Natougou Inferred
Resources Increase to 754,000 Ounces
Montreal, Quebec,
February 27, 2017- SEMAFO Inc. (TSX, OMX: SMF) today announced
its updated mineral reserves and resources as of December 31,
2016.
Reserves &
Resources - Overview
-
Total proven and probable mineral reserves stand
at 3.0 million ounces
-
Measured and indicated mineral resources remain
constant at 3.0 million ounces
-
Inferred resources increased by 22% to
2.6 million ounces
-
Natougou inferred resources increased by 119% to
754,000 ounces
At the end of 2016, total proven
and probable reserves stood at 28.2 million tonnes averaging
3.31 g/t Au for 3.0 million ounces as compared to
30.5 million tonnes at 3.32 g/t Au for
3.3 million ounces at the end of 2015. The slight decrease in
reserves is due to depletion as SEMAFO produced 240,200 ounces of
gold in 2016.
Inferred resources at Natougou
amounted to 6.3 million tonnes averaging 3.72 g/t Au
for 754,000 ounces of gold, an increase of 119% compared to
year-end 2015. The increase in inferred resources is mainly
attributable to the expansion of the West Flank Sector adjacent to
the open-pit deposit.
The total exploration budget for
2017, which has initially been set at $23 million, will focus
on reserves replacement and mine life extensions, and represents an
increase over 2016.
All mineral resources reported are
exclusive of mineral reserves. Gold price assumptions for reserves
and resources are unchanged from 2015 at US$1,100 and US$1,400 per
ounce, respectively. See the attached table for more
details.
Mana
At year-end 2016, Mana's mineral
reserves totalled 18.6 million tonnes at an average grade of
2.88 g/t Au for 1.7 million ounces, compared to
21.0 million tonnes at 2.95 g/t Au for
2.0 million ounces at year-end 2015. The 13% decrease in gold
reserves is mainly driven by depletion from mining at the Siou and
Fofina open pit deposits during the year, slightly offset by the
addition of reserves at Yama.
-
Siou's proven and probable reserves totalled
5.0 million tonnes averaging 4.29 g/t Au for
689,000 ounces of contained gold at the end of 2016. Inferred
resources amounted to 5.8 million tonnes at
3.70 g/t Au containing 693,200 ounces. In 2017, the
$5 million initial exploration budget for Mana will focus on
the Siou Sector where $1 million of the Mana budget has been
allotted to testing the potential for an underground
operation.
-
As at December 31, 2016, reserves at the
Fofina deposit were almost depleted and ore extraction will end at
the beginning of the second quarter of 2017.
-
The mineral reserves estimate for Wona remains
unchanged from 2015 as stripping of the Wona Nord pillar only
commenced in the second half of 2016. At year-end 2016, reserves
stood at 12.4 million tonnes at a grade of
2.30 g/t Au for 912,600 ounces of contained
gold.
Table 2 presents the reserves
and resources estimate at the Mana pits as at December 31,
2016.
Tapoa (Natougou
Project)
As the project is currently under
construction, the open-pit proven and probable mineral reserves
estimate for Natougou remains unchanged from 2015 at 9.6
million tonnes averaging 4.15 g/t Au for 1.3
million ounces of contained gold.
Following establishment of an
initial exploration budget of $15 million for Natougou in
2017, an $8.5 million infill drilling program has already
begun on the West Flank with the goal of upgrading the inferred
mineral resources into the indicated category. During the second
half of the year, we intend to carry out studies into a potential
underground operation accessible by a decline at the bottom of the
open pit on the West Flank. An amount of $1.3 million has been
earmarked for this purpose.
Yactibo (Nabanga
Deposit)
Inferred resources at the Nabanga
deposit remain unchanged at 1.8 million tonnes at
10.0 g/t Au for 590,000 ounces of contained gold.
The NI 43-101 Technical Report for Yactibo Permit Group,
Nabanga Gold Deposit was filed in June 2015 on SEDAR.
Table 1 gives our
consolidated mineral reserves and resources as at December 31,
2016.
Qualified Person
The mineral reserves and resources
were estimated as at December 31, 2016 in accordance with the
definitions adopted by the Canadian Institute of Mining Metallurgy
and Petroleum and incorporated into National Instrument 43-101 -
Standards of Disclosure for Mineral Projects (NI 43-101).
Updates on the proven and probable mineral reserves and the
measured, indicated and inferred mineral resources, with the
exception of the reserves of the Natougou deposit, were carried out
by an in-house team under the direction of Michel Crevier,
P.Geo MScA, Vice-President, Exploration and Mine Geology and
SEMAFO's Qualified Person, who has reviewed this press release. For
the mineral reserves estimate for the Tapoa (Natougou Project),
please refer to the NI 43-101 Technical Report that was filed
on SEDAR on March 28, 2016.
Table
1 - Consolidated Reserves and Resources
PROPERTY |
Mana1,2,4,5,6 |
Tapoa1,2,4,5,6
(Natougou Project) |
Yactibo1,3,4,5,7
(Nabanga Project) |
Total |
MINERAL RESERVES |
Proven |
Tonnes |
10,242,000 |
1,583,000 |
|
11,825,000 |
Grade (g/t Au) |
3.09 |
6.46 |
|
3.54 |
Ounces |
1,017,000 |
329,000 |
|
1,346,000 |
Probable |
Tonnes |
8,400,000 |
7,984,000 |
|
16,384,000 |
Grade (g/t Au) |
2.63 |
3.69 |
|
3.15 |
Ounces |
710,600 |
947,000 |
|
1,657,600 |
TOTAL MINERAL RESERVES |
Tonnes |
18,642,000 |
9,567,000 |
|
28,209,000 |
Grade (g/t Au) |
2.88 |
4.15 |
|
3.31 |
Ounces |
1,727,600 |
1,276,000 |
|
3,003,600 |
MINERAL RESOURCES (exclusive of
reserves) |
Measured |
Tonnes |
9,050,000 |
70,000 |
|
9,120,000 |
Grade (g/t Au) |
1.47 |
1.90 |
|
1.48 |
Ounces |
428,600 |
4,000 |
|
432,600 |
Indicated |
Tonnes |
35,981,000 |
2,602,000 |
|
38,583,000 |
Grade (g/t Au) |
2.04 |
2.48 |
|
2.07 |
Ounces |
2,360,600 |
207,000 |
|
2,567,600 |
TOTAL M&I |
Tonnes |
45,031,000 |
2,672,000 |
|
47,703,000 |
Grade (g/t Au) |
1.93 |
2.46 |
|
1.96 |
Ounces |
2,789,200 |
211,000 |
|
3,000,200 |
Inferred |
Tonnes |
13,022,000 |
6,298,000 |
1,840,000 |
21,160,000 |
Grade (g/t Au) |
2.95 |
3.72 |
10.00 |
3.79 |
Ounces |
1,233,600 |
754,000 |
590,000 |
2,577,600 |
1 The
Corporation indirectly owns a 100% interest in all of its permits,
except for the permits held by SEMAFO Burkina Faso S.A. and SEMAFO
Boungou S.A., respectively, in which the Government of Burkina Faso
holds a 10% interest.
2 Mineral
reserves and resources at Mana and at Tapoa (Natougou project) were
estimated using a gold price of $1,100 and $1,400 per ounce,
respectively.
3 Mineral
resources at Yactibo Permit Group (Nabanga project) were reported
above a 5.0 g/t Au cut-off grade.
4
Rounding of numbers of tonnes and ounces may present slight
differences in the figures.
5 All
mineral resources reported are exclusive of mineral
reserves.
6 As of
December 31, 2016.
7 As of
June 30, 2015.
Table 2 - Mana,
Burkina Faso1,2,3
|
DEPOSITS |
DECEMBER 31, 2016 |
|
|
PROVEN
RESERVES |
PROBABLE
RESERVES |
TOTAL
RESERVES |
|
Ton-
nage |
Grade
(g/t Au) |
Oun-
ces
4 |
Ton-
nage |
Grade
(g/t Au) |
Oun-
ces
4 |
Ton-
nage |
Grade
(g/t Au) |
Oun-
ces
4 |
MANA
1,
2,
3 |
WONA-
KONA |
6,060,
000 |
2.35 |
457,
900 |
6,308,
000 |
2.24 |
454,
700 |
12,368,
000 |
2.30 |
912,
600 |
NY-
AFÉ |
263,
000 |
5.85 |
49,
400 |
4,000 |
5.02 |
700 |
267,
000 |
5.84 |
50,
100 |
FO-
FINA |
199,
000 |
3.38 |
21,
600 |
12,
000 |
2.69 |
1,000 |
211,
000 |
3.33 |
22,
600 |
SIOU |
3,535,
000 |
4.14 |
470,
500 |
1,461,
000 |
4.65 |
218,
400 |
4,996,
000 |
4.29 |
688,
900 |
YAMA |
- |
- |
- |
615,
000 |
1.81 |
35,
800 |
615,
000 |
1.81 |
35,
800 |
ROM-
PAD |
185,
000 |
2.96 |
17,
600 |
- |
- |
- |
185,
000 |
2.96 |
17,
600 |
TOTAL |
10,242,
000 |
3.09 |
1,017,
000 |
8,400,
000 |
2.63 |
710,
600 |
18,642,
000 |
2.88 |
1,727,
600 |
|
DEPOSITS |
DECEMBER 31, 2016 |
|
|
MEASURED |
INDICATED |
TOTAL
RESOURCES |
|
Ton-
nage |
Grade
(g/t Au) |
Oun-
ces
4 |
Ton-
nage |
Grade
(g/t Au) |
Oun-
ces
4 |
Ton-
nage |
Grade
(g/t Au) |
Oun-
ces
4 |
MANA
1,
2,
3 |
WONA-
KONA |
1,419,
000 |
1.98 |
90,
200 |
21,696,
000 |
2.55 |
1,778,
400 |
23,115,
000 |
2.51 |
1,868,
600 |
NY-
AFÉ |
300,
000 |
5.60 |
54,
100 |
230,
000 |
5.84 |
43,
100 |
530,
000 |
5.70 |
97,
200 |
FO-
FINA |
412,
000 |
3.67 |
48,
600 |
309,
000 |
4.04 |
40,
200 |
721,
000 |
3.83 |
88,
800 |
YAHO |
5,738,
000 |
0.91 |
168,
500 |
11,636,
000 |
0.88 |
330,
800 |
17,374,
000 |
0.89 |
499,
300 |
FILON
67 |
26,
000 |
2.72 |
2,300 |
9,000 |
3.59 |
1,000 |
35,
000 |
2.93 |
3,300 |
FO-
BIRI |
469,
000 |
1.80 |
27,
100 |
114,
000 |
1.52 |
5,600 |
583,
000 |
1.74 |
32,
700 |
SIOU |
686,
000 |
1.71 |
37,
800 |
1,879,
000 |
2.65 |
160,
100 |
2,565,
000 |
2.40 |
197,
900 |
YAMA |
- |
- |
- |
108,
000 |
0,41 |
1,
400 |
108,
000 |
0.40 |
1,400 |
TOTAL |
9,050,
000 |
1.47 |
428,
600 |
35,981,
000 |
2.04 |
2,360,
600 |
45,031,
000 |
1.93 |
2,789,
200 |
|
DEPOSITS |
DECEMBER 31, 2016 |
|
|
INFERRED |
|
Tonnage |
Grade (g/t Au) |
Ounces4 |
MANA1,2,3 |
WONA-KONA |
3,463,000 |
2.96 |
329,600 |
NYAFÉ |
151,000 |
5.86 |
28,400 |
FOFINA |
88,000 |
3.73 |
10,500 |
YAHO |
223,000 |
0.78 |
5,600 |
FILON 67 |
6,000 |
6.32 |
1,100 |
FOBIRI |
578,000 |
1.39 |
25,800 |
MAOULA |
2,628,000 |
1.62 |
137,100 |
SIOU |
5,834,000 |
3.70 |
693,200 |
YAMA |
51,000 |
1.42 |
2 300 |
TOTAL |
13,022 ,000 |
2.95 |
1,233,600 |
1
The Corporation indirectly owns 90% of SEMAFO Burkina Faso S.A.,
which directly holds the interest in the Mana Mine reserves and
resources.
2
Mineral reserves and resources were estimated using a gold price of
$1,100 and $1,400 per ounce, respectively.
3
All mineral resources reported are exclusive of mineral
reserves.
4
Rounding of numbers of tonnes and ounces may present slight
differences in the figures.
About SEMAFO
SEMAFO is a Canadian-based mining
company with gold production and exploration activities in West
Africa. The Corporation operates the Mana Mine in Burkina
Faso, which includes the high-grade satellite deposits of Siou and
Fofina, and is advancing construction of the Natougou Project.
SEMAFO's strategic focus is to maximize shareholder value by
effectively managing its existing assets as well as pursuing
organic and strategic growth opportunities.
CAUTION
CONCERNING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements.
Forward-looking statements involve known and unknown risks,
uncertainties and assumptions and accordingly, actual results and
future events could differ materially from those expressed or
implied in such statements. You are hence cautioned not to place
undue reliance on forward-looking statements. Forward-looking
statements include words or expressions such as "initially",
"will", "testing", "potential", "with the goal of", "intend",
"carry out", "earmarked", "pursuing", "growth", "opportunities" and
other similar words or expressions. Factors that could cause future
results or events to differ materially from current expectations
expressed or implied by the forward-looking statements include the
ability to execute the $23 million initial exploration budget,
the ability to replace reserves and extend mine life, convert
current inferred resources on Natougou's West Flank Zone into the
indicated category, the ability to proceed with an underground at
Siou and at Natougou, the ability to execute on our strategic
focus, fluctuation in the price of currencies, gold or operating
costs, mining industry risks, uncertainty as to calculation of
mineral reserves and resources, delays, political and social
stability in Africa (including our ability to maintain or renew
licenses and permits) and other risks described in SEMAFO's
documents filed with Canadian securities regulatory authorities.
You can find further information with respect to these and
other risks in SEMAFO's 2015 Annual MD&A, as updated in
SEMAFO's 2016 First Quarter MD&A, 2016 Second Quarter MD&A
and 2016 Third Quarter MD&A, and other filings made with
Canadian securities regulatory authorities and available at
www.sedar.com. These documents are also available on our website at
www.semafo.com. SEMAFO disclaims any obligation to update or revise
these forward-looking statements, except as required by applicable
law.
The information in this release is
subject to the disclosure requirements of SEMAFO under the
Swedish Securities Market Act and/or the
Swedish Financial Instruments Trading Act.
This information was publicly communicated on February 27,
2017 at 7:00 a.m., Eastern Standard Time.
For more information, contact
SEMAFO
Robert LaVallière
Vice-President, Corporate Affairs & Investor
Relations
Cell: +1 (514) 240 2780
Email: Robert.Lavalliere@semafo.com
Ruth Hanna
Analyst, Investor Relations
Email: Ruth.Hanna@semafo.com
Tel. local & overseas: +1 (514) 744 4408
North America Toll-Free: 1 (888) 744 4408
Website: www.semafo.com |
Press release (PDF)
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: SEMAFO Inc. via Globenewswire
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