Newmont used the previous
Imperial will retain its previously disclosed mineral reserves and resources statement, adjusted for production, until such time as an NI 43-101-compliant report is issued.
As a result of adherence to
- Previously classified as a mineral reserve, Macro Block 3 has been reclassified as a mineral resource because the ounces associated with these tonnes, which were also inferred, were included in the reserve and this is not allowable under
SEC guidelines. The classification of this mining block will be re-evaluated by Newmont and could return to mineral reserve status in the Feasibility Study, pending the results of additional study work and drilling. - The majority of the
Open Pit mineral resources previously reported byNewcrest have been removed from Newmont’s mineral reserve and resource statement due toSEC requirements for an initial assessment and internal reporting standards at Newmont which require a level of study work before inclusion in mineral resources. This assessment is currently uncertain due to sequencing competition and potential interaction with a block cave underground mine, and waste and tailings storage availability. It is Imperial’s belief that these materials continue to be viable mine extension candidates which could be considered in future studies. - Newmont’s estimated
Open Pit mineral reserve has been reduced modestly to reflect an updated life-of-mine plan for the open pit. The difference between this updated Newmont mineral reserve and the previousNewcrest mineral reserve has been reclassified by Newmont as a mineral resource. Further evaluation by Newmont of theOpen Pit life of mine plan is ongoing with efforts to extend it; the results of this work are expected in 2024. - The Underground
Block Cave mineral resource has also been reduced as a result ofSEC requirements to report Mineral Resources exclusive of mineral reserves, and Newmont’s internal requirements to ensure reasonable prospects for economic extraction, including requirements on minimum mining widths around the existing Mineral Reserve footprint.
A Block Cave Feasibility Study for Red Chris is currently being reviewed and updated by Newmont as required by our Joint Venture agreement. Imperial will update its mineral reserve and resource statement for Red Chris at the time that study is issued. Newmont will provide Imperial with the schedule for completion of the Block Cave Feasibility Study in
Newmont’s guidance for Red Chris mine production (100%) for 2024 is 85 million pounds of copper and 57 thousand ounces of gold.
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Certain information contained in this news release are not statements of historical fact and are “forward-looking” statements. Forward-looking statements relate to future events or future performance and reflect Imperial management’s expectations or beliefs regarding future events and include, but are not limited to, statements regarding Imperial’s expectations and timing with respect to: the Red Chris Block Cave Feasibility Study (“Feasibility Study”) and the categorization of the mineral reserves and resources therein; the issuance of a Red Chris NI 43-101-compliant report and the concomitant revision and updating of Red Chris’ mineral reserves and resources by Newmont; the re-evaluation by Newmont of Macro Block 3; commencement of the detailed technical development plan for the Red Chris mine; the viability of the mine extension candidates and their inclusion in future studies; evaluation of the
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