Lycopodium and Knight Piesold Awarded Major Feasibility Study Work at the Mabilo Project Announcement to the Toronto Stock Exchange
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LYCOPODIUM AND KNIGHT PIESOLD AWARDED MAJOR FEASIBILITY STUDY WORK AT THE MABILO PROJECT
ANNOUNCEMENT TO THE TORONTO STOCK EXCHANGE
26 MARCH 2015
The Board of RTG Mining Inc. (“RTG”, “the Company”) (TSX Code: RTG, ASX Code: RTG) is pleased to provide an update on the significant progress at the Mabilo Project in the Philippines. RTG acquired control of Sierra Mining Limited (“Sierra”) in June 2014. The Mabilo Project was an exploration interest with only 60 holes drilled. Within 9 months of taking control of Sierra the project is now a planned near term development opportunity with a number of unique and attractive attributes that differentiate the project from most new development opportunities. These include:
- High grade open cut development opportunity with an indicated resource of 249t of copper equivalent* at an average grade of 4.3%* and inferred resource of 175t of copper equivalent* at an average grade of 3.3%*;
- Near term development opportunity as Stage 1 of the project involves a direct shipping project for the oxide resource, with startup only subject to final permitting;
- Stage 1 only involves nominal capital requirements which allows for near term start up and internal generation of cashflows to fund the majority of proposed plant development capital for Stage 2;
- Stage 2 produces two high grade clean concentrate products with current metwork results suggesting a copper gold concentrate of approximately 33% Cu and 20g/t Au and a magnetite concentrate of up to 68% Fe;
- Based on the current estimated plant throughput of 1.35Mt per annum and the results of Phase 1 of the metwork, average annual production is estimated
at around 20,000 t of contained Cu and just under 70,000 oz of contained gold in the copper/gold concentrate and 400,000 t of contained Fe; and
- Current minimum estimated life of mine of 10 years based on the current resource which we would expect to see increase with time.
Resource Statement
A maiden resource was announced in November 2014 delivering on the high end of management expectations. A summary of the key components are set out below. Please refer to the announcement dated 24 November 2014 for the underlying assumptions and basis for the resource computation.
| Mt | Cu | Au | Fe | |||
|---|---|---|---|---|---|---|
| Cu Equivalent* (Before | ||||||
| Recoveries) | ||||||
| Indicated Resource | ||||||
| Indicated Resource | ||||||
| 5.87 | 2.1% | 2.2g/t | 49.0% | 4.3%t | ||
| Contained Metal | 121,100 t | 414,000 oz | 2,875.7 Kt | 249,000t | ||
| Inferred Resource | ||||||
| 5.50 | 1.5% | 1.7g/t | 39.0% | 3.3% | ||
| Contained Metal | 84,300 t | 302,000 oz | 2,145.6 Kt | 175,000t |
| Near Surface Oxide Resource (Indicated) | ||||
|---|---|---|---|---|
| 0.73 | 4.4% | 2.8g/t | 42.6% | 6.9% |
| Contained Metal | 32,000 | 67,000 oz | 312,700 t | 50,000t |
| Near Surface Oxide Resource (Inferred) | ||||
| 0.13 | 3.1% | 2.2 g/t | 34.9 % | 5.1 |
| Contained Metal | 3,000 t | 5,000 oz | 43,600 t | 5,000t |
| Indicated Resource - 2 Key Oxide Projects | |||
|---|---|---|---|
| Gold Cap 0.34 Mt | 0.2% | 3.2g/t | Contained Metal 35,000 oz Au |
| Supergene Copper 0.1 Mt | 24% | 2.3g/t | Contained Metal 26,000t Cu and 7,400 oz Au |
- Copper Equivalent tonnes, grades and in ground values have been calculated based
on a Cu price of US$5900/t and an Au price of US$1200.
Feasibility Update
Significant progress continues to be made in a number of key areas of the Feasibility Study:
- Lycopodium Limited has been awarded the Phase 2 metallurgy work which includes variability testing, reagent optimization, grind size optimization and thickening and filtering testing, which will enable project implementation to commence upon completion;
- Knight Piesold Pty Ltd has been awarded the study work associated with water balance and management, tailings storage facility options and seismic and geotechnical design considerations for process plant components; and
- Infill drilling continues to successfully upgrade previously defined Inferred mineralization with an upgrade to the resource scheduled for the end of the second quarter of this calendar year.
Significant Exploration Upside
Exploration activity at the project is ongoing with the current resource open down dip, down plunge and along strike. Recent results have also identified a new shallow high grade garnet skarn mineralized zone with MDH-095 intercepting 25.8m at 2.32% Cu and 1.63 g/t Au. (See announcement dated 26 February 2015)
Philippines Update
President Benigno Aquino III recently outlined a number of significant achievements in the Philippines at the Euromoney Investment Forum, further strengthening the attractiveness of the Philippines for foreign investment. President Aquino noted the record net foreign direct investment of $6.2 billion in 2014 (up 65.9% from the previous year), an average GDP growth rate of 6.3%, and an upgrade of the Philippines to investment grade in 2013. The President added that the Government will seek to maximize every opportunity available, including increasing infrastructure spending in 2016 to 5% of GDP. A recent survey by Bloomberg, is forecasting that the Philippines economy will be the 2nd fastest growing economy in the world in 2015.
Near Term Outlook
The Feasibility Study on the project is progressing well and remains on track to be finalised in the third quarter of 2015.
The results of the Phase 1 metwork were released in January this year and provide sufficient information for more detailed discussion and negotiations with offtake parties. These discussions have already commenced and are progressing well.
An updated resource is expected mid year, which will focus on the conversion of current inferred resources to indicated classification. The updated resource will be used in the Feasibility Study.
The permitting process is in line with expectations and proceeding well through the various review processes.
QUALIFIED PERSON AND COMPETENT PERSON STATEMENT
The information in this release that relates to exploration results at the Mabilo Project is based upon information prepared by or under the supervision of Robert Ayres BSc (Hons), who is a Qualified Person and a Competent Person. Mr Ayres is a member of the Australian Institute of Geoscientists and a full-time employee of Mt Labo Exploration and Development Company, a Philippine mining company, an associate company of RTG Mining Limited. Mr Ayres has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” and to qualify as a “Qualified Person” under National Instrument 43-101
- Standards of Disclosure for Mineral Projects (“NI 43-101”). Mr. Ayres has verified the
data disclosed in this release, including sampling, analytical and test data underlying the information contained in the release. Mr. Ayres consents to the inclusion in the release of the matters based on his information in the form and the context in which it appears.
The information in this release that relates to Mineral Resources is based on information prepared by or under the supervision of Mr Aaron Green, who is a Qualified Person and Competent Person. Mr Green is a Member of the Australian Institute of Geoscientists and is employed by CSA Global Pty Ltd, an independent consulting company. Mr Green has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” and to qualify as a “Qualified Person” under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). Mr. Green has verified the data disclosed in this release, including sampling, analytical and test data underlying the information contained in the release. Mr Green consents to the inclusion in the release of the matters based on his information in the form and context in which it appears.
ABOUT RTG MINING INC
RTG Mining Inc. is a mining and exploration company listed on the main board of the Toronto Stock Exchange and Australian Securities Exchange Limited. RTG is focused on developing the high grade copper/gold/magnetite Mabilo Project and advancing exploration on the highly prospective Bunawan Project, both in the Philippines, while also identifying major new projects which will allow the company to move quickly and safely to production.
RTG has an experienced management team (previously responsible for the development of the Masbate Gold Mine in the Philippines through CGA Mining Limited), and has B2Gold as one of its major shareholders in the Company. B2Gold is a member of both the S&P/TSX Global Gold and Global Mining Indices.
ENQUIRIES
President & CEO – Justine Magee
Tel: +61 8 6489 2900 Fax: +61 8 6489 2920 Email: [email protected]
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
This announcement includes certain “forward-looking statements” within the meaning of Canadian securities legislation. Accuracy of mineral resource and mineral reserve estimates and related assumptions and inherent operating risks, are forward-looking statements. Forward-looking statements involve various risks and uncertainties and are based on certain factors and assumptions. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from RTG’s expectations include uncertainties related to fluctuations in gold and other commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs, recovery rates, production estimates and estimated economic return; the need for cooperation of government agencies in the development of RTG’s mineral projects; the need to obtain additional financing to develop RTG’s mineral projects; the possibility of delay in development programs or in construction projects and uncertainty of meeting anticipated program milestones for RTG’s mineral projects and other risks and uncertainties disclosed under the heading “Risk Factors” in RTG’s Annual Information Form for the year ended 31 December 2013 filed with the Canadian securities regulatory authorities on the SEDAR website at sedar.com.
| Criteria | JORC Code explanation | Commentary | |
| Sampling • Nature and quality of sampling (e.g. cut channels, • The assay data reported herein is based on sampling of diamond drill core of PQ, techniques random chips, or specific specialised industry HQ and NQ diameter which was cut with a diamond core saw. Samples are standard measurement tools appropriate to the generally of 1 m length, although occasionally slightly longer or shorter where minerals under investigation, such as down hole changes in lithology, core size or core recovery required adjustments; samples are gamma sondes, or handheld XRF instruments, not more than 2 m length. etc). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate • The length of each drill run is recorded and the recovery for each run calculated on calibration of any measurement tools or systems site and checked again at the core shed. Certified reference standards and blank used. samples were submitted to assess the accuracy and precision of the results and every 20th sample was sawn into two and the two quarter core samples submitted for analysis separately as a duplicate sample. • Aspects of the determination of mineralisation that are Material to the Public Report. • Half core samples were cut and sent for analysis by an independent ISO-certified laboratory (Intertek McPhar Laboratory) in Manila. Samples were crushed and pulverised (95% <75 µm). Gold was analysed by 50 g fire assay and the other elements including copper and iron by ICP-MS (Inductively Coupled Plasma Mass Spectrometry) or ICP-OES (Inductively Coupled Plasma Optical Emission Spectrometry) following a four-acid digest. | |||
| Drilling techniques • Drill type (e.g. core, reverse circulation, open-hole • Drilling was by PQ, HQ and NQ diameter, triple tube diamond coring. The core was hammer, rotary air blast, auger, Bangka, sonic, not orientated. etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face- sampling bit or other type, whether core is oriented and if so, by what method, etc). | |||
| Drill sample • Method of recording and assessing core and chip • Core recovery is initially measured on site by trained technicians and by the recovery sample recoveries and results assessed. supervising geologist. Any core loss is measured, the percentage is calculated and both are recorded in the geotechnical log for reference when assessing assay results. • Measures taken to maximise sample recovery and |
| Criteria | JORC Code explanation | Commentary | |
| ensure representative nature of the samples. • All care is taken to ensure maximum recovery of diamond core and drillers are informed of the importance of core recovery. Any areas of poor core recovery are sampled separately thus assay results can be directly related to core recovery. The majority of the mineralisation is in fresh rock where recoveries are greater than 90%. Most mineralisation occurs in wide intersections of massive magnetite skarn with relatively uniform copper and gold grades. Core loss occurs in fracture zones but is usually not a significant problem i.e. the core lost in fracture zones is unlikely to have been significantly higher or lower grade than the surrounding material. In the weathered hematitic oxidised zones some core loss is unavoidable, but overall recovery is generally >90% and the core loss is volumetrically minor in the mineralised zones. In areas of poor recovery, the sample intervals are arranged to coincide with drill runs, thus areas of different core loss percentage are specific to individual samples which can be assessed when interpreting analytical results and modelled in future resource estimation studies. Where an area of 100% core loss is identified the sample intervals are marked to each side of the zone and the zone is designated “No core” and assigned zero value in the various log sheets and geochemical database. • Whether a relationship exists between sample recovery and grade and whether sample bias may • There is no discernible relationship between core recovery and grade. The skarn have occurred due to preferential loss/gain of bodies are relatively uniform over significant lengths and the copper and gold fine/coarse material. grades are not related to clay and fracture zones which are the main causes of core loss. | |||
| Logging • Whether core and chip samples have been • Diamond drill core for each entire drill hole was logged in significant detail in a geologically and geotechnically logged to a level of number of logging sheets including a geological log, a structural log, a geotechnical detail to support appropriate Mineral Resource log and a magnetic susceptibility log for the entire drill hole. Mineralised and estimation, mining studies and metallurgical studies. sampled intervals are logged individually in a separate quantitative mineral log with percentages of the different copper minerals being recorded. The logging is appropriate for mineral resource estimates and mining studies. • Whether logging is qualitative or quantitative in • Most of the geological logging is a mixture of qualitative (descriptions of the various nature. Core (or costean, channel, etc.) geological features) and quantitative (numbers and angles of veins and fracture photography. zones, mineral percentages etc.). The quantitative mineralisation log and the magnetic susceptibility log are quantitative. Photographs are taken of all core (both wet and dry) prior to the core being cut. • The total length and percentage of the relevant • All core, including barren overburden is logged in the various logging sheets noted |
| Criteria | JORC Code explanation | Commentary | |
| intersections logged. above apart from the quantitative mineralisation log in which only the mineralised intervals sent for geochemical analysis are logged in greater detail. | |||
| Sub-sampling • If core, whether cut or sawn and whether quarter, • All sampling data is from diamond drill core. Samples are of sawn half core except techniques and half or all core taken. for duplicate samples which are quarter core. Half core is bagged and sent to an sample preparation ISO-certified independent laboratory for analysis. The other half retained for reference and/or further testwork. • If non-core, whether riffled, tube sampled, rotary • Not applicable for diamond core drilling. split, etc and whether sampled wet or dry. • For all sample types, the nature, quality and • All core samples were dried, crushed to 95% <10 mm and a 1.5 kg sub-sample is appropriateness of the sample preparation separated using a riffle splitter and pulverised to 95% <75 µm. A 50 g sub-sample technique. is utilised as a fire-assay charge for gold analysis. The sample preparation technique and sub-sampling is appropriate for the mineralisation. • Quality control procedures adopted for all sub- • Blank samples and duplicate samples are submitted routinely to monitor the sampling stages to maximise representivity of sampling and analytical process and to ensure that samples are representative of samples. in situ material. One in every 20 samples of half core is sawn again to produce two quarter core duplicate samples which are submitted to the laboratory separately with different sample numbers. A blank sample was inserted into sample batches at every 20th sample. • Measures taken to ensure that the sampling is • The magnetite skarn mineralisation occurs in extensive zones of magnetite skarn representative of the in situ material collected, with disseminated chalcopyrite, containing gold. The sample size of approximately including for instance results for field 1 m core length is suitable in respect to the grain size of the mineralisation. duplicate/second-half sampling. • Whether sample sizes are appropriate to the grain • The sample size is considered appropriate for the material sampled. It is believed size of the material being sampled. that grain size has no bearing on the grade of the sampled material. | |||
| Quality of assay • The nature, quality and appropriateness of the • All core samples were analysed at an ISO-certified independent laboratory. Gold data and laboratory assaying and laboratory procedures used and was analysed by 50 g fire assay and the other elements including copper and iron tests whether the technique is considered partial or were analysed by ICP-MS or ICP-OES following a four acid digest. The sample total. preparation and assay techniques are of international industry standard and can be considered total. • For geophysical tools, spectrometers, handheld • No geophysical tools were used for any analysis reported herein. Magnetic |
| Criteria | JORC Code explanation | Commentary | |
| XRF instruments, etc, the parameters used in susceptibility readings are used in magnetic modelling but are not used to estimate determining the analysis including instrument magnetite or Fe content. make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (e.g. • Quality control completed by RTG included analysis of standards, blanks, and standards, blanks, duplicates, external laboratory duplicates. Commercial Certified Reference Materials were inserted into sample checks) and whether acceptable levels of batches every 40th sample. A blank sample was inserted every 20th sample; the accuracy (ie lack of bias) and precision have been blank sample material has been sourced and prepared from a local quarry. One in established. every 20 core samples is cut into 2 quarter core samples which were submitted independently with their own sample numbers. In addition, Intertek conducted their own extensive check sampling as part of their own internal QAQC processes which is reported in the assay sheets. A record of results from all duplicates, blanks and standards is maintained for ongoing QA/QC assessment. Examination of all the QAQC sample data indicates satisfactory performance of field sampling protocols and the assay laboratory. | |||
| Verification of • The verification of significant intersections by • Significant mineralisation intersections were verified by alternative company sampling and either independent or alternative company personnel. assaying personnel. • The use of twinned holes. • No twinned holes have been drilled. • Documentation of primary data, data entry • Data documentation, verification and storage is conducted in accordance with procedures, data verification, data storage RTG’s Standard Operating Procedures Manual for the Mabilo Project. The diamond (physical and electronic) protocols. drill core is manually logged in significant detail in a number of separate Excel template logging sheets. Logging is recorded manually on logging sheets and transcribed into protected Excel spreadsheet templates or entered directly into the Excel templates. The data are validated by both the Project Geologist and the company Database Manager and uploaded to the dedicated project database where they are merged with assay results reported digitally by the laboratory. Hard copies of all logging sheets are kept at the Project office in Daet. • Discuss any adjustment to assay data. • No adjustments have been made to assay data. | |||
| Location of data • Accuracy and quality of surveys used to locate drill • Drill-hole collars are initially surveyed with a hand-held GPS with an accuracy of points holes (collar and down-hole surveys), trenches, approximately +/- 5 m. Completed holes are surveyed by an independent qualified mine workings and other locations used in Mineral surveyor on a periodic basis using standard differential GPS (DGPS) equipment |
| Criteria | JORC Code explanation | Commentary | |
| Resource estimation. achieving sub-decimetre accuracy in horizontal and vertical position. • Specification of the grid system used. • Drill collars are surveyed in UTM WGS84 Zone 51N grid. • Quality and adequacy of topographic control. • The Mabilo project area is relatively flat with total variation in topography less than 15 m. Topographic control is provided by DGPS surveying. | |||
| Data spacing and • Data spacing for reporting of Exploration Results. • Drill holes are planned on a nominal grid with 20 m between drill holes on 40 m distribution spaced lines. • Whether the data spacing and distribution is • The drill hole spacing was designed to determine the continuity and extent of the sufficient to establish the degree of geological and mineralised skarn zones. Based on statistical assessment of drill results to date, the grade continuity appropriate for the Mineral nominal 40 x 20 m drill hole spacing is sufficient to support Mineral Resource Resource and Ore Reserve estimation estimation. procedure(s) and classifications applied. • Whether sample compositing has been applied. • No compositing of intervals in the field was undertaken. | |||
| Orientation of data • Whether the orientation of sampling achieves • No bias attributable to orientation of sampling upgrading of results has been in relation to unbiased sampling of possible structures and the identified. geological structure extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation • No bias attributable to orientation of sampling upgrading of results has been and the orientation of key mineralised structures is identified. considered to have introduced a sampling bias, this should be assessed and reported if material. | |||
| Sample security • The measures taken to ensure sample security. • Chain of custody is managed by RTG employees. Samples were stored in secure storage from the time of drilling, through gathering and splitting. Remaining core is kept in a secure compound at the Company regional office in Daet town and guarded at night. Samples are sent directly from the core shed to the laboratory packed in secured and sealed plastic drums using either Company vehicles or a local transport company. A standard Chain of Custody form is signed by the driver responsible for transporting the samples upon receipt of samples at the core yard and is signed by an employee of the laboratory on receipt of the samples at the laboratory. Completed forms are returned to the Company for filing. | |||
| Audits or reviews • The results of any audits or reviews of sampling • The sampling techniques and QA/QC data are reviewed on an ongoing basis by techniques and data. Company management and independent consultants. |
| Criteria | JORC Code explanation | Commentary | |
| Mineral tenement • Type, reference name/number, location and • The Mabilo Project is covered by Exploration Permit EP-014-2013-V and and land tenure ownership including agreements or material issues Exploration Permit Application EXPA-000188-V. EP-014-2013-V was issued to Mt status with third parties such as joint ventures, Labo Exploration and Development Corporation (“Mt Labo”), an associated entity of partnerships, overriding royalties, native title RTG Mining Inc. There is a 1% royalty payable on net mining revenue received by interests, historical sites, wilderness or national park Mt Labo in relation to EP-014-2013-V. and environmental settings. Mt Labo has entered into a joint venture agreement with Galeo Equipment and Mining Company, Inc. (“Galeo”) to partner in exploring and developing the Mabilo and Nalesbitan Projects. Galeo can earn up to a 36% interest in the Projects, down to 200 m below surface, by contributing approximately US$4,250,000 of exploration drilling and management services for the Projects over a 2 year period. In November 2013, Sierra Mining Limited (“Sierra”), a wholly owned subsidiary of RTG, and Galeo signed a Memorandum of Understanding (“MOU”) setting out proposed changes to the joint venture agreement to remove the depth limit of 200 m from the agreement and provide for additional drilling of 5,000 m below 200 m. The MOU also provides for Galeo to be granted its 36% interest up front with the ability for RTG to claw-back any interest deemed not earned at the end of the claw- back period. The amendments to the JV Agreement are subject to Sierra shareholder approval. Sierra has also entered a second MOU with Galeo whereby Galeo can earn an additional 6% interest in the joint venture by mining the initial 1.5 Mt of waste at Mabilo or Nalesbitan and other requirements including assistance with permitting. The MOU is subject to a number of conditions precedent, including Sierra shareholder approval. • The security of the tenure held at the time of • The tenure over the area currently being explored at Mabilo is a granted reporting along with any known impediments to Exploration Permit which is considered secure. There is no native title or obtaining a license to operate in the area. Indigenous ancestral domains claims at Mabilo. | |||
| Exploration done by • Acknowledgment and appraisal of exploration by • The only significant previous exploration over the Mabilo project area was a drilling other parties other parties. program at another site within the tenement and a ground magnetic survey. RTG (or its predecessor Sierra) has reported this data in previous reports to the ASX and used the ground magnetic survey as a basis for initial drill siting. Subsequently RTG conducted its own ground magnetic survey with closer spaced survey lines and reading intervals which supersedes the historical program. There was no known previous exploration in the area of the reported Mineral Resource. |
| Criteria | JORC Code explanation | Commentary | |
| Geology • Deposit type, geological setting and style of • Mineralisation at Mabilo can be defined as a magnetite-copper-gold skarn which mineralisation. developed where the magnetite-copper-gold mineralisation replaced calcareous horizons in the Eocene age Tumbaga Formation in the contact zone of a Miocene diorite intrusion. | |||
| Drill hole • A summary of all information material to the • All relevant drill hole information has been previously reported to the ASX. No Information understanding of the exploration results including a material changes have occurred to this information since it was originally reported. tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length. • If the exclusion of this information is justified on the • All relevant data has been reported. basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. | |||
| Data aggregation • In reporting Exploration Results, weighting averaging • Not reporting exploration results. methods techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short • Not reporting exploration results. lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. • The assumptions used for any reporting of metal • Based on preliminary metallurgical testwork undertaken by previous owners, equivalent values should be clearly stated. including flotation and magnetic separation, the following assumptions for gold equivalents are:- Gold Price US$1,150/oz Gold recovery – 90% Copper Price US$6,700/t Copper recovery – 90% |