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Mount Carlton Gold-Silver-Copper Project
Resource Potential
A maiden Ore Reserves Statement was prepared for Conquest Mining Limited by Australian Mine Design and Development Pty Ltd (AMDAD) in December 2009 for the Silver Hill gold-silver-copper Project. It deals with the ore resources for the Area 39 and V2 zones as shown in the map at Mt Carlton in North Queensland. All of the reserves are for extraction by open pit mining.
The tonnes and grades are stated to a certain number of significant digits reflecting the confidence of the estimate. Since each number and total is rounded individually, the columns and rows may not show exact sums or weighted averages of the reported tonnes and grades.
Pit Locations
December 2009 Silver Hill project Ore Reserves
|
Category
|
Volume(bcm)
|
Tonnes(t)
|
Grade
(g/t Au)
|
Grade (g/t Ag)
|
Grade (Cu%)
|
Metal Units Oz Au
|
Metal Units
Oz Ag
|
Metal Units T Cu
|
| Area 39 | ||||||||
| Proved | 148,000 | 392,000 | 0.18 | 640 | 0.76 | 2,000 | 8,066,000 | 3,000 |
| Probable | 0 | 0 | 0 | 0 | 0 | |||
|
Total
A 39 Ore
|
148,000 | 392,000 | 0.17 | 640 | 0.76 | 2,000 | 8,066,000 | 3,000 |
| Waste | 2,290,000 | 5,714,000 | ||||||
| Ratio W:O | 15.47 | 14.58 | ||||||
| V2 Zone Pit | ||||||||
| Proved | 1,511,000 | 4,004,000 | 3.44 | 42 | 0.47 | 443,000 | 5,407,000 | 18,800 |
| Probable | 1,126,000 | 2,985,000 | 3.08 | 26 | 0.29 | 295,588 | 2,495,219 | 8,700 |
| Total V2 Ore | 2,637,000 | 6,988,000 | 3.29 | 35 | 0.39 | 738,588 | 7,902,219 | 27,500 |
| Waste | 16,038,000 | 36,212,000 | ||||||
| Ratio W:O | 6.08 | 5.18 | ||||||
| Combined | ||||||||
| Proved | 1,659,000 | 4,395,000 | 3.15 | 95 | 0.49 | 445,000 | 13,424,000 | 21,500 |
| Probable | 1,126,000 | 2,985,000 | 3.08 | 26 | 0.29 | 295,588 | 2,495,219 | 8,700 |
| Total Ore | 2,785,000 | 7,380,000 | 3.12 | 67 | 0.41 | 740,588 | 15,919,219 | 30,200 |
| Waste | 18,327,000 | 41,926,000 | ||||||
|
Ratio
W:O
|
6.58 | 5.68 |
The metal represents 1.14 million gold equivalent ounces with a gold equivalent grade of 4.8 g/t.*
October 2009 Total Resources V2 plus Area 39
| October 2009 | Tonnes (Million) |
Gold
g/t
|
Silver
g/t
|
Copper
%
|
Gold
koz
|
Silver
koz
|
Copper Tonnes | |
|
Measured
Indicated
|
11.1
13.2
|
1.72
1.60
|
70
25
|
0.32
0.25
|
610
679
|
24,764
10,474
|
35,600
32,700
|
|
| Meas + Ind | 24.2 | 1.65 | 45 | 0.28 | 1,289 | 35,238 | 68,300 | |
| Inferred | 1.5 | 1.67 | 30 | 0.20 | 79 | 1,417 | 2,900 | |
| Total | 25.7 | 1.65 | 44 | 0.28 | 1,368 | 36,655 | 71,200 |
October 2009 V2 Area and Area 39 (Measured + Indicated + Inferred categories)
|
Area
>$A 20/t*
|
Tonnes
(Million)
|
Gold
g/t
|
Silver
g/t
|
Copper
%
|
Gold
koz
|
Silver
koz
|
Copper
Tonnes
|
|
Area 39
V2
|
1.9
23.8
|
0.20
1.77
|
273
26
|
0.28
0.28
|
12
1,355
|
16,541
20,114
|
5,200
66,000
|
| Total | 25.7 | 1.65 | 44 | 0.28 | 1,368 | 36,655 | 71,200 |
*Resources reported using a cutoff A$ 20/t
* Equivalent Metal prices, exchange rate and metallurgical recoveries used to calculate the gold equivalent ounces and the value (A$) variable used in the resource estimation were:
• Gold – US$868/ounce and 80% recovery
• Silver – US$12/ounce and 68% recovery
• Copper – US$5597/tonne and 86% recovery
• Exchange Rate – US$0.83 to A$1.00