
Total
|
22,299
|
0.3
|
7.5
|
1.7
|
|
63
|
|
|
73
|
1667
|
383
|
|
45,121
|
|
100 %
|
Zinkgruvan
|
Proven
|
3,657
|
|
7.9
|
3.4
|
|
73
|
|
|
|
289
|
124
|
|
8,611
|
|
100 %
|
Zinc and
Lead
|
Probable
|
5,646
|
|
8.0
|
3.2
|
|
66
|
|
|
|
450
|
182
|
|
11,986
|
|
100 %
|
|
Total
|
9,304
|
|
7.9
|
3.3
|
|
69
|
|
|
|
739
|
306
|
|
20,596
|
|
100 %
|
Zinkgruvan
|
Proven
|
1,605
|
2.2
|
|
|
|
33
|
|
|
35
|
|
|
|
1,721
|
|
100 %
|
Copper
|
Probable
|
78
|
2.2
|
|
|
|
39
|
|
|
2
|
|
|
|
97
|
|
100 %
|
|
Total
|
1,683
|
2.2
|
|
|
|
34
|
|
|
37
|
|
|
|
1,818
|
|
100 %
|
Note: totals may
not summate correctly due to rounding
|
|
|
|
Lundin Mining's
share
|
|
7,760
|
2,541
|
736
|
12,727
|
150,464
|
56
|
|
|
1 All
estimates, with the exception of Josemaria and Suruca, are
effective as at December 31, 2022. The Josemaria Mineral Resource
estimates are effective as at July 10, 2020, and the Mineral
Reserves estimates are effective as at September 28, 2020. The
Suruca Mineral Resource and Mineral Reserve estimates are effective
as at June 30, 2019.
|
Notes on Mineral Resource and Mineral
Reserve Tables
Mineral Resource and Mineral Reserve estimates are shown on a
100% basis and Lundin Mining's share is reported reflecting 80%
ownership of Candelaria. The Measured and Indicated Mineral
Resource estimates are inclusive of those Mineral Resource
estimates modified to produce the Mineral Reserve estimates. All
estimates, with the exception of Josemaria and Suruca are effective
as at December 31, 2022. The
Josemaria Mineral Resource estimates are effective as at
July 10, 2020 and the Mineral Reserve
estimates are effective as at September 28, 2020. The
Suruca Mineral Resource and Mineral Reserves estimates are
effective as at June 30, 2019.
Reference herein to $ or USD is to United States dollars, CLP is to Chilean
pesos, BRL is to Brazilian reais, EUR refers to euros, and SEK is
to Swedish kronor. Mineral Reserves for all active mines have been
estimated using metal prices of $3.35/lb copper, $1.15/lb zinc, $0.90/lb lead, $7.50/lb nickel and $1,600/oz gold. Exchange rates used were
EUR/USD 1.25, USD/SEK 7.50, USD/CLP
700 and USD/BRL 5.00 for
Mineral Reserve and Mineral Resource estimates. For the Suruca gold
deposit Mineral Reserve, the metal prices used were $3.00/lb copper and $1,250/oz gold and an exchange rate of
USD/BRL 3.95. For the Josemaria
Mineral Reserve, the metal prices used were $3.00/lb copper, $1,500/oz gold and $18.00/oz silver.
For a better understanding of each of the Company's projects,
readers are strongly encouraged to read the technical reports and
other public disclosure of the Company, including all
qualifications, assumptions, exclusions and risks that relate to
the Mineral Resource and Mineral Reserves. The technical reports
are intended to be read as a whole, and sections should not be read
or relied upon out of context.
Unless noted, otherwise, the Mineral Resource and Mineral
Reserve estimates were prepared under the supervision of and
verified by Cole Mooney, P.Geo.,
Director, Resource Geology, and Arkadius
Tarigan, P.Eng., Director, Reserves and Mine Planning,
respectively for all sites below. They have also reviewed, verified
and approved the technical and scientific information in this news
release. No limitations were imposed on their verification process.
Both Messrs. Mooney and Tarigan are Qualified Persons as defined
under NI 43-101.
Candelaria and Ojos del Salado
Candelaria and La Española open pit Mineral Resource estimates
are reported within a conceptual pit shell based on metal prices of
$4.02/lb copper and $1,600/oz gold with cut-off grades of 0.15% and
0.17% copper, respectively. Underground Mineral Resources are
estimated at cut-off grades of 0.40% and 0.45% copper for
Candelaria underground and Ojos del Salado, respectively. Mineral
Reserves for the Candelaria open pit, Española open pit and
underground for the Candelaria property are estimated at cut-off
grades of 0.15%, 0.17% and 0.44% copper, respectively. Underground
Mineral Reserves for the Santos mine at Ojos del Salado is
estimated at a cut-off grade of 0.51% copper. Jose Bello Soto, Chief Geological and Resources
Modeling, a Registered Member of Chilean Mining Commission,
employed by the Candelaria Copper Mining Complex, reviewed and
verified the Mineral Resource estimates for Candelaria and Ojos del
Salado mines. Mr. Bello is a Qualified Person as defined under NI
43-101.
A technical report for Candelaria, prepared in accordance with
NI 43-101, will be filed under the Company's profile on SEDAR at
www.sedar.com within 45 days of this news release.
Chapada
The Chapada and Suruca copper-gold Mineral Resource estimates
are reported within a conceptual pit shell based on metal prices of
$4.02/lb copper and $1,800/oz gold and at open pit discard NSR
cut-off grade of $4.72/t. For
the Suruca gold only Mineral Resource estimates, cut-off grades of
0.16 g/t gold for oxides and 0.23 g/t for sulphides were
used. Mineral Reserves for the Chapada open pit are estimated at
metal prices of $3.35/lb copper and
$1,600/oz gold and at open pit
discard NSR cut-off grade of $4.72/t.
For the Suruca gold only Mineral Reserve estimates cut-off grades
of 0.19 g/t gold for oxides and 0.30 g/t for sulphides
are used. Arthur Oppitz, FAusIMM,
Principal Mining Engineer, Lundin
Mining, reviewed and verified the Mineral Reserve estimates
for Chapada mine. Mr. Oppitz is Qualified Person as defined under
NI 43-101.
For further information, refer to the Technical Report entitled
Technical Report on the Chapada Mine, Goiás State, Brazil, dated October
10, 2019 which is available on Lundin Mining's SEDAR profile
at www.sedar.com.
Eagle
The Eagle Mineral Resource and Mineral Reserve estimates are
reported using NSR cut-offs of $138/t, $140/t and
$156/t for Eagle, Upper Keel and
Eagle East zones, respectively. The NSR is calculated on a
recovered payable basis considering nickel, copper, cobalt, gold
and PGM grades, metallurgical recoveries, prices and realization
costs. The Eagle East Mineral Resources are estimated using metal
prices for Eagle and Eagle East: $9.00/lb Ni, $4.02/lb Cu. The same metal prices used for Upper
Keel except for nickel at $9.60/lb.
A technical report for Eagle, prepared in accordance with NI
43-101, will be filed under the Company's profile on SEDAR at
www.sedar.com within 45 days of this news release.
Josemaria
The Josemaria open pit Mineral Resource estimates are reported
within a conceptual pit shell based on metal prices of $3.00/lb copper, $1,500/oz gold and $18.00/oz silver with a cut-off grade of 0.10%
copper. Mineral Reserve estimates for Josemaria are estimated at
cut-off NSR values ranging from $5.16/t to $5.22/t,
based on metallurgical unit. Mr. Dustin
Smiley, P.Eng., Manager, Mine
Engineering and Costing, Lundin Mining reviewed and verified
the Mineral Reserves estimates for Josemaria project.
For further information, refer to the Technical Report entitled
NI 43-101 Technical Report, Feasibility Study for the Josemaria
Copper-Gold Project, San Juan Province, Argentina dated November 5, 2020, which is available on the
Company's subsidiary, Josemaria Resources Inc.'s SEDAR profile at
www.sedar.com.
Neves-Corvo and Semblana
The copper Mineral Resource estimates are reported within
geological volumes based on a nominal cut-off grade of 1.0% copper
and the zinc Mineral Resource estimates are reported within
geological volumes based on a nominal zinc cut-off grade of 4.5%
zinc. The copper and zinc Mineral Reserve estimates have been
calculated using variable NSR values ranging from EUR 44/t to EUR
60/t based on areas and mining methods. The NSR is
calculated on a recovered payable basis considering copper, lead,
zinc and silver grades, metallurgical recoveries, prices and
realization costs. Sandra
Santos, CEng MIMMM, Geological Engineer at Neves-Corvo,
reviewed and verified the Mineral Resource estimates for the
Neves-Corvo mine. Ms. Santos is Qualified Person as defined under
NI 43-101.
The Mineral Resources at Semblana are estimated above a cut-off
grade of 1.0% copper.
A technical report for Neves-Corvo, prepared in accordance with
NI 43-101, will be filed under the Company's profile on SEDAR at
www.sedar.com within 45 days of this news release.
Saúva
The Saúva open pit Mineral Resource estimates are reported
within a conceptual pit shell based on metal prices of $4.02/lb copper and $1,800/oz gold with a cut-off grade of 0.16%
copper equivalent. Copper equivalency is based on metallurgical
recoveries of 79% for copper and 68% for gold.
Zinkgruvan
The zinc Mineral Resources are estimated within optimized stope
volumes, using a 3.5 m minimum mining width, based on an area
dependent marginal NSR cut-off between SEK
515/t and SEK 710/t. The
copper Mineral Resource estimates are reported within optimized
stope volumes above a cut-off NSR values ranging from SEK 580/t to SEK
600/t. The zinc and copper Mineral Reserves are estimated at
NSR cut-off values ranging from SEK
750/t to SEK 950/t NSR.
The NSR is calculated on a recovered payable basis considering
copper, lead, zinc and silver grades, metallurgical recoveries,
prices and realization costs.
SOURCE Lundin Mining Corporation