Salinbas Project Overview
SCOPING STUDY SUMMARY
| Mine Life: | 10 years |
| Cash Costs: | US$770/oz |
| Processing: | CIL |
| Planned Production Rate: | 50,000 oz Au pa |
| JORC Resource: | 9.9Mt @ 2.0 g/t Au, 10.2 g/t Ag (Indicated & Inferred) |
| Net Present Value | US$108 million* |
| Internal Rate of Return | 28%* |
| Payback | 3.3 years on US$53.3 million initial capital* |
| Royalty: | State Right and 2% NSR to Eldorado Gold Corporation |
*Pre-tax base case at US$1,250/oz for gold as at April 2015 (completed by Auralia Mining Consulting).
Maps
| Zone | Tonnes (t) | Grade Au (g/t) | Grade Ag (g/t) | Gold (oz) | Silver (oz) |
|---|---|---|---|---|---|
| Salinbaş1 | |||||
| Indicated | 2,290,000 | 2.10 | 11.90 | 156,000 | 878,000 |
| Inferred | 7,760,000 | 2.00 | 9.70 | 493,000 | 2,396,000 |
| Zone | Tonnes (t) | Grade (g/t) | Metal2 | Metal (t) | Gold (oz) |
|---|---|---|---|---|---|
| Ardala | |||||
| Inferred | 16,270,000 | 0.60 | Au | - | 323,000 |
| Inferred | 7,760,000 | 2,175 | Cu | 10,000 | - |
| Inferred | 7,760,000 | 136 | Mo | 2,400 | - |
1. Figures for the Salinbaş Zone are revised according to a Scoping Study announced in Q2 2015.
2. Separate resource domains have been established for the Au, Cu and Mo components of the Ardala porphyry. It is considered reasonable to estimate these domains in this manner because the resource is classified as Inferred in this location and mining parameters have not yet been established. There is a 95% coincidence of the Au and Cu domains, and a 40-50% coincidence of the Au and Mo domains.
Overview
A MAJOR GOLD-SILVER & BASE-METAL OPPORTUNITY
The Salinbaş Gold Project is located in north-eastern Turkey and contains a JORC (2012) Measured, Indicated and Inferred Resource of 1.5 million ounces of gold (as at July 2020). It is located within the multi-million ounce Artvin Goldfield, which contains the “Hot Gold Corridor” comprising several significant gold-copper projects including the 4 million ounce Hot Maden project, which lies 16km to the south of Salinbaş. An Exploration Target of up to 2.7Moz gold and 16.1Moz silver was established for the project in 2018. There is potential for further resource extensions to be delineated within high-grade and steeply dipping breccia pipes (akin to the Hot Maden deposit), which likely merge with the Salinbaş gold-silver zone. Furthermore, recent work has confirmed that the Ardala Zone is dominated by a significantly gold-enriched copper-molybdenum porphyry system. A NSR royalty of up to 2% on future production is payable to Eldorado Gold Corporation.
The project comprises three notable licence areas: Salinbas, Ardala and Hizarliyayla. At the Ardala copper-gold-molybdenum porphyry there are consistent and strongly anomalous areas for copper, lead and zinc, with significant potential for coincident gold and silver, which have only been partially drill-tested. Further south, the Hizarliyayla prospect is partially hosted within the same stratigraphic sequence as the Hot Maden discovery.
